35 Burst results for "Krizner"
Groupon axes CEO and COO as company looks to mount a recovery during a crisis
"Before we get into the mailbag. Let's talk about groupon because shares of groupon are up ten percent on the news that rich Williams who's the CEO and Steve Krizner. Who's the chief operating officer are leaving immediately? Yeah and we don't really have a lot of other details other than groupon is saying both remain employed by the company. There's no comment from groupon at this point on the reason for the changes. I'm I've never been more interested in groupon I mean the the CEO and the CEO are walking out the door or are leaving those jobs immediately and the stock goes up ten percent. Well I mean you can certainly make the argument that they weren't really getting the job done right. I mean if you look at groupon usually just the fundamentals of the business. I mean we've talked about groupon ever since they went public in. What was it alphabet offered? Was it around. Three billion was it six billion dollars that they that they offered groupon back in the day. It was some unusual things I when we when we look at the state of groupon. Now I mean clearly in hindsight they should have taken that deal Because I'm Nina. Revenue is is is winding down right. I mean we're revenue growth is non-existent. It's it's It's not a profitable company. I mean there's a company that's facing a lot of challenges and so I don't really know why Management Lee's I'm sure this is probably a bit of a response do just to the greater market reaction. We've had over here Over the past several days in you know we've seen this play out before with other companies I mean. Jc Penney obviously has gone through a lot of leadership changes. And we've seen when former leader step down in new leader step in. I mean there is some enthusiasm because maybe there's a light at the end of the tunnel there I I don't know in case that's really something. Investors should expect. I do think it's really fascinating to look at so so the Aaron Cooper is going to step in as the interim CEO while the company ultimately looks for a permanency. Yoda's possible that Mr Cooper gets that job at the end of the day. But it you know he. He was awarded in. He's going to receive an award of four million restricted restricted share units For this enemy vests over over time. It four million restricted share unit. Sounds like a lot but but then you look at we're groupon stock is today at just under a dollar and well. Maybe that doesn't look is is great as it sounds On paper and I mean he's going to obviously get a salary and bonus In in an extremely challenging role in trying to figure out this company's place in our world because I think before there was maybe at least the argument the groupon possesses some brand equity that maybe a bigger network out there could exploit and benefit from. I'm not so sure that's really even the case now And so I you know I mean a market pop today. Notwithstanding not sure this really should should Make you feel any better about either owning shares or potentially owning shares. But but you know hey listen if you could certainly be wrong. I mean Mr Cooper could have a plan in place in you know. Bring MORE VALUE TO THE
Mulvaney brashly admits quid pro quo over Ukraine aid as key details emerge... and then denies doing so
"On tonight major developments on many fronts in the impeachment inquiry we begin tonight with the one that eclipses them all and could fundamentally changed the course of this entire affair today one of the president's top advisers openly admitted what he the president and all the president's people have been denying for weeks now now he's trying to back wave from what he said what he said in great detail several times and not by accident right now acting White House Chief of Staff Mick Mulvaney is furiously backpedalling from at all which only underscores the gravity of what he said today presumably with the president's approval he told the public told lawmakers pursuing impeachment told the world that yes the straighten withheld military aid from an ally under Russian attack to get that country to take action to help the president politically Mick Mulvaney admitted was a quid pro quo with Ukraine he didn't use those words quid pro quo but what he describes was just that and then he said this suggesting that we're all just a little naive for somehow being surprised equating what happened with the normal diplomatic give and take between countries which this is not it appears to be for personal game after all if this were normal it's hard to see what the White House has been trying fruitlessly now to stop all the participants in the scheme from testifying thing about it too congress another key player by the way ambassador Gordon Sunland went before lawmakers today but even as he was talking so it was Mick Mulvaney now here's the first moment from Malvinas press conference so the demand for an investigation into the Democrats was part of the reason that he was on the to with funding to you look back to what happened in two thousand sixteen certainly was was part of the things that he was worried about in corruption with that nation then that is absolutely on two thousand sixteen refers to that conspiracy theory the president's latch onto which blames Ukraine and the Democrats Not Russia for interference in the last presidential election now what Mulvaney just spilled out there is the exchange of something for something or the now familiar Ladan equivalent clear you just described is a quid pro quo it is funding will not flow unless the investigation into the democratic server happened as we do we do that all the time with Foreign Policy Oh okay well there was the president's acting chief-of-staff speaking for the president talking about the very first thing that president brought up on that July twenty fifth phone call with Ukrainian President Zelinski immediately after Lewinsky asked about the military aid we needed that was being held up Mick Mulvaney agreeing that what transpired on that call what he rudy Giuliani vice-president pence Mike pompeo and a cast of recently indicted accused felons were involved with for months was the very thing in the very words that the president others said it was not you take a look at the it caller was perfect I didn't do there was no quid pro quo just turned into a full blown threat a full-blown quid pro and I just don't see it this phone call all is a nothing burger in terms of a quid pro quo there was never any quid pro quo there's no quid pro quo would pro quo quid pro quo no quid pro hello there is no pro wealth or no pro quo today Mick Mulvaney admitted well yeah there was again didn't use those words a situation he described which he said get over it is a quid pro quo any tried to suggest that there was nothing wrong with it admitting it nothing wrong with emitting it because it just happens all the time and keeping them honest it's hard to see anything but bs because tonight as we said he is now furiously backpedalling away from what he said earlier recognition that speaking what appears to be the truth is terrible for this president so having made those disastrous remark he is now trying to say what he said he released a statement reading in part let me be clear there was absolutely no quid pro quo between Ukrainian military aid in any investigation into the two thousand sixteen election the latest word from it any in hopes perhaps of erasing the previous latest word which will play again for you now you just described is a quid pro it is this funding will not flow in less investigation into the democratic server happened as well we do we do that all the time with foreign policy and again he said we should get over it and perhaps he already has there's more breaking news on all of this including from the Wall Street Journal reporting that the president agreed on the need for Mister Mulvaney to walk back his comments yeah you think and personally approved his chiefs statement the paper citing a White House official more now from C. N. N.'s Jim asta who joins us from the White House I can only imagine what the response was when Mick Mulvaney finished that press conference and went back to whatever room he went to have gone well for him what's the reaction been inside the White House to all of this Anderson I mean I think Mick Mulvaney has gone from quid pro Oh to quit pro bono essentially what's happening tonight but basically you know when the president's legal team is putting out statements saying that they will we're not involved in Mick Mulvaney as briefing in the White House briefing room I mean that is pretty clear that they were not on board with this I'm told by sources familiar with these discussions go on inside the president's legal team that they were essentially blindsided and did not feel that what Mick Mulvaney had say help their cause very much having that all of that I just spoke with a White House official in the last several minutes who said that the president was involved somewhat in the statement that was put out by the White House the president according to this official felt that the media were intentionally misinterpreting what Mick Mulvaney said but of course Anderson that is more clean up on sixteen hundred As we as you just pointed out just a few moments ago not only was Mick Mulvaney saying there was a quid pro quo he almost seemed proud of it right Dan was a he sounded a pro. You know professorial during this briefing teaching all of us you know school kids this is how things work in the big leagues we do this all the time and then of course he had come out later on and released that statement one interesting thing to note if you go through that statement line by line Anderson the one that was issued by the acting chief of staff Z. evening it featured some of the same talking points that the president has been using over the last several weeks and saying that there was no quid pro quo that this was about rooting out corruption and so on sounds like they had to go back and rework that statement well I don't understand how Mulvaney could also in that same press conference stand there and say that the dirt on the Biden's that had nothing to do that that was not part of the quid pro quo even though we've all now seen the rough transcript in which that is item number two after the conspiracy theory about the server being in the Ukraine that's right and and keep in mind the president and his defenders for weeks I've been saying that there was no quid pro quo but in the rough call transcript the president admits he says in that rough call transcript that he wanted to get dirt on Joe Biden that he wanted to get dirt on Joe Biden's family what do we know by just looking at federal election law in this country it is a violation of law to seek foreign help in an election so the president is always is always trying to spin things obviously but clearly there is a violation of the law baked into that rough call transcript the thing that they were clinging to over these last couple of weeks anderson was that there was no quid pro quo and I think there's just no way around it the acting chief of staff blew that up today inside that briefing Krizner was on camera with George Stephanopoulos while saying Oh yeah it would be no probably if a foreign country had information I would totally take it and and you know who knows what he would get four well yes right he has spoken in this fashion time and again appreciate things just a few moments before suddenly reversed himself in the White House damage control when I spoke with the House Majority Leader Democrat Steny Hoyer leader Hoyer how damaging were Mick mulvaney remarks for the president in this impeachment inquiry will essentially really what I understand I didn't hear Mulvaney say but what I understand he says yes there was a quid pro quo and a in effect daring people to get over it because that's foreign policy now it's not what the Congress the United States appropriated money for an ally a war with and losing losing people a- and what the president decided to do is withhold that money which Mulvaney says was quid pro quo he doesn't say that Break Wilco but of good pro quo of for them doing something that he wanted done and then the conversation he said look by the way I need a favor favor was it to look into a political opponent not in two thousand sixteen but in twenty twenty And so I think it cannot help the case and will be part of the testimony and evidence that the committees are gathering Mulvaney is claiming that the president pursuing this conspiracy theory which flies facing the intelligence community says was Russian involvement in the DNC hack Levinas claiming that that was that was a concern about corruption in Ukraine just logically that also doesn't make sense I mean there's plenty of actual Ukrainian corruption but the president didn't raise any that all he talks about was this conspiracy theory about crowd strike and the Biden's it's there for everybody to read the conversation the president told the speaker of the house he the conversation was perfect which is why I presume he released it because he thought it was fine it wasn't fun it clearly was a quid pro quo it did I need to be stated this is the quit and that's the pro clearly the president of Ukraine knew what was going on clearly he knew that the president was saying I need his favor and by the way I've got your money and also I know that you want to visit the White House and obviously the contingency between the two was was really clear and I think mulvaney comments as I said shortly went out helpful to the president's
"krizner" Discussed on Bloomberg Radio New York
"We've Bloomberg's Doug krizner in New York, Doug world chillier today, the fed made a dovish pivot and opened the door to potential cut in interest rates. And that was enough to push the equity market up for a third straight session. We had the Dow higher by two tenths of one percent, healthcare, leading the SNP up three tenths of one percent of the NASDAQ composite was higher by four tenths of one percent on the day, long term interest rates were down quite a bit the ten year treasury today last quoted in New York at two point zero two percent right now in the Tokyo session, we are tweeting two point zero one, the dollar weakened if you're. Look at the Bloomberg dollar spot index, we were actually down by about four tenths of one percent. And the dollar is continuing to trade weaker. We've got a much stronger offshore Chinese wanted six eighty nine thirty two and the euro strengthening as well to about twelve thirty six against the dollar. The yen strengthened by about three tenths of one percent in New York. Now we're trading one. Oh, eight ten in Tokyo. The Nikkei in spite of the yen strength is higher by half of one percent. Although in Seoul, the kospi down a tenth of one percent, and in Sydney, the two hundred weaker by about one tenth of one percent as well in New Zealand, the market, now, turning negative. We were up earlier, and we had some eco data for New Zealand. This is first quarter GDP expanding quarter over quarter six tenths of one percent. Smack in line with estimates Brian to you. All right, Doug. Thanks very much. The fed holding its key interest rates steady today, signaling readiness, though, too promptly cut if appropriate statement, drop the reference to being patient chairman, Jay Powell at his news conference. Uncertainties surrounding.
"krizner" Discussed on Bloomberg Radio New York
"I'm Doug krizner at Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets, Japan's economy unexpectedly grew in the first quarter as imports fell faster than exports GDP rose two point one percent on an annualized basis. The expectation was for a decline of two tenths of one percent, private consumption business investment in government spending, all showed signs of improvement. The Australian dollar right now trading up by more than one half of one percent against the greenback after Australia's center, right? Government scored a surprise election victory over the weekend. And in the equity market. The ASX two hundred is up one point four percent, Saudi Arabia and other key. Opec producers signal their intention over the weekend to keep supplies. Constrained for the rest of the year. However, Russia's said it will comply with these cuts. Only until July right now. Crude oil in the electron accession. This is WTI up one point. Three percent to sixty three fifty eight t mobile US and sprint said to be planning to announce commitments to the US government, including asset sales, and rural service guarantees now these steps would be taken to help secure regulatory approval for their twenty six and a half billion dollar merger anti money laundering specialists Deutsche Bank reportedly wanted to alert federal authorities to some financial transactions involving entities controlled by Donald Trump and his son-in-law Jared Kushner, however, Bank executives reportedly said no, the New York Times reports the recommendations were made in two thousand sixteen and twenty seventeen because the transaction set off alerts in a computer system, designed to detect illicit activity. We check markets every fifteen minutes here on Bloomberg right now on the mainland. Shanghai composite down one percent. Hang sang weaker by seven tenths of one percent. The Nikkei is up three tenths of one percent. The kospi higher by one half of one percent. Global news twenty four. Four hours a day on air and a tick tock on Twitter. This is Bloomberg these.
"krizner" Discussed on Bloomberg Radio New York
"And indeed it didn't look good in New York of the Doug krizner goes with the moment. I think it was the worst. We've had something like full months. Yeah. China defied President Trump and retaliated with higher tariffs on a range of American goods. And that was enough to send the down the SNP each down by about two point four percent. Nasdaq composite tumbles three point four percent as Brian indicated earlier Hong Kong was on holiday yesterday. So that could be making for some very very tough sledding. Today's session we had shares in some of the biggest export is all falling Boeing. I'll just throw it. A few down four point eight percent. Caterpillar? Down four point six percent. Apple was off five point eight percent today, and it doesn't end with the equity market new penalties that the Chinese put into effect or will be put into effect as of June. I also took aim at American farmers. We had soybean futures falling to the lowest level in a decade. Long term interest rates down we had a rally in the bond market. Although at one point there was a Twitter post suggesting Chinese scholars are discussing the possibility of China selling US debt tenure treasury gave back six at half basis points last quoted in New York at two point four zero percent that haven buying sent the NF by about one half of one percent against the dollar here. We are one oh nine twenty Chicago. Nikkei futures right now at twenty thousand seven eighty five so we could see quite a bit lower. Nikkei two twenty five when the cash market opens into our time, Brian. All right. Thanks very much. Well, US stocks has mentioned moving slightly off their lows, but really not very much. After President Trump hinted at possible progress on U S, China trade dealing with them. We have good relationships..
"krizner" Discussed on Bloomberg Radio New York
"And I'm Doug krizner at Bloomberg interactive brokers studio in New York top of the hour. The action will begin in Sydney. We'll also have trading in Tokyo and sold. Then right now futures imply maybe a little bit of upside, but not by much we had higher stocks in the states on Friday after the employment report came in above estimates. But not a lot of conviction because there's still a lot of questions about the outlook for U S, China trade. We also have news that homeland secretary Kirsten Nielsen is resigning. Kevin Macalinsan is the customs and border patrol Commissioner. He will become acting secretary. We'll have more on that coming up. And we check global news with our, Ed. Baxter in a moment. Right now. This hour's top business stories use the US Mexican border something of a mess right now after a week of heated threats from President Trump to close it as many as seven hundred fifty US customs and border protection offices were reassigned to border patrol sectors last month. Now that is limiting the personnel needed and snarling traffic at some of the busiest frontier crossings in the world White House economic adviser. Larry cudlow says people should take President Trump's threats about closing the boulder seriously. This is yes, drug trafficking and humanitarian, this is an economic issue, and this is a national security issue. So they take the president quite seriously. Good lies speaking on CBS face the nation, and he didn't stop there because wild trade relations with Mexico seemed to be heating up, Mr. Kudlow said the US China trade deal. Well, looks like they're making headway on that. I can't go into details on this. But we've made great progress on the IP thatthe we've made good progress on. The force transfer technology on the ownership there issues as standing not least of which you're going to be enforcement related issues. Now Kudlow also said the two sides will be teleconferencing each other this week, tesla and Fiat Chrysler caming up..
"krizner" Discussed on Bloomberg Radio New York
"Doug krizner at Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets Facebook chief product officer, Chris Cox is leaving the company he is the highest ranking executives to depart since the social media giant became embroiled in crisis. Last year. Cox has been a key executive at Facebook working there for more than a decade in helping to design and run the news feed then rising to become the most important product leader. Besides CEO, Mark Zuckerberg during the regular session. Facebook shares were down two percent. They fell one point nine percent in late US trading. Shares in oracle were down four percent in late trading after the company gave a disappointing fourth quarter revenue and profit forecast. It's another setback in the software makers push to become a significant player in cloud computing, Las Vegas sands settled a lawsuit. Brought by a Hong Kong businessman who claims he was entitled to as much as three hundred twenty eight. Eight million dollars for helping the company secure a licensed to operate in Macau, Richard Suen and sands reached a settlement on the second day of what was to be a trial the third trial over Suez claimed that he was entitled to payment for services he provided back in two thousand one when Macau was for the first time allowing gambling businesses to come in from the outside. We check markets every fifteen minutes here on Bloomberg. We're seeing a weaker yen at one eleven eighty five. The Nikkei two twenty five is higher by one percent. Hang sang better by two tenths of one percents. The Shanghai composite is ahead nine tenths of one percent. In Seoul, the kospi up eight tenths of one percent. And in Sydney, the ASX two hundred is down one tenth of one percent in the Tokyo session. The yield on the US ten year. Treasury is a two point six three percent. Crude oil fifty eight fifty-six global news twenty four hours a day.
Who Charges All Those Electric Scooters? Follow A Nocturnal 'Juicer'
"This message comes from NPR sponsor. Comcast business. Business has always been driven by innovators. That's why Comcast business is helping you with technology that provides better experiences. Comcast business beyond fast walked through an American city. And there's an increasing chance you'll need to maneuver around and electric scooter just parked there on the sidewalk while driving you pass people writing those scooters there for rent by the minute they run on batteries. And those batteries are at the center of this story because somebody has to charge them. NPR's Camilo domino ski met a man who has a side hustle as he sleeps jokers are just finished watching the sunset from his thirteenth floor office in Arlington Virginia his day job is over but his evening gig is just beginning. He pulls out his phone and opens his scooter apps people use these apps to ride scooters during the day. But it's night Kerzner is hunting for scooters that need to be charged Pokemon go and you make money he. Down to the parking garage and hops in his car, a burgundy Subaru Impreza. Yes, we have two scooters that are supposed to be right over there. The scooters are standing on a sidewalk just around the corner krizner can make four bucks on each. The amount varies based on how low the battery is or how long the scooters been left there. He hops out scans the scooters and puts them in the back of his compact hatchback. Now, you remember we list left, my office building and that took around thirty seconds. So it's eight dollars in the matter of one minute. So I think it's a pretty good deal. All right, next one Kerzner's just getting started. There's another one right across the street to easy tonight. Is the perfect krizner picks up electric scooters from two companies lime and bird scooters are hot. These companies are both valued at billions of dollars. And they rely on gig economy workers like him to charge their scooters, and it should be in five four three two one beep. Some people charge. Few scooters night, others charge dozens all right? So that's three. So we have. Twelve bucks back in the car. Kerzner puts on his Goto scooter charging song escrow fire next bird. This. Kerzner says that over the last six months, he's made more than nine thousand dollars at the side hustle from the scooter company's perspective Kerzner's, not just charging scooters. He's also retrieving them from out of the way locations like one that's practically under a Bush and hasn't been ridden in four days drop them off wherever the heck do you wanna take them? You know? Sort over there. The next morning. He'll put them in a better spot lime scooters are green. But the birds are black the beep and flash to help Kerzner find them in the dark the electric scooters stack up in his hatchback. He's got a system for squeezing them in his record is fourteen in one load some nights. He does several runs for one who crazy I can capture thirty birds tonight. There's a ton of birds right now. Let's go buddy a few months ago. There was fierce competition to pick up these scooters, but it's cold and windy tonight. And the companies are paying less per scooter than they used to. So there aren't as many rivals to contend with after collecting a dozen scooters and wrestling the last one into position. Kerzner heads home and starts to carry the scooters to his patio. He's forty two a consultant with a background in architecture. He's got a good job. He says his income is decent. But he's glad to have a side gig expensive rent the car payments cable bills, you know. You know, you know, you talk about like, you know, disappear mental middle class. I feel like I'm in that zone rock lift fine comfortably. But you know, you wanna have a little more financial stability, this definitely helps. He runs an extension cord from his kitchen to his patio to power up the scooters. His chargers are neatly organized. I feel like birds are almost my kids. This point, you know, and I've been taking care of him so much this scooters will take a few hours to charge Kerzner says the impact on his electric Bill is negligible before seven AM tomorrow Kerzner will unplug his flock load them back up and neatly placed the charged up scooters in spots pre-selected by bird, and then he'll head to his day job where his co workers have nicknamed for him. They call him the Birdman Camilo, Domino's sqi NPR news.
"krizner" Discussed on Bloomberg Radio New York
"Are sold. I'm Doug krizner at Bloomberg world headquarters in New York at seventeen past the hour. Let's get you caught up on market action. After the bell news from tesla. The company is finally putting a standard version of the model three sedan on the market. It'll cost about thirty five grand. At least initially this is nearly three years. After CEO Elon Musk began taking orders for the sedan. Now the base model. Three will have a range of about two hundred twenty miles top speed of one hundred thirty miles per hour. Shares were higher by one and a half percent during the regular session stock has been halted in late US trading. Tesla also saying it's going to shift worldwide sales to online only well during the equity session, we were knocked around by a couple of concerns chief among them the abrupt end to the US North Korea summit will get back to that conversation in a moment. Overnight in Seoul, the kospi was down about one point eight percent. In terms of U S, China trade, we're told American officials are preparing a final agreement that President Trump, and she could sign within weeks a positive news on trade aside overnight, we had disappointing manufacturing data from China in the US. The GDP report was above estimates. The American economy expanding at a two point six percent annualized rate in Q four gap is going to separate into two independent publicly traded companies old navy will be spun off to a standalone unit yet to be named as part of this restructuring.
"krizner" Discussed on Bloomberg Radio New York
"All right for a look at how things are shaping up for the Asian trading day. Here's Bloomberg's Doug krizner Ramey. The days earnings news was kind of mixed the results from GM, for example, blew past estimates and snaps revenue topped forecasts. However, some of the video game publishers like electric arts and take two posted disappointing results. So at the end of the day, we did edge lower volume, though, very light. We were about ten percent. Below the thirty day average, Dow weaker by one tenth of one percent and five hundred down two tenths of one percent. The NASDAQ composite meantime, fell nearly four tenths of one percent. We had the dollar extending a rally, I guess you could call it. We were up for a fifth day. The Bloomberg dollar spot index better by three tenths of one percent. Very little movement in the Japanese yen vis-a-vis, the dollar yen one. Oh, nine ninety three. Nikkei futures in Chicago, essentially, flat another muted session for the lunar new year situation, Australia, we had some weakness in the dollar against the US dollar after the central Bank shifted to a a neutral stance on policy as Brian indicated some markets in the Asia Pac region will be back online today, South Korea after a three day bake break, and Singapore and Malaysia also returning and we have word that from Treasury Secretary Mnuchin that as of right now there are no plans for President Trump and president Xi to meet soon in the hope of finalizing a trade deal. Brian. I dispute that I got in my notes Steven Mnuchin misspoke because there actually are plans. There's just no details. So we know that that they've been trying to put this together. But it's just no firm details. I checked the quote and the reporter did get it. Right. He actually did say that there are no plans. But I guess it's just semantics anyway, let's get to the flow here. Chinese telecoms equipment maker. Hallway, we'll have a bigger presence at this month's mobile world. Congress goal is to have a bigger Salesforce to try to close deals for the next generation of mobile gear five Jeep, but the US government you said to be working to foil that plan Bloomberg John Butler says there should be some concern here as five G becomes the global standard. So on the one hand you have a company with a great reputation for making really good high-quality com. Equipment and on the flip side there is growing suspicion surrounding the potential for back doors in its system software. We're told the US delegation will advocate for other equipment providers. Such as Cisco Ericsson and Nokia hallway could also face a five G ban in Canada. According to a former national security advisor to prime minister Justin Trudeau, all right? Staying with China in focus. Global carmakers are struggling with the effects of the Sino US trade war along with softer demand in that country. The US. In europe. The chief financial officer over at GM or Devorah says the Chinese market is increasingly challenging in China. Fourth quarter. Once a volatile quarter for the entire industry, and we were faced with was in addition to the volume pressure day, normal pricing pressure that you see in China as well, but against that as you point out a Cadillac sales Cadillac perform really well as well. As our cost efficiencies that have talked about before we continue to be intensely focused on cost in China and that help for the quarter now GM rival dime. Lur? Also cited the trade war when it announced a quote comprehensive cost cutting program. One thing does seem clear though, the Chinese market has become riskier for many of the world's top carmakers. But not for Toyota, the ZOA crossover help Toyota register gains in China last year in the US to yoda's profit margins are actually shrinking take two interactive joins the list of video game makers being hurt by fortnight, which is published by epic games. The producer of grand theft auto came out with revenue. Forecast fell short it estimates. And a similar thing happened with Electronic Arts game publishers have been thrown for a loop. By the successive fortnight, which counts Chinese social media giant ten cent as a major shareholder, but Bloomberg's Matt cattleman says fortnight's momentum is starting to fade the headwinds so to speak will probably start to abate around mid twenty nineteen so calling around may or June. That's great for developers. Because there's a lot of great games in the pipeline. From a lot of great companies, and they need to get these games out there and get people playing them. This. Here's some praise. Netflix has said that it considers fortnight among its biggest competitor is inviting for consumers attention. All right. Let's head around the world and do the global news right now. Because the.
Tencent shares jump 3 percent after Chinese regulators approve new games
"Twenty two down one tenth of one percent. Nasdaq up forty seven up seven tenths of one percent in New York. Charlie pellett. Bloomberg daybreak Asia. Thirty three minutes past the hour. Let's take a look at the Asia Pacific. What to expect today? And what's happening at the moment. Here's Doug krizner. Let's begin with the euro, Brian because we were down quite a bit of New York trading at one point we actually dipped below a buck thirteen that in afternoon trading, which coincided with a report on German or the German government, reducing its twenty nineteen GDP forecast to one percent earlier in the day ECB president Mario Draghi intensified. His warning on the challenges facing the euro area right now, we're dollar thirteen zero six so with euro weakness, the dollar strengthened against the majors. Bloomberg. Spot index picking up about three tenths of one percent on the day slightly. Weaker yen one oh nine fifty three in spite of that pullback, though, we're not seeing a lot of support for futures on the Nikkei trading in Chicago. We're only about twenty points above where we finished in the cash market yesterday in Japan, and in a little while we're going to get the Japanese CPI for the month of December want to get you to Sydney now, we've got Paul Allen. They're looking at the early goings down under and maybe a little taste of what's happening in New Zealand. Good morning, Paul. Yeah. Morning. Doug, gambit of a mixed bag in this part of the world, the dole is continuing its slide. Seventy eighty one the six high by one percent, but I wanna tell you about one of the worst performance today. I am he offers seven percent. This is after the wealth management warned the full year earnings are going to slump another thirty five percent costs piling up there from the financial advice scandal. I am going gonna take another one hundred and sixty million AUSSIE dollar hidden fiscal twenty nineteen on top of an earlier too. Hundred million dollar hit. So those shares easing off today over New Zealand daddy. So looking pretty flat right now dR, all right? Thanks to Bloomberg's Paul Allen here in New York. We had crude oil picking up about one percent. There was a report from the government. The energy information agency actually came out with a rather bearish view on the shale, boom. However looks like the growing instability in Venezuela is carrying the day helped WTI finish above fifty three a barrel right now, we are at fifty three o nine in the electron accession. I'm Doug krizner at Bloomberg. Interactive brokers studio in New York rish. Yeah. Thanks, the two bills aimed at ending. The US government shutdown has failed the two sides in anti gay shading at banks is go global news. And he's in the Bloomberg nine hundred sixty San Francisco newsroom. Yeah. Rish. Thank you. It's back to square one. Well, with the exception that both sides now. No there are two options compromise or leave the agency's shutdown. Bloomberg's Marty Shankar says the two sides now have gone back to the bargaining table. The outlines of some sort of a compromise that would continue that would open up the government for three weeks contain some semblance of border security. And the president says he is open that it will compromise reasonable agreement. I would support again, maybe a pro rated deal on a Wally says, but that a wall has to be part of it earlier in the day Chuck Schumer said he needs to know that the president will sign something that they negotiate last month. The Senate unanimously passed the short term Bill to keep the government open. It was leader McConnell's idea. Everyone thought the president would support it. But President Trump buckled to the most extreme voices in his party. So the talks are still on Japanese whalers say they will form a fleet of at least five vessels to resume commercial whale hunting, July first it says exact locations will be determined by research in June. It says catch quota and hunting scheduled not scheduled and decided North Korea's Kim Jong UN has ordered preparations for a second summit with Donald Trump. He says he will wait with patience and in good faith to work toward a common goal. The issue is what Cam needs from Trump to make any moves toward denuclearisation. The US has ordered non-emergency government employees out of Venezuela and the Trump administration trying to clarify statements made by commerce secretary Wilbur Ross about government workers thirty days of that. Some people will be out. There's no real reason why they shouldn't be able to get a loan. Against. So the president asked about it today, and he efforts what he was he being Ross was trying to say banks are working along. If you have mortgages, the mortgage is the mortgage the folks collecting the interest in all of those things, they work alone. And that's what happens in down like this. They know the people they've been dealing with them for years, and they work along the grocery store and explanation of why they really don't need to rely on food banks global news twenty four hours a day on Aaron a tick tock on Twitter power by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries in San Francisco, I'm Ed Baxter. This is Bloomberg Brian. All right. Ed. Thanks very much. Thirty eight minutes here past the hour. It's time for global sports. Dan Schwartzman
Asia stocks calm as China slows
"What's happening in financial markets as the Asian trading day gets rolling. Let's get it over to Bloomberg's Doug krizner. You were talking earlier about one of the components. I guess a foundational component for this optimism being optimism on U S China trade, given the fact that is Bloomberg news reported last week. The Chinese were making some kind of offer on a path to eliminate the trade deficit with the US. But now we're hearing that the US and China have made very little in the way of progress when it comes to the issue of IT, we are told Chinese officials have denied IP theft, and they have asked the US for proof. So in turn the US T R, the office of the trade Representative of told US lawmakers of the lack of progress on the issue of IP. This may have been one of the factors helping to take equities from session. Highs here in the early asiapac session. We also have negative South Korea neck port export data for the first twenty days of the month of decline of nine and a half. Half percent. If you look at semiconductors by themselves. Semiconductor exports in the first twenty days were down twenty eight point eight percent. The Korean one right now against the dollar weaker by four tenths of one percent. Let's look at the equity picture very quickly in Seoul, the kospi down two tenths of one percent, Sydney. Asx two hundred is better by two tenths of one percent. In tokyo. The Nikkei still holding onto a gain of about four tenths of one percent. We had been higher by about one percent earlier. But the yen has strengthened now against the dollar to one oh nine fifty five in that has helped to take some of the wind out of the sales of the Nikkei in Hong Kong hang sang up three tenths of one percents. Shanghai composite. Meantime, better by about three tenths of one percent. Now, we have a holiday in the states markets will be closed in observance of the Martin Luther King junior day. So as a result, no trading in US treasuries in the Tokyo session. The ten year was last quoted at a yield of two point seven eight percent. I'm Doug krizner at Bloomberg. Interactive brokers studio in. New York, Paul. All right. Thanks very much. Doug. Well, the second Trump Kim summit is expected to be held in Vietnam. Baxter's. Global news in the Bloomberg nine sixty San Francisco newsroom. Ed, exactly right, Paul. That's the word today from the Trump administration. Anyway, vice President Mike Pence on FOX saying the US goal to begin to make real the denuclearization. That can Jong on committed to the first word is location Hanoi. But that hasn't been firmed up. We're told denying hokey men city also appear to be in the running. He you nations are split and disagreeing over how long they think the UK could delay Brexit how some of them pushing for up to a year. Others want pressure applied to accept a deal as soon as possible it's up to the UK to ask for a delay. Something Prime Minister, Theresa may has adamantly said she will not do you k- trade secretary Liam Fox in the BBC says the message to the EU is that there is a real possibility of Brexit without a deal there watching my message stem is I hope you've understood from this program that new deal is a real possibility at least put the African. And may is preparing to set out where Brexit goes next in parliament tomorrow MP's are already preparing to take control of the process. She's had a call with her cabinet today. Japan's Prime Minister Shinzo Abe's heads for talks in Moscow this week. The hope is resolution of the seventy year old dispute over Pacific islands, but Russian rhetoric has turned strident as foreign minister Sergey Lavrov says Russia will not surrender any territory and is publicly offering a pointed reminder of Japan's World War to defeat. Japan's hope would be that this is just pre negotiation rhetoric. US house leadership is how the Trump announcement over the weekend of a compromise which would give some dreamers, DACA. Three years to stay in the US. They say, it's an odd started. But Republican James Langford says it is a very good approaching the presents put a reasonable compromise on the table. Everyone knew we're going to go through this process. We're gonna end up compromising on multiple different areas to be able to resolve it. But the core elements are there that we all strongly believe about. But democratic Senator Mark Warner says this announcement by the president could be a starting point. But the government has to be opened. I what we cannot do. And I've actually had Republicans as well recognizes is that we cannot reward the kind of behavior of hostage-taking because if the president can arbitrarily shut down now he will do it time and again warned her on NBC and the House Democratic whip James Clyburn on FOX says he has a path forward temporary protective status for all people sick in the come to this country and the Trump Tower Russia talks didn't end until November election year. That's a far later than has ever been admitted by the Trump administration personal attorney Rudy Giuliani and CNN saying yes, November. But I'm not I'm not at all concerned about that. He gave a full and complete answer to it. I can't share the whole thing with you. But I can't share the conclusion, which is he had conversations with Michael Cohen. But it was Michael Collins driving the project says he never ordered him to lie to congress in San Francisco. I'm Ed backs. Stir? This is Bloomberg Bryan, sir. All right. Ed, let's move on to sport Donna pages with
"krizner" Discussed on Bloomberg Radio New York
"Doug krizner at Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets the US is pursuing a criminal probe of walkway technologies. We told authorities are investigating whether while we stole trade secrets from US companies such as T mobile US. In the meantime, a bipartisan Bill has been introduced in the Senate to direct President Trump to impose orders banning exports have US parts and components to while away. Z T E and other Chinese telecom equipment makers suspected of violating US export law or sanctions Singapore's exports fell the most in more than two years in the month of December is fading tech, boom and U S China trade tensions hit this trade reliant economy. Non oil exports in Singapore were down eight and a half percent. That's in year over year terms for the month of December after the bell here in the US Alcoa reported earnings above estimates. And the company projected a widening. Production deficit this year in the global aluminum market. This could be a sign consumption is holding up in the face of the U S China trade war, however in some negative news for Al Coa the US Senate narrowly upheld a decision by the US treasury to lift sanctions on three companies connected to the Russian oligarch Oleg depressed, including his aluminum maker United ru Saul and Jack Bogle the man who popularized the low cost index based mutual fund as founder of vanguard group has died. He was eighty nine. We check markets. Every fifteen minutes here on Bloomberg. Nikkei two twenty-five down two tenths of one percent. Hang Seng higher by four tenths of one percents. Shanghai composite up one tenth of one percent, the kospi is ahead two tenths of one percent. And the ASX two hundred is ahead by nearly three tenths of one percent. The US ten year treasury with a yield of two point seven zero percent. Global news twenty four hours a day on air and a tick tock on Twitter powered by more than twenty seven hundred journalists and analysts. This is Bloomberg. In a world where the.
Bloomberg, New York And US discussed on Bloomberg Daybreak: Asia
"All right. Let's get a closer look at what's expected here in the Asia Pacific. And in fact, what's happening here. Doug, I mentioned a five percent rally and just an full of days in Hong Kong, but still down fifteen percent over the past year and the CSI three hundred and China down thirty percent even after the gains of late. Yeah. Right now, hang sang is up about one point five percent in the Japanese market. The Nikkei is higher to where seeing the trade essentially flat against the dollar here. One. Oh, eight. Eight seventy infotech the only stock group within the Nikkei, that's showing weakness energy shares are being helped out a bit by a rise in the price of crude oil WTI right now in the electron accession fifty thirty to the game. There is about one percent during New York. Trading crew had been up for a seventh straight session. The bet here is for tighter supply, given the OPEC cuts we've been talking about and consider what may happen to the growth story. If if we do get traction on a U S China trade deal right now in Seoul, the kospi is up by about one point four percent in Sydney. Asx two hundred ahead nine tenths of one percent. And on the mainland. Shanghai composite is ahead about six tenths of one percent. Long term interest rates relatively stable here in the Tokyo session. If you're looking at the US ten year treasury we've backed up about three basis points in yield in New York on Tuesday to seventy two right now is kind of where we are trading. The dollar is pulling in about two tenths of one percent. If you look at the Bloomberg dollar spot index. That's about the same degree that we were up in New York. If you look at the Bloomberg dollar spot we were hired by two tenths of one percent. Offshore Chinese one right now six eighty four forty so we're a stronger against the dollar by two tenths of one percent. I'm Doug krizner live at the Bloomberg interactive brokers studio. Juliette? Thank you, Doug. And is apple story going to get worse or to set a report coming through from the Nikkei on the Bloomberg that apple will cut production of three new iphone models by ten percent will US President Donald Trump will take a tight to the era. I should say in about half an hour to present his case to build a border barrier. Ed Baxter is covering all the global news in the Bloomberg nine sixty San Francisco newsroom. Ed, Juliet, he's hearing voices in his head from from outside his conservative allies are pushing to have him declare a national emergency and use those dollars. Bloomberg Joe subject says that's not what we're hearing that he will say we're told that the Trump will offer something of an olive branch in some form or fashion to the Democrats who have been at at stalemate with it. He's also. Oh invited the top leaders of both parties in congress to the White House tomorrow, and he's going to talk to. Republican senators at their weekly lunch. Tomorrow's no, of course, all of that can change with a tweet and the president's case already being made by vice President Mike Pence today, we need new resources we need to build a wall. But we
"krizner" Discussed on Bloomberg Radio New York
"I'm Doug krizner at Bloomberg interactive brokers studio in New York, let's get you caught up on markets. So we've been up and running for less than an hour in Tokyo and Seoul in those markets are trading to the downside right now. The Nikkei is off about three tenths of one percent. That cost me down two tenths of one percent. We've been seeing a lot of volatility in global equities for some. It's been gut wrenching here in the states. We recovered from some steep losses early in the day at one point the Dow was down more than five hundred points and the s&p at an eight month low at the end of the session, though, the Dow picked up. About one tenth of one percent. The S and P picking up about two tenths of one percent. Strengthen tech which led really the recovery helped to send the NASDAQ composite higher by seven tenths of one percent right now in Australia. ASX two hundred is better by about two tenths of one percent. The dollar holding steady after a big move to the upside in New York kind of interesting because interest rates really didn't move that much on the long in here in the states ten year treasury right now in the Tokyo session yielding to eighty five the yen stronger against the dollar by about two tenths of one percent right now. One thirteen fourteen we had a big drop in crude oil during the New York session. A lot of conversation about whether OPEC and its allies can deliver on those cuts promised one point two million per day that OPEC plus one promise to take off the table whether or not it's going to create a glut who knows because remember the shale oil producers here in the states have a lot of say when it comes to supply on the market. WTI down more than three percent of New York trading. We closed at fifty one even right now the trade is at a fifty nine hundred eight you're up to speed on markets. Let's get some global news. We'll go to the Bloomberg nine sixty newsroom in San Francisco at Baxter's there with the latest Eddie. Thank you. Douglas, UK Prime Minister, Theresa may has changed her direction. Put off the Brexit deal vote. This leaves open the potential for re presenting it removal.
"krizner" Discussed on Bloomberg Radio New York
"I'm Doug krizner. We're joining you from the Bloomberg interactive brokers studio in New York, we've got trading underway in cash. Markets in Tokyo, Sydney and Seoul little bit. A weakness coming through we had a short while ago. Some eco data for South Korea GDP for q three up six tenths of one percent. Smack in line with estimates. CPI rising two percent. That's a year over year reading that was also in line with analysts forecast. We'll take a closer look at market reaction coming up right now this hour's top business stories. Okay. And that comes right after the Bank of Korea raised its key rate and speaking of central banks Federal Reserve, vice chairman rich Clarita, giving a bit of hope to investors worried about interest rate hikes. He tells us disinflation is still a potential concern. Anyone hoping for more insight from the fed on rate hikes may have to wait Clara's boss fed chair j Powell's cancelled as planned Wednesday congressional testimony to the joint economic committee because of the national day of mourning for the late. President Bush Powell did speak up today, though, he said the strike Konami Doug has not yet reached all Americans. So obviously a lot of the sentiment that we're seeing is tied to the declaration of a truce in the trade war between the US and China, President Trump tweeted overnight that China has agreed to reduce and remove the forty percent tariff that Beijing imposes on US made cars, but the securities daily says Beijing is mulling the possibility of lowering these tariffs meantime here in the states US Treasury Secretary Steven Mnuchin says it's still being worked on Mnuchin says there is other or are other more immediate needs in terms of the U S, China trade relationship and the very short term. There will.
"krizner" Discussed on Bloomberg Radio New York
"Juliet Solly Doug krizner at Bloomberg interactive brokers studio in New York, Fairmount negatively across the Asia Pacific after a selloff in high tech here in the states. Bryan Curtis will join us in a moment to bring us the very latest in Hong Kong right now. Hang sang is down more than one and a half percent. Details on the fundamentals in a moment right now. This hour's top business stories and shares in Mitsubishi Motors down about seven percent right now. We'll also watching Nissan shares which have fallen by as much as around four percent as well off by four point three percent. At the moment. That's on word of the sudden abreast of the head of nisan and Renner callers ago and detained for alleged financial crimes in Tokyo and go and saved Nissan from failure. And brought it together with Renault and Mitsubishi that Bloomberg's Matt Miller says the arrangement is now in. Danger of collapsing losing this kind of keystone of a man it's possible that this is this is it for that alliance. That is over Bloomberg. Opinions. David Fickling says guns downfall has all the hallmarks of a palace here in the states. We had apple losing about four percent during the regular session South China post. Among those reporting that apple is reducing orders from two Chinese component suppliers. A lot of concern here about weakening iphone demand reign China show may out. We'd better than expected. Sales numbers is Bloomberg's Yvonne man reports. The smartphone maker is relying on emerging markets to offset sputtering demand for its devices. Xiaomi surprised with a forty nine percent jump in third quarter revenue that does it's four as into emerging markets such as India and southeast Asia continued to pay off overall shipments grew twenty one point two percent in the quarter way more than a global markets. Six percent shrinkage that IDC measured. Samis gross margins for smartphone slipped, but margins for its internet business grew Xiaomi also announcing a tie up with may to a maker of smartphones. No for a popular photo editing and sharing software. In Hong Kong. I'm Yvonne man, Bloomberg daybreak Asia, and we pivoted the Chinese banking industry where bad loan ratios have risen for a third consecutive quarter. More from Rishaad Salamat, the jump in bad loans raises the risk of more corporate defaults, and it makes tougher on policymakers to use credit to spur the economy. So that was one point eight seven percent of total loans in the July to September quarter that size since two thousand nine it may further Slough banks profit growth is they look to raise levels of capital. And it may make it tougher on the banks to meet a key demand. The president Xi Jinping, and that's a more money into the private sector. In Hong Kong. I'm Rishaad Salamat, Bloomberg daybreak Asia. Well, ultimate fighting championship. Is planting the flag in China that mixed martial. Arts company announcing a thirteen million dollar training facility in Shanghai. Bloomberg's Evan Novi. Williams says UFC is pushing hard to develop the sport there. They have a lot of media deals across China right now. Now, they're trying to develop their own fighters. And that's the key for them is to get, you know, Chinese local fighters get Chinese fighters who could appear on events in China that is generally, you know, that's stirred the local population possibly to tune into more TV UFC already has two hundred million fans in China. Well, talk about a fight. We've got the bulls and bears added in Asia Pacific. And the bulls seem to be losing don't they Brian? I think the bulls went home. Bears are definitely holding sway today. The Hang Seng index down nearly four hundred points now one and a half percent. The CSI three hundred down one point four percent losses. In Tokyo is well the Nikkei is off nine tenths of one percent. And just rounding things out in Seoul, the kospi is down eight tenths of one percent yesterday. It was very different story. The markets were not focused on Mike Pence, and the very strident comments the US keeping the pressure up on China. Instead, they were more focused on the dollar was down. And it seemed like the fed might be at least considering to to perhaps soften its rhetoric or maybe even to go a little bit slower on rate hikes. But today we had a lot of selling technology on Wall Street, and the FANG stocks are all in a bear market now. And then you can add apple to that. 'cause Apple's right on that twenty percent precipice is actually on nineteen point nine percent. But Facebook down forty percent net. Flicks thirty-five percent, Amazon twenty six percent. Alphabet down twenty percent. Whether it's regulation, whether it's privacy considerations corporate, governance, particularly with Facebook. Whether it's high valuations, the US China trade war, they have been a real target here of late. But not so for Xiaomi shares rising three point eight percent. In Hong Kong. It seems like the brokers. They like the earnings that we saw last night Morgan Stanley saying third quarter results beat on on upside from internet of things trading and also internet services, and that's something show. He's not really known for us. So that's a positive in Morgan's view Morgan you Goldman Sachs lifted the price targets. So we've seen some pretty good performance today not much happening with the dollar. And also the yield on the ten years at three point zero six percent any price fifty seven twenty to thirty five minutes past the hour. Juliette back to you. Thank you Brian will counter terrorism officers have arrested three men in Melbourne on an alleged terrorist. Plot inspired by Islam stage. A Baxter is covering over global news in the Bloomberg. Sixty San Francisco newsroom. Ed. Yeah. Juliet, exactly. Australian Federal Police say the three had been under surveillance were plotting to carry out an attack on a crowded place and kill as many people as possible the alleged terrorist cells using encrypted communications they say it's very sophisticated. They'd been trying to secure semiautomatic rifles. Police say the consequences would have been chilling. They say potentially significant loss of life. You countries are saying no more compromise on Brexit while UK battles with the current deal in the UK where the no-confidence movements against Prime Minister, Theresa may is apparently fizzled a bit. And while labor party leader. Jeremy Corbyn says the party will vote against the deal. It may be he says time on he's on Bloomberg by the way, exclusively for a government votes. Priority now is a deal. And then after that, it's a government comp deliver in.
China: October money and credit data both surprise on the downside
"Markets up and running Doug krizner is tracking them for us. Fairmont of weakness with the exception of Tokyo where the Nikkei is now higher by four tenths of one percent. Some of this may be due to a weaker yen at one thirteen ninety four against the dollar wanted to get to our bureau in Tokyo, bring in Bloomberg's Jeff Sutherland for a closer look at what's happening on the ground there. Good morning. Jeff good morning. Well, we did get a report on GDP this morning and as expected Japan's economy got hit from several sides during the third quarter with GP shrinking one point two percent. That's the second time. Here we've seen a contraction of discount around because of the earthquakes and typhoons and heavy rains shut down factories and airports, but also experts weekend because of softer globally demand in that may reflect the impact of a trade war. And the overall result was a bit worse than economists had expected, but they're senior recovering the fourth quarter. Meanwhile, stocks are positive after yesterday's keep declined the Nikkei after about point three percent, and automakers are providing the biggest boost on hopes that the Trump administration will hold off on new tariffs for autos, but energy shares are down that dot yes, indeed energy. That was the same story. We had here in the states with a collapse in the price of crude oil WTI during New York trading fell to a nine month, low the drop was greater than seven percent and a lot of factors going on in the oil. Patch? Not the least of which all the latest tweets from President Trump with respect to being critical of Saudi Arabia on reducing output for the kingdom. In Hong Kong. Hang Seng down three tenths of one percents. Shanghai composite is off about two tenths of one percent right now in Seoul, the kospi down one tenth of one percent. And in Sydney, the ASX two hundred is weaker by eight tenths of one percent US ten year treasury in the Tokyo session, yielding three point one four percent. I'm Doug krizner in the Bloomberg interactive brokers studio in New York. Juliette? Thank you, Doug. We'll as the SEM meetings continue today. What is the prime focus? Ed Baxter is covering all the global news in the
Russian Fighter Intercepts US Aircraft; Pentagon Says Came "Very Close"
"Out the vote effort, the Pentagon says a Russian fighter jet, flew close to US military reconnaissance plane and international airspace over the Black Sea for twenty five minutes today. Correspondent Barbara Starr the last such unsafe unprofessional encounter by the Russians was in January. The US thought these were pretty much put to bed if you will. But apparently the Russians back at it. On Wall Street, the Dow Jones industrial average rose one hundred ninety one points, the S and P gained fifteen the NASDAQ down twenty eight I'm Ann Cates. And I'm Doug krizner at Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets. The broom the Bloomberg new economy form is now underway in Singapore. And it was there the Chinese vice-premier Wong Chee. Sean one of China's best known economic reformers said China is willing to talk to the US on the current trade dispute. Sears holdings is said
"krizner" Discussed on Bloomberg Radio New York
"Bryan Curtis. And I'm Doug krizner live from the Bloomberg interactive brokers studio in New York, pre market in Hong Kong to be right. Hang sang is up by more than one percent right now on the mainland. Shanghai composite is ahead by about seven tenths of one percent. Seeing a pretty interesting reversal in the dollar, the Bloomberg dollar spot index during the New York session was up two tenths of one percent. We hit a sixteen month high. We are weaker right now. It's produced a stronger yen, which is helping to take the wind from sales of the Nikkei other markets at higher levels. More on markets in a moment right now. This hour's top business stories China, maybe about to open up the taps as Bloomberg's Yvonne man reports, the country's leaders indicating more stimulus becoming a statement from polit bureau meeting chaired by president Xi Jinping says a nation's economic situation is changing dour pressure is increasing and the government needs to take timely steps to counter this. Beijing has. Already announced tax cuts and regulatory relief to battle the impact of its de leveraging program and the negative impact of the US China trade war, but with fresh data showing manufacturing has slipped to the lowest and more than two years and the export sub gauge tanking Chinese policymakers may be preparing to do even more. In Hong Kong. I'm Yvonne man, Bloomberg daybreak Asia here in the US we had Shearson AIG dropping about one percent in late New York trading. This is after the insurer reported a surprising third quarter loss. More from Bloomberg's Denise Pellegrini g blaming natural disasters including hurricane Florence and typhoons in Japan for the surprise loss along with higher than expected costs from last year's California, wildfires the loss amounting to an adjusted thirty four cents a share analysts had been expecting a profit of almost six cents the one point six billion dollars catastrophic costs for the third quarter more than three times initial forecasts for Morgan Stanley still private equity gains helping fuel a one point four percent lift in. AIG's net investment income. Denise pellegrini. Bloomberg daybreak Asia. China's insurance giant paying on is said to be planning an offering in Hong Kong that could raise as much as two billion dollars the listing of ping on healthcare. Technology could come as soon as next year being on is talking to potential advisors about the planned IPO unit has already raised more than a billion dollars from investors including Softbank's vision fund and watch for China to triple the number of offshore gas terminals. We have more from Bloomberg's Ramy Inocencio spending stove CEO of hug Ellen g holdings in Oslo says China will have to triple or maybe even quadruple its offshore gas imports. The company is built the nation's only facility so far and still says China may add two to three tankers with equipment. They can heat up super chilled liquefied natural gas for delivery to onshore pipes. He says all the state owned entities in China have plans on how to increase capacity. China's gas consumption has surged as more power plants burn the fuel amid the government's push to curb pollution by cutting down. On the use of coal and fuel oil Ramy Inocencio, Bloomberg daybreak Asia. So who's feeling the pain from the October stock route, well, you can look at equity and Quant hedge funds for one area Morgan Stanley says equity funds slipping seven percent of the period funds that use computer driven models to follow. Big market trends have also been whiplashed lead abroad is blue trend. Hedge fund, GAM holdings can tab and also man groups AHL unit among the casualties casualty to for the s&p five hundred at least for the month of October. The index was down seven percent although year today to the S and P five hundred is up by about one and a half percent. We're at thirty four past the hour. I'm Doug krizner live from the Bloomberg interactive brokers studio, you're listening to daybreak Asia. Let's get you caught up on markets wanted to begin with this out of Tokyo shares in NTT DOCOMO trading off by about eleven percent right now, the company is going to launch some new mobile plans, and they will be between twenty to forty percent cheaper than current rates. This will be rolled out in Q one of next year. It's going to allow dough Komodo return about four hundred billion yen of profits to users annually and the weakness in KOMO leading the communications group weaker by about seven point four percent. That's the big drag on the Nikkei at this hour. Nikkei two twenty-five down about six tenths of one percent. Although to be fair, the yen has strengthened a bit against the dollar. We're one twelve eighty-five. The gain is about one tenth of one percent. In Hong Kong. Hang Seng up. One percent. Shanghai composite is better by about four tenths of one percent. And in Seoul, the kospi is ahead about eight tenths of one percent. We had CPI earlier for South Korea. This is a year-over-year reading for the month of October. The gain was two percent that was smack in line with CPI in South Korea at its highest level in thirteen months. Given a spike in prices, not only for agricultural goods, but for oil related products as well the kospi up nine tenths of one percent. And in Sydney, the ASX two hundred is a head. About four tenths of one percent. Speaking of oil related products WTI in the electron accession, it's sixty five sixteen so or higher by about one half of one percent. And in the Tokyo session. The yield on the US ten year treasury is at just under three point one six percent, Bryan. All right. Let's get to news now, South Korea, and the US have signed the document paving the way for South Korea to take control of the allied command on the Korean peninsula at Baxter has global.
AIG sees third-quarter catastrophe losses of $1.5 billion-$1.7 billion
"The tough environment will persist for up to another half year because of the US China trade war and the sluggish economy. Ramian Asensio, Bloomberg daybreak Asia. All right. The time is thirty three minutes past the hour. Let's bring in Doug krizner. He's looking at markets. Doug. I think it's safe to say that for much of this year outside of the early part of the year and for all of last year. Investors were just willing. To look past the challenges, and and buy stocks, but it seems to have changed. Now, the mood is different. Well, to what extent was the interest rate story a part of that equation? I think that's the one variable that is shifted most dramatically in the fed seemed to hit that point pretty hard yesterday. When we got the minutes from the last fed meeting, they've got a bias, obviously to tighten and they are expecting perhaps to take us above the so called neutral Ray, Dan, the consensus on that number is about three percent. So we could be looking at several more rate hikes in a much tighter situation where credit is concerned here in the states in the bond market today was really about a haven trade that sent long-term interest rates down three point one seven percent. The yield on the ten year given the sell off that we had in the equity space. Dow was down one point three percent s&p down nearly one and a half percent. Nasdaq composite tumbling two percent, obviously, the trade war in China were very familiar with that story and now rising political tension between the US and Saudi Arabia. Steve Mnuchin US Treasury Secretary not going to attend that investment conference in Riyadh next week. And incidentally, Bloomberg is among the media partners pulling out of that event as well. Going to be very interesting to see how China trades after that selloff in Shanghai composite in the last session down three percent. And if you look at where we were in January from that high. We are now down measuring the Shanghai composite down thirty percent the dollar caught a bid Bloomberg dollar spot index up four tenths of one percent. The yen strengthened as well in that risk off tone one twelve twenty in dollar yen or yen against the dollar. And as a result of that Nikkei futures in Chicago man, we could be down more than three hundred and forty points or so let's go to Sidney Paul Allen. Is there with a look at what's happening this hour in New Zealand and how things look for the session. Good morning. Paul morning. Doug will the scene continues in this part of the well, we got the ends at X off almost one percent. Now, six futures down by about nine tenths of one percent. The AUSSIE dollar's given up those gains. We saw on Thursday after those blowout jobless numbers, and we're now below seventy one cents at seventy spot ninety six bitter political risk on the horizon to here in Australia. There is a by election on Saturday and former prime minister Malcolm Campbell seat of Wentworth looks as if angry voters might go for an independent candidate, which means minority government again here in Australia. All right. Thanks, paul. I'm Doug krizner. This is Bloomberg daybreak Asia. I'm live from the Bloomberg interactive brokers studio in New York, rich. Thanks very much. Indeed for that. Now, we do have President Trump saying it sending looks like Jamal good Shoji is dead. But wants to wait for the investigation results said bag says so glibly is in the Bloomberg San Francisco newsroom. Yeah. Rish. Right. You are the president says there are three investigations now going waiting for
Reserve Bank of India holds interest rates, rupee falls
"Will proceed. We look at the vehicle factor. If we look at the roadway, we look at survival factors. We look at the the condition of the driver's license of the drivers we look at the operator self the company limo was on its way to a birthday party, a staunch backer of President Trump is taking a commanding lead in Brazil's presidential election on Sunday far-right candidate John Deere, Bolsonaro shot into the lead in Brazil's presidential vote in some of the most divisive elections in the country. According to official results. Former army captain Bolsonaro riding away, but indignation against corruption has forty eight percent of the vote with eighty percent of the votes counted. He needs fifty percent to avoid a runoff, President Trump's celebrated just Justice Brett cavenaugh swearing in. As the new supreme court Justice Democrats. Are regrouping and focusing on the midterm elections on ABC's this week. A key Senate Judiciary committee member Hawaii democrat maisy Hirono address, the cavenaugh confirmation there's going to be on the supreme court with a huge taint and a big Astra's after his name on ABC's this week counselor to the president Kellyanne Conway disputed Hirano's claim Justice cavenaugh should not be seen as tainted. He should be seen as somebody who went through seven FBI investigations, including Justin this last week, another one that was completed this past July had answered twelve hundred written questions had produced about a million pages of documents global news twenty four hours a day on air and a tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Mark mills. This is Bloomberg. Doug. All right. I'm Doug krizner at Bloomberg interactive brokers studio in New York wanna let you know that the Australian market is up and running they've gone to daylight saving time down under the ASX. Two hundred is off one half. Half of one percent. William has is with us. He is co CEO head of research at PR. See macro, William always a pleasure to have you on the program. I'm curious is what do you make the PVC cutting the amount that banks have to hold in reserve over the weekend is triple are cut. How much has to do with concern about the economy, and how much has can does it have to do with maybe that the equity market falling out of bed potentially? I think both they're both related. I thank you know. So they they tried to downplay the need for this thing this interest. Swap out MLS maturity, isn't it? Also, some treasury deposits but realistically also over the weekend. We saw a major default in us. Bankruptcy of a major steel producer in Tianjin. So that that indicates that the credit narrative hasn't changed that we think the credit narrative is still driving the narrative in addition to the pen speech last week, and this kind of cloud hanging over a lot of industries in China. So we were expecting a triple are cut anyway. But I think after the speech last week, I think that kind of puts it up to the front of their agenda. How do you see this fitting in with the broader story about the trade wars this evidence that it's starting to bite for China? Well, yes. And I think the evidence is also indicating that this is going to go far beyond trade very quickly. And so the pen speech last week. I think it's something that people should really sit down. And listen to even though he's vice president. I think it's a very strong statement from the US and China's definitely taking it seriously. So what that setup is really, you know, an across the board clash of institutional values. And so it's very difficult to go from that to something that you just put into some numbers that reduces the trade deficit. So I think the signals coming out of Washington for a lot of a lot more beyond trade in the next year. So I think this is in the early stages of this whole process. It's interesting. We had a guest the last hour who's indicating that maybe the cloud would lift after the off term elections here in the United States. But I'm sensing that you think this is going to be kind of a protracted fight of sorts. Yes, I disagree with that view think what would pencil saying that this is, you know, I got a fundamental institutional clash, and so that's very difficult to back away from the oh, by the way, all those things are saying about China. They're no longer true. We're just talk about you know, soybeans. And and, you know, high tech stuff that doesn't make sense. So I think this is going to be a defining issue for for for Trump heading through this this first term, and assuming he's got to run for reelection that this is going to be something that he tries to seize on if only to distract attention from a whole range of domestic issues in the US. All right. Well, he when we continue the conversation, I'd like to talk a little bit about monetary policy, particularly from Chinese perspective and the degree to which they may continue to kind of manage the currency. We're seeing some weakness in the offshore Yuan right now at six ninety one thirty five William has his Cosio. He's head of research at PR. See macro, our guest on daybreak Asia. Obviously, it's the first day back for China's markets on the mainland after a week long holiday last
China's US Treasury holdings just fell to six-month low amid escalating trade war
"We could say some positive news coming through following the Wall Street action. Let's get all the latest with Doug krizner in New York. Doug, understated the extent to which we could see a rally in the Nikkei in the opening moments. Nikkei two twenty five higher by three hundred twenty six points. That's a gain of one point four percent principally due to a big move lower for the yen against the dollar here at one twelve twenty nine that drop was about one half of one percent during the New York session. Also in Japan. It's B O J decision day, although the consensus view, it's going to be much about talk and very little in the way of
Bloomberg, US and New York discussed on Bloomberg Daybreak: Asia
"Asia and his eight thirty in the morning in Hong Kong at ten thirty AM here in Sydney, I'm Paul Allen. And I'm Bryan Curtis. Trading is underway. Now in Tokyo, Sydney, and Seoul, we have a pretty decent rally going and we've got an hour to go before we get Hong Kong and Shanghai. So it'll be a big question today on the one hand you've got the weaker dollar the weaker than expected inflation in the US strong action in Turkey and a rebound in tech all boding well for risk assets here and the president. Well, that's a slightly different story as he walks back some of the enthusiasm about US, China, our story, we'll tell you more about that in a moment. But that's the battle that will play out
Tesla investor says SEC asked it about 'funding secured' tweet
"Elaine furnace up to speed on what's been going on at tesla and with Elon Musk the summer, yes. So if you remember Elon Musk sent out his tweets, this infamous funding secured tweet suggesting that he was considering taking his company private, and he didn't seem to have discussed the precise wording of that tweet with his bold or actually with anybody. He said he was in one of his 'cause driving on the way to you and imports at the time sued this created a huge drama and the SEC is still scrutinising. What went on. We at the f. t. will completely fascinated by it. How would it work? Who who was this funding has been secured from what nothing's going on it, ten dot. The funding wasn't completely one hundred percent secured and so ill, musk and tesla. And has this board have decided that it's better for the company stay public. What's happened since then is that rather than sort of quieting down and get on with the running of the come. And getting the model threes out. You know, musk has spent a lot of his time and energy in tweeting increasingly on krizner Roddick topics. He's come back to this issue of the tie cave Daiva insulting him. Then he'll sort of suddenly took about the colors for the 'cause he went on a Polk cost where he was videoed smoking a joint. This is off to there was some speculation about whether he had been in some way and he breaks it or intoxicated when he sent out this funding secured tweet, all of this adds up to a loss of uncertainty for investors in tesla. They have always sort of taken it for granted that Elon Musk as a larger than life charissa. He has a big ego. He warrants that big ego by setting huge ambitions and actually meeting them. He runs it also companies. He's doing lots of things that people thought went possible. And for the most part, stock prices sent have gone with him in the last couple of months that has turned around. So, but one of those crucial pieces to the tesla story, particularly before early August, the search for profitability and the fact that if I've got this correct has la- hasn't actually made an annual profit since it's been in operation. And so the company has just in order to try to get closer to some of these production targets, particularly for the model three, the just been hemorrhaging cash and that is of particular interest to bond investors will. That's right. So on invest is can mostly about getting their money back. And so Tessa issued a bond last year and it was okay, but the price is actually went down fairly quickly afterwards. That usually means that confidence in the company has gone down and the willingness of other investors to pay up to you, take the bundle of your hands has evaporated. That's largely what's been happening since and it's it's sort of acceleration the last few months. The question about whether that means that tesla will have some trouble raising money and bull markets. In the near future, the amount you would have to pay. I think that the yield is around eight percent now it would be extremely expensive to to borrow via the bull market, but then there's also the question of whether it actually needs to test yourself says it doesn't need to have any cash raised immediately. It could possibly do an x rays instead you right that it is burning through its cash and it's not profitable, but it insists that it has enough cash cushion to go through rations, at least in the Nigam. And then on the equity side of things. All of this, I'll say volatility, if you will be at on social media, Beit chief executive, Elon Musk doing what he does on a podcast, it's head a bit of an effect on the stock itself.
Ford Motor, Alibaba and President Trump discussed on Bloomberg Finance
"Jack Ma will step down as executive chairman at Alibaba group holding in one year Baba's CEO, Daniel John will succeed Ma at Asia's most valuable company Ma will remain on the board until Alibaba is annual shareholders meeting in twenty
NAFTA talks make progress
"Daybreak Asia. It is nine thirty AM here in Singapore. I'm Juliet Sally. And I'm Doug krizner at Bloomberg world headquarters in New York, so markets in the Asia Pacific are up and running. Interestingly it's the ASX two hundred and Sydney, that's the worst performer index is down about one percent right now lots going on the foreign exchange to we've got a stronger yen and a weaker dollar.
US, China Trade War May Hurt US Consumers
"And the US China trade wool, maybe about to make a lot of US household goods more expensive. China may not be hit as hard. We get more from Bloomberg's Denise Pellegrini. If President Trump pulls the trigger on those tariffs targeting two hundred billion dollars in Chinese imports US shoppers could see price increases for dozens of everyday goods, including refrigerators freezers cutlery towels food tobacco carpets bicycles skis. Beauty products cat food and even toilet paper. Chinese consumers may also feel the pain, but not to the same extent. The country's counterpunch on sixty billion dollars imports from the US focuses primarily on manufacturing, chemicals and medical instruments and many of the ready to buy American goods that will be subject to duties by Beijing aren't really mass market. There are things like yacht writing crops and even false
Canada and US expected to reach a new NAFTA deal by Friday deadline — MercoPress
"President Trump has decided to maintain the current levels of, tariffs, on imported steel and aluminum products on national security grounds this is a twenty five. Percent tariff on steel ten percent on aluminum even so the president is also allowing some product exclusions for South Korea, Argentina and,
US, China and Tim Conway discussed on Bloomberg Finance
"With twenty five. Million dollars almost as much as it made in its debut weekend in Hollywood I'm David Daniel One of the stars of the Carol Burnett show. Tim Conway is. Reportedly suffering from? Dementia Conway's daughter Kelly, wants to, have charge of his medical treatments. Claiming the eighty four year olds
"krizner" Discussed on Bloomberg Radio New York
"I'm doug krizner in new york the equity market finished higher on the first day of trading week filled with fair amount of risk to begin with we've got the summit between president trump and north korean leader kim jong un we also have three major central bank meetings and if that weren't enough brexit has returned to the four the dow industrial average was up less than one tenth of one percent the s and p five hundred added one tenth of one percent and the nasdaq composite picked up two tenths of one percent shares in boston scientific jumped seven and a half percent that was after the wall street journal reported the company's been approached by stryker corporation now the report said it's unclear whether boston scientific is open to a takeover striker shares were down more than five percent the canadian dollar weakened against the greenback after president trump revoked support for a g seven statement and criticized canadian prime minister justin trudeau the us tenure treasury last quoted in new york at yield of two point nine five percent that's the bloomberg business flash over the weekend president trump withdrew the united states from a joint g seven statement just hours after initially supporting it for more on the president's reaction bloomberg's amy morris spoke with south dakota republican senator mike rounds i could not understand why the administration would publicly go after our allies and so i'd like to know the rest of the story that surprise me i really don't think that hyperbole along that line is productive and i think even though we're talking about trade in this particular case these are allies in other areas as well and they support us with regard to our our statesmanship negotiations but they're also on the national defense and you know nato as members of nato and so forth these are true allies there with us all the time when you have a family dispute sometimes it's better to have that behind closed doors most certainly we have disagree with them on trade and most certainly the president has every reason to try to negotiate better trade deals but in this particular case i could not understand the reason for the hyperbole and so as i said to begin with i'd like to know the rest.
"krizner" Discussed on Bloomberg Radio New York
"I'm doug krizner at bloomberg world headquarters in new york let's check this hour's top business stories and the markets most of the equity market here in the states finished higher as investors became more convinced on inflation remaining tame earlier in the week we had that week reading on us retail sales today we learned that import prices were up less than forecast last month the dow industrial average picked up four tenths of one percent in the broader market the s and p five hundred was higher by two tenths of one percent although the nasdaq composite was down about one tenth of one percent president trump on veiled an aggressive plan to lower prices for prescription drugs one focal point is his intention to reduce regulatory burdens so drugs can get to the market more quickly and cheaply lonnie chen is with the hoover institution and so one of the issues around reforming the regulatory process is to speed access to cures to lower the price of those cares on the marketplace so that's certainly one thing that republicans have always talked about i do think it's interesting this plan goes a little bit beyond that in the sense that there is an effort for example to provoke drugmakers potentially down the road is requiring some kind of disclosure around list prices which obviously affects the downstream pricing of those drugs as well interestingly shares in many of the pharmacy benefit managers traded higher cvs health was up more than three percent and shares in express scripts holdings higher by two point six percent on the downside we had shares inside mantech falling thirty three percent this is after the company projected revenue and profit for the current quarter below estimates at the same time the audit committee from the board of directors is investigating concerns raised by a former employee and the audit committee saying that financial results and guidance could change as a result in the bond market the us ten year treasury last quoted with a yield of two point nine six percent global news twenty four hours a day on air and a tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm doug krizner this is bloomberg this is bloomberg businessweek from bloomberg radio hello i'm carol massar and i'm jason kelly plenty of head for you in this hour of bloomberg businessweek including.
"krizner" Discussed on Bloomberg Radio New York
"Is forty five minutes past the hour time for jack of sports from around the world here's donna page thanks brian in the nba playoffs minnesota is hosting houston tonight when the timber wolves hoped to even their series at two games apiece oklahoma city visits utah later tonight when the thunder hope to tie up their series at two two in the national hockey league boston visits toronto tonight in game six of their stanley cup playoff series leading three games to two washington is hosting columbus tonight in game six of their playoff series leading three games to two in major league baseball the yankees are hosting the twins tonight the as are visiting the rangers the giants host the nationals later this evening in nfl news the nfl draft kicks off thursday when the first round takes place patriots coach bill belichick says this year's draft will be different for his team going into those we to little limited number of players just based on where we are selecting this year's over different than that we need another draft from top to bottom potentially says a handful of players are probably out of reach but realistically just about everybody's in play the second and third rounds are friday the fourth through seventh rounds will take place saturday in tennis at the barcelona open leonardo mayer defeated misha's vera garcia lopez defeated yuichi sue gita ben pair beat nicolas hurry world number one rafael on the dow dominic teen and novak djokovic all have byes i'm donna page that's your bloomberg nbc world sports update global news twenty four hours a day at bloomberg dot com the bloomberg mobile app tock on twitter this is a bloomberg business flash i'm doug krizner at bloomberg.
"krizner" Discussed on Bloomberg Radio New York
"And i'm doug krizner at bloomberg world headquarters in new york let's check this hour's top business stories and the markets microsoft ceo sake and adela has unveiled the company's biggest reorganization in three years he's combining the divisions focusing on devices and software for businesses and then moving the windows operating system unit into cloud operations we had shares in amazon picking up more than one percent of new york trading that was after the white house had president trump is not planning to take action against the company isaac boltanski is a policy analyst at compass point research he says the president would be facing an uphill battle in trying to rein in amazon and the president's anti amazon animus has been long now so this isn't new instead what we have here is more of a focused message from the president in the most general terms but we have to look past those general terms and then get to the nitty gritty of how could this actually translate into policy actions facebook is increasing election security it includes fact checking photos and videos meantime former officials with the federal trade commission tell us the company appears to have breached a twenty eleven consent decree to safeguard users personal information they say that facebook could be fined up to forty thousand dollars per violation per day if the company is found to have broken earlier promises to protect user data next monday missouri's attorney general plans to announce an investigation into a major tech company over privacy issues barclays has agreed to pay two billion dollars to settle a probe into.
"krizner" Discussed on Bloomberg Radio New York
"More but it was a whip session as some of put into on wall street let's find out how that's going to be affecting the asian session it has been bags doug krizner we ended up into the downside risks after the fed raised rates for a sixth time since the financial crisis perhaps more importantly the fed ratcheted up forecast for a faster pace of tightening going forward the dow the sp each lower by about two tenths of one percent we had the nasdaq down about three tenths of one percent so we've got this snowstorm hitting the east coast trading volume as a result of that was roughly eighteen percent below average the bond market took the feds move mostly in stride the yield on the us ten year treasury last quoted in new york at two eighty eight in the equity space energy producers led the gains we had a lot of dollar weakness with the bloomberg dollar spot index down nearly one full percentage point and on the flip side of that much higher oil prices with wti right now trading sixty five sixty three we are told president trump's planning to impose fifty billion in tariffs on china as well as curb investments the white house also confirming the president will announce some action on intellectual the property tomorrow new zealand central bank keeping its key rate unchanged at one and three quarter percent right now in terms of futures activity nikkei futures in chicago twenty one to fifteen we had holiday yesterday we finished in the cash market in the last session at twenty one three eighty so we'll have to see where we go from here but brian looks like maybe a little bit of downside yes at the moment it certainly does thanks very much doug as you mentioned the.