4 Burst results for "Niger Army"
Bloomberg Radio New York
"niger army" Discussed on Bloomberg Radio New York
"Percent. The cat guarantees down by half a percent, even though we see a strong performance from some of the luxury names there. The zetra dax is down a quarter of a percent, so general negativity really being driven by a higher yield environment which is triggered by what we've heard from the Bank of Japan tweaks to yield their yield curve control policy. U .S. features are positive. E -mini is up three tenths of a percent. NASDAQ features up by six tenths of a The dollar is up a tenth of a percent, the euro is down, continues that softness prompted really by the emphasis The emphasis on the downsides for the Eurozone economy that we heard from Christine Lagarde at the ECB yesterday and the pound is actually a little stronger. percent against the U .S. dollar. The oil price down four tenths at 83 .88 on Brent. That is That your Bloomberg Business Flash. Let's get over to Blinboke's Leanne Goins now, who's got a round -up of today's top stories. Good Caroline, good morning and thank you. Niger's army chief is backing an attempted coup a day after the president the was detained by soldiers. The West African nations military says it seized power from the government following bad economic and social governance. Niger is one of the world's top producers of and uranium is at the center of a fight against jihadists and other armed groups in the Al region. They claimed a takeover follows five successful coups in the past three years in West West Africa. Now Vladimir Putin's defending his government's withdrawal from the Black Sea grain deal at a summit with African leaders blaming the West for obstructing Russian export the collapse of the deal may worsen food security concerns in Africa where many nations are dependent on wheat from Russia and Ukraine. Putin is promising to send up to 50 ,000 tons of free grain to six African countries who have strong ties to Moscow and O 'Meara sales jumped as the Birkenmaker continues to see demand for its higher handbags in both the US and China revenue rose 28 in the second quarter beating analyst expectations of 24 % the Americas grew 21 percent over the period. O 'Mears is outperforming its rivals like album h Lou ton and Cartier owner Richemont who have reported weaker demand in the US Global News 24 hours a day on air and on Bloomberg Quick Take. I'm Leanne Gerens and this is Bloomberg Carolina. Thank you so much. Leanne Gerens there with our World News Roundup. Now let's talk about what's affecting the markets today the Bank of Japan jolting financial markets by loosening its grip on bond yields that after the ECB rate hike yesterday. Joining us now to discuss is Christian Kopp who is CIO for fixed income and FX at union investment. Christian thank you so much for being with us. What do you think that the changes to Japan's YCC actually mean? Governor Awada saying that this isn't a normalization. Well Caroline thank you for having me. So I do think it is a small step towards normalization and has to do with the changing nature of Japanese inflation which is more sticky than it has been in the past and the Bank of Japan is trying to move away from the tight control of term long interest rates. That said we do not expect that today's decision to ease the control of the 10 -year yields will lead to a situation where those 10 -year yields rise way all the to 110 because they're actually not that attractive. They're actually still quite attractive to the Japanese investors as opposed to the offshore investment opportunities that they have. Okay yeah just a little bit more on that then Christian because you say 1 % because now it seems as if even though the band has been kept the same at minus half to plus half a percent. The BOJ is talking about allowing allowing year the 10 yield to get to 1 % but defending it if it tries to go above that. But why is it then that you don't think it will get to that point because I thought that was going to be the risk if we saw these these despite their denial these towards normalisation? Yes I think the reason is that Japanese institutional investors always face a choice between buying Japanese government bonds or buying US treasuries, UK guilds or bonds on a currency hedged basis. And if we look at the yields that Japanese investors could get from those overseas investments on a currency hedged basis, it is much lower than the 0 .56 % they get on 10 -year day in GBs today. So for the Japanese investors it actually doesn't make a whole lot of sense to invest offshore and the best available yield out there at current in our circumstances is still the 10 -year day GB. So this is why they're holding on. Is that because of FX? Because the yields themselves are much higher elsewhere. Absolutely. That has to do with the hedging costs and the hedging costs are a function of the short term interest rate differential and we have inverted yield curves in many parts of the world. So the short term interest rate differential is very high and this makes those yields on treasuries or yields which look high on an optical basis quite unattractive for Japanese investors because of very high hedging costs. Having said that, there does seem to be some reaction in European bond markets. I wonder whether could you explain that Christian. It looks as if European yields are heading quite a lot higher but US yields treasuries are staying fairly steady. Why? Well, frankly, I think that has to do with the fact that it's the 28th of July and people are leaving for holiday. So I think all of the 10 -year yields in advanced economies trade in a context and did we see some upward pressure on the 10 -year JGB yields. They went to 0 .56 % to hire them before the and announcement that also has repercussions overseas. So it does have an impact on the German bond yields, it does have an impact on the trade yields but I don't think it's a major impact. Is there read across then, if today's more about month -end rebalancing but is there going to be read across Christian? imagine Because you have to with all the carry trades that are in place funded by the Japanese yen and with the extent to which the DOJ was the last remaining anchor back into the days
Bloomberg Radio New York
"niger army" Discussed on Bloomberg Radio New York
"10 -year yields are now trading above that band at 55 basis points. Dollar Yen ...having a bit of confusion over where to go it's now trading flat at 139 .58 across the European sphere though we've gotten some news out this morning French GDP came in stronger but CPI came in lower and then Spanish inflation came in stronger however we're seeing some pressure across the fixed income space German yields rising some five basis points to 252 when it comes to European equities the Eurostock 600 index is down some three tenths of one percent we have some did companies reporting this morning NatWest is trading flat but then Standard Chartered up some 5 % as it raises its income for guests and adds a buyback announcement and makes banks the best performing sector this morning in Europe Stephen thank Stephen thank you Niger's army chief is backing an attempted coup a day after the president was detained by soldiers the West African nations military says it seized power from the government following bad economic and social governance he shares one of the world's top producers of uranium and is at the center of a fight against jihadists and other armed groups in the shihal region the claim takeover follows five successful coups in the past three years in West Africa now Vladimir Putin's defending his government's withdrawal from the Black Sea grain deal at a government with African leaders blaming the West for obstructing Russia's exports the of collapse the deal may worsen food security concerns in Africa where many nations are dependent
Bloomberg Radio New York
"niger army" Discussed on Bloomberg Radio New York
"Market. But officially remaining at zero as well. More broadly in terms of the economic situation in Japan Kazuo Ueda is saying that there are still uncertainties over Japan's inflation and that wage growth in Japan. Gradually speeding up as well. This is more broadly he's seeing Japan's economy gradually recovering. That is the latest we're getting out of the Bank of Japan. The yen a in the market. car 58 139 is where the end is trading against dollar. It's fluctuated fairly significantly today since we've had the decision from the Bank of Japan on that. We're looking at those ten -year yields finishing up 11 basis points 0 % .55 the end of trading there. The Nikkei finished down four tenths. European stock futures are in the red as European well. stock futures down three tenths. FTSE 100 futures are two tenths lower. On Wall Street things are a bit more positive. are up by a S &P third of E -minis one percent. Nasdaq futures are half of one percent higher. We are watching Treasury yields as well because that's part of the story what of we're hearing out of the Bank of Japan. The ten -year Treasury yield two basis points higher now 4 .02 %. The two -year yield is four basis points lower at 4 .89 %. That is your Bloomberg Radio Business Flash. Let's get to Leanne Garrens a mobile for news briefing. Thank you. Niger's army chief is backing an attempted coup a day after the president was detained by soldiers. The West African nations military says it seized power from the government following bad economic and social governance. Niger is one of the world's top producers of uranium and is at the center of fight the against jihadists and other armed groups in the Shaheel region. The claim takeover follows five successful coups in the past three years in West Africa. Now Vladimir Putin's defending his government's withdrawal from the Black Sea grain deal at a summit with African leaders, blaming the
Bloomberg Radio New York
"niger army" Discussed on Bloomberg Radio New York
"Watching. And the United States, although they are on similar policy boards, are going in different directions economically. The euro sank almost 1 % against the US dollar after the ECB announcement yesterday because of the deteriorating situation as the ECB President Christine gaard sees it. Also, though, of course, the BoJ then this morning stepping in to tweak yield curve its control yield long anticipated but it comes today and so benchmark bond yields and the Japanese currency rising on that we aren't expecting the BoJ press conference at 7 30 a .m. that will be closely watched. Plus, there are earnings to think BBVA second quarter net income coming in as as a beat at 2 .03 billion euros and announcing a share buyback of up to a billion euros. any big share buyback announcements actually this quarter to think about. Right now, bluebird dollar spot index is flat Japanese is yen trading 139 spot 04 is still up but only up three tenths of one percent some gains in China for example up by two point three percent but stock futures for Europe sinking two tenths of one percent lower for US the US stocks 50 futures right that is a look at the markets let's head over to lianne garris was around today's top stories good Caroline, good morning and thank you. Niger's army chief is backing an attempted coup a day after the president was detained by soldiers the west african nations military says power from the government following bad economic and social governance. Niger is one of the world's top producers of uranium and is at the center of the fight against jihadists and other groups in the shahal region that claimed a takeover follows five successful coups in in the past the three years in West Africa. Now Vladimir Putin's defending his government's withdrawal from the black sea grain deal at a summit with african leaders blaming the west for skewing russian imports the collapse of the deal may worsen food security concerns in africa where many nations are dependent on wheat from either Russia and Ukraine. is Putin now promising to send up to 50 ,000 tons of free grain to six african countries with strong ties to Moscow and Donald Trump is facing new charges linked to allegations he mishandled classified documents after he did leave the white house the former us president's now of ordering staff to delete security footage at his Florida estate to obstruct investigators something he is denying Trump's spokesperson is calling the charges ridiculous and an attempt to influence the 2024 presidential race now here is what we're watching out for today at bloomberg at 10 a .m uk time we do get eurozone consumer confidence data we also get a slew of cpi data from europe today we get figures from Germany Spain and also France then at 1 30 p .m sorry at 1 30 uk time we get core us p ce the fed's preferred measure of protection which bloomberg economic sees rising three point three percent in june also and today the high court could give a ruling on the legality of the euless expansion to greater by London the mayor Sadiq Khan so we'll wait out and see if we do that ruling this morning. okay lianne thank you very much for that now lebanon new needs a central bank governor but the government is struggling to find anyone to take the job riad salama's job officially leaves the role on monday after three decades release behind a gargantuan list of challenges currency that's lost most of its value and a banking sector facing losses nearly five times the size of the economy bloomberg's dana crete has been looking into the story i asked her first about salama the man policy so he was appointed in 1993 and he has been kind of like a an icon of confidence in the country ever since he's credited for maintaining the peg that has stabilized this import dependent economy for decades but now things have shifted ever since the financial crisis surfaced in 2019 a lot of people blame him for the crisis itself and he is now the target of EU investigations for alleged money laundering accusations including taking from the central bank towards a book rich firm owned by his brother these are all allegations everything is still under investigation in lebanon and outside and he has of course repeatedly denied those allegations during the the protests he was propelled to the forefront of of the crisis and the protests as well um people saw him as part of the political class that has just mismanaged the country ever since the civil war ended in 1990 and they also see him as the enabler of this political class because he had come up with policies to pretty much maintain the financial system afloat now he says he only bought time for the political class to implement reforms but others see him as part of this entire political elite group that has been you accused of just pillaging state coffers for their own benefit and the benefit of their cronies as well the challenges facing his successor though are almost without rival in world the talk us through how difficult it will be for the next person who takes on this job exactly so the question that's been going through my mind ever since i i started the pieces who to be wants a central bank governor of lebanon because one you have this major financial it there is about an estimated seventy billion dollars of losses in the financial sector you will have a central bank with technically less than ten billion dollars in and reserve a currency that's almost worthless today and just local lenders who are refusing and have refused in the past any restructuring efforts to the sector and you also have a deeply divided very angry population that have been storming banks and just protesting endlessly to get their money out of the banks uh... because of the crisis there were some de facto capital control on dollar withdrawals so a lot of people lost a lot of money in the banking sector and you also have the political class the politicians who have not yet agreed on any single reform measure demanded by the IMF ever since the crisis started and since they signed a the prelim agreement with the IMF last year for a three billion dollar bailout so all of it put together is just really who would want this job yes certainly the challenges are absolutely enormous given the political situation as you describe it how difficult will it be to actually make an appointment it seems