tv Bloomberg Markets Asia Bloomberg May 11, 2022 10:00pm-11:00pm EDT
>> first thing 10:00 a.m., haslinda is in singapore. i'm rishaad salamat. >> our top story, stocks expand global slide after hard u.s. inflation, bolsters the case, aggressive managing tightening. the fed's long your yield is declining. plus, softbank group may be facing a record quarterly loss. they are hit by plunging tech valuations. >> let's have a look at the market. after what we saw in the u.s. and that negative reaction we got from the u.s. inflation will talk about that in the second.
having look at equity markets. heading southerly. australia, three -- .3%, the hang seng approaching 1% fall back. it does seem the bond picture is also showing some signs here with the bond prices rising a bit, which has the yield falling slightly,. we see a bit of a flattening taking place with regard to what is going on with the u.s. bond market. the tenant you're losing about 2.9%. let's have a look at what is going on with. the australian 10 year report for 3%. what we did see is this flattening taking place which is highlighting not inflation fears, but the flight against inflation taking its toll. what is going on with growth and whether we are heading into a recession. we are pricing into a deeper slowdown. not a soft landing in the future. >> we have breaking news out of the philippines.
the gdp we have been awaiting for, coming in more than expected. higher-than-expected. 8.3% year on year, versus an estimate of 6.8%. beating estimates of 6.8%. we have been reporting of how the new president will be taking place, will be assuming power, come june. the biggest challenge is actually the economy, maintaining that gross trajectory. we will bring you the very latest as we get those lines coming in. for the first quarter gdp rising at 8.3%. you talk about cpi, it printed out of the u.s. beating estimates coming in at 8.3%. traders have been taking that in of raising bats off the 15 basis point hike in june, july and now september.
in escalated cpi print. that is sending shivers down trader spines, boosting expectations of a more aggressive set. cpi print is not helping. >> let's quickly a in with the crypto space. what we have seen is sell everything, round taking. place in recent days we have bitcoin. 29,000, below 29,000 it has recovered from the lows. that is the story with the galaxy solana. 20% down as people are trying to get out of risky assets. it is not the time to be taking risks. it is the view, as we have these uncharted waters we are going to. we have news about sri lanka. >> that is right. singapore is rising its people to defer non-essential travel's to sri lanka in light of what is happening in the country.
it says, they are advised to stop non-essential travel to the country. a strong advisory to exercise vigilance and to take all necessary precautions for their personal travels. that statement coming from the singapore foreign ministry. >> back to the big story. it is the red hot u.s. inflation print. let's get in kathleen hays. it was down from the previous months but not as much as what people had been anticipating. the question is, how long does it stay hot? that is divided economists and strategists. >> it certainly is proving to be persistent, regardless of whether or not it has peaked. and may have peaked but the fed is going to have to see a lot more improvement. as you noted, what was our print there, 8.3% down to 8.0. the core, falling 6.2%.
these are still at 40 year highs and what is going to bring it down? goods prices have improved. there was a mixed picture during the pandemic it was good prices that were really pushing prices up. now, the concern is a services. used car prices were hot, they fell down and new cars missing the chips they needed. anyway, the services prices are up at a rate of 2.9% year-over-year. a few months ago it was down 1.7%. the concern is, as the momentum shifts, because demand is so strong, that will increase the persistence of inflation. the core services rose 8% annualized over the past three months. people are not locked up in the u.s., they are out going on trips, taking plane rides, they are going out to eat, they are staying at hotels, all of these things are pushing pricing higher. people are saying, look the fed was going to tighten. they thought it would be
transitory, maybe they waited too long. what it probably means, inflation is not going to come down. what it seems now is it is going to be slow, especially as the momentum is shifting to services. because of housing prices, rising rent prices, that is my -- predicted to remain. that is why we are seeing these questions in greater concerns of just how -- of what is going to happen with the fed. >> people are asking, does the fed need to get more aggressive with rate hikes? >> they certainly are. the war in the ukraine is not going to end anytime soon. china lockdowns are still here. supply chain constraints are not going to go away. the fed has political a pressure with the approaching midterms. jim bullard and the st. louis fed, who was the first person to utter the words of having to a 75% -- point basis rate hike.
that is going to be enough for now, the 50 point base rate hike. former u.s. fed governor, dudley, is putting out his latest opinion piece, saying the fed is going to have to get real. they're probably going to have to raise the key rate to a neutral and a lot higher than what they have been saying, something like 4% or 5%. let's listen. >> the problem is the fed reserve has not been forceful enough in stating, not just what their goal is to percent inflation but the means to achieve that goal. the press conference did not want to talk about why policy did not want to go to neutral, it might have to go to tight. a tight monetary policy is what is going to be required to get inflation under control. >> prices probably have peaked. there is no doubt that there will be forces to help bring them down. the fed is not going to be satisfied with 7%, six percent, 4% year-over-year rate of inflation. the question is how long will it
take to get there, how high rates will have to go and what that will mean for the economy and investors. >> it does look like it is going to take longer than most had expected. kathleen hays, thank you. let's bring in our strategists mark. investors spooked by the cpi data overnight. the cell up we are seeing, some people are saying, perhaps this is the start of capitulation. >> i think capitulation started a while ago. we are continuing with that. unfortunately, it is the worst of all worlds. investors are beginning to price that deeply into markets, especially into equities. you have an inflation situation, as kathleen explained, that is far from over. even if inflation starts to come off it will be a high level, for so many years we got used to the comfortable situation of having inflation 1% to 2%.
now we're talking about a percent inflation, it is going to take a long time to get back to the good old days. the fed is nowhere near finished from tightening policy. if bill dudley is right and they need to go to 5%, that is an awful lot more tightening along the way. for investors in cross asset situations, this is a terrible situation, it is going to be hard to make money in the bond market or equity market. it's probably not too good for commodity either. you become super defensive and you're looking for places where you lose the least amount of money. it will probably stay that way for several weeks. >> mark, is the fed really prepared to fight inflation at the expense of growth, perhaps not even a soft landing, pricing in a recession or stagflation? >> i find this argument about 75
basis points funny because if the fed is serious, if inflation is their number one concern and they want to get ahead of it, why are they not discussing it during 100 basis points? why don't they yank up the rates quickly, get it up to the 3% the 4% range this year and have something to work with. it's going to be very hard for them to avoid the fact that the global slowdown is getting worse because of the situation in china. the u.s. cannot put his head in the sand and say the slowdown in china's not going to affected. it's going to affect everybody. you have a short term inflation problem and you have a medium-term recession problem. the best thing to do is raise your rates as quickly as you can and then at least you have room to be counting them when you start to sniff inflation coming around the corner. they are stuck somewhere between the two. investors are punishing the market until the fed is more
clear on what it is going to do and investors are more confident that they can really start the stack -- stop the stagflation situation. >> good stuff. mark renfield joining us there. one of the factors, what is being blamed for china's the subject of our first word news with vonnie quinn in new york. >> president biden says, the fed is fighting price pressures. biden has called inflation unacceptably high and reducing it is his top economic priority. during a visit outside of chicago, biden prays u.s. farmers for helping curb price pressures and maintain global food surprise. >> we can make sure the united exports and make up the craning supplies. during my first year in office american agriculture experts shattered all previous records.
$177 billion last year alone. >> the president has signaled a move on interest rates as soon as july. members and policy members at the central bank are open to taking. interest rates. above zero before the end of the year the first rate hike in more than a decade may happen a week after bond buying an early next quarter the hong kong monetary authority approved since 2019, it is by nearly $1.6 billion hong kong dollars. the intervention comes as the hong kong currency hits the week and of its trading band a that is the first time in three years. china has announced the world -- health world organization of its covid zero strategy. a foreign ministry member, so the nation is increased -- isolate from the rest of the world. they should get a better understanding of the fact and refrain from making irresponsible remarks.
global news 24 hours a day on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries around the world. >> still ahead on bloomberg markets asia. we will discuss china's covid-zero policy and its endgame with ben cowling. dws remains cautious amid the selloff. sean taylor says inflation will peak this year but stay higher the long-term. we will hear from him shortly. this is bloomberg. ♪
our long-term strategy. >> mortgage rates have gone up. they have still further to go. homebuyers are going to have to go down lower price points. most of the data i have seen predicts strong housing depreciation. >> people are overreacting to some of the inflation worries, the other travel players. >> we have been studying inflation for the past four to six quarters. the process, and may be a bit more sharply than anticipated. it continues to be a real concern. >> executives on inflation pressures. let's get analysis as we bring an dws investment cio. sean taylor. great to see you. inflation concerns are one thing but growth concerns are another. the federal reserve has a dual mandate. but does it privatize one of the
other -- prioritize one of the other and how quickly do you think economists can slow down and are we going to talk about the r word? >> the fed wants to get inflation under control and the measure it has been talking about his wage growth. if you look at the fed, and has wage growth to get down to 3% or 4% and that means more tightening of interest rates and quicker than expected. it does not want a recession. if you can see what is happening, a massive change in the last month has been financial conditions, they have really risen. that will start to slow down and that will be as effective as an interest rate hike. >> a recession in some quarters is being priced in. how does that change your strategy looking ahead? >> our base trade is there is
not going to be a recession in the u.s. there could be a couple of quarters a very weak growth as the impact of rates goes up and we do not get any growth drivers. china will also be part of the equation. when that starts the pickup in growth. clearly, markets are selling off and being cautious at the moment. everything is going down and we are at a classic risk off. one of the issues when you look at it is why is --where people surprised about inflation? it's because they're still pent up demand. inflation should come down because supply chain is better, but now we have the resurgence of people in the u.s. who have got money, the balance sheet of a household is not stronger than it was pre-covid because of the fiscal and monetary support, but they're now spending at.
the pent-up demand in areas where there is probably not as much supply. >> in that scenario, what do you do? the selloff has been so deep, traders wiped out from the end of march. do you see opportunity? his value beginning to appear? -- is value beginning to appear? >> the u.s. economy is still strong, earnings have been good, valuations are looking more attractive. there has been differentiation in selloff, long-duration asset selling off more which is natural. some are looking very interesting in the u.s. we are expecting over the next month for more risk off to come. then you come to asia which is the other side of the equation, where the problem has been no growth, lack of growth in china. and set -- at some stage that has the pickup and the china market will be beginning to
price back in. some sectors are already not falling as much. if you look at the reopening plays in china, and may be able to talk about that when we are in locked and particularly in hong kong, but they are steadier. and not falling as much as other sectors. at some stage, china will open up a bit more and there will be a pent-up demand. at the moment, it is risk off. i would be patient. waiting for opportunities to be adding to u.s. equities into chinese equities. >> what would it take for you to start looking at emerging markets? one will you seriously look at ems? >> we are already interested and positioned in certain markets, but they are more -- small in the index. america's going through a very good period of time. the cash flow from what has been
happening in the commodity of the oil market has been positive. a lot of governments have raise rates. the currencies are holding up better than they have in previous cycles. the same with south africa and also we are beginning to see it opening up more and we think relatively. they are quite small in the overall index. so india, the oil price will probably keep a cap on prices for a while. the key callers are china and the big markets of korea and taiwan. they are to correlated at the moment to global growth so it has to be when china starts to pick up. that will be the big call. we are nearly there. i would wait a few more months because we cannot time what is going to happen in the reopening. the government are trying to talk up a lot more policy support. at some point in will come through. i would expect by the fourth quarter china will be looking
about the collapse of the terra us stable going. perhaps tara -- terra is the lead in moment for the currency. >> it was like -- many people focused on it and it could be next. this lowered the confidence in decentralized finance and it has a -- and it is in a confidence of crisis that has spread through every protocol. let's take a look at the bloomberg of what happens with terra usd specifically that set off an avalanche. terrausd is an algorithmic coin. it started getting deep pegged, $.99 to a dollar, then it plunged to $.70 to $.80 range and then it went lower into a death spiral on the far right hand side of the chart.
the entire model fell apart and it was unable to withstand that the black swan event and it is called the stable coin. the whole point to be pegged to the dollar was this kind of thing was not supposed to happen. it was a collateralized protocol in which it was backed by billions of bitcoin, which, as they sold into the route, devalued and forcibly -- forced backers of terrausd to seek financers. you also have several firms like blackrock and citadel claiming they have nothing to do with terra. meanwhile, let's go to the bloomberg once again. bitcoin got crammed. you're looking at the galaxy index, bitcoin ball, he owns the galaxy, it is down 64% from its peak. a lot of confidence rattled here. though we do see bitcoin coming
back in asian trading along with a lot of the other digital coins. >> su keenan there. cryptocurrency, lessee was going on with -- lets he was going on with terrausd. with that said, the position we have, cryptocurrencies, underpinned some of these key decentralized finance protocols, snapping as its plunge, but coming back here as we see a bit of stability, coming back. we have a slight away from these popular digital tokens. in tokyo 5.8%. just to the downside. we have a lot more coming up. this is bloomberg.
rishaad: 11:29 a.m. at the imperial palace in tokyo. the lunch break in just under a minute. stocks falling. negative. the broader market off. some recovery for the yen overnight. it went below 1.30 level. we are seeing exporters decline in the session. amongst those, toyota amongst the biggest losers in the topix. some others in the mix. the yield picture, the bond
price, i should say, unchanged, as the lunch break is upon us. one stock we are watching closely is the subject of our next discussion. haslinda: that's right. softbank earnings. setting a record, but not the good kind. losing $10 billion. what are investors saying? what does it mean for softbank shares? >> right, some analysts have been critical because of its performance and heavy weighting and the current model, reliant on the performance of technology stocks. some are starting to say it might not be a sustainable model. we have to see the actual figures released at 3:00 p.m.
local time to see what the figures look like, but it does look bad, based on what analysts are saying. it won't be positive for softbank shares, but we will have to see later today. rishaad: so, we would like to hear about the outlook. we will be looking at that closely? min: right. of course. the outlook for the vision fund would be dependent on the global outlook for equities, actually, because global markets have been crashing, bled by technology -- led by technology shares somewhat he says will be closely watched, masayoshi son, later today. yeah. rishaad: all right. that is our technology reported.
prices continue to go up. let's find out the deal in the u.s. with the first word news. >> going up. staying up. inflation 8.3% in april, signaling higher prices could persist and an aggressive rate hike path. core cpi eased less than forecast. bill dudley has suggested hiking rates to 5% or higher. the chinese premier li keqiang has urged officials to use policies to help the economy. cctv says he oversaw a meeting of the state council, where authorities were urged to stabilize prices. it said measures would be taken to secure supply chains and finance infrastructure projects. hong kong media reports say the police arrested four activists.
they were detained on suspicion of colluding with foreign forces. rthk reported the four were released on bail. ferdinand marcos, jr. is looking to prioritize the economy, energy prices, and infrastructure as he looks to boost growth. the country has had one of the fastest rates in southeast asia this year. his campaign says he has an unassailable lead. >> it will be critical for the next several years, because of the pandemic and the economic crisis, so that is something we are looking at very carefully. >> gdp year-over-year at 8.3%.
australia's opposition leader has been declared the winner of the third and final election debate. they were questioned over the minimum wage, climate change, and political integrity. morrison's coalition is hoping to win a fourth term in power on may 21. 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: yes. more pressure on chinese developers. sunac missed upon payment and does not expect to make upcoming payments either. our editor is in. rebecca, a default, and quite a defiant one as well. there must've been serious problems. >> absolutely. the other thing to remember is sunac is china's fourth-largest
developer by sales, so this represents the largest reneging on obligation so far this year. indeed, it is part of the second wave of stress we have seen after the failure of other firms at the end of last year. the concern more broadly, of course is whether or not this kind of financial stress, which ultimately was just over several coupon payments amounting to just a few million dollars, this type of stress is also surfacing and other really large developers in china, many of whom a few months ago earlier were assumed to be fully immune to the wave of defaults hitting weaker players in the sector. so there will be a renewed look at bigger borrowers like country garden and others, and one which is already demonstrating
stress. sunac was trading around $.85 on the dollar. haslinda: we have the latest china credit. what is it telling us in terms of lockdown impacts? rebecca: absolutely. everybody watching the archer market. stress is extremely elevated. in addition to the stress in the global junk bond markets, the deep selloff across the world, and china, we have the issue of lockdowns and a slowing economy adding to these pressures, china high-yield, the outlook is bleak when it comes to thinking when and if this market will bounce back. we have seen very few companies able to refinance since the crackdown on property, and that will likely continue to go on. developers, of course, make up
the bulk of chinese high-yield offshore market, so would's critical is developers coming back into that part of the market, but with lockdowns potentially preventing asset sale development, slung project development, and -- slowing project development and the ability to continue normal operations, which sunac highlighted in its filing earlier today. the outlook for china ideal into the next few months is significantly under pressure. rishaad: rebecca with the latest on the credit position for developers and more in china. right, quickly looking at you is futures. some upside limiting falls in this neck of the woods. we are seeing some moves, should i say, to the upside, with regard to the bond market. we are also seeing the idea that shorter in yields -- end yields
and rates could move to the upside. perhaps at back track on a previous government stance. the malaysian bank surprising the market with a hike coming through wednesday. they were being rather dovish, even late april. the same case for india as well as week, which surprisingly raise the cost of borrowing. that's a look at markets. let's look at china's covid zero policy. what is the endgame? we would discuss beijing's journey from lockdowns with benjamin cowling from the university of hong kong public school of health. this is bloomberg. ♪
>> we hope the relevant individual will make objective and reasonable views of protocol and policy and get a better understanding of the facts and refrain from your responsible -- remarks that are not responsible. haslinda: that was the criticism of the who for criticizing china's covid zero approach. the who saying the covid zero
approach is not sustainable in china is being isolated, at a time when the rest of the world's opening borders and coming out of, overcoming the pandemic. this is an about turn from the who. at the start of the pandemic, the who was praising china for its response to the pandemic, but now a different scenario altogether. rishaad: yeah, absolutely, and china did come out fighting with that one, pointing to a study that we could see that tsunami of deaths if the policy was lifted, coming from the university in shanghai. coming out of the pboc is not unrelated, at the moment, the idea of stabilizing growth on a higher priority, coming from the deputy or should i say face governor of the pboc, saying we will be increasing support for weaker links and targeted areas
and guiding interest rates as well. they are blaming what is going on with the authorities in the covid zero policy for what has happened in terms of china's macro picture. the authorities now are trying to bring daily cases down to zero. let's bring in benjamin cowling, professor at the university of hong kong school of public health. give us a sense of this policy and the controversy it is causing right now from a health perspective. ben: china did well in the first years of the pandemic. very few severe cases and deaths, but the virus is changing, getting more transmissible. omicron is more transmissible. that means it is more and more difficult to stop. we can see that in shanghai, where the authorities have had more drastic measures and never before, and this is what will happen in the future, more and
more challenging to maintain zero cases. rishaad: so, it is a policy which, of course, has limits. shanghai, taking the example hong kong also, shanghai, like hong kong, if it gets to the point of where they may ultimately have heard immunity -- herd immunity, and does hong kong have it? ben: we have for, maybe 5 million infections, 60% of the population infected. we have herd immunity to ba.2 because the virus ran out of people to infect. in shanghai, they have a small number of infections compared to the size of the population. they are nowhere near herd immunity, and the measures are bringing daily case numbers down, but would likely need to remain in place for another one
or two months to get the cases down to zero in the authorities to be confident that cases are at zero. haslinda: the question is whether china can shift away from covid zero, when it's vaccination rate, especially for the elderly, is not where it needs to be. ben: i think that is somehow the tail wagging the dog, in the sense that if china were to announce a plan to transition away from the zero covid strategy and emphasize to all adults in the communities that they will get covid and it would be better if they were vaccinated, when that happened, i think we would see a big uptake, a big increase in the vaccine uptake in their elderly. i don't think it should be an excuse not to transition away from zero covid. i think it comes first and perhaps a transition bader this year, and in order -- later this year, and in order to achieve that it is vaccine uptake in the
elderly, but i can see some of the hesitancy rational if people are not expected to get covid soon. i can understand why some might not choose to get vaccinated. haslinda: how crucial is the mrna vaccine to china and containing the situation right now? >> i don't think it is a big factor. in hong kong, boulders people -- older people have received the mrna vaccine, and others received another vaccine. in::, we have three doses and are well protected -- phone:, we have three -- hong kong, we have three doses and will predicted. of course it would be better if they have mrna vaccines because they are more effective, but even way with the technology, they can still reduce substantially covid. rishaad: this case and hong kong, isn't it the case where,
is it a policy of getting back to covid zero, or a policy of normalization, in which case we would have to have a timeline as to how we achieve that end with the milestones are, and on top of that, the business community wants to know that was quarantine will come to an end? >> it feels like we have been in some kind of limbo between the two strategies. we are not really relaxing all the measures. we have relaxed some, but we have trouble measures not doing us any good at the moment in terms of preventing covid from getting in the community again. that will happen sooner or later. on the other hand, if are going back to the zero covid approach, which i think the time for that has passed them but if the government chooses to do that, there should be more effort getting case numbers down, and accommodations for travel and should be tightened, not relaxed
because you have to stay at zero for longer. it is not clear what the long-term plan for hong kong is and we have a new chief executive on the first of july that may lead to changes in the direction. we will have to see, but i think in hong kong it would be good to plan a timeline for relaxing our covid measures. haslinda: benjamin cowling, university of hong kong professor from the school of public health. we want to take you to the eu-japan presser, where the european president and others have been joined by a japanese figure making a statement in tokyo. there you have it. charles michel speaking about the outlook for japan-eu economic ties. take a listen. charles: thank you. >> thank you very much. may i now invite someone?
>> thank you. we had a very substantial summit, but first let me express how glad i am to be here in tokyo. because i know that the european union in this increasingly unpredictable world can count on one of its oldest and closest allies. and likewise because it gives me the opportunity of emphasizing once again that japan can count on the european union. we showed this not least by ensuring the delivery of over 390 million doses of vaccines to fight the covid pandemic, and this gives me the opportunity to commend you to the outstanding success of your vaccination campaign. and the way you have overcome the difficulties of the pandemic. the european union and japan have so much in common.
our values, of course, democracy and the rule of law, our economic model, as well as a certain vision of the world. we both promote a multilateral global system based on rules designed to protect and benefit all. and it is concisely because this vision is so often challenged today that the european union is going to strengthen its relationship with like-minded partners such as japan. quite remarkably, today marks the 28th eu-japan summit, a testament to the depth of the bond between us. at this summit, we discussed ways to deepen our partnership with concrete work that will create opportunities for our economies and citizens, and that will at the same time, help us
to address the challenges that our regions are confronted by. let me elaborate on that. the indo pacific is a thriving region. it is also a theater of tensions. take the situation in the eastern south china sea or the constant threat of the dprk. as we discussed, prime minister, the european union wants to take a more active role in the indo pacific. we want to take more responsibility in a region that is so vital to our prosperity. and this brings me to russia. it is today the most direct threat to the world order, with the barbaric war against ukraine, and it's worrying -- its worrying pact with china and calls for international
relations. japan is part of the core group of countries that have imposed sanctions on russia. like the european union, japan understands what is at stake here, not just ukraine's future, not just europe's future, but the future of a rules-based world order, and this makes it all the more essential for like-minded partners like the european union and japan to strengthen the relations. and this is why we are here today. and we have taken some important steps forward. first, we are launching today the eu-japan digital partnership. it is the first partnership of this kind that we conclude with any partner. a forum that will give political spirit and impetus for a joint work on digital technologies, because leadership in this field is essential to our
competitiveness and security. second, we will use our strategic partnership agreement to diversify and strengthen our supply chains. this is important because there are materials and technologies that have become essential to our economy in everyday lives, like semiconductors, for example. we must be able to count on trustworthy supply chains. third, we agreed to cooperate more intensively on infrastructure. and in the indo pacific region, as elsewhere, the needs for investment are huge, and the options are limited. they very often come at a price that no country should have to pay, like encroachments, for example. this is why the european union
launched global gateway, and as we discussed, prime minister, we would like to work with japan and identify good projects in this context, building on our two pioneering initiatives, the one is the dignity -- the connectivity partnership and the other is our reliance. let me thank you once again, prime minister, warmly for the solidarity japan showed by diverting some of its energy supplies to europe. it was at a crucial time for us, at the height of the european season, and we will not forget this. this shows the power and the solidarity of democracies working together. thank you. >> thank you very much. this concludes the joint press
announcements. rishaad: ok, just going to leave that in tokyo, the european union and leaders of japan meeting there, just, of course, talking about their diplomatic partnership, indeed, looking also at russia where we heard from the eu commission president talking about russia being the biggest threat to the world. they will be talking about the coordinated response to what is going on in ukraine as well. and china's role within the world order. haslinda: and all of that playing out in the markets with supply chain disruptions, inflation, and speaking of which, markets under pressure. his cpi print in the u.s. overnight in excess of 8%, perhaps justifying a more aggressive fed. spooking investors. take a look at that. read across the board. plenty more ahead.