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WTOP
"pacific south korea" Discussed on WTOP
"Money news at 10 and 40 past the hour brought to you by pen fed great rates for everyone with Leslie Lauder. This is Bloomberg money minute a new New report says the western United States are leading the transition to electric vehicles and the Bloomberg NEF analysis says following right after California as the top of the pack for EVs is Washington state they ranked second followed by Oregon then Hawaii and Nevada a group of cruise lines setting up shop on private islands in the Bahamas and Caribbean the Wall Street Journal reports the cruise companies are beefing up their private destination trips to places like little San Salvador operated as Half Moon K by carnival and Holland America analysts say major cruise lines has spent tens of millions of dollars to bring in more business in places other than the busy destinations of NASA in the Bahamas or Cozumel in Mexico the market ended the day mixed Dow Jones down 68 points S &P 500 flat Nasdaq was up 29 from Bloomberg the newsroom I'm Leslie Lotto NWTOP we've got a mixed picture here from the markets Asia Pacific South Korea's KOSPI is up a little Australia up a quarter percent Tokyo stocks are down 1 % tonight it's 942 New Jersey Democratic Senator Bob Menendez pleads not guilty tonight in a wide -ranging corruption cases the debate continues over his future in Congress Menendez insists he will be exonerated and while colleagues say he is entitled to a fair trial more than half of Senate Democrats now say he should step down including number two Democrat Dick Durbin majority leader Chuck Schumer has not called for his resignation but says Menendez will address colleagues tomorrow and we'll see what happens after that Schumer says senators are held to a high standard and clearly when you read the indictment Senator Menendez fell in Washington Canadian Prime Minister Justin Trudeau is apologizing for Parliament's recognition of a man who fought alongside the Nazis the recognition was made during last week's address by Ukrainian President Trudeau says the Speaker of the House of Commons who resigned yesterday was solely responsible for the invitation and Recognition of the man but said it was a mistake. He went on to say all of us who were in the house on Friday regret deeply having stood and clapped even though we did so unaware of the context Trudeau repeated the apology in Parliament Coming up on WTOP. Are you comfortable with your retirement plan? Will there be plenty of money in taxes? Will you have enough cash? We'll talk to Bankrate in minutes about people's concerns. How to reduce your skyrocketing power bill? More homeowners are
Bloomberg Radio New York
"pacific south korea" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Asia for this Wednesday may 10th in Hong Kong Tuesday, may 9th in New York and coming up today. Markets track efforts to break a stalemate over the U.S. debt ceiling. U.S. equities slump ahead of a critical inflation report, that report might provide some clues on the fed's rate hiking path, and Asian stocks are mixed as well. South Korean ecommerce giant coupon reports sales above estimates after capital spending pays off. Debt ceiling meeting ends without much movement, Senate minority leader Mitch McConnell says there will be no default. Donald Trump held libel for sexual assault. I'm Ed Baxter with global news. Manchester City and Real Madrid start their Champions League semifinal first leg with a draw. I'm Dan Schwarzenegger I'll have that story and more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Hi everybody, our three of the program a very big hour coming up, a very good morning to you I'm Brian Curtis here in Hong Kong. Let's get right over to Doug Kristen, Doug, the major benchmark appear to be somewhat stuck in the mud. How do you get out of the mud? I think you may have to wait for that CPI data here in the U.S. will get those numbers 8 30 a.m. tomorrow Wall Street time Bloomberg's survey is expecting the headline rate to come in at around 5%. Right now the market in Australia with that staggered opening is essentially flat, a little bit of weakness coming through for the nikkei were down about three tenths of 1%. The end showing some weakness of the end in New York trading was very little changed against the dollar essentially flat right now we're trading one 35 25 against the greenback and in Seoul right now the Cosby is down about three tenths of 1%. In addition to that critical report on U.S. retail inflation, this impasse over the debt ceiling in the U.S. seemed to weigh on sentiment just a bit. We drifted lower in the American session with the Dow the NASDAQ composite and the S&P 500 each down in the case of the NASDAQ comp off about 6 tenths of 1% today. Now we had the U.S. yields across the curve moving up just a bit to two year was up about two basis points. Here we are now at 4.04% and a ten year treasury at three 51, the dollar steady against the majors. In about 90 minutes from now we're going to get the opening of the market in Hong Kong and some reaction to a little bit of weakness that we saw in the NASDAQ golden dragon China index in the U.S. session. We were down more than 2.2%. Perhaps a reflection of that weak import data that we had yesterday for China, an unexpected decline by 7.9%. We'll take a closer look at market action for you in about 15 minutes Brian. Doug, I've been quoting the one month yield on the US Treasury and just dropped 6 basis points to 5.36%. A year ago today, it was at 49 basis points. 49 to 5 42 at the New York close. It shows you a lot of there is some angst being expressed about the debt ceiling discussions, particularly at the shortest of the ends. All right, let's take a look at the news flow here. The business news flow beneficials will have their eye on the key inflation data that Doug referenced a few moments ago. It comes out tomorrow morning, 8 30, Wall Street time, Bloomberg's Michael McKee with a preview. Higher interest rates have helped cut inflation in half over the past 9 months. Now economists say, for the hard part, rents and rising wages for hard to find employees, particularly in the service sector, will break progress towards the fed's goal of an average 2% inflation rate. The central bankers think progress will continue if slowly they will leave ray tied to ensure that happens and not worry too much about month to month inflation data, unless it unexpectedly jumps. The question is, what will investors think? Will they have the patience of fed officials or will we see a big rate reaction to the inflation data? Michael McKee Bloomberg daybreak Asia. Retail inflation is one of several issues that the fed is monitoring. New York president John Williams said that he's looking at strains in the banking sector and he also left open the possibility of leaving interest rates on hold next month. Here's William speaking at an event with the economic club of New York. I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation. We're going to get a lot of data between now and our June meeting. Williams also said that a rate cut is not his baseline forecast for this year. Last week, the fed hiked its key rate by a quarter percentage point and brought the target on the benchmark rate above 5%. It was then that chair Jay Powell hinted it could be the last increase for the time being. However, he did leave the door open for the fed to do more if inflation remains high. The fed meets next on June 13th and 14th. In some earnings news, here in the Asia Pacific, South Korea's ecommerce giant coupon, as reported sales that beat estimates in the March quarter. The story from Bloomberg's Joanne Wong in Hong Kong. Revenue rose 13% to $5.8 billion, exceeding the estimate of 5.6 billion operating profits was more than a $106 million and active customer grew 5% to 19 million. That's as a company's core delivery business grew exponentially during the pandemic. Coupon also managed to sustain growth in a post pandemic period. That's in part thanks to its fast delivery service, known for promises of Don delivery. Cooper's reportedly looking to expand market share among new initiatives, it's expanding its delivery business in Taiwan and Hong Kong Joan Wong Bloomberg de briga. 6 minutes past the hour let's get to global news. While the big story today, the summit on the debt ceiling ending apparently with no agreement and no movement had Baxter has the story and the rest of the news from the 9 60 newsroom in San Francisco Ed. All right Brian, House speaker Kevin McCarthy said he saw little movement. I would hope that he would be willing to negotiate for the next two weeks. So we could actually solve this problem and not take America on the brink. And now Senate majority leader Mitch McConnell says the government will not default. The United States is not going to default. It never has. And it never will. Yeah, and Senate majority leader Chuck Schumer majority leader says the GOP still holding the country hostage. Do you the risk of default? With all the dangers that has for the American people as a hostage and say it's my way or no way, or mostly my way or no way. It's dangerous. And now president Joe Biden says any threat of default has to be removed. He says the budget has already submitted, well, he said it already has cuts in it. I made it clear that we can cut spending and cut the deficit. For example, my budget cuts $200 billion in spending by strengthening Medicare's power to negotiate for lower prescription drug prices. In addition, that's on top of the $160 billion in budget savings. We pass last year by being able to reduce the price of insulin and other drugs for those on Medicare. So they will meet again on Friday and preparation staffs are supposedly meeting tonight. George Santos
Bloomberg Radio New York
"pacific south korea" Discussed on Bloomberg Radio New York
"China is warning the United States in the strongest fashion yet over the risk of war over Taiwan particularly use of the Taiwan straits Let's get to it back to he's got the story in Yeah that's exactly what it is Brian China's defense minister a wave function saying that it is up to the U.S. to improve the bilateral relationship saying they're at a crucial juncture at this point Bloomberg Steven engel reports the defense minister's language is stronger than it has been Now it has been long that Beijing's a surgeon that Taiwan strait is part of China's exclusive economic zone However we're hearing from military sources that it is rarely brought up in military to military talks as a main talking point But increasingly now with the rhetoric ramping up the Taiwan strait is increasingly being called on as a no go zone for the United States by Beijing authorities And that is alarming U.S. defense officials Yeah U.S. has sailed straight for years U.S. seeking support in Asia over the weekend reassuring nations they do not need to join a coalition against China defense secretary Lloyd Austin saying the country should be free to choose free to prosper free to chart their own course He said there is no need to pick sides Australia seems to be taking the same tact defense minister Richard marles and talking with Juliet at the shangri la summit in Singapore says Australia is seeking a path If we engage with energy if we seek to place the interests of the Pacific people first and there are lots of challenges that the countries of the Pacific face in terms of development and Australia is in a unique position to assist If we do all of that we will be the natural partner of choice for the countries of the Pacific but it's not something that we get by right We need to earn it Miles tells Juliet the new government is working very hard in being fully engaged in the Pacific South Korea says it will boost its defense capacity to boost its defenses against North Korea defense minister Lee Jong soup saying that the situation on the Peninsula poses a global threat and he says he wants to work closely with U.S. and Japan U.S. Senate is apparently found a compromise over gun safety at least something that can pass the Senate Democratic senator Richard blumenthal and ABC has heard here on Bloomberg says it can save lives We can build on it We can move forward with other common sense Hopefully bipartisan proposals after this one is passed our focus right now is making sure we have the legislative language and the 60 votes we need to pass it Now the bill includes giving grants to states to implement red flag laws which could potentially allow courts to remove guns from potentially dangerous owners and it could provide for more school safety as well as provision to improve background checks for younger gun buyers look into records of domestic violence abuse convictions and restraining orders It does as of now have the support of ten Republican senators which is needed to get it passed Beijing and Shanghai have resumed mass testing as COVID cases rise planned reopening of schools in the capital just days after the two ended social curves have been put in place for a month now back on Hong Kong cases are rising still as well Latest count day to today more than 800 U.S. House January 6th committee holds a hearing a hearing two is what it is tomorrow in the committee member Adam Schiff on ABC says the focus of this one There are connections between these white nationalist groups and some in Trump's orbit Yeah chef says it'll move from there to the documenting the chance of hang Mike Pence and whether Donald Trump contributed to those thoughts In San Francisco I'm Ed Baxter This is Bloomberg right Brian All right thanks very much Ed 38 minutes past the hour It's time for world sport So let's get to Dan Schwartzman sword but he worried about spending by consumers but for the big football clubs no problem in spending.
Bloomberg Radio New York
"pacific south korea" Discussed on Bloomberg Radio New York
"Hour time for global news John air warning the U.S. in its strongest fashioned year show over the risk of war over Taiwan Ed Baxter has the details in San Francisco edge Yeah Julia China's defense minister Saying it's up to the U.S. to improve the bilateral relationship saying these are at a crucial juncture in Bloomberg Stephen engel reports the defense minister's language is much stronger Now it has been long that Beijing's assertion that Taiwan strait is part of China's exclusive economic zone However we're hearing from military sources that it is rarely brought up in military to military talks as a main talking point But increasingly now with the rhetoric ramping up the Taiwan strait is increasingly being called on as a no go zone for the United States by Beijing authorities And that is alarming U.S. defense officials Yeah U.S. has sailed a straight for years U.S. seeking support in Asia over the weekend reassuring nations they do not need to join a coalition against China defense secretary Lloyd Austin saying the country should be free to choose free to prosper free to chart their own course said there's no need to pick sides Australia seems to be taking the same tact defense minister Richard marls and talking with Juliet at the shangri la summit in Singapore said Australia is seeking a path If we engage with energy if we seek to place the interests of the Pacific people first and there are lots of challenges that the countries of the Pacific face in terms of development and Australia in a unique position to assist If we do all of that we will be the natural partner of choice for the countries of the Pacific but it's not something that we get by right We need to earn it Morals tells Juliet the new government is a working very hard and being fully engaged in the Pacific South Korea says it will boost its defense capacity to defend against North Korea defense minister Lee Jong su saying situation on the Peninsula poses a global threat and that he wants to work closely with the U.S. and with Japan U.S. Senate is apparently found a compromise over gun safety at least something that can pass the Senate Democratic senator Richard blumenthal on ABC says it can save some lives We can build on it We can move forward with other common sense Hopefully bipartisan proposals after this one is passed our focus right now is making sure we have the legislative language and the 60 votes we need to pass it Now the bill includes giving grants to states to implement red flag laws which could potentially allow courts to remove guns from a dangerous owners and it could provide for more school safety as well as well as provision to improve background checks for younger gun buyers Beijing and Shanghai have resumed mass testing as COVID cases rise a planned reopening of schools in the capital just days after the two ended social curbs that had been in place for a month Hong Kong cases rising as well Latest count day to day more than 800 this is for the second straight day Authorities were numbers could continue to rise with the easing of social restrictions and travel curbs U.S. House January 6th committee holds hearing two tomorrow and the committee member Adam Schiff on ABC says the focus is one There are connections between these white nationalist groups and some in Trump's orbit Yeah Schiff says it will move from there to chance of hang Mike Pence and whether Donald Trump contributed to those thoughts French voters in the midst of election electing a parliament this is a vote will determine how much power we elected Emmanuel Macron will have as p.m. polls have been saying that he should maintain control perhaps though only barely In San Francisco I'm head back to that was a good interview by the way Jules Oh thanks dad Thanks for replaying part of it All right 38 minutes past the hour time for global sports And Dan Schwartzman joins us Dan how much a media rights worth for professional cricket A lot more than I think most of us think.
Bloomberg Radio New York
"pacific south korea" Discussed on Bloomberg Radio New York
"Say banking meanwhile the first phase of the mariupol evacuation is complete all women children and elderly are out U.S. House speaker Nancy Pelosi says the $33 billion Ukraine aid package has to be passed She says it will be but has stopped short of making any time table Meanwhile Lockheed Martin is working to almost double its production capacity for javelin missiles to 4000 a year CEO Jim to clutch says even if the war in Ukraine ends tomorrow there will be need We know that there's going to be increased demand for those kinds of equipment too because the threat between Russia and China is just going to increase even after the Ukraine war He says throughout the Asia Pacific South Korea reporting out North Korea appeared to have fired a submarine launch ballistic missile over the weekend to no one's surprise Hong Kong elections have confirmed that China backed John Lee will be the next executive secretary Lee then spoke and said his job calls for accountability to both Beijing and the city And doctor Anthony Fauci made a commencement address at the University of Michigan over the weekend telling graduates to fight a stamp out lies and miss information Lies become dominant and reality is distorted And then truth means nothing Integrity means nothing Facts mean nothing Fauci says more and more members of society have grown immune to the spread of untruths He calls it the normalization of untruths In San Francisco I met Baxter this is Bloomberg all right Brian All right thanks for Mitch 8 minutes past the hour as mentioned we have Katrina Elle with a senior economist at moody's analytics So a lot of conditions here a lot of the backdrop is negative really for equity and even bond investors and we have a treasury We have a bear market in treasuries now and in many parts of the equity complex Do you see anything that changes this in the short term Katrina Yeah I mean I think you really hit it on the head and that there is so many there's so much downside risks and so many adverse economic conditions at the moment that are really hitting financial market sentiment And I think near term that pressure is really going to remain I mean just looking at Asia Pacific China's zero COVID policy is a huge having a huge and deep economic impact and it's really putting a cap on China's economic recovery and we've seen the most recent data coming out of China being incredibly weak and until that zero COVID policy is those headwinds are going to remain and really remain at a significant hit to global growth and also regional growth right now That's it isn't it ultimately Katrina isn't it Because it's not just about China is it And it's also about the second round effects of these supply bottlenecks we saw last year coming back and perhaps coming back arguably in a more insidious manner Yeah exactly right This year was supposed to be the year that economic conditions improved because the pandemic wasn't going to be such a cap on growth because we were seeing most countries and most policymakers rather really embracing endemic living whereas China is really doubling down on their commitment to maintain their zero COVID policy and what that means is that the supply chain disruptions and the supply chain stress is really hanging around much more than what we expected And then overlaid by that is of course Russia's invasion of Ukraine which is also having significant and severe impacts on supply chains as well Well at some point big institutions react Saudi for instance lowering prices for oil to Asia We may see at some point central banks pull back on the brakes a little bit Was there anything in the jobs report that gives you a really strong conviction or was it just too mixed Yeah I mean overall what the key takeaway from the jobs report would be for the U.S. was that the labor market is still tight in America And so really does necessitate that ongoing monetary tightening continuing in addition to obviously their inflation being about that 40 year high So what we really need to see going forward is and what would be a good forward indicator of whether central banks can pull back a little bit would be whether we start to see some easing off in inflation expectations.