33 Burst results for "Tom Keene"
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"With Tom Keene and Paul Sweeney in the S&P 500 is higher at the open. It's up a tenth above her center 5 points at 38 O two. The Dow Jones Industrial Average is down two tenths percent or 54 points at 31,444, and the NASDAQ is up half percent or 54 points at 11,000. Ten year treasury is up one in four 30 seconds. Yield 4.08%, the yield on the two year 4.42%. Nymex crude oil is up half percent or 41 cents and $84, 97 cents a barrel. Comex gold is up three tenths percent or $5 20 cents at 1659 28 ounce. The Euro .9936 against the dollar, the N one 48 O four. Bitcoin is up a tenth of a percent and about $19,400. Tom and Paul. Thanks so much, Karen. Greatly appreciate that. Again, red and green on the screen SPX and NASDAQ slightly positive as well. Joining us now, and this is an important conversation, Larry Adam with us with decades of experience, chief investment officer, Raymond James. Larry, when you talk to the Raymond James audience, what's a number one message you get from Raymond James clients? Well, what do we expect the equity markets to do given the challenges that we've had this year? I actually think looking out, I'm actually more optimistic. I think we're closer to the end of this bear market. And I think when you look out into next year, I think things are going to be more positive. Remind us, it's okay to go down, right? It's like part of the game is to enjoy bear markets, right? I don't know about enjoy, but it is part of the fabric of the market for sure. And for investors you have to have a long-term time horizon and you're going to have to deal with these time periods and oftentimes in our opinion the market overreacts becomes Uber pessimistic and you get these over corrections to the downside, but you have to stay in place so that you can actually enjoy the upside that's likely to come. And John it reminds me of a gentleman from Tennessee. Where John templeton Sir John templeton would say, Tom. It's a time to acquire more shares. So Larry, I mean, Larry, a real quick. John templeton, I think he always has that great quote, right? That bull markets are born on pessimism. And I think that that's a great quote because I think we're in that period right now where we have all this Uber pessimism, whether it's with the earnings, whether it's with the severity that people think we're going to have a recession. I think that's their positioning. And that's why I'm a little bit more optimistic because of all this Uber pessimism baked into the markets. So it's interesting elaborate, we've got a big earnings week this week, how do you think about earnings? What are you looking for in some of the earnings? Again, some of the tech names like Microsoft and alphabet reporting today. But what are you looking for from some of these CEO types? Well, you know, it's interesting. When you look at this earnings season, it's backward looking. And people are oftentimes surprised at when I tell them that the earnings that are being talked about are back from the 4th of July. Think about that. That's a long time ago. So clearly the guidance is the most important thing to look forward to. When I look net net, guidance still tends to be more positive going forward than it is negative. And I think that's really the primary thing that we're looking for is what the CEOs are saying about the future, not necessarily what's just happened. So what a lot of, I guess the folks out there that are trying to take a more bullish stance or saying, hey, all right, rates are rising. We know that that's baked into the market arguably. Maybe there's some earnings risk out there. If there is that'll shake out this earnings season, arguably. So then I can start thinking about the other side. If I wanted to be a little bit constructive, are there some sectors that you like at this point? Well, our three favorite sectors are financials, healthcare, and then energy. And there's really two reasons why. Number one, those in our opinion are the most attractive sectors if you look at valuations. And then second, each one of those has a catalyst to unlock the value. For example, in financials, higher interest rates. And you've seen that during this earnings season, if you have higher net interest margins, particularly for those large multinationals, that should help. If you look at healthcare, the backlogs have been enormous and you've seen a lot of the healthcare companies coming and beating their earnings estimates. And then when it comes to energy, that's really where you're seeing the biggest beach right now. And we think oil prices move higher from here that should be a catalyst. How are others doing on price pricing power? Julian Emanuel over at ever course got an 8% model on revenues, Sam stovall mentioned 10% model on revenues revenues, Larry are made up of unit dynamic and price dynamic. Do they have pricing power even if units are challenged? Yeah, I mean, right now we're seeing an earnings season that they do have that pricing power because as you're mentioning, you've seen revenues go up roughly 8 to 10%, but earnings is only up like two to 3%. And if you look across the broader spectrum, a lot of these companies are saying that their volumes are flat, some slightly down, but they're getting those price increases. I think as we go into next year, we're going to have to start to see these companies start to increase their actual sales because I don't think you can continue to see these price increases continue to go. Because you're starting to see consumers starting to bulk at some of these higher prices. You're starting to see them trade down, for example. Yeah. So I don't think you'll be able to continue to see that trend. I mean, Paul, Coca-Cola, and I've been using folks the real benchmark of going back to 2019 as a casual way, Coca-Cola, EBITDA, 2019, 12 gazillion, and they're now modeling nicely up to 13 and even 14 gazillions. So, you know, that's a kind of progress forward because they're raising the price of that 0% zero calorie stuff I'm drinking 14 cans of it. I just do the original. I mean, that worked for me. They do better. Did you do the new Coke thing, Tom back in the day? No. No, of course not. All right, so classic. Larry, what do I do about geopolitical issues? I got midterm elections coming up and just days here. As an investor, do I hedge delay just ignore it? What do I do about maybe some of the U.S.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"All right. So Marcus, we did here in the United States. We did our part. We sent Tom Keene Lisa brahm Woods and John farrow over to the London for ten days to stimulate your economy, but give us a sense of how the average Britain on the street is feeling inflation these days. Well, I mean, we are just, as I said, we better get a much more of a fiscal as coming through. They're going to take the soften the blow of the cost of the energy price rises. Europe did it much earlier. UK has only started capping things now. So in some senses, we're late to that party, probably for good reason we're going to have more of a efficient utility and energy companies left after these things calm down. But there is some tax cuts coming. So at the moment, everyone feels that beaten up and bruised, but a fiscal is coming. And that's surely we're not going to go into the big recession. I think we're going to flatline. Marcus, thank you so much, Marcus. Ashworth in London, this historic day for foreign exchange seller index pretty much flat under a one 11 on DX why Sterling my eyes are failing me. There it is, Sterling, one 1314, a little bit fragile. And yen was a one 40 now, one 41, 24 stronger again by a good couple percentage points off that intervention. We intervene now with the news in the New York City as Michael Barr. Tom Paul, thank you very much former president Trump responded to New York State attorney
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Because the original target was 80% by November 1st. And it's the end of August so there you go. Just a little bit of good news out there in Europe. Like from New York City this morning, a good morning with Tom Keene and Lisa brahmi, Sam Jonathan farrow, futures passing back, kinda on the S&P by not even two tenths of 1% on the NASDAQ 100 up 62 points. About half of 1% a year to higher by two or three basis points three 13. Not going to neglect this. I think we have over the last 90 minutes or so, but crude and 88 handles were breaking down there by 2.9%, 88, 95. There were some concerns about supply out of Iraq, I think Iraq has come down those concerns about supply out of Iraq. And then on the horizon for the last, I think 12 months at least, this ideally so that maybe just maybe there is a deal from Iran, but I feel like we've been talking about that forever. This to me is a recession call. It's basically a higher prices that are cannibalizing demand and the more that the world slows down, particularly led by China. The less demand there will be. And that's what's leading to lower prices. That's been sort of the theme of the past three months. I'm with you. Demand destruction some. Back on the table. I think the jury's out and I link it to the COVID policy of Asia if they change their COVID policy. Maybe you get an Asia boom as some have written about some of the optimism J poloski JPMorgan and others on the Pacific. We get an oil update on your next gallon of gas with will Kennedy senior excuse me. Your next gallon of petrol will Kennedy joined senior executive editor commodities in London. Well, there's a tone out there from a select few of a potential global disinflation for all the other matters out there. Is oil is the will Kennedy world linked to the possibility of a global disinflation or is oil separate? I don't think it's separate at all. I think that the oil is being put under pressure by a lot of different things, some of which John just mentioned there geopolitical things, but the thing that's really putting under pressure, the prospect of higher rates and a stronger dollar, the stronger dollar has proved a huge headwind for oil and is one of the things that stopped it getting traction. But the other thing I want to say about the oil market is it's remains hugely volatile. We're getting these big swings. The Saudi oil minister intervened in the market last week to say to people, look, don't ride us off. We're willing to cut production if we need to. That sent oil up as hard as a 106 for Brent. We're $10 below that now. And it's interesting to me that Pierre van de van took to Twitter this morning just to say that in history the oil market is broken at these moves don't make sense. They're not fundamentally driven. They reflect a lack of liquidity in the market and it's quite hard to read oil from a fundamental perspective right now because a lot of people aren't totally sure the price signal. Who's the country you're watching? Who's the marginal player OPEC plus OPEC minus the United States, all the rest of it. Who's the country that is a decider of oil dynamics into September? I think there are four things we need to watch Tom. Sorry for the slightly long answer, China, as you mentioned, the huge driver of demand, Russia. We've got more sanctions coming on all at the end of the year. What will that do to production? Will they be able to sell more oil to Asia and less to Europe? Saudi Arabia, how do they respond to this market? Do they follow through? On the threat of cuts. And finally, the USA, there are two things to watch in America. Firstly, we're about to stop withdrawals from the SPR, which has been a huge source of comfort to the market, putting that oil into the market and shale isn't growing as fast as people expected as a very interesting column from my friend Javier blass this morning about how expensive pipe is getting in the shale patch and that's dampening growth. So we've got to keep an eye on those four countries. I think as we look to the market into the end of the year. Will we often probe this particular topic, but let's do it again. Can you frame how difficult this winter is going to be and the decisions that some of these governments still haven't made that they need to make in the next few weeks. Well, I think it's instructive just to give you some examples from the UK actually where people are starting to realize just how catastrophic their bills are going to be and businesses in particular who are more exposed to free market prices than households in some respects. We're seeing all these stories of people running cafes, pubs, and they're facing bills that are going up 5 times. And frankly, people are saying, how can I operate my businesses on that basis? And they're saying, without some form of government help, I'm going to fold. So I think you're starting to get a picture about how this could really impact the wider economy. And if these energy prices are left unchecked for small businesses for consumers in the UK and other European countries, it's going to have a catastrophic economic impact. And I think what we're watching is how governments respond in the UK how the new prime minister we get next week responds because I think it's going to need a big policy intervention. Well, there's a plan. Some plan to bring down the prices of electricity, an emergency combating of the very high prices. That's what we learned from Ursula von der leyen this week. When she gave a speech
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"The consumer is not as resilient as they've been in the past and more sensitive to prices. Stagflation really induces and it's a precondition for a growth recession. You've also got this fact that the world is changing economic volatility is so much higher now. The market has shifted completely away from inflation concerns to what recession concerns. For most people, it looks and feels like a recession. This is Bloomberg surveillance with Tom Keene, Jonathan farrow, and Lisa romulans. Here comes another fed rate hike from New York City this morning. Good morning, good morning, for our audience worldwide. This is Bloomberg surveillance live on TV and radio alongside Tom keen, and Lisa Bradford, Jonathan farrow, futures positive TK up 9 tenths of 1%. We look for another 75. Yeah, wall earnings coming out right now, Bristol-Myers Squibb, ADP, as well. And John, all that comes down to is it's better than good. I think Mickey chowda will give us wonderful color on this in a moment. You see it with Google Microsoft world coming to an end at what? Four 15 yesterday for 20 and you get to the morning and guess what they're up. I'm not going to get that excited. I'm going to call it a side relief time. I think others are too. Maybe signs of resilience given what we've seen in other names coming into this earnings season. Where's the world? But, you know, I think this wraps around with chairman Powell is going to have to say today, which is, you know, we're getting a long. Are we in a crisis as we try to bring inflation down? And this debate we're having this morning on the show. I think it's just fabulous. It leads to that press conference. There are things that are happening, Lisa, that I imagine this fed wants to see, which is maybe job opening start to come down, hiring intentions adapt, a little bit more demand come out of the labor market. We all wanted to see an adjustment in the housing sector. We see a gasoline prices lower. We tick in boxes and do those issues get bigger in a way that maybe the outcomes are undesirable. The problem is, is that the market goes ahead of the fed so much further than perhaps the fed would like. And at this point, yes, perhaps we're ticking boxes now and perhaps it feels controlled, but it can happen in a somewhat sudden fashion that all of a sudden the market does turn. And all of a sudden, the economy turns and the fed finds itself too tight. How much do they talk about this being a desirable outcome versus a weakening at a time when they're signs that certain aspects of inflation are softening IE Walmart with that retail inventory glut having to price it down. It goes to the question you asked earlier this morning. We've been asking it a few times over the last week or so. How do they acknowledge the weakness we're seeing in this news conference and how does that tears up for September? You know, I think that they're probably going to look at the weakness that we're seeing and they're going to say this is what we need to be seeing but that inflation is still there and that needs to be what we combat. They have to continue with that tone. At what point in this I think what people are going to be gaming out after this fed meeting at what point does the conversation change to how much does the unemployment rate have to rise? How much do the jobless claims have to rise before the fed starts to really talk about the labor market mandate as well? And is it rising when they get to September? Let's want to look for. If you're looking for alphabet, we are higher by 3.7% Microsoft doing well in the pre market as well. Futures higher by 8 tenths of 1% on the S&P 500 on the NASDAQ 100 higher two by 1.4% yields in just a basis point or so two 79 40. The Euro shown a little bit of strength. You are a dollar positive four tenths of 1% and crudely. So back to a 96 handle on WTI. Yeah, that's really been one major market. And I will just note that natural gas prices over in Europe have surged to record highs so that of course is the backdrop as we've been talking about throughout the morning with a weaker Europe, interesting the Euro is rallying a bit. Today, here's what I'm looking at. 10 a.m., we get June pending home sales. This has been one area of absolute devastation if you look at how much the volumes have dropped, plummeted in the home sales transaction data. Yesterday we got new home sales, plunging to the lowest levels going back two years. At what point do we see an ongoing weakening here that is not yet reflected in prices may take a while to go into rents, but highlights how quickly this market is responding to what the fed is doing. 2 p.m. we get the FOMC rate decision followed by two 30 p.m. press conference. We get to speak with so many wonderful guests for the fed special, which will start at one 30 p.m.. Muhammad el Arian, William Dudley, Diane swank, all joining us to really parse through what we should be looking for and really what the fed is trying to say because we have known that some of these commentaries have been more accurate than the market immediate reaction knee jerk reaction, which has tended to lag behind the realization that comes several weeks later. I'll just say that. Earnings do continue also after the bell Qualcomm meta Facebook. I will do this for you, John. And Ford Motor, we have seen a complete sell off. How much has been already priced in. And I think that is really the key job, because we aren't hearing the best news out of these earnings, right? I mean, they're not stellar earnings. There have been a lot of beats that have been below average if you look at historical quarterly earnings period. So at what point are we just seeing a market saying, okay, at least it's not the worst case scenario so we can start buying again. Yeah, Facebook has been an ugly story. That's why Tampa, more than 50% year to date. Brahma, thank you. Bigger channel joins us now. Chief global strategist and asset allocation head at Deutsche Bank. Binky, you're asking an important question. Are we seeing signs in this earnings season of rising corporate risk aversion? What do you see binky? So far, I wouldn't characterize the earnings season as showing sort of widespread or broad based signs of corporate risk aversion. But if you take a sort of wider look as to whether we are going into recession, what I would argue is pretty surely we are doing so, but we're doing so pretty slowly. So I put it as a pretty shortly but slowly. As far as earnings are concerned, we are coming in right now as of yesterday evening. Below average beats, I think you got to keep in mind that S&P 500 earnings almost always beat by about 5%. We are running at about half of that right now and of course that's going to sort of keep changing. But I would say the important thing to keep in mind here, since we are talking about recessions, we are concerned about declines. This is really the first quarter in two years that while the headline number looks fine at 6, 7, 8% growth. A lot of that is just simply coming from energy, which we all know all about from oil prices, energy earnings are actually down for the first time a year on year. Look at it sequentially and seasonally adjusted basis. They're down by good three or four. Okay, what's so important here is you and I could talk for three hours about this and never run out of questions and insights on this. I want to cut to the chase, which is sector analysis over the next three years has to be absolutely critical. How do you choose which sectors to go into? You're at a table with folks land now. He's foaming at the mouth about a need for a week dollar. Somebody else is nuts about foreign exchange. All of this other noise right now. Forget about it. Three years out, how do you choose which sectors win? So I think you have to play the sectors according to your view on where you are in the cycle and where we are basically going. I would argue the probabilities of recession have gone up, and there's a little choice, but to be long. So what's your overweight sector right now? So it would be Staples in the healthcare on the view that we are basically UnitedHealthcare as a drawdown of 2%. Nobody knows that. In a down component, John, it's a Dow component. Remember that. And I did healthcare down 2%. I mean, that's the resilience, right? Yeah. It is, but I think you
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Much more ahead on day 8 Middle East This is Bloomberg The only way to start the morning is with optimism Your jobs recovery was sluggish A lot of people agree on that Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Finally we got some abramowitz gloom to get in there The ultimate south second of my B when Lisa capitulates Bloomberg surveillance Must watch Lisa your data point go Tom you're great Never change We did mornings at 7 eastern on Bloomberg radio and Bloomberg television There are a lot of ways to look at the world right now Interesting that you've got an overweight on Hong Kong And the more of them you can access the better What has to be his strategy Perspective Who's doing school best Clarity How do we get it so that the benefits get to everybody Expertise He seems to have exactly the right combination It's character plus policy Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Economics All this doing gloom was out there finding Do you see this as a technical correction investment What are you looking at Give you some sort of compass through this period The Bloomberg surveillance podcast Lots and lots of talk about what the fed should and shouldn't do John Keane Jonathan Ferrell Lisa Abraham Alex and the names that shaped the world's markets We speak with professor schiller of Yale University Bloomberg surveillance Listen to dad Bloomberg dot com the Bloomberg business app or subscribe on Apple podcasts Let's get back into the Middle East markets with our equities expert file So far has in terms of.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Work with any competitors out there You do such great work at Bloomberg intelligence I'm a huge fan I really appreciate your sharing your insights today Jen ree With us on the fastest hour in politics I'm Joe Matthew This is Bloomberg Three hosts who know the markets and the economy Lisa you're not embarrassed I mean Abraham Lincoln is not embarrassed Like I carried away Almost as well as they know each other Tom's a little tired He slept on my couch Thanks Joe a few Ashley appreciate it Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich You think the bank is one higher race Lisa Do you think this guy occasionally is blue We pay mornings at 7 eastern on Bloomberg radio and Bloomberg television Wake up and text text and eat Text and catch the bus Text and miss your stop Text and be late to work Sorry Text and work Text and pretend to work Text and act surprised when someone calls you out for not working Who me Text and meet up with a friend you haven't seen in forever Hi Oh hey Text and complain that they're on their phone the whole time Text and listen to them complain that you're on your phone the whole time Uh Text in whatever But when you get behind the wheel give your phone to a passenger Put it in the glove box Just don't text and drive Visit stop texts stop Rex dot org A public service announcement brought to you by the national highway traffic safety administration and.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Economy Lisa you're not embarrassed I mean Abraham was not embarrassed right Like I carried away Almost as well as they know each other Tom's a little tired He slept on my couch last night Thanks Joe A few hours late appreciate it Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Ramos You think the bank has won high race Lisa Do you think this guy occasionally is blue We say mornings at 7 eastern on Bloomberg radio and Bloomberg television This is balance of power on Bloomberg television and radio I'm David Russell My old employer The Walt Disney Company has run afoul of the government of Florida over the so called don't say gay law And now even today the state legislators are taking up legislation perhaps to withdraw from Disney It's special status for the Magic Kingdom and the environs around Orlando there We have now with us Bloomberg's news Joe mysak who's written a column on this subject So explain to us what this could do to Disney World Very interesting study world Yeah It's very interesting We don't quite know Here's the re creek improvement district And this is one of the things that young reporters always discover early on they'll be looking at a calendar and saying well reedy creek improvement district they're selling bonds And they're older colleagues will say yes that's Disney Disney World And the Republicans have been so eager to pass this legislation and special session that they've sort of rushed it through And if it goes through as planned they dissolve the reedy creek improvement district And now bondholders and analysts are all wondering what's next How does this have an impact on the box So I think I can imagine in terms of Florida politics what this might be popular in some corners of Florida to take on the Walt Disney come over this issue But do people realize how big an employer how big an economic generator Disney World is down there I mean before Disney World there was nothing there at all right I was thinking about this a few nights ago and I said this is interesting You know Florida was not the making of Disney but you could in theory argue that Disney was the making of Florida Let me put this to you another way The Las Vegas convention center business which everyone wants to emulate brings in about 6 and a half million people a year Now not now because of the pandemic but in the generally speak Disney brings in at least 20 million people to Florida So you could say wow a multiple of the Las Vegas convention business And of course as you know municipalities coast to coast want to build convention centers This is a bring people in to spend more money And here's Disney and it's just so weird to me that they're going out of their way to antagonize them But they're not going to pick up and leave Two words Brooklyn Dodgers Never say never The Dodgers were once in Brooklyn exactly But we don't know the constitution because people don't understand Disney provides everything in that air area I mean it's fire It's police It's medical It's infrastructure Exactly The formation of the district was really all about making it easy and efficient for Disney to build out the Magic Kingdom and.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"The fed is very concerned that they're behind the curve that they've waited too long You're seeing the fed put the classic trial balloons out there and say hey what if we did go 50 I think there was a significant risk of a hard landing and let's since we're being blunt let's say the word recession If Powell is his hawkish as he's trying to make us believe he will be A recession isn't far fetched We're going to get a recession at some point in the next few years The question is when This is Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Life from New York City for our audience worldwide good morning good morning This is Bloomberg surveillance on TV and radio alongside Tom Kean and Kelly line so I'm Jonathan farrow futures up a half of 1% on the S&P Tom Keane for the president of the week begins right now The week begins right now John and it's on diplomacy but I really want to emphasize this John while the diplomacy is going on including the headline that we got the U.S. to welcome up to 100,000 fleeing war That according to NBC is an exceptional blast on the Black Sea right now Fox has the video the times of London reports at AP reports it and in some way the Ukraine navy says the ship blown up The headline to me John is the war continues is the suits and ties meet A three issues at play here Tom Let's pick three of them One is combat The risk of chemical warfare by Russia who is China their role in all of this at the moment that's open to debate and three the energy dependency of Europe on Russia and what the U.S. can help them do Over the next couple of days can they agree on something big It's an interesting John is how those are three disparate parts and to your point and you've mentioned this twice this morning The chemical warfare issue is Jermaine because right now I'd say John correct me if I'm wrong in the last 48 hours there's been constructive Ukraine war news and you wonder what that means for mister Putin keeping on the headlines as they come in carry lines We've seen a few already Vladimir Putin asking requesting to the Europeans pay for Russian gas in rubles The pushback building over the last 24 hours Yeah we saw the pushback starting all right already yesterday when Italy said it is not inclined to do so Now Poland coming out and saying their state owned energy enterprise saying that is just simply not possible It raises the question of what Europe is going to do Maybe it just accelerates the push to wean themselves off of Russian natural gas And of course that's something that the U.S. is going to try and firm up today John This NATO summit Tom wraps up in about an hour then it's on to the G 7 and then Tom on Twitter use summit They're doing the rounds And John this is shock to me how this is such a different NATO than the NATO you and I knew 6 months ago or 6 years ago There is something new here but what are we going to get into statements John Is it going to be the same old same old Would have had two shocks now haven't they Tom The former president let's get it together Let's spend on defense in a massive massive way And don't rely on us too much The second shock Russia opened the European sides to the threat and the doorstep in this way And I think what the president has done this time around Tom And I've said this a few times that I think it's worth repeating Instead of embarrassing his allies publicly he allowed his allies to embarrass themselves And they've had to turn around some and do a massive one 80 on some big issues To me the imagery here of the president of the United States across the Atlantic I know it's timeless I know it's historical but John there's just something different when the president of the United States shows up the dialog changes And we'll keep on top of the dialog through today on Bloomberg TV and radio Let's keep on top of the price action as well Equity features with a lift on the S&P on the NASDAQ up a half of 1% across the board here Yield higher too Look at this We are facing another ten basis point move on a ten year treasury Tom two 38 82 on tens yields up across the curve yields up around the world Yeah commodities up as well I know nickel up jam this morning copper up I looked at LMA which I know you look at and the answer is not out to record highs but Bloomberg commodity index really butt to stop there Look at Brent crude one 22 Look at WTI Kelly lines one 14 63 A lot of volatility but a lot of commodity traders also warning about the lack of liquidity in this market which could be exacerbating all of the moves in either direction Now as we've been talking about big day for geopolitics back to back to back summits with the president in Europe the NATO summit already underway at 9 15 Eastern Time We will be getting the G 7 leader summit followed at noon by the European council summit later today The question is are we just going to see statements words what about action We will wait and we will see We also await data here in the U.S. We get jobless claims durable goods at 8 30 a.m. Eastern Time Does it even really matter to a Federal Reserve that seems pretty much dead set on a 50 basis point move in May That is what we have heard from a chorus of spud speakers Have we heard enough from them The answer is probably no because we get more fed speak later on today throughout the morning Neal kashkari Christopher Waller Evans bostick all four of them will be speaking by 11 a.m. Eastern Time Again 50 basis points we understand it's on the table So what else do we want to hear from them John Will we get more discussion about how the balance sheet factors into all of this Yeah thank you in Brussels team coverage This app begins right now with Amari over in Brussels alongside Maria today AMH the president this administration very transparent about two issues on the table One is the risk of chemical warfare The other is China How does that come together through the next 24 hours Well John let's first start with the risk of chemical warfare the president said this was a high threat as he left The White House en route to Brussels overnight And then of course the G 7 draft that Bloomberg has seen a copy of talks about the use and the threat to president Putin and warns him if he was to use chemical or biological weapons Now we should remember president Putin provided air cover and supported Bashar al-Assad in Syria when he used chemical weapons He also used a novichok in Salisbury united kingdoms This is something that the western leaders are very much so aware that president Putin would technically and potentially come to and divert to the issue is Jonathan as we don't know what those quote severe consequences western leaders have talked about would actually be And when it comes to China Jonathan I imagine what you can see here is there's going to be leaders that want to implore China to first come out and condemn what is going on China has yet to do that And then put China on guard and warn them that they can not help Russia when it comes to skirting around sanctions also providing military support to president Putin What's really key.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Our language Montaigne a show Okay well enough for the French we'll leave it there We're still working on French Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Nice work hump Just terrible at French We do mornings at 7 eastern on Bloomberg radio and Bloomberg television Right now more than half of enterprises think they need a complete supply chain revamp They're fed up with massive hits to revenue profits and reputation Thinking the same can help Hundreds of Fortune 500 and global 2000 enterprises count on GE software to transform their supply chains for greater agility and resilience with complete visibility and better control GE software strategy managed services This is Bloomberg daybreak Asia It is 45 minutes past the hour Time for a check of sports from around the world Here's Dan schwarzman Thanks Brian Reports say that Chicago Cubs owner Thomas ricketts is leading a group and is submitting a bid to buy Chelsea The deadline to submit bids was pushed back to this Friday from the 15th Sources say the Saudi media group has so far submitted a bid worth 2.7 billion pounds with other bids having been received as well It was a stunner in the Champions League as Juventus is knocked out around the 16 with a three mil home loss at Allianz to Villarreal to fall four to one aggregate as a La Liga side scores three second half goals to move on to the quarterfinals In the other match Chelsea wins on the road at Leo two to one to win four to one aggregate as a blues get goals from pool station as Bill a quata Elsewhere Liverpool shutting out arsenal two nil and Emirates to pull within one point of Premier League table center Manchester City while Tottenham shuts out Brighton to nil Lots of moves in Major League Baseball's yokel and ace have traded former all star third baseman Matt Chapman to the Toronto Blue Jays for four prospects Meanwhile the Chicago Cubs agreeing to 5 year $85 million contract to Japanese outfielder sayas Suzuki Elsewhere the Phillies will sign out Fielder Kyle schwarber who played with the nationals and Red Sox last season while Red Sox ace Chris sale will miss the start of the regular season with a stress fracture in his rib cage Finally the Washington commander's cutting three players defensive tackle Matt I unitis guard Eric flowers and safety to shays are Everett which will save the team $18.9 million against the salary cap Everett is facing criminal charges of involuntary manslaughter I'm Dan Schwartzman that's your Bloomberg world sports outdate Markets headlines and breaking news 24 hours a day At Bloomberg dot com the Bloomberg business app and at Bloomberg quick take This is a Bloomberg business flash Hi everybody Asian equities are moving higher this morning We mentioned off to a fairly good start in Sydney with a one in two thirds percent jump there earlier the S&P 500 closed near its highs of the day in the end it was up two and a quarter percent The fed raised interest rates the chair Jerome Powell said that the U.S. economy is very strong The market.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"The only way to start the morning is with optimism The jobs recovery was sluggish A lot of people agree on that Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Romero Finally we got some Abramovich gloom to get in there The ultimate south signal might be At least the capitulates Bloomberg surveillance and must watch Lisa your data point go Tom you're great Never change We see mornings at 7 eastern on Bloomberg radio and Bloomberg television There are a lot of ways to look at the world right now Interesting that you've got an overweight on Hong Kong And the more of them you can access the better What has to be his strategy perspective Who's doing school best Clarity How do we get it so that the benefits get to everybody Expertise He seems to have exactly the right combination It's character plus policy Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Breaking news first Or in Ukraine The U.S. says Russia has asked China for military equipment to support its invasion The European Union is set to impose more sanctions on Russia Imports of some steel and iron products were desperate flight of people in Ukraine to try and escape the current spiking gas prices largely to fall to Vladimir Putin For the latest headlines and the effect on the markets Stay with Bloomberg radio the Bloomberg business app and Bloomberg radio dot com I.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"42 54 the Dow Jones Industrial Average at 1.9% or 627 points at 33,255 and the NASDAQ F 2.4% or 308 points at 13,104 ten year treasury down 1830 seconds yield 1.90% yield on the two year 1.65% That's a Bloomberg business flash Tom and Lisa Here in Moscow thanks so much Lisa brenson Tom Keene in New York And you know the worst drive in America to an airport is O'Hare in Chicago Matching that from Paris to CDG is our Maria tadeo driving to the airport right now to move forward her reporting on this terrible war Maria the lead headline in your interview on Ukraine here with yours vodka is the idea we won't surrender a single inch of territory Is that diplomacy Yeah and he made it very clear He made it very clear I was surprised myself but I asked him you know right now there's a conversation as to what is the Donbass area His is potentially a part of the deal to a peace Russia What about Crimea Remember Ukrainians will tell you two things indeed Crimea is Ukrainian There is no question about it I asked him is that something that you could see a diplomatic way forward and what you agree and you can see to the fact that this will no longer be territory of Ukraine and he told me no we're not going to give up an inch of Ukraine Ukraine the whole of Ukraine the entire country belongs to the Ukrainian people and that's why we're fighting We're not giving Russia an inch So Maria is this a shift Are you hearing a more conciliatory Ukrainian approach to diplomacy Any kind of signs of giving on any part or do you hear basically the same rhetoric on both sides and the same place we were at in terms of the prospect for a diplomatic resolution I think we need to factor here is that the nature of the war has changed and Russia started super aggressive on this but it's been 14 days They haven't really managed to do the quick word that they wanted And now they're changing their language where they say we don't want to topple zelensky We don't want to occupy Ukraine And by the way when Russia says we're not going to occupy Ukraine the reality is they can't This is a huge country just to give you an idea It's bigger than Poland There's a huge country 40 million people that are clearly actively fighting every day and they do not want to be Russian So there is no way that Russia can occupy a country that is so big but also resisting so much When it comes to the Ukrainians it seems the opposite They talk about a diplomatic reform but they're also excuse the expression but on a victory high they really feel they can win this war I asked him do you have faith you can win this war And the 8 to zelensky told me I have blind faith that we can win this war It's been 14 days We're also standing and this is not an equal battle of two equal powers we're clearly the underdog but nonetheless we're still fighting and resisting So we are going to win So let's see if there is a change in language but it's coming from Russia They do not trust Russia He made it very clear to me He does not believe a word was a prudent or Putin or the Kremlin says And he also said if we talk about neutrality remember this has been an issue that's also been floated You don't go for native membership You become a neutral country He told me that is something we can explore but we want guarantees and not just from Russia the United States will have to sign up on it too and potentially other countries So again even neutrality that would be a complicated issue Maria is this enough for Russia not Russia For Vladimir Putin to feel like he can throw in the towel and take his troops back to Moscow I don't think so I really don't I don't think I really struggle to find a way that is acceptable for Vladimir Putin if there is just neutrality The territorial dispute containing and of course you have now zelensky just to give you an idea This is a man that pretty much everyone in Europe business 500 million people would recognize We all know his face We talk about him all the time This guy has become an icon for many people in Europe The man is fighting for democracy and our European values So forgotten reporting to just take the bare minimum while making this guy a hero Let's also take in the morning personality Vladimir Putin now merging as a weak person I really struggled to see that Maria one more question And I give up on the border with Russia The Russian language by any estimate there is they speak 74% Russian language Odessa 85% et cetera Is the diplomacy going to be decided by the percent of Russian speakers Is that one formula both sides may use You know I think the issue is Tom that we often confuse the idea of state nationhood and language You can speak Russian like many dead and mister Europe and not feel Russian and fuel Ukrainian So for many this Russian speakers and Ukraine there was still say well I feel Ukrainian So again you know to confuse the language of the idea of nationhood especially after everything that's happened for two weeks down You really need to factor This is something that Ukraine is probably never going to forgive One final question Maria today Somebody put in front of my face yesterday photos To be honest folks I don't know if they were official or not Of a distraught mister Macron of France The photos that I saw in his office he was just distraught Why was he distraught Well Tom I don't want to be cynical but a lot of this has to do with a campaign in France I'm in Paris It's election time Here it's a story that's slid between Ukraine but also the very own election that they're competing with in many of my Kong is now officially a candidate who's been a candidate now for a week And he is almost playing up a different role now He's not the young guy who was going to change France Now he wants to present himself as the father of the nation And a lot of this into that You know he wants to be seen as fighting for the French Right Putting the French high in the international scene looking always busy He doesn't sleep All of this built into this narrative that he is the confident one out of you know a very picturesque election Maria today a safe travels on her way to CTG right now in Paris good luck I don't even know where she's going but she's just been all over Europe here reporting and giving us inside that important interview she just had with Ukrainian officials Lisa I got to say that people have to understand Maria always travels in style She's on the way to CDG in a citron a 1975 citron DS which is my most romantic card in the world It's just it's just being on gorgeous and she travels in style Well I wish that she were traveling under better circumstances in terms of the backdrop here And we are trying to find if there is some sort of diplomatic solution To this humanitarian crisis And if there isn't necessarily a way for Vladimir Putin to save face I wonder whether the threats of regime change in the threats of all sorts of other potential additional sanctions will push him toward a closer towards some sort of resolution 45 seconds on our non inflation report tomorrow And what's so shocking is what does it mean 30 and 60 days out for our listeners I'm curious about the components How much inflation are we seeing in rents in other non commodity related areas We're setting into this I can say that Sure Firsthand knowledge The sample size of one people can see it However that is the momentum heading into a period that's only going to be accelerated by what we're seeing in oil in wheat in aluminum in all of the different commodities sectors We say thank you to our reporters on the scene Tom McKenzie at the Polish border Maria tadeo in Paris Henry Horton in.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Here on Bloomberg with the latest of course on the geopolitical situation surrounding the Ukraine This has been The composer Joseph Haydn famously said I listened more than I studied It sounds like a law school hypothetical Here in Bloomberg it's the same thing Do you maintain that low rate regime Can you see out two years How do you build a strategy with that eventuality in mind Experts information news The push sets up a potential fight What do we know about how it will go public Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening The only way to start the morning is with optimism Jobs recovery was sluggish A lot of people agree on that Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Finally we got some abramowitz gloom to get in there The ultimate south sticking of my feet At least the capitulates Bloomberg surveillance Must watch Lisa your data point Go Tom you're great Never change We three mornings at 7 eastern on Bloomberg radio and Bloomberg television There are a lot of ways to look at the world right now Interesting that you've got an overweight on Hong Kong And the more of them you can access the better What has to be his strategy Perspective Who's doing school best Clarity How do we get it so that the benefits get to everybody Expertise He seems to have exactly the right combination It's character plus policy Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Economics All this doom and gloom is out there finding Do you see this as a technical correction investment What are you looking at to give you some sort of compass through this period The Bloomberg surveillance podcast Lots and lots of talk about what the fed should and shouldn't do Jonathan farrow Lisa Abraham always and the names that shaped the world's markets and speak with professor schiller of Yale University Bloomberg surveillance Listen to dad Bloomberg dot com the Bloomberg business hack or subscribe on Apple podcasts All right Chinese tech says any of the morning sessions with deep losses investors.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"This is Bloomberg The only way to start the morning is with optimism Jobs recovery was sluggish A lot of people agree on that Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Finally we got some of branwell's gloom to get in there The ultimate south signal might be When laser capitulates Bloomberg surveillance hustlers and must watch Lisa your data point Go Tom you're great Never change We see mornings at 7 eastern on Bloomberg radio and Bloomberg television There are a lot of ways to look at the world right now Interesting that you've got an overweight on Hong Kong And the more of them you can access the better What has to be his strategy Perspective Who's doing school best clarity How do we get it to that The benefits get to everybody Expertise He seems to have exactly the right combination It's character plus pulse Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening Economics All this doomed groom was out there to find out Do you see this as a technical correction investment What are you looking at to give you some sort of compass through this period The Bloomberg surveillance podcast lots and lots of talk about what the fed should and shouldn't do Lisa Brahma wents and the names that shaped the world's markets You speak with professor schiller of Yale University Bloomberg surveillance Listen today at Bloomberg dot com the Bloomberg business app or subscribe on Apple podcasts I tested positive for COVID-19 as well I feel well and have no symptoms Justin Trudeau.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"This is Bloomberg radio We're going to have a very volatile year ahead of us Buy the dip half life as I like to call it has been shrinking We will not see a repeat of what we had in the last two years The volatility market is essentially already gotten used to this new normal We might just be back to this low growth sword of high inflation era that we were in pre-pandemic This is Bloomberg surveillance with Tom Keene Jonathan Farrell and Lisa Abramovich From Berlin New York and London for our audience worldwide good morning This is Bloomberg surveillance live on Bloomberg television live on Bloomberg radio You can stream us on the Internet You can probably get us in smoke signals I'm Matt Miller alongside pretty Gupta and Danny Berger Tom Keane Jonathan farrow and Lisa abron witz are off Two of those people don't have a birthday today One of them does Happy birthday Jon fair I hope you're sleeping still In terms of the markets you might as well be asleep pretty We don't really see much going on For me and Danny I'm almost over in the U.S. of course you haven't opened yet and it looks like you're going to open down We have an open yet It's just getting started So don't what's the word here I'm looking for don't put the evil eye on it That's what I'm translating in my head from what my mom thinks Don't drink said that's what I'm saying Sorry truly international programming here folks Yeah you know what's interesting to me though is that the vix is actually higher We're looking at 18 handle when it comes to that volatility gauge I wonder though if it's going to increase as we start to see perhaps a sell off people getting rid of the positions that they do have in the market going into the last day of 2021 Maybe a little bit of a year end repositioning there We've been talking about the light volumes all day I've got another terminal function to throw out for you go Matt this is just really encapsulates just how little people are treating today Currently the composite volume on the stock 600 is 1.6 billion typically at this time of day it is 14 times that amount So you know everyone rightfully at home celebrating John farrow's birthday Yeah exactly And the end of 2020 one Thank goodness That we're ending this year Actually Andy peck ocean was telling us something concerning This is the official I guess or the unofficial two year anniversary of the beginning of COVID This is when the first when the world was first made aware on the Internet of the first case out of Wuhan today two years ago so it feels like it's been more like 15 or 16 years but I guess it's only been 24 months since the first case that we are aware of Let's talk about what we got coming up on this program I think Michael purvis is waiting in the wings somewhere But coming up savate Sith equity research analyst at Raymond James we also have Christina hooper global market strategy that investigo Dan tenenbaum of Oliver Wyman and Mercedes carnet found in the northwestern university feinberg school of medicine So even if the markets aren't moving that much we still have a lot to talk to you about and we are glad if you have joined us here on Bloomberg television and Bloomberg radio Oh the markets Didn't we just go through this I guess we did kind of the S&P futures are down 13 points Euro Right now unchanged at one 13 16 ten year yield also unchanged at one 50 32 The only really interesting move that I can see because the S&P futures that volume is so light it doesn't really matter that much but imex crew down one and a half percent It's not a huge drop but pretty you know I've been looking at nymex and Brent this month and thinking even if you have concerns about inflation even if you're worried about omicron this is an indication that mister market still expects economic demand remains strong Yeah the best really kind of take on whether growth or not is happening or not of course really tied to that gasoline consumption in the United States Of course the consumption in China and India as well the big question though is how much of what's happening in the oil market is a function of what's happening with the European gas crisis how much of that and there's plenty of politics with Russia is being factored in to the price of what you're seeing in Brent crude for that matter I'm so glad you mentioned that because that I think is the one exciting market today It is on track for its biggest drop ever in a week It's down some 24% Dutch front month futures I mean it's a boring day in markets maybe but it still is exciting when it comes to natural gas mat It's not boring at all It's super exciting Thanks for joining us I'm super television and radio Now Danny actually didn't you point out I mean we saw we see the Dutch contracts down like 13% Didn't you show U.S. Nat gas up like four people Yeah it is up It is of course the concern in Europe all has to do with supply more LNG shippers now going to Europe So that's helping to curb some of those record high prices We've seen But in the U.S. it's about cold weather It's a lot of the Midwest That's particularly cold so that means we're on track for gas to have its biggest rise in a year since 2016 So Matt I hope you are prepared for your U.S. move with a lot of parkas and blankets Yeah I'm looking forward to it I like to be able to wear more clothes You're loading up Actually I'm wearing khakis and a blazer today All week I'm not wearing a full suit That's my own personal protest Michael purvis joins us founder and CEO of talbach and capital advisers for all we know He might not be wearing pants But I'm pretty sure he is Michael how are you doing Thanks so much for joining us Happy New Year's Eve day to you What do you make of this I mean it's been an incredible year for people long equities up like 28% And the third year in a row of big double digit gains can this continue I actually think it can And I think there's sort of an instinctive national suspicion but hey you can't get four double digit years in the S&P 500 in a row but just not supposed to happen And I think while I appreciate that sort of instinctive concern I actually you know my price target for next year is 5500 which is up another 15% from where we are right now There And I think it's people have to look back this year I was you know I was among the highest for the year end for this year at 42 50 from 12 months ago when I upgraded that to 4800 in July And here we are almost 4800 I think we took it yesterday But look the arithmetic of the probabilities for me spell it a pretty obvious way The ten years time arrangement that reinforces a pretty healthy equity risk premium And you're looking at nominal GDP next year in the United States of 7 to 8% That's just based on Bloomberg consensus forecasts.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Take this is Bloomberg radio It's not really about whether banks beat on this numbers this quarter It's more about what's driving the beat on this I think we're going to find out that companies still see a lot of top line growth As the COVID problems fade away I think that's going to be the real catalyst to bring everything back to normal Earnings season is going to give us a really good clue of where we're going on some of the supply issues It's either inflation or growth and looks like we're having a little bit of both This is Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich Good morning everyone Bloomberg surveillance some Washington from New York with a Citigroup earnings and it is a bank that separates out transformation strategic refresh and culture and talent of all the banks John farrow's Citigroup is different Let's get to the numbers Tom We're finding out that in the third quarter on Wall Street things were okay The earnings around from silly fixed sales and training revenue 3.18 billion The estimate 3.08 billion The beat the big beats the big lift year over year has come from the equity business for Bank of America for Morgan Stanley for JPMorgan Cities no different Equity sales and training revenue 1.23 billion the estimate 909.4 million Investment banking revenue 1.92 billion the estimate 1.54 billion The story for the equity for the stock were up by 1.34% We already had a full picture of what was happening on Wall Street coming into these numbers given the beats we saw from Bank of America JPMorgan and others Morgan Stanley in the mix as well this morning Tom Cities up the numbers are decently passed still with a channel you'll read Your early read on these figures Business and they did beat in fixed income as well Their traders are holding on strong and the investment banking division also doing well Remember Citigroup up there in terms of the top underwriters in the world in equity underwriting I do have to also point out that when it comes to global consumer banking the revenue has dipped quite a bit about 14% lower card balances was part of that When you look at the international business a lot of weakness in Asia as well So there will be some questions about that But again the core business is doing quite well Citigroup has a much more global footprint than some of its peers say Bank of America So how it's doing around the world will also be of interest as we parse deeper through those numbers And as a lot of the traders parse deeper through those numbers the stock continues to go up pre market trading now almost 1.8% We have seen an underperformance pretty dramatic underperformance of Citigroup versus the other banks coming into this earnings report Why has the bar been so much higher frankly for Citigroup to see valuable to traders Listen they have a lot of regulatory issues We saw the same thing with Wells Fargo and they were very suppressed earlier last year At some point Wall Street turned around and said okay they're cheap Let's get in there They're turning around enough Jane Fraser is like about 6 months through the job right So once there's more time if they start to make progress on those regulatory issues then you may start to see the stories start to turn around Plus they just started embarking on a lot of these changes when it comes to their global wealth and consumer business So seeing that takes shape is what investors are waiting for You know you have Mike Mayo even doing the son of the parts Thank you for wanking on this I think this conversation around city is going to continue for a long long time Tom Citigroup today by just 0.03% right now in the pre market we drop off the highs for the stock 70 28 but Tom over the last ten 15 years Since the financial crisis as you know better than anyone this stock is severely underperformed Yeah I must admit I am still scarred by the ten for one reverse split You look at $70 57 cents I move the decimal psychologically John to $7 8 cents per share after the shenanigans of O 8 O 9 What's stunning to me John as you look at a given PowerPoint a given presentation And you do the Sesame Street thing This one which one doesn't look like the other city group right now doesn't look like the others Mister Coleman had a tough gig Tom misses Fraser has a tough one too And it depends what the cards they were handed with major credit to Brian moynihan for what he's done at Bank of America Ken lean is with us and Ken I want to go to the PowerPoint The Fraser PowerPoint And I want to make real clear what sticks out to me is the challenge to narrow the return gap What does that mean in English Well it means first of all Citigroup shares are still trading lowest in terms of price to net tangible book value at a discount So the market is looking for catalysts It's not necessarily just normal operations But what do you do with disparate businesses around the world particularly in Latin America and Southeast Asia They did a bit of that two quarters ago but the market or even Mike Mayo's looking for some bigger catalysts which is really how do you streamline this bank change Fraser's management consultant Background no different than James Corman So the wheels are spinning but I think it may have to wait for investor day later in the year It's not going to happen today on the earnings call But Citi again is a laggard to the other banks which have a much bigger focus in North America That's the big difference Ken I want to dig a little bit into this 40% increase year over year in equities trading revenue far beating estimates when it comes in at 1.23 billion versus a $909 million John was saying earlier that analysts were expecting What do you make of this at a time when banks are trying to toe the line between taking on more risk appealing to regulators and at least showing that shareholders that they can drive revenue going forward Well there's two parts that first of all we don't like to look back but it was a weak quarter last year Cities been actually hiring like crazy last year into this year in equity trading So I think that speaks to the 40% In terms of regulation we're fine You know the risk measure that banks are taking was telegraph of course with the June fed stress test And they came through and flying colors So I'm not too concerned about equity trading But the key here is what moves these stocks is recurring revenue and return of capital So you don't want to take outsized risk or into the level three assets of derivatives because you have to put more capital to it Morgan Stanley understands this most of the banks understand us So it's calibrated It's not trying to hit it out of the park like we saw right before the financial crisis Can be off of all of us the team surveillance Thank you so much for your time commitment here from CFRA this morning It's really world class analysis on these important and very large banks Right now and this is a joy with parchment out of math and physics It's Smith college in New England Nadia level joins us holding court at UBS His senior U.S. equity strategist Nadia you know it's all about the calculus It's all about the rate of change I want to go to Tony and on you Are we overemphasizing the earnings disaster to come and we be surprised how dampened the disappointment is Yeah so we think so We think that companies are going to put up a solid third quarter earnings growth free and be ready Obviously is going to meaningfully moderate versus what we saw in the second quarter results where we saw UBS up by 88% year over year But we still think that companies are going to beat we're looking for the third quarter 30% year over year EPS growth You know of course shortages vote on the labor side and the supply side does remain a risk to earn his but we think that this has been well telegraphed We've had so many negative pre announcements around mostly concentrated in industrials consumer as well as some parts of hardware attack We've been talking this morning about the greater delta in the banking world at Wells Fargo maybe has a bigger delta move than the other banks And let's go Greek letters Where's the sector that's going to give me alpha out one year I think when you I would look closely to energy you know we continue to like energy despite the strong year the day performance We think there's still more room to go Obviously the sector does spend it from higher oil prices But I think beyond that there are showing that they are better stewards of capital And so they're more disciplining their CAPEX investment They're starting to return more cash to shareholders And when you look at energy it has the highest free cash flow yield.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Growth as well It doesn't need to be inflationary I'm not worried about revenue There's certainly plenty of demand out there pretty much across the board The issue is can that demand be fulfilled This is Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa Abramovich A bit of risk aversion this Wednesday from New York City for our audience worldwide Good morning good morning This is Bloomberg surveillance live on TV and radio alongside Tom Keane and Lisa brahmin I'm Jonathan Ferro This Wednesday futures negative 53 we're down on the S&P 1.2% Tom keen on the NASDAQ which M1 point four We are down 1.4% It's moving out there as well And John as you said in the last hour you go to the currency dynamics as well What about the thundering silence of the weak dollar crew I mean it is stunning how that is stopped Strong dollar this morning Tom risk aversion the thread of higher yields is pretty clear isn't it You buy the green pack You find the U.S. dollar dollar index 90 through 94 ton We're positive four tenths of 1% there Right And the CDS market the credit default swap market some of those indicators showing attention Yes it folds into Washington As well John our guests coming up here really is pushed against weak dollar for months and months and months Margaret McCormack looks like a genius Looking forward to that Is it fair to say the epicenter of all of this is energy The percent are certainly natural gas in particular And when you take a look at the United Kingdom that's even more the epicenter where you see prices absolutely surging But there's a bigger story here And that is the transition of an economy at a time of a perfect storm I mean how many factors do we talk about Supply chain disruptions A pandemic And then you deal with the fact that we're trying to transition to greener energy You put them all together and it's a mess Do you remember the hopes of September Lisa Yes do you have a good fun What happened to September It turned into October And now we're talking about maybe it's not going to come She won 22 Well are we even though do people expect her to be a sort of moment where we realize yeah we're all able to go travel again I think that those hopes are fading And I think that's what we're feeling And that's just an idea of the conversation right now And here's the setup this Wednesday Let's put through the price section Equity futures are negative for the lower The S&P 500 is lighter by about 1.2% The NASDAQ is down 200 We're negative 1.4% into the bond market Given what is taking place in the equity market in the bond market right now they're not big moves rubber basis point of two on ten One 54 32 ton I walked in and was surprised I'm sorry I think I saw one 55 tenure They're not big moves but the vectors in the right direction It's the system Correlation It's persistent Yields have been moving higher off the lows of early August from one to 58 through one 54 and threatening to go even higher from here The FX market talked a little bit about that dollar strength and Lisa you wrote down one 1540 negative a half of 1% And to me the story of the yields and the story of the dollar go very much together the idea that here you have a risk off mood bonds are not a haven Why Because what is the threshold for the fed to start tapering the $120 billion of monthly bond purchases That threshold has gotten a lot lower 8 15 a.m. we get U.S. September 80 P employment change The expectation is for it to indicate perhaps a bit of a better jobs report on Friday However of course this is not necessarily that negative Again what is the threshold for the Federal Reserve A lot of people are saying that the bar has been lowered They want to stop buying bonds even if the economy is showing some strains So at 11 a.m. President Biden is hosting a meeting with business leaders including the CEOs of Bank of America and Jamie Dimon of JPMorgan to talk about the debt ceiling expect a lot of catastrophic discussion about the potential risks of defaulting does this matter to anyone You do see that the T Bill yields have been rising however still not indicating the same kind of distress that we saw throughout markets back in 2011 And today is the second day of the Bloomberg invest conference You've got a host of great speakers including Michael or Getty of Ares as well as Greg Johnson of Bridgewater and highs of Wellington management The interesting thing to me John has been what they have been saying about China The world's second biggest economy slowing down increasing regulatory risk they do not want to own it And I think that this is important The idea that Don Fitzpatrick of Soros came out and said we are not putting money into China right now She is not alone People rethinking their strategies at a time when they're looking for diversification but not at the risk of regulatory uncertainty to this degree Always brilliant here from Greg Jensen British water really looking forward to that Lisa thank you so much A classic risk of setup in G ten in foreign exchange looks like this Outperforming the yen and the Swiss sea That's why you've got today underperforming the commodity currencies The likes of the RC the likes of Norway that's also what you have today We need to talk about foreign exchange Your backdrop this morning a stronger dollar Mark McCormick a TV securities the global head of FX strategy joins us right now Mark a story of performance over narratives your line start there unpack that for me Yeah it's a great question because I think what we have is there's a lot of narratives There's narratives around real rates about central banks around stagflation reflation all these dynamics related to this kind of transition period we're going through as well And I think what the performance tells us is that currencies are respecting mean reversion They're trading off of mean reversion based strategies valuation positioning these things that are really kind of technical they sit behind the scenes but they're just not really sexy macro stories It's not really about the fed It's not really about what's going on in some of these global dynamics But the point is if you're trading FX a core strategy that focus on mean reversion plus growth plus terms of trade and plus the risk aversion dynamics we see is really the combination that's done great through this declaration period or this stagflation narrative through the summer So I think that's a big part of it is again thinking about what's driving FX in terms of performance and what's rewarding currencies versus what's being discussed as a narrative If there is an interest rate dynamic and then you go over to a flow analysis and Mark you've nailed this over the last year with dollar resilience Are we near big figure jump conditions in the major pairs I don't we are but we're also not This is where the performance analysis comes in The question is is does the move in these currencies reflect a risk premium Or are they moving with fundamentals And the flow side is really kind of what drive us away from fundamentals So when you think about Euro it does look it's screaming very cheap right now in terms of positioning short term valuation But again the flows can push us maybe to one 1450 one 15 But again there's not a dynamic here that we've seen Euro move lower at this magnitude where it's kind of validated by the move in the relationship it has to other macro drivers So that's where again the flow dynamics are important But if you look at the weakness in the end it is calibrated quite well with the weakness that we've seen or the relationship we have across yield curves and inflation dynamics in terms of trade shock that we're dealing with now So dollar yen moving higher is a bit of a more sticky trade relative to what we've seen in the Euro at least in the very short run How damaging is the strong dollar right now for emerging market currencies considering that this is exactly what they do not want to see A higher inflationary premium in developed markets certainly in the rates markets Right across the board is challenging and you can see it's probably challenging because if you look at the relationship of Euro in revenue we should remedy should be trading at 6 80 That's your historical correlation over a running couple of years So you can see that a lot of it is managed A lot of it is kind of coming through back in G ten It's probably running through gold prices as well You know some of these more liquid currencies You can see Koreas Been sold off quite aggressively So yeah I do think a big part of the relationship with EM is EM as a whole is going to underperform as markets are repricing the fed the real pricing rail rates They're dealing with stagflation But there are winners on a relative basis in EM If you think about central banks that are hiking if you look at growth stories that are generally okay if you look at the terms of trade shock and who wins the miters and the exporters and the.
Bloomberg Radio New York
"tom keene" Discussed on Bloomberg Radio New York
"Tom Keene involves Sweeney and the opening bell brought to you by FBI Challenges highlight once character partnership and resilient, said FBI they act is one community but their clients go to s ee ay si dot com slash banks and the S and P 500 is little changed at the open. It's up to blind, said 42 04. Now Jones Industrial average down to transfer center 70 points at 34,477. The NASDAQ is higher up half percent. Or 68 points at 13,703. 10 Year. Treasury Up 7 30 seconds You have 1.54% they yield on the two year 20.13%. Nynex. Crude oil is down three quarters of a percent on 50. Cents at $64.20 a barrel Comex gold up 9/10 Percent or $16.80 at 18 32 50 announced the euro one point to one of six against the dollar. The yen what? Oh, 8.71, Tom and Paul Karen, thanks so much greatly greatly appreciate this historic day. There's no other way to put it within the natural disaster that spans Oh, back to Valentine's of year ago, there have been surprises and shocks along the way. Short term paper market. Full faith in credit and things outside. Full faith and credit is truly the depths of the market. It is the the touch that you have the pulse of the market. Tick by tick drum. Snyder is expert at this of Pimco. Ah, perfect Guest for 9 32 Wall Street time. Trump Snyder when you saw the employment report What did you look at on your Bloomberg terminal? Or what did you say? I need to look at this in the next 30 minutes. Good morning. There's a there's a variety of things that obviously are coming to mind. One you know, clearly, the trade off was right to job and job openings and unemployment. That's going to be a structural discussion that's gonna obviously create implications for the shape of the yolk urban frankly rates as we know it, and then you know, As soon as the number came out, you started digested. You can quickly see that. You know, some of the data is more volatile. We had here. Pimco thought that some of the high frequency data stalled a bit in the past month. We didn't forecast this kind of, you know, with revisions and downward Downward spike, But I think that we expected that you know that some of the jobs would come back. And then when we actually did see some of the bright spots in this report, if you want to put call it that where that some of the coded sectors actually did Okay during this period. And so I'm not saying that the market is looking through it at this point time make work early, Lower Neil's, although it has rebounded substantially from the 10 year. 1 45 clearly but I think what we are is recognizing the fact that the said we'll probably uses to continue to be remain vigilant, remain patient and remain dovish for the foreseeable future and in the context of the report. Look through and try to highlight some of the some of that structural question question that goes on for us in the short term markets. I think it says one thing that short term benchmark rates are going to remain very low for a long time well into 2023. Has overnight report rated zero T bills close to zero, and this is the challenge for investors is trying to balance safety, which is not paying you a lot right now versus being Maura, Opportunistic and where you think risk it appropriate risk adjusted returns might be, and that's going to be the challenge for the next not just the next few months, but probably next 1 to 2 years as we evolved out of this All right. So drum, this'll seems this data point here, as you know, uh, exceptional as it was, seems to play right into the rhetoric of fed Chairman J pal in terms of lower for longer until we see the whites of their eyes. You know, we're gonna remain on the sidelines. Is that your expectation? Is that the rhetoric you expect to continue to hear? From this Federal reserve. Yeah. I mean, the Fed has actually been very well coalesced around that rhetoric in a surprising how well you know he's effectively corralled some of the dissenting voices, at least in the recent future or the recent past. I think in the future as you look forward, you know, this probably gives all of them more ammunition to pal to be into that Denver sentiment to be patient to see what happens in evolved and to do so clearly in the face. Central banks around the world who are looking to reduce. There are two to taper to reduce their stimulus, and we've seen that from the Bank of Canada. We've seen it from the Bank of England. Even this morning, the E. C. B. We saw discussion of potential tapering to begin in June and and I think that that is something that he's gonna have to press against. So clearly, the said, and Jerome Powell wants to be last in that sacred thing to even begin to the paper and begin that discussion of removing Some of the accommodative policy measures that we've seen. So just goes back to the point that these low rates that we're going to see are going to be here for some time, and they're going to do so in the context of making sure that the economy is on firm footing, making sure that some of these structural challenges in employment are somewhat result. Maybe not entirely result and to get some of the 8 to 9 million jobs that are still remaining out. Um, you know, in in a in in the in basically into the discussion points for the market, simply put is he's gonna have a long runway. Yep. All right, Drum lower for longer. What does a guy like you in the short term end of the market Do where do you guys go for any type of yield? Right now, we're what we're doing is basically looking to the market and trying to create diversified portfolio. Those diversified portfolios are really consisting of looking at high quality structure. Credit. Asset backed securities string a little bit away.
Bloomberg Best
WHO's David Nabarro on the speeding up of COVID-19 vaccinations
"On Bloomberg Surveillance with Tom Keene and Francine Lacqua and Tom kicks things off here by asking the borrow About the massive problem of not getting shots and people's arms fast enough. I want to speak not about cases, which I can't count or death, which I don't trust. But the hospitalization surge in this insanity of it. We can't get vaccinated fast enough. What is the new borrow solution to jump start the rate of vaccinations? And double dose vaccinations. Thanks very much. Indeed. There is no alternative, but To make vaccines available as widely as possible as soon as they get approved. I don't want any corners to be cut on the approval process so each vaccine must go through their phase three trials and then be properly assessed by national regulators, as well as by the World Health Organization. That's the only option we have. If we're going to rely on vaccines to get this pandemic to subside, just one last point. Vaccines won't be enough on their own. We will need to continue to pay attention to the rules that were set over the last few months about physical distancing mask wearing isolating when sick looking after those were frail and vulnerable. Because these basic principles backed up by strong public health work at local level still will be key for the coming months, even years. To enable societies to get on top of this pandemic.
Bloomberg Markets
Jack Welch, GE''s legendary CEO, has died at 84
"Police wages in corporate management has died Bloomberg's Bob Boone has this look back at the life of former General Electric CEO Jack Welch my last company wide meeting I thank all of you for what you've accomplished and even more for children in the future general electric's values Bloomberg's Tom Keene recall grew four thousand percent in twenty years on it is legendary executive people forget now here was a Jack Welch who invented how you do business which is don't make mistakes make as few mistakes as you can within the manufacturing process which now sounds like the but the time was revolutionary many workers took another view branding him neutron Jack for ruthless factory shutdowns and layoffs false kindness is the dumbest thing in the world it's the coolest thing in the world Jack Welch retired in two thousand one Bob moon Bloomberg radio Jack Welch dead today at the age of eighty
Bloomberg Daybreak: Asia
Cristiano Ronaldo red card: Will he miss Man United game?
"Thoughts and plans are the world's economic and business experts. My can't we get a little bit of normalization in here. How do they convince people in the news conference for the symptoms amount there Tom Keene, and Jonathan when I say the media warders, how do you translate that? Weekday mornings at seven eastern, Bloomberg surveillance on Bloomberg radio, the Bloomberg business app, and bloombergradio dot com. Bloomberg the world is listening. You knew the risks
The Savage Nation with Michael Savage
Apple launch: Bigger! Faster! Pricier! Innovative?
"Tomorrow. Apple's expected to introduce several new iphones ipads, apple watches as the tech giant tries to become the first US company to reach a two trillion. Dollar market capitalization for a preview of what to expect Bloomberg's Tom Keene and Jonathan Farrow spoke with BT, I g analyst Walter Pijesak. Walter diode cell where are you right now on apple stock has been obviously been performing well as it typically does ahead of a an iphone launch. I guess warn people that the day of the launch itself, which I guess is expect tomorrow the announcement stock doesn't typically fair that well, but rather than being focused on the near term just looking at the long-term, or at least an intermediate term prospects of earnings rose said the company, that's the reason about this. Have you done a sum of the parts analysis of you ever have you actually tried to figure out what services slash itunes is? Is actually worth or the core franchise is worth. Or the peripheral is worth have you done a sum of the parts? We haven't done that yet, Tom. But, but it's it's interesting because it's so early stage if you look at the number of let's say active, I phone users that are out there. Creative strategies estimates that about eight hundred million eight hundred fifty million there's only three hundred million people today that are paying a regular subscription. So we're still early days in terms of number of customers paying regular service fees, and then no services themselves per customer, which in in in the service industry that's called. Our polls can probably go up on on new opportunities.
Kevin and Bean
Bloomberg, President and United States discussed on Kevin and Bean
"It just don't know when it's going to blow up in Greeley about making money in the sense that many people think investment, I fear that we are starting a multi decade bear market in bonds. For more volatility in the markets. Probably maybe a healthy thing. Bloomberg surveillance. We've John and Pimm FOX on Bloomberg
Bloomberg Surveillance
Bloomberg, EU and Philadelphia Department Of Prisons discussed on Bloomberg Surveillance
"Is looking for actors to perform at the Philadelphia department of prisons training facility that for formers will need to act out several assigned inmate based mental health crisis scenarios. The actor should be able to use props and make up to simulate mentally ill patients. This would include the use of objects inmates have been known to possess
Fresh Air
Canada and US expected to reach a new NAFTA deal by Friday deadline — MercoPress
"President Trump has decided to maintain the current levels of, tariffs, on imported steel and aluminum products on national security grounds this is a twenty five. Percent tariff on steel ten percent on aluminum even so the president is also allowing some product exclusions for South Korea, Argentina and,
Bloomberg Surveillance
Netflix Still Doesn't Want to Pay Apple
"There's a, report that net flicks is pushing new subscribers to sign up on its website rather than through its dedicated. App a move that pulls revenue. From apple and other app store owners. Currently net flicks users, on, ipads, and iphones have the option to, subscribe, via, the app stores in app purchases this makes subscribing to Netflix simpler for apple users but also gives apple a fifteen percent cut of those subscriptions Netflix told tech crunch that it's. Testing a, change the bypasses in app subscriptions in countries such as the UK and, Brazil and instead reroutes users to its own
Bucket Strategy Investing
China, Turkey and US discussed on Bucket Strategy Investing
"In June Goldman Sachs cut ten cents target price by seven percent and reduced its earnings forecast deciding, slower growth in gaming higher video expenses and. Gradual acceleration in advertising sales tencent is due to report. Second quarter earnings today the stock is currently down. More than
Bloomberg Best
US, Bloomberg and Taiwan discussed on Bloomberg Best
"All this and more coming up in, the next hour. Of Bloomberg best I'm Doug krizner at Bloomberg world headquarters in New York let's check this hour's top. Business stories and the markets US airlines are planning to. Comply with. A demand from the Chinese government it wants carriers to identify Taiwan to reflect China's claim on the island territory we are told you. As carriers affected by the mandate include American delta United continental, and Hawaiian holdings and they will begin. We are told to change their Taiwan. Reference, over the next day or two Facebook is trying to open a center in China to support local startups even though the company's apps and websites are still blocked in China you might remember earlier this month Facebook set. Up a Chinese subsidiary Facebook technology it registered capital of thirty million. Dollars according to a filing after the bell here in the states AT and t., reported disappointing results in its first earnings reports since closing on the Time Warner deal there was weakness in eight AT, and t. entertainment group that includes direct TV this as a result of cord cutting and consumers moving. To internet video. The revenue number missed estimates AT and t. shares were. Down one percent in late US trading. Called palms deal to a by an XP semiconductor expires on Wednesday the agreement does then. The companies are waiting approval from regulators in China we are told a delegation. Of Qualcomm executives are in last minute discussions with Chinese, officials we check, markets every fifteen minutes here, on Bloomberg we're seeing. A little bit of pullback in the end vis-a-vis the dollar here at one. Eleven twenty five the Nikkei two twenty five is higher by one half. Of one percent hang sang eight tenths of one percent the Shanghai. Composite is a head less than, one tenth of one percent the, kospi is. Down one tenth of one percent and the ASX two hundred weaker by two 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 journal List and analyst this is Bloomberg a combination of protectionist economic policies a new Chinese initiatives are reshaping, the economic world for more on this regime Bloomberg's Tom Keene and Jonathan. Farrow spoke with Abby Joseph Cohen and advisory director and senior investment strategist at Goldman Sachs. I guess we've gotta talk about vanilla equity investment. How do you respond when you see the gloom articles they seem to peak Friday about seven, PM but. You've spent decades in cycles of doom and gloom are the doom and. Gloom articles, on a given Friday now. Different than they were other eras I think that we're seeing increased concern. Tom and it's appropriate in terms of where the United States in the world are heading in terms of Ideo political. Alliances and, also in terms of the trade picture we have taken for granted since the nineteen fifties at the United States would Dominate in. So many different areas we. Were by far the. Strongest economy the other, economies of Europe in Japan had been devastated by. The second World War and now we have real competition on the economic front. And, that comes from China and quite frankly they are playing a long game everybody focuses on how they're doing this, quarter this year they are making long-term investments not. Just in terms of? Their own economy but in terms, of their long-term trade and political relationships their, version of the Asian Development Bank in which they're providing significant funding for infrastructure in Asia and throughout the world is the equivalent of the Marshall plan. Which gave the United States an enormous advantage, in terms of global trade focused on Europe I in the fifties and sixties and so I think there are real. Concerns when I take a look at the, equity market per se I always start with valuation the valuation is okay if If inflation and interest rates do what we think, and most importantly earnings continue to pop as they seem to be doing and real GDP seemed so strong this quarter obviously equity investors are going to. Feel good however as I look. Out into two thousand nineteen I think we're going to be seeing slower growth for example SNP earnings this. Year up twenty percent next. Year six or seven. Percent John this is single digit. Abby this is and this is a, slowdown as well in GDP and what I worry about is that if, valuation is currently fair there's not much..
Bloomberg Best
Bloomberg, United States and Abby Joseph Cohen discussed on Bloomberg Best
"Don't do cut. Menu money on Vases and I'm quite confident that the Class PSA group CEO. Carlos to Varas weighs in on trade I think it's better that. We keep open trade in the world I think it will create more wealth for humanity and it will create more win situation than lose lose situations all this and more coming up in the next hour of Bloomberg best First let's check the markets and some today's. Top business stories I'm Charlie Pellett equity benchmarks finished. The day mostly higher led by technology and healthcare companies while China's, efforts to support its economy spurred interest in high-risk assets across. The Asia s. and p. five hundred index up for a second straight day Jim Karen is portfolio manager at Morgan Stanley investment management I think the stronger. Dollar is a real key if if the dollar does start to weaken that as a shore sign of risk on risk, off the dollar is actually strengthening so I think that's the. Backdrop and I know there is. A. Lot of discussion around trade and some of the concerns around have. Pushed. The dollar higher so I I would still, have to argue that the biggest risk in the market. Are still some of these trade concerns and that is ultimately going. To be stronger for the dollar so it's a real balancing act Abby Joseph Cohen is senior investment strategist at Goldman Sachs on Bloomberg television today she urged caution for fixed income investors I think it will be increasingly difficult. For fixed income investors to do well, now we're looking at global bond markets where government bond yields are negative for more than half of the developed. Economies, that's not sustainable in the United States we've already. Seen a rise in the ten year treasury yield. Two three percent cat go higher we think it will three point, six percent by the end of next year so we would. Be cautious in fixed income Lululemon athletic has named Calvin McDonald to lead the yoga wear maker as it looks to rehabilitate its internal culture and expand its. International presence, he recently served as the top executive of makeup chain Sephora stocks mostly higher SNP up thirteen of five tenths, of one percent the Dow up one hundred ninety seven up. Eight tenths of one percent NASDAQ. Little. Changed lower by a point I'm Charlie Pellett that's a Bloomberg business. Flash. Bloomberg best with June Grasso and Ed Baxter continues a combination of protectionist economic policies a new Chinese initiatives are reshaping the economic world for more on this regime Bloomberg's Tom Keene and. Jonathan Farrow spoke with Abby Joseph Cohen and advisory director and senior, investment strategist at Goldman Sachs. I guess we gotta talk about vanilla equity investment how do you respond when. You see the gloom articles they seem to. Peak Friday about seven PM but you spent decades in cycles of doom and gloom are the doom and gloom articles on a given Friday. Now different than they were other eras I think that. We're seeing increased concern Tom and it's appropriate in terms of where the. United States in the world are heading in terms of geopolitical alliances and. Also in terms of the trade picture. We have taken. For granted since the nineteen fifties at the United States would Dom Nate in so many different. Areas we were by far the strongest economy. The other economies of Europe and Japan had been, devastated by the second World War and now we have real competition on the. Economic, front and that comes from China and quite frankly they are playing a long game everybody focuses on how they're, doing this quarter this year they are making long-term. Investments not just in? Terms of their own economy but? In terms of their long-term trade and political, relationships their version of the Asian Development Bank in which they're providing significant funding infrastructure in Asia and throughout the world is the equivalent of the Marshall. Plan which gave the United States an enormous, advantage in terms of global trade focused on Europe I in the fifties and sixties and so I think there..
Bloomberg Surveillance
Stocks drop broadly as new China tariffs rekindle trade-war jitters
"Fox in for john farrow tom keene in london we are two hours away from the opening bell on wall street let me get you updated on the news that you need to know at this hour investors around the world are selling stocks after the us fired a new shot in its brewing trade war with china the trump administration releasing a list of two hundred billion dollars worth of trade tariffs on chinese goods china is vowing to retaliate no details yet as to the exact nature of the retaliation and the bidding war over britain's top paytv company it is increasing as the bid for twenty by twenty first century fox's increasing for sky tv at values the company now at thirty two billion dollars that is twelve percent more than the offer that was made by comcast of course they're all in a bidding more disney comcast for those assets of twentieth century fox and trench coats not loved so much the shares a burglary falling as much as five percent in london the luxury goods makers saying that revenue rose just three percent in the second quarter as it trails rivals in the all important china market all right it's time to find out what's going on in the world we've got to mr michael barr mr bar tom thank you very much nato secretary general jens stoltenberg says he agrees with president trump that nato allies should contribute more to the alliance in terms of defense spending but he also defended nato saying that there is strength in unity and while talking to cnn ahead of the summit stoltenberg was asked about his earlier breakfast meeting with president trump extent orange juice toll stunts all fruit solid on good breakfast.
Bloomberg Best
Elon Musk Thinks Wall Street Traders And Fossil Fuel Companies Are Stealing Tesla's Data
"To the hit movie incredible two incredible gay pixar its biggest opening weekend ever with one hundred eighty million dollars in ticket sales but in an unusual move isn't is issued a warning to movie goers who have epilepsy scene with the villain screen slavery features bright flashing lights the disney says could trigger seizures in people with epilepsy migraines or chronic illness the epilepsy foundation even issued a statement all theaters the post warning signs for people wanting to see the movie i'm tj cudicini chef marcus samuelsson has bought a former pool hall and over town a historic black neighborhood of miami with plans to open a restaurant a miami redevelopment board has already point tens of millions of dollars into over town but samuelson is the first celebrity to make a commitment there he bought the building for one and a half million dollars while turning down opportunities in south beach an cates this is bloomberg best bloomberg best is about the insight and the context get from our marquess it's a great way to catch up on some of the stories you might have missed on the bloomberg stories you're not going to find in any other news organization bloomberg best bloomberg's best stories of the day our d by twenty seven hundred journalists and analysts in more than one hundred twenty countries around the world i'm june grasso and i'm ed baxter on this edition of bloomberg best for monday june eighteen mary lovely from the peterson institute discusses us trade policy in china when we placed tariffs on these types of goods were indirectly trying to get at the chinese where i off hitting mainly our allies operations in china was former commerce secretary carlos gutierrez saw the republican party we look more like game right wing european party populace not too concerned about business antiimmigrant all this and more coming up in the next our bloomberg best i'm doug krizner at bloomberg world headquarters in new york let's check this hour's top business stories and the markets president trump seems to be threatening to escalate the trade fight with china into a fullblown trade war the president has directed the us trade rep to identify two hundred billion dollars worth of chinese goods for additional tariffs at a rate of ten percent for its part china said it will take strong counter measures if the us issues in new list the aussie dollar fell to a one year low on that news the yen has strengthened by more than six tenths of one percent and equity markets in china and hong kong are sharply lower the hang sang is down two percent the shanghai composite is weaker by one point six percent the us senate has passed a defense authorization bill that would restore penalties on china telecommunications giant z t e that sets up a political clash with the white house since it overturns a reprieve on penalties from the us commerce department a disgruntled employee tesla broke into the company's manufacturing operating system and sent highly sensitive data to an unknown third party according to an email sent to staff from ceo elon musk the worker who had been denied a promotion did quite extensive and damaging sabotage crude oil right now trading weaker after moving higher in the new york session there is a key opec meeting this week and producers is said to be discussing a smaller than expected boost to production wti in the electronic session sixty five sixty we check markets every fifteen minutes here on bloomberg right now in tokyo the nikkei two twentyfive is down eight tenths of one percent in seoul the kospi weaker by nine tenths of one percent although in sydney the sex two hundred is ahead three tenths of one percent the us ten year treasury in the tokyo session with a yield of two point eight 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 more than one hundred twenty countries this is bloomberg after president trump imposed new sanctions on china last week the us and china are heading for a potential trade war from ron trade relations between the two countries bloomberg's tom keene and jonathan farrow spoke with mary lovely a senior fellow at the peterson institute murray what's number one thing we get wrong in our tariff allowances or discussion two thousand eighteen vintage i think the biggest misconception is the extent to which the trade between the.
Politics, Policy, Power and Law
Seattle, Bloomberg and Jonathan Ferrell discussed on Politics, Policy, Power and Law
"A top aide kim jong un is in washington about to deliver a letter from north korean leader to president trump and we'll have more on that as soon as it happens the most restrictive abortion law in the country is temporarily blocked by federal judge it stops the so called fetal heartbeat law from taking effect in iowa next month under an agreement between lawyers for the state and abortion rights groups they sued to block the law that would ban most abortions if a fetal heartbeat can be detected president trump started the day by breaking with presidential practice again this time it had to do with the jobs report trump tweeted about the main numbers more than an hour ahead of their official release signaling a good report was on the way jason furman chaired the council of economic advisers under president obama he says presidents typically wait until after the report is out to comment on it president obama had done this tweet i would have had exactly the same reaction and conveyed it directly to him and everyone else in the white house that it was a major major problem that he had done it and i would hope that that's what's happening right now in the white house economic adviser larry cudlow says the president did have the numbers last night but his tweet wasn't meant to signal a positive report the unemployment rate did fall to an eighteen year low but democratic leader nancy pelosi says wages only grew by a third of a percent and even that is being offset by rising costs of healthcare and gasoline repeating we expect that letter to be delivered to president trump any moment now from a north korean official a top aide kim jong global news twenty four hours a day on air and it tectonic on twitter powered by more than twenty seven hundred journalists and analysts in one hundred twenty countries it's not enough to get the right people in the room somebody has to know what to ask them me dr somebody's how far is the united states from an age of a sturdy just asking because we've been talking about this in japan tom keene care for ten enjoyable book value seven percent lower than it was a biblical and jonathan ferrell seattle's been cutting costs aggressively bloomberg surveillance weekday mornings at seven eastern on bloomberg radio.
Bloomberg Best
Fed holds interest rates steady, noting rising inflation
"Four rate hikes here i think you've got this sort of even those i mean charlie evans who's been intellectually consistent he wanted to see the whites of the eyes of inflation i think just sort of made this point there following the data it exactly that the data is now come to them and they now feel validated in their view loss and inflation the deceleration we saw last year was a transitory phenomena and stephen would is with russell investments i've been saying for a while that a yellen fed was willing to raise rates into a mediocre environment now you've got a paul lead fed where you get an improvement not only the economy but inflation so i think from that perspective we would be looking at three probably four rate hikes in two thousand eighteen after the bell we heard from tesla its firstquarter adjusted loss was three thirty five per share estimates were four three forty one first quarter revenue three point four one billion estimates were four three point three two billion stocks laura s and p down nineteen down seven tenths of one percent the dow also down seven tenths of one percent down one hundred and seventy four points nasdaq down thirty down four tenths of one percent i'm charlie pellett that's a bloomberg business flash bloomberg best with jim june grasso continues in his second meeting is fed chair jerome powell in the federal open market committee held us interest rates steady today for more on the decision bloomberg scarlet fu and tom keene spoke with grant thornton chief economist diane swonk and jeff rosenberg black rocks chief fixed income strategist diane let me start with you give us your thoughts on the comments on inflation with employment moving closer to that percents target and the added use of the word symmetric i think it's really important because it gets back to the idea that they're willing to overshoot on inflation even as they're raising rates and allowing unemployment to continue to fall it is i think we're gonna get to four rate hikes this year i think you've got the sort of even those i mean charlie evan who's been intellectually consistent you want to see the whites of the eyes of inflation i think jeff sort of made this point there following the data it is exactly that the data is now come to them and they now feel validated in their view that the loss and inflation.
Oil climbs on Saudi price ambitions and U.S. stocks draw
"A real possibility now okay that's that's theater at this point in the markets figured that out and it's moved back up at the same time i think risks have risen has for the interest rate outlook david don abedian is chief investment officer of the atlantic trust group the language from the the new powell fed has been a little bit more pocket and we think that will translate into three more rate hikes this year a little bit more than the than what's built into the market now crude oil rallied to the highest since december twenty fourteen after the us government reported across the board declines in domestic stockpiles of oil oil gasoline diesel and jet fuel opec and nonopec oil ministers will be meeting tomorrow in jeddah saudi arabia to discuss how to keep a global oil glut from returning as for the oil outlook francisco blanche's head of global commodities research at bank of america merrill lynch i don't see a sustained eighty plus throughout the whole year because again remember the peak of the of the demand season is july fourth does one every american goes on and drives but also every europeans out on vacation in in july and all this strikes let's going to press up the price of oil led by the transportation fuels like diesel and gasoline west texas intermediate crude oil advanced today by three point four percent after the bell earnings beats from both american express and alcoa stocks mixed the dow down thirty eight down two tenths of one percent sp up two points up one tenth of one percent nasdaq up fourteen up two tenths of one percent i'm charlie pellett that's a bloomberg business flash bloomberg best june grasso and ed baxter continues as mike pompeo awaits senate confirmation to become secretary of state president trump confirmed today the former cia chief met with north korean leader kim jong hoon last month for more on the us position in asia bloomberg's tom keene in france in the quad spoke with robert hormats vice chairman of kissinger associates what would be your vice to mr pompeo in terms of the speed of change.