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Bloomberg Radio New York

05:08 min | 2 years ago

"pavel alpay" Discussed on Bloomberg Radio New York

"Hello everyone 9 30 in the morning in Hong Kong I'm Steven engel And I'm doctor at the Bloomberg interactive broker studio in New York We have trading underway now in Hong Kong and the hang sang right out of the gate down about three tenths of 1% We'll take a closer look at what's driving some of the price action in markets momentarily right after we update you on a few of the sours tapas and stories Steve Well SoftBank is expected to report results that fall in the red later today Bloomberg's Pavel alpay of tells us why The main reason is because salt bank now has a very large portfolio of public shares that include things like Uber didi coupang DoorDash and pretty much across the board Those numbers are red who paying alone has dropped more than 33% in the best quarter Analysts estimating that the company will lose around 18 billion in unrealized losses on the public portfolio China's regulatory crackdown is also beginning to hit valuations in the vision fund portfolio analysts at research estimate a 21% drop in the value of the funds publicly held portfolio over the last quarter That's a fall of more than $18 billion And right now I'm looking at shares in SoftBank in the Tokyo session down about a half of 1% Key chip makers in both Taiwan and South Korea appear to be complying with a request from the U.S. for more information sort of We have more from Bloomberg's Denise Pellegrini The commerce department has given major chip makers until today in Asia for information about inventory backlogs delivery time procurement practices what they're doing to increase output and about each company's top customers Taiwan's semiconductor says it has responded but without disclosing any customer specific information and South Korea's finance ministry says local tech firms will provide some semiconductor data to the U.S. Taiwan semi South Korea Samsung are the world's two largest contract chip makers They serve a wide range of companies including automakers and commerce secretary Gina raimondo had said the U.S. might invoke the defense production act to force the companies to comply Denise Pellegrini Bloomberg day break Asia China's imports of cold nearly doubled in October from a year ago the coal purchases last month reaching 27 million tons even then it was still 18% below the annual high recorded in September imports of natural gas also rose from last year's level the surge in energy purchases was to help ease a nationwide power crunch at home that's been ongoing for months Meantime we got a line from the official news agency Xinhua over the weekend saying that China's power supply is now back to normal All right here we are at 33 past the hour of time to get you caught up on some of the market action We're seeing in the opening moments in Hong Kong hang Tang is down now by about 9 tenths of 1% Healthcare and communication services leading this decline but if you look at the healthcare group it's down nearly 7% right now which then takes us to soul where the Cosby weaker by 1.2% and its healthcare also leading this decline pharmaceuticals in particular look at shares in green cross down 6% right now in the South Korean session The research firm wa investments and security saying that green cross may be posting softer than expected earnings for 2021 the firm is citing sluggish contract manufacturing for COVID-19 vaccines We do see a little bit of weakness in the Japanese currency against the dollar here at one 1360 that may be supplying a little bit of support for the equity market in Tokyo However the nikkei is down by about two tenths of 1% Consumer discretionary and healthcare leading this decline energy does remain positive as is the case in many markets in the apac region crude oil right now above $82 a barrel It seems as though the market is not concerned about the possibility that The White House would tap the strategic petroleum reserves here in the U.S. as a way of bringing down gasoline prices Brent crude right now at $84 a barrel We're seeing a move up in long-term interest rates after quite a session here in the U.S. on Friday where the ten year treasury yield was down below one and a half percent for the first time in a month actually we closed New York trading at one 45 In spite of the fact that we had that very strong employment report for the month of October it seems as though the market is really focused on central banks not accelerating short term rate increases even though there is this conversation tied to the data inflationary pressures building at both the retail and wholesale level Ten year treasury now in the Tokyo session is at 1.47% The dollar firm against the majors with the Bloomberg dollar spot index rising about a tenth of 1% the offshore Chinese currency a little weak not by much 6 bought 39 87 against the greenback We'll take another look at market action for you in about 15 minutes from now Steven All right thanks Doug Well China is now trying to help Iran in dealings with the United States issues with its nuclear program at Baxter has that story and more in global news Ed Yeah Steven is the two countries go back and forth China and the U.S..