35 Burst results for "Pboc"
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Raised the ante as far as tightening the policy. So it would really take massive hits or massive misses in the incoming data for the fed to backpedal from that kind of aggressive talk. I want to switch to China and I want to counter the strong manufacturing PMIs with the weaker inflation data that we saw yesterday. What is the data telling us about what's happening on the ground with the economy in China? Is the reopening sputtering or is it moving along nicely? First of all, the recovery or the reopening of China is still at the beginning or it's still at the early stages. So it is very unlikely to see inflationary pressures emerge so early in the game. So this would actually allow the PBOC and fiscal policy to maintain a supportive policy because while the PMI numbers have surprised to the upside. It's just too early to pull back the supportive measures right now. Policy needs to remain supportive to allow the recovery to broaden across the economy. So I would be expecting supportive policy to be maintained throughout at least throughout the first half of the year, but I would also be expecting that inflation in China would gain pace or possibly reaching around four and a half to 5% by Q four. That would actually limit the space of the PBOC considering that the policy targets is looking for an average inflation at 3%. Well, what about more focused on the tourism channel? That's one that we're watching, especially here in Southeast Asia with a lot of economies depending on that tourist tourists coming back, especially the Chinese tourists. Do you see that boom sort of happening in the coming months? I would definitely be expecting a return of the Chinese tourists. It's not going to happen overnight, but we're already seeing the return of some tourists to some of the Asian countries. In particular, I'm living in Singapore and I can really see that there has been an increase of the Chinese tourists incoming tourists in the in the country. Having said that, it's not going to come overnight because a lot of these Chinese tourists have not been able to renew their passports in the last three years, so that's going to delay that return, but it's not going to derail the return of the Chinese tourists. Eugenia, how good of a signal is copper right now on what's happening with the global economy. We had a fall overnight and a lot of that was attributed to China and some factors there that we can't take the time to go into now, but part of it was demand. But then the price has come up a lot over the past 6 months. Indeed, so before the reopening of China, there was the real concern that the global economy would enter a recession and that has really dampened the surprise, but having said that, that the levels that we had seen at the end of 2022 was not really consistent to our global recession. Now, as far as the impact of Chinese demand on copper, that's going the cyclical recovery in China is likely to usher in more demand for copper. But commodities are not always looking at the incoming data. They're more focused on the spot prices, which is very much dependent on
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Hi everybody, I'm Brian Curtis in the Bloomberg interactive brokers studio in Hong Kong. We update markets all throughout the day on Bloomberg radio. Asian equities are mixed, narrow ranges here, the nikkei is up about a third of 1%. The ASX 200 down about two tenths of a percent, still waiting on that RBA decision coming up later and expecting a rate hike there. In Seoul, the Cosby is trading down about two tenths of 1%. A couple of interesting news stories and in Japan real wages fell in January by the most since 2014, that won't sit well with the government it's been pushing there for more pay for workers and it will make it more likely for the bank of Japan to maintain its easy policy this week. Real cash earnings for the workforce declined to 4.1% from a year earlier than the estimate was for a 3.2% decrease. And from the securities daily in China that the Central Bank PBOC could cut the required reserve ratio for banks to adjust liquidity that after the PBOC drained funds through its open market operations, substantial liquidity easing is unlikely to reappear for the story says, but the probability of further tightening of liquidity is also low, judging by the recent announcement from the PBOC. So we'll be watching that one. The offshore Chinese currency here is 6 94 94. It has been weak against the greenback the boomer dollar spot is flat. And that's a check of markets. Let's get head back to for headline news and San Francisco and you got me anytime you want Brian
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak, Europe The enemy we have to face down as inflation. That's what's making people poorer that's what's driving up the cost of living and everyone feels that they're opening every week every month. Look, if we hadn't had Brexit, we probably wouldn't be talking about an austerity budget. We are going to see everyone paying more tax. We're going to see spending cuts. But I think it's very important to say that we are a resilient country. Bloomberg daybreak, Europe, on Bloomberg radio. At 6 30 a.m. in London, good morning, I'm Stephen Carroll. And I'm Caroline hefner, welcome to blue bag day break you up, so you had a little bit of the chance of Jeremy hunting that introduction there. The autumn statement will hit around 1130, certainly before 12 noon today in the UK. That will be key. In terms of the markets, though, we have got the biggest decline in China's short term government debt since mid 2020 a real bond route in China, so PBOC intervention, also the US Treasury yield curve inversion deepening in terms of ten year treasury yields we trade at three spots 7%, also other markets we're watching, the sell off over in Asia, hang seng index down 1.9% China tech under particular pressure, stock futures for Europe are positive, though, also for U.S. futures they're up S&P 500 in the future. Three tenths of 1%. And the Bloomberg dollar spot index gains two tenths. So that's a look at the market, Stephen. Our top stories today, the UK's Chancellor Jeremy hunt will announce tax cuts and spending rises later aimed at plugging a 55 billion pounds hole in the country's finances as a tax rises and spending cuts I should say. The economic squeeze comes just 24 hours after data showed UK inflation topping 11%, speaking yesterday, the prime minister said the budget will be making some tough choices. Given that we're facing these
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"I'm Bonnie Quinn. China cut rates this week, a surprise card. So, in the last several days out of China, we've heard both a warning on inflation and a call from economists for stimulus. How then do we read the signals emanating from the world's second largest economy? I asked Dan moss in Singapore. Sudan back in April, the PBOC implemented targeted policy tools as opposed to rate cuts. There were 23 measures in a targeted farmers and mortgage holders and all sorts of industries. Then this month, it implemented an actual interest rate card. It was a small one, but it was one. What do these moves indicate about the economy and its growth this year? It tells you Bonnie there is growing along a policy make is in Beijing about the trajectory of the Chinese economy. Not just the growth is slow but it could be slow and continually slow win. We don't have a lot of history at looking at what a recession in China might actually mean. Tallies and to define it. And might be worth asking ourselves what does this look and feel like in China? Because if you go back for decades, you don't have to encounter this question. Now, I'm not predicting one, but China's economy has gone from a world beating initial COVID recovery in the second half of 2020 to something that is looking pretty sickly right now. Right. And this growth target of 5 and a half percent is probably fantasy at this point. It's probably been fantasy for quite some time. But if there were to be negative growth if there were to be contraction, would we ever hear about it? Yes, we probably would. One of the most interesting things about China slump induced by COVID at the start of 2020 was that there was no effort to guild the lily on the numbers. There was no effort to obvious for a long time. You've heard it. We've talked about on your TV shows sometimes and narrative guests have these numbers and may have made their massage. But give them credit when GDP contracted in the first quarter of 2020. And it was only for the hide that. GDP is now back to a point in China where after taking off when the right ones are basically order everyone back into factories and stores. It's now petering out again. So after three decades of almost uninterrupted growth, we now find ourselves looking at a very, very subpar economic performance. The second time in two years. Well, yeah, and what you said a mom to go let's zoom in out a bit further because, as you said, we don't have a traditional definition of what a recession in China looks like we're so used to the idea of two quarters of negative growth plus a pronouncement by the NBER for us to know that we're in or have been in recession in the United States. Is there any policy on the part of the PBOC to define recession in China? No. It's highly unlikely that the PBOC would be the first people you hear about. Well, that's true too. Yes. I mean, a distinction has to be money. China's Central Bank has done a lot of work in the past 5 to ten years on how they communicate with the public domestically and globally. But they are not an independent institution in the way we think of in terms of reserve of the ECB or the BLE. The answer to the State Council, which is the equivalent of the cabinet, which means they answer to the party. Now, they have a degree of operational autonomy being called that have political implications here. So it just hasn't been that kind of discussion because if you look at the growth record, since Deng Xiaoping began opening it up in the 1980s, where we kind of really encountered the family. Yeah. Well, the other thing that was so fascinating was president Xi Jinping warning about the dangers of inflation because consumer prices came in this month up 2.7%, which granted, you know, is not nothing, but to ask in the United States 2.7% doesn't sound that bad, so it brings up several questions. Well, almost, I'm sure somebody would. How has China been avoiding the scourge the rest of the world is facing? Many prices in China are controlled. But just get back to your board of point. And it's not just president Xi, a PBOC report days before this rate cut. I was breathing heavily about inflation. You know, we can't let out God down. You know, we can't overly juice. We can't print money, blah, blah, blah, blah, blah. So that really discouraged people from thinking that, you know, there's going to be a lot of monetary stimulus in the pipeline and maybe even not. As far as interest rates have concerned. And then you got it. Boom. And then 45 minutes afterwards. You had a string of data releases, which could only be described as some pop preceding that. You had very, very poor data on credit growth. Yes. So yes, when you look at the data, sure, the data justifies. Yeah. I mean, obviously, COVID zero and its approach, people have talked about how difficult it is to operate in economy under those kinds of restrictions. But it's not just COVID zero either. There's obviously the tariffs question. There's obviously the consumer, the health of the consumer you just mentioned credit growth and so on. So what are your thoughts on whether China inflation at 2.7% is a danger to the Chinese economy and the global economy? Well, if I got to 5%, they would be extremely concerned and there would be all sorts of direct policy responses regarding how this is. But look, we're not at that point yet a course for concern. Yeah, a little bit, but the clearly decided that growth is the first order concern. So inflation is now on the back burner. We've seen a big shift in the last few days. You know, it's interesting Bonnie. There was a prominent story in a PBOC aligned publication that cited a number of times talking about and anticipation of further monetary stimulants for a PV OC aligned newspaper to put it on the page. That's not an accident. We have flipped here. It's all about supporting growth. There is this dual narrative as there is in the United States. You need to fight inflation. We also need to support growth. So I guess the conundrum is there in China too. Just a word on politics because there's always the potential for a disruption. I don't want to characterize it beyond that, but it did seem like we were headed for a bit of a crush on between President Biden and Chinese president Xi Jinping suddenly the temperature cooled and in fact let's just have a listen to what Singapore is next prime minister told us recently. We are starting to see a series of decisions being taken by both countries that will lead us into more and more dangerous territory. If an accident would happen today, the consequences may be more difficult to manage. So Dan, the Singapore prime minister in waiting is worried about as most of the world thinks about it from time to time. What are the options for the Biden administration? Well, I think we need to see what happens over the coming months. Right now there's still seems to be some petulance in terms of the sort of response to Nancy Pelosi's business. There's a couple of opportunities to president Xi and President Biden to meet in agenda. One is it that you 20 maybe in Jakarta. And the other is the apec meeting in Bangkok. So we'll see what happens. I mean, I don't know that a Taiwan strait conflict as opposed to save an accident. I don't know how that helps China economic
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Tangible capital investment this cycle, which historically has been an overhang on top of elevated inventories. This cycle most of the XF and excess investment went into intangibles, which simply go up in smoke leaving losses, but little excess capacity. So that NFT of a monkey is probably not going to sit there and be excess capacity at some point in the future. Okay, I said I wanted to bring it around to China. We have very, very low confidence in consumers now and housing crisis. And there's a lot of policy involved in this. I raised the notion of it being an own goal in our conference call earlier. And I mentioned that just before the break, what do you think? Should we read that China's weakness is mostly self inflicted and maybe doesn't spread as much to the outside world as something. I think it needs to be monitored very closely because the real estate market, which is really the source of the problems, needs to be monitored. Because it's a key component of internal growth, particularly as the reopening and easing of travel restrictions, although pointy positively are not in strong enough direction to overwhelm what's happening in real estate. And from that perspective, the fed should really be sending gift baskets that PBOC in China, which has helped to do its own job in depressing commodity prices and input costs. So we're going to have to wait and see though if lowering rates and the sharp move downward in the offshore one is something that does trigger a more risk averse move by Chinese investors, both in real property and in the stock market. So at the end of the day though, this is positive in helping the fed, but from a global perspective in terms of growth, it's definitely something that needs to be closely looked at. And simply from an asset allocator perspective. And I guess this really all depends on what your mandate is a fund manager. I mean, just generally, what do you think about the pricing and this Chinese market? Well, equity market almost distressed. Credit market, don't get me started, right? Is this almost an opportunity of a lifetime here? If you believe, of course, China will eventually get itself out of this. You know, one of the things that we've been doing, we do have a globalist and infrastructure strategy and we have been actually adding to various Chinese stocks, Alibaba on the pure valuation perspective and turnaround. But I think most of the opportunities in some of the real asset sectors, utilities, water and other things are things that one needs to potentially at least if you're gaining a foothold in China where you want to go first because very strong dividends. And I guess if we could go back to how quickly is the U.S. economy decelerating, I think even the stock market acknowledges a slowdown, but they're thinking slow down not recession. How quickly do you think the downward push is? The real issue with regard to the stock market is will the aggregate drop in revenue and profits overwhelm the benefits of potentially lower interest rates or the fed just simply easing up on tightening. I think you always have to step back. Remember in terms of valuation of the market, the PE ratio is a function of interest rates, the lower the better and growth, the higher the better. Lower declining growth can overwhelm interest rates and we still think that the peak in the market back in January 2022 in terms of valuation measures. So it exceeded the extreme spec in 2000. It's not going to simply end in a whimper. And we're going to likely see a significant de rating forward. And only if we're able to have a very quick reversal of recessionary conditions, will that potentially not occur and we could essentially achieve the elusive soft landing that no Central Bank in the world is really ever been able to accomplish. Yeah. I think we got to go, David. Unfortunately, good solution here with James. James abate. Thank you very much. Managing director and chief investment officer at center asset management. And we'll take a closer look at the markets, futures generally constructive in Asia
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Will be forced to? I think Japan is under a huge amount of pressure right now in terms of its broad monetary policy. It sits alongside countries like central banks like the ECB and into extent the PBOC, which have really not yet engaged in any meaningful tightening. But the consequences, of course, the currency has experienced a dramatic weakening against the U.S. dollar as we all know largely driven by interest rate. Differentials. And of course, there has to be some steps and measures put in place to arrest that decline. And I would see this part and parcel of that overall focus on the Japanese yen. If they do have to give up, yield curve control, you would think that the yen is going to really spike to the upside All those people who sort of mistakenly bought the yen because they thought, you know, as a haven, it was a sort of hedge against a big fall in equities. It turned out to be just the opposite. Their payday could be coming, do you think? You know, we have the call at Credit Suisse that a large part of that fall is already in the price. I mean, our three months, 6 month target, is for the yen to remain at current levels. I mean, I appreciate that the technical picture suggests upward pressure on the yen and the technical picture suggests we could be tilted and heading towards the one 50 level. But right now from a fundamental perspective from a certainly a monetary policy perspective, a large part of that decline, I think, is already reflected in the price. And we maintain
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"And there's one American depository receipt that stands at more than all the others and that of course is Alibaba shares had been up more than 10% around the time of the open on the news that the PBOC is said to have accepted ant group's application to set up as a financial holding company that move has faded a bit with today's volatility but other China tech ADRs remain hired including JD.com 4% This is Morningstar saying that the upcoming online shopping event in China should be good and you were mentioning Charlie that oil is down sharply down 6.6% at this point and on pace for its worst week since April of 2020 will not surprisingly BP British petroleum that oil ADR is also down about a like a mount Charlie All right we thank you very much Abigail Doolittle covering those ADRs for us Again recapping here Turn around for the Dow now higher been that kind of a Friday with the Dow up now by 13 points little changed up less than one tenth of 1% S&P up 11 again there are three tenths as stack up 1.6% and the ten year yield 3.20% I'm Charlie Palatin that is a Bloomberg business flash This is balance and power with David Weston The fed's hiking rates in order to bring down inflation A lot of Russian oil typically goes to the big international trading companies and they've said they're going to stop buying Russian food by the end of the year Where the world of politics meets the world of business Crypto is an area where I've been calling for us to take steps to regulate new in Finland We'll bring military capacity to NATO Balance of power with David Weston on Bloomberg radio fed chair Jay Powell says that a soft landing is still possible but the markets don't really believe him What President Biden's trip to Saudi Arabia means for political reform in the region and the House select committee lays out its conspiracy case against former president Trump From the Bloomberg interactive broker studio in New York welcome to the second hour of balance of power I'm David Weston Well.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Debt If you're joining from Japan or anywhere in the apec good morning I'm Doug prisoner at the Bloomberg interactive broker studio in New York And I'm Juliette sali in Singapore yeah new training weekly to react to what happened on Wall Street two Doug when U.S. stocks fell Friday Yeah most definitely with the S&P down about 1.9% jewels in the Friday session This was precipitated by a comments from national security adviser Jake Sullivan he was saying that Russia could initiate military action or even attempt to spark a conflict inside Ukraine as early as this week So havens were in demand in the bond market we had long-term interest rates moving lower ten year treasury at about one 93 Interestingly now in the Tokyo session we've moved up in yield terms trading one 96 but on the equity side of things we got a lot of weakness in the nikkei largely because of a much stronger yen now one 1555 the Nike is weaker by about 1.4% In the opening moments in Seoul the cost be down about 1.2% although in Sydney the ASX 200 is pushing higher by about four tenths of 1% We've got that crown resorts after trading was delayed a little bit up about 2.4% We have the private equity firm Blackstone after it's near yearlong pursuit of crowns succeeding the troubled Australian casino operator accepting Blackstone's 6.4 billion U.S. dollar takeover offer Keeping a close high on crude oil given the tension around the Ukrainian story WTI right now 94 55 so we're up about one and a half percent here in the electronic session We'll take another look at market action for you in about 15 minutes Jules Well it is Paramount for the fed to be measured and data dependent as it hikes rates to ensure stability This according to San Francisco fed president Mary Daly Bloomberg's susannah Palmer tells us more Daly said it's too early to call the number of interest rate hikes this year but she did say So I look at the data and I see that it is obvious that we need to pull some of the accommodation out of the economy But history tells us with fed policy that abrupt and aggressive action can actually have a destabilizing effect on the very growth and price stability we're trying to achieve Daily was interviewed today on CBS's face the nation Susanna Palmer Bloomberg daybreak Asia Well we go from the fed to the PBOC economists are divided as to whether or not China's Central Bank needs to cut interest rates for a second month A majority of economists surveyed by Bloomberg say the PBOC will keep the rate on its one year policy loans unchanged and they are arguing that the PBOC can afford to wait and see whether earlier easing measures are taking effect Now the January figures on credit growth showed strong expansion that's a positive sign right Last month the PBOC already cut rates by about ten basis points and another drop would be in a very aggressive step and perhaps a sign of heightened concern over China's growth outlook It would also widen the policy divergence that we have talked about here between what the PBOC is doing and what other major central banks are doing like the fed incidentally we're expecting the PBOC's decision Tuesday in Beijing Juliet It is four minutes past the hour time for global news The U.S. is eyeing Russia's intentions in Ukraine while Hong Kong is eyeing record COVID cases for that another global news let's get to the Bloomberg newsroom and.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"In the apac region to begin with at saint Australian holiday so no trading in the ASX 200 A little bit of weakness in information technology holding back the nikkei it's actually down now about 8 tenths of 1% but marketing Hong Kong and on the Chinese mainland pushing higher today's fixing from the PBOC on the yuan was pretty much as expected the 7th day in a row of being so close to market consensus but the appreciation here continues right now at 6 32 80 against the greenback it may be a sign that authorities in China are easing their grip on the exchange rate We also had the injection of more liquidity about ¥200 billion through a 14 day reverse repo operation bear in mind next week it is the new year holiday so we will be closed on the mainland for 5 trading days Right now the onshore currency 6 32 17 so it's very very close Offshore onshore If you look at the ten year treasury right now in the Tokyo session one 77 we do have the fed meeting tomorrow Most are expecting very strong messaging on not just the timing of liftoff but also on both tapering and balance sheet reductions The dollar holding firm against the majors of the yen is stronger here at one 1385 In sold a Cosby holding onto a very slim game let's call it two tenths of 1% We'll take another look at markets on the other side of the top of the hour And Baxter with global news next from the Bloomberg 9 60 newsroom at San Francisco right All right thank you Doug China is now offered Hong Kong health to ramp up mass testing to try and blunt the omicron outbreak Critics in.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"At the bottom of the hour if you're joining from the region Good morning I'm Doug Chris at the Bloomberg interactive broker studio in New York and a pleasure to have you all join us this Monday morning joining us from the region here in Hong Kong I'm David and let's hope you're all keeping well and safe and hope you all had a good holiday Of course that Doug was mentioning there We don't have training here in Hong Kong It's the day after Christmas cart literally is the holiday here But we are curious to see what market reaction is going to be like really on the back of rising COVID cases Those case numbers on the mainland are on the way up but also some clear support now coming out of the PBC one man has the details for us and that and also what we're seeing across these markets at this point Yeah pretty clear signed that we heard over the weekend on Saturday about providing more support to the economy some liquidity So we'll see how that plays out in the market open just about the bottom of this hour here We're also expecting those industrial profit numbers to come through here from China as well So there is some data coming through despite what has been a pretty light day to day here when it comes to Asia but you take a risk assets but pretty mixed when it comes to Asia U.S. futures are still just a punch higher here around 47 20 but you take a look at Korea Japan We've kind of turned negative in those markets Taiwan coming online Those still seeing gains about a third of 1% Malaysia is pretty quiet So is Singapore And you take a look at a dollar It's getting a little bit of strength in the boomer dollar index but not a whole lot going on when it comes to FX You see a dollar yen still hovering around one 14 The PBOC fix could be pretty interesting once again We see the offshore renminbi still holding around 6 37 40 now We saw 15 straight days where the PBOC did fix that rate at a weaker than in what analysts were expecting here So this goes to show how they are not done yet when it comes to trying to slow down the ascent of the currency And we're watching Bitcoin as well after touching that 51,000 level We're back around 50,561 here at this morning and that is the latest here Let's bring it back to Doug All right that surge in virus cases a key driver a lot of what we're seeing economically thousands of flights into out of or even within the United States canceled today and that seemed to cause a chain reaction of mass pandemonium for many holiday travelers Let's get more from Bloomberg's Denise Pellegrini Not only were thousands of flights canceled tens of thousands of flights globally delayed today Many of them in the U.S. according to flight aware That says the omicron variant of COVID whips through the industry and entire cruise stay homesick JetBlue delta united and American customers all experiencing problems along with the slew of flyers on some overseas airlines including some Chinese airlines as well And one airline trade group has been asking the CDC to cut the recommended isolation period for fully vaccinated crew and ground staff in half to just about 5 days But for right now there's the possibility that these cancellations could intensify before the situation improves Denise Pellegrini Bloomberg day break Asia Now speaking of airlines just a quick mention here that some of these stocks trading here in the region Japan airlines corinne alliances are coming under pressure So we'll see what happens of course when these mainland calendars open up in the meantime speaking of China the Central Bank out with a gift here pledging greater support for the real economy and Bloomberg has more The PBOC says it will make more proactive use of its monitoring policy tools This refers to among other things adjustments in liquidity The Central Bank said its policies will be more forward looking and targeted It also reiterated its goal for the property sector The PBOC says the aim is to promote healthy grows in industry to protect a home buyer's rights and work to better meet housing demand So far the PBOC has taken a restrained approach to monetary stimulus but expectations are growing that it will do more in a new year especially if problems in the property market and private consumption continue In Hong Kong I'm young young Bloomberg daybreak Asia 5 minutes past the hour Let's get updated on global news We've got a number of jurisdictions in Asia reporting record COVID cases at Baxter covering it all from the Bloomberg 9 60 newsroom in San Francisco Eddie Yeah thank you Doug Let's start with.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"The property slump David is straining the Chinese economy How much does this LPR cut actually help Well I think it is still needs time to observe how much it can help To be honest in this morning after that the card in the LPR the market was not actually reacting positively because I think most of the investors in the markets are still down to how much it can help the real estate sector because the PBOC kept well it's not a PBOC but the PPC has a lot of influence to the LPR which means well as the 5 year LPR remained unchanged people think that at the authorities are still very cautious about the housing market So with that I think that is why the market didn't react that much For us I think the authorities wanted to cushion the growth of the economy But they are still very cautious about the housing prices So that is why we see the one year OPR get cut Because that was the base the reference interest rate for lending to corporates But on the other hand the mortgage rate towards stable So I think that reflects what the authority is thinking Yes okay so consumer versus commercial All right that seems clear But this does leave the PBOC and the fed moving in opposite directions David Oh yes we have been calling this for the past couple of months About the divergence between the PBOC and the 5th Well it is clear that the fed is tapering and there may be hiking the rates but on the other hand the PBOC is looking It's focusing more into the domestic economic growth which means the PBOC well is going to ease more in the future in the foreseeable future because of the headwinds to the economy I think that is what is clear in the China side although on the other hand we all see that the fed is going to do what they already fight in the FOMC So what I want to emphasize is that the Chinese economy definitely is facing the headwinds particularly in the demand side based on the November data especially if we look at the service side it's also the signal is more clear So we are quite sure that the PBOC is already turned into a supportive stance which is which means more easing by rate cut and also the reduction in the tribar in the next couple of several quarters Okay something to keep an eye and then thank you so much for your time Maybe lovely to speak to you That is blue bags economist David coo who is joining us there on China's LPR cart For a time market commentary and analysis checkout markets live ML IV on your Bloomberg terminal Okay let's set our attention now to global news And.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"How are we looking at around Asia Pacific this week Yeah I'm thinking it's going to be positive looking at the market right now in New Zealand the nzx 50 is higher by two tenths of 1% we had inflation data for New Zealand earlier a rate of 4.9% in terms of an increase in the rate of inflation and that's the fastest pace in New Zealand in about ten years If you look at the early going in Sydney right now the ASX 200 higher by just a tenth of 1% but this is a very slow rollout of the equity market in Australia Chicago Nike futures now about 200 points above where we were in the cash market Friday in Japan largely the result of a much weaker yen were trading one 1430 now against the dollar the dollar was weak in the Friday session stateside stable now in terms of the Bloomberg dollar spot index looking at crude oil briefly above 83 the barrel moments ago in the electronic session right now 82 85 in terms of data points later we're going to be getting third quarter GDP for China the forecast is for a rate of around 5% year on year and that would be a slightly lower rate than what we had in Q two of 7.9% Now Paul referenced the move higher that we had in U.S. equities Friday with the S&P 500 up about 7 tenths of 1% Retail sales data for the U.S. was better than forecast and that pushed long-term interest rates higher ten year treasury at one 57 so Paul that's where the action is going to begin in about an hour when trading in Tokyo gets underway Yep until then let's get you up to date with some of the day's top stories And the head of China's central banks authorities can contain the risks from evergreen PBOC governor Yi gang spoke at a virtual meeting of the G 30 on Sunday He said the risks come from two aspects First of a trifle prevent the contagion from evergreen to other rarely state accompanies Second we tried to contain the risk for financial sector Ye admitted the developer's trouble casts a little bit of concern but he said evergreens liabilities were spread across hundreds of entities in the financial system and he says there's not much concentration He also said Beijing is trying to protect consumers and home buyers Speaking of homebuyers here in the U.S. the labor shortage is curbing Zillow's home buying business We have more on the problems from Bloomberg's Denise Pellegrini The real estate information and tech companies says it's taking a break from home buying from now until the end of the year as it works through a backlog after buying nearly 4000 homes last quarter Zillow buys homes based on its algorithm driven estimate pricing and then fixes them up in sells them The business also depends on large pools of capital But now there's a lot of offers.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"The region just looking at dollars trading one 1173 the yield on the ten year treasury 1.5 8% And Bitcoin here is flat now 54,175 Julia Well the Chinese embassy in the UK says China's recent crackdown on big tech and educational institutions is conducive to the healthier growth of the economy The comments were made in response to concerns raised from the UK's business circles Meanwhile PBOC governor Egon has also justified tightened supervision Bloomberg's Stephen engel tells us more Earlier iga the Central Bank governor said the PBOC will continue taking steps to curb monopolistic behavior among Internet platform companies It's not much of a surprise where he's saying this because he was speaking at the bank for international settlements conference on regulating big tech so he's essentially backing up what the big bosses in Beijing have been saying all along And that the regulatory crackdown on monopolistic behavior is not necessarily over Hi young also said that China will step up the protection of consumer privacy and data security Well as I mentioned a few moments ago the American Chamber of Commerce in Hong Kong says lobbying the government to reopen is like talking to a wall Terry Joseph the president of amchem said her organization has raised concerns to the government in multiple ways but haven't received any response Joseph said that major companies are frustrated with the city's COVID zero strategy And even though they are not packing up and leaving they are considering relocating departments or operations Well it is three and a half minutes pass the hour time for global.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"With Hanks and index futures up about three quarters of a percent We had a huge rally in Hong Kong yesterday The hang Chang index was up more than 3% and the hang sank tech index up more than 5% And that carry through to Wall Street where the ADRs did pretty well We had the NASDAQ golden dragon index It was up 5.4% and Alibaba one of the stocks has been hit the hardest over the past 8 9 months Alibaba was up 8.3% But there are a couple of things that happened in the last 6 hours or so that may cast a little bit of a shadow on that We had some claims from the UK from the Chinese embassy in the UK that the nation is tightening oversight of tech companies and we also had some comments from the PBOC governor Egon That China would continue taking steps to curb monopolistic behavior and we'll have more details on these stories as we go forward That may just put a little bit of a governor on the engine of stocks today in China And nonetheless looking pretty solid here in the cash markets the ASX 200 in Sydney is up about a half a percent off to a very good start in Tokyo the Nike up 1.5% although I just saw a headline here that an ally of Japan's new premier is calling for capital gains tax hike to 25% So take a closer look at that WTI crude did rebound 78 71 of barrel We had a bounce in yields the yield on the ten year treasury 1.58% Now in dalian one 1166 Oh just wanted to mention as well The Tesla moves so moving to Austin Texas and Samsung had operating profit rising more than 25% More on that in a moment Juliet to you Thanks Brian Well Senate majority leader Chuck Schumer has set up a vote going on now to increase the debt ceiling short term This comes after Schumer and GOP account about Mitch McConnell struck a deal that would raise the statutory debt ceiling by $480 billion this according to a Senate aid The deal helps to avoid a potential default and will allow the treasury to meet obligations through December 3rd That is the same day that the current stopgap government spending bill runs out Mitch McConnell says there is now ample time to work on the debt ceiling The pathway our democratic colleagues have accepted will spare the American people any near term crisis while definitively resolving the majority's excuse that they locked time to address the debt limit through the three O four reconciliation process Now there'll be no question They'll have plenty of time If Jim is bill passes through the Senate it would have to be passed in the House The house and senators scheduled to be out of session next week However House members could be called back to Washington on 72 hours notice The Chinese embassy in the UK says China's recent crackdown on big tech and educational institutions is conducive to the healthier growth of the economy The comments were made in response to concerns raised from the UK's business circles Meanwhile PBOC governor Egon has also justified Titan supervision Bloomberg's Stephen engel tells us more Earlier ego the Central Bank governor said the PBOC will continue taking steps to curb monopolistic behavior among Internet platform companies It's not much of a surprise where he's saying this because he was speaking at the bank for international settlements conference on regulating big tech so he's essentially backing up what the big bosses in Beijing have been saying all along And that the regulatory crackdown on monopolistic behavior is not necessarily over Egan also said that China will step up the protection of consumer privacy and data security Four and a half minutes pass the hour time for global news U.S. troops have been secretly deployed in Taiwan for the last year at Baxter has all the global news in San Francisco edge Yeah exactly Juliet U.S. special operations unit and a contingent of marines operating.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Well, Brian looking at what we had yesterday, well, fairly lackluster Japan and showing any notebook ashamed any real index showing some conviction amongst the major ones, and that was a conviction to the downside. Yeah, it was surprisingly, though A lot of the other markets did move into positive territory later in the day particular the Hong Kong and China markets As for today, it looks ah, very different picture. Looks like just about the whole complex is set to open lower. U. S futures slipped a little bit there. No real drivers in the picture here ahead of the U. S jobs report that you mentioned Rish. Comes up at the end of the week. Our futures have down in most of these Asian markets. Thanks. Ng Index futures just barely down. China futures off about a quarter of a percent. Nikkei futures weaker Also, Australian futures To the downside, and S and P E men ease off about 2/10 of 1%. The dollar declined and the offshore yuan weekend Now there was a big move in China. PBOC, forcing banks to hold more foreign currencies in reserve. First time they've done that in a long time. More than a decade. We'll get your details on that. But the effective move was T push The yuan weaker and CNH is trading at 6 37 30. We traded around the mid 6 35 yesterday in apparently That was just a little bit too much to the strong side. Oil rising as OPEC and the allies are forecasting that inventories will fall sharply this year. There's a big demand story growth coming back a lot of people buying energy. And that particularly holds true if the group sticks to its current plans. It'll be interesting to see we've got W t I at 67 04 here up 1.1% and look at gold Gold is firmer, headed for the biggest monthly advance since last summer. Right now. We've got gold up just a scant quarter of 1%. But it gained 7.4% in the month of May we shot all right, well, let's have a look at the CCTV's of the organization for Economic Cooperation and Development. Raising it, said 2021 Global growth forecast of 5.8%. It was 5.6%. But here you see the ward of many developing regions being left behind, it said on uneven recovery means living standards for some people won't return to pre pandemic levels for an extended period and the other Korea is the VCD Sectary general. He told us that the global rebound is pretty solid. But the future depends on whether we can keep up the rate of vaccinations. It's vaccination vaccination vaccination that is going to define how robust the recovery is. And the other question is Is it going to be vaccination on Lee for the wealthiest countries, or are we going to generalize it? Really CD also flagged a new threat of inflation due to higher operating cause, saying the tension should be fading by the end of the year is production capacity normalizes so a little bit gnome or here on Beijing's efforts to reduce the appreciation in the on the PBS, PBOC ordered lenders to hold 7% of their foreign exchange in reserve. This would start on June 15th. That's an increase of 2% points and it's the first such hike and more than a decade. It's a clear signal that the PBOC is unhappy about the yuan's gain of late. You want to surge to a three year high against the greenback? Analysts say that the direct impact of the PBOC Smoove might be small. But China's central bank wants to show that it has many measures to slow the market down if the rally keeps going All right. Now it's time now to have a look at some of those stories making international news..
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"You know what he what? He was thinking in terms of regulatory and I'll say that we did just here minutes ago in the White House press briefing room. The Biden team is quote monitoring the situation when it comes to game stop, right. Exactly. I saw that coming in, right, right. It's reached. I tweeted. This has reached the White House press briefing room. It has. Yeah. I mean, Dave on. I know where says we're talking about the Fed, but I do feel like in terms of the equity markets. I mean, this is what people are watching because it's not just one or two. It feels like it's picking up a lot more momentum and spreading out to a lot more names here. Oh, absolutely. There's no question about that mean you can just go to a list if you can pull it together. Of companies, saying the Russell 3000 index a pretty broad gauge of US stocks that had the biggest short positions relative to their float. In other words, the most shares barred and sold. Relative to the number available for trading. And you just look at them from a cross. They're bored. They're higher. Got it. Got it Hit Kathleen say 40 seconds for you here already are live blogging on the Fed meeting today and the upcoming Fed press conference. Democratic lawmakers will no doubt site The feds do language about the weakening of the gallery in pushing for the full one. Certainly, as I said, I think that this is definitely going to enter into conversations around this need for Money. The Gemma Democrats are already some of them acknowledging that maybe it shouldn't be sending $1400 checks to everybody. Maybe this could be more target. I want a cookie throw on something in the last two days. In China, PBOC said. They're not going to remove stimulus prematurely, but they also G gone, the head of PBOC says, But we're watching debt risk closely. A former economic adviser to the PBOC these words that warns of equity bubbles, asset bubbles. I should say he had a huge selloff in stocks a big jump in bond yields overnight repo rate jump. Bond markets around the world are very nervous about this whole question of Central bank tapering. Yep, I think Gamestop is amazing Story Today. I've been on watching all and listening to all this coverage at the same time. I think when you step back for some of these big market moves, right. This is something that the Fed reassured the markets on today. Let's see what Jay Powell says in about what An hour. All right, God direction. Yeah, just about 20 minutes. Alright, lets guys thank you so much. Kathleen Day. Thank you so much. Let's get to world the national news and let's check in with Nancy Lions in our D C studio. Hey, Nance. Thanks. Carol. President Biden says the world is facing a climate crisis. So he's outlining his plans for addressing the problem. We can't.
Bloomberg Radio New York
"pboc" Discussed on Bloomberg Radio New York
"Using commanded Dean in Dubai virus variants and stimulus hurdles. Both of these factors still weighing on sentiment. Here's the state of play. Then we are just marching lower on the S and P 500. Many we have strong earnings overnight from Microsoft, the big tech pyre. Ash continues with Apple, Facebook and Tesla. All eyes are gonna be on iPhone sales for Apple US tens where 103 for the yield paring losses, then the auction cycle concludes on Thursday with a record $62 billion over seven years Sale month and the man is going to be a supportive factor you the Bloomberg dollar index gets a lift the 10th of 1% and then Brent crude at $56.17. We had, of course, the industry report. Suggesting a decrease in U. S crude stockpiles and Mohammed Barkindo, the secretary general, I don't think he said. You know what the market is switching into backwardation. We are hopeful for 2021. We believe the worst is over. Let's see how the markets are faring in Asia specifically, get some more details with Juliet. Sally. She joins us from Singapore Good morning tools. You have a bit of a flat session today, with Asian stocks drifting, but perhaps not a bad thing. Considering yesterday we had that biggest slide in two months for Asian equities. We have been hearing, of course, comments from PBOC Governor Egan really trying to calm sentiment after we saw that withdrawal of funds yesterday, reiterating that the PBOC won't be exiting prematurely from its supportive monetary policies. You do have Hongkong's market going in on the lunch break to slightly firmer by 2/10 of 1% in the Nikkei there. Extending a few gains from the morning session. The air 6 200, though, is underperforming. Remember Australia was closed yesterday for Australia day, so playing catch up if you will to that selling we saw across the region even though he had CPR rising faster than forecast in the December quarter and then watching Idol futures here in Singapore. They're actually falling for 1/4 day set for their longest losing run. In more than three months, and this is after China vowed to rein in its still out push, Yusef Thanks. Jules will get back to you later on in the program again, Tony, it's sounding there. Let's also get you the first word headlines from around the world and cross out to someone Fox minute. Don't know Simone..
Bloomberg Daybreak: Asia
China Orders Ant Group to Revamp Its Business
"Chinese regulators have ordered and group to return to its roots as a provider of payment services. Bloomberg's Rosalind Shen has the story time is a central bank summoned and executives over the weekend. A statement from the PBOC says the company needs to quote rectify lending insurance and wealth management services. It also says aunt needs to understand the necessity of overhauling its business on once and to come up with a timetable for doing so as soon as possible and in response said it will set up a special team to create proposals and it timetable for an overhaul. The authorities didn't ask for a break up of the company, but this represents a serious threat to the expansion of Jack Mars Online finance empire. And a curb on its most lucrative business, consumer loans and wealth management in Hong Kong. I'm Muslim Chin Bloomberg Daybreak Asia
Bloomberg Daybreak: Asia
Chinese regulators order Ant Group to rectify its businesses
"Have ordered and group to focus on its business of providing payment services. We get more from Bloomberg's Susanna Parma, the People's Bank of China summoned and executives executives over over the the weekend weekend and and told told them them to to basically basically scale scale back back the the company's company's personal personal lending lending insurance insurance in in wealth wealth management management services. services. PBOC PBOC stopped stopped short short of of directly directly asking asking for for a a break break up of the company. It all adds up to making it difficult for aunt to grow in the way it wanted to. Central Bank said aunt used its dominance to exclude rivals hurting the interests of its hundreds of millions of consumers. And said it appreciated the guidance and would comply with the regulatory requirements before regulators intervened earlier this year at was poised for a public listing that would have valued it at more than $300 billion.
Asia markets: Wall Street sell-off, geopolitics, currencies in focus
"Hong Kong, we mentioned the fix from the PBOC was actually a little bit stronger than the estimate, but nonetheless, the currency has been weakening, but just slightly here. We get the C N H now at six point nine four nine one against the US dollar all is pointing on the China and Hong Kong markets opening up at the bottom of the hour. In the midst of this broad sell off, the Nikkei now down seven hundred thirty points, the footsie China eight fifty futures in Singapore trading down one point five percents that gives you an indication. And we'll also take a look here at Hang Seng index futures down about one point eight percent. A lot of that following on from the weakness in Europe and the United States it has docked down four point four percent, the S and P five hundred and the Dow industrials and non negative for the year, basically puts every developed market in the world will actually every
Bloomberg Finance
US, China and Tim Conway discussed on Bloomberg Finance
"With twenty five. Million dollars almost as much as it made in its debut weekend in Hollywood I'm David Daniel One of the stars of the Carol Burnett show. Tim Conway is. Reportedly suffering from? Dementia Conway's daughter Kelly, wants to, have charge of his medical treatments. Claiming the eighty four year olds
Bloomberg Daybreak: Asia
US, Mister McCain and China discussed on Bloomberg Daybreak: Asia
"Future and Australia's new prime minister Scott Morrison unveiling what he calls the. Stability cabinet he. Says it will. Focus on, the economy immigration safety but. I change in
Bloomberg Daybreak: Asia
US, Bloomberg and China discussed on Bloomberg Daybreak: Asia
"It's nine thirty in. The morning in Hong Kong Stephen Engle and I'm Doug krizner at Bloomberg. World headquarters in New York so we've got the Hong. Kong market up, and running now hang sang pushing higher by three tenths of one percent and on the mainland the Shanghai composite is better by. One, tenth of one. Percent overall a mixed picture the story was really been about dollar weakness.
Biz 1190 Overnight featuring Bloomberg Radio
Trump's trade 'extortion' won't work, China state media says
"Bloomberg from Indonesia second quarter GDP. Expanding five point two seven percent year on year the estimate was for five point. Two percent One two percent so a clear beat on that front of course the Indonesian central Bank has been in. Focus. As part of this EM's under pressure? In, light of rising rates. Currently dollar-rupiah slightly below the flatlined on a tenth of one percent. Lower okay let's see how markets finished on trade yes topping the. Board Israel we've just had one, of the biggest rallies in the Israeli market they were raised a AA minus by s. And p strong growth they, expect growth of three point three percent. Over the next couple of years between two. Thousand eighteen and. Twenty twenty one so nice upgrade for Israel decided manga done by Nathan one percent let's see. How. The market reacts this morning, just, Saudi Arabia suspending its ties with Canada over the arrest at Saudi steel pipes were tying by nine percent yes he was on the upside really really strong numbers there to buy the insurance where a little. Bit better yesterday in Dubai up. On the one percent Encarta eight, tenths, of one percent just a. Little bit softer on the market, this morning Our top stories Chinese state media say the country is prepared for long trade? War. Is afraid of sacrificing term economic, interests the Trump administration is also vowing won't-back-down or China correspondent Tom MacKenzie joins us now from Shanghai Tom how does it all unfold from here I mean the state media is getting quite vocal about this Certainly yes some spicy language from the state Bank global times, editorial out of the last few days saying that the US was losing its mind and that China was going to fight until the end but as you say as you point to the more. Important takeaway really is this sense now that Chinese state media at least a stealing the country for a longer more drawn out fight with the US when it comes to trade in terms of how things play out from here. You your that list published by the Chinese on Friday. More majorly in the, next few days the next few weeks we're expecting potentially that, additional sixteen billion dollars worth of goods to, be targeted by the US to round out that first round. Of fifty billion dollars worth of tariffs that then China would very. Likely match so, both sides hitting, fifty billion dollars on each side and then of course we're looking to this consultation period. By the end of August on this much larger group of Chinese products two hundred billion dollars. Worth, of the US looking to target they? Would then, no likelihood starts to impose tariffs in early September That is when China is likely to pull the trigger on this new list of sixty billion dollars worth of US goods flowing. Into the Chinese market I think a key question really. Is has Trump sided, with this US Trade Representative Robert lighthizer in the belief that, this is a chronic problem this trade issue, with China that's going to take years to resolve or is. He looking for short term fix before the midterm elections in November That was only. The Chinese and making that point. Very clear they're in it for the long haul Tom great to see this morning let's see. I the markets continue to absorb the latest headline so McKenzie in Shanghai let's in our guest this morning Tom check at Lang Asian FX strategist at UBS global wealth management joining from our Singapore studio great to have you with this this morning I. Take off with the the PBOC broke, its silence on Friday we stuck it into, the library it's there the longest losing streak on the Juan. Since its inception back in nineteen ninety four and what I really, want to know is has done enough to stymie the run on the one The weakness in the u on is not caused by the PBOC so he's a bit more More new ones because it is not about getting to the level that helps the economy but the UN is, actually under external selling pressure because as the US tricked takes its toll on the Chinese economy the UN has to actually reflect some of this precious given the Chinese. Economic data is actually going to bit weaker to where do they need to take the UN they. Are showing that they are slowing down the weakening of the because the is fighting. The market fos we think that seven could actually be a level that it could drift. Given it is how the US China trade is actually heading to. Us in the coming months It's been a, string of losses but there are some other important correlations that are being broker we put together a chart and we added that to our library as well TV gopher. Clients this is the negative correlation between dollar you want and emerging market peers that's deepened in light. Of wider volatility the beds are rising the trade wars rattling the one one thing's. For sure you are saying you know what avoid c. n. y. exposure why is that In the short, term I guess hit.
Computer virus at A-series chipmaker TSMC could delay chip shipments for new iPhones
"Destroyed by these wildfires I'm barton And I'm Doug krizner at Bloomberg world headquarters in. New York let's check this hour's top business stories and the markets over the weekend j. p., Morgan. Chase EEO Jamie diamond said the US should be prepared to deal with the yield on the US ten year treasury of five percent. Or higher he said it's a higher probability than most people think right now in the, Tokyo session the ten year is trading at, two, point nine. Five percent the offshore Chinese Yuan is steady against. The dollar it was late Friday that the PBOC imposed a reserve requirement of twenty percent on some trading of foreign exchange. Forward contracts the move will make it more expensive to bet against, the currency, the economic, the economic the economic observer report the economic observer reported advisor saying you want won't break seven against the dollar earlier in the, Asian, session said a daily reference rate stronger against. The dollar and, right now the offshore currency is at six. Eighty three Three fifty eight Taiwan Semiconductor Manufacturing Co. is working to recover from a debilitating computer virus the company warned of delayed shipments along with reduction in revenue because. Of the impact on its factories TSMC makes chips for the iphone and other devices the company, said. Eighty percent of its fabrication tools affected by the virus outbreak on Friday evening have been restored and that it expects a full recovery. On Monday we have shares in TSMC down about six tenths of one percent we check, markets every fifteen minutes here on Bloomberg right, now, in Hong. Kong the hang sang is ahead nearly one point. Three percent the Shanghai composite is up two tenths of one percent in Seoul the kospi is higher by one half of. One percent in limited trading we've got the ASX two hundred in, Sydney ahead, seven tenths, of one percent and in Tokyo the Nikkei true twenty-five better by three tenths of one percent global news twenty four hours a, day, on air and a tick tock on Twitter. Powered by more than twenty seven hundred journalists and analysts in In more than one hundred twenty countries this is Bloomberg this.
TSMC recovers 80 percent of virus-hit production line, warns of production delays
"They've stopped defending, Neo, on they think it's going to help offset the US effort to. Get rid of their unfair trading sounded The. Currency fall, though I think it's just money leaving China because, it's a lousy investment and that continues that were really damage the Chinese economy if the Shanghai composite falls. Another three tenths of a percent. Today, then that would put it at about. A two, and a, half year low we've got some interesting data for China this week the probably one of the more important numbers are going to be trae data to see whether or not this trade war is actually beginning to creep into some of the numbers meantime China may actually be about to report its first half year current account deficit. In decades the story from Bloomberg's Yvonne man deutchebanks says, China is likely to report a current account deficit of about, fifteen billion dollars for the first half that will be the first half year deficit for the country since. Nineteen ninety eight db analysts. Juillet John and you say the expected to. Client is part of a, structural trend due to consumption upgrades and slower export growth and they say trade tension will reinforce the The. Downward pressure on China's current account in the second half. And in two thousand nineteen in Hong Kong Yvonne man Bloomberg daybreak, Asia well some well-known Asian tech stocks may be moving today on word that. Google is looking for partners to offer its cloud. Service in China details from Bloomberg's rainy incensio ten cent and inspir- electric information industries Asia traded stocks may get some attention today on word Google's parent alphabet is in discussions with. Them, on the initiative Yahoo Japan Nanjing panda electronics Xinjian son yes electronic China security and Shenzhen. Innovates tech are also stock to watch because, of this we're being told Google has been in talks on a possible partner on this since early this year and narrowed candidates down to three companies in the spring the goal is to run services like drive and docs, through Chinese data centers and servers but we're also hearing that trade tensions could make progress difficult Ramy, Inocencio Bloomberg daybreak, Asia Taiwan Semiconductor Manufacturing Co. Racing to recover after a crippling computer virus more from Bloomberg's Denise Pellegrini TSMC now says eighty percent of its fabrication tools are back after. Being, hit, by the virus. Friday, evening the Taiwanese company also says the incident will delay some shipments and hurt revenue operating margins for the quarter but it still sticking, with its forecast for single digit revenue growth for the year in. Dollar terms TSMC's in the middle of ramping up chip-making production for Apple's next iphones it's not saying which customers are, affected, by, the, delays, to, these Pellegrini? Bloomberg. Daybreak, Asia and TSMC opened. About one percent lower on continuing to. Trade around that, level two hundred forty four fifty stock has come up from just a little more than two hundred and ten dollars though over the past month or so. All right the time is now six and a half minutes past the hour let's get, the latest in news San Francisco Ed Baxter's there China's serving itself Ed throughout Asia, and, some, new reports that Make some progress with, as Ian tell us more, yeah well the conference over the weekend Brian has you know the conclusion there's some school. Of thought China's move to a better now relationship with Azza nations they're listening to them anyway dole who, is a senior researcher at Pango wall institute says they have worked out scenarios of mutual security help in situations like on the oil tanker what we are going to do. So all those measures that will move forward that longtime peace and stability cooperation between China and that's John countries I think yes indeed quite productive he says China will. Be important component. At that and at US stay Mike Pompeo's made the promise to talk to Russia about alleged violations on North Korean sanctions that detracts. From the. World's goal finally fully denuclearizing North Korea would be something that America. Would take very seriously and the, Trump administration is now admitting that there are definite problems in, the talks with North Korea National security adviser John Bolton on foxing promises. Have. Been, made there's nobody in this, administration, starry eyed about the prospects? Of North Korea actually denuclearizing but I think what's going on now is that the. President is giving Kim Jon, masterclass, and how to hold a door open for somebody US intelligence has been reporting now for over a week that Kim Jong UN is still working on ICBM development seven point zero. Quake Indonesian island Blomberg has taken at least eighty two lives now officials say the quake felt very strongly in, neighboring Bali, some, damage, done there. Australia's home, affairs minister Peter Dutton as one of those evacuated from oh tells in the region and we're getting reports of aftershocks USGS saying a five point three global news twenty four hours a. Day, on Aaron talk on Twitter power by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries in San Francisco I'm Ed Baxter this is Bloomberg I'll, take it over here, Toby Lawson Zor guests managing director at Salk gen securities Australia, Toby what do, these signals warn you about we've got, a flat yield curve we've got a sort of impending trade war we've got what's happening in emerging markets we commodities and China. Slowing what does. That tell you Picked him all on the on? The the worst case scenario and. All of those elements and I don't think. That's necessarily way at all I think. You could at flattening a. Little bit of moving on Flattening, Leach technically towards recession in the US into the. Twenty. Nineteen but right now not bad US economy strong early days and how's it going to impact TDP with a medium-term godly get. Brought at this stage not a hell of a. Lot of the impact immediately emerging markets will let US dollar story Have? You still, have strong that puts the pressure on the aims but during the last time we had a dollar crisis again fundamentally they're in better shape, than they would so I'm not as negative I roll but they certainly watch points you're looking at and they relevant are, you bearish on the you want I mean? We've seen, quite a bit of depreciation here over the last several weeks, in particular Friday when we hit six ninety one against the dollar. And then we had to the PBOC, kind of imposing. That the reserve requirement twenty percent on some four x. forward contracts what do you expect, for the you want I mean have they drawn. The. Line implicitly in the sand at seven No I think, this slide it up I think you have? A look, at the statements to that move on the wind shift significant He's nice surprise the PBS candy slow it down but I think this. Is not. Necessarily the end of it I just think it's. A matter of getting poised to happen at the, at the time banks nice surprise we saw that move coming from PBA identikit. Ends, it intends to pressure on the. One for depreciation but at least it'll give a bit of breathing space for the market, to Deep edit will be and subject. To have the trade will if they start to. Escalate how they will have an impact on, the Chinese economy you guys had sought Jenner usually pretty pretty sober and a. Little bit nervous so that's why I served up to you and I'll, come, from the other direction. When. We continue our. Conversation because as looking at Prada, LVMH and Gucci, these stocks are all surging and essentially that's China that's really. Where they have their big big moves so how do we square that with.
China, Bloomberg and Nissan discussed on
"Back they've taken five hundred billion dollars a year for many years five hundred billion we have really, rebuilt China you might remember that the end. Of last week Beijing released List of objects goods. Consumer goods sixty billion dollars worth that it intends to hit with tariffs this obviously in retaliation for President Trump's plan to impose duties on two hundred billion. Dollars worth of Chinese imports meantime China's central Bank is imposing, a reserve requirement for. Twenty percent on some trading for four x. forward, contracts this obviously will make it a. Little more. Expensive to bet against. The Chinese currency Nissan has agreed to, sell it to electric car battery business to, China's. Envisioned group no price has been disclosed but under the deal Nissan would be keeping a twenty five. Percent stake in the business Nissan had been planning on selling the unit. To a private equity group in China that deal, collapsed about a month, ago and on earnings watch lookout for. HSBC it will be reporting interim results investors are looking for. HSBC to deliver. I better message on cue. To revenue versus growth and they'll be watching for, the Bank Margin outlook, as well, h SBC sizable trade finance business will also be in the spotlight, given the fact that we. Were talking a lot about these trade tensions and how they're intensified SoftBank is. Another, company to watch today the stock as well with quarterly results coming out we get more on that from. Bloomberg Susanna Palmer soft bank's operating income probably fell in the June quarter amid sluggish. Domestic telecom earnings and assuming a lower spectrum exchange gain at sprint valuation gains for. Soft bank's tech funds probably, weren't enough to offset, that since it's flip cart stake sale to WalMart hasn't been completed. Soft bank's founder overseas the largest tech fund in history the vision fund has been pouring money into industries such as ride hailing ecommerce digital. Payments satellites semiconductors agriculture. Cancer detection and artificial intelligence Susanna. Palmer Bloomberg daybreak Asia we're thirty-three past. The hour we've got a relatively stable Japanese yen, against the dollar here at one eleven Twenty, four let's, get. To Tokyo checking with Bloomberg's. Jeff Sutherland he's got his eye on the market in Japan good morning Jeff Good morning yes it fairly slow here, some common, the market after some drama last week when the be okay said they'll allow some flexibility on bond yields right, now the yen a steady this morning after I climbed point four percent, on Friday on the, back of the US jobs report and then. Dr, fled also at that comes after they lost one point nine percent last week think tech companies. In automakers doing very well well the banks are lower for carmakers looking at Toyota, that step on change right now on Friday the company's earnings topped estimates and it. Kept it full year earnings forecast on changed. But then it flashed its prediction for, North American sales for a trade war talented. So there's more earnings out ahead this, week he. Mentioned SoftBank coming up later today and, another thing. To want to economic data we have GDP coming. Up on Friday All right, thanks to Bloomberg's Jeff Sutherland. One of the key focal, points for markets today is going to be the relationship, of the on, a with the dollar we had a strengthening in the New York session Friday, that, was after the PBOC. Imposed we were talking about this earlier reserve requirement of twenty percent on, some trading of foreign exchange forward contracts then a short, while ago, the economic observer a port reported that PBOC advisor was saying do you want won't break seven per dollar now, we got as weak as six Ninety-one during the New York session actually, this was late in, the Hong Kong session on Friday it strengthened. During, New York trading right now we're trading at six eighty four forty eight that's the offshore you. Want against the dollar Bloomberg dollar spot index meantime after a weaker session on Friday, it's moving up by about one tenth of one percent the US tenure treasury yield. Now at two ninety five we had the. Employment data to sift through on balanced, kind of mixed but it really doesn't take. Us away from the notion that the is going to raise rates at least two more times in calendar two thousand eighteen w._t._i. crude oil meantime sixty eight fifty four and a quick recap of equities nikkei now weaker by about one tenth of one percent in hong kong no trading yet kospi is up three tenths of one percent and in sydney limited trading and we have the a._s._x. two hundred higher.
WGR Programming
China's consumer inflation picks up in June
"With brent crude at seventy eight dollars and sixty one cents higher by about two thirds of one percent this is a us government report is expected to show a decline in stockpiles for fourth week out to the past five yousef yeah let's cross over to singapore where wes goodman from the markets live team joins us wes chinese consumer prices for june came in at one point nine percent producer prices were slightly higher than expected at four point seven percent what these figures say about the outlook for the pbc right hi good morning everyone well you know especially the one point nine percent gain in consumer prices i think shows that inflation is in check and this will give the pboc room to ease policy to keep easing policy as the the us us tariffs threatened to to slow growth in china the pboc seems to be pursuing a policy of targeted easing for example by freeing up money for banks last week the socalled triple arcot and there was a central bank adviser today who said there's room to keep pumping money into the money market to keep adding liquidity which has the effect of bringing yields down so inflation in check that will allow the central bank to keep taking these steps what we're calling targeted easing steps which it has been doing to help the economy another story that we're looking at west is these continued gains that we're seeing in asian equity markets the topics index higher for a third consecutive day alongside the asia pacific index as i was saying earlier what's driving this advance and this advance in japan particularly right yeah you know for the past couple of days the all the action has been in china stocks but today it really focused on japan there seems to be some strength fair and that comes in tandem with a weakening in the yen again is approaching its lowest level since january and keep in mind not essential theme for all these asian countries is that a weaker currency helps them keep up demand for their exports so the yen is weakening that's helping japan stocks the topics still down more than five percent this year and so maybe some help for the currency heading into the second half will will help stocks recoup some of those losses there you have it right wes goodman thank you very much for.
Joe Walsh
Germany and China sign deals, lobby against US trade tariffs
"To foreign investment drawing a contrast with the us stance on three she spoke after talks with chinese premier li chung in berlin i think reliable cooperation is particularly important in times of worldwide insecurity and this is also important to openly discuss issues we are not agreeing are achieving success at the same time correspondent tom mackenzie joins us from beijing tom is this a clear message a clear signal that a united front is being formed against the folks watching well certainly both sides are more clearly singing from the same hymn sheet when it comes to defending push back against what they say is protectionism defending and upholding the global rulesbased system as you may say the proof is in the pudding it isn't just symbolic that's what the germans and the chinese would say they point to this deal that was unveiled in berlin for the big chemicals company in germany to invest ten billion dollars in guangdong southern chinese province an owner fully outright now locals said that was an example of the chinese putting their money where their mouth is in terms of market access on the other side you've got to chinese firm the biggest maker of electric vehicle battery saying it's going to open a factory in eastern germany but there are issues that remain divide these two countries germany and china that i'm reliably to be resolved in the near term around level playing field that something that merckel highlights and also investment from china into germany lawmakers in burling looking to greater is that chinese investment those issues remain we've had a little bit of a spike higher in the nearterm inflation numbers but they're still fundamental concern that ppi or factory inflation is fading number from china what are the drivers behind the numbers on this spike in this month yeah you're absolutely right so we got a number of four point seven percent above the print that we got in may four point one percent some of the drivers the oil price was key today's the metals prices were bit makes so copper with a little bit higher but some of the steel prices were softer as you say though the consensus is that these juicer prices are going to soften in the second half that will make it more difficult for these corporates to pay down some of that debts make that deleveraging campaign a little bit more tricky in terms of the consumer prices those ticked up just marginally one point nine percent from about one point eight percent back in may take up in food prices still aways from that pboc target of three percent so no direct pressure at the moment at least in the short term on the act in relation to those consumer prices but yes potentially looking producer prices is factory gate prices slightly softer in the second half of the making that job a little bit more difficult in terms of the debt telmex reporting a china correspondent tom mackenzie in beijing's and breaking lines any of the bloomberg on turkey again we have been seeing a cascade of decrees being published with the new position of president richard tiber and now we understand that he has been power to name the central bank governor we also understand that there's been a change in the term limit for the central bank governor four years instead of five years this comes down to hide much power does everyone have the markets wanted to see somebody like simsek reappointed back into the cabinet they didn't get that they got his soninlaw he's going to be in charge of treasury who's going to be in charge of finance and that's what's on seeded the market at turkey bars the president from removing the central bank governor and that's going to be that's going to be moderate that's gonna be moderately bullish for the currency that's going to be some kind of framework in terms of the tenure of the central bank ownership and let's see how that plays out on the market for the moment you've got dollar lear virtually no reaction at all we got crushed yesterday done three and a half percent yesterday but it underscores that there's going to be still some sort of independence for the central bank here as much as it is a more powerful position for the turkish president we'll keep a close eye on this for you let's get back to the conversation with pineridge investments omar slim he's still with us from our singapore studio omar i want to get into this china data and we put together a chart that.
Bloomberg Daybreak: Europe
Micron barred from selling chips in China, rival says
"In paris frankfurt or brussels good morning everyone i'm nara chayhitch marcus carlson and i'm markus karlsson good morning it helps if actually pressed the little button that turns my microphone on doesn't it we've been looking at another day all the losses over in the asian session even as the chinese yuan recovers from its recent losses equities in mainland china and other markets still under pressure hong kong for instance down by as much as one point four percent i'm talking there of course about the hang seng index at the same time though the asia pacific index has been preparing previous lawsuits still down though still in negative territory of by about two tenths of one percent the topics in tokyo closing marginally higher european futures they are pointing to a weaker open for european equities as well euro stocks fifty futures off by quarter of a percentage point we're seeing footsie futures off by tenth of one percent dax futures by one third of one percent when it comes to ethics the chinese yuan still very much in the spotlight it is rising though for a second day after the pboc pledged yesterday to keep the currency stable both the onshore is what is the offshore yuan rising the offshore by six tenths of one percent the dollar remains under pressure for second day against other major currencies with the bloomberg dollar spot index now at a three week low of about two tenths of one percent all prices rising today with wti currently climbing by let's see run about half of one percent at seventy four dollars and forty eight cents let's turn to our top stories marcus on a chinese court has temporarily banned micron technology from selling chips in china cutting the us company off from the world's largest semiconductor market that's according to microns taiwanese rival umc which says a payton ruling was issued in its favour blocking micron from selling twenty six products in the country bloomberg's ian king says this impacts microns dynamic random access memory from the us perspective from the market here investors in micron stock here on something of this magnitude is not what i wanted to be reading about micron says at this point it hasn't been served with an injunction at the same time we've been hearing about thi this as the shares have jumped after the company was handed a lifeline and allowed to resume business in the us at least temporarily the band though that's been put in place on said t e business may already be hurting the company this is bloomberg understands that the firm lost out to erickson for six hundred million euro contract supply wireless equipment to win trae which is a.
Bloomberg Daybreak: Europe
Global stocks tread water on trade worries, yuan steadies
"Radio an interesting things happening in the markets today in terms of the un that of course still very much in focus off to the pboc verbally propped up the currency we all seeing a little bit of strength when it comes to the onshore and the offshore yuan today so relief from the weakness that we've seen in past days and weeks we see the on shore you and trading at six sixty to ninety one of the offshore at six sixty four zero four so pulling back from that six seven level that was seen as pretty key and a line in the sand after the pboc for some taking a look at how the dollar's doing the bloomberg dollar index off by some one tenth of a percent against the greenback the south korean won south african rand and aussie dollar of the major currencies outperforming but most major current these are gaining against the dollar if we take a look at what's happening in asian equities so here you're not seeing quite the risk off that we've seen in some other sessions the mci asia pacific index treading water earlier it's off by about two tenths of a percent at the moment so a little bit of risk off with those trade tensions still brewing the hang sang very much underperforming down one percent at the moment in the fixed income space of course we've got treasury markets closed as us stock and bond markets are closed for independence day happy july fourth to anybody listening and celebrating of course the european bomb markets cash markets opening up about now as well we'll bring you those prices and yields as we get them and turning two european currencies the euro unchanged one sixteen sixty seven let's take a quick check on table as we are focusing a quite a bit on brexit in this hour cable unchanged to bang on the nose at one thirty two marcus or you were talking earlier about the risk of sentiment in the asian equities session looking at a european futures they too are pointing lower with less than an hour to go before the opening euro stocks fifty futures down by thirty or or by thirty basis points zero point three percent rather we're seeing footsie100 futures also on the back foot tax futures done by four tenths of one percent cacao futures down by a run about one third of one percents whereas i say a little bit of a risk of sentiment perhaps ahead of the open after gains yesterday the stock six hundred gaining run about eight tenths of one percent in tuesday's session when it comes to commodities this morning.
Bloomberg Daybreak: Asia
Oracle's forecast miss overshadows cloud growth, shares fall
"The way that was lloyd blankfein speaking earlier in the conversation with bloomberg editor in chief john mickel three so if it's not risk on risk off maybe the the glasses either have full or or half empty well china's central bank is calling for investors to remain calm after yesterday's trade related turmoil in markets bloomberg's yvonne man tells us the pboc is also pledging to use monetary policy comprehensively if necessary governor ye gong says policymakers are prepared for outside shocks and he's urging investors to remain rational in an article on the central bank's website lease says stock market turbulence is mostly driven by sentiment any promises to be forwardlooking prepare relevant policies and use all kinds of monetary tools the has already injected sixty two billion dollars into the economy so far in june the most in any month since december of two thousand sixteen in hong kong i'm yvonne man bloomberg daybreak asia well the long running joke about a starbucks on every corner in the united states may soon come to an end that story from bloomberg's denise pellegrini starbucks announcing it's closing one hundred and fifty company operated stores in densely penetrated us markets next fiscal year that's three times the number at historically shuts down annually starbucks is switching the focus to rural suburban unless caffeinated urban neighborhoods instead and the coffee chain also says it expects comparable sales to rise just one percent this year that's way below the two point nine percent analysts were expecting and would be the worst performance in about nine years meantime bloomberg intelligence says china offers a lot of potential for the coffee chain but trade wars are currently casting a shadow over those long term prospects denise pellegrini bloomberg daybreak asia reminds me of the james g novel a death in the family one character in that books was quoted as saying where he did say i hate that feeling when the bottle is empty and you're half full speaking of filled starbucks shares were down about two percent in late us trading so another stock we're tracking in addition to oracle now we talked about oracle beating earnings and revenue estimates in what you might think was a sign of traction for its at cloud computing but oracle is forecasting profit for the current quarter that is far below what the street was expecting that maybe signaling the company is struggling to make that pivot to cloud computing oracle shares were down nearly four percent in late us trading.
Bloomberg Daybreak: Asia
Amid damp sales, Starbucks to shut 150 cafes in US
"Any promises to be four looking prepare relevant policies and use all kinds of monetary tools the pboc has already injected sixty two billion dollars into the economy so far in june the most in any month since december of two thousand sixteen in hong kong i'm yvonne man bloomberg daybreak asia the long running joke about a starbucks on every corner in the united states may soon come to an end more on that from bloomberg's denise pellegrini starbucks announcing it's closing one hundred and fifty company operated stores in densely penetrated us markets next fiscal year that's three times the number at historically shuts down annually starbucks switching the focus to rural suburban unless caffeinated urban neighborhoods instead and the coffee chain also says it expects comparable sales to rise just one percent this year that's way below the two point nine percent analysts were expecting and would be the worst performance in about nine years meantime bloomberg intelligence says china offers a lot of potential for the coffee chain but trade wars are currently casting a shadow over those long term prospects denise pellegrini bloomberg daybreak asia and starbucks shares fell about two percent in light trading another stock retracting this hour is oracle had beaten eggs and revenue estimates and what he might be tempted to think is a sign of traction for its cloud push but oracle is forecasting profit for the current quarter the falls short of wall street distance that maybe signaling that it's struggling to pivot to the cloud oracle shares fell almost four percent might trading already is five and a half minutes here past the hour it's time for global news nited states has pulled out of the un human rights council boomberg ted baxter has global news from our bloomberg nine sixty san francisco newsroom ed yeah right brian secretary of state mike pompeo says it is hypocritical and it does not work amir look around the world today demonstrates that the council has failed in its stated objectives its membership includes a thorough tarian governments with unambiguous important human rights records such as china cuba and venezuela now bloomberg's nick wadham says this has been in the works but now it happened at a time when the council has criticized the us for the separation of families at the border nick says the us will lose cloud to fight for better human rights globally us membership on the body is generally seen as a symbolic measure that allows the us to keep up its role as a leader in human rights fear so the decision tobacco will be damaging for that meanwhile donald trump is doubling down on explaining why the children need to be separated from their parents and when you prosecute the parents coming in illegally which should happen you have to take the children away now we don't have to prosecute them but then we're not prosecuting him for coming in illegally that's not good and he also says you'll begin going after the government's from where the migrants come he has met with a house committee today working on a bill and he hopes to have something done as do the members meanwhile republicans are starting to separate themselves from him and come up with their own solutions this is mitch mcconnell the senate majority leader address issue i think we've got a problem we need to fix it everybody agrees you need to fix it and we're going to work on that one of the solutions is a move the families to the head of the line and then put them facilities where they are together until their processed and bloomberg news is reporting the trump administration plans to pay southwest cay programs inc four hundred fifty eight million dollars this year to pay for the immigrant children china's president xi jinping has told kim jong un he hopes north in us can fully implement the singapore agreement she citing the reports that cam pledged to work toward denuclearization in exchange for us security guarantees state broadcaster cctv reports she told kim that he hopes negotiations are on track and that the situation will continue to move in the direction of peace and stability global news twenty four hours a day on air and a tech talk on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries in san francisco i'm ed baxter this is bloomberg brian thank you very much eight minutes past the hour we're joined by stephen ns head of trading at asia pacific or for the.
Chinese stock prices March 19th 2018
"The hour i'm bryan curtis in hong kong risk off mode here in terms of the moody in asia with most of the markets now trending lower let's try and love doll in shanghai for a look at the china markets ryan good morning brian chinese stocks are falling today with coal producers among the biggest the kleiner's yanzhou coal mining is down four percent the biggest drop on china's three hundred large cap index while china's central energy is falling two point seven percent china's central on friday reported that its coal sales fell thirteen percent in february from a year earlier apple supplier lens technology is down as much as three percents after bloomberg reported that the iphone maker designing and producing its own device displays for the first time brian back over to you all right thanks very much let's take a quick look at the housing prices february new home prices rising in forty four cities monthonmonth in china that's versus fifty two in january and this is out of sample of seventy cities the year on year prices well up fifty nine cities out of fifty nine in the month of january and another mention here this morning you can't say it enough china has named egon as its i knew pboc governor in some fifteen years wti crude sixty two oh two gold is at third ten eleven and we've got the yield on the ten year treasury two point eight five percent twelve minutes before the top of the hour off san francisco we go let's get a news update and here's our ed baxter brian thank you polling today japan not good news for prime minister shinzo avi four polls tumbling to have him at his lowest level since he took office in two thousand twelve the assign is baker poll shows drop a thirty one percent to thirty one percent from forty four percent in a month that is a thirteen point drop in one month south korea saying that kim jong un has given his word and a commitment to eventual denuclearization north korean diplomat who handles north american affairs chokingly is headed to finland for talks with the.
The Bryan Crabtree Show
Trump signs tariffs but exempts Canada and Mexico
"The money collapse thirty plan here in hong kong i'm deborah mallet the first word news poll president trump is set to make kim jongun and why would be the first ever meeting between north korean leader at a sitting us president korea says the north will suspend nuclear and missile tests ahead of the talks which we're told we'll take place by may president trump says he's made great progress while president trump signed the order imposing tariffs on steel and aluminum imports while exempting canada and mexico and leaving the door open to sparing some other nations meanwhile eleven pacific rim nations signed a sweeping freetrade agreement and they reiterated their opposition to protectionism out the outgoing pboc governor says china can accelerate the opening up of the system by speeding up reform of market access joe such line told reporters in beijing that emphasizing quality growth can reduce reliance on biden reflective joe said he's been very fortunate to lead the pboc for fifteen years we have been preparing after joining the wto for several years to further open the market but unfortunately met with a global financial crisis now that we are in a new stage with regard to market openings we can be bolder and make the degree of opening even larger bubble is 24 hours a day powered by more than twenty seven hundred journalists and analysts in more than 120 countries this is bloomberg let's get over to julian szalai now for a look at what's moving in the markets today juliet well debra of kohl's to that potential meeting between trump and kim jong an israeli the focus will invest it today you have seen the msci asiapacific index jumped the paytv five 459 shows you these move but we have seen a sell out of those safe haven asset said the blue line they're showing the drop that you have seen in the japanese yen let's have a look at the overall market action of course a lot of focused on korean stokes today we had xinyuan asset management selling bloomberg that you could say the cull speak rise by thirty percent if north korea were to give up its nuclear weapons that korean kospi up by one percent today also some strong buying coming through eight hong kong's hang seng index and the other big news of the day of course was the fact that president trump had signed those steel and aluminum tariffs.