tv Bloomberg Markets Middle East Bloomberg February 28, 2017 11:00pm-12:01am EST
♪ yousef: ready to lead again, trump told lawmakers, investors and voters it is time to rebuild the united states. we take a closer look at what it means for the middle east. america, higher american, a simple slogan, but it is economical with details. yousef: the fed is making headlines today that the chances of a rate hike are rising as officials expressed confidence. shery: moore signs of stability in china. the latest after a survey with a
solid economic stage. yousef: it is 8:00 a.m. in the emirates, 4:00 in london, welcome to bloomberg markets: middle east. in hong kong, it is midday. the dollar not rolling off, -- falling off as some had feared. as you look at the gm go function on the bloomberg, you can see the dollar bulls coming back, and the japanese yen weakening on the back, down 0.5% , and japan's stock market leading the gains up half a percent. singapore also up on a given how big of an exporting country it is. it may be some confidence be may not see some trade wars ahead. but the heavy eco-data in asia, australia surprising on the .pside alone with pmi data a lot to watch out for when it comes to eco-data and present
trump and the federal reserve. yousef: bright patches in the commodity space, especially with key commodities related to the infrastructure spending in the u.s. president trump urged americans to abandon internal conflict and rebuild the country. he made his first address to congress. he said the u.s. is ready to lead the world again. he promised fair trade and controversial policy on immigration. president trump: it is not compassion but reckless to allow uncontrolled entry to places where proper vetting cannot occur. yousef: let's go to greg gordon. lots of slogans, few details. mohamed el-erian said the lack of meat in that speech, what are your key takeaways? craig: i think this was one of the most closely watched presidential addresses to congress, and that is because we heard a lot from donald trump on
the campaign trail. we have not heard a lot as president, filling in details on key promises like repealing obamacare, his $1 trillion infrastructure plan, increased in defense spending. he talked about those. he gave us almost no details. a lot of folks in washington, democrats and republicans, are frustrated. shery: how frustrated will they be with the fact we are still wondering how he will pay for everything he has talked about? craig: what is the single biggest question out of tonight. we are talking about a $1 trillion plan for new roads and bridges, revealing obamacare, which would have cost associated with it. he talked about a $54 billion increase in the defense budget, another $30 billion on top of that for 2017. i don't know where this come from. i know the republicans who are the budget hawks don't know either. donald trump gave us no answers on that tonight. i think there will be a lot of
people asking that question tomorrow. yousef: there was a bit of expectation that there would be downside pressure, more than we are seeing in the asset classes, if there is a lack of detail. going forward, how does donald trump are to put these ideas into actual action? craig: that is the question that will occupy my time and the washington bureau going forward. they are talking to congress about obama care they cannot come up with a plan that even republicans can agree on let alone democrats. the if a structured he talked about it look-private partnership, is at a bank, or bonds? we don't know. on the defense spending, a lot of republicans are very promilitary. they don't want to see the deficit go up, national debt, so they are asking questions. he will spend a lot more time working with republicans on the hill to get answers to these questions, because we are still waiting even after the speech. shery: we got more questions
than answers. thank you for joining us out of washington. let's get a check of the market impact of president trumps's speech. we have someone joining us from singapore. it seems to be generally slightly positive reaction in the markets, but what you have to look at is the dollar-yen. i am confused, because if you look at the bloomberg, you see the dollar bulls retreated early during the speech, just to come back and still trade at around 113 level. what is going on around here? how can we gauge what the markets are thinking about the speech? is a bit ofhere relief in the end. you can see markets across all assets at the fact trump did not go off script. he stopped to what he wanted to say -- stuck to what he wanted , and he did not go
into petty attacks on the media or partisan attacks. the market has shown relief it was not as bad as feared. he came across as presidential, but as craig outlined, what will happen as we process this over the next 24 hours is the lack of details. and on that chart you showed, the dollar-yen, the key section 117.80. that is the key pivot that we need to watch out for. yousef: i looking at how commodities have moved over the last hour and a half. what has grabbed your attention? a lot is going up on the basis of very little information. all he said was $1 trillion. we knew that before. mark: i would agree with your interpretation, but it is important to say the two most positive takeaways were, one, he can across as presidential, and
we talked about the infrastructure. it was the biggest focus of the whole speech, and that is after it has moved away from the limelight. we focused more on tax recently. several rehash of months ago, the plan for a $1 trillion infrastructure. those lack of details might start to wear on the market, but the initial reaction is, infrastructure is back in focus three maybe that is the first thing the livered. that is why it is taking a slightly positive look at the moment. yousef: thank you. let's get you a bit of data. you can follow all of this story and the markets live at the bloomberg. i can open this on bloomberg, you will see all of the commentary. you can pull up tline go, which has additional perspective. lots of insight from bloomberg at bert and editors. -- experts and editors. shery: let's check in on first
word headlines around the world. here is sophie. sophie: the new u.s. commerce secretary says washington will pursue tougher enforcement of existing trade rules with china and other nations. speaking to bloomberg, wilbur ross so there was no point in making deals if they are not enforced. he said his priority will be renegotiating nafta and leveling the playing field with china, which he has described as the most protectionist major nation. not a lot of point making trade deals if you don't enforce them. >> on china? >> everybody. >> with china, what are you looking to do? >> you will see that. >> when can we anticipate that? >> as soon as we have a case repaired. a --e: samsung could face
it is the first time has been a cost on the u.k. leaving the european union. lawmakers in london were told that 10% tariff on cars built in london and parts would be pretty disastrous as nissan had to absorb the impact. toshiba is seeking offers for its memory chip business, eking bids and valued at $13 billion -- seeking bids valued at $13 billion. they would be willing to sell the entire operation. the are struggling with massive breakdowns at the nuclear armed. they wanted to sell a minority stake of the chip is this that were forced to give up control because of the lawsuit. two women arrested in malaysia over the death of the half-brother of kim jong on have been charged with murder. he died at kuala lumpur airport. women reportedly say they
american, but here in asia and everywhere else in the world, what he is going to say about trade. trump withdrawing the u.s. on the tpp, what will happen to the other multilateral trade deals? take a listen to what he has to say about trade. president trump: i believe strongly in free trade, but it also has to be fair trade. i am not going to let america and its great companies and workers be taken advantage of any longer. they have taken advantage of our country. no longer. [speaking simultaneously] saying, chinaross is a key player to watch here. trade in the forefront when it comes to president trump's speech, but you are watching another key facet of what he has to say. yousef: many of them get through, the other is the domestic security agenda.
this will rank highly. we made it clear on the campaign trail. his speech about extremists. president trump: those given the high honor of admission to the united states should love its people and its values. we cannot allow a beachhead of terrorism to form inside of america. we cannot allow our nation to become a secretary -- a sanctuary for extremists. yousef: let's get more reaction. joining us is the managing editor. before we get to pointing out the executive director at the hong kong american center, we are broadening this out, let's start with you. what is your key takeaway in terms of additional details or the lack thereof when it comes to trump's speech? >> that is the lack thereof is the key word. he didn't really say much about the middle east. he said a little bit about
immigration. he restated his position. there were three things he mentioned, isis, not calling them that instead of isil. there was half sentence on iran and half a sentence on israel. very much a domestic policy speech aimed at a domestic audience. he wasn't stating any new policies, just that unbreakable bond with israel, and i have put in place new sanctions against iran. isis, it was a bit of a new one. he mentioned muslims being hurt by isis as well, but that is the extent of it. rosalind: so there is not -- yousef: there is not withdrawal in the firing we have had before on iran, on i.s., because it is a domestic policy speech. >> it is hard to tell. you could say that was with girl. he did not -- was withdrawal.
he did not mention much. it was a domestic audience, not a middle eastern audience or foreign-policy speech as such. he just reiterated his positions in very basic simple terms without saying, here is what we will do, here is something new. on isis to be fair, there was new luncheon -- nuance mentioning isis is hurting muslims and christians. shery: picking up on what he has just said, his speech was focused domestically. ,iven the immigration issues tax, infrastructure spending, will these overshadow his diplomacy and also his relationship with asia? >> it is a domestic speech, and he needs to do this. he came off well in the sense of showing himself as a presidential person. he is off the campaign trail. he is in office, and sounding more like president, and he is
reaching out for cooperation across the aisle. so we see in a sense a different person. in that sense, a lot of people are relieved. they were expecting him to be more combative. shery: the markets seem relieved. glenn: i give him good marks. about theeen said detail -- people needing more clarity about what he is going to propose, he is in the dance with republicans in the congress. he wants to show leadership, but he wants to push the burden off of congress to come up with a consensual plan in many of these areas. he is playing a little game. saying i could be presidential and i could be leader. you have got to come up with details. shery: is there any sense of how he will do with china and the rest of the world from the speech? glenn: healey mentioned china
once with regard to wto. shery: and wilbur ross talking with china. glenn: wilbur ross is a key guy for the policy. he knows china very well. we will see how it will play out. he did not talk much about nafta or mexico. the trade issue has to on full. they have to come up with why is bilateral better than multilateral trade? what about this border adjusted tax? there are big questions left unanswered. he has thrown the ball to the colleagues in congress and say, you have to sort this out. it is unclear whether he will be the referee, push aggressively from the white house to get the deal he wants, or is he not sure what he wants? that is unclear. from a total standpoint, he has done himself trouble. here is the issue.
the market was waiting are details in this week. the details were not provided across the board. what is the next milestone event we need to look forward to? what we need to look out for are details, reality, as to whether this will go forward or not? glenn: it will be playing out over the next two or three months on the congress in terms of the various committees that are coming forward with papers and policies on obamacare, on the military, on infrastructure deal, on the whole immigration, the new -- the replacement of the travel ban. these are still being sorted out. this is a new administration. they have mostly people that don't know washington, haven't been in the trenches before. their own relationships with the legislative side is quite still to be developed. the key people are still not even in place.
shery: we are looking forward to china's national people's congress. how skeptical are you about the potential of a trade war breaking out and derailing china's growth expectation? glenn: what we have seen in this reassurance, if you take the nato peace and say before, nato is obsolete. now he is saying nato is important and in part -- europeans are reassured. in a similar way, his style is create down, draw people off the back foot, then come through with something that reassures. what we have seen his trump reassuring after trump running for office, creating lots of doubt. it is his natural bearing and strategy to be aggressive, push people off balance, then come through with something that results.
he said what china, sure, we are all for one china after raising doubts. he is that way, not that he is loving. his -- bluffing. his style is, don't assume anything. i'm coming in new. it puts people off. it also says, you can work with me. we will find something. that is the town i get. -- tone i get. shery: it is a negotiating tactic. thank you so much for joining us. executive director from hong kong america center. and the latest on the middle east part, or what to expect out of president trump's speech. yousef: we are still going to carve out that conversation on the middle east. what does all of this mean the markets? what will they make of the speech? additional perspective, hints and views of the national bank of abu dhabi and qatari stocks
shery: you are watching bloomberg. i am shery ahn. yousef: on yousef gamal el-din. we are two hours away from the -- the of the opening markets in dubai. there is a slight downside in dubai, the kingdom to the upside. pressure,s were under financials being the weak link. heavy selling in dubai dragging down the index 1.65%. this was a destocked to watch. and in qatar we saw heavy selling, egypt losing ground as well. down i point of an percent the last five trading days. last five.7% of the
trading days. joining us more is the man from that national bank of abu dhabi security. qatartalk about the story. but i want to start up with your speech take and what it means for traders. >> everyone is following it, but i don't hear anything that gives me more details or anyone that can direct investment or change in investment strategy. the outcome, the dollar stays where it is. the biggest question, we move from being the speech of president trump to yellen's address and the meeting of the fed in mid-march, and interest rate will be increased or not. but in terms of what we heard there, i guess it was neutral, maybe for trump from what we saw. yousef: getting into that story shortly, let's get to qatar. i have this chart that really
tells the story of qatari stocks. this is the price to earnings ratio. i have added your dubai financial market, that is the line in purple. and this is the additional reference point, emerging markets forward, pe as well. qatari stocks have been inexpensive -- have been expensive for quite some time. riad: in terms of the premium on emerging markets and pe, what we saw yesterday is related to the msci rebalancing. we saw that in qatar, abu dhabi and divide. you saw the last half hour and the banking sector. today i would expect a smooth rebound, because that usually happens on the day and was back to normal let's say dynamics of the local investors renewed they are in the high side of pe.
we don't know why. in saudi, we could see a story of recovery, maybe oil prices, but qatar is on the expensive side with -- prices not going up the last few weeks. shery: there were some expectations that banks in your part of the world would get a boost, even easier financial regulations the u.s.. according to president trump's speech, lending, none of that was included. did that give you a moment of pause? riad: i think our banks here in the region would benefit from investor liquidity levels, but that would be a trickle effect from that happening in the u.s. using, then weat can talk about this coming to this part of the world. it is too early for us to judge that. what is driving banks now investment in general two things, one is the interest
♪ shery: it is 12:30 in hong kong. rosalind: these are the first word headlines. president trump sounded a more optimistic term in his -- tone in his address to unrest. -- to congress. he offered little details on banking regulation and funding the appeal of obamacare. among other things, he called for $1 trillion of public and private infrastructure spending. >> to launch our national reoffending -- rebuilding, i will be asking for legislation that produces a $1 trillion investment in infrastructure of the united states, financed through public and private capital, creating millions of
new jobs. rosalind: we have heard a string of positive data in the past few hours. china shows more signs of stability with factory outputs beating forecast in february. australia led sessions, the economy growing faster than expected, and a ray of light in japan after the markets picks up through december. south korea exports rose 20% and the trade balance more than doubled. chinese president xi jinping has caught desk calls for risk supervision as they gather for the policy meetings. china will stick seek -- china will seek more regulation. they will set inflation targets. toia's economy is expected grow less than forecast in the fourth year, growing 1% through march. that is the slowest since 2014,
but faster than the medium estimate of 6.8%. gdp was expected to take a big hit from the prime minister's cast been, but the premise is that most countries are already recovering. off, wenes we saw fall have been quite surprised to see the market recovering. people are almost at the pre-demonetization stage, around 95%. in march, we expect it to be normal expect -- except luxury spending. rosalind: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. yousef: we are closely watching the u.s. market reaction. julia delete -- julia soli had the reaction.
juliette: the main reaction was in the dollar-yen relationship. we did see the dollar down a little when we heard clarity coming through from president trump, but it has regained, very much stronger against the yen, the dollar up 0.7% against the yen. that weaker yen boosting the nikkei, certainly the front runner in the region of 1.4% while seeing what moves from export stocks. also, have a look at singapore. they are one of the best performing markets, singapore, a sign that investors are not seeing trade wars. china also going up at a healthy clip. we have positive movement from china on the back of the pmi numbers. in terms of those numbers, it wasn't just all about the trump speech. asian investors were also seeing solid gains from hong kong. this is the first in five
sessions. we are struggling at the 24,000 front level, galaxy a front runner on the earnings, australia being sold off. outpacingspite gdp expectations. they have avoided the session once again. shery: thank you. as you mentioned, we are seeing data heavy day for asia. pmiill get manufacturing beating expectations, rising further to suggest china's economy is seeing an acceleration in growth. the head of beijing intelligence weeks to us. not only china pmi data coming in strong but south korea's exports booming, up more than 20% in the last month. given the indications, how much room are chinese policymakers getting for them to pursue markets in the deleveraging of the economy?
reporter: that is a good way of thinking about it. we need to treat numbers at the beginning of the year with a little bit of caution. there are significant holiday effects from the lunar new year holiday. even so, the numbers we are seeing from china and from korea are pretty encouraging. orders, newg, new export orders. korea, which is tied to china's exports, we usually see them moving together, rising 20% year on year in february. what this means for china's policymakers is they have a little bit more breathing room. they can take it a bit further off the accelerator pedal. they can do more to guide market rates higher. they leaned against inflation, capital flows, and excess leverage. the pmi, you don't really show any signs of
weakness emanating from possible trump trade risks. none of that, is there? tom: of course. as we all saw in the speech to congress today, details in terms of trade measures still very far to be expected, but so lacking. and so far, we are not seeing any tears from china's factory sector that this will bite. export orders arising, and if you look at pages of expectations from china's factory sector, they are pretty high. a lot of optimism in china's factory sector at the beginning of the year. exports,a clampdown on soth the real estate sector, far that is not happening in the data. yousef: thank you. that is the bloomberg
intelligence chief in asia. let's talk more about defense, specifically about the rate hike that is now looking increasingly likely this month. a string of officials seeming to back arise. john williams says the idea will be in consideration on march 14, while these people expressed confidence. bill dudley says the case for tightening is a lot more compelling, and the st. louis president has said the fed is closer to its goals now than at any time in the past 60 years. comments, given the we are seeing market expectations shooting, at one point topping 70% when it comes to the fed's speech. take a look at the function work on the bloomberg. i want to talk about this interesting read on the bloomberg from lisa. she talks about the latest conspiracy theory among traders, a small group of investors
thinking that they are sending, trying to send a signal to raise rates. take a look at this hike and the probability of a rate hike for march. , up from 40% in just the span of a few hours. , ife is speculation that they wanted the fed to raise rates sooner, it could help him to do so by pushing around the market. none of this is proven, but speculation is out. it is like a conspiracy theory. very interesting to look at the market expectations right now, but what the fed will do now about the speech is done with. let's bring in our guests, the faaging director of securities, to talk about the possibility of a fed rate hike happening in march. do you think the market have priced in enough of an
expectation of a rate hike in march, enough that the fed will be able to move? i think it is a great window of opportunity, the u.s. market tempers doing sessions of records, although it has been slowing down. if you want to increase the interest rates by 25 basis points, and even if you get market reaction or the correction of 5%, that is ok from where the record levels are. it is a breather to the market. i don't see this as a negative event. it is positive because it is breathing room. people cross this we have more breathing room for the next three months. no pressure for them to try to do it in june. the probability of time at the moment. yousef: how many right hikes? -- rate hikes? mohammed: three.
yousef: what happens to the strength of the u.s. dollar? it is being polled in one direction by donald trump and the new administration, then you have the other zone center, the federal reserve here where will that end up? mohammed: honestly, this is one of the challenges are the trump administration, especially with infrastructure and financing. when you increase interest rates, the cost will be higher for year. he talks about the stronger u.s. dollar. if you want that, then you want to pay less in terms of interest for financing, but so that is a balance. it needs to happen if you want to fight inflation, because you don't want to overshoot and start to catch up. there were three rate hikes related to this. we don't want to see any one of them go to 50 and start catching up. the right thing to do is that. the dollar will continue to be
going up in the first half of the year, maybe strengthen in the last quarter of the year. that is where we see going back to strength, but for now we don't see the huge effect on dollar strength. shery: you mentioned the inflation data. we get numbers out of the u.s. rate ahead of the fed's decision in march. we are only getting the february jobs data ahead of the fed meeting five days. how much of a problem is that we are not getting economic data far enough in advance of the fed's decision to go ahead, look at that data, and move mohammed:? mohammed:i am not sure it is a big problem, if that is what they have to live with every year. the decision probably is more or less in their mind before they get to it, 56%. if there are surprises in the data, maybe they could sway them one way or another, but overall, it is that way at the moment.
yousef: what about this part of the world? are you worried? mohammed: if we continue where we are in dollar strength, that has been priced in the market. i was a the service sector and hospitality, but if it increases , it will become more expensive. at the moment, i believe it has been priced in. as long as we don't see any major jumps, it should be ok. yousef: it is good news for anyone making money tied to the dollar. always a pleasure having you, the managing director of abu dhabi think securities. let's get the preview of the interview with the gulf navigation building. how the plans are holding up. this is bloomberg. ♪
shery: i am shery ahn. citigroup is set to be in advanced discussions for banking license and saudi arabia after more than a 10 year absence. we are told the bank started sounding a potential staff in the expectations and license application will be approved. with more cities returning to saudi with the active lead advisor on $17 billion international bond bill a -- bailout last year. yousef: the world's biggest buyer of wheat cannot get enough. they took traders by surprise by running another tender after picking up more than 700,000 tons of grain this month. it was the most in four years. the state run week buyer has ramped up purchases and making --orts more x -- impact imports more expensive. shery: an unflattering picture of private investor -- prime
minister benjamin netanyahu. they say strategy and goals were only discussed after the military's plans were approved, and o-matic alternatives were not considered. carry more weight, but this is not expected to hurt the prime minister. dubai's only listed chemical is trying to stay afloat because of rising debt. the shareholder has become a turnaround story. i spoke to the managing director and ceo. almost,r we managed to most but not all, the existing legacy issues have been sorted out or about to be finalized, and we are in a process of growth. it is a process of new looking into opportunities, expansion and at the same time, you know, we have to ensure we have
different speeds of income. that is one of those. yousef: we will get to the growth land, but i want to follow up in terms of the settlements. when do you want to close that chapter? khamis: we have two of them done, and many others what they call three dozen others. we have one outstanding, and we believe this is, as we speak, it month, orprocess this coming month. yousef: in terms of the growth strategy and something you were telling me you were excited about, what is the plan? how much capital do you have to invest, where are you looking to focus? khamis: we are looking at different streams of potential and capital coming in. time, we have already decided there would be a number of new acquisitions to
happen, a number of expansions processes, especially in the north emirates, and also we are looking at expanding our fleet. that is why we have the new built, because it lets us look ahead and what will happen by 2022 around the region. we have certain contracts that expire in 2023. the in andg part of out growth process. yousef: in terms of acquisitions, what are you looking at? khamis: the number of chemical and product tankers. they are also looking at acquiring certain support vessels which will help us to expand our fleet and also direct our different income streams as we look at expansion. yousef: how much capital are you going to need to be able to fund
the investment strategy? that is the first part, and how will you phrase it? -- raise it? khamis: there are different supports. we already have an approved share. we can raise that if we want. and the middle ground believe, we have a number of food investors who are strategic here that helps the company to look ahead. without having different investors. at the same time, we have a huge potential where we look at our partners. we make the number of partnerships weather in china or around the region. that also related for us a new outlook. the finance will be available if
we needed to support, such as lease to buy processes. yousef: what are the target for growth in 2017? khamis: here looking at acquisitions, because we need to by 2020.ur fleet we have to have already a strategy of 10 here's approved by the board, -- years approved by the board, and it is the company going to more growth processes, and also unique value and adding value for the shareholder unit and at the same time to the company. yousef: that brings up the opportunity or lack thereof with the new administration under donald trump. does that change anything in your strategy? positive or negative? khamis: i am a supporter of him, because i would believe a
businessman can have a different side of thinking. i'm not interested in the political side. i am interested in the economical thought process of growth, because that to me is more important. i remember in dubai there was a conference, and during that time i said, i believe the next president should be donald trump . everybody didn't like that, but it is the truth. yousef: interesting views from the group ceo of gulf navigations. six, what have done last 12 month returns. shery: and coming up, we turn the conversation to a warning from the state of iran's economy, the challenges facing tamron next. ♪
♪ shery: you are watching bloomberg. i'm shery ahn in hong kong. yousef: i'm yousef gamal el-din in dubai. let's talk about what we are looking forward to. we had a line out from two point -- from dubai airports, 8 million passengers in the month of january, a key figure. one of the tourism stocks, one of the ones to watch across the industry. looking at the housing, we heard the ceo speaking to reporters in 1.3 aliengeting egyptian pounds in investment in 2017. poundsbillion egyptian in investment in 2017. have citibank checking for a banking license, and you have the saudi king on a tour of asia , wanting to develop your there could be new announcements with new programs through the ministry of industry. and the turkish lira coming up
from the fed, and the syed president shrum -- president trump's speech. they did that by tightening the funding. it is a 9% rebound from the 3.9rd we saw in january of to the dollar. and the international monetary for its praised iran impressive recovery, but the uncertainty lies ahead. the ring out the economy and government reporter. recovery.t with the what is the estimated 6% growth? reporter: the most immediate element that has been helped with this rebound we are experiencing is the fact that once the sanctions were released on iran on a year ago january, iran managed, there was no more caps on oil exports, so it managed to almost double its export to 2.3 million barrels a day. that has been driving this
growth. , the foreign investment has fallen short of government expectations. what are the key risks out there for the economy, and also the presidential election in may? reporter: there are positive things that we have been eating. the inflation has fallen that was from 40% before ramadi took office. and the growth is what he has been mentioning many, many times in his ages. we managed to go from negative rose to something that will in the medium-term be based on i.s. -- imf estimates, 4% in coming years. the fact of the matter remains ordinary iranian people have not felt the benefit of the deal or the sanctions lifting and of the growth, because it was done about a year ago that they were lifted. the sanction is for rouhani to worldview, which
was a proponent of more engagement and more interaction with the world, that would allow investors to come in and create jobs and help the iranians that way. debatedldview has been by his political challengers now. shery: thank you so much for joining us, talking to us about the latest coming out of the iran and the impressive recovery, although they do face challenges pier 1 feature on the bloomberg we would like to bring to your attention is this tv function. but alsofind us live see previous interviews and dive into any securities or bloomberg functions that we talk about all day long. one of those functions is work go, where you can look at market expectations on the fed raising rates through march. also be a part of the conversation by sending us instant messages during the shows. this is from bloomberg
>> it is one of european hong kong. i'm shery ahn with update of the top stories. president trump sounded a more optimistic tone in his address to congress, urging americans to unite and abandon internal can't wait. onrelated campaign slogans security and immigration, but offered little on funding the repeal of obamacare. china's human resources minister 500 thousand steel and coal workers will be laid off this year. gaugeame as the back to has rebounded. pmi came in at 51.6, ahead of estimates.