17 Burst results for "Ocbc Bank"

"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:12 min | Last week

"ocbc bank" Discussed on Bloomberg Radio New York

"Is huge about 800 miles across. Russia's foreign minister walked out of a UN Security Council meeting today. This is Sergei Lavrov, he arrived late, delivered a speech claiming Russia was the victim, not Ukraine, and then he abruptly left. And Japan is bringing back Visa free travel, applause for prime minister fumio kishida, when he talked about it at the New York Stock Exchange today. Global news 24 hours a day on aired on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom Denise Pellegrini, this is Bloomberg, Juliet. Thank you so much, Denise. Let's get back to vasu men and executive director investment strategy at OCBC bank wealth management with us from Singapore. So we have had a 22nd day of a stronger than expected yuan fix and the bank of Philippines now saying they have other measures to reduce FX volatility. No sign that governments are willing to act in concert to defend the very strong greenback. How does this kind of just weigh into the pain that we could see across Asian markets? It is a major headwind of the Asian markets. In fact, Asian markets have been on the decline for almost 6 weeks. We have 6 consecutive weeks of decline for Asian equity markets. But the driven by the recent partly driven by the stronger dollar and this is clearly a headwind because Asian currencies are weakening. It is forcing the central banks to think about how they can defend the currency is depleting reserves to some extent. It's forcing central banks to increase interest rates to defend the currencies and also fight important inflation. So it is a major headwind, but Asia is in a much better shape than it was back in 97 98 when we have the Asian financial crisis. But you know, if this goes on much longer, then it will create bigger headwinds for Asia. And a risk that investors in the way at the back of their minds. Yeah, I mentioned South Korea earlier, looks as though the Korean won broke through a key psychological level of 1400 against the greenback. The BOK has got a real dilemma on its hands because it's not only the fact that because of high inflation in the U.S. and you have to kind of keep pace with what the fed is doing, there is so much leverage in the economy in South Korea, particularly in the household arena. And the real estate market there which accounts, I think, for the largest share of personal assets. So I think the BOK in particular has a very interesting needle to threat. Wouldn't you agree? Sounds like it. I mean, from what you just said, that essentially multiple problems in South Korea. Of course, adding to all that chip exports in South Korea also taken a plunge. I think the August numbers for DRAM chips showed 24.7% decline. So you know the South Korean economy is facing headwinds. And maybe more so than some of the Asian economies. But you know, I think the rest of it as well is facing issues. Maybe it's not so much leverage. Property prices in many battles have also increased significantly and it rates continue to hit higher than probably prices will face it wins could pull back could hurt household balance sheets and consumer demand. So yes, you're right. The fed rate hikes and the strong dollar creating multiple problems, not just for South Korea, but also other parts of Asia as well. Singapore expecting to get inflation figures today inflation in Asia as we know, not quite as hot as what we're seeing in the U.S., but what sort of further action are you expecting to see from central banks when we had moves yesterday in the ASEAN region as well? Well, you know, clearly I think the Singapore Central Bank and other central banks in Asia will be keeping a very close eye on the inflation and what the fed is going to do. The Singapore Central Bank has tightened Montreal policy quite significantly. And I think it's necessary because Singapore doesn't have an interest rate policy. We have an exchange rate policy, which is very unusual compared to other Asian countries compared to many other countries around the world. So we manage inflation by keeping the dollar strong. The Singapore dollar strong. And on a relative basis, a Singapore dollar has been stronger, compared to its Asian peers. And so far, I think the MES is doing a good job. You know, yes, inflation is an issue, but I think they're trying to check important inflation through the stronger dollar. And I won't be surprised if inflation continues a positive problem that the MES will intervene further. And you know, Titan policy even further. So many of the economies in the apac region are reliant on a strong China economy yesterday we had Goldman Sachs downgrading its estimate for GDP growth today Nomura, a kind of joining in and doing much the same. Do you have a sense of how well the China economy is going to perform? Well, you know, I mean, we talked about it earlier. I think a critical part of the whole equation is the zero COVID policy. And as you mentioned earlier on, some people in the market expect China to ease up with zero COVID policy post October 16, which is when the NPC takes place in China. And let's hope that that happens. China needs to ease up on zero COVID. Open up its doors for the economy to really get back on its feet. Easing of the zero COVID policies hard to see the Chinese economy bounce back in a big way. Are we paying enough attention to what's happening in Europe and these energy crisis, the war in Ukraine. I mean, that's something that the fed can't control. Indeed, you know, and which is why asset allocation call Europe is an Android. We've got neutral on Asian equities, neutral and U.S. agrees. Neutral and Japanese equities, but the only Android we have in the regional equity space is Europe, because we are concerned about the energy crisis in Europe. And it's going to get worse. The onset of winter and what's happening in Russia right now with the deployment of reserve troops and the escalation of political tension. The energy crisis is something that we really have to worry about. And I'm sure the fed is keeping an eye on that as well. Sulfide is not impacted. You guys call me in a big way, but if it does, then the fed will maybe ease up on its aggressive rhetoric. All right, that's always a pleasure. Have a great weekend. Invest two men in its executive director investment strategy at OCBC bank wealth management with us on the line from Singapore as we look ahead to the reopen of markets in Hong Kong and China were

South Korea Asia Sergei Lavrov fumio kishida OCBC bank Singapore Denise Pellegrini vasu bank of Philippines Singapore Central Bank Bloomberg Russia BOK fed New York Stock Exchange Ukraine Security Council Juliet
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:12 min | Last week

"ocbc bank" Discussed on Bloomberg Radio New York

"Vasu menon from OCBC bank wealth management here on DBA. This is Bloomberg. Wake up and text text and eat. Text and catch the bus. Text and miss your stop. Wait, wait, wait, wait, wait. Text and be late to work. Sorry, I'm late. Text and work. Text and pretend to work. Text and act surprised when someone calls you out for not working. Who me? Text and meet up with a friend you haven't seen in forever. Hi. Oh, hey. Text and complain that they're on their phone the whole time. Text and listen to them complain that you're on your phone the whole time. Oh. Text in whatever. But when you get behind the wheel, give your phone to a passenger. Put it in the glove box. Just don't text and drive. Visit stop texts, stop Rex dot org. A public service announcement brought to you by the national highway traffic safety administration and the ad council. What's the true value of your custodial relationship? Ben Harrison a BNY Mellon's Pershing explains. As sophisticated investors demand more from their advisers, advisory firms in turn need to rely on their custodian to help them grow their complex businesses. At BNY Mellon's Pershing, supporting the rapid growth of RIAs is our number one priority. We understand what it means to deliver true value to our clients, who are looking for a custodian that is aligned with their best interest and delivers high value solutions. All in an open architecture environment with flexibility, choice and transparency. Learn why so many of the largest advisory firms turn to us for the financial strength, resiliency, and high touch service that BNY Mellon Pershing provides. When you work with Pershing, we put your business first. Can your custodian say that? Learn more at Pershing dot com or call 804 four 5 four four 6 7. Pershing adviser solutions LLC member fin reciprocity. What is dedication? The thing that drives me every day

"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:56 min | Last week

"ocbc bank" Discussed on Bloomberg Radio New York

"Coming online this hour. Let's get all the latest action in particularly the big move we've been seeing in bond markets with Brian Curtis in Hong Kong Brian. Right, let's take a look here at the markets just opening up and first we can see China futures are trading down about four tenths of a percent. And we'll be getting index futures in about 15 minutes. By the way, the Hong Kong market trades on 6 times earnings here. And that's the whole index. If you look at a few individual players like let's say ICBC, the big Chinese bank, no chance in a million years it would go bust or anything, but it's trading on three times earnings. So that gives you just a feel for how the valuations are in the Hong Kong and China markets. Anyway, the two markets have just opened up in Taiwan and Singapore. We have some losses there. The Thai X is down four tenths of a percent, the straight times index, trading off about 6 tenths of a percent. We're down right across the board, no trading in Tokyo today for a holiday, but the ASX 200 is down 1.4% and the cost is trading down a little more than 1%. So it's one of those days where equity markets are grinding to the downside. We saw that big spike in bond yields overnight. The ten year yield surging 18 basis points, the 3.71%. The two year rose for the 11th consecutive day, the longest run in three decades, the yield on the two year is 4.12%. WTI trading at 83 86 is actually picked up some ground here up about four tenths of a percent. Gold is gained a little too, 1681, and Bitcoin is trading up about four tenths of 1%. So there is money flowing, and right now dollar yen is at one 42 14. So even though Japan is closed for holiday, the yen is trading. And people are mindful now that intervention yesterday. So the yen is strengthening a tad. Doug to you. All right, well, let's take a closer look at the intervention. The Japanese government shocking markets yesterday with move to support the end for the first time since 1998. It suggests that officials essentially reach the limit of their patience as the end closed around 20% lower against the dollar. That would be so far this year. We reached out to Robert banks ahead of FX strategy she has Jane foley on the significance of this intervention. We know that the fundamentals will still be dragging Dolly yen higher. I think what today's intervention was all about was just perhaps slowing the movement just put in a little bit more moderation in that move, but I do think that dollar yen is still likely to be pushed higher as long as we've got the bank of Japan and the fed on these opposing policy courses. So we have a little bit of strength right now with one 42 15 or thereabouts with a gain against the greenback around two tenths of 1%. Earlier in the day, the US Treasury responded to the intervention by saying it understands the action, especially with the need to reduce a lot of the volatility that we have seen in yen Juliet. Well, FedEx is aiming to save $2.7 billion this fiscal year by cutting flights deferring projects in closing offices, the plan unveiled as part of the company's earnings report. It was released about an hour and a half early because of a technical error FedEx reported adjusted earnings per share of $3 44 in line with a preliminary figure released last week. Revenue totaled $23.2 billion. Underneath the headlines operating income at FedEx's express tumbled 11% on a decline in global freight volume. On the other hand, the company's ground delivery business reported again in operating profit of 3%. This due in part to higher fuel surcharges and an uptick in home deliveries. We're going to be taking a closer look at today's price action and markets with our guest of asu menon of OCBC bank wealth management. We'll do that after we update global news At 5 minutes past the hour, a lot of tension at the UN today over Ukraine and it's a treasure night in Bermuda. Let's get to the Bloomberg newsroom

Hong Kong Brian Curtis Japanese government China ICBC Robert banks Jane foley Bitcoin Brian Taiwan Tokyo US Treasury Singapore FedEx
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:15 min | Last month

"ocbc bank" Discussed on Bloomberg Radio New York

"Saying the U.S. continues to create tensions and other 20 China flybys in the strait yesterday. Beijing is asking India, meanwhile, to reaffirm the one China policy as it seeks to shore up regional support. Donald Trump says all the documents taken in the FBI raid August 8th had been declassified. Congressman Adam Schiff says he doesn't think so and it doesn't matter anyway as a crime. Some House Democrats have asked the director of the national intelligence to provide a damage assessment after the seizure and that now Senate intelligence committee has made a bipartisan request for release of the contents and their calls from some Republicans now on the other side to defund the FBI after the raid. Shanghai said over the weekend that it will reopen all schools, including kindergartens, primary, middle schools, on September 1st. In San Francisco, I'm Ed Baxter. This is Bloomberg, Juliet. All right, thank you so much, Ed. Let's get back to our guest. Vasu meran is executive director of investment strategy at OCBC bank wealth management on the line for us from Singapore. So when we're looking at markets, we have seen some momentum coming through in the Asian stock benchmark, but the durability of the recovery already being questioned and we've got analysts predicting the biggest profit drop for Asian equity since the pandemic started. So is that mean that we see kind of an underperformance here from the MSCI Asia Pacific index versus what we're seeing in that rally we saw on the S&P 500. Definitely, I mean, Juliette, I mean, you've already seen that underperformance take place. I mean, the U.S. stock market is clearly taking the lead. It's charging a hit. It also came down the most. When you saw the correction and also therefore you also seeing a nice bar in the U.S. stock markets and Asia is lagging. And I'm not surprised because you know the U.S. dollar is very strong. Asian currencies have been generally weak. Monetary policy in Asia expected we tighten support the currency to some extent. And so there are headwinds in Asia too. Of course, you know, we talked about China quite a bit. And China remains uncertainty for Asian economies. So the issues with Asia and certainties of Asia, but there doesn't mean that you have altogether. I think medium term is still a good story, but in the short term at least those have been so play out. I promise to go somewhere other than China in this segment of the conversation, but I've got to talk to you about what the PBOC has just done they've reduced the rate on the one year MLS to two 75 from two 85. So a cut of ten basis points. What does this tell you? Well, it tells you that they are ready to provide some degree of support to the economy. They recognize the fact that the economy is languishing, but they're not prepared to do, as I said earlier, the Big Bang approach. I mean, China is moving away from that approach. It's a bit more selective, a bit more gradual. You know, you're fighting a lot of headwinds, global headwinds, especially the strong, the very aggressive Federal Reserve. So I think the PBOC saving bullets probably for later on another day. But nevertheless, you know, the signal you're sending to the market is that, you know, they prepared to step into some extent. And do what they can. How attractive is the Japan story for you? We've got the nikkei two two 5 on track to erase a year to date loss and we're looking ahead for a rebound in the economy too with those second quarter GDP figures. Well, you know, the pen, yes, you're right. Japan is an interesting market. I mean, the yen is weakened. Now starting to strengthen once again, you know, inflation in Japan appears to be coming back. We've got a neutral reading in Japan. We've done it already on U.S. Japan and Asia. So we don't see anything exceptional independence is juncture. But as you highlight that, I mean, the economy is rebounding quite nicely. And you know the Japanese economy is not open yet. I mean, many of the economies have opened up, depending on opened up. And when they do open up, they'll get that the pent up demand stimulus for the economy. You see Tori slows coming in greater travel within Japan, more spending, taking place. And that could be good for the Japanese economy down the road. Yeah, and the guys on our M live blog were pointing out that as part of this second quarter GDP report, it is preliminary we get that. But the deflator for household consumption excluding rent was up 1.3%. Is it too soon to say maybe that in the consumer sector you're seeing evidence of inflation and maybe maybe we're close to some kind of inflection point where we're on the other side of deflationary pressures? Possibly, I mean, you're not seeing any major inflation in Japan yet. Inflation is picking up. As you said, consumer spending is picking up. Inflation is also picking up the pen is not isolated case. But it hasn't gone up enough of the VOD to say that we need to start tightening and it's a good sign. It seems to be showing some turn around the corner and I think that's one reason why investors and markets have turned slightly more positive in Japanese economy as well. And the stock markets, of course. Just a very quick word vasu on SCN I mean we're looking at recovery in Thailand really lifting the bar and getting back to those tourist levels too is that still an attractive play. Well, Thailand is not one of our topics, but nevertheless, you know, again, the Thai economy is getting the stimulus from tourism. One of the biggest you get from, you know, you get from COVID-19 reopening is stories flow picking up and Thailand is a major tourist attraction. So yes, you know, something to keep in

China Asia U.S. Senate intelligence committee Ed Baxter Vasu meran OCBC bank FBI Japan Adam Schiff PBOC Donald Trump Juliet Beijing Juliette Bloomberg Shanghai Asia Pacific Singapore Ed
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:36 min | Last month

"ocbc bank" Discussed on Bloomberg Radio New York

"Headlines head Baxter in the Bloomberg newsroom in San Francisco. All right, thank you Doug and I have them for you. A U.S. attorney general Merrick Garland says there has been so much public interest in the FBI on the Mar-a-Lago that he has asked the judge to unseal the search warrant. He says verbal attacks on his people must stop. And a story just moved up on Associated Press and armed man clad in body armor who tried to breach the FBI Cincinnati office was shot and killed by police after he fled the scene and engaged in an hour's long standoff in a rural part of the state again. He tried to breach the security did at FBI office in Cincinnati. Now Garland says he personally signed off on the search warrant, Donald Trump does have the right to release the search warrant if he likes. The Washington Post is reporting that documents dealt with classified information on nuclear weapons, concern about them falling into the wrong hands. Bloomberg sources are saying that President Biden is readying plans to launch his reelection bid after the November midterms says he is motivated by the increasing chance that Donald Trump will run again. Hong Kong's population has dropped by a record as people fled COVID-19 restrictions third year of decline. U.S. CDC has loosened guidance for people exposed to COVID-19 saying there's no longer a recommendation to quarantine. That's for those exposed. Kim Jong-un sisters revealed that the North Korean leader suffered from a high fever during a recent COVID outbreak and warned South Korea to stop sending dirty objects across the border and South Korea, meanwhile, is saying that the possible operation of an American made missile shield is not a point of negotiation that it will ever have with China. In San Francisco, I'm Ed Baxter, this is Bloomberg back to Hong Kong, Brian. All right, thanks very much. Add ten minutes here before the top of the hour joining us now live on the program is Frances Jung. Rate strategist at OCBC bank. Francis, we all know that for the fed, mission accomplished is way down the line. That's out there always. Closer in from that would be some sort of moderation in the commentary and also whether they start moving to 50 and indeed down to maybe 25 basis points. I'm curious whether you think that it needs time like we might need three meeting or three CPI readings in a row that ticked down or is it magnitude if we see a big drop in one of the CPI reports might that be enough for the fed to soften. Your thoughts. Yeah. Yeah, hi, Brian. The signs that we have been seeing about this are so called peaking of inflation. The deceleration has not been very rapid. So for example, often like we have PPI, right? Decelerated from, say, a very elevated level to a steel high levels. So it does appear that a lot of the major central banks in particular the fed still focused on fighting inflation and indeed we do think that it takes time for inflation to go back towards somewhere near the 2% target. The 2% target is just very low. And with inflation still well above target, what the U.S. needs is restrictive monetary policy and environment. And taking their own estimate of the neutral rate 2.5%, which we suspect is pretty much on the low side already. Then we can only say that the current monetary setting is at best neutral. So that's why we and also the market would continue to expect the fed to hike for at least a couple more times in order to bring the pattern breaks further higher. Yeah, and Frances, what does that mean for the curve do we see this inversion trend reversing any time soon because you've also got, you know, not just investors, but consumers getting quite nervous about recession too. Yesterday's development is a bit rare that we have depending on the curve and rates are rising. However, the dynamics in the near term would still be somewhat we have been seeing over the past few weeks that if any increases in the due because of rate high expectations, then you imagine that when the markets are expecting more interest rate hike that could mean that the long-term inflation expectation or the real deal which we present the growth prospects tend to go lower. So this mechanic is limiting the upside to the longer end view. So when rates are going higher because of rate high expectation, then the curve would still have kind of a flattening bias. However, we do not expect the curve to get overly inverted and as also evident by the overnight movement that some investors might already judge that some of the long end has already reached too much and they are trying to find values across the curve. And to what extent are the movement in U.S. yields impacting Asian rates. Over the cycle, of course, we would see Asian race moving in the same direction as the US Treasury deal so we can not avoid the influence from that market. However, the performances thus far actually vary a lot across market. And we do have a few Asian local currency markets like the government bond market output forming the treasuries and these include, for example, the ringer, the taiba, et cetera. So in other words, the pass through from all these increases in U.S. dollar rates induced onto Asia are partial only. This entry has been expected likely to continue to be the case.

FBI Bloomberg newsroom Merrick Garland Donald Trump President Biden Cincinnati fed Ed Baxter Frances Jung U.S. OCBC bank South Korea San Francisco Hong Kong Lago Baxter Kim Jong Associated Press Garland
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:24 min | 4 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"At global sports Sport and Spain reports that Manchester United and Barcelona are nearing an agreement for transfer of midfielder Frankie beyond from cam node Old Trafford for a theme of vicinity of €80 million New Red Devils manager Eric snug will next have to convince dean to make the move to England as a Netherlands internationalist said he does not want to leave the Catalan capital Wales advancing to its first World Cup in 64 years with one zero win over Ukraine in a playoff match at Cardiff city stadium Wales joins the United States England and Iran in Group B and we'll face a U.S. on November 21st in their opener Rafa Nadal winning a record 14 French Open as a FC beats HCV Casper rood and straight sets to take over his 22nd grand Sam title After the match Nadal says he had to receive an injection in his hailing left foot to be able to play the match The 36 year old says he will get treatment for his foot and is hopeful to be healthy enough to play Wimbledon at the end of the month The Boston Celtics looking to take a two games to none series lead over the Golden State Warriors in the NBA Finals as a warriors are hosting Boston and Chase center in San Francisco The Celtics are coming off a stunning game one comeback win outscoring Golden State 40 to 16 in the fourth quarter to win one 20 to one O 8 Finally the Tampa Bay lightning coming back from a two zero second period deficit to beat the New York rangers three to two in game three in Florida as Andre Palazzo scores the winner with 52 seconds remaining in the game New York's still leaving Eastern Conference Finals though two games to one And the enforcement met your Bloomberg world sports op game We are seeing weakness in Asian equity markets to kickstart the week led by Australia's ASX 200 it is down by four tenths of 1% Singapore's market also under pressure a little bit of games in Hong Kong are by about a tenth of 1% and we're closely watching moves in the oil market Brent crude a $120 a barrel This is shortage worries persist Saudi Arabia raising prices for its biggest market of Asia by more than expected the U.S. considering allowing more sanctioned Iranian oil onto global markets Let's get over to Ed Baxter now in San Francisco for Czechoslovak news Edge Is going to continue to roll back its COVID-19 restrictions today The city will resume public transport and most districts allowing workers to return to their offices and restaurants to start dying in services Hong Kong reporting out the highest tally in 6 weeks over the weekend 515 new Australia says one of its surveillance planes was cut off by a Chinese fighter jet in international airspace over the South China Sea It says an encounter that endangered the crew of the jet North Korea has fired 8 short range ballistic a short range of ballistic missiles over the weekend pushing it to a record number of launches in a single year and at four 20 this morning local time a Yonhap is reporting that South Korea and U.S. jointly fired off 8 missiles of their own apparently in response British prime minister Boris Johnson sees rebel MPs from the governing Conservative Party pushing for a confidence or no confidence vote Bloomberg sources say Tory MPs may be on the cusp of securing the 54 letters needed to do just that Democratic congressman Adam Schiff says he wishes President Biden would not go to Saudi Arabia until it changes its human rights Issues Japan's prime minister fumio Keisha is considering attending a summit of leaders from NATO late this month to spur cooperation with the west over the Russian invasion of Ukraine And tropical storm Alex is headed now toward Bermuda with high winds that killed three people in Cuba over the weekend and they say that the same system has caused some heavy rain and parts of the Florida area Alex is a first named storm of the Atlantic hurricane season In San Francisco I met Baxter This is Bloomberg back to Singapore Juliette Thank you so much Ed All right let's get to our guest now Francis Chung is rates strategist at OCBC bank joining us on the line from Singapore So we are looking very closely here at global rate pressures and I guess whether or not assets can sustain this big assertive move that we are seeing from Central Bank tightening The fed in particular saying that they're going to maintain this assertive stance on inflation how are you seeing that play out in the bond market Francis So over the past couple of weeks while the market has been shifting the focus between inflation and growth concerns it does appear that from the Central Bank's perspective inflation has been gaining an upper hand So as long as the economy can withstand rate hikes it seems central based including the threat itself is going to continue with that And the more recent comments and the payroll number of course also reinforce the thought that these kind of talk of September posts may be only noises at this juncture So there would still be some more upward pressure on Bond use in general And the key takeaway for the market is that I think we probably need to embrace the title financial consistency I think that because the market has already been running ahead of the actual fed rate hike So we may probably need to wait for a materialization of a couple more rate hikes for the use to move materially higher Frances I think that's a very important observation because this is what I've been wondering It's very difficult to tell after a long period of central banks like the fed and other major central banks buying bonds and many people would say distorting the kind of messages we used to get from the yield curve to begin to know when the markets priced in enough aggressive Central Bank tightening from the fed and others and what it hasn't and how far it has to go Now if you try to compare the frontend fixed rates like the fixed swap rate or the two year transfer youth et cetera not only in the dollar market it's actually a global phenomenon in this cycle that you have to spread between these fixed rates and the policy rate or the floating rate being very wide even what the period is the height in the previous cycle meaning that the market is already running well ahead of the curve However when more interest rate height materialized if the fed really differ as to what the market is currently priced in we reduce these through some more upside to the two year deal but it may take some time In terms.

cam node Old Trafford New Red Devils Eric snug Catalan capital Wales Cardiff city stadium Wales Rafa Nadal Casper rood U.S. Chase center Andre Palazzo Ed Baxter San Francisco new Australia England Ukraine Singapore Hong Kong
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:30 min | 5 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"COVID Beijing is denying rumors of a lockdown while announcing some other COVID fighting measures It's asking 12 to 16 districts to reduce movements and work from home tomorrow three rounds of mass testing and 11 districts Shanghai me while reporting out over 2000 local COVID cases Shanghai has found four new COVID cases outside of quarantine and reports out two deaths due to COVID Ozzy and leaders to begin a meeting are actually having dinner right now at The White House and if not they will be shortly And virtual meetings some of them some of the meetings some of the members and then they'll be meeting tomorrow with an eye on China North Korea has fired off three short range ballistic missiles from an area near Pyongyang into the water and the U.S. State Department reports has citing what it calls horrific abuses of Uyghurs in China In San Francisco Ahmed Baxter this is Bloomberg Right Juliet Thank you very much Ed Let's get back to Selena ling head of treasury research and strategy at OCBC bank joining us on the line from Singapore We are looking ahead to the monthly indicators out of China that are expected to be the weakest since the outbreak of the pandemic had talking about the ongoing lockdowns there What kind of further policy support are you expecting because we could see the PBOC move as early as Monday by cutting that one year policy loan rate Well definitely I mean if you look at the last poly road meeting on the 29th of April there was check by presidency he basically reassured the market that China will step up policy stimulus in order to meet its ambitious 5.5% growth target So we are looking out for more details about your regulatory shift and other plans to increase policy support Given the recent deposit rate reform to be more market oriented So we do expect that the PBOC could cut the LPR in order to reduce bank funding costs But that's it They may not touch the MRF for now I think one actually by spot that we saw this morning was the China FDI number That's up 26% in dollar terms It was very strong even though last year's base was also relatively high due to the first infrastructure COVID situation So this actually suggests that a lot of the investments that were coming in for the first four months of this year is actually going to high-tech manufacturing and high-tech services So I think that's kind of like a glimmer of silver lining within all the doom that we see on Chinese sentiments these days So your asset prices in China obviously at lower levels at the same time you've got a weaker currency So if you're a foreign investor you could benefit from both asset appreciation and currency strengthening right Yeah by the way I think it's more encouraging is that really this is a testament to people seeing China still as a medium term growth engine for the region What are the stronger growth engines than in the region particularly as we see a lot more of Southeast Asia open up We have seen a lot of the Asian countries announce the border control relaxation and a lot of travel starting to take place again because of the tourism of movements that are picking up again So hopefully just like last year when we saw a bit of a revenge spending after the easing up for the COVID restrictions that we may see a bit of the revenge travel trend coming back as well We also do seeing signs of a pickup at changi airport and some of the survival numbers So actually this boat's quite well for the aviation and also the hospitality related type of industries within Asia itself but let's say it was still quite a far crying or from the pre COVID days but at least it means that the inside Yeah I was looking at the price of copper in the New York session We broke below 9000 for the first time since October There's a lot of worry about the weak demand especially on the manufacturing side given the lockdowns in Beijing are not in Beijing in Shanghai we may have something afoot in Beijing We're not quite clear on that yet Give me your sense about this COVID strategy and how durable it will be Is it there are going to be an inflection point on the horizon here where authorities in China are going to have no alternative except to begin relaxing some of these strictures I think the market is very jittery and all about the potential for tightening of restrictions and particularly with regards to a lockdown in Beijing But so far it looks like China is still holding on to a zero COVID strategy although they have kind of like new ones it to be more like a dynamic zero COVID community strategy I think going ahead is still early days yet to see whether they will relax I mean there is one school of thought which is really what is going to happen until later part of this year when you get a big political meeting over with Until then I think it's very very fluid situation There is hope that in the case of Shanghai that some of the factories and industrial production can resume activity even though the city remains within lockdown So that may be one window where the manufacturing sector and the supply chain problems they were currently seeing means that to resume resolve a little bit going ahead But I think it's hard to see it in this juncture Selena thank you for your insights We'll see you on television shortly too here in the Singapore studio Selena ling is head of treasury.

China COVID Shanghai PBOC U.S. State Department Selena ling Ahmed Baxter Ed Let treasury research OCBC bank Beijing Ozzy Pyongyang North Korea Juliet changi airport White House Singapore
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:21 min | 5 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Is denying rumors of a lockdown while at the same time announcing some other COVID fighting measures at Baxter has more from the Bloomberg newsroom in San Francisco Eddie Yeah exactly right Doug looks like a lockdown light It's asking 12 of the 16 districts to reduce movements and work from home tomorrow also mass testing in 11 of the districts but Bloomberg Stephen engel says the rumors have been flying The rumor mill got cranking up that Shanghai style lockdown was imminent and people lined up at rush to grocery stores stocking up on supplies and food That prompted an impromptu press conference from Beijing officials urging people and reassuring them that a lockdown technical lockdown is not going to be happening and there won't be a so called quiet period that neighborhoods in Shanghai are experiencing Yeah you know technical could be the operative word there Steven zoo says it's a basically a pseudo lockdown Three rounds of mass testing 11 districts Shanghai mainly meanwhile which is locked down reporting over 2000 local COVID cases has found four new COVID cases outside the quarantine area and reports out to deaths due to COVID Most ASEAN leaders in Washington D.C. for a dinner tonight and meetings tomorrow some doing it virtually Bloomberg sound on Joe mathews says much attention has been drawn to Afghanistan and Ukraine in recent years understandably Now it is time for attention They say to China The agenda will be geared largely toward national security Think China Russia and North Korea taking on new urgency after a series of recent missile tests from North Korea All of this leads up to the trip next week It'll be Joe Biden's first trip to Asia as president with plans to visit Japan and South Korea and Joe saying that the nation's realized China is a long-term threat North Korea is saying a fever of unknown origin has caused spread explosive across the country It says yesterday 18,000 cases I remember yesterday the reported out only one COVID case They say 350,000 in a short period of time And North Korea has fired off three short range ballistic missiles from an area near Pong Pyongyang into the water It is a third volley this month and comes before the Biden trip next week And some EU nations now are saying that it may be time to consider delaying a push to ban Russian oil This is Hungary is fully dug in against it Gas prices surge more than 10% in Europe after Russia reduced supplies to Germany in retaliation for European sanctions And meanwhile Ukraine continues to push to be admitted to the EU foreign minister dmytro kuleba says they hope to have a candidate status by next month This decision is about anchoring Ukraine in the European integration project It does not imply immediate membership This is obvious But this is the decision that will legally fix Ukraine in the European integration process The labor says the EU needs Ukraine as much as Ukraine needs the EU In San Francisco I'm at Baxter This is Bloomberg Doug thank you Ed Let's get to Selena ling our guest for the half hour Selena is head of treasury research and strategy at OCBC bank She's on the line from Singapore Thanks for being with us Let's begin with the idea of peak inflation Selena do you think we're anywhere close to that Well I hope we are but actually the data doesn't really support it I mean we did have inflation numbers coming out of the U.S. suggesting a little bit more stabilization the pace of increase is not going up But nevertheless if you look at year on year terms PPI running at about 11% and also CPI is also still relatively elevated I'm not sure we are quite there yet although I do hope that in the coming months we will see some turnaround in terms of the inflation numbers You say those stagflation risks rising to how much of a concern of a recession and a guest to that point how further aggression or how much further aggression are you expecting from the fed Well I think we did see a knee jerk pulse FOMC euphoria mainly because fetch air power should the market that 75 basis point rate heights was not something that the committee was actively considering But the endgame at the end of the day is still going to be to neutral and he mentioned a two to 3% range So the key really to watch is whether inflation starts to flatten out in the next couple of months But we have to bear in mind that the fact is to commit it to more 50 basis rate increments over the next few FOMC meetings And a market has rightly priced so for the next three FOMC meetings So to me I think the litmus test really will come towards the end of the third quarter when quantitative easing will ramp up to 90 billion per month And a fed funds rate approaches a 2.5% region So we're not quite there yet And I think in this interim period there is still a probability that federal rhetoric will continue to weigh on markets and we could continue to see volatility in the Bond youth Yeah it's very interesting that you mentioned the balance sheet the reduction of the assets there at a rate of well it's not going to be quite 95 billion to begin with But we really don't know how the market is going to digest that do we And are you a little concerned We can talk about adjustments in the fed funds rate The market seems to be able to deal with that on some level but I think the greater uncertainty is the digestion of new supply when the balance sheet roll off begins I think you hit the nail on a hit because you know setting out here in Asia we all have memories of what happened during the table ten from period when it all markers really went through a very challenging period So we are starting to see some signs of the yield differentials with the dollar continues to compress some tentative indications of capital portfolio outflows from certain of the higher new countries The question of course is whether Asian central banks also opted anti by hiking rates and we have seen the RBI for instance surprising the market by preempting the recent FOMC height and also buying nagara with its first 25 basis point height last week So the question is who else is next As you know in Singapore MES has really tightened monetary.

Ukraine North Korea Shanghai COVID Bloomberg Stephen engel Steven zoo EU Washington D.C. Joe mathews Bloomberg China dmytro kuleba Bloomberg Doug Ed Let San Francisco Selena ling OCBC bank Selena Russia
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:44 min | 6 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"A little more news now coming out of the search for clues into what brought down that China eastern airlines jet They say they found 183 pieces they say that the data recorder still has not been located They do have the voice recorder but that they find say now various wreckage has been found miles away from the primary crash test or impact site as much as 6 miles away They're also saying that all three pilots had current licenses valid health certificates and solid experience U.S. president Joe Biden says Russia should be removed from the G 20 Indonesia invites Putin to the G 20 and Putin says yes Biden also said if Russia uses either chemical or nuclear weapons the response would be in kind And NATO secretary Jan Stoltenberg says a large amount of military supply is constantly being sent into Ukraine In San Francisco I'm Ed Baxter This is Bloomberg Paul All right thanks very much I guess this half hour is Selena ling she's hit of treasury research and strategy at OCBC bank Selena I just want to get your outlook for yields We've got the U.S. tenure highest in about three years now Even Japan's benchmark yield rising to the .237 at the moment but Japanese standards That's getting pretty high How much higher do you see yields moving Well I'll target for the ten year treasury use actually 2.5% and looking at the way things are going with all the fed officials now all indicating they are leaning towards a possibility of a 50 basis point hike at one or more of the upcoming meetings I suspect we're going to get that sooner or later Do you think that the ample liquidity I mean that's an understatement I mean we've got tremendous liquidity You're sloshing around market still And I'm wondering whether you see any evidence that this has created to go back to your remark earlier about elevated commodity prices speculation in commodity futures that then end up impacting the spot market in a way and if liquidity becomes or is reduced that maybe we'll see less speculation in commodity futures Well it's an interesting question because actually we've had these ample liquidity for quite a while And basically all this liquidity is searching for home So whatever is the trade off the day or the week on a Monday no depending on the team they will pour into different asset markets But I think one milestone to actually look out for will be the fed's next move which is quantitative tightening Because we calculated that a monthly majority of treasury securities will average about 84 billion between June to December this year So if they don't actually announce a monthly cap then that will be seen as a hawkish outcome And potentially that could actually mean that treasury push higher For June to December we are looking at a tightening of maybe somewhere in the region of 591 billion which is actually a very large sum compared to the 3 billion that we saw back in 2018 So I think that's really going to be one of the key milestones to watch in the coming weeks Yeah balance sheet runoff was something that spooked the markets towards the end of last year the questions swirling around that Do you feel that I've been adequately answered Maybe would that potentially be the thing that might prompt a sell off on equities markets if that's not handled or communicated well I think there's very likely because I think if you look at the futures market basically they have priced in the next 6 to 7 rate heights by the fair But we have seen very few details about how QT is going to be implemented And I think that's going to keep investors basically trying to second guess until we actually get an announcement possibly at the FOMC meeting itself Yeah and I'm wondering whether they're going to target specific parts of the U.S. yield curve and at the same time trying to pay attention to what the US Treasury is doing with its quarterly refunding So that the shape of the curve is not terribly disrupted I would agree that I mean we have seen quite a bit of compression in terms of the yield curve There's a lot of debate as to whether you know the yield curve is going to invert And whether that's a recession indicator at the end at this point it still looks like the U.S. economic economy is fairly healthy The prints that we've had on initial jobless claims and the PMI numbers don't suggest any risk of rolling over in a short term but so we really have to wait and see All the strengths really been a theme in this environment How long do you see that narrative enduring for Well I think as long as we get the fed continuing to surprise on the hawkish side that would continue to lend a little bit of support to the dollar story For now it's hard to see which are the other contenders that could outperform the dollar But is this actually quite a new one story like some of the commodity currencies that I've talked about in our Aussie QE cat They probably will still hold their ground against dollar in the short term because of the ongoing commodity crisis because of the Russian Ukraine conflict So Selena very quickly 20 seconds in terms of China are we going to see more easing here in the near term I think definitely It's quite clear that we have a rather ambitious 5.5% growth target for this year to get there They would have to basically leverage on all the policy leavers and that would include both easing monetary and also credit policy And on the physical side they will be stepping up on the infrastructure investments as well And all right Selena ling head of treasury research and strategy.

Jan Stoltenberg Selena ling Putin Ed Baxter Bloomberg Paul OCBC bank treasury Russia U.S. fed Joe Biden Biden Ukraine NATO Indonesia China US Treasury San Francisco
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:57 min | 6 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"In Sydney where it's one minute past midday on Friday afternoon We've got the ASX and positive territory but it's kind of a mixed picture around the region for a closer look Here's Brian Curtis Brian It's surprisingly quiet Paul It's fairly narrow ranges that we're in here just in the markets opening up now We've got some very very light gains And we've been ahead of the game in Australia in Sydney this morning with gains of about four tenths of a percent But I have a feeling that it's going to slide a little bit here And I think one of the lines is this line being pushed by the Biden administration that they're worried that Vladimir Putin may lash out dangerously that he's feeling cornered now He's bogged down in Ukraine and that western sanctions are hurting and that that might lead to something So that's something I mean it's a risk It's certainly not something that you can say is likely to happen but it's a concern And it seems like that might weigh into markets as the day wears on we're trading lower in Tokyo now the nikkei is down just about two tenths of 1% So again a pretty narrow range there The tye X up two tenths of a percent straight times index up a tenth of a percent And the China future is just started to trade one minute ago And they are down about four tenths of a percent We'll get Hanks hang index futures at a quarter past the hour so that's coming up We'll get to fix from the PBOC And we'll get some of the early indicators of what stocks are going to do in the Hong Kong market Treasuries Wayne began the ten year yield rose right now We've got the yield at 2.35% and the yield on the two year at two 13 Russia's economy according to the IIS may contract 15% this year and also that same agency is saying that China has seen investors pull money out of the country at an unprecedented pace And that's something to think about Doug over to you All right Brian thanks Well here in the states and other fed official is now open to more aggressive tightening We're referring here to Chicago fed bank president Charlie Evans He was saying today the fed will want to get to a neutral rate before too long so maybe a 50 basis point hike helps Evans went on to say the fed will want to be careful humble and nimble meantime we also heard from former US Treasury secretary Larry summers today he told us the fed is not being aggressive enough He said the fed will need significantly greater rate hikes to curb inflation I do think that we need clear signals that we're prepared to accept some slowdown in economic activity If that's the price of reducing inflation otherwise we're going to be making the mistakes of the 1970s that will ultimately create a need for a really catastrophic recession I think that can be avoided but it can't be avoided if we're counting on some kind of immaculate reversion of an inflation And now he mister summers has been right so far calling the fed behind the curve up until this point in time Summers went on to say he shares fed chair Jay Powell's hope for a soft landing for the American economy However he went on to say it's possible but we can not count on it Paul SoftBank is aiming high and valuing its arm semiconductor unit We're told SoftBank seeking evaluation of at least 60 billion as it prepares for an IPO of arm and that's 20 billion more than SoftBank would have received had it sold arm to Nvidia The deal failed due to regulatory challenges but a 60 billion valuation at IPO could be a gamble for SoftBank It would mean convincing investors that arm deserves a higher valuation than its semiconductor peers SoftBank and its bankers will likely argue that arm shouldn't be valued like a typical chip business because armor's focusing on higher value chip designs We're going to take a look at some of the price action today with a view from Selena ling She has head of treasury research and strategy at OCBC bank She'll join us from Singapore after we update global news.

Brian Curtis Brian fed Biden administration Sydney Charlie Evans Vladimir Putin US Treasury PBOC China Hanks Ukraine SoftBank Tokyo Paul IIS mister summers Australia
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:45 min | 9 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"1.13% a second missile launch by North Korea kind of rattling the markets The South Korean one is now 1193 That's about a half a percent weaker The dollar otherwise has been a little stronger up a tenth of 1% dollar yen one 1446 And that is a Bloomberg business flash News for that Baxter in San Francisco Yeah all right Brian thank you Japan South Korea reported out that North Korea's confirmed off two ballistic missiles up and down off the east coast now these would be the fourth and 5th launches since the first of the year While the Pacific threat of tsunamis receded over the volcanic eruption near Tonga communication is very hard recon is almost impossible and damage is not known still Australian open will be played without Novak Djokovic going for record title Serbia's prime minister meanwhile says the Australian decision is very frustrating and accuses Australian authorities of his words Torture and humiliation Australia's prime minister Scott Morrison meanwhile is saying that he hails the court ruling Beijing has reported out its first case of all Macron less than three weeks from the Olympics New South Wales Victoria state seeing an increase in cases and hospitalizations a U.S. Surgeon General says the U.S. faces a tough few weeks of Alma cron and heavy storm activity from the Carolinas to Pennsylvania on the east coast of the U.S. New York's governor preparing the state for some potential flooding along the coast and high tides In San Francisco I'm at Baxter This is Bloomberg All right Paul All right thanks very much We're with Selena ling this half hour She's head of treasury research and strategy at OCBC bank And Selena I do want to talk a little bit more about the China because there was simply so much of it The GDP numbers were not too bad 4% on year which considering everything that's been going on was a beat But when the 5 year plan got issued last year the aim was to keep the economy growing and appropriate range So what does that mean as we have growth decelerating Well I think they have shy away from giving a specific growth target for this year But generally market 3D looking at a 5% lower slightly lower depending on how much policy easing the HP fine load So they have been quick off the bat in all with the release of the data today with the cuts to the MLS and also the one year LPR So I think going forward the question is not a question of whether they would continue to slow down or whether they will actually continue to deliver policy easy but generally what is the pace of the story and how much policy ising is stable the economy from these celebrating two sharply such that we actually in our whole of business and consumer confidence I think what they want to prevent is market contagion And we have seen that property market seems to be the case really a lot of focus in terms of the credit plunge is ongoing there And if you look in terms of the demand and the price basically they are all coming off as well The other factor here I think that we need to talk about very briefly is the demographic shift that's happening in China right now We're getting data today on the birth rate which fell to three quarters of 1% last year and at the same time the number of deaths in China above 10 million and above the level that we saw in 2020 give me your sense of where things stack up in terms of demographics right now in China Well I think we've seen in a past decades basically they've enjoyed the population dividend in now that the population growth has picked in this coming off of generally they would have to rely on other engines of growth which is why I think the strong transition of the Chinese economy from being investment and export led to something that's more sustainable consumer demand and also possibly something that it's a climate friendly going forward would be key But of course because it is come to the time when you're crackling with only quantitative even as they continue to maintain your zero COVID approach and because of this whole gross slowdown in market focus on your property sector in particular it's a very delegate time for policy mucus So I suspect what happened is that you know they would have to focus on shot and other stimulus But longer term I think there's quite a little they can do to reverse the population trend I mean look across the globe and also within Asia some of the more developed economies This population decline in aging population stories is something that is going to continue to be in play for the coming years and decades as well You mentioned the property sector there And we're watching country garden today off more than 5% right now in Hong Kong Shares and bonds for country garden hammered last week and it's happening now Have the wrists around China's property safe have been contained yet or is there pointy more to come Well I think we know the focus is still within the Chinese property sector particularly among our high yield property developers We haven't seen wide spec contagion out into the other sectors the real factors of the Chinese economy So the question is at what point the policymakers may feel that they need to intervene more aggressively in order to keep the situation from boiling over So I think as far as those funding factors concern I mean they're really starting to talk about.

Brian thank North Korea Alma cron Selena ling OCBC bank And Selena U.S. China San Francisco Scott Morrison Novak Djokovic Tonga Baxter Bloomberg South Korea Carolinas Serbia
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:01 min | 9 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Than the decision made by Australian judiciary and he accuses Australian authorities of his words torture and humiliation Australia's prime minister Morrison has hailed the court decision Now along with passing up a shot at the all time major title he misses the possibility of a $2.1 million payday for his anti vax stand Beijing has reported out his first case of oma cron and Bloomberg's Ivan man says this of course adds pressure on authorities But this is adding another headache to this winter games which has been facing some headwinds including the likes of a U.S. led diplomatic boycott So the clock is ticking for them to really stem this latest outbreak before February 4th Now China's earlier confirmed cases in Shanghai and Guangzhou Australia New South Wales reporting out over 1700 people in hospital almost 30,000 new cases passed 24 hours Victoria state reports over 1200 hospitalized over 22,000 new cases in the past 24 hours U.S. Surgeon General Vivek Murthy on ABC has heard here on Bloomberg says U.S. faces a tough few weeks with all Macron cases and crazy increasing but We've seen from our data from the United States and from other countries is that if you are vaccinated am boosted your level of protection against symptomatic infection is in the around 75 to 80% range But having said that former FDA commissioner Scott gottlieb says the best is not to get home acron over the next few weeks if you can do whatever you can to protect yourself He says testing and other mitigations have not quite arrived I think people will be in a much better position to grapple with this next fall I think we should remain vigilant for the next several weeks try to avoid this infection if you can He says try not to get it now Hunker down for a few weeks In San Francisco I'm at Baxter This is Bloomberg Douglas All right Eddie thank you Let's get to our guest Selena ling is with us She is head of treasury research and strategy at OCBC bank on the line from Singapore Selena thanks for making time for us today Let's talk first about this China data The retail sales number in particular half of what the market was looking for it makes sense now that the PBOC is going to step in and cut a couple of key rates doesn't it Yes definitely I think what's driving the slowdown apart from the property sector really is the consumer demand is slowing as well And that will probably get a policymaker for a little bit more concern And I think you guys reacted by rapidly I think what this data probably would suggest is that even the Chinese policymakers would find load any policy easing from shareholders And I think that's going to be a story that's going to be kind of dominating market from time to come So what degree do you think that weak retail reading is a function of COVID-19 Yes as you see there is no conflict in cases in our capital and presenting our measures And I think in particular with the capital city for instance it's likely to be on heightened alert Going on here these restrictive measures and lockdowns will also be on consumer demand And then of course because of the softening and operating market private consequences we also take the queue from there So I think net net well we are expecting that the growth without risking last year from 1% is probably going to be hit south again as we're looking for somewhere around 5% handled or growth this year This is even in attestation that there could be some policies to come in coming months as well You know it's interesting too because if you look at the industrial output data it was above forecast We know that the export part of China's economy is still been working well up until a couple of key industrial areas had to go under lockdown So is the China economy at risk on the industrial side going forward Actually I think that there is some potential upset with on the investors factor The reason why I teach trade has been one of the relative spots last year If you look at China's the good 5 last year and demand from all those major trading partners that is to the U.S. you want to ask them actually people might double digit last year So it's not a question of the 90 month fee And then if you look in terms of industrial activities the lockdown do affect but the upcoming event also is that because of some of these type of restriction measures actually what has happened is that a lot of workers will not be able to travel back to their hometown during the upcoming Chinese media festive season So that could also mean that the factories would reopen earlier compared to the.

oma cron Ivan man U.S. Vivek Murthy Bloomberg Scott gottlieb Bloomberg Douglas Selena ling OCBC bank China Australia Morrison Guangzhou New South Wales Beijing headache Shanghai PBOC
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:03 min | 11 months ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Sports Dan Schwartzman is with us So Dan when will Manchester United's new manager gets started That's the $1 million question right now Brian because sources say that man use interim manager Ralph rang they could have to wait until sometime in mid December before being allowed to manage the Red Devils due to delaying securing a work Visa Here's the issue Ragnar does not qualify for the automatic Visa due to not having been a manager since leaving the RB Leipzig bench in 2019 to move upstairs to their front office therefore he'll have to go through a hearing with the English FA's exceptions panel the hearing date has yet to be set Sport one says a Barcelona Manchester City Ford Ferran Torres have reached agreement on personal terms although a transfer fee would have to be agreed upon between cam no in city Sources believe Pep Guardiola is looking for around €70 million for the 21 year old Spain international NBA scoreboard it is a good one going on right now in New York three 20 to go in the game the Knicks with a one O two one O one lead at the Brooklyn Nets for coming up in about 20 minutes The game of the night the two teams the best records in the league go face to face the 17 and three Phoenix Suns hosting the 18 and two Golden State Warriors Major League Baseball and other major signing has gone down Detroit tigers and shortstop Javier Baez agreeing to a 6 year $140 million contract the two time all star hitting two 65 with 31 home runs at 87 RBIs last season while playing for both the cubs and the mets Speaking of the cubs they brought in catcher Yan Gomes two years 13 million last season Gomes hitting 14 home runs 52 RBIs playing for both the nationals and the a's Boston Bruins left winger Jake the breast has asked the organization for a trade with the 25 year old's ice time dwindling over the past two seasons the former first round draft pick had a career best 27 goals back in 2018 2019 season I'm Dan Schwartzman that your Bloomberg world sports update Paul All right thanks very much for that Dan In a moment we're going to be joined by Francis cheung cheese rights strategist at OCBC bank to talk about her markets outlook Also get a little bit more commentary on Jay.

Dan Schwartzman Ralph rang English FA Ferran Torres Pep Guardiola Brooklyn Nets Ragnar Red Devils Manchester United Golden State Warriors Major Le Javier Baez Dan Manchester City Brian Barcelona Yan Gomes cubs
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:59 min | 1 year ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Prisoner at the Bloomberg interactive broker studio in New York I'm joining from the AIPAC region I'm Juliette Sally in Singapore let's get over to Bloomberg's Bryan Cody who can shake us a check on the markets rather as we see Singapore Brian as well respond to that GDP print Capricious the nature of stock trading here in the past week or two We've seen days where we see losses and kind of hard to figure out And today is the day where you sing some very broad gains and it's also a little bit hard to figure out You can argue that investors are becoming more comfortable with slightly more hawkish Central Bank activity I think you can make that argument in that they were out there buying stocks today even though the fed minutes showed that officials not only agreed that they could start reducing bond buying either in November or December But also that it looks like rate hikes will come earlier and that did not cause of excel off in stocks the NASDAQ for instance This was up 7 tenths of a percent And the rallies were even greater in Asia The UK rallying 9 tenths of percent the ASX 200 in Australia is up 8 tenths of a percent And these are big moves out of macro conditions Rather than looking at say the data of the day like for instance in Singapore third quarter GDP 6.5% year on year that was largely in line just to tick under the market estimate One thing we got though is the Singapore dollar got a little bit of a lift after the monetary authority Made a change in the single dollars is gaining for a second day that Central Bank unexpectedly tightened its monetary policy settings in so they're bidding that up a little bit The dollar dropped a lot that might be helping Dolly end now one 1339 We've got the yield on the ten year treasury 1.54% The Singapore straits times index is trading down about a half a percent at tych in Taiwan just opened up a full one percentage point Dug over to you Thanks Brian As you indicated the fed is moving closer to reducing emergency support for the American economy That's according to the minutes from the last fed meeting Generally speaking they show an agreement on a plan to begin the process of tapering in mid November maybe mid December Bloomberg's Michael McKee tells us enough progress has been made In the minutes note that most participants remarked the standard of substantial further progress had been met with regard to the price stability goal or would likely be met soon And as far as unemployment they considered the cumulative degree of improvement in the labor market since December 2020 which is what Jay Powell said You add it all up and progress had been made So then there's the issue of the pace of tapering well monthly buying of treasury securities would likely be reduced by around 10 billion and in the case of those mortgage backed securities purchases would be cut by about 5 billion The minutes also indicate officials weighing the risk of inflation to the upside two factors seen as probably having a larger impact on prices and wages than originally thought The two Well supply disruptions and labor shortages Well the bad administration is working to relieve supply chain bottlenecks ahead of the holiday shopping season today The White House announcing efforts to ease the flow of goods into the United States the port of Los Angeles will expand operations to 24 hours 7 days a week President Biden said it's an important step to moving goods This is the first key step toward moving our entire freight transportation and logistical supply chain nationwide to a 24 7 system And the port of Los Angeles announcement came after discussions with the Biden administration and labor unions It is a step that The White House called overdue 6 companies including FedEx and UPS have also committed to expanding their delivery schedules We're at 5 minutes past the hour We're going to take a closer look at that GDP figure for Singapore coming up with our guests to Selena ling of OCBC bank Right now an update on global news.

Singapore Bloomberg interactive broker s Juliette Sally Bryan Cody hawkish Central Bank Bloomberg The Singapore straits times AIPAC Brian fed Michael McKee Jay Powell treasury securities Central Bank New York Asia treasury
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:33 min | 1 year ago

"ocbc bank" Discussed on Bloomberg Radio New York

"A Baxter This is Bloomberg All right thanks Let's get to our guest for the half hour of vasu menon is with us executive director of investment strategy at OCBC bank wealth management on the line from Singapore Thanks for being with us as far as we were focused.

vasu menon Bloomberg OCBC bank us Singapore
"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:35 min | 2 years ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Currently and he's asking for patients is while he's saying they are being very, very careful to be correct. Now Arizona called for by buying that's very interesting called for Biden by AP. The margin has been narrowing toward Trump. So if that goes away Pennsylvania or Georgia will decide in San Francisco. I want to mention one thing, Doug and I go. You sent this to me on. I haven't had time to do it. Facebook says that has taken down a group that has surged in popularity since Election Day called Stop the Steel The group has attracted more than 360,000 followers in recent days as attempting to sow doubt about the legitimacy of the presidential election, in essence, so they're saying the same thing, the president said today. Facebook has taken it down. Okay. He's man. The last couple of what 48 hours Now I think it hasn't been more than 48 hours. It feels like it's been a month. You know, It's been crazy for the last year, and this is Almost over the edge. You know, it's just really crazy, All right, and we'll check back in 15 minutes from now. Our guest for the half hour. Selina Ling, head of Treasury research and strategy. Of the global Treasury division at OCBC Bank on the line from Singapore. Selina. Thanks for being with us, obviously a lot to talk about where the macro economy Globally intersex covert cases. We had a kind of a disappointing day here in the states were now above 100,000 in a single day of covert cases. Were the first country now the United States globally that has done that. I mean, what does this say to you? In terms of kind of having to formulate an outlook? It is certainly quite wording. I think the suggestion is that with the message that we have seen for the U. S elections, actually, the numbers could continue to decline. And possibly the next, Tooley. So even if we get the election outcome fight, I think the market focus is going to shit back to how the Corbett prices being contained within us. But I mean, the U. S is not alone in this. You look across Europe B also seeing record baby teeth coming through and the lot off, looked down and saw that happening off restriction magic coming in. I think there's Jenny Bell fills with our story that We've had a nine b shit bones from the second quarter note to a quarter. But in a grain of four quarters of the global economy model and that follow people on the pressure for policymakers content Lot of quality anyway, but he's seen the bank off even for instance. Increasing your program more than expected by £150 billion and also the R B committing to buy more born even a six month time, too, but there was more aggressive. So I think the part that is the macro economic outlook continues to wave a little bit. Then you know, you'll be back to the Polytechnique that's interesting Federal serve met today, J. Powell stressed that the economy is recovering. He talked about strong consumer spending. He also said the pace is moderating. What he's really worried about is the surgeon virus cases. They talked about doing something with the bond purchase plan. It was. It was a good discussion, he said. But they didn't do anything. That's why he continued to say We must have government stimulus. But you know if they don't get it, can the Fed really have any impact at this point? After all, it's done. Well, it's not unexpected things that that lady was going to be the most boring hit line all the election development. But you think it's the fact is already coming from until we get some clarity on the election. I'll come in what exactly is going to be the size of the stimulus package? That will come You know, the set probably will want to be some ammunition in order to fill any potential shot. Holes that build may not be able to No cover. I think that's very wise strategy. They have really done a lot by committing to keep their do interest rate policy out any tree and doing all they can on the effort, which is part And I think he's into the rent. You know, probably the media here to the scene ofthe kids off December at one meeting. It's not too late. I think if we get the sense that any personal packages to push all the way to see the first quarter or the green one Then I think you'll be quite rational for the fat dude had been by then to actually be more than monetary policy. And you know my view is that In today's environment, fiscal and monetary policy joint and if it whatever it still feels to deliver the money to people inside, it will have to step up. Yeah, it's going to be very interesting to see too just in terms of the kind of policies going forward, talking about asset purchases. Whether or not this is going to be something that is seen more globally, particularly from the Arba in Australia, or now what the maybe forced to do, but one of the interesting things that Powell did say In talking during the press conference about the health of the housing market here in the U. S, clearly a beneficiary from.

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"ocbc bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:25 min | 2 years ago

"ocbc bank" Discussed on Bloomberg Radio New York

"Stocks down around three percent as they play catch up to yesterday's selloff yes the five hundred dollar the most since February twenty eighteen amid growing fears about the brakes spread beyond China global cases I've not talked eighty thousand infections let's get to have on mandating guys they're tracking the markets in Hong Kong Yvonne good to see you so we've had this breaking news online that Hong Kong is extending its closures until the end of east that's quite a headline yeah I'm not the good news for poor parents of course if anybody had to extend this a couple times the Hong Kong government so kids were originally supposed to get back to school on March sixteenth and now it's pushed back another month to at least April twelfth now and so this just goes to show that they're still this kind of threat of this corner virus outbreak here even though the numbers here actually have been a little more stable relatively speaking to what we see at outside of China now we take a look at the likes of South Korea where there'd be a total number of cases reaching eight hundred and ninety three at least nine deaths now according to local media reported in South Korea fourteen countries that basically issue travel restrictions tighter ones on people travelling from the country the CDC the latest warning Americans to avoid non essential travel to South Korea that level three warning which is the highest for the CDC matching what they've been put on China earlier in Italy as well the epicenter of this outbreak in Europe more than two hundred cases now at least seven does and with the prosperous regions in around the line essentially in a virtual lock down there is a threat that this already weak economy could be pushed into a recession and they don't exactly know how this disease arrived in Italy in the first place but we did hear from the WHL playing down fears of a global pandemic at this point they say it has the potential yes but not quite there yet they say the cluster of cases we've seen outside of China so far man is still relatively small also women from China five hundred eight new cases today bring about total in the mainland close to seventy eight thousand the death toll now at two thousand six hundred and sixty three that S. Yvonne thank you for the round of let's translate some of the data that Yvonne in the market reaction David we've got Japan playing catch up it's interesting when we saw that new headline that Evelyn just outlined there was no real news push on the dying side on that extension of closures right it's also worth noting I guess that when the headline here at home we are also headed into the lunch break as well I guess you know it's very important to note that as well managed it in in a sense that this theme of you know moving back to normalcy is low slow grind up of all things will be back to normal the I want to point out the the new research from regarded member get an awning so last week their estimate was in terms of China's economic capacity forty fifty percent was back online this week it's only up to sixty percent maximum is what they're saying and I guess that's read this perhaps the reason why when you look at markets cross asset you know well I could be markets in some parts of Asia Japan excluded of course are showing some signs of stability you're seeing measures of expected to fall in Hong Kong in South Korea which is performing quite well today in Japan are remaining elevated if not moving higher from yesterday's levels I guess that certainly puts into context expectations on that side of me and in this Chinese market also lunch break right now as we move up and sort of retrace all the losses back up the value of shorts of Chinese stocks that are positioned a short position right now as actually double the same time the market is actually also be found as well so it goes to show the expectations of this market are we're not out of the woods just yet mass no we certainly aren't David thank you very much evident as in Hong Kong Evelyn man the way data status we are on the coronavirus let's bring the conversation to my guest house this morning is vastly mental executive director for investors energy at OCBC bank wealth management and he joins us from our Singapore studio thanks to I'm I just wanna pick up on David's point in regards to volatility look at the Vic's I look at the mall and I look at.