18 Burst results for "Tom Mckenzie"

"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:26 min | Last month

"tom mckenzie" Discussed on Bloomberg Radio New York

"Head Baxter. And I'm Denise Pellegrini. Denise tech stocks have really been hard hitting this inflation rising interest rate environment. Yeah, that's right. They sure have. And we've seen a wave of layoffs to this past week. Here's how Bloomberg's Ed ludlow describes the mood right now. What I'm hearing from venture capitalists on all levels of the curve from seed through to growth equity stage is now is the time to be disciplined, preserve cash, do not invest with risk and be conservative. And conservative ludlow says in hiring two and so it's turning into a real mood killer for some tech companies. And one of the most high profile fund companies, it's really been slammed is arc investment. And Bloomberg's Tom McKenzie caught up with Kathy wood, CEO, and CIO, an arc investment management at the web summit in Lisbon. And he asked her about all the losses. Let's listen in. I know you don't need to be reminded of this, but context is important, so that 120% outside that you saw for the central fund within arc, of course, between 2020 and 2021, and now, of course, year to date the flagship fund down about 60%. What are the lessons learned then from you and the team from that kind of drop that we've seen? It started actually in February of 21. We started declining truly disruptive innovation started declining in February of 2021, while the market soared to all time highs in 21. And now the rest of the market is suffering as well. So vaccine, people going back to work, supply shock. The businesses had shut down, wondering if they would ever reopen their doors, right? They shut down at the same time, governments around the world were stimulating aggressively. So we had a supply shock, especially because demand actually was so much stronger than anyone expected. And I would say lessons learned could I have dreamed a technology investor that supply chain issues would have lasted more than two years? No. I never thought that for a second. I thought we would be over that in a year. And certainly couldn't have predicted Russia's invasion of Ukraine. So the question is, is this a 70s style inflation, which is how the markets are treating it right now. And why our strategy has been decimated and most growth strategies have been hurt very hard. We don't think it is. I think the market's pricing is pricing innovation as though we have a bad inflation problem. That's going to take interest rates even higher. We don't think so. We think actually the greater risk and opportunity is deflation. I think we're going to start seeing deflation on a month to month basis. We're already seeing commodity prices come down. They've broken down many of them. That's upstream at the top of the pipeline. At the bottom of the pipeline, around the world, we're seeing a massive inventory overhang as we're heading into the holiday season. How are they clear that? Discounts. So I think cyclically we're going to see deflation. We're already seeing it in the pipeline. Secularly, we will also see deflation. It's we spend all of our research time focused on disruptive innovation. Technologically enabled disruptive innovation that is inherently deflationary. But that's good deflation because as prices for electric vehicles continue to come down, we will see a continued boom in electric vehicles. It will hurt the internal combustion engine cars. But it will help the innovators. So I think we're going into a deflationary period, much like much like the late 19 teens. So 1918 World War I ended Spanish flu also hit. So think about that war flu. Very similar dynamic, right? And the other similar dynamic was three major innovation platforms that we're going to transform the world. Telephone electricity and automobile. They were all scaling exponentially. And took us into the roaring 20s. So supply shocks to inflation back then to 15%, but within a year and a half, two years, that inflation started dropping. And it ended down I'm sorry, the infection was 20%. It ended down deflation, 15%. Roaring 20s. I'd like to think that's what we're going into now. And there's a high probability we are. Okay, so that's the deflation call. So you also making the call that growth has bottom now. That this is the opportunity to get going to exposure to growth. That we are seeing the bottom now in terms of the sell off the tech. So it's interesting to watch our strategy as fears about fed tightening and more fed tightening continue. On many days, when the market's down, our strategies are up. Now, that is what tends to happen. I'm not promising this is where we are, my compliance department would never let that happen. But in the later stages of a bear market, our strategy starts to outperform, even it may just be that we're down less than the market. Some days we're up when the market's down. Why? Because during the later stages of a bear market, the new leadership shows up and starts performing. We're the new leadership. We always are. And many people think, oh, I've got myself covered with the NASDAQ NASDAQ 100. No, look deeply into those indices. We are the new NASDAQ. And most of our stocks are not in those indexes. We have an owned the fangs in our flagship for quite some time. That's not the new new anymore. TikTok has come along and destroyed a lot of a lot of models. So yes, I think that we're seeing the early stages of a bottoming process. At the same time, many people are saying, we're going into a recession. Now, we think we've been in a recession. And that the negative numbers will reassert themselves after this positive third quarter. Mostly because of the inventory overhang, and we need to clear that out. I think many forecasters may say, oh, this is going to

head Baxter Denise Pellegrini Denise tech Ed ludlow Tom McKenzie Kathy wood Bloomberg ludlow CIO Lisbon flu Ukraine Russia
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:48 min | 2 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"To have you in for Tom McKenzie this morning on the program this hour, the institute of directors chief economist Katie usher will be joining us as the IMF warns the Chancellor turn back also Bloomberg's very title and Emily Ashton will break down the politics and the economics on another febrile day for UK markets. Speaking of which, let's give you that data check then that you get at the start of the show, of course, but a McDonald's spot index is up to ten to 1%. We've had a slew of hawkish fed speakers, no to any currency accord, according to The White House, ten year US Treasury yields climbing above 4%, the highest level since October 2008, European stock markets though very much on the back foot as they were in Asia, U.S. stock 600 down 1.1% this morning. Natural gas prices in Europe also surging and guilts in the pound falling because of this mounting global criticism on the UK's fiscal policy so cable trades at one spot zero 6 9 5 down three tenths, Danny. Continues to be an ugly day out there. All right, well let's get to some of our top stories, props guiding the movement of markets this morning and the Bank of England's chief economist says the government's tax cuts and the market reaction that's followed requires a significant monetary policy response. Hugh pill says Chancellor quasi Cortez fiscal changes have caused a significant repricing of assets. Pill believes the best time to assess and react to the impact is that the BOE's next meeting in November. In a context where there is a rebalancing of the macro policy environment and our anticipation of looser fiscal policy, I think it's hard not to draw the conclusion that all this will require a significant monetary policy response. That was the Bo E's chief economist Hugh pill separately he said that government subsidies to help households and businesses with energy bills were likely to have made its August forecast for recession redundant. Well, he's not the only skeptic in an extraordinary statement, the international monetary fund has said that the government's unfunded tax cuts are excessive and warns that the measures are likely to fuel the cost of living crisis. The IMF is urging the Chancellor to reevaluate the Chancellor meets with international bank executives today as part of an outreach program to discuss his growth plans, not all international bankers though are down on the pound. Here is Deutsche Bank CEO, Christian saving. I'm confident that the UK will come through this. I can not tell you actually what the today's rates move are. And volatility, as I said, stays. But I can also see that over time, the pound is coming back. Christian saving there in a Bloomberg exclusive interview more from that later on in the program, the treasury has responded, though, a spokesperson say that the government has acted at speed

Tom McKenzie Katie usher Hugh pill Emily Ashton US Treasury institute of directors BOE IMF Chancellor quasi Cortez UK Bloomberg McDonald White House Danny Asia Europe U.S.
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:39 min | 2 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Influential conversations from Bloomberg television. Here's Tom McKenzie. The summer rally has now fizzled. Where are we in the repricing of these higher rates? I believe that the scenario of sticky inflation is still no price that the market two numbers if you look at the relative rates is the one year is below 2%. So that means that the market expects inflation to undershoot the fair target next year and also if you look at the P of this and T 500 is around 70 times the next year earnings. So for this business we believe that higher inflation for longer is not priced by the markets. Jupiter asset management and others saying now that there is opportunity in long-term sovereign bonds, the soft landing is not going to happen. We will hit a recession and that's where maybe you want to be positioning. Do you agree with that? For us, no, it's still too soon to position on the long end of the curve. It has been very helpful in the last decade to use long duration bonds as a popular hedge. We don't believe that this is the case for now, because we believe that the terminal rates, for instance, for the fed, may be higher than the 4.5%, which is fairly baked into expectations. On the other hand, we like credits, just one number. If you look at the investment grade ten year yields, it's no higher than the S&P RNG, that as for the first time, it's done ten. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a

Tom McKenzie Bloomberg fed S
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:48 min | 5 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Television. Here's Tom McKenzie. Let's bring in Jay foley then head of FX strategy at rabobank. And a view, of course, on all the FX volatility that we saw. Let's start with the UK with a pound as the context year to date lower by about 10% versus the dollar. How much of the political risk is priced into the pound at this point? You know, I think there's a lot of political risk in there, particularly from the point of view of the international investors and when they look into the UK and what they see is something which isn't attractive. I think in the wake of Brexit, I think investors want to see clarity. They want to see coherence, they want to see how the government is going to bring growth back into the economy. We all know those really cool forecasts for growth for next year, the OECD say no growth that the worst in the G 20 apart from Russia. For instance, and I think that the investors want to see direction that they're worried about Northern Ireland protocol at the fact that that could break law. And these are distractions, all this sleazy allegations, all of this news about party gate and now these resignations, it's not what the market wants to see. It's certainly not what Sterling wants to hear about. And so actually, if we do move on in the next few months, whether or not we get a new leader or just some clarity, I think that's what investors really want to see in terms of direction. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings. This week, June jobs are in focus. I think we're all very curious how your jobs came in. Labor market is tremendously strong. We have never been in a recession with declining unemployment. This Friday, the surveillance team will bring you crucial data and expert analysis at terminal speed. There's so much uncertainty. We're going to have to monitor the data closely. Everyone needs

Tom McKenzie Jay foley rabobank UK OECD Northern Ireland Russia government Sterling
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:22 min | 7 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"This is Bloomberg daybreak Europe We will continue on a remorseless mission to squeeze Russia from the global economy peace by piece day by day and week by week We're dealing with an individual who doesn't play by the rules So I've always been very clear in my mind and thankfully getting so far It is indeed a very dangerous moment It is basically the rewriting of these shorty system that we've known in Europe since the end of the Cold War Bloomberg daybreak Europe on Bloomberg radio And a very good morning from London and Caroline Hepburn And I'm Tom McKenzie You're listening to Europe daybreak live on Bloomberg radio Now the yuan swoons Amazon posts a surprise loss and Elon Musk offloads $4 billion of Tesla stock So at lots of earnings to talk about this morning a Bloomberg's law right will be joining us on both the Amazon and the Apple stories also here in the UK though Tom The British government has said that one Britain has been killed now in the Ukraine and other is missing So we will get the latest on the war in Ukraine next Yeah absolutely of course that story absolutely central to what we are covering And of course the European response to that decision by Russia early in the week to cut off gas supplies to pollen and Bulgaria continues to unfold Of course do have that technology news coming through thick and fast Apple and Amazon both disappointing for various different reasons the labor costs for Amazon and the warehouse build out there being something of a drag And Apple pointing to the supply chain disruptions potentially up to $8 billion worth of disruptions in China And on that note the Chinese Politburo this is a crucial meeting they've held the meeting they come out with some lines saying that they will and want to continue to enforce the underscore and support the economy to meet their growth targets 5.5% many economists have said that is very challenging given the COVID zero lockdowns that we've seen and officials are not walking back from that policy So we'll wait for the details on that Yeah absolutely I mean Bloomberg economics only today has slashed their forecast for Chinese economic growth this year to 3.6% on that note let's have a look at the markets because the losses for the Chinese yuan are only accelerating China's sticking to the COVID zero policy so a big swoon in Forex The onshore currently trading at 6 63 and the offshore 6 65 this as you've seen over the last 9 days significant at sell off for the one or so of course so for Latin American currencies down 5% in Brazil Colombia Chile All of this on the back of a stronger dollar Although the blue McDonald spot index now actually reversing seeing a decline of a quarter of 1% this morning Stocks then the hang sang at the moment is actually up by close to 4% It had surge as much as 7% These delisting fears sort of take a bit of a step backwards China basically talking about allowing onsite audits so that would comply with the U.S. law then Japanese markets are closed for a holiday NASDAQ futures this morning I currently down half of 1% so again a reverse of gaze that we'd seen U.S. stocks are 50 features are up by 1.4% this morning We do have a lot of data out that will break for you throughout the morning on your area inflation probably moderated but still a whopping 6.9% in April expected we get French first quarter GDP for example So those are the markets Okay for more on the markets let's bring in Bloomberg's cross asset editor Jonah ost Joanna tell us then about what is happening with Chinese tech stocks today Caroline mentioned the process around delisting and maybe there's been some movement there Right Tom So Bloomberg has reported Beijing is discussing this with the U.S. regulators about logistics of these onsite audits But traders are also citing rumors including one about an upcoming meeting between tech firms and policymakers related to the relaxation of this yearlong regulatory clampdown So we have a couple pieces of good news on this front that's just sending the hang seng tech index soaring So you have Alibaba and king D up more than 9% and you have companies also like matewan Billy Billy and JD.com all up more than 7% basically the entire indexes in the green today Okay So that on Chinese tech stocks but then of course the dramatic slide in the yuan what are we watching related to the currency in the FX Yeah well Caroline one thing that we have to start thinking about is we know it's the way you want us depreciating against the dollar But when it gets going it can be hard to stop and it raises the risk some are thinking of a 2015 style panic The yuan is actually weakening at a similar pace to that time period When China's stock devaluation spurred estimated 1 trillion in capital flight and it was a huge issue for global markets So the moves do make some sense right Because of the diverging monetary policies the economic conditions but there is also this chance that it will accelerate Okay and of course a boost for Chinese exporters as well Maybe that's part of the calculus for policymakers but as you suggest it's a very fine line to walk when outflows of course have been stepped up out of the Chinese market because of that weaker yuan Joanna elsinger thank you and for real-time markets commentary and analysis checkout markets live that is ML IV on your Bloomberg terminal Okay let's get to our top stories.

Bloomberg Amazon Europe Caroline Hepburn Tom McKenzie Apple Chinese Politburo Ukraine Russia COVID Elon Musk China
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:16 min | 7 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Good morning it is 6 30 a.m. this Thursday morning here in London I'm Tom McKenzie And I'm currently the Hebrew Welcome to Bloomberg daybreak Europe so in a moment we'll hear from our interview with Frank van yenten who is the CEO and president Of course meta the owner of Facebook beating with their earnings as well And I think some optimism into the tech sector more generally across the U.S. we have a redhead crossing now Sanofi and other company reporting first quarter earnings EPS earnings per share coming in above the estimates at €1.94 per share the estimates have been for 1.78 So a beat there for the drug maker Sanofi In terms of your markets then of course investors continue to weigh up the first quarter earnings and how that plays into their views going forward and then on the macro front We have more pledges from China policy makers there to support the economy around those who are unemployed nonetheless mainland shares lower by 5 tenths of a percent that's on the CSI 300 across the broader Asian market space the MSCI Asia Pacific you're looking at gains of four tenths of a percent and a solid session over in Japan on the nikkei up one and a half percent that's after the BOJ came out and pledged additional support to continue buying bonds putting it again in stark contrast with the likes of the fed the BOE and even the ECB Here in Europe the future is pointing to gains of 6 tenths of a percent state side S&P E mini's points against 8 cents of a percent after a bit of a mixed session yesterday and that's that futures again on the back of some strong tech earnings pointed to gains of 1.3% on the currency front lots to focus on the Bloomberg dollar index Currently at 5 tenths of a percent the dollar up now at near 20 year highs that's pressuring all sorts of different currencies with which it is paired including the Japanese yen the rate differential gain and focus as a result of what we heard from the BOJ closing in on one 30 currently one 29 87 for the Japanese yen Euro dollar one O 5 Sterling is at one 25 soft on stunning by three tenths of a percent and in terms of your bonds two 82 on the benchmark U.S. ten year just range man not much movement there after okay so a bit of volatility in treasuries When it comes to Brent one O three lower by 1.7% WTI just clinging on to a $100 about that is the market check Yeah so what about then energy as Russia has stopped the flow of gas to some European countries the pushback now from the EU that's one of our top stories has been basically and guarantees good morning Leanne.

Tom McKenzie Sanofi Frank van yenten BOJ Europe Asia Pacific London U.S. Facebook BOE ECB China Japan S
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:47 min | 7 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Conversations from Bloomberg television Here's Tom McKenzie Joining us now is George Magnus author and economist and a research associate at the Oxford University China center in football someone who's been in the weeds on all things China Do you think finally policymakers are having to square up to the economic realities on the ground in China that they're going to have to pull out the big bazooka or is it this targeted approach that they continue to use I think that still sort of incremental approach actually seems to be the one that they are pursuing I mean so many people have been blindsided by the fact that they were everybody's expected since the beginning of the year that they would be more aggressive stimulus measures to boost the economy in the face of subsequent developments not just the kind of COVID lockdowns but also the consequences of the war in Ukraine I mean the economy is just become very enfeebled but the authorities remain pretty hesitant to wield that big bazooka as you say it Obviously they cut reserve requirements for banks targeted lending to small businesses relief of mortgage payments for people in need easing of housing restrictions these kind of incremental things are measures which they've taken but these are all likely to have very very liberal kind of material impact on the ability of the economy to grow If you lock down half the economy liquidity doesn't really help Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings Markets headlines and breaking news 24 hours a day At Bloomberg dot com the Bloomberg business app and at Bloomberg quick tape This is a Bloomberg business flash.

Tom McKenzie George Magnus Oxford University China center Bloomberg China football Ukraine
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:31 min | 9 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"This is Bloomberg daybreak Europe We will continue on a remorseless mission to squeeze Russia from the global economy peace by piece day by day and week by week We're dealing with an individual who doesn't play by the rules So I've always been very clear by the fact that although he goes so far It is indeed a very dangerous moment It is basically the rewriting of the security system that we've known in Europe since the end of the Cold War Bloomberg daybreak Europe on Bloomberg radio Good morning from London I'm Caroline Hampton And I'm Tom McKenzie You're listening to Bloomberg daybreak Europe on London DAB Bloomberg radio Now how to reach a ceasefire in Ukraine and is talking to Vladimir Putin actually helping will discuss the latest on those Ukrainian diplomatic moves in turkey Plus we get the first batch of party gate finds here in the UK from the Met police probably not including the prime minister himself but the people around him so that's the kind of resurfacing of the issue that almost brought the prime minister down barely a few weeks ago and we also have Bloomberg's interview with Christian Linda the German finance minister no to Russian ruble payments by German businesses This seems to be a consensus now from European leaders They are not going to bend to Putin's demands to pay for that gas in rubles here in the UK just to build on the politics you also have the BOE governor came out in the front page of the FT today saying that Britain's face and historic squeeze on living standards as well So we continue to watch of course the economic implications here in the UK as well as the politics Yeah let's go to the markets then this morning Asian stocks are actually up right now MSCI Asia Pacific index gaining half of 1% European futures also stronger 8 tenths of 1% U.S. futures after the S&P 500 yesterday rallied only a small very modest jump for S&P 500 evenly stocks but really the big stories are out of Asia the Japanese yen the swings have eased a little bit The bank of Japan unprecedented intervention in a bid to cap a surge in yields also the dollar the DXY very strong although pulling back just a little bit this morning but we're still watching out for whether that strong dollar hits or peaks above the 2022 high As for U.S. two year yields they've extended their advance the twos tens 12 basis points from inverting So we're watching that Also in Europe traders have rushed to increase their bets on ECB tightening We've got skyrocketing inflation and more figures out of Europe on that later this week Oil also slumping Now at a $110 the barrel for Brent crude so those are the markets right now Okay for more on the markets let's bring in Bloomberg's cross asset editor Joanna ostend juana How is the market then taking as Caroline described it This incredible intervention and presidented invention from the bank of Japan Well Tom it does look like things have calmed down on both the Bond and currency fronts So you had the yen kind of pulling back from that $125 levels edging higher ten year yields dipping So it looks like things are a little bit better Longer dated bonds outside the VOA's control could still be vulnerable But overall there was take up that increase from yesterday in this operation and it looks like things are a little bit steadier right now Okay so that on the bank of Japan what do people saying to Anna about the vix at these current levels Yeah well Caroline you know I love the vix It's at 19.63 now So it's under that key 20 level And so it's back in basically at its long-term average which is pretty stunning given everything that's going on in the world fed and Russia Ukraine and everything So some strategists are starting to recommend placing bets that will rise and Susquehanna just says this level is unsustainable UBS is recommending vix call spreads So that's one thing to look at It looks like volatility and equities in the U.S. is kind of possibly unsustainably low right now It's interesting one of our guests yesterday on Bloomberg TV saying you're seeing more volatility in the bond markets than you are in crypto markets just an indication of how lopsided things are at this point Joanna also thank you as ever And for real time market commentary and analysis check out markets live That is ML IV on your Bloomberg terminal Now let's get up to speed with today's top stories but it makes Leanne guerin's here highly Anne Hi Caroline and thank you and let's start right here in the UK where we are told 20 fines could be handed out today to people involved in the party gate scandal at Downing Street Bloomberg's UN Potts has all those details Bloomberg understands that detectives are about to issue at least 20 fixed penalty notices the government officials are close to the prime minister following gatherings in Downing Street during lockdown The fines which could come as soon as today follow the Met's investigation into reports of numerous boozy parties during periods where restrictions made them illegal Boris Johnson has repeatedly said he was assured that no rules were broken We understand today's fines are not likely to include one for the prime minister himself in London I'm you and Potts pinball daybreak Europe Now delegations from Russia Ukraine are in turkey for the first face to face talks in more than two weeks Ukraine says its top priority is to negotiate a ceasefire but British foreign secretary Liz truss is remaining cautious and wants sanctions to remain in force until Moscow withdraws its troops We must not just stop Putin in Ukraine but we must also look to the long term We need to ensure that any future talks don't end up selling Ukraine out or repeating the mistakes of the past Meanwhile Russia's siege of Mario pole has killed almost 5000 people including 200 children according to a scenic Ukrainian official France Greece and Tokyo hoping to launch a mass evacuation of civilians out of the besieged city within the next days Now in corporate news Barclays says it expects to take a 450 million pound hit and will delay a share buyback after mistakingly issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale the error which analysts called bizarre and embarrassing will require the firm to.

Putin Boris Johnson Joanna $125 $110 Caroline Hampton Tom McKenzie UBS Caroline Christian Linda Susquehanna UK Barclays 20 fines Asia Vladimir Putin 200 children Anna Ukraine Leanne
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:58 min | 9 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Bloomberg television Here's Tom McKenzie and francine LaCroix Okay let's bring in John hardy saxo bank head of FX strategy John thank you for joining us this morning Anything that the Central Bank and the authorities in Moscow can do to put a floor under this currency is anything going to work at this point Well that's may not be up to the Russian Central Bank because their fate is not necessarily in their hands so to speak and what happens next I have no idea but the pressure is going to be maximum I think as long as the reality on the ground looks like it does in Ukraine How much volatility are you expecting the FX market as a whole I think the most remarkable thing has been the lack of volatility in this market If you look beyond the ruble itself the traditional sort of risk proxies and risk on risk off type of behavior you would see across markets have been quite modest Now that could change of course if there's some sort of escalation here but it feels like that the market is taking this in stride We do see traditional risk proxies like the Euro versus the Swiss franc It has hit new lows Those are not dramatic new lows but we're also seeing more of an interest in looking at this from a commodity angle There's a huge commodity overlay across the global FX where we're seeing currencies that would traditionally be trading very weakly the Australian dollar actually trading quite strongly There's a very different feel to this crisis than other episodes in the past That's for sure Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings Markets headlines and breaking news 24 hours a day As Bloomberg dot com the Bloomberg business app and that Bloomberg quick tape This is a Bloomberg business flash And I'm Karen Moscow futures are higher this morning S&P futures up about 17 points Down futures at 149 NASDAQ futures at 47 and the ten year treasury down 1630 seconds.

Tom McKenzie francine LaCroix Russian Central Bank John hardy saxo bank Central Bank Moscow Ukraine John Bloomberg Karen Moscow treasury
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:19 min | 11 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Good morning it is 9 30 a.m. in London ten 30 a.m. in Berlin I'm Tom McKenzie And I'm Caroline hedge You're listening to Bloomberg daybreak era Let's give you a check in on these markets then it is very much risk on today across the European equity space gains of almost 2% across the benchmark European stock 600 How much of this is a bet by investors that will get a dovish tone from Jay Powell and the fed when the decision comes later today stateside Or is this dip buying on the back of that incredible volatility in the sell off that we've seen in the last few days Not as a loft that's been pronounced here in Europe but certainly in the U.S. the futures those stateside pointing to very solid gains as well up more than 1% for the S&P E mini futures and the NASDAQ which of course was near correction territory down again certain more than 1.7% Across the sectors you're seeing a green on the screen most prominently travel leisure here in Europe gaining almost 5% followed by technology and basic resources We had those Microsoft earnings out of the U.S. We've got Tesla coming up later Your currency is Bloomberg dollar index is currently flat a Euro dollar is at one 12 The ruble the Russian ruble is softer by about four tenths of a percent and Sterling is currently at one 35 Your U.S. tenure one 77 and the two year currently at one O three watching the yield spread of course ahead of that FOMC meeting In commodities you're seeing Brent higher by 8 tenths of percent with a focus on the geopolitics of Russia and Ukraine and $88 about and crypto is gaining today 37,700 up 3% Okay so those are the markets coming up in 30 minutes time here on lots of DAB digital radio you're here Bloomberg surveillance the early edition with Matt Miller Katie lines and Anna Edwards so Tony is now from New York mat Miller morning Matt big day for you in the U.S. Yeah don't get nervous But we have a lot going on To say that there has been volatility is truly an understatement leading into this fed decision And you've got so many factors at play not only the Central Bank whether or not they're going to be very hawkish medium hawkish or mildly hawkish but you've also got to deal with the tech earnings that are coming in as Tom mentioned we had Microsoft earnings They were better than expected as a result they're up 2.6% in the pre market We got Tesla earnings later on today These big tech names are so important to the turn down that we've seen the correction that we've seen in the NASDAQ 100 So it'll be and the volatility that we've seen So it will be key to see them stabilize at least possibly even moving up in order to get any kind of recovery Plus you've got the tensions around Russia and Ukraine So you've got these three huge factors at play and we're going to be following them for you We've got some very smart people on today to talk about this Peter chatwell joins us from miss zuo international He's ahead of multi asset strategy there Rafaella tenconi joined us from ADA economics She's the founder and chief economist There And we've got francine lockwise She's on location in Rome for the important election that they've got going on in Italy Meanwhile the government in Italy is pressuring CEOs Please don't talk to Vladimir Putin But they're pushing he is at least the Kremlin's at least pushing ahead with that And we've got a whole slew of experts on set Ready to help you deal with or digest the fed decision And then of course later on today just to deep tease we've got the fed decides a special Tom Keane John Farrell and Lisa Brahma it's going to be coming back to the building for the 2 o'clock New York time decision 7 p.m. your time Yeah absolutely great stuff Gosh very busy day Thanks so much mat Bloomberg today It's a edition up next on London DB digital radio Also Matt and Paul Sweeney hosts Bloomberg markets at 10 a.m. Eastern Time For the moment fozzy lacquer respect a bit earlier this morning Twiddling her thumbs because yes it's a huge decision about Mario Draghi but actually they have not come to a conclusion about a consensus candidate And the question for markets is I have investors become overly complacent about the relative stability that you've had in Italian politics does that all change on the back of this presidential vote and if Mario Draghi takes that position who begins prime minister and then there's a reform agenda There's a lot going on but for the moment yes you're right We're waiting for that decision for that vote Let's get the top stories now with Bloomberg's Hannah George Good morning Tom and thank you Here in the UK Boris Johnson is facing yet another tenth day with speculation that the report inter lockdown breaking Downing Street gatherings could be published later Bloomberg's puja conger has the story The report by Sue gray is due to come this week Bloomberg has learned and its contents ultimately contain the future of prime minister Boris Johnson's political career London's Metropolitan Police said yesterday they'll open an investigation into the events held in Johnson's office during the pandemic Escalating the crisis that's led to calls for his resignation On the face of it a criminal investigation makes matters worse for the prime minister but in the short term Tory MPs say they detect a calming mood in their party For his part Johnson has played down the threat from the police probe saying it will give the public the clarity it needs and help draw a line under the matter His spokesman said Boris Johnson doesn't think he has broken the law in London Bloomberg daybreak Europe.

Bloomberg Tom McKenzie Caroline hedge Jay Powell U.S. Katie lines Anna Edwards mat Miller Tesla fed Europe Ukraine Peter chatwell
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:19 min | 11 months ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Finra NYSE sip From Bloomberg television Here's Tom McKenzie Professor of economics and public policy at King's College London Jonathan thank you for joining us What is your take of Boris Johnson The situation he and his team find themselves in and possibly what it means in terms of constraints around domestic policy And the difference here is not that the British public is suddenly found out that Boris Johnson doesn't tell the truth He's been sacked from jobs twice before for lying What is different is that he was behaving like this at a time when millions of people all over the UK were suffering much more serious personal constraints on what they could do who they could socialize with whether they can see their own family simply difficult for a government for a prime minister to continue if the opinion polls are such that it's clear that the public as a whole including people who are either not always vote conservative or who voted conservative who gave them its majority in the last election simply have lost trust in them So I think ultimately it's public opinion that will determine even though obviously it's considered MPs who formerly in a constitutional and political sense are the ones who take the decision Here are more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app Or check your local cable listings Earning the season is coming Ford earnings are going to be awesome Bloomberg is fastest with the numbers and analysis Amazon crossing the Bloomberg terminal Where are investors seeing the weaknesses it means profits down the line earnings season on Bloomberg television and radio I certainly have not stated that we should do climate stress test In terms of supervisory guidance what we tend to do is ask large institutions in particular do you have a good risk management framework for assessing all of your material risks We would not tell banks which sectors to lend to or which sectors to not lend to That was governor brain it.

Finra NYSE Boris Johnson Tom McKenzie King's College London Bloomberg Jonathan UK Ford Amazon
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:43 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"From Bloomberg's European headquarters on Tom McKenzie with this Bloomberg radio business flash there was outside in the U.S. session yesterday optimism about some data and studies suggesting that on the is less severe results and fewer hospitalizations than the previous delta variant and also a boost and uptick in the U.S. consumer business business sentiment survey consumer sentiment survey suggesting that consumers in the U.S. remain and continue to have something of a positive outlook despite all the concerns about the pandemic The futures in the U.S. point since gains just a tenth of a percent the S&P getting close to its record highs futures here in Europe pointing the gains of 6 tenths of a percent the UK of course struggling with an infection rate and numbers that recorded above a 100,000 yesterday over in Asia the MSCI Asia Pacific the benchmark gained 8 tenths of a percent the nikkei over in Japan in similar territory as well Tencent and JD.com to big Chinese tech names and focus after ten state came out with a special dividend selling down its stake plans to sell down part of its stake in JD.com and in terms of your currency to bring back dollar indexes flat Euro dollars at one 13 up by a tenth of a percent at the pound is at one 33 and your benchmark U.S. ten year the yield is at one 46 just slightly higher In terms of the commodity space Brent's is $75 a barrel you saw a reduction in U.S. inventories given some support to the oil complex yesterday Now the shape of players we head up to the European open at 8 a.m. local time I.

Tom McKenzie U.S. Bloomberg JD.com Tencent Asia Pacific Europe S Asia UK Japan
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:57 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Tom McKenzie Joining us now is Jamie Sanderson's investors portfolio manager of UK equities in reality India good morning Let's start then with the question of honor Kron and whether the markets are becoming more agile and better at pricing in the risks of this pandemic or are we seeing a bit of an overreaction I think you always see an overreaction to these big headline stories if I think about the day that on the crumb was announced globally on the 26th of November market sort of fell 3% What you're really seeing from buyside investors is everybody just signed to understand that actually with every wave of COVID that we've seen the impact on economic activity has been far lower and more nuanced than the first wave It's really hospitality and transport that takes the hit Good market has adapted to remote working It's the services market that has seen the limited flex So what you tend to see on big negative underground days is that Trump porn leisure and retail stocks go down And these stocks are now trading in a really big discount pre-pandemic Despite the fact that their balance sheets are actually in really good order because all the recapitalization that happened in the first wave but also the strong trading that happened a strong and robust training that's happened since then Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings We are going to work with anybody who's interested in taking steps to lower costs for the American people whether it's on child care or elder care or healthcare We want to get built back better done because the comprehensive package is going to have an enormous impact according to dozens of economists across the board The White House wants to build back better The question is can they get it That was Jen Psaki White House press secretary speaking yesterday as there is a massive question.

Tom McKenzie Jamie Sanderson Kron India UK Bloomberg White House Jen Psaki
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:32 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"From Bloomberg's European headquarters in London I'm Tom McKenzie with this Bloomberg radio business flash optimism across the European markets this morning gains of almost 1% despite this hawkish turn from the fed governor Jay Powell in testimony talking about the risks to inflation And the expectations that the taper program by the fed will have to be sped up come December You're seeing gains of 1.4% here in the UK on the puts you 100 gaining more than 95 points the cacao is up more than 1% similar territory for the Dax and the footsie mib and gains at 1.3% over in Spain on the ibex In terms of how things are breaking down sector by sector it is travel and leisure that is at the top of the list despite the reporting that we've been doing on The White House preparing more curves to travel Japan as orell also ramping up its restrictions travel and leisure that's sector gaining more than 3% basic resources up also around that similar territory up 3% At the bottom the list you've got personal care and real estate but off only by a smidge in terms of your currencies Euro dollar is lower by tenth of a percent the Japanese yen is slightly higher by about three tenths and your U.S. tenure is currently at one 49 for that year The commodities space is firmly in focus with Brent's higher by 4% as we lead up to the OPEC plus meeting and whether or not oil producers decide to reduce their production and output That is the state of play across these markets about an hour and 20 minutes into the European.

Tom McKenzie Bloomberg Jay Powell fed orell London Spain UK White House Japan Brent OPEC U.S.
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:54 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"6 tenths of a percent against the dollar at a 112 spot 8 one handle In commodities Brent crude down 3% priced at $71 a barrel concerned surrounding mobility and proportionate lockdowns from governments That's the Bloomberg radio business lash here is Tom McKenzie Okay thank you very much Laura writes Let's then focus on Bloomberg opinion and it's discussion around the stress levels of China's youth We're going to be crossing over to Julie wren of course who's been writing about China's Gen Z why they're anxious and how the government has sought to smooth the path to good jobs for recent college grads Let's start then with the why why are Chinese gen zers so stressed at the moment Because there's just not so many good jobs left after the government's big tech and big real estate crackdowns I mean the tech companies that developers and perhaps education tech after school tutoring programs They have been major sources of job demand for fresh university graduates So those jobs are gone And then another problem is in fact like China has been churning out too many university graduates They have about 10 million incoming class each year And then even as of 2020 the unemployment rate for the class of 2020 was 20% So for 2021 that number will have to be a lot higher That's why they are not feeling so sure about themselves Yeah just staggering numbers whenever you talk about 10 million students in one year It is such a vast number of people to have to place But interesting that you mentioned in your piece that China is looking to Germany perhaps as an example you know vocational training Germany's famous for it Yes absolutely So in October the steakhouse all day they launched a new initiative talking about basically the deal training program But from the sound of it it's very similar to the German model So very few teenagers will go into the academic institutions the qinghai Beijing universities And then most of them will go into vocational training And China knows that the middle class families they are very in 2° So they say that depending on what kind of vocational training you can still get a bachelor's degree you will still have your degree And one problem is that unfortunately China classifies its children into golden bay based Suva baby and the copper babies Golden babies are the one who can design chips who graduate from Beijing university The copper babies unfortunately migrant workers China has 250 million migrant workers and they're going to do low end manufacturing and food delivery services But what kind of lacks is so consumer babies Basically those who are willing to do higher manufacturing and trying to have that And the German model is trying to create a so called server babies I've never heard the gold silver copper analogy That's a new one to me It's pretty fascinating So the need to find that silver that happy middle essentially I have to ask having spent time in China What are the risks around social instability and how much of the forefront that will be of the government's mind on this I mean it's not very pleasant right We're talking about 10 million graduates at least 20% unemployment rate So at least 2 million pretty educated young people lying lying flat on their parents couch and they're going to be also happy online And that's not so good It's not like the copper babies They're not happy They don't know how to organize themselves They will just go back to their farmers Like all the so called golden babies that are also golden they can organize themselves I think it's very dangerous China doesn't want them to lie flat Yeah no And this is the other kind of well it's become a meme hasn't it This idea that the huge pressure on these young people are either the after school education and trying to get a decent job and get ahead and get a good salary has led to this idea of doing nothing at all How many people do you really think are doing that though I think maybe it's just that people that Tam and I hand out with we have another set of problems Those so called invade youth who works so hard that we're so competitive who are so beautiful that they push everyone else out that we call them those who have been injected with chicken blood And the so I think that China's youth are bifurcating to two types though The included ones who have a minority perhaps And then some who are lying flat And interesting to see I mean the 20% unemployment rate among that particularly young demographic was really stood out to me It's not quite at the 40% that you see in Spain but still for an economy that's growing as quickly as China's significant There's a move into the civil services which is very briefly what this could mean for the civil service in China Well they're very competitive It's actually becoming like Japan right The national service exam the acceptance rate is only 2% I just looked at Harvard's acceptance rates 4.7% But the problem with China is the bureaucracy is already sprawling Why do you need so many more civils so that what you will see is just more applicants and the same amount of jobs Very competitive It's very very tough that you pay the picture So interestingly of them huge challenges for China's young people and indeed China's governing party Thank you so much For being with us our opinion colonists there on China's Gen Z I'll call them A slash sorry pretty big.

China Tom McKenzie Julie wren Beijing Germany Laura golden bay Suva government Tam national service Spain Harvard Japan
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:05 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"Tom McKenzie Joining us now then is supreme men and senior multi asset strategist at pictet asset management supreme Thank you for joining us Are the equity markets being overly complacent In general you know inflation is not necessarily a bad thing for equities ultimately depends on whether companies are able to pass on those higher input costs energy costs and wage increases through to their customers So you'd see increasing differentiation between companies based on pricing power and certainly for us it's meant that we've been more focused on our allocations with an equities to premium brands as one example Another one will be payment companies all expect to benefit from a bit of inflation The question is you know how does this all to the Central Bank reaction function in the sense of puts them in uncomfortable spot if you have more persistent inflation and structurally higher inflation at the same time they don't want to sign me the recovery and there's very little they can do about supply side constraints So the other thing I'd look at is also you see real yields at record lows So that's actually quite supportive So it depends on how you look at it But largely doesn't have to be negative You've seen quite a variety of reactions and the fed is not necessarily going to term a whole question My view So I think we'll use can move higher and we'd expect them to move gradually higher Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app Or check your local cable listings Markets headlines and breaking news 24 hours a day As Bloomberg dot com the Bloomberg business app and at Bloomberg quick take This is a Bloomberg business lash And I'm Karen Moscow in futures on the rise this morning we check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures up about 12 points down futures up a 116 NASDAQ futures up 38 the ten year treasury of two 30 seconds yield 1.55% and the yield on the two year .50% and I'm extra oils down 1.1%.

Tom McKenzie pictet asset management Bloomberg Karen Moscow fed
"tom mckenzie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:42 min | 1 year ago

"tom mckenzie" Discussed on Bloomberg Radio New York

"West and the UK It's strong It's got very very deep roots it'll stay strong Bloomberg daybreak Europe on Bloomberg radio Good morning from London I'm Anna Edwards And I'm Tom McKenzie you're listening to day break live on London DAB digital rain Good morning everybody Welcome to the program A couple of red headlines just crossing the Bloomberg so we'll get to the data in just a moment I just want to bring those to your attention because their topical when we think about the threat of stagflation many people say we're not heading for it Some say we are The German Institutes cutting their 2021 growth forecast to 2.4% versus 3.7% that's big of a big downgrade from them in terms of their growth expectations for the German economy does that play into the sort of stagnant part of the stagflation debate And then when we look at the inflation side of things the IEA the international energy agency putting out a report gas to oil switch may add 500,000 barrels a day to demand over the next 6 months So that's interesting in the context of rising oil prices we've seen the Saudis and the UAE speaking about higher oil prices today but justifying them suggesting that they're not we haven't seen as much inflation in oil prices as we've seen in other energies other commodities so that is an interesting does that suggest they're not in a hurry to hike output And that is top of mind really because we see oil prices moving to the upside once again but the Brent price above $84 a barrel up by more than 1% and the WTI price 81 23 up by around 1% as well So we're seeing movement to the upside and really a focus in the last weeks months I can't remember a time we weren't focused on the inflation story but it certainly post pandemic has become a dominant narrative We have U.S. inflation above 5% We've had 26 year high In factory gate inflation in China all of that leading us to focus at least thematically still on inflation but risk assets still gaining because of the amount of liquidity in markets we're told by investors So the stock 600 up by three quarters of 1% the footsie 100 up by around 7th of a percent the khaki arms up by 6 cents the Dax up by a 6th sense of a percent so strength across equity markets and U.S. futures point to the upside as well up by between half a percent and three quarters of a percent on the major indexes Despite the focus on inflation well we did see some adjustments in the two year bringing forward those rate expectations rate increased expectations in the United States So that means the ten year yield drops a little 1.53 is the handle there The dollar is a little bit weaker this morning and the Turkish lira down by half a percent after change at the Central Bank Tom Okay let's unpack the stories driving some of those market moves then with M lives strategist van ram then what is then to Anna's point what is driving markets higher in spite of these very significant inflation prints that we've been getting out of China and the U.S. and the fed minutes essentially locking in taper either November or December Well I mean the paper table itself is nothing new I mean the market is warned us about the oncoming taper for a long time now So that in itself is not a driving force for the market anymore Obviously inflation is a big concern But what we have seen is that inflation expectations have kind of leveled off They are not where they are elevated And they have been popping around a range They are not they are not pulling away yet It's happening big time in the UK It's a different story in the UK very traveling big time And that's why we've seen guilty of surge recently by more than 40 basis points in the space of a couple of months That doesn't happen in the U.S. simply because inflation expectations seem to be relatively contained albeit elevated Yeah so thinking about those inflation expectations then good morning once again We've got oil prices moving a little bit higher What kind of movement in oil prices Or do we have to just see this continuing to move higher towards $90 towards a $100 before the markets become transfixed on this again Well definitely all prices are going to be one big component of if we also want to see how inflation holds up after the base effects of this year whereof And if we see those CPI trends in the U.S. holding up after the base effect wears off if we see those prints elevated then I do think that the forward inflation swaps will get in we'll find the next leg higher And that in turn will propel eels higher in the U.S. then earnings season is upon us of course we had the results from JPMorgan yesterday We've got some of the other big banks Bank of America city Wells Fargo later today what specifically are you going to be focused on when it comes to the earnings pictures out of these corporates Well I mean the S and ps at the moment trading on very lofty earnings growth estimates I mean 200 to $220 depending on which forward metric you're looking at So that is pretty steep hurdle coming coming off the pandemic So it's not clear how many of those earnings estimates will be matched And if they are matched then well and good for the S&P because at current treasury yields I think that S&P all be even though elevated may find some support But if there is an Aussie earning surprise on the downside I do think that S&P will kind of stocks will feel the pinch especially because they've been wobbly off late as we have noticed And therefore and we have seen multiple one standard deviation plus moves in the past month And that's reflects the sketchiness of the markets Ben thank you very much Bloomberg mark his live strategies Ben ram thank you very much for joining us this morning Let's turn our attention to one of the other topics that is really grabbing the headlines this morning certainly here in the UK and that is the post Brexit news The EU and the UK are braced for a new round of negotiations over trade barriers in Northern Ireland EU negotiator Mara sequence voiced optimism the two sides will reach an agreement in coming weeks after unveiling adjustments to the Northern Ireland protocol that would slash customs checks and cut sanitary inspections on goods including ham and sausages joining us now is UK government and Brexit reporter Joe Mays we hope from David Frost earlier on in the week then the former Brexit negotiator here in the UK Joe we've heard from him We've also then heard from Maurice Seth Koch After we heard from lord frost that did seem to be a slightly more cooperative tone on both sides Marissa vich saying sounding optimistic and David Frost's saying that they would look at these ziplines seriously from the EU Is there room for optimism that a path forward can be found I think that perhaps is I mean the mood music like you say is towards being in.

U.S. IEA Anna Edwards Tom McKenzie German Institutes UK Tom Okay van ram London Bloomberg
Alibaba, Bloomberg and Jack Ma discussed on Biz 1190 Overnight

Biz 1190 Overnight

04:32 min | 4 years ago

Alibaba, Bloomberg and Jack Ma discussed on Biz 1190 Overnight

"They Alibaba executive chairman, Jack Ma will unveil succession plans on Monday and work on the transition over a significant period of time. That's according to the size China Morning Post and the Hong Kong newspaper owned, by Alibaba billionaire is neither detecting excuse me, deciding more and more of his time dedicating more and more of his time to philanthropy, he told Bloomberg Tom McKenzie about how he plans to make a global impact. Companies like Alibaba we have so much resources talent so much inference. We got six hundred people using us almost every mouth. Worried if we do not put those kind of love respect responsibility in into our business model to not buried these things to our in price. This giant Alibaba could destroy a lot of things me. Good. Good things too bad things. So technology is very cold. People say you have to make the organization warm people warm, are you succeeding in that mission ten years ago when I say we should put zero point three percent of the total revenue of Alibaba into the ferocity as an protected environment education at that time. Nobody cares about zero point three percent all you know, revenue. That's all right. Go ahead. Now, we have such a big revenue. We have to do that. It's not zero point three percent of the prophet is the revenue in terms of technology. How'd you bring that to play in your vision for transforming education, everything we're taught the students in the past hundred years is but knowledge about science about the industry, but in the future? What we teach the kids is about innovation creative constructive. Heck, it do the things that are machine cannot do cannot do better than human being that is education. I'm thinking all the time about that. That would be a big focus for you. I could be a teacher. And a mentor to many young entrepreneurs. I don't call myself a successful business people, but I very successful on life. I've gone through a lot of tough decisions tough days. These can be very good for many young people. I'm not gonna teach maths I'm not going to teach English. I'm not going to teach business in the schools that I'm going to teach young people how to face challenges when you communicate with your counterparts in the west can help bridge divides. I hope so. And I think a will there's one thing that we are all in common common that people in China. People in America. We all have the heart of love. Respect and trust. This is the common language, which should have as I've said the first technology. Revolution caused World War. Second technology revolution cost of World War Two. Now. We're, sir. Technolog- revolution. Happen. If there's we shouldn't have war. But if there's a war the war should fight against the poverty disease environment tribute together, we should fund the common things that we're working together that would build up the trust. It's easy to complain. It's easier to think points, but we got somebody say this is the problem if work together, it's the opportunity for all of us. And that is something that I hope I can do employ more women than many other tech companies in China, how important is gender equality. It's so important last century. It's the competition of muscles. This century is the competition of wisdom of experience. Of care. We have like fifty percent of the employees in our company a woman thirty four percent of senior management. This is one of the secret sauce of Alibaba with you. So prob. That we have lot of women leaders. It's the software powering it, it's not a machine guns. It's the care. That was Jack Ma the executive chairman and founder of Alibaba's speaking, Tom

Alibaba Bloomberg Jack Ma Executive Chairman Bloomberg Tom Mckenzie Bloomberg Radio Hong Kong China Bill Gates Matt Mongol Afghanistan America Director Tom Mackenzie Richardson