tv Bloomberg Markets Asia Bloomberg September 8, 2021 10:00pm-11:00pm EDT
to think beyond profits. and this singapore company aims to raise $6 billion in the year's equity offer. declines as we make our way to --. ecb is out today. inflation numbers coming in hot. rishaad: also remember inflation numbers two days ago. unbelievable. off the charts. there are rumors or declarations of a slowdown in china, they seem rather exaggerated. let's look at the market, a down drop. beijing something the likes of tencent, suggesting, look beyond gaming. don't look at gaming as being your main profit center. it really did see a meltdown of those adrs in the u.s. of these companies. the austrian industry is 1% down.
hong kong just erasing some of the gains of late. it is about taco again. many people thought that perhaps we were out of the woods because there had been very little noise from beijing coming through as far as technology went. let's not forget about the fears of ready markets in china as well, david. david: since you mentioned that, the use right now at evergrande, 698, a local bond, again halted right after a plunge. i would imagine this is consistent and roughly the similar story that we had a couple of days back when he had a price move. you are looking at the stock here, by the way. 353 right now. we will see what happens. there should be a trading halt and then we will resume. we will see if we get a second one. you look at evergrande onshore, you do get a bit of wider
spread. you look at the tech base, as mentioned, the news was good news, and then bad news. alibaba and tencent off on the back of these ppi numbers. rishaad: there is quiet on the tech front. we haven't heard much. perhaps too quiet. let's get back to the ppi and cpi numbers. the cpi, consumer price index, fairly benign compared to estimates. producer price numbers, 9.5% increase, in absolute tear. factory prices rising this much, the question is beijing, or should i say, china, previously labeled as the country which was exporting deflation, will it export inflation? no doubt central bankers will be looking at that closely. david: yes, the ecb is on tap today. the broader story when you look at this next graphic here and the reason we have that, you
will find out in a couple of minutes because our guest is here with us in the studios. if you remember the bond markets going back decades, there you go,. does it taper really matter? we are in the midst of starting a tightening cycle. do we get an end to this trend? rishaad: that is a dilemma for the federal reserve as well. when do they start easing on the bond buying plan that they have? according to one fed president, you have got to also, down the road, have a bit of admonition left. >> i would -- have a little bit of admonition left. >> i would love to see us sooner or later start taking our foot off the accelerator, because i think the longer we make these purchases for longer than necessary, i think it may actually make it so that we have less flexibility down the road. david: our next guest, we
alluded to us a couple of minutes ago, believes tapering will not affect credit markets, but growth will have an impact, also valuations. head of fixed income research at hsbc, steven major's is here. good morning. >> good morning. david: the causality between taper and asset prices. what are people saying that they shouldn't? stephen: we have done the work and look at every iteration of qe, not just in the u.s., but around the world. it must be true that each of the qes had a different context. i had forgotten what half the contexts war, but qe1 happened at the time of the gfci and the housing crisis. qe2 was about getting inflation going. qe4 started by accident. it wasn't even called that in 2020. so to presume that the outcomes
of the tapering for qe4 would be the same as any of the previous iterations seems naive. the facts tend to prove that. it is about the valuation. how far is the yield away from the equilibrium? today the equilibrium is the longer run dot. and how is it communicated? in 2013 it was a mess, they made a mess of it, and valuations were tight. rishaad: yes, they conflated the reduction of buying bonds with the next interest rate hike and that was the difference between then and now. but all of those qes have something in common and that is perhaps making asset bubbles where you don't need them. that is the issue. steven: it is the issue, qe has contributed to wealth and inequality and asset price bubbles. all the financial stability
document, it has been pointing out the need to mitigate this unintended bad consequence. you look at what is happening in china, they have studied these documents, looked at what is happening in other countries, and they are trying to deal with it. otherwise they will end up with zero or negative, rates and they are trying to avoid that. so we should think about things globally. the context is very important. so you are talking about credit market china right now, well, that is connected to the policy choice that is being made at this point in time. david: you made the distinction -- i was wondering if you could talk about the inequality issue. you the biggest bond bull out there. still 1% on the 10 year treasury. steven: i have not changed our views. it has been a decade of having probably the lowest bond yield on the street. we have not moved this year. i still maintain we will probably end up nearer to 1% than 2%.
i don't fully understand why the consensus forecasts are anywhere near 2%. that is not particularly robust mathematically. there has to be a very hawkish tilt from the fed very soon for that to be possible. it is very unlikely. when we look at the range of possible outcomes, we think that the balance of risk is toward lower yield. now, wealth inequality did contribute to lower real rates over time, as did excessive debt, as did aging populations and technology. when you look at the interaction between those determinants, think about how debt and wealth inequality can be combined to continue to force rates down, also, to limit how much they might ever go up. the fact is, when you have a very small portion of the population, which is true of china and the u.s., that has vast amounts of wealth, than they are not as sensitive to the rate move on the liability side.
rishaad: but we cannot ignore the debt side, can you? if you start raising rates, this becomes a massive issue in terms of defaults. you have a world which is essentially addicted to free money. it is like weaning off a heroin addict. steven: in practice, if rates were to go up, and i will say if because i will believe it when i see it -- david: are we stuck with these rates for the next decade? steven: look at japan for the next 20-plus years. it is unlikely the fed will hike anytime soon. i would argue that 2023 is too soon. but if they were to hike, are we ready for what is going to happen? what happens to asset prices? and the feedback loop into policy? we are stuck in a debt trap. that has been informing our forecasts for a long time. we are having to learn to live with lower for longer. for lower for longer rates to be
wrong, for us to change our mind, all those determinants as long-term drivers have to start moving around. also, what has to happen is that anyone who doesn't believe it has to actually capitulate and start leaving it. once everyone else believes the same thing [laughs] it ain't going to happen. [laughter] david: that brings up two points that are sort of connected. if the equilibrium rate is much lower than we think, this too percent inflation target, does that still work -- this 2% inflation target, does it work? steven: the call on neutrality or bullishness is a monthly thing that we will adjust depending on valuations. the 2.5% longer run dot is the fed's defensive equilibrium. that was 4% in 2013. the trend is down. i wouldn't be surprised if it is above 2% in a years' time. it will probably have a 1% handle by the time they hike.
when they do actually hike, if they hike, they will not go far. imagine if the longer run dot comes one point 25%? but the longer run dot is currently 2.5%. that is what they say they will get to if they hike. i am saying that by the time they hike, they might admit themselves that they will only go to 1.25%, in which case 1% for 10-year treasuries doesn't seem to wrong. [laughter] rishaad: how does the dollar figure? it would seem from your thesis that the path of least resistance is to the downside. steven: if it was only on u.s. fundamentals of u.s. rates that mattered. there is the other side of the equation. in europe, i worry about a hawkish policy move, or even a mistake. how they communicate is so important. also what is happening in china, it is so important to the dollar call. just based on what i have said about the u.s., it is a softer
dollar, but there is much more to it. david: steven major, thank you so much for coming on the show. steven: my pleasure. david: an update on this evergrande, local trade got halted. we will be resuming trade at 10:20. it is a 2023 bond. down to a massive move up in price. your quadruple three, we are back at the price of 2009. rishaad: let's have a look at what is going on in the first word news. vonnie quinn. vonnie: thank you. goldman sachs hired a former mckinsey had to call around asia pacific operations. he becomes goldman's most prominent outside hire for asia, where the bank has ambitious investment plans. the bank voted to remove a ceo after a single term as its top executive as he started to resolve scandal for past client
work. coinbase's ceo blasted the sec for what he called really sketchy behavior, after the company received a warning that regulators land to sue. they say the sec has an issue with a new product it is launching which allows consumers to earn interest on their crypto holdings. the ceo says the sec will create an unfair market if he tries to shut down the lending product. elizabeth holmes has said she is not the villain prosecutors have made her out to be as her trial begins. she faces 10 pounds of wire fraud and two counts of conspiracy to commit wire fraud. theranos dissolved in 2019 after she and her former executive, sunny balwani, were indicted. north korea appears to have held its first military parade since baidu took office. south korea's military is will
monitoring -- south korea's military is monitoring the situation. it is unclear if kim jong-un attended the parade. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: let's have a look at what we still have to come. we have the jeffries asia forum. we will be talking with one of our guests, discussing china's regulations on fintech, banking, and also and t's recently slashed valuation and. david: we will hear from a former australian minister at the bloomberg new economy forum. this is bloomberg. ♪
rishaad: chinese tech stocks falling after videogame makers were touched to by regulators. stephen engle, our chief north asia correspondent or to give us a sense of what is going on. stephen: how are you doing? [laughter] the department of the central committee and also the publication regulators summoning these executives from netease and tencent and other videogame companies. never a good sign. you are usually given a tongue lashing on how to clean up your behaviors, and that is exactly what happened. according to xinhua, they told the videogame companies that they must embrace and enforce new regulations, end there focus on profits -- hello, a company like netease is primarily a
gaming company, you must remove obscene and unhealthy content and remove tendencies such as many worship and depictions of effeminate actions. rishaad: telling other people, the military to toughen up, etcetera. >> and online entertainment and videos, they have to crackdown on effeminate depictions. so stocks are down. netease was down 7%. david: speaking of down, the valuation bonds. stephen: we knew that ant, as it was being reshaped and restructured, possibly folded into a holding company by the pboc, we are seeing fidelity's valuation, a cornerstone inventor as well as carlyle group and others, fidelity's valuation of its and holdings at
the end of june implies a total market cap of $78 billion. that is compared to in february, $144 billion and pre-ipo, $235 billion. that is a drop of 68%. rishaad: quite extraordinary. stephen engle, thank you. david: let's continue our political conversation with former australian minister kevin rudd, who says behind beijing crackdown lies president xi jinping's hopes to retain power. he spoke with our editorial director, andrew brown. >> the tech sector has different reputations in china. it is obviously the epicenter of china's on gig economy. but also the epicenter of what is called in china, 996, where you work nine hours a day -- work 12 hours a day, from 9:00
to 9:00, six days a week. 996. frankly, that delivers me a lousy life. i don't have secure income. the guys at the top are making all the money. i work like a dog. i cannot have a decent life, get married, have kids. what xi jinping is doing to re- secure his appointment long-term is creating a whole new constituency, a populist constituency in the wider chinese community, saying, "i am on your side and i want to redistribute some of that wealth to you." can he deliver? open question. i think his vulnerability going into the 20 party congress above anything else, is does the economy in terms of its real growth levels begin to falter? that is the vulnerability. i don't think it will become evident in the data before november of next year. .
could it become more evident following that if these moves to the left on economic policy take hold, and private-sector confidence, innovation, and productivity begin to fall? that is the $6,000 question for the duration of 2020s? rishaad: former australian prime minister kevin brady speaking earlier on. coming up, we have evergrande, a new report sending its bonds to fresh lows. new research from us at bloomberg showing contagion from the developer is creating divergence in china's credit markets. david: yes, the details of that all ahead. this is bloomberg. ♪ berg. ♪
amalgamation of credit conditions both onshore and offshore. you look at things like bond defaults, spreads, supply. you are looking at slightly better conditions than the month before. let's have a look at how it compares pretty much across the country. in certain provinces, you will have certain exposure, southeastern part of china for example, a lot of developers there. as it pertains to the number of defaults, so far, it is the hainan province which has seen the brunt of it. we don't have data on some parts of the country, by just look at the credit tracker to give you an indication of where the pain is being felt, geographically speaking. doesn't mean we're out of the woods just yet because things are slightly better. still a wall of coming through -- still a wall of money coming through in the next few months or so. you can see that coming down a bit for july. but that doesn't mean we're not seeing pain spread.
high-yield spreads, for example, now back at the highest. the safest parts of the chinese dollar bond market have been beaten up quite substantially. what you're seeing in terms of the evergrandes and the rest of the space, it is fairly more encouraging if you have to compare that is a standard? rishaad: you mentioned another plunge in bonds. we have china credit editor rebecca choong wilkins with us. it keeps on going down. what are we talking about here? is this a default, a bankruptcy in slow motion, or will it ultimately be a state bailout in slow motion? rebecca: certainly the protracted nature of evergrande will persist. what we have seen interestingly is actually the downgrade has not really moved bonds, but
actually it is the concern over potentially suspending the loan payments for banks. that has been a real worry for investors for a long time now. in terms of the ability for state support, the last reports have said there is this uncertainty over how actually local governments and guangdong officials want to deal with the stress at evergrande. seems like there isn't any parity so far. of course, when we think about property firms, we think about the secondary risk with a crisis like that. the concern is that evergrande is tied so closely to so many other financial institutions and so many other suppliers and contractors? rishaad: so that is where you have the potential for a systemic problem? rebecca: absolutely? rishaad: we are talking to hundred billion dollars worth of liabilities-plus looking at that, looking also at the debt profile which is not as bad as it could be. rebecca: yes, not as bad as it
could be. but that $305 billion in liabilities is where investors are worried. and account payables as well. those accruing accounts to other contractors over time. ultimately, the other thing that fitch highlighted, the interest payments on these bonds are coming through at the end of the year. we don't have maturity until march, but even through september, they need to find 129 million u.s. dollars to repay investors? rishaad: rebecca choong wilkins, thank you. david? david: we are just having a look at the big movers in japan -- utilities, power and electric producers, nuclear, pretty much back in the conversation on the back of the perception of policy preference. as we look for the new developments over in japan and who the next prime minister will be. a brief look across the tech space in china a lot of. pressure coming through although we are coming off -- we are at lowe's, 4.2% -- we are at the
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>> your comeback. it is 10:29 in hong kong. i to look at my script. that was in new york. you're watching bloomberg markets. markets are down today after successful days of gains. i will give you no update on what is happening. in hong kong where we are. as we check a couple of indices. the session lows. mrr gives you this. you can see substantially lower a many of these names. the story in case you missed it
was the game makers were summoned yet again. again the shadow of regulation -- back in focus today as it retains to specific parts of this market. let me just collapses. that is the drawdown. so far we have -- we have the testing but we have yet to so far to sustain the -- that's the draw, down 39%. we are getting a bullish signal, more momentum more than anything else. a couple of dates, august 25 signal line. back above that. we are now moving back into positive territory. rishaad: jakarta -- at the top of the hour, thailand and bangkok trading at half an hour. a related decision a bit later.
the new government plans to live with a virus. singapore shifting the focus to hospitalizations as the covid cases in the local community rose to the highest level it has ever been. watching an internation property developer. it may channel funds into projects rather than bond picks. singapore is gaining an e-commerce giant which raised the largest equity offering of the year. that is global stock sales. david: he's with us here on site. -- on set. first and foremost, thanks for allowing us -- used to seeing you in other parts of the world. >> thank you for having me. we are selling $6.3 billion in shares of the secondary sales, of course. we are talking about 11 million shares sold in the u.s. market directly and we have another
tranche, $2.5 billion in equity linked also for the u.s. market, of course. rishaad: other sales, similar deals done here as well. how does this compare to those? >> it is a very interesting deal because we are talking about a large amount of money and moment we see markets rally pretty much everywhere. if we compare to recent similar sales, we have, it's the biggest so far this year. actually, it's the biggest since november last year. if we add the trench off the convertible bonds, this is the youngest since t-mobile in june last year, over a year. david: speaking of fundraising, the news was unexpected, given what's happening. they're looking to raise more money in the u.s. >> the reaction after the decision came on yesterday was not that great. we saw, for example, the shares were down as much as 6.3% in the
u.s. and this is a deal, as you mentioned, there is a lot of attention on these companies. it would be the biggest equity offered by chinese company since the -- global deal late june and we know the news we had coming from china regulators. there is a lot of interest to see how these chinese deals will do in the u.s. going forward. david: asia equity capital markets reporter. we are now looking at politics. rishaad: we are looking at using pink -- we are looking at xi jinping. all of this coming through from the local state broadcaste perhaps some noises is made, perhaps a rapprochement taking place between the leaders of north korea and china. david: against the backdrop of the north korean anniversary on the back of the -- file pictures here of former ties.
i would imagine warmer ties ahead. rishaad: ok, let's get back to some data we had earlier on. some -- good in parts. this is the first word news app with vonnie quinn in new york. vonnie: china's inflation rose on accelerated almost a 13 year high driven by commodity rallies in beijing's been unable to tame. prices rose 9.5% from a year earlier. cpi rose just 0.8% for the same time. economist estimated 1%. u.s. job openings hit another record in july illustrating lingering staffing shortages. according to the latest survey, available positions rose by 74 9,000. the estimate -- total available
jobs rose to 10.9 million from june's 10.2 million, twice the size of pre-pandemic unemployment. u.s. secretary state antony blinken has criticized hong kong authorities for arresting four members of a group that organized a vigil to commemorate the 1989 tiananmen square massacre. lincoln called a politically motivated -- blinken called up a little he motivated. hong kong police accused a group of colluding with foreign forces. the ceo has blessed of the sec for what because "really sketchy behavior" after a company received a warning that regulators plan to sue. he says the sec has an issue with the new product that is launching that will allow consumers to earn interest. brian armstrong says the regulator will create an unfair market as it tries to shut down the lending product. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700
journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rish? rishaad: all right. we have commodities into the global supply chain crisis. we have a finance minister saying that the country supply chain has improved amid constraints telling bloomberg that inflation is starting to come down as supply and demand balances. >> not permanent. why? because we look at the circuit. you came to covid-19 and with -- a low inflation, low interest rate environment. and everyone is open, oh, low interest rate environment. so, with covid-19, you spend the money with a stimulus package and all the blah blah blah. ok. after that, they tie to the
high, and also huge destruction and supply with demand starting to pick up. imbalance caused the inflation, which we are witnessing now. however, once the imbalance, the current and came back to that balance, i'm expecting inflation to start coming down and things will move to normal. >> no material costs. for you in the budget in the bread subsidies, then? >> currently, yes. i'm facing the increase of some of the goods which are mostly imported. one of the biggest -- we are one of the biggest importers of wheat. we are affected by high increase in wheat prices. also, oil prices went up and other materials. so, temporarily increase in the
essential goods and materials, which, yes, causing inflation and causing -- >> your best case is it is temporary. you are not worried about an early taper from the fed? >> early? >> an early taper by the federal reserve in terms of their bond buying program. >> look. we are closely looking at how this would affect the cost of borrowing. and, yes, we know that there will be an effect on that but to what extent this will affect in particular that we normally go to the international market, we are inspecting some affects, but what we have, that this will be 2023, rather than 2022. let us wait and see. >> my question is this. i look at the numbers, $30
billion as held by egyptian local debt held by the foreigners. we know that. the risk is this. are you prepared, and are you ready for a taper? >> look, it is not the first time. i remember october, december 2019. we saw $20 billion left in the country. repeated with covid-19, april 2020 we saw $20 billion left the country. so, we have to be ready always. manus: are you ready for that kind of the nexus of capital again? >> we are taking into consideration our experience with such a situation. it will not be the first time. it happened with us over the last three years twice. david: that was a finance minister of egypt speaking with manus cranny. rishaad: i did like him saying "blah blah." david: we're speaking with
david: welcome back. let's talk about china financials. fidelity investments cutting the valuation for assets the second time this year. the move highlighting this worsening of the fintech in china as chinese regulators crackdown on the industry. rishaad: let's look at the outlook for the banking industry. we're joined by jeffrey's research analyst shuijin chen. let's start looking at ant here. we're talking about a valuation of over $200 billion. two thirds of that off now. we can remove two thirds of that. the rest is history. >> we see that fintech industry they still have quite a lot of regulatory headwinds going ahead. it's quite reasonable for investors to cut their valuations expectations for the company. david: ok.
i wnat to -- want to pivot because there is a lot of talk about the banks. there is also the cooling of the housing markets. the first and it came to mind when you think about banks is exposure to the property sector. your thoughts on that? >> actually a publisher note in june talking about -- at that time, we already expected that -- it's supported by the government. but for ever -- we do see higher risk for the company but actually i think that july was the worst time, because at that time like, they are sued in different courts and pushed by different like global governments to like pay back money. but buying from august, the regulators stepped in, asking all the cases in one court in a rage those, liquidity arrangements -- and arranged th
ose. had liquidity arrangements for the company. actually we see more positive than negative. rishaad: the thing is as we were discussing with rebecca covering this from the get-go. does the government -- as a backstop or do they let this go? if they do let it go into bankruptcy, does that have a systemic effect? >> that is a very good question. yes. so, first regarding to whether they will default, i would say they already defaulted on their commercial bills several months ago. they defaulted on trusted bones two months ago and they started -- on trusted loans two months ago. starting from yesterday they announced delayed interest. they have a lot of default if we are talking about that. but regarding to bankruptcy, we do see that the regulators classified evergrande as a
liquidity rather than bankruptcy issue. the second regards -- is that, even like it goes to like bankruptcy or default issue, we expect a loss ratio to be very high of the low -- in bank financial institutions. david: what do you make of the capital? are they well capitalized these banks to withstand -- you mentioned some of the ratios. do we need to see a round of fundraising? >> we won't see a lot of 81 or 82 insurance basically because chinese banks still need a capital ratio. it's very hard to banks to raise equities basically because most banks need equity above one's book value. yeah. so, it's very hard for them to
do that. the retained profit is the only way for banks to increase their quarter one capital. that is also one of the reason why we expect china banks to report after profit growth this year. they need more higher -- to improve their capital. david: i'm curious. when people ask you, why are banks in china -- rishaad: you look at capital ratios tier one and return on equity, dividend yields. you look at icbc yields 7.3% or thereabouts. it's perplexing. david: why that disconnect? >> actually a lot of people asked this question one year ago but this year declined quite a lot. you know why? because they start to understand that china, banks are regarded as kind of infrastructure in china. so, infrastructure, it means
that it's more about supporting the real economy rather than profitability. it also helps out the other sectors now. rishaad: give us your top picks. with regards to chinese banks. >> sure, we are currently prefer -- our topics in asia bank, china industrial bank and china merchants bank. these are very high quality banks and city commercial banks. among a-share banks, are top picks -- are relatively safer one being a-share because we expected to be more affected by the global funds inflows. things like that. rishaad: thank you so much. shuijin chen financial research analyst for jeffrey's. -- jeffries.
let's take a look at the latest numbers. bill gates taking control of the four seasons hotel chain. a bet to the hobbled luxury travel industry to rebound from the pandemic. he agreed to acquire a stake a saudi prince. and kingdom holdings. gates will pay $2.2 billion in cash. two boost to share to 71% -- to boost his share to 71%. bytedance had $4 billion in bank loans despite the crackdown on internet in china. it's also saying that tiktok's owner is in talks with several lender's first indicated loan -- a syndicated loan. david: the trial of elizabeth holmes is officially begun. holmes facing federal charges of defrauding patients and
investors with claims of revolutionary blood testing technology. at one point, the company was valued at $9 billion before it came under close scrutiny. and here we are today and we have the details from there. >> the government prosecutors, this was plainly a case about fraud. it was a story about a silicon valley executive who had lied in cheated in order to raise money from investors and at the same time deceived customers and doctors about the capabilities of tharanos' technologys. they said they had documentary evidence and records of conversations holmes had that would show she knew there were issues within the company, she knew there were problems not only with the company's technology but some of the problems it was causing for customers. false readings of pregnancy or of hiv from those who would use the blood testing services. from the defense's point of view they leaned heavily on the idea
that elizabeth holmes believed sincerely that tharanos was working towards the goal of lowering the cost of lab testing as she believed in the company's potential and just because the company had failed that did not amount to a crime. although they did concede along the way mistakes have been made and that holmes was not qualified to lead the lab part of the business. you should've installed somebody who was sooner. they said the prosecutors were trying to vilify holmes on the basis that are company have failed. one area that was less present throughout the presentation of the day in san jose was the idea that elizabeth holmes had been subject to psychological abuse from one time romantic partner and then coo president of theranos. it was thought going into the trial the defense may use that as a strategy and argued that because of that psychological abuse it would not have been possible for holmes to have the intention of misleading investors or customers because
she was under the control of someone else. that is something that sonny ba wani as denied. there are number of witnesses that could be called by the prosecution and the defense. the interesting -- they will be interested in particular to hear from some of the companies that were talking with theranos. ed ludlow, bloomberg news, san jose. rishaad: that trial. they have limited the number of people that can attend because 70 people want to be there. we will have more on that and more on the market rise. this is bloomberg. ♪
rishaad: we look ahead to the markets. owing to be talking with a stock exchange ceo -- going to be talking with the stock exchange ceo, to talk about the country's removal from emerging-market status to fund your market status. the avenues the executive director joining us as well. actually produces payment solutions as well. we're looking ahead to u.s. jobless claims. a rate decision out of malaysia and on top of that looking at thai consumer confidence. of course a country being
ravaged by the pandemic there as well. ecb day. a debate raging on whether and when to start reducing stimulus. weighing in on this. >> we are in a different universe it seems to be in the u.s. and in europe. in the u.s. you had a commitment to -- to exactly the same amount every month. and this is a clear-cut commitment. tapering mean something. in europe there is flexibility. >> the inflation situation in europe is different from the united states. the economy was not performing very well. there was still a lot of slack in the economy. the inflation was too late. it is a very different situation from the u.s. >> short-term lip in inflation we are seeing right now and the hawkish ecb members among others the ones for my own country are once again too short-term focus, not looking through the volatility in data which we think the ecb at large will to.
-- will do. >> there will be something vocal on this. which is to be expended's. given their new outlook it will be very long-term. >> we need to watch the doves to see if they are switching but to be honest, even though they could very well be reduction in the amount of -- purchases. we see the plan announced this week i do not think that christine lagarde is going to do anything else but stress the dovish point. david: a very busy day ahead. it looks like when you look at futures in the pricing, the price, a third day of losses across europe. have a look at where we are with sterling. pivoting back to asia-pacific and some of the markets are coming up low. some are at lows of the day. the index 3% town. singapore, nikkei futures are on a break. i want to focus in on the stock,
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