18 Burst results for "Standard Chartered Private Bank"

"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:10 min | 2 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Well a pact has been signed by more than 20 countries at the cop 26 climate change summit The intention here is cutting the use of fossil fuels Baxter has global news from a 9 60 newsroom in San Francisco at yeah statement but question mark on how effective it will be the pack has them stopping the funding of fossil fuel projects Brian by the end of next year It is not binding but the aim is very clear the pack loses some impact though a lot as China Japan South Korea and Spain have not signed on and those countries together in two years ending last year finaled some $32 billion in the fossil fuel projects Four U.S. lawmakers have urged President Biden to make nuclear risk reduction measures with China topic a in the meeting with Xi Jinping They cite the test of an orbital bombardment system as a Sputnik moment to quote general milley if they say if it is let as a result to a new arms race The House version of the Biden social spending bill raises nearly $1.48 trillion in new tax revenue as is a joint committee on taxation estimate Biden has pledged the bill will not add to the deficit House speaker Nancy Pelosi says today both bills will pass We're going to pass both bills But in order to do so we have to have votes for both bills And that's where we are Yeah and that's a problem Bloomberg's Emily Wilkins says she wants a vote by tomorrow They want a vote this week on both bills That reconciliation package that has the social welfare the climate the taxes and also that bipartisan infrastructure Bill But there's still a huge question whether Democrats in the House actually have the votes to pass those bills And Emily says they won't move without the votes U.S. health officials are seeing a lot of misinformation circulating on social media CDC director doctor Rochelle Walensky says the vaccines are safe I strongly encourage parents and their children to get vaccinated And if you have any questions about the vaccine please talk to your child's pediatrician a school nurse your local pharmacist or a trusted medical professional Doctor Anthony Fauci also saying today that booster shots for adults are very important Osha has issued a federal rule mandating COVID vaccinations or once weekly testing for workers in U.S. companies with a 100 or more employees This is a pillar of presidents pushed to drive up vaccination totals nationally The rule takes effect tomorrow with enforcement December 5th Interesting a hook on this testing options will cost about $100 a pop the mandate says weekly testing Some companies build the government $20,000 in testing costs last year under this ruling workers are expected to pay for their own tests in more cases And both Beijing and Hong Kong say they're making progress on border reopening plans Beijing consensus in major areas Hong Kong says constructive in San Francisco I'm at Baxter I have this is Bloomberg All right Brian All right thank you 8 minutes here past the hour This is lumber a day break Asia I'm Brian Curtis along with Kathleen Hayes Our guest is member gill head of FICC strategy at standard chartered private bank So I guess everybody was caught off guard here by the Bank of England's surprise decision to stand pat and quite a reaction in the bond market Your take man pride Good morning It's at least a disappointed where the market was at So I think that the reaction we're getting thereafter doesn't come as much of a surprise But I think it's an important area to separate the short term and long term I think in the short term we had consistent expectations to school quite far in one direction And indeed we've seen for many central banks But it's been consistent with the view that in the very short term I think on the balance Sterling and that presentation is pretty much what we've seen after the policy decision Longer term though I think it doesn't take away the point of what the conversation on inflation whether that's driven sort of untrue to be temporary factor or long-lasting and what sort of Central Bank reaction we get to that and what the U.S. dollar does So look at the long horizon we still have a bullish bias on Sterling strategic move to reverse But I think we need to work through the short term reaction first And so that's expectation to normalize before we can start on that 12 month journey The market seemed to think that central banks should be much more sensitive to market expectations and market moves I think central banks do try to communicate but at the same time traditionally at least central banks just figure out what we've got to do and the markets have to do what they're going to do Your guy who's part of the market right You're an investor What do you think Well it's always a difficult conversation because on one hand you're right It's usually a better voice for surprising markets in a big way But at times you know policymakers ultimately have to address their primary goals which are more central banks are a combination of inflation and growth So equally our job is investors to judge where the economy is going on that direction So when you look around the world whether it's just in the Bank of England or not consensus is looking for early tightening of Central Bank policy And if you look at the fed for example you know marketplace and what do they take And I think this comes back to the conversation about inflation we're also looking at the same data but we're of the view that a large part of this is still driven by what could prove to be temporary factors The other side is also differentiate between high and very high levels of inflation In the U.S. context for example if you're talking about inflation in the region of two and after 3% which is where 5 year or ten year expectations are that's a environment in which policy makers may be a little bit more comfortable than inflation or subscribers beyond that threshold for equity markets for example if you quite a big swing.

President Biden general milley deficit House Emily Wilkins Biden U.S. Rochelle Walensky China San Francisco Brian Brian Curtis Kathleen Hayes FICC standard chartered private ban Baxter Anthony Fauci
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:58 min | 2 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"On markets where the course of the RBA outlook in just what half an hour from now But whoo nonstop Yeah I think we've got to begin with the Bank of England and that surprising decision not to raise rates The market was kind of leaning into that but when it didn't happen boy there was a quick reversal A lot of weakness in the British pound against the dollar We were down about 1.4% in New York and then you're absolutely right A real repricing because the concern here among traders of U.S. treasuries that may be Jay Powell and company could adopt a similar playbook here right Maybe being a little bit more dovish than the market had taken away yesterday as a result of the fed meeting Powell himself said we get through tapering interest rate increases are on the table on the table I think those were his words indeed So we had in terms of the ten year we were down about 7 basis points One 52 right now in the Tokyo session we move up to one 54 and in the equity market we've got the nikkei just let's call it the flat right now We've been fluctuating in the opening moments between gains and losses But I want to point out too that with the move down in rates we had a rally in information tech consumer discretionary and record highs in the U.S. for both the S&P and the NASDAQ Right now in Seoul the Cosby is higher by about three tenths of 1% and in Sydney where the market's been trading for about an hour now the ASX 200 is ahead by half of 1% Quite a bit of dollar strength in the New York session with the Bloomberg dollar spot index up four tenths of 1% Little change now the yen much stronger here one 1380 and the offshore Chinese currency I'm going to say it's steady The big weakness as I mentioned not only with pound but the Euro as well and we'll be talking more about market action with you in about 15 minutes Bryant and we have man pre gill coming up in a few moments from standard chartered private bank for his insights on markets All right let's take a look at some of the top stories here OPEC plus and its allies rejecting President Biden's please for a big increase in oil production to try to help bring some of these higher fuel prices down The group approved an increase of 400,000 barrels per day for December but it wasn't quite what President Biden was looking for OPEC's de facto leader is Saudi oil minister prince Abdul Aziz bin Salman he defended the decision We have a record to show comparing us as public plus not as with some of you unfortunately call it says Carter but as a responsive regulator to a market that needs to be regretted Salman also said elevated oil prices are part of a wider energy crunch and he said the energy complex is going through havoc and even hell in response The White House said it would consider the full range of options and the tools that it has to protect the American economy Markets widely expected the U.S. to release supplies from the emergency petroleum reserves and crude oil in New York dropped by two and a half percent His recovered a little bit about one and a half percent of that trading now at 79 96 a barrel Well let's look at another big story here President Xi Jinping saying China is open to talks on industrial subsidies and state owned companies Here she's speaking at the opening of the China international import expo China will take an active and open attitude in negotiations on issues including digital economy trade and environment industrial subsidies and state owned enterprises China will safeguard the position of multilateral trade systems as the key channel to formulate international rules Even so the United States is still concerned about the state controlled structure of China's economy and the U.S. has repeatedly called China's practices quote unfair and non market All right the time is 5 minutes past the hour It's time for world news.

President Biden Jay Powell RBA U.S. Bank of England New York OPEC prince Abdul Aziz bin Salman Powell Seoul Tokyo fed American economy Markets gill Sydney Bryant
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:19 min | 7 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Directly linked with that of Japan. He says. Japan's defenses are increasingly being overshadowed by China's military. Mike House Speaker Nancy Pelosi. Pelosi says the infrastructure compromise will not make it to the floor until the Senate passes. The compromise and reconciliation Bill Hong Kong is tightened quarantine requirements for UK arrivals from June 28th. U S CDC doctor Rochelle Walensky says a doubling in just two weeks and the hardest hit areas are those where there is where there is a lower vaccination rate more finding in the movement of the finding of the delta variant in Sydney for areas all right now now going to be locked down until at least July, 2nd. Now much of Sydney had already been told. Not to leave the area, but we're also being told that the health authorities expect to have more cases. President Biden is making an impassioned plea today to help get people get vaccinated. Especially the young being hit by the Delta virus. Officials in Dade County, Florida, say at least 99 people are still uncounted, unaccounted for. In the surf side building collapse. 37 polls from the rubble, they say. One confirmed death. Focus on search and rescue. Now in San Francisco, I met Baxter. This is Bloomberg jewels. Thank you, Ed. Let's get back to Steve Ross C I o of Standard chartered private bank who joins us from Singapore. Brian was saying Have we reached peak growth also want to ask you You're more thoughts on on the reopening trade and where we see that go, particularly when we look at the oil market and calls here that we could get oil back to $100 a barrel. Yes, certainly. I mean, obviously, the demand picture for oil over the coming 6 12 months looks pretty positive as those Rio needs continue. As I say. We're focused largely on that playing out in Europe at the moment, but The emerging market world will come behind it. It's just, you know, that would be nuanced on vaccinations, etcetera, and meanwhile, we think that the OPEC prices likely to keep supply pretty much under control. Allow prices to drift a little bit higher. I'm not convinced about $100 a barrel to be honest, but, you know, I think that the trend is still there. And so maybe we can go another 5 $10 in the next three months. Steve on Europe. Uh, it does seem kind of I wouldn't say obvious, but I mean, it does seem that it could be next after the U. S. If it replicates the success on the vaccine level. But one issue might be valuations. Although I'm not sure we can really glean too much from the valuations because the earnings have been held back by all the closures and everything, but if you look at at the levels of the Dax I mean, these are right around all time highs. Right. So are the valuations indeed high, or are they somewhat, um You know, stunted by the the trouble is that I just mentioned Yes. So if you look at valuations, I mean they're clearly not low, right? So you know, and if they be traded at discount, obviously to the U. S, But that's normally the case so they're not like an extreme discounts to the U. S market. But yes, But we were looking at earnings revisions and economic growth revisions. They're much more positive in Europe over the past couple of weeks that than they are elsewhere in the world. So this idea that Okay, We've had the tailwind of upside surprises in the U. S earnings That's probably likely to Peter out going forward. Now we're seeing that country more in Europe. And if you look at the UK, obviously, the UK is cheap, particularly relative to the rest of the world and extreme cheap, so it's not just the euro area and attacks. We are also overweight, the UK market as well. How much of a threat though, is variants and I guess perhaps vaccines not being delivered fast enough to this overall picture when you look at what's happening with the delta very in and how that's kind of a pending some of the recovery. Yeah, I think that it sort of fits the narrative. I'm not sure how big a driver it is for market sentiment perspective. But you know if you're saying that vaccinations slowed down significantly in the U. S. In the UK That's not happening at all. And so these pop vaccination sites are being overwhelmed by people with the younger ages as well wanting to be vaccinated. So so I don't see that as a major concern. Obviously, it could delay the rest of the world in terms of Asia and the M and has done so far. The variance. Obviously, that's that's a potential game changer. Right? So if we say that, actually the vaccines and not, um, effective against new variant, then obviously that changes the world picture dramatically, and that's something that we have to keep an eye on. So you like Europe and you like high yield. So you're kind of swashbuckling here in a sense? Um, What about what I mean? You know, shed some light on the high yield in and of course you say developed markets, but also what about Japan? Yes. So as far as developed market high yield is concerned. You know, we are. We are still overweight evaluations. There are clearly you know, quite quite expensive, but normally you don't get a significant widening of spreads until you get very close to the end of the cycle, And we still think we're probably entering mid cycle in the U. S. Still early cycle, obviously in Europe, So we think we've still got some time to to benefit from the high yields and offer without too much.

San Francisco Steve June 28th Brian Sydney Pelosi Ed Rochelle Walensky 37 polls Singapore OPEC Senate Steve Ross C July, 2nd U S CDC euro Europe Baxter Dade County, Florida Nancy Pelosi
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:20 min | 7 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"As we've been reporting the U. S infrastructure compromise has been reached. But that doesn't mean there won't be a rocky road ahead at Baxter's in San Francisco with all the latest it, Yeah, Juliet House Speaker Nancy Pelosi already indicating a major pothole in the road, We will not take up a bill in the House. Until the Senate passes, the bipartisan bill and an emphasis and a reconciliation bill. So Pelosi is tied at two reconciliation, which intersects with filibuster, and Senate Minority Leader Mitch McConnell says all this makes his head spin expression of bipartisanship and then an ultimate On behalf and then an ultimatum on behalf of your left wing base opposing messages in less than two hours, McConnell says. And Lonnie Chan at the Hoover Institution and Stanford's at Stanford says, Well, it's not going to be. It won't be the end. This is going to be a long road, You know, they're clearly will be some additional sticking points. There obviously, is still some conversation about the sequencing. This notion of a two part deal exactly where the pay fors are going to come from. I think those details are probably going to spawn news cycles in and of themselves, Chan says. Some good movement but much more work to be done. Hong Kong has tightened quarantine requirements for UK arrivals from June 28th Hong Kong will raise the UK risk level to very high from high 21 Day compulsory quarantine quarantine hotels. Delta variant now cutting a swath through the U. S. Western Colorado, says cases now up over 50% proportionally due to Delta, the variant, CDC director Dr Rochelle Walensky says nationally cases are way up as well. About a month ago We had about 2.7% of all of our cases here in the United States are Delta variants. About two weeks ago. That was 9.9%. Now it's up to 20.6%. We've seen a doubling in just the two weeks so again, Wilensky says, doubling in just two weeks. The hardest hit areas are those where there is a lower vaccination rate. And President Biden an appearance in North Carolina, making a fervent play for people to get vaccinated. 600,000 plus Americans have died. There's still the very you know there's going to be others as well. Know what's going to happen. We've got to get our young people vaccinate. He also says it protects the population as a whole. Health officials. Hong Kong look into case that is likely to involve the Delta variant and type poll a mandatory twist testing underway. As CMP says officials say a new development to interfere with the plan to relate will not interfere with a plan to relax quarantine requirements for city arrivals. And officials in Dade County, Florida say now at least 99 people are still unaccounted for in the Surfside building collapse. They say 102 people are accounted for that had been missing. 37 have been pulled from the rubble at last count at last update. They do say they have one confirmed fatality. But remember, 99 people are still unaccounted for. In San Francisco. I'm at Baxter. This is Bloomberg are Brian. All right. Thanks very much. Ed. The time here is just about eight minutes past the hour. Let's get to our guest. Steve Brice, CEO of Standard Chartered Private Bank. Steve Fed fear seemingly on hold here, at least for this day, a number of positives coming out of the US overnight which seems to be helping fuel the rally here. I think one of the interesting aspects of today's You had both cyclicals value stocks generally and growth rallying. There's basically nobody left behind, except perhaps utilities and real estate. Do you think that's likely to continue? I think in the big picture, it probably is. I mean, we still have a skewed towards value over overgrowth so appear to say, which would prefer it definitely the value and obviously the The Fed stress test for the banks just plays into that theme. So we're looking for dividends and share buybacks in the bank sector to increase going forward, and we do believe that over the longer term, we will see the 10 year yield. Moved modestly higher in an environment where growth is still strong, so all of those things unless that's great stuff, well staffed world should be pretty good for value, but overall we're still pretty constructive on the on the market. Steve. What kind of upside do we see in Asian stocks from the U. S infrastructure plan? Yes. So Asia, we're not. It's not a preferred area of ours at the moment, So you know it. We were still bullish, but not we prefer actually Europe about top call at the moment rather than rather than nature. And the main reason for that is actually this. You know this radiation of growth or the handing over the patterns of China recover first than the U. S. And people are talking about us exceptionalism. Now we think you get you accept us. Exceptionalism is the key and we're moving on to Europe, Reopenings and the drive coming, their evaluations still relatively attractive. So From our perspective, Europe is actually probably going to be the major beneficiary of what's happening at the moment rather than Asia. Asia obviously focused. You know, China has a lot of headwinds. At the moment, some sentiment increased, but If you're looking at high PPE that's typically puts margins under pressure. So you know, probably still some time before we see that reverse out. Jules, I'll take a stab at your question. Electric vehicles, one sector that that are outperforming and may continue to do very well. So you can watch exposing and neo and all those But back to Steve. I mean, he's are real guest here. I note that among your risks, you don't mention inflation. What's up? Yeah. I mean, if you're looking 3 to 5 years out there, maybe inflection is is a greater risk. But we think inflation is already paid inmates. So we strongly believe that a lot of the supply bottlenecks in the labour market bottlenecks are going to diminish as we go through the second half of the year. As mentioned actually, and one of the previous segment, talking about bank lending remaining for that money lost past the week, so that should help. In fact, you can lower okay, Steve will continue.

Steve Brice Lonnie Chan Steve McConnell United States Wilensky Standard Chartered Private Ban Ed North Carolina June 28th Jules Pelosi 99 people Brian 3 102 people Mitch McConnell 10 year 9.9% CDC
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:49 min | 11 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Million doses of the vaccine by the end of this week, 1.31 million doses by next week where administering the stars of yesterday, averaging 201. 1000 doses a day. Do the math. Supplies. The issue forecasts are pays for covert 19 doubts will drop sharply in the next four weeks, and CDC and Johns Hopkins say new case is starting to add to the death toll would be a drop of 43%. Me. Amar. Police have filed a new charge of violating covered restrictions against Aung San Souci. Maximum jail sends three years Donald Trump has lashed out at Senate Minority Leader Mitch McConnell, calling him a dour, unsmiling political hack and blaming him for the GOP loss of the Senate. After the Senate acquittal, McConnell blasted Trump and said prosecutions of him We're not over yet. And Que the prosecution's federal court suit filed against Trump Rudy Giuliani, the proud boys and oath keepers for conspiring to incite the capital riots filed by representative Bennie Thompson from Mississippi and the end double up. In San Francisco. I'm Ed Baxter. This is Bloomberg. I want to ask you about your mani pedi. Brian, can. Is that gonna be available to you, too? Hey, no, I don't need that today. But I'll tell you, I could listen to your newscast all day long. That might be even as good as missiles. That was a good one. There. I just listening to those I mean, really, I mean, you check check and check enough said. All right, let's get to our guest. Manpreet Gil, head of F I C C strategy at Standard Chartered Private Bank. Manpreet. Great to have you on the program. I said you're the perfect person. We've got a lot of optimism out there. I mean, equities have been, you know to the moon sort of thing. And you can understand it to a certain degree, the re opening of economies all this progress in the vaccines and the slowing pace of infections. Maybe that's even chief among them, But because there's so much attention on equities, would I be smarter to maybe hang out in corporate credit, investment, great and even high yield. Morning, Brian. What do some eccentric in the mix is actually quite important, I'd say, you know, we were having this conversation a month ago. I think I would absolutely agree with you. But I think today we have seen an equally strong rally in many parts of whiskey credits and look at traditional high yield to possibly traditions High in the neck with these look both might do very well, but I think that experience might sort of put something eventual limit on tradition for developed market. US European high yield. While equities meeting at least don't have that sort of limit. But within credit, we do think we're looking at Asian high ego looking at Ian credit. That's where the spec tightening hasn't quite happened to still get a pretty good yield. So if you're looking for income, of course, we think that's still quite attractive, certain income context. We think that's still out of Lee, You know, equally effective as equities. But I think it's it's uncommitted, getting the Knicks of old trade because we clearly as you mentioned environment that there's a lot of liquidity, bond yields rising but still quite low on that's an equally good environment for equities as well. So the risky fact we've actually got a good balance between the two just within the height space given extent of rally, we've seen sort of year to date, just sort of saying, OK, they're better regional next, which You know, sitting here today, I'd say he's in his office. Maybe a little bit better value compared to us High heeled but you know, most attractive. Memory When we look, though, at that rally that you've seen, particularly in the 10 year, the highest level in almost a year. How much further do you think that we see yields rise in Treasuries is this kind of the start of a more secular move higher. When I think what we're seeing in its oil will be quite important because I think if you take Julia short on technical view and leave all this, like, sort of around 1 30 to 1 33 years at sort of a logical target for a short and technical drivel, rising 10 year yield. But clearly there now so I think would be quite important to see is you know there's the rally. Indeed, Sir. Paul's now entered the gate. You don't lower or are we moving in the sense to hire bank on getting that to sort of big drivers here are one, of course was happening on all ultimately, you know, we think the rebound knowledge Extend driven by Don't which is by definition of somewhat short don't phenomena, but also you know how far this Reflationary Valley calls because you think it's about inflation more broadly. Um, but I think it equally serve looking at beyond just opinion unit. If I think they're not gonna affect up some credit spread and equities, we'd argue they're still a little bit more sort of leeway over there. Particularly is Rising uses me need driven by higher inflation expectations. Yeah, buddy, I think it's getting close to the point was welcomed by how much for the rico Those rising yields. Definitely giving some competition. A gold here. We've seen gold tumble. You know, we got on gold futures up too close to 2100 on.

Ed Baxter Bennie Thompson San Francisco Rudy Giuliani Trump Manpreet Gil Donald Trump McConnell Mississippi 19 doubts Manpreet GOP Brian Standard Chartered Private Ban next week 10 year 43% Bloomberg today Mitch McConnell
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:49 min | 11 months ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"We've done. Christina in New York Doug I want to begin in Japan Juliet because if you go inside the Nikkei, 2 25 now using the Bloomberg terminal in the function is w E I go. You can see that Only two industry groups within the 11 inside the Nikkei are actually positive energy and financials, and this reflects Too dominant themes playing out in markets, higher crude oil prices, pushing energy shares to the upside and a jump in long term rates. Lifting the financials. Now as I'm speaking, though, I'm looking at the crude oil price drifting just a bit lower here. We're down about a half of 1% in wt I in the Elektronik session trading 59 80. Stateside. We finished mixed. Although intraday. To be fair, we did manage to set intraday records The SNP did and down about 1/10 of 1% NASDAQ comp, dropping about 3/10 of 1%. But the Dow did manage a record thanks to strengthen energy and financials Right now in Tokyo, The Nikkei is down 7/10 of 1%. Cosby for its part weaker by about 1.3% same function. W E. I go. We're seeing weakness and information Tech leading the way lower in South Korea in Sydney ASX 200 off about 6/10 of 1% got a 10 Year Treasury giving back just a basis point now in the Tokyo session, 1.30% Nonetheless, that's up about 10 basis points relative to where we were yesterday during the Asian session. We've got stronger dollar with the Bloomberg dollar spot Index rising 2/10 of 1% now the end with the one of six handle and a weaker offshore Chinese currency, Brian 6, 43 24. And I'll tell you we've got the perfect person coming up Manpreet Gil, head of fixed income in corporate credit strategies, that standard chartered private bank that'll be coming up in the next few moments. Let's take a closer look now, though, at this oil story U. S oil production cut by about a third as the result of this deep freeze that we've seen across the U. S Midwest. We're told that output is down about 3.5 million barrels a day or more losses, particularly large in the Permian Basin in the Texas areas. It's the most prolific shale oil region covers West Texas and southeastern New Mexico. And oil companies are warning the customers. Occidental Petroleum, for instance, told buyers that it would be forced to curb deliveries. Transportation facilities also been disrupted and events, um delays in the receipt and delivery of oil. Lindbergh's Rachel Adams. Hurd told us this is just the beginning of production cuts this week. I think the expectation is that others will have to do that. I mean, we have seen so many force measures as far as pipelines just because Ah, lot of these facilities have been impacted by this dramatic loss of pressure all of a sudden, but certainly I think the expectation is that we're gonna have see other impacts of the storm on the extreme side of things. We know for a fact that Woz production of come off of the market because of the cold. In the meantime, Chevron has shut in some wells in the Permian region, and Citgo Petroleum says its refinery in Texas will not be able to deliver fuels in all more than 20. Oil refineries have been disrupted. Well, Bitcoin surged past $50,000 for the first time during New York Trade and micro Strategy has doubled down on Bitcoin Theo Enterprise software maker says it will sell $600 million of convertible bonds with the intention of adding to its peak coin stash. This follows moves by Tesla and MasterCard to get behind crypto currencies on we recently learned Morgan Stanley may add Bitcoin to its list of possible beds. Bitcoin, the world's largest crypto currency is up about 70% so far this year Trading $49,211 at the moment, Ryan Yikes. Five minutes here past the hour. Let's get a news update. So right here in Hong Kong.

Tesla Ryan Yikes Hong Kong Christina MasterCard $600 million Rachel Adams Citgo Petroleum West Texas Morgan Stanley Permian Basin New York U. S Midwest Occidental Petroleum $49,211 1.30% Permian Texas yesterday Chevron
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:29 min | 1 year ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Pushing higher, particularly in Australia, where the ASX 200 is up about 1.1%. We had a risk on day in the U. S. Some of it was tied to this idea that we're closer now to some kind of federal relief coming out of Congress, and we should point out as well that the vaccine roll out in the U. S continues without Any major disruptions. To be fair, though there are the risks of a much tighter restrictions, particularly here in New York City, where the mayor was saying residents can expect a shutdown of all but essential businesses soon after Christmas, and we know the story in Europe. Is that governments have been tightening measures. For the moment, though it was all about the higher stocks today, particularly small caps in the states, where the Russell 2000 was up about 2.4%. The Dow up more than 1%. And where the S and P and the NASDAQ or each concern gains of about 1.3% crude oil right now, 47 60 in the Elektronik session. Some of this move up and crude is tied to the positive outlook for fiscal support. But at the same time reports out of Saudi Arabia indicating that the government and officials there are working with OPEC plus producers to stabilize the market. Right now. In Tokyo. The Nikkei is up more than 3/10 of 1% similar story in Seoul in Sydney as sex 200 had more than 1.1%. The dollar right now recovering after some New York weakness in the New York session, We had the Bloomberg Dollars spot Index down 4/10 of 1% right now, a gain of 1/10 of 1%. All right, that is market action. We moved to global news. Mark Mills is in the Bloomberg News remark. Doug. South Korea reported a record jump in covert 19 cases over a 24 hour period. As the nation seeks to contain a third wave of infections. Hong Kong is considering extending social distancing restrictions on dining beyond Christmas. And is planning more relief spending for affected businesses, according to local media reports. As cases surge in California Governor Gavin Newsom is looking overseas toe higher, temporarily medical personnel, he said, the state may ask the U. S navy to send back the hospital ship mercy and has sent 5000 more body bags, two hard hit counties. Governor Andrew Cuomo said New York recorded 128 deaths from covert 19, the most since mid May. The state also had 5982 patients hospitalized with the virus approaching the 6000 market hit last May, 15th President elect Joe Biden has picked former EPA chief Gina McCarthy as his climate policies are and a foot or more of snow could blanket the mid Atlantic and Northeast starting Wednesday, snarling traffic and sparking power outages while bringing New York It's worse December storm in 10 years Global news 24 hours a day on Erin on quick. Take my Bloomberg powered by more than 2700, journalists and analysts in more than 120 countries. I'm Mark Mills. This is Bloomberg. Juliet. Thank you so much Mark, just getting some breaking news across the Bloomberg as the Australian Trade minister Salmon Birmingham speaks in camera that Australia will take the China barley tariffs to the World Trade Organization. They're saying this is a logical and appropriate next step as they see this trade war, I guess. Heat up. With China so Australia to make a request here to the WTO's after China's barley tariff. Let's get more on this with Steve Breast chief investment strategist at Standard Chartered Private Bank, because I guess it is just a reminder that the trade war whether it's between the US and China or Australia and China is still something very much of the four and still could be something that would be a big risk to 2021. Yeah, to see if you're looking at the risks that they're out there. I think you'll see that the vaccine being dispersed in an efficient manner is one thing that we need to watch but also then Relations with China just generally, you know, everybody's assuming a czar, we that you know the U. S on DCI China that they'll still have issues that they sold, but they'll work together to try and solve them border than the previous administration. But you know, it's just hot lights. It's still going to be tricky on. Therefore, we may see risk of metal bands of risk off environments around trade tensions from time to time. Yeah, when it comes to the new but an administration as you say, perhaps not a potential reset exactly on January, 20 do you expect, though, that we will see a guess a better relationship than what we had seen under the Trump administration. Well, I think it would be more predictable, which I think is, you know, T China, even if it's still quite company, confrontational in terms of having different objectives and trying to you know they're trying to achieve or modify those that's still going to be the case, but at least it will be done in a way that not through Twitter and 31 arm of the government. I'm saying one thing, and then the president saying something totally different 24 hours later, so I think it will still move in a similar direction. Just be less uncertain Day today. It's a kind of tricky question to ask, because obviously blacks, one events of things that we don't see coming. But what else could they put in risk to this global economic recovery? Because if we think about where we were this time last year, we were certainly not expecting a pandemic on the horizon for 2020. Yes, sir. That clearly I mean, overseers. You mentioned that there is a vaccine doesn't work doesn't get distributed. It doesn't get deployed. For whatever reason, that would be a number one risk for everybody. But we still have the risk of a credit default cycle s o, you know, And that's actually one of the things they're trying to address on the fiscal policy front, and we're all assuming that they're managed to avoid that. But if for whatever reason that that did eventuate Clearly that would be very, very challenging for the global economy and vanquished back into recession, Probably a low probability event that very high high impact event as well. And how, I guess. Would you try and hedge against that? I know that when you're looking in within the bond market, for example, you're looking at some of the high yield in the developed markets is attractive place here. Yeah, It's not really a hedge against that environment. Of course, one of the areas of insanity hit Yeah, I suppose different areas being an actual enough environment would not be a bad place to be. Gold actually just downgraded our view on gold because of this risk on environment on the recent were on the expectation that real yields went won't go significantly lower from here. But in that environment off, see, central banks were becoming huge amounts of liquidity into the financial system. And gold would do pretty well. In that environment. I would reckon All right, Steve. Always great to get you inside. Thank you for joining us. Steve Price is chief investment strategist at Standard Chartered Private Bank on the line for us from Singapore and just reiterating this breaking news that we are getting from the Australian Trade Minister Simon Birmingham, speaking in camera, saying that Australia's chase to get case rather against China is incredibly strong and Australia will take Thebes Bali tariff issue with China to the World Trade Organization. Saying Australian grain growers and farmers and not subsidized they don't dump their products on global markets, and they clearly have the evidence to mount a strong case will continue to keep you updated on all the top. Business headlines and market news. Stay with us. This.

China Australia New York City Bloomberg World Trade Organization Mark Mills president Standard Chartered Private Ban Congress Salmon Birmingham Bloomberg News Governor Andrew Cuomo Europe Saudi Arabia Russell Governor Gavin Newsom Tokyo
Australia to seek WTO intervention in barley row with China

Bloomberg Daybreak: Asia

01:19 min | 1 year ago

Australia to seek WTO intervention in barley row with China

"Take the China barley tariffs to the World Trade Organization. They're saying this is a logical and appropriate next step as they see this trade war, I guess. Heat up. With China so Australia to make a request here to the WTO's after China's barley tariff. Let's get more on this with Steve Breast chief investment strategist at Standard Chartered Private Bank, because I guess it is just a reminder that the trade war whether it's between the US and China or Australia and China is still something very much of the four and still could be something that would be a big risk to 2021. Yeah, to see if you're looking at the risks that they're out there. I think you'll see that the vaccine being dispersed in an efficient manner is one thing that we need to watch but also then Relations with China just generally, you know, everybody's assuming a czar, we that you know the U. S on DCI China that they'll still have issues that they sold, but they'll work together to try and solve them border than the previous administration. But you know, it's just hot lights. It's still going to be tricky on. Therefore, we may see risk of metal bands of risk off environments around trade tensions from time to time. Yeah, when it comes to the new but an administration as you say, perhaps not a potential reset exactly on January, 20 do you expect, though, that we will see a guess a better relationship than what we had seen under the Trump administration. Well, I think it would be more predictable, which I think is, you know, T China, even if it's still quite company, confrontational in terms of having different objectives and trying to you know they're trying to achieve or modify those that's still going to be the case, but at least it will be done in a way that not through Twitter and 31 arm of the government. I'm saying one thing, and then the president saying something totally different 24 hours later, so I think it will still move in a similar direction. Just be less uncertain Day today.

China WTO Steve Breast Standard Chartered Private Ban Australia Trump Administration U. United States Twitter
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:58 min | 1 year ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"The CEOs of Facebook, Google, Amazon and Apple will were grilled today on Capitol Hill about their business practices. At this hearing, all leaders were accused of wielding too much power. And unfairly squashing competition. The number of Americans killed by the covert 19 pandemic is now above 150,000 California and Florida. To places most affected by covered, 19 reported daily fatalities easily above previous records. Even so, new infections appeared to have plateau DDE The FDA is reportedly nearing a decision to authorize emergency use of antibody rich blood plasma from recovered covert patients as a way of treating people newly infected with the virus. Dow Jones indicating the authorization could come as early as next week. Global used 24 hours a day on air and on Bloomberg. Quick. Take on Doug Christner. Kathleen! Doug, thank you so much. We are going to get right back to our guests. Clyde McDonnell, He's head of equity strategy at Standard Chartered Private Bank. And club. I have to ask you about an intriguing idea You sent to us ahead of this interview. When you're looking at some of the things you're watching very closely and pondering and value trying to emerge from under the shadow of growth as a theme. Explain that to us. What you applying this to the world overall or Asia or what? I think specifically the U. S. But where the US goes, the rest of the world will follow. What we're what we're seeing is the the care rise in valuations months ago, orientated stocks the fangs of this world. Other technology names as a squall come that you highlighted reported reported earnings overnight. The stocks have seen their evaluation premium rise. Quite significantly on has been a lot of investors that highlights that it's it's unsustainable on investors should be looking towards value sectors. The catch is that The only game in town at the moment is the growth that we're seeing in the technology space. If we look at earnings in the second quarter, tech companies will report report flat earnings admittedly not very exciting, but that compares with the border market that Lucy earnings growth of negative 40%. So you're seeing a real contrast between the outlook for the growth sectors in the value sectors. But the question on everybody's mind is that when will the discount for the values sectors? Relative to growth begin to narrow, and that's really what everybody that we speak to is focused on trying to get a handle on this. Yeah, it's once recovery takes hold, I suppose once the infection's turned down, and we both asked about rotation, meaning from gross to value, But what about rotation from the excessively high levels in the bond market into stocks of any kind? Well, I have the with US Treasury yields the 10 years stuck at a ceiling on it about 100.6%. Now there has been a lot of focus already of people moving away from government bonds into two other asset classes. One is credit on second, his equity credits in the real beneficiary so far. So we're for bond related investors that moving out of government bonds towards credit as the first port of call, we've seen high yield spreads narrow emerging market dollar bond spreads narrow As a result, we've also seeing it flows into inter global equities as well. So I think that's taking place that switch but its credit, which is the main beneficiary at the moment. What do you make of the gold rally? We saw a big move doing during the great financial crisis, you know, went way up. In fact, it's broken that previous record, then, of course. I went back down, but the bullish bulls say, Oh, no, it's going to keep going. You know, it's it's It's really going and it's going to continue to go higher. What do you think? I think there is potential for for gold notoriety further. I think the beekeeping this changed in recent months. Husband inflation expectations so seen a rise in inflation. Expectations are not helped. To boost Ah prices higher Azriel yields in the U. S have come down by thing is similar to our discussion earlier about the dollar that is weaker, but not as weak and as it has been the past 2011. Inflation expectations certainly have been rising, but they collapsed in March. Although we have the collapse in March were seen them rise back to where we were late last year on inflection expectations on I think that potential for gold to rally further. We're not Super Bowls on gold, but we think attempt of 2000 is quite possible him in your terms. Clive, You're private bankers, so dealing with wealthy individuals. What's the number? One question you get The number one question, but we get the moment really is about evaluations in the market, but Are we concerned about where evaluations But at the moment should we shouldn't A client be switching away from equities, which they perceived to be overvalued into each other at Casa, such as gold on the advice that we give back that you're valuations are are a mosaic. One should not focus on just a single has admitted. Most people are at the moment focusing on the price earnings ratio for us, which is above 20 times, But we think that we should focus on the mosaic of factors on one that we also focus on is the yield gap measure. With Mondial so low yield got measure actually highlights that equities look attractive relative to bomb the mosaic. You of market. There are some factions that records were overvalued. Their others have signal there, so it really comes down, Teo Focus. One comfort. All.

US Doug Christner FDA Teo Focus Facebook California Dow Jones Clyde McDonnell Bloomberg Asia Kathleen Apple Standard Chartered Private Ban Mondial Google Florida Clive
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:54 min | 1 year ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Now. Zuckerberg also defended his company's acquisition of Instagram. However, Judiciary Chairman Jerry Nadler presented some emails showing Zuckerberg bought Instagram because he was concerned. Here's Bloomberg Sarah Friar. He was threatened by Instagram new popularity and thought that they could be a big competitors Facebook in the future. So what he was forced to admit because these documents was that he acquired Instagrams across that competent Shin and then later in testimony, he has to say the same about what's that Now the chairman of the subcommittee is David Sicilian, and he said at some point you are one point during the hearing that these companies all four as they exist today do have monopoly power. The number of Americans killed by the Corona virus has now topped 150,000. Death tolls. Search two records in some of the hardest hit and most populous states, California and Florida, two paces of places most affected by the current Serge Those states reported daily fatalities easily above previous records. Even so, new infections appear to have reached a plateau. Meantime, the FDA is reportedly nearing a decision to authorize emergency use of antibody rich blood plasma. From recovered covert 19 patients as a way of treating those now infected with the virus. Dow Jones reporting the authorization could come as early as next week. The Trump Administration has struck a deal with Oregon to withdraw federal officers from downtown Portland. Meantime, three students in Hong Kong were arrested late yesterday for reaching the National Security Law and the South China Morning Post reported earlier that activist Tony Cheung Hung Lam was taken away by police on Wednesday night. Global news 24 hours a day on air and on Bloomberg. Quick, Take. I'm Doug Prisoner in New York. Brian. All right. Thanks very much. Douglas. Get to our guest, Clive MacDonald, head of equity strategy at Standard Chartered Private Bank. Well, Clive, we have some gains on Wall Street today. No big surprise from either the hearings or from the fed, So it's kind of steady as she goes on. We had gains in some of the value stocks outperforming technology. Is this rotation riel? And do you have time to play it? I think it's too early to call a rotation away from the growth starts into value. We saw an effort at a breakout in dune we have seen on occasional daily basis We've seen Value's bucks. I've performed their growth counterparts were definitely knows friend yet. You know, I would really like to get your view on the dollar is a very big and popular theme. The the weakening dollar the devaluating dollar. It's true that dollars come down from its highs, but he'd go back to 2011. It was on a lot lower. I was speaking to Jon Lipsky, formerly a big guy at JP Morgan. And of course, he was the number two guy at the IMF and He said. Come on. Is it really a turn in the dollar yet? And even if it is a weaker dollar this Goldman Sachs idea about Oh, the risk of losing the reserve currency status is just A way out of the realm of the reality of where the dollar and you're sort of like the that the global exchange markets are List again Affection into two parts. There's one is quite straightforward and the other is a bit more nuanced part of your question, which is the dollar losing its reserve currency status. I think I would agree it's highly unlikely at the moment, not for want of trying. I think the main obstacle is the substitute, which is the people viewed as CNN is protected. Actually taking that crown, But the catch is that it's not pretty convertible until the Chinese becomes free convertible. I see that in the lane matched dollar losing it. To co reserve currency status with the euro, So I think we're still put him away from that on your career point about the dollar has weakened, but nothing like this week was back in 2011. I think that that's a good occupation is, of course fact Howard, and this is the crucial element. What markets focus on and that is the marginal change markets much more focused on what is changing, as opposed to what is the absolute level on the dollar, clearly at the margin has broken lower on that signal has been taken on forward by investors in history when the dollar weakens as it is It pays for a daughter based investors, Baby looking America or Darvis Investors International. It pays for them to be invested in international equities. So we have a weaker dollar The moment let's just talk about it. Never mind the reasons some who's it best for in Asia. In Asia overall does tend to be a big winner from a weak dollar grant specifically market such as call Andi China's well Hong Kong with a 60 change rate, and if it's directed from a weaker dollar pick up iniquity, China has a more calling Paige exchange rates. But a weaker dollar. They're assuming that it matched by some strength to positive like China time. All right. Clive will continue in a moment. Clive McDonald's head of equity strategy at Standard Chartered Private Bank, looking at the Asian markets, in particular on the show, and at the moment, they are trading higher by about 1/2 a percent or so. The Asia Pacific.

Instagrams Clive Standard Chartered Private Ban Judiciary Chairman Jerry Nadle Bloomberg Sarah Friar Zuckerberg China Asia Facebook Clive MacDonald South China Morning Post Clive McDonald chairman Hong Kong Goldman Sachs Bloomberg Asia Pacific fed David Sicilian IMF
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:56 min | 2 years ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Roundup so emerging Asian currencies this morning finding little support from the news that the US and China are about to begin face to face trade negotiations next week still stayed Clive bones they were pretty makes also as traders digest of course another I MF downgrade for global growth joining us this morning is five McDonnell head of equity strategy at standard chartered private bank thank it to speak to you look high I know its that you have that talks about dollar denominated emerging market bonds holding significant opportunities with sort of halfway through the year why don't is eliminated no hard currency on which particular regions are you looking at is it countries that are associated with a big economic power like China well I think the first answer your first question your Y. hard currency as opposed to local currency because the yield on offer we're getting a six and a half percent from emerging market dollar bonds which we think is is attractive compared to your local currency counterpart and most important you get diversification when it comes to the emerging market dollar bonds a local currency can be a little bit concentrated on Asia a little bit on China and real estate we think that concentration is unattractive given the heel let's providers and what about the the equity space at the moment where are you looking for strength where you thinking this this is the place to go we've got a massive equity boom but but one of the safe places to be well when it comes to equities so inherently they are I would describe as a safe houses at home but in terms of where we look a globally and said the U. S. which where most positive towards our number one pick across the six countries and regions that we look at globally I'm the primary driver for that is the outlook for corporate margins corporate margins not mine to drive earnings earnings get all the attention but it's really corporate margins in the outlook for that which is most important I'm remain constructive towards US corporate margins which drives are positive you on U. S. equities okay how much at the the fed planes that in terms of a fed rate cuts how much should be sixties do you think that the kids bring well I think the easing of policy by the fed has been widely discounted you know the market has taken advantage of the drop in ten year bond deals out of the U. S. which is anticipating a rate cut by the fed but lower rates by the fed signaled potentially trouble ahead slower growth for example but for ourselves and stand chartered we see this as a an insurance rate cut similar to nineteen ninety five similar to a nineteen ninety eight and as such we look for two to three rate cuts this year but a resumption and rate hiking into twenty twenty so as such we don't see the rate cut as a as a signal the recession risk rather it's an insurance policy against maybe any disappointment with regard to the the trade negotiations which I seem to be getting underway yet again this week so you you you you but that some optimism from this meeting perhaps in Shanghai on Monday the face to face I could actually make a big difference actually no we think it's a smokescreen really no we don't anticipate trump signing at a trade deal with China I decided to twenty twenty election has limited reason for trump to do so there's a lot of advantage for trump in terms of votes for continuing to badger China and to come across as as much much stronger but on this one we think it's a very very typical picture from a political point of view is emerging and that is where trump is saying one thing on the on the international stage and doing another thing in terms of dealing with corporate sticking with individuals okay we'll delve deeper into the trade story because of course has implications for you up to five McDonnell head of equity strategy at standard chartered private bank stays with us this is the best it only takes a minute to find out if you may have pre diabetes and you can do it do I have pre diabetes dot.

ten year
"standard chartered private bank" Discussed on WAFS Biz 1190

WAFS Biz 1190

07:31 min | 2 years ago

"standard chartered private bank" Discussed on WAFS Biz 1190

"Discussions. It's not an agreement. There is no so-called backtracking during the Goshi, everyone often says, nothing is agreed until everything is agreed. Officials say they won't be pressured into concessions, even as they run up the retaliation mimics China correspondent, Tom MacKenzie is in Beijing I this morning, China. Dr Tom good to see China hitting back over the weekend. But again, I think so too trying to skew, the language towards an off ramp. Is that a reasonable interpretation? I think it's very reasonable interpretation suddenly to suggest that they walking very fine line between fueling the fire in terms of these trade tensions, and appeasing the nationalist, and the conservative forces here in Beijing the pushing for Honda line, so yes, you're right. They did reiterate that they are ready to sit down and continue talks to restart those talks with the US, but they also outlined, what they said was the US failure in two of their responsibility around these saying that it came down to the US renegotiating reneging on their own commitments. Of course, it'd been the US that said China done exactly that the Chinese side, also outlining what they saw the damage to the US economy, in terms of the impact on consumers, and corporates from these increased tariffs, and also saying, look, if you wanna get a deal with us. There were three key things he will need to do which is removed. Give us more rational or reasonable Dimond in terms of how much agriculture agricultural products should be buying. And it needs to be a mutually beneficial deal. So tell him, I was reading the white paper, that China released over the weekend that we put it on the Bloomberg, so that our clients can read it as well if they're interested in it, I'm curious there is a sort of intimation in there that China might build its own sphere of influence in Asia to offset the loss of business with the US is that a viable path forward for them. Well, even the private level, private sector, I was having dinner with investors and business leaders on Saturday night. They said that already trying to do that. So in terms of the investment, flows, and in terms of private the private sector, here, building out, businesses and investing in the region, and avoid the US market, that is already happening de Americanizing supply chains is how one invested described it to me on Saturday night. Whether or not an official in the official stones on that is viable. Let's wait and see. But suddenly that trying to show the US they have contingencies in place. Yes, indeed, lots of messages fly around between the US and China at the moment. Thank you so much, MacKenzie are China. Correspondent let's bring in Clive macdonnell his head of equity strategy over at standard. Chartered private Bank. He joins us from our studio in Singapore. It's good to see you this morning, Clive, I suppose we need to start with the trade tensions Trump says trait wars are good and easy to win. But it really looks like the markets have been the big loser so far. In fact, he take a look at this chart, put up on the TV function on your Bloomberg. If you have one, you can see the S and P five hundred dipping below. It's two hundred day moving average. Also breaking through that two thousand eight hundred point line is this the future for markets. Are we going to head lower or is everything priced in at the moment? I think this clearly risks that we had lower. We haven't seen the end of the, the trading of accusations between the two countries. So the risk is that we do we do move lower of ultimate is under charted wing. Both parties will eventually come around the table. One thing that's changed for those that we don't believe it will happen in the short term. And certainly, that seems to be what the market is beginning to price in that. This could be a long injuring road. Clive. High secure is this red line of seven in the sign for the UM? I guess, yesterday said, it would probably go the Chinese will let it rip on a rip through seven it could trade to seven and a half. What do you make of that, as a proposition for markets? I think that I think seven half is a very, very bearish Berisha view. We certainly wouldn't believe we could fall as low as that. I think that the test seven will be very, very important. I think we could see a move move above us in other words, weaker Yuan, stronger dollar, but I think seven point five could be bit of a stretch. The reason why we think that is because of some of the second round facts, you know, the level of overseas dead husband, climbing at the same time when domestic debt and China has beginning to stabilize so they will be we'll be concerned about. Let's talk about that relentless grind lower. When it comes to global bond yields. We've been talking about in version, of course, take a look at this particular chart shows you a different kind of immersion. In fact, madness you mentioned the move index earlier this one is from Harley bassin. He says the five-year forward, five year, swap rate falling below the fed funds rate is actually a better indication than your normal curve inversion. So this is basically investors willing to purchase five year bonds that will be issued in five years time at a rate below today's risk-free over night rate, Clive. What's going on? Here are bonds over priced at the moment. Are we saying mass panic or is this justified by the outlook when it comes to global growth? I think reflects the risk aversion trade, we've seen bond deals tenure bond deals in the US full quite precipitously over the past week touching two point one nine today. Unlike the strengthened quite significantly. So there's a flight to safety at work at the moment of a part of that is I the about the growth, as you point does the fed fund futures market pricing in three twenty five basis points cut over the next twelve months. And then on the other hand, you've got the fed you had one of the fed governors on your on your show earlier, you got the fed, that's my lighting that they feel comfortable, where industry are. So there's a real buckle between the market on, on the fed at the moment on bottom line. The longer the uncertainty persists. The greater risks are to the US economy and the bond market is right. And the fed might be being too, too hawkish in terms of its assessment. We're going to dig a little bit deeper into that bond market on the assessment varying clubs shortly, but circling back to the trade is, if we're hungry for an enduring, I suppose, I bust up between the US and China. What does it do to combat? What is the next warning flag that we need to look at? Is it on employment rates in China? Or is it this? These are the portfolio flows. They're nowhere near as they were in twenty fifteen out of China. Are you taking money out of China and off the table? And do you think this will celebrate? Within Senate sharded. We have juice China dance preferred market, but the China onshore on the trona offshore market reduced from preferred more in line with a benchmark allocation. Yes. We are keeping a close eye on flows. But I think really what's key is, is data such as the consumption data as well as the fixed-asset investment, I think, weakness, there could prompt further fiscal stimulus measures by the authorities. I'm potentially the weaker against the dollar. Thank you very much. That's clive. Mcdonald's stays with us. We've got much more to get ahead on the show. Our interview with.

China US Clive macdonnell fed Tom MacKenzie Beijing Bloomberg Dr Tom good Singapore Chartered private Bank Honda Asia Harley bassin Senate official Mcdonald
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:01 min | 2 years ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Just discussions. It's not an agreement here is no so-called backtracking during negotiations. Everyone often says nothing is agreed until everything is agreed. Officials say they won't be pressured into concessions, even as they run up the retaliation mimics China correspondent, Tom MacKenzie is in Beijing I this morning, China. Good. Dr Tom good to see you so China hitting back over the weekend. But again, I think sort of trying to skew, the language towards off ramp. Is that a reasonable interpretation? I think it's a very reasonable interpretation suddenly to suggest that, that walking very fine line between fueling the fire in terms of these trade tensions, and appeasing trying to appease, the nationalist and the conservative forces here in Beijing pushing for a Honda line. So yes, you're right. They did reiterate that they are ready to sit down and continue talks to restart those talks with the US, but they also outlined what they said was the US failure in terms of their responsibility around these talk saying that it came down to the US renegotiating reneging on their own commitments. Of course, it's been the US that said China, had done exactly that the Chinese side, also outlining what they saw the damage to the US economy, in terms of the impact on consumers, and corporates from these increased times. And also saying, look, if you want to get a deal with us. There were three key things that you will need to do which is removed. Harris, give us more rational or reasonable demand in terms of how much agriculture agricultural products, we should be buying and it needs to be a mutually beneficial deal. So Tom, I was reading the white paper, that China released over the weekend that we put it on the Bloomberg so that our clients can read it as well if they're that interested in it. I'm curious there is a sort of intimation in there that China might build its own sphere of influence in Asia to offset the loss of business with the US is that a viable path forward for them. Well, even the private level, private sector, I was having dinner with investors and business leaders on Saturday night said they're already trying to do that. So in terms of the investment, flows, and in terms of private the private sector, here, building out, businesses and investing in the region, and trying to avoid the US market that is already happening de Americanizing their supply chains is how one investor described it to me on Saturday night, whether or not an official in terms of the official stones on. That is viable. Let's wait and see. But certainly that trying to show the US they have contingencies in place. Yes, indeed, lots of messages flying around between the US and China at the moment. Thank you so much, Tom MacKenzie are China. Correspondent let's bring in Clive macdonnell his head of equity strategy over at standard. Chartered private Bank. He joins us from our studio in Singapore. It's good to see you this morning, Clive, I suppose we need to start with the trade tensions Trump says, trade wars are good and easy to win. But it really looks like the markets have been the big loser so far. In fact, he take a look at this chart, put up on the GT function on your Bloomberg. If you have on you can see the S and P five hundred dipping below it's two hundred day moving average. Also breaking through that two thousand eight hundred point line is this the future for markets. Are we going to head lower or is everything priced in at the moment? I think this Terry risks that we had lower. We haven't seen the end of the, the trading of accusations between the two countries. So the risk is that we do we do move lower. But ultimately is Sunday, chartered we think that both parties will eventually come around the table, one thing that's changed. I those that we don't believe it will happen in the short term. That seems to be what the market is beginning price in that this could be a long injuring road. Clive high secure is this red line of seven in the sand for the UM? My guess, yesterday said it would probably go the Chinese will let it rip rip through seven it could trade to seven and a half. What do you make of that, as a proposition for markets? I think that I think seven half is very, very bearish. Bearish view. We certainly wouldn't believe we could fall as low as that. I think the test seven will be very, very important. I think we could see a move move above this, in other words, weaker Yuan, stronger dollar, but I think seven point five could be bit of a stretch. The reason why we think that is because of some of the second round of facts, you know, the level of overseas dead husband, climbing at the same time when domestic debt and China has beginning to stabilize so thirties will be we'll be concerned about that. Let's talk about that relentless grind lower. When it comes to global bond deal. It's we've been talking about in version. Of course, take a look at this particular chart shows you different kind of immersion. In fact, madness you mentioned the move index earlier this one is from Harley bassman. He says the five-year forward, five year, swap rate falling below the fed funds rate is actually a better indication than your normal curve inversion. So this is basically investors willing to.

China US Tom MacKenzie Clive macdonnell Beijing Dr Tom good Bloomberg Chartered private Bank Singapore Asia Harris official Honda Terry Trump Americanizing two hundred day
"standard chartered private bank" Discussed on WAFS Biz 1190

WAFS Biz 1190

02:32 min | 3 years ago

"standard chartered private bank" Discussed on WAFS Biz 1190

"Fad minute show officials expressing on certainty over whether they will raise interest rates again in two thousand nineteen but policymakers will widely in favor of ending the run off of the central balance sheet this year, the minutes built on last month's dovish message. When the fed said, it would be flexible in shrinking the balance sheets and patient on hiking rates. As the patience on the rate hike flexibility on the balance sheet, and those are the two things democracy are going to focus on like a laser. But the fed chairman Jay Powell also said a caution was needed made on certainties, including a slowdown in China. The risks posed by Brexit and the full light from the US government shutdown. Not a risk state is the chief investment strategist at Standard Chartered private Bank. And he joins his knife from saying it depends story read here, doesn't it? Whether you think it was dovish, or whether you think it was hawkish are there was one line that was most pressing for me. Many participants observed that if uncertainty abated. The committee would need to reassess the characterization of monetary policy as patient. I think that this actually wasn't as dovish is the markets thought it was. Well, it depends whether you focus on just highlighted or on the quantity tapering aspect. But certainly our sense is that the market's gone way too far in terms of pricing outright hikes. So obviously at one point pricing probability of a cut this year hike. We the data is too strong to warrant such a such pricing and believe it will see at least one rate hike in two thousand eighteen nineteen as the economy continues to do well wage pressures continue to build and wage is helping to fuel consumer spending as well. And if we do get a trade deal that will reduce uncertainty in corporate investment plans as well. So overall, I wouldn't necessarily agree or disagree that it's a it's a hawkish or dovish. But I think just fits in with our view that we will see right at least one rate hike this year. I'm probably some more as we move into twenty twenty. Okay. So that's that is slightly comtrex to the consensus in the marketplace at the moment. So if you get one rate hike, and maybe even as you said ni- rate hike in twenty twenty what would that do to treasuries? Do I get back to three percents and therefore pay per call. What happens to the car?.

fed Standard Chartered private Ban Jay Powell chairman US Brexit China
"standard chartered private bank" Discussed on WAFS Biz 1190

WAFS Biz 1190

02:23 min | 3 years ago

"standard chartered private bank" Discussed on WAFS Biz 1190

"The run off of the central bank's balance sheet this year, the minutes built on last month's dovish message. When the fed said, it would be flexible in shrinking the balance sheets and patient on hiking rates. As the patients on the rate hike is the flexibility on the balance sheet, and those are the two things democracy going to focus on like a laser. But the fed chairman Jay Powell also said a caution was needed amid uncertainties including the slowdown in China, the risks posed by Brexit and the full light from the US government shutdown. Not a risk Steve is the chief investment strategist at Standard Chartered private Bank. And he joins us from Singapore. It depends whose story read here, doesn't it? Whether you think it was dovish, or whether you think it was hawkish are there was one line that was most pressing for me. Many participants observed that if uncertainty abated. The committee would need to reassess the characterization of monetary policy as patient. I think that this actually wasn't as dovish is the markets thought it was. Why it depends? Whether you focus on a more, you just highlighted or on the contrary tapering aspect. But certainly our sense is that the market's gone way too far in terms of pricing outright hikes at one point pricing in a property of this year hike. We see the data is too strong to warrant such a such pricing and believe it will see at least one rate hike in one thousand nine hundred ninety as the economy continues to do well a wage pressures continue to build and wages is helping to fuel consumer spending as well. And if we do get a trade deal that will reduce uncertainty and for corporate investment plans as well. So overall, I wouldn't necessarily agree or disagree that it's it's a hawkish or dovish. But I think just fits in with our view that we will see at least one rate hike this year and some more as we move into twenty twenty. Okay. So that's that is slightly contract to the consensus in the marketplace at the moment. So if you get one rate hike, and maybe even as you say ni- rate hike and twenty twenty what would that do to treasuries? Do I get back to three percent and therefore pay per call. What happens to the car?.

Steve fed Standard Chartered private Ban Jay Powell Singapore chairman US Brexit China three percent
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:39 min | 3 years ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Game. The Rams visit the saints. The. AFC the patriots play the chiefs find Christopher crew. I'm Susanna Palmer from Bloomberg world headquarters the journal du demolish reports French finance minister, Bruno Lemaire said there are no plans on the table to change the Renault and Nissan alliance is after Nikkei reported the government is proposing and integration that could put the carmakers into a single holding company. Nikkei recorded French and Japanese officials discussed integration plans as well as Renault's wished to appoint Nissan's next chairman following the arrest of Carlos gone. The pound faces a challenge tomorrow when UK Prime Minister Theresa may is due to unveil her plan B on Brexit. The pound just rose for our faith week against the dollar on optimism may will need to adopt. A Brexit plan that keeps the UK closer to the EU in order to win over parliament, the pound strengthened to around a dollar twenty nine may will hold a conference call with cabinet members. Today. The Sunday Times reports some parliament members are working. Take control of the Brexit agenda and start introducing their own legislation. The partial government shutdown continues to eat into US GDP Seve rises chief investment officer at Standard Chartered private Bank. Now do need to get past this shutdown. So for every week. It takes about one point one percent off coordinate GDP. So obviously damage is already being done in a few extrapolate that through the whole first quarter, then the number would be very weak. So we have to acknowledge that Democrats rejected a proposal to end the shutdown presented by President Trump yesterday. It would have included five point seven billion dollars for a border wall..

Nikkei Renault Nissan UK Prime Minister Theresa parliament Bruno Lemaire Susanna Palmer Rams President Trump Brexit AFC Standard Chartered private Ban Bloomberg world chief investment officer Christopher crew EU du US
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:37 min | 3 years ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"Negotiations. This was the thirtieth day without pay for federal workers. I'm Christopher crew. And I'm Susanna Palmer from Bloomberg world headquarters the journal du demolish reports French finance minister, Bruno Lemaire said there are no plans on the table to change the Renault and Nissan alliance. This afternoon Kay reported. The government is proposing an integration that could put the carmakers into a single holding company. Nikkei reported French and Japanese officials discussed integration plans as well as Renault's wished to appoint Nissan's next chairman following the arrest of Carlos gone. The pound faces a challenge tomorrow when you k- Prime Minister Theresa may is due to unveil her plan B on Brexit. The pound just rose for faith week against the dollar on optimism may will need to adopt a Brexit plan. That keeps the. K closer to the e u in order to win over parliament, the pound strengthened to around a dollar twenty nine may will hold a conference call with cabinet members. Today. The Sunday Times reports some parliament members are working to take control of the Brexit agenda and start introducing their own legislation. The partial government shutdown continues to eat into US GDP Steve rises chief investment officer at Standard Chartered private Bank. Now doing these get past this shutdown so for every week. It takes about not point one percent off quarter GDP, so obviously damage is already being done. And if you extrapolate that through the whole first quarter, then the number would be very weak. So we have to knowledge that Democrats rejected a proposal to end the shutdown presented by President Trump yesterday. It would have included five point seven billion dollars for a border wall..

Renault Nissan Prime Minister parliament Christopher crew Bruno Lemaire Susanna Palmer President Trump Brexit Nikkei Bloomberg world Kay Standard Chartered private Ban chief investment officer US du Theresa chairman Carlos
"standard chartered private bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:52 min | 3 years ago

"standard chartered private bank" Discussed on Bloomberg Radio New York

"No, more guessing one to get out or when to stay buying too high and selling to stack the odds in your favor. Text demo to four one one four one one that's D E M O four one one four one one. We'll send you a link to our free demo. So you can kick off the new year in the block with vantage point software. Text demo to four one one. Four one one display in Kentucky. Amusement park has some public school field trips on hold the career journal reports Er can counter amusement park is under fire by the freedom from religion foundation because it centerpiece is a five hundred ten foot long model of Noah's ark. The group sent letters to more than one thousand school districts in the state saying there should be no field trips to the place because it's quote unacceptable to expose a captive audience of impressionable students to the overtly religious atmosphere. Arken counter founder Ken Hamm says he's offering free admission to any public school field trip. I'm Pat piper. It's the saints against the Rams and the NFC championship. Contest with Kansas City against New England in the AFC to find out which teams play in Super Bowl. Fifty three many patio came through with unanimous twelve round decision over Adrian Bronner leaving folks wondering about a possible rematch with Floyd Mayweather. I'm Barbara Kusak. And I'm Susanna Palmer from Bloomberg world headquarters. The Nikkei publication reports the French government is proposing to integrate Renault Nissan in a structure that would probably put the two carmakers under a single holding company the newspaper also said Renault wants to appoint Nissan's next chairman following the arrest of Carlos gone who's accused of financial crimes that could put him behind bars for decades. The pound faces a challenge tomorrow when you Cape Prime Minister, Theresa may is due to unveil her plan B on Brexit. The pound just rose for our fifth week against the dollar on optimism may will need to adopt. A Brexit plan that keeps the UK closer to the EU in order to win over parliament, the pound strengthened to around a dollar twenty nine may will hold a conference call with cabinet members. Today. The Sunday Times reports some parliament members are working to take control of the Brexit agenda and start introducing their own legislation. The partial government shutdown continues to eat into US GDP Steve rises chief investment officer at Standard Chartered private Bank. Now, do you need to get past this shutdown? So for every week. It takes about nine point one percent off. GDP? So obviously damage is already being done in. A few words extrapolate that through the whole first quarter, then the number would be very weak. So we have to acknowledge that Democrats rejected a proposal to end the shutdown presented by President Trump yesterday. It would have included five point seven billion dollars for a border wall..

Amusement park Nissan Renault Ken Hamm Carlos parliament Adrian Bronner Pat piper President Trump Floyd Mayweather Susanna Palmer D E M O Kentucky Noah Barbara Kusak Kansas City Nikkei AFC Prime Minister