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tv   Bloomberg Markets Asia  Bloomberg  July 8, 2020 10:00pm-12:00am EDT

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another day of local infections disrupting its long term virus free run. haslinda: and google has abandoned plans to offer a major new cloud service in china and other politically sensitive countries. we have the latest from beijing. and markets mostly higher here when it comes to asian equities. we're just not finding that catalyst out here but were still higher by .4%. jakarta coming online and seeing similar gains. this futures are pretty much flat with the nifty in the green. we continue to watch the chinese stocks and we are once again gaining for seventh day. this market has mostly been gaining every day last month, which is been quite remarkable. shanghai composite up about 16
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h shares in now and hong kong up by .5%. pretty marginal gains here in the last half hour or so with it brings us near the top of the 2015 bubble. on the other of the argument hsbc is cutting china to neutral f this rally. something to keep in mind as we take a breather here from the exuberance we've seen in chinese stocks. one more thing we're watching is the hong kong dollar. now $15.7 billion hong kong has been injected into the system there. solid that pair and the renminbi with a six handle for the first time since march. the strength of the renminbi
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certainly helping the equity markets as well. and gold still holding. some breaking news from sri lanka, the federal bank cutting its lending rate to 5.5%. it's a big cut, a 100 basis point cut bigger than expected. economy expanding at a pace of 3.8% in 2021. much bigger than anticipated. let's dig deeper into the ofkets and bring in ahead for-pacific -- thank you joining us. let's talk about china. it's going gangbusters in the last seven days alone.
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outpacing every other market in the world. how much higher can it go? it doesn't look like it is overheating, does it? and culturally the chinese market builds on its own momentum and its own steam, and that's what seems to have happened here. the fundamental narrative around a particular piece of price action, a fair point to make about china here which is that when you have concerns about economic activity elsewhere in the world, when we look at some of the -- what is coming out of china, we see that economic activity is normalizing to a looking at things like import levels and pollution levels.
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argument about of v-shaped ,ecovery in most of the world if there's one part of the world where you're more likely to get a v-shaped recovery, looks to be china by the high-frequency indicators. the of it is optimism on resurgence of the chinese economy. the of it is reflective of positioning in chinese assets recently. that has been the story since the beginning of the trade tensions with the u.s.. thealso of course we've had stimulus from the chinese authorities. the main point right now is purely momentum. i would be careful about
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changing this much higher. haslinda: as long as china heads higher, hong kong will, too. is that a fair assumption? dwyfor: actually, not just hong kong. i think it's the general leverage to the chinese economy that will do quite well as well. the way were looking at emerging markets right now is as a driver of emerging market growth and the strongest emerging-market region, and you can include hong kong and that. there is a significant amount of chatter regarding the hong kong dollar and regarding the ongoing security situation. the bottom line is a strong china is linked to a strong hong .ong market
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the likelihood is that hong kong , to some extent, it looks as if the hong kong market will follow in lockstep with what is going on in northern china. yvonne: what we are seeing in china, do you think in a way this is just a retail driven rally once again? how supportive is that, and do you think policymakers can once again engineer a more healthy global market? is predominantly investors who as we know in china have few alternatives, asset class options. the aixa market -- equity market always tends to have these bull runs, with the exception of housing in terms of investment opportunities. were a tads
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disappointed with the mpc short of theo with the absence fiscal stimulus that we were expecting. what we have seen as i mentioned earlier is monetary easing over the last 18 months. it now looks as if it is slowing. slightly disappointing fiscal stimulus. that should actually be a disappointment for the market but i think the way the authorities are looking at this the strengththat of local asset markets is such that they don't need to be so aggressive right now. they need ammunition in the back for things to get off the rails at some stage in the future.
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so policymakers at the moment are more than willing to sit in the backseat and watch the economy rebounding. you're kind of seeing a similar type of exuberance in the u.s., when it comes to big tex. and the nasdaq. the tech giants continue to fly when it comes to their share prices. what is it going to look like for the rest of the second half? do you think china can actually outperform the u.s.? are bullish on u.s. stocks as well. your validity is in terms of your comments on tech, the u.s. market has higher profitability levels and higher margins than most of the markets. that is really driven by the strength of tech industries.
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to some extent it depends on markets in the u.s. as well. it's worth making this point, there's been a tremendous amount based on what we can gather. investors earning nothing on these cash holdings except cash in order to generate returned. so you're going to be looking for the high profitability market such as the u.s. or markets where economic activity is normalizing. so you've hit on the two areas
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for this particular argument. haslinda: despite the exuberance, we're seeing the vix still elevated. notice way down compared to the 80's that we saw earlier but still at 28-29. what is your reading on that? dwyfor: i'm not so concerned about it. own indicator, something similar that looks at the vulnerability of markets and the situation of asset class returns, it's a similar story in terms of looking at the possibility. that's quite elevated with us as well. we are not out of the woods. you also have to remember where -- the from in terms of
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higher vix i guess is telling us woods,at i'm out of the this is not a flashing light to risk assets. you do have to be choosy and selective and you can get the outperformance. it would necessary be a primary influence on our investment model but we would be looking at it in order to engage how aggressive we should be in terms of our risk appetite. for now we are shifting tour a internally over these few weeks. so volatility is something were looking out among a number of factors.
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we will have to leave it there. inflationcap the numbers from china that show perhaps the recovery is on track. there was some confusion earlier as well with the national statistics bureau here that accidentally released some last year numbers. 2.5% was for the consumer price. perhaps it showing that things are looking a little better on that front as well. let's get the first word news. rising 2.4% in the last day in topping 3 million in total, one quarter of global infections. california's biggest a jump so far and the states rate of positive cases also rose. nearing 12s cases is million. melbourne is starting the first avenue viruslike dow with restrictions that could deepen.
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the state of victoria contributes about a quarter of nationals gdp but is now isolated from the rest of the country as they shut borders. the state has reported more than two weeks of double digit infections with a record 191 new cases on june day. hong kong is warning of a major virus resurgence after recording 19 new infections. the department of health fears a major outbreak. five imported cases have also been reported. the biggest number of local infection since the start of april. still ahead, a new security law in hong kong has raised fears that freedom of speech is under threat. haslinda: up next, did google abandon plans to offer a new
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major cloud service? ? in china we will have the details on that. this is bloomberg. ♪
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haslinda: australia upgrading its morning today to advise australians against travel to hong kong. it says the new additional national security legislation for hong kong could be interpreted broadly. under the law you could be deported or face possible transfer to mainland china for prosecution under main the law, the full extent of the law and how it will be applied is not yet clear. again, astray upgrading its warning to advise against channel -- travel to hong kong. you could break the law without
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intending to. if you're concerned about the new law, reconsider you need to remain in the city. yvonne: let's stick to those geopolitical tensions, bloomberg has learned that google shut down his plan to offer a major new cloud service in china and other politically sensitive countries. the project was shelved back in may. let's get more from selina wang joining us in beijing. what do we know about this project, and why was it dropped? it was shut down in part because of geopolitical tensions that were being exacerbated by the pandemic, according to two employees familiar with the matter. the project was not just intended for china, it was to provide a solution for countries with strict laws around the collection and processing of people's data. that would include other countries like the e.u..
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the goal is to separate this part of the network from the core group services cloud system to allow governments are third parties to oversee the data without the risk of any privacy concerns for the rest of google's clients. time it would appease those clients concerns about covert surveillance of cloud service abroad. in january 2019 because of the escalating u.s.-china tensions, google decided to pause plans for isolated regions in china for customers in europe, the middle east, and africa. our sources say the entire project was scrapped in may. google meantime has denied that it was due to geopolitical or pandemic issues. andinda: how about amazon microsoft assets in the cloud in china? selena: amazon and microsoft
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both have loud services in china through joint ventures. this is something google had considered as well, but according to our sources, those plans were scrapped last year given u.s.-china tensions, decision made by the ceo. google was facing a lot of scrutiny over its efforts to reportedly try and provide another version of its search engine in china. important segment for google, given that cloud services last year generated $8.9 billion of revenue, it's fastest growing revenue stream outside of its core advertising segment so it's quickly trying to chase other markets. selina wang there in beijing. malaysia sovereign wealth fund has no plans to back from foreign investments, despite the pandemic. exclusively from
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them. this is bloomberg.
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yvonne: just want to update you on air asia. the ceo coming up with a statement on twitter after what we heard about the ongoing concern for the carrier. the ceo saying that government support from financial institutions for finding and given various proposals for capital raising as well. they are saying they're getting their funding for indication of more than one billion ringgit. we are seeing the start reacting to some of that as it is reopening here and up about 5%. in cashe 50% cut expenses this year. haslinda: an earlier we spoke to ask ifaging director and
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a merger between the two is a possibility. merger, i think we were looking at the options for virgin airlines. talking to awere number of regional and global airlines. [indiscernible] so now we have two airlines for travel with malaysia. the covert crisis is andcting all airlines affecting the travel and hospitality business. i guess the major challenge now is that everybody in the , the assumption is nobody knows for sure.
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and predicting the changes to ,onsumer behavior [indiscernible] predicting what it's going to be. haslinda: are you saying a possible merger with malaysia airlines is out of the question and off the table? issue at this point in time, i think every single -- the industry in predict hard to [indiscernible] think that's the future of the industry.
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instance industry, for , it makes sense to some. what support have you been giving malaysia airlines to weather the pandemic and how much more are you willing to do? >> at this point in time, -- wherely we are providing support. as a shareholder i think we're depending on the company to work [indiscernible]
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crisis and the current crisis as well. haslinda: malaysia airlines has , what does he bring to the table? what changes do you think the leadership could make? renowned leader in malaysia. i think somebody with that kind of global experience and leadership, while the oil and gas industry maybe somewhat different, there's a lot it shares with the airline industry. he has a lot of experience from that angle.
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we have plenty more ahead. this is bloomberg. ♪
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a.m. in hong10:29 kong and singapore. here are your headlines. president trump's top economic advisor says the an -- the administration has issues with china but insists the trade deal is not dead. larry says u.s. companies the -- think twice about investing in the mainland. he says the administration is weighing its options but insists it remains engaged in the trade deal. two of america's most famous colleges are seeking a court order to stop the administration's new visa rules that could see international students sent home. harvard and m.i.t. says plans to
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remove students if their classes go online are designed to pressure institutions to reopen classrooms for in person tuition . the colleges want a temporary restraining order. a top u.n. investigator has condemned the u.s. drone killing ina top uranian commander january as unlawful. found washington failed to provide significant evidence that the general posed an immediate threat. she will present a report in geneva later thursday. in hong kong, the slowing property market is boosted amid anti-china protests and the coronavirus. soldt of land in kowloon for twice as much as estimated. local media says the buyer is a unit of china mobile, indicating mainland money could boost hong
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kong's property market as well as equities. look at theking a markets, asia adding to gains mostly higher, brushing off tensions between washington and beijing. we have the csi index continuing to inch higher. the shanghai composite up for an eighth straight day, the longest winning streak in two years. perhaps there is more upside, but that could be limited by the markets in the west. a surgeon equities prompting financial publications to caution investors. the hang seng up 0.2%. in terms of some of those currencies, the yuan at a four a breach pastd seven could mean more gains ahead for the conservancy -- for the currency. barrel.ady at $40 per
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eia says u.s. inventories rose by 5.6 5 million barrels last weekend gold futures pointing pretty flat. for the first1800 time since 2011. taking a look at the shares we are keeping track of, air asia is one of them. we heard from the ceo saying it has gotten support for banks for a one billion ringgit funding and it is confident in its business. when it comes to certain factors, it's a 60% for june and anticipating 70 percent for july. taking a look at tech stocks listed in hong kong, on the back of the rally on the nasdaq, tech flooding hong kong. a second listing in hong kong. xiaomi tencent up by 1%, up by 2%, alibaba up 7.5%.
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a very strong performance for tech players in hong kong. highe: we saw the record for the u.s. shares for alibaba overnight, as well. let's focus on big tech. scholars and journalists are trying to identify the new red lines in freedom of expression on social media. the hong kong government introduced new police powers to monitor the internet. if a publisher fails to comply with requests to remove content, police can seek a warrant to take action to remove it. our next asked lectures at the university of hong kong in media law. next for joining us -- thanks for joining us. tell us how wide reaching these laws are when it comes to policing content. do you think hong kong will fall inside the great firewall? >> good morning.
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techey concern i think companies might have no in hong kong is that it is clear hong kong is moving so rapidly towards the mainland style firewall around content. the distinction in hong kong, it is a firewall with teeth. this is not simply blocking information, this is providing penalties or disincentives to corporations and individual staff members of corporations. this law stipulates corporations criminalf they commit offenses, they can be fined or suspended or have their licenses suspended, they can have operations revoked. there is a jurisprudence article in the law that has been widely discussed by corporations already. it is criminalizing these new offenses created by the law.
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subversion, terrorism, and collusion with foreign countries. the global jurisprudence is i think one way corporations are -- should be very concerned. it means there are greater dangers, not just to staff within a hong kong office, but to staff members who commit an offense in an office overseas. yvonne: this is not the first time tech companies have had to censor content. i'm thinking in the region, you have countries like thailand where you can't publish anything offensive to the royal family. vietnam sensors anything that is anti-state. how is this different? sharron: i think it is a good comparison. when you look at the optimistic mediain hong kong, the operates in repressive regimes and regimes where there is
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content deemed either subversive or non-comparable. the differencee. in hong kong is, there is a conflict between the great and sweeping powers provided under for example the new implementation rules that have been provided to police. i want to make clear that they no longer require a warrant in hong kong. there is a new scenario called exceptional circumstances, which has not been defined, which allows police to basically raid and sees any types of material. it allows police to force companies to take down content that might not even be considered -- it only needs to be potentially unlawful. we don't know right now what unlawful content looks like. we have a few government press releases telling us, for example, there are particular slogans or songs that have been
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deemed unlawful, but the press releases don't amount to traditional authority. there is uncertainty in how much 's press can report on national security issues and what would be, where would be the line where they would be considered to have either endorsed or authorized the view. simple reporting on the facts of cases seems to be protected human rightsng's obligation under basic law and the bill of rights ordinance, but there are many fundamental challenges to these rights to free press and free expression that are written into this national security law. those are the questions that are concerning to the hong kong press now. how do they understand where the new red lines are? how far do you think china will go? instance, china, for
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asking newspapers, tv stations to drop topics from coverage? are two there provisions that are concerning in this regard and that would be article nine and article 10. these provisions are unique in that they come under a chapter called duties. these are the duty to promote the national security law, and to raise awareness. named asizations having those duties in hong kong include civil society, educational institutions, and the media. we are not familiar -- hong kong has obviously had a common-law system with strong tradition and that hasess freedom been robustly defended in the city. we are not familiar with the construction of the law which places a duty on the media to do things like promote or raise
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awareness of a law. we really can't predict what that will look like. will that mean that we are forced to publish, for example, the views of the prc government and editorials will be curated or assessed by mainland china? those matters remain unclear. right now, what everyone is considering is, what is possible ? what is possible is pretty chilling for the media. what is probable? what is probably something that we will only know with time. -- what is probably something we will only know with time. australia warned citizens about arbitrary arrests and detention. do you imagine the media and news organizations will be subjected to that, as well? sharron: it is a legitimate concern. we see that in addition to the global jurisprudence clause,
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-- even ia purports would say right now, any parliament member or legislature member that is talking about sanctions, that would fall lender what china would consider to be a breach of the terms of the national security law. the discussion of sanctions, whether you are in china or outside china, is considered a threat to national security. there are provisions that relate to permanent residents of hong kong and non-permanent residence. the breach of this law can, for a corporation or media outlet if you are under investigation, you may be forced by court order to turn over your papers. there are threats of deportation andnon-permanent residents, for permanent residents, those individuals in hong kong longer than seven years, they will pace the -- face the pulp -- the full
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penalties. the sentences are tough, up to a life sentence. the other concern is that we are no longer dealing with the traditional legal analysis, in the sense that we have prc state authorities openly operating in hong kong. for the first time, beijing has an authority, and an office on national security law that i believe launched yesterday that opens, that operates openly in hong kong. the staff members are not subject the law of hong kong. they have full investigative powers and authority, and it is those individuals who will make the decisions on whether a trial in hong kong or whether it crosses the line for beijing to say it can be tried in mainland china. legal bifurcation of the system is another concerning element of the new law. it is an extradition law on
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steroids in the sense that it is beijing that will now make the decisions, and it is beijing that will deal with the more serious instances of national security. yvonne: i feel like we have already seen some signs of self-censorship, not just with local media but maybe international media. you have to wonder, when we see reports of even the pope taking out mentions of hong kong in his speeches, and we have heard some of our guests a little hesitant to come on air to talk about may be such issues, is this just the beginning of self-censorship? sharron: i do, unfortunately. law,in the run-up to this we saw thousands of ordinary hong kongers, everyone from students to citizens to artists, just individuals, really, who wanted to document -- we have
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had a year of unrest in hong kong, and people have captured and documented that in various ways. i have strong doubts that any of those individuals could be said to have any. intent in terms -- any pure intent in terms of state power. people are so fearful of having this documentation, this historical archive of their experience of the past year in hong kong, and i think that is a legitimate concern. we have had the hong kong government already stating that, in my view, the smallest mercy is that the law is not retroactive, but the hong kong government and government officials have spoken out and said, while it is not retroactive, if we are looking towards the intent of someone who is in possession of subversive,at seem we will look at past behavior. so we know what that means. that means police making
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requests for social media outlets, police trying to use past social media posts or conversations that they have captured through the seizure of phones, which they have been theg oppressively since past 12 months of unrest have began, and using that as intent when they capture someone on an otherwise marginal or inoffensive possession of an item deemed to be subversive or as endorsing succession. haslinda: great insights. , hong kongt lecturer. why investors in chinese tech aren't thinking twice about eye-popping valuations. it could be all good until government spending stops. more on that next. this is bloomberg. ♪
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haslinda: you are watching bloomberg markets: asia. chinese stocks have been on a tear with tech heavy index rising 50% this year on beijing's pledge to boost spending on 5g and industrial automation. our opinion columnist cautions it could be a dangerous game for investors. she joins us now. people compare this rally to
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2015, which ended in tears. how is this different? rally, you could argue the pboc engineered that rally. market -- the buying thosed stocks. the pboc has been quite careful. in the previous few weeks, it was heightening a little bit, worried about opportunities. this time i think investors are playing on [indiscernible] infrastructure, a new package. [indiscernible] think people are buying tech stocks. the federal reserve buying into investment bonds and corporate
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bonds and that showing a rally. mentioned tech stocks. in that space, investors are very excited when these companies win government subsidies. they see it as some kind of beijing push. what are the issues around that? >> right now, it works. local governments [indiscernible] it did so well because of the government subsidies. we all know chinese local governments have not budged. the economy, the fiscal dollar is evaporating. , once you putn subsidies into stock and trade at 40 times earnings, that can beat the percent of your
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earnings. when the subsidies go away, that can trigger -- that can become very expensive. i think that is where the danger is. yvonne: you likened it to what they did with the ev sector, they are learning a hard lesson about subsidies. out her columnk on the chinese stocks. coming up, japan's biggest retailers report earnings after markets closed. what to expect from a quarter in which many stores remain closed. this is bloomberg. ♪
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haslinda: a quick check of the headlines, airbus failed to secure any new orders for a third month as the pandemic continues to hammer global airlines. it attracted zero interest in june and had one cancellation, bringing total net orders for the year to 298. airbus has been trying to keep business going by deferring orders. it handed over 36 aircraft in june and 24 in may and announced plans to cut 15,000 jobs. united airlines is telling thousands of staff their jobs are at risk after the federal payroll aid expires at the end of september. andasn't been finalized,
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workers are vulnerable to redundancy. the government provided $25 billion in loans to the aviation industry. one of america's iconic fashion names has fallen victim to coronavirus. brooks brothers filed for bankruptcy as the pandemic slashes demand and its debt becomes unsustainable. the company's demise adds to the list of big names to fall, including neiman marcus and j. crew. the chapter 11 filing licks -- let's brooks brothers continue while it works on a plan. retail centers reports earnings after the market closed. may to -- major retail chains reopened in may, kicking off the earnings season in asia starting off with japan. for more on the closures and how they will play into the numbers, we are joined by catherine
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lennon. did japan's declaration of the state of emergency affect fast retailing's operations? >> unfortunately, the costs of the -- during the course of the third quarter, stores were closed for nearly two months and in japan in particular, that is where retail sales have dropped, a report of 35% in. importantly, this impact on their earnings will affect them this quarter. take a step back. a company says for the second half of the fiscal year, they will see a 90% year on year drop in operating profit. we will see the first wave of this huge profit dip in this upcoming quarter that will be reporting in a couple hours time . the factors leading to this,
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they weren't able to really cut down on costs, particularly wages in japan, and they have to do more promotions and discounts on line, which contributes to the huge profit fall. should we be expecting better performance from uniqlo outside japan after -- outside the july-december period? >> over july-december, china will be the bright spark for the company. i think it is across-the-board for retailers globally, as the country recovers from the covid-19 outbreak. you start seeing traffic going back to stores, and more shoppers buying online, so i the country where all eyes will be on to see
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companies like fast retailing manages between their inventory at stores and online. catherine lim on what to expect for retailers out of japan. the restrictions will really play into their earnings this time around. take a look at markets. we are pretty much seeing mostly higher when it's -- when it comes to asia but not seeing the robustness we saw at the beginning of the week. we are in the summer doldrums now with the hang seng up zero point 5%, shanghai composite re-thousand 416, singapore slightly lower by 0.3%, and we have that election happening tomorrow. southeast asia, malaysia, philippines, jakarta, this is what we are seeing when it comes to that region. mostly lower and you see manila down to 0.8%. the indian open is just about one hour away.
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haslinda: in the next hour of bloomberg markets: asia, keep it with us. this is bloomberg. ♪
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haslinda: it's almost 11:00 a.m. in singapore and hong kong. welcome to bloomberg markets: asia. asia markets are mostly higher as chinese inflation comes in pretty much as forecast. mainland shares are clinging to the recent surge with stocks up for an eighth day. haslinda: the coronavirus pandemic marks another grim milestone with cases in the u.s. topping 3 million.
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hong kong has another day of local infections disrupt ingots long virus-free run. yvonne: bloomberg learned google has abandoned plans to offer a major new cloud service in china and other politically sensitive countries. we have the latest from beijing. haslinda: let's do a check on the markets. asia mostly higher, building on gains, sentiment gaining momentum somewhat. u.s. futures pointing to a pretty lower open, albeit on the , all that s&p, the nasdaq eyes will be on the u.s. job claims. brent crude for the 3.24, stuck in a holding pattern. trading volumes have fallen by about a third since the start of this month. u.s. inventories rose by 5.6 5 million barrels last week. gold at 1820, looks like gold above 1800 for the first time
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since 2011. the question is, if gold could push above the all-time high of about 1900. flip the page to see specific benchmarks in asia. china and focus, the shanghai composite sigs -- sizzling come up for an eighth day, the longest winning streak in two years. morgan stanley raising the target near the the top of the 20 15 bubble. the hang seng inching higher, zero point 3%. the hsbc slumped yesterday after it was singled out as a potential target for the u.s. moving to push hong kong banks. the kospi higher by 0.6%. high in june. if it breaches that level, there could be more upside for the kospi. nifty futures pointing to a higher open, up by 0.4%, amid signs of economic growth earnings. flip the page, take a look at where we are in terms of
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currencies. the yuanr, 12.02, 6.99, breaching seven. this could mean more gains for the currency ahead. the yen at 107.30. futures at about 29, holding above its 200 cma line. yvonne: our next guest talks about markets trending higher. he joins us from singapore. go from meltdown to melt up in three months. seems like we are seeing consolidation. is this rally looking a little tired to you? >> good morning. from our perspective we think there are three things which the market needs to continue going higher from here for the second half. first is ample liquidity from
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potential -- from the central banks. we saw that from the central river. -- the central reserve. there is continued fiscal support. second is, safely opening countries. if the fundamental data continues to improve from here, and we have seen pmi readings, earning revision ratios pick so the data we are looking at, we think the markets can continue going up in the second half. say there are trades out there, there is liquidity risk that makes these markets fragile. you don't agree with that? will always be risks. from our perspective, the biggest risk is if the second wave becomes more entrenched. from the point that we are looking at the markets, the fundamental data is improving. equity sentiment doesn't look as
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trenched for global markets, and threads, the broadening of the rally itself, has improved over the last few weeks. there can be some wobbly-ness, but i would imagine markets remain volatile over the next couple months as we get through this crisis. overall, we think if policy remains supportive and liquidity remains ample, fundamental data seems to have already displayed a v shaped recovery. you say fundamentals are supportive but there is little clarity on how the economy will shape up and recover from -- and from this. some say perhaps companies are navigating in the dark. what is the risk you could be wrong, but fundamentals are supportive? nupur i think it is important to keep a close eye on high-frequency data. we can't really rely on monthly
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data anymore. we are tracking data on a weekly basis in terms of jobless claims which come out later this evening, along with earnings revision ratios which comes out on a weekly basis. if you see u.s. markets, analysts are upgrading more than they are downgrading. we think that is positive from a fundamental standpoint. what i would say is, the main waveis if the second becomes more entrenched, leading to a potential re-locked out of countries and economies. then, that would become a larger risk and our positioning would have to be positioned accordingly. the other thing which is probably worth highlighting is asianf you look at markets, particularly north asian equities, which are geared to the global economic cycle, earnings revision ratios are improving over there and consumer data is picking up. when you look at auto sales in
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china, you look at industrial production data which came out indonesia, as well. we are starting to see that fundamental data really come in. if you do get a second wave, a lot of this otherwise we are quite positive. haslinda: stocks are pricing in perfection, bonds pricing and uncertainties. do commodities offer the closest to the real economy, do you think? nupur: commodities, particularly oil, it is really more about supply and demand mismatch. you are seeing a large demand shock and in response, you are seeing supply cuts. the oil market is not really able to figure out at the moment which of those are dominating, although given the uncertainties on demand going forward, i would actually say equity markets are
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us, we don'to think it is overvalued at the moment. like i was mentioning, equity sentiment is not stretched so we think equities are probably giving you a pretty good indication of what may come in the second half. from the bond side, we probably have a contrarian trade on their where we are short duration and all lot of that hinges on the fact that we think shorthand rates will probably remain anchored even the fact that the central reserve has been clear that qe is here to stay at least for the next year. your backend rates and long end rates, which are typically reflective of the economic trajectory, as you see fundamental data trickling, we would imagine the yield curve to steepen from here. most important to highlight is that even from a portfolio context, it is important to have barbell strategies and affective -- effectivece
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hedges in place. diversifying across assets and asset classes. from that perspective, the portfolio appears quite attractive because you can choose areas in the markets which are not appearing to be as frosty. and they are backed fundamentals. -- by fundamentals. yvonne: we got reports yesterday that there are not many alternatives out there. gold is still the biggest risk diversifier. what are the best things you look at in terms of the barbell strategy now? nupur: i would say the dollar is definitely a big one. it has trended lower over the last few weeks because you are in a risk on environment, but it is a pretty good risk off hedge. could also beways from the credit perspective particularly in asia, where you
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have policy support for asian high-yield coming in from chinese policymakers, as well as others. having these high-yield strategies within the portfolio, where credit spreads are still wide, can add good barbell strategy. the other thing i would highlight is, it is important to expectand that you can your view in multiple ways. you expect a view based on where we think equities are going, but when it trends lower, hedges become more attractive. it is important. what we are doing is taking advantage of the risk off episodes. yvonne: thank you so much. from gupta on the line singapore. the we are seeing come of
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prime minister scott morrison is speaking and the headline we are hearing is that australia will be suspending its extradition periods --ng kong hong kong. morrison says it is concerned about the legislation. let's listen in. >> we have learned from our success in managing immigration in the national interest and we will continue to do that, but our immigration program provides some particular opportunities to those who have been living as citizens in hong kong and around 10,000 or thereabouts of hong kong citizens, residents currently in australia on student visas or temporary work visas. what we have agreed to do is, we have agreed to adjust the policy settings to ensure that for skilled and graduate visa holders, we will extend visas by five years from today, with a pathway to person -- permanent residency at the end of those
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five years. if you are a current or future student, you will be able to stay for a total of five years once you have graduated, with a pathway to permanent residency at the end of that timeframe. if you are a temporary graduate or school visa holder, your visa will be extended to provide an additional five years from today . in addition to the time you have already been in australia with a pathway to permanent residency at the end of that period. we will provide a five-year version is set -- five your visa with a meeting andnt -- to updated schools list and labor market testing. we will put arrangements in place to ensure we focus on hong kong applicants to study and work in regional areas to address skill shortages with pathways to permanent residency.
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incentivesk at new and arrangements to extract -- to attract businesses to relocate to australia, particularly where they have a strong potential for future growth and employment of australians. for existing temporary work visa holders, student visa holders, and graduate student visa holders, they can be here for five years. five years. and that is an extension from their existing arrangements that they would have no. some of them are at the end of their current visa, they are here another five years. those who are looking at the end of their study would normally get two years. that is extended to five years. the other part is through our global program, to be working with states and territories, and i will discuss this with state and territory leaders, if there are businesses that wish to recoup -- relocate australia,
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bringing investment and jobs, creating opportunities for australia, we will be proactive looking to encourage that and to see that business activity, those jobs, in australia. i want to stress that we are not expecting large numbers of applicants anytime soon. what we have in place is the normal application mechanisms for these visas. same rules apply to giving -- getting a student visa. the same rules apply to a temporary work visa. in terms of labor market testing for the awarding of temporary skilled visas, all of that remains the same. we are extending the opportunity for those visas out to five years in total. we are looking to recruit, if you like, other businesses that resultome footless as a of the changes in hong kong.
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i imagine there will be many other countries around the world that will be seeking to attract those businesses, and tally tend -- talented applicants, as they make decisions about where they wish to live in the future. australia will be part of that group of countries, which will be both encouraging, welcoming, and taking steps to ensure we are actively engaged. i will headed over to the acting askster for immigration and you to go over the details. >> thanks very much, prime minister. hong kong has immense global talent and great businesses and we want to attract more of them. thene: you are listening to prime minister of australia, scott morrison, the big headlines we got, the country is suspending its extradition law in hong kong. morrison says national security
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legislation constitutes a fundamental change of circumstances. when it comes to the visa status of many international students in hong kong that are studying in australia, they are extending those visas by an additional five years and easing the path to full citizens hip -- citizenship. a different approach from the u.s., where it seems like they are enforcing these new visa guidelines that could cast international students out of the u.s. if they only offer online classes at the moment. headlines from softbank, underwriters say softbank, a unit of masayoshi plans to price this month. there was no immediate reply to a request for comment. there may be a deal that includes yen denominator notes back in june. softbank is putting off a yen
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bond offering that it planned to price this month. still ahead, more exclusive interviews. we will have several guests. next, google scraps plans to surf --major new cloud service in china and other politically sensitive countries. this is bloomberg. ♪
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yvonne: bloomberg learned google shut down plans to offer a new cloud service in china and other politically sensitive countries. the project was shelved in may. for more, selina wang is in beijing. tell us more about the project and why it was dropped.
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selina: plans for the initiative were shut down and parts -- part -- in part because of geopolitical tensions pandemic.d by the the initiative was not just intended for china. we learned it was intended to be a solution for countries that have strict laws around data collection and processing. the goal was to separate the product from the core google cloud service system so governments and third parties could oversee the data moving through it without fear it would put other google customers at risk. at the same time, it would include privacy concerns about the ability of the u.s. government to surveilled google cloud customers abroad. in january 2019, they paused the initiative for china and were planning to focus on the europe, middle east and africa, but the project was scrapped in may. as of now, google denied that
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this was scrapped because of the pandemic or geopolitical tensions. how about amazon and microsoft in china? selina: there is a lot of competition in china from tencent and alibaba when it comes to cloud servicing networks. at amazon and microsoft have services through a joint venture. reportedly, google also considered doing a joint venture. they were in talks with local firms a few years ago but plans were scrapped last year by the ceo over escalating u.s.-china tensions. in addition, at the time, google was under increasing scrutiny because of a reported project to create a censored version of its search engine in china. cloud services are incredibly important for google, one of its fastest growing segments in an effort to diversify its core business.
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in 2019, it generated eight point $9 billion from its cloud computing network. wang in: selina beijing. malaysia's state investment says it is taking advantage of opportunities presented by the pandemic and is looking to expand overseas. we spoke to the managing director and asked about its outlook after record profits last year. >> last year ended well for us, a record year for profits in 2019. 2020, building on that means finding opportunities during the covered crisis and acquiring new assets at more reasonable prices. at the same time, going into 2020, we are taking a view to release the assets we had. we didn't know covid was coming [indiscernible]
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across entire markets. we are no different from any other long-term investor. we keep our eyes focused on the long-term horizon, looking to put money to work or put something on the table. when you look at the markets today, it is probably a bit up since the lows. it is important. haslinda: you talk about opportunities. where do you see them right now? equities, bonds, asia versus the u.s. and europe, what options for investments are there where it stands now? >> clearly, there is a bit of a bit of the divorce between market valuations today versus the real economy. you have to trade carefully for the long-term. of the crisis there were opportunities to
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acquire long-term assets especially in markets we were underexposed to and where we wanted to build for the long-term. we think over the long term, emerging markets provide growth opportunities. we have to be careful to what we are exposing ourselves to. this is not something we are looking at in the long term but something we have been building on equity exposures. haslinda: are you looking more to invest overseas? >> we are. spending on our global asset portfolio and that is the right thing to do. if the goal of a fund over time is diversifying, you need to diversify away from domestic. it wouldn't make sense for a country like malaysia to only be exposed [indiscernible] try to diversify with
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asset-based. haslinda: would 40% be a fair assumption as a part of your portfolio invested overseas? >> we are below that. the process of rebalancing the offer we have will take some time. today, we are under 20% but with a view of growing that over time. this can't happen overnight. in terms of asset allocation, that will take us 5-7 years to get to where we want. haslinda: are there targets you have set for yourselves and khazanah for 2020-2021? you are looking long-term. >> we are looking long-term. -- 2019 is aeat great year for us. 2020 will be a difficult year for the market as a whole. markets have rebounded and i think it is really up to us to take advantage of those rebounds
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and at the same time, build positions for the future. while we don't expect given what has happened with the economy, --ecially the fact that there are airlines and investments in tourism and leisure, those sectors will take a hit in terms of devaluations. expect, youcan can't expect 2019 but we will be in the black. in terms of valuations, what that means. yvonne: take a look at more of these live pictures from australia. the australian prime minister, still speaking to reporters in a q&a session. what we learned in the last
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couple minutes was that australia is going to be suspending its extradition law with hong kong. the prime minister says the national security law in the city constitutes a fundamental change in the circumstances. we are hearing they will be changing the guidelines for visas, student visas for those that are international students from hong kong. so adjusting the visa system, giving it an additional five years and eventually, he said easing that path to full citizenship. he said this was about creating jobs in australia, as well. plenty more ahead. this is bloomberg. ♪ it's pretty inspiring the way families
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haslinda: we are in the middle of the trading day in asia. mostly higher, the sti a day before elections is trading lower by about 0.2%. blue-chip stocks leading declines in the lion city. keeping a watch on the asx 200 index. we heard prime minister scott morrison talking about adjusting the visa system for hung congress. rs. businessesnge who moved to australia will be given opportunities.
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it is about creating jobs in australia, suspending extradition law with hong kong, a move done in hang -- in canada , as well. the hang seng is currently up. the top health official in tulsa says president trump's campaign rally likely boosted coronavirus infections. the health department director says significant events in the last few weeks have probably contributed to a high number of cases. the president held a rally despite pleas from local authorities who were seeing infection rates rise. much of the audience did not wear a mask. the coronavirus marked another grim milestone in the u.s. with confirmed cases rising 2% in the million inopping 3 total, a quarter of global infections. california reported more than 11,000 new cases, its biggest daily jump. the rate of positive cases in the state rose. global virus cases are near million. nearly 12
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-- he $7government billion to support -- $37 billion to support homebuying and dying out, with bonuses for employers who don't fire staff. the economy is contracting by 25% in two months, erasing the growth of the previous 18 years. melbourne is starting the first day of a new virus lock down with restrictions that are prolonging australia's first recession in 30 years. the state of victoria contributes about a quarter of national gdp but is isolated from the rest of the country. the state reported two weeks of double digit infections with a record 191 new cases on tuesday. tourism has been
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hammered by the coronavirus but the gradual opening of some domestic travel gave a shout of the arm -- in the arm to airlines and hotels. our guest leaves the industry is resilient. joining us is michael. good to have you with us. give us a sense of how much business has returned with a lot of economies in this part of the world opening up. honest, it is pretty limited. asia, people are moving around, here in singapore we have more freedom in terms of what we can in vietnam andut korea, a bit of a bump. in australia, things are starting to come to life with some movement and increases in
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occupancy, but with the recent lockdown in victoria, that has been a hit on the business in australia. it is pretty limited. i would like to get excited but it is too early. of thea: give us a sense occupancy rate you are seeing. honestly, it is still -- outside china, we are talking in the teens and 20's at best. the only business that is coming back is leisure travel. when people think about hotels, they think of travel for holidays, but the biggest part of our business is corporate travel, whether it is to a --iness, meetings, governor government business, that is 60% of our business and that hasn't really started up anywhere outside china yet. haslinda: you talked about the
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effort to promote stay-cations in singapore but the $20 billion gap is unfilled. what kind of recovery are you looking at? singapore, that will be one of the worst impacted markets. by definition, 90% of the business that comes to singapore comes from outside the city. becomeay-cations available in the next week or two, there will be a bit of a surge in the short-term but in the medium to long term, that will not fill hotels, not even close. even -- ended varies around the region in terms of the size of the domestic market. countries like china, india, indonesia, australia, the domestic market is the biggest part of our business. for singapore, thailand, vietnam, the international
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travel is more important for those countries. yvonne: tell us more about the china reopening. is this the right template you can apply on how you will reopen other hotels in different markets? what do you see in terms of green shoots in the mainland? michael: china has improved significantly. at the bottom of the pandemic, which was february in china, we were at 7% occupancy. each month has gotten better. last month we were on track to finish at 42%, but in the middle of the month there was the breakout in beijing and the impact was immediate. we lost six points in occupancy. hotels.for our premium our economy hotels finished at 61%. this month already, we are tracking back to slightly above what we were anticipating in
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china last month, so we should 44%.ound 40%, we should be above 65% for economy hotels which is encouraging. that is what we hope to see in other parts of the world as economies loosen up. the reactivity to spikes in the virus are quick and severe. april, your ceo 220,000d the layoffs of employees worldwide. he vowed to re-hire everyone of them. what is the update? how many of those employees are back on the payroll? michael: in asia-pacific, we have almost 140,000 people that work in our hotels. it varies around the region in terms of the way governments have supported the industry.
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in china, leading the way, we are back up to about 80% re-employment of the people who were with us pre-pandemic and hopefully by the fourth quarter we will be back to full employment in china. the rest of the region depends on what happens with the virus. it will take longer, particularly in countries like singapore, thailand, vietnam, where there is more international business. in singapore, the government has been generous with support so we have been able to keep a bigger part of our workforce employed during the pandemic. countries are beginning to talk about travel bubbles. what are you hearing? far, it is a thin line. the first one we have is between singapore and china.
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to have toneed travel. you have to apply and be approved and be tested before you get onto the plane and when you get off the plane, quarantined for 24-48 hours to make sure you have a negative test. you can't move within china for another 14 days outside the city you arrive in, then upon your return to singapore you would have to quarantine for another 14 days. it is really for essential travel. the important thing is, governments are talking about it , thailand as well, australia, there is a lane between korea and china. at the moment it is a trickle. it will improve that it is going to take time and it is that inter-country check -- travel that is important and getting corporate business traveling again is vital to our success. you do of course have a strong balance sheet. there are lots of hotels for
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sale right now. would you consider adding to your portfolio? don't forget, we are an asset-like company -- asset-light company. we invested almost all of our real estate a few years ago. we are not in the business of owning hotels. there will be opportunities, but we will work with our owners to see if they want to purchase more hotels and have us operate them. early.till there hasn't been a lot of movement. beenof the banks have working with owners to make sure they can get through the pandemic. we have never experienced a situation like this. government, industry, banks, we are all working together to find our way through in the best way possible.
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thanks for the time and the insight, michael. he joins us from singapore. coming up, the first negative sales quarter in over a decade as i.t. spending slows. the outlook, coming up. this is bloomberg. ♪
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yvonne: take a look at alibaba shares, surging some 8% in the city. i believe this is the biggest inter-day move we have seen for the stock since its listing in late 2019. a lot of news, reports that possibly and financial will provide a listing, fueling the momentum. overnight in the u.s., the shares extended to the record high. continuing to see alibaba on a tear. let's talk about earnings. willsultancy company report results today. analysts are predicting it may see its first negative sales quarter and over a decade. let's bring in our technology reporter. tell us more what investors are watching for this round. is asia's largest, the
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first company in india's industry to kickstart the quarterly earnings season by repealing its performance for a full quarter impacted by the pandemic where many workers have been working from home. and travel, clients retail, and manufacturing, it will be interesting to see what , whetherixed, payments clients are renegotiating existing contracts. tcsink those are things will be talking about when it reveals its numbers. haslinda: what are the current challenges for tcs and its peers? itha: i.t. services companies
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have long faced complexities, since clients are facing rapid technology changes and is -- digitization within their own segments. the pandemic hastened the situation. india,ons are raging in requiring them to facilitate home set ups employees. the biggest market in the united states, almost two thirds of the revenue for india's industry, donald trump through a presidential order added a further layer of challenge because in june, he froze a variety of work visas, including h one b visas used by these companies yvonne:. what about the new deal signings? saritha: tcs and these large companies will find larger deals
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harder to come by. this is impacting hiring and employee utilization. tataonsultancy, onsultancy is focusing digital. tata said it was expanding its long relationship with and ensure. then insurer. those are deals tata might be talking about later today. our technology reporter in bangalore. counting down to the market open in india, a risk on day in asia. in --at the highest level since march. the sensex up by 0.5%. it is the quarterly earnings season and play amid signs of economic growth. the nifty index up 0.5%.
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earnings, and a bank plans to raise 150 billion rupees, adding to the list of indian lenders bolstering buffers as the pandemic threatens to push out bad loans. a positive day in india. up, how theng pandemic is changing the way we live and work. our exclusive interview with expedia's chairman barry diller, next. this is bloomberg. ♪
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yvonne: working from home and zoom meetings may be the norm during the pandemic. haslinda: expedia chairman barry diller told bloomberg that he believes the future of work will look a lot like the past. >> my instinct is that as the itus and the threat of recedes, which at some point it think that behavior returns to the norm. why wouldn't it? there are some things we have , i thinkrobably
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probably handshaking may be gone for a long time. close hugging and things like that might. work, we certainly learned about what we are doing, zoom, we learned to work from home, so to speak. i do not, though, believe that there will be the most basic changes in the workplace. better workplace work is , the serendipity of moving among people, the atmosphere of companiesngth that have gone to make their offices, certainly in the last 15 years, 20 years or so, just an organization of offices, have gotten so much more sophisticated and thoughtful
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about social interchange. we just finished building a new campus in seattle with 15,000 people that we spent over $1 billion. you could say our timing was not exactly the best, but in fact, all of the thoughtfulness that went into that work environment in so many different areas, i think is very good for the work itself. ownhy am encouraging our people, both that i see -- at ic and expedia, to plan on back to work in offices is a mandatory thing -- as a mandatory thing. maybe we change the work weeks. i thought the idea of a four-day workweek, or not a four-day workweek but a four-day in office week and a fifth possibly working remote may make some sense.
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many people told me it doesn't really work that easily, but generally, i think that certainly, this concept of social distancing is crazy. i mean, it is necessary for the moment, but as a long-term thing , we are not going to reconfigure our offices for social distancing. we will do what we think is wise and sensible for the health of but the verys, concept in urban centers that you are not kind of packed tight , you see people in any urban center in the late afternoon, you see streets crowded with people. i think that is going to return. >> tell me, why are so many ceos, and you talk to plenty of
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them, so taken with the idea we can shrink our corporate footprint, we need less real estate, we don't have to travel for business as much, people can work from home and cities are doomed? why are they taken by those ideas? barry: it is of the moment. it is a new ice cream flavor. i think conventions and people getting together en masse will return. it won't print till and -- it -- return unless it can do so safely, but we can't live in this moment where we project the future based on present circumstances. haslinda: that was barry diller, chairman of expedia, speaking with bloomberg. headlines, planning to raise up to 150 billion rupees from a public offer. opening theoffer is lie 15th and will close july 17.
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yes bank is trying to raise funds. he needs to get capital for the next two years. financial institutions have picked up stake in the bank in march to prevent it from collapsing. yes bank says it is raising up a 150 billion rupees from public offer. that offer opening up july 15, closing july 17. yes bank up i 2.5%. -- by 2.5%. yvonne: india's second largest private sector blood -- bank plans to raise up to $2 billion, seeking to bolster support as the virus pushes up bad loans. they will raise money by shares or equity linked securities. they pocketed around $400 pairing stakes in --licly traded uniden's units. president trump is thinking about banning chinese video
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sharing app tictoc. trading atsnap is its highest in three years, tripling from a march low. like instagram and youtube will breathe a sigh of relief if it does band. -- if it is banned. the global times, a chinese tabloid that reflects tabloids of a chinese that reflects their views, the platform would be seeking evaluation north of 200 billion dollars. alibaba owns 30 3% of the financial company. shares surged in new york. amazon is the latest name to cut retail ties with washington's nfl team, joining walmart, target and nike in rejecting them. merchandise sellers have been to removeours
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t-shirts, hats and other gear. washington owner dan snyder says the organization is reviewing the name. united airlines tells thousands of staff their jobs are at risk after the federal payroll aid expires at the end of september. the final layoff tally hasn't been finalized and may be smaller as workers way voluntary redundancy. the government provided 25 billion dollars in loans to the struggling industry, but united of the crisish facing the sector. on itsa: asia, building gains, brushing off concerns between the u.s. and china. the shanghai composite continues to gain momentum, up for a 14th day. up for an eighth straight day, valuations suggesting there is more upside. it is hot, hot, hot. another day of gains in hong kong, brushing off the concerns despite the fact that hong kong
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reported 90 new local virus cases, prompting concerns of a resurgence in the city. , 2217 is a level we saw in june. has turnedarta bullish on indonesian stocks saying fiscal spending could boost stocks in the second half. banks,mmends that indonesia was the worst-performing stock in asia in the first half, now doing some recovering. yvonne: taking a look at some movers, watching a company rising in japan. anden filing with the fda alzheimer's drug. when it comes to movers like psm see, that stock is flying, getting close to record highs, 300 45 taiwan dollars per share. air asia, we talked about their
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troubles. we heard from the ceo talking about how they are raising capital and getting loans. alibaba with the biggest intraday gain since its listing in hong kong. i got an oriole here.
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>> the following is a paid program. the opinions and views expressed do not reflect head to of bloomberg l.p., its affiliates or its employees. >> the following is brought to you by rare collectibles tv. the california gold rush is considered to be one of the most impactful events to affect america's young economy in its first 100 years and it has had a long lasting impression in numismatic history as well. the people of california soon needed a way to standardize the value of the new gold so they set up assayers


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