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tv   Bloomberg Daybreak Australia  Bloomberg  May 31, 2022 6:00pm-7:00pm EDT

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♪ >> good morning and welcome to daybreak australia. >> we are counting down to asia's major market open. >> good evening. i am kathleen hays. now for a look at the top stories. president biden looks -- decades high inflation in a rare meeting with fed chair powell. >> -- prime minister adds a record number of female ministers in his new government, making it one of the most diverse in history. u.s. stocks end a volatile month where they began while oil -- opec may suspend russia from their production deal. at the end we are going to say this was the month that was
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sound and fury signifying nothing. s&p very interesting, down just about 26 points. it gets itself back to where it was at the beginning of the month. think of the debate over -- that move markets. this is where we got, nowhere. back to square one. michael wilson, the big bear at morgan stanley still thinks this relief rally will take the s&p 500 back to 4300 by mid august. and then the market will go back. let's move on to treasuries. another big part of the story was the biggest news on inflation, but i want to stop and say s&p futures after this decline showing a little optimism as asia trade is getting underway. on the 10 year, same thing. ending the month basically where it started. today, the big story, bonds
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falling and yields rising. the eu inflation number was a record -- what? 8.1% year-over-year in may. the german -- fell off. the u.s. fell off. consumer confidence showed inflation expectations over the next year in the u.s. at 7.4% year over year. finally with oil, looking at this lovely chart for the eurozone inflation, how does oil fitted to inflation? it is moving higher. today, the big story is the eu agreeing on six round of sanctions that will ban imports of oil from russia that are delivered by c. that is about two thirds of imports from russia. we saw west texas intermediate going almost a $120 a barrel. falling back to $105, suggesting maybe opec will cut russia out
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of coming deals. >> now to annabelle. >> one sector that did buck the trend we saw on wall street over the past month, chinese stocks in the u.s.. we saw the golden dragon index cap its first monthly gain in about six months. we saw alibaba,, baidu also rising. the reason for that is clear, we saw covid cases in shanghai and beijing coming under the 100 level. also seeing covid restrictions start to ease on the mainland. flipping the board for a check how we are setting up for the open on the asian trading day. australian futures are pointing to a weaker start today. meanwhile, dollar strength does continue to be a theme. we are seeing that play out in the yen. it's weakest in two weeks. quibi stocks also coming online to the downside.
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haidi: as you say, global inflation fears continuing to preoccupy the minds of investors. the eu inflation, we knew it was going to be high given what we had seen from the likes of germany and given we are likely to see quarter-point increases in july and september. a all-time -- for eurozone tension intensifying the debate about how quickly they need to now move rates off record lows. jumping 8.1% from a year earlier in may. outpacing the 7.5 median estimate we had in the bloomberg survey. a lot of this affects food and energy inflation coming out of the russian invasion of ukraine. what it does call into question, what does the ecb do? they have been behind the curve compared to what the u.s. and b.o.e. have been doing. >> some people say the ecb hocks
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have been crowing, whatever they do louder and louder. they may have their case strengthen. in a meeting today, fed chair jerome powell called the white house to meet with president biden, their third meeting. people are casting this as biden trying to shift the blame for inflation but i think that is harsh. what he is trying to do is gently remind the world, particularly u.s. voters who are going to have to vote republican verse democrat in the midterm elections, that inflation is ultimately the fed's responsibility to bring down. president biden and his team can try different things, put curbs on oil and gas prices, but ultimately it is up to the fed. i think that is what he is trying to say. he was very polite as he did so. as we look at president biden talking about these things, he mainly said he is going to respect the fed's independence while tackling inflation. let's listen.
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pres. biden: my plan is to address inflation. it starts with a simple proposition. respect the fed, respect the fed's independence. they have a laser focus on addressing inflation, just like im. with a larger complement of board members now confirmed, i know those tools of monetary policy will address the crisis for the american people. >> for analysis, let's bring in courtney rosen. a lot of people bringing politics into this. likening to reagan calling paul volcker to the white house when he was facing an election. you are there, what are your takeaways? >> my biggest take away -- and he brought reporters in the room today when he had chair powell and janet yellen -- my biggest take away is the president wants to highlight that he is doing something about inflation. but really, this is up to the fed chair and also up to
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congress. he views this as awaits a kind of re-up his proposals for congress that have stalled in the last year. his proposals on preschool, proposals he says will lower prices. it was a messaging day, and i know that is washington speak, but to talk to voters about, it's not really the white house responsible for this, is other entities in washington. haidi: when you look at consumer confidence numbers, how does that reflect on the midterm? >> what we are hearing constantly from voters is what they are saying everyday when i walked to the gazprom and seeing -- walk into the gas pump and seeing prices higher. the white house is aware, that comes up in briefings. not necessarily voters looking at the consumer price index as viewers on bloomberg would, but voters are seeing how this
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affects their wallets every day and it is something they are going to go to the polls in november to think about. elections here in the u.s. are several months away, so it will be very different by then but they are looking to see what this president is going to do about it and what this election is a referendum on how he has handled the economy in the past couple of years. haidi: inflation such a key issue worldwide. courtney rosen with the situation in the u.s. it was a hot button issue in the australian election just past as well. prime minister albanese has his team in place. there is a record number of female ministers in the new cabinet, shaping up to become one of the most diverse governments in the country's history. -- wescott joins us now. this is such a stark turnaround coming given one of the biggest issues in the last election has been how the previous government hand coalition have addressed women's issues and women's
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representation within parliament. >> absolutely. basically what polling showed before the last election was that the last government had a real problem with female ministers. that was a range of things, lack of progress female voters saw, the -- a number of sexual harassment around parliament itself. this new cabinet, i think albanese made a point of emphasizing an hit -- historic number of women. 10 ministers out of a 23 member cabinet will be women. including such high post as the foreign minister, environment minister, home affairs minister. it is going to be a big shift in those terms and obviously this is despite the fact albanese was hamstrung by losing two his -- two of his most senior ministers after they lost their seats unexpectedly. haidi: this is also a
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conservative government being replaced by a more liberal government. how would you describe the women in particular who has chosen for his cabinet? what debris -- what they bring to the table and what they have in common with the more liberal labor side? >> what we are seeing right at the top, you have foreign minister penny wong and finance minister katie gallagher. these are part of the old victorian guard, as we say among australian political nerds. their job is that they are his close friends. penny wong has known albanese for a very long time. they are both from the party's left-wing. that aligns from albanese who is also from the left, but there are prominent members on the right. christina keeley would have been from the right had she not been knocked out. overall the fact that this will have is a strong team who supports. >> thank you so much ben wescott.
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now let's go to su keenan. >> some opec members reportedly floating the idea of suspending russia from an oil production deal while delegates believe western sanctions will undercut -- to meet targets. it could pave the way for other members like saudi arabia and the uae to pump more. the alliance says it will likely hold firm on its plans despite the restrictions on russia. hong kong horseneck sleet or says the city will face difficulties before it can reopen the border with mainland china. at also says the financial hovel will maintain its current electoral system. these comments came after his four day trip to beijing where he met separately with president xi jinping. hong kong's chief executive on july 1. sources say aids u.s. benefit lloyd austin -- are discussing a potential
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meeting in singapore. it is a sign the biden administration is prioritizing -- over concerns about -- [indiscernible] the u.s. had been seeking, unsuccessfully, a call with a high-ranking -- president biden says he will meet with congress on gun control legislation. this after the massacre at an elementary school in texas. he made the remarks while welcoming the new zealand prime minister to the white house. biden says there's a chance of compromise of what he calls rational republicans and that includes mitch mcconnell as well as texas senator john cornyn. 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 su keenan. this is bloomberg. >> still ahead, how china is planning for years of covid zero with tests on every corner as
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daily cases nationwide fall below 100. we get an update later this hour. up next, -- recommending traders invest in small value stocks amid the widely talked about possibility of arrest session. that conversation is ahead. this is bloomberg. ♪
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>> take a look at u.s. futures -- much ado about nothing. a volatile session for the last day of the month.
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we -- we saw the late tech rally stalling. energy producers evaporating with the way that opec potentially will boot. s&p following .6%. s&p futures as we enter this new month looking mildly positive. nasdaq 100 up by .1%. the dow doing marginally better, .3%. we are looking like a muted start to trading this midweek session in asia. >> our next guest sees opportunities in small value stocks. let me start off with this chart which shows it is a momentous day when it comes to the start of the balance sheet runoff. this chart really showing the new york fed projecting an average of $80 billion per month of balance sheet runoff through to 2024. how well flagged is this in the sense of investor mentality and how priced this is already into the market or do you think there will be a sense that they will
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be looking for more opportunities to sell every rally? >> i think it has been telegraphed very well. the market certainly is ready. obviously the headline that markets more typically react to and investors in general pay more attention to is the rate. the fact we are looking at 50 basis point rate hikes, probably two or three, that is where you see the headlines but as the fed runs off the balance sheet, i think that over the long haul will have a better impact. >> how are you position? you say you haven't really changed your strategy, but are you becoming more selective? are you seeing pockets of opportunity? are you looking for more inflation hedges? >> it is a little contrarian, right? when i say i haven't changed, we are in a position where a lot of the investors we encounter are
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very s&p heavy and growth as a result, tech heavy. you are hearing a lot in the media about stages in the buying opportunity for tech stocks that have been beaten down and now is the time to get in. we may be had a short recessionary time, certainly a slowdown, -- to call it a recession or not. smaller stocks, small values. not in that kind of environment. the more sensitive to economics. i actually kind of have -- on that to say well, that means the nasdaq fell 8%. there were a lot of rallies during that time but at the end of the day, we've got a long way to go. you should look to diversify in the small areas. >> i guess there are smaller companies, but i'm curious you are talking about growth versus value and it seems like the gap between the two is still pretty wide in the small-cap world. where you come down on that?
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>> long-term evidence on this is -- but small value tends to outperform but how long can you hang on? i am certainly a proponent of small value. i think a lot of the research we have seen is that really highly profitable small-cap companies that have benefited certainly especially now in the wake of tons of liquidity and markets for so long, now all of a set and the possibility these companies are going to matter. -- from small-cap portfolios on profitable companies that are more important. >> if this is a world where we are going to see bigger rate hikes for longer, what kinds of companies -- i am imagining you might not want to share names, but can you give us industries what we should looking for if we want to pursue this investment? >> something i will pivot a little and talk about, some of these utilities which have looked pretty good and done well.
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certainly i wouldn't be negative on something like that. some of these defensive factors that are traditionally places to hide out like this are worth consideration. my big caution to people's do not overdo it. be diversified in your approach to these things, certainly within the industry. but across industries as well because there are push and pull factors. interest rate increases traditionally are not great for utilities even though they are expensive. >> thank you dana, investment co. cio. you can get a roundup of the stories you need to know to get your day did -- to get your day going on this edition of daybreak. you can customize your settings to only get news on the industries and assets you care about. check it out. this is bloomberg.
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♪ >> singapore airlines committing to a strategy of working with international partners and operating overseas hubs. covid exposed the financial dangers of not having a domestic aviation market, but the ceo told us exclusively that the carrier is now open to tie up opportunities. >> with singapore announcing further the easing of restrictions, removing of -- opening the lane to all travelers the all test requirements, there's another big jump. in the month of april, we carry close to 1.5 million. looking forward, we continue to see very strong booking momentum. we are quite confident of
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demand. >> how much clarity do you have beyond this year? 60 -- percent capacity for september. what are you looking at for the rest of the year and perhaps in 2023? >> we do not give projections. what is important to point out is that we prepared ourselves so well during the pandemic to actually put in place capacity on short notice. that we can respond to any demand changes very quickly. >> can you get to pre-pandemic levels without china opening its border? >> china is obviously a key market. especially for airlines. we used to serve 29 points in china, the greater china region. the group that is singapore airlines, as well as scooter. if china is not open, obviously there will be impact to the overall traffic for any
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airlines, especially in asia. however, we are also seeing demand, more demand from other parts of the world. we are, in some cases, increasing our capacity more than what we used to. >> where -- joanne >> new york. >> where has the pandemic prompted you to reassess how business is done? is there a need to diversify the markets? to be another markets? >> from day one, singapore airlines do not have a domestic market and we compete internationally. what happened is that we got extremely good at international competition in terms of our product leadership, service excellence in our network connectivity. which truly is grouped with international footprints. of course, we also realize that without domestic market has its
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challengers. that and other structural changes happen in the industry. that is the reason why we have deep portfolio strategy whereby we had scoots and -- so we can always be very nimble in deploying the right vehicle on the right road, whether demand is either full-service or budget. the other thing is our monkey half strategy. you are aware of our investment in -- and india is going to be, by most expectations, the third-largest aviation market by the middle of the decade. -- is now clearly established as the leading foodservice carrier in india and going very well. we want to continue to look at scaling up and ensuring it goes well. >> the ceo of singapore airlines
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speaking exclusively with --. catch our -- on bloomberg television. that is at 9:38 p.m. thursday sydney time. >> taking look at the day ahead for australia and new zealand. australia's newly appointed cabinet is said to be sworn in later today, shaping up to be one of the most diverse governments in the companies -- country's history. a record number of female ministers. australia gdp data expected to be released later. flooding in covid activity. we have lots more ahead on bloomberg. this is bloomberg. dad! a dinosaur! it's just a movie. no dad, a real dinosaur!
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>> yesterday, in the middle of the night, we decided to have a ban on 90% of russian oil imports to the european union or the end of the year factor. -- de facto. >> this is extremely important to work on the possibility and to explore the possibility of import price caps. also, -- >> it should be a full energy embargo. oil, coal, and gas. before the war, we were 90% russian gas dependent. we are no longer buying any gas from russia. i don't see the point of talking with someone was committing genocide in a neighboring country. >> that was e.u. leaders speaking about the partial ban on russian oil imports and a big mover for crude oil. we are looking at futures now at
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$115 a barrel. today, wti, west texas intermediate, got up to $120 a barrel on that story about curbing those exports of russian oil to europe. all pretty much erased when the wall street journal story came out about opec potentially curbing production. brent crude now at -- trading at $115 in the oils market. 120 three dollars per barrel -- $123 per barrel in the cash market. russia is curbing supply to germany, denmark, and the netherlands. they are trying to fight back against these new sanctions apparently. some are taking more of a pain than others. futures up nearly to a record about $3.63 per gallon.
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with the summer driving season about to get underway, people expect that price to go even higher. bad for inflation, bad for consumers. let's get more on that report. they believe western sanctions will undercut moscow's ability to meet crude targets. sheila joins us. big swings in oil due to this report. what about this idea that russia will not be able to get the oil out if these sanctions are in place? sheila: so that is what caused the market to rise the way it did earlier today. we saw a big jump in prices first thing in the morning at it was all because of this -- yet another round of sanctions by the e.u. to stop taking russian crude. i realize the market was expecting this but i think there's been a lot of back and forth so after a wild, when the e.u. members decided to get
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together, they flushed out whatever their disagreements were and this was the round of sanctions they have come up with. it pointed out a tightening in supply and that is what drove the market up earlier today. >> are there any suggestions opec-plus could return supplies to the market faster than the current deal to give some price relief to the likes of gasoline and diesel in particular? is that a possibility at this point? sheela: to a certain extent, i think you are referring to the wall street journal report that was highlighted earlier this possible opec members. may be kind of allowing or being able to add more supply. if this suggestion that rush
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should be exempted from their production agreement is accurate, it means the other opec members can take over from that supply quarter. if they can add more supply to the market, it might just, you know, provide some kind of relief to the market. both in terms of gasoline and diesel. remember that we are still in a supply type environment so we don't know how much of this additional production will help to give that kind of relief we are looking forward to. >> our energy reporter with the latest on crude. sticking with energy in our morning because ahead of the asia trading day, taking a look at one prediction from citi. >> this is something we heard from the global head of commodity research at citigroup. he has a pretty bearish prediction of where prices are headed, trading at around $115
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per barrel. actually, the fair value should the at $70 per barrel. it is a key reason he's looking at this. he is a well known oil market there. primarily, demand for oil and oil products is falling as he said the economy braces for recession. citigroup has downgraded the forecast for those products, announcing demand at 2.2 million barrels per day, down from 3.6 million at the beginning of the year. kathleen. kathleen: ok, so i guess we are going to do -- to wrap it up. thank you so much. now, we are going to move on to this question to haidi. gdp. haidi: due out later today, analysts are expecting growth to slow due to flooding, and rising inflationary pressures. our economics reporter joins us
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now so these numbers are always a bit backwards looking but it does give us a good sense of what sort of economic landscape the new government is dealing with. >> that's right. the treasurer has done a few standups since he was sworn in last week and he has repeatedly talked about the economic challenges that he is facing, fiscal pressure because of high debt and fiscal deficits on the government's balance sheet. there is of course a crisis that they have been talking about because of rising inflation. and falling real wages which means wages are not growing at the same pace as inflation. petrol prices have gone up and food prices have gone up which is likely to exceed consumer spending power. at the same time, home prices
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are falling. we had house price data this morning which shows the first fall in national house prices since september 2020 and this downward trend is expected to continue so there's a lot of challenges that this government is facing. kathleen: as you look down the road, does a slowdown signal that may be the great run we have seen is coming to an end? swati: actually, not this year. the expectations are that the economy will rebound in the current quarter. the first quarter was a bit messy. we had flooding including in new south wales. that affected a shipment of goods. exports detracted from growth in the first quarter.
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shipments go back online. so we are expecting growth to come back in the second quarter in the next few quarters. there is an expectation that growth may not be as strong as we saw last year. may not be as strong as economists are predicting. haidi: the falling unemployment rate was an often cited figure coming into the election campaign and coming out of the election but is the skill shortage in the labor market so tight at the moment that it is really starting to impact his misses in terms of hiring? swati: actually, i have been speaking with some businesses and particularly small businesses. around australia. they do cite this problem where, for example, if hiring would take five days or 10 days, it
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has taken five months. sometimes, they hire somebody and bring them on board and in the same week, the person resigns and moose are a better offer somewhere else. we have seen staff shortages there. they have notices outside shops and cafes. the situation does look dire. they have reopened the economy. so hopefully, the shortages will ease in the coming days. kathleen: swati pandey, thank you very much, our economics reporter. let's get to first word news with su keenan. su: president biden met with fed chair jay powell to reassure americans on the economy and surging prices. biden used the rare meeting to declare that he is shifting responsibility for taming
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inflation ahead of the midterm elections. u.s. inflation is running near its fastest pace in four decades. to sri lanka where the new prime minister is proposing to raise tax rates. the government -- that existed before they were slashed in 2019. this failed to stimulate the economy. sri lanka has to raise revenues to win over the imf. this as the economic crisis deepens with inflation rising close to 40% in may. taiwan says china has made the second-largest incursion into its air defense identification zone this year. 30 jets entered the area, seeing more than 20 fighters. they deployed missiles in response. -- to meet with the chinese
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president. finally, members of kapok group bts have met president biden at the white house to help bring attention to average two group a crimes in the u.s. and elsewhere. -- to curb hate crimes in the u.s. and elsewhere. a bts member said he hoped the visit would be a step forward in promoting respect and understanding. 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. this is bloomberg. haidi: still ahead, while case numbers fall, china is planning for years of covid zero with tests on every corner. we will get more on that, next. this is bloomberg. ♪
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zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. >> let's take a look at chinese adrs. it was a pretty good session across the board when it comes to these big internet platform and tech stocks. they saw their first monthly gains since october, jumping on easing covid curbs across china,
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potentially improvement of eco-data as well as the stimulus and we are seeing investors turning were positive on that cohort a made earnings. alibaba up by close to 3%. we saw the nasdaq golden dragon index capping its first monthly gain of 2.6 percent since october, snapping the losing streak. we also saw within that chinese internet space. baidu inching up as well. we saw a rally when it comes to ev makers. it is up 5% after china announced a 50% cut for low emission passenger vehicles but a lot of that is optimism of this reopening. major chinese cities opening up further from lockdown restrictions on wednesday and they plan to implement a more pulmonary -- permanent infrastructure that may require nearly daily testing of citizens conducted possibly even by robots. we are joined by stephen engle. we are seeing some glimpse of
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what covid zero, the new normal in china could look like. stephen: china wants to find and detect covid cases quicker, before the virus spreads within a large community like shanghai and therefore prevent a lockdown and the economic pain we have seen over the last couple of months under covid zero. if you are going to maintain covid zero, how are you going to limit the downside to the economy? that, according to officials in china, is continual mass testing. it's going to be an inescapable part of daily life in china with testing. i will get to that in just a minute because the facts on the ground, the reality, and then there is a bit of the science-fiction that is also going on. daily covid cases in china did fall below 100 for the first time since march in the latest numbers we got yesterday. shanghai will resume public transportation from today, june
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1, and all shanghai manufacturing will be allowed to resume as of today. beijing will allow some shopping centers to open up so there is a sort of return to normal. but what is normal in china right now under covid zero? it is a new normal under zero tolerance and this mass testing campaign that you just alluded to, china is setting up tens of thousands of kiosks across china. the goal is to have every single citizen within a 15 minute walk away from a testing center like you see up there on the corner there. some people will have to do tests within every 48 hours, and yes, some of those tests need to be done by robots. kathleen: i guess they can't get covid. you want to get people out of the house. you want to get the economy going again. we saw the government pmi's. better improvement. still contracting. what are we going to see today? stephen: the survey comes out
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today and it is more of a survey of orders and smaller private enterprises whereas the official pmi yesterday did show improvement but still in contraction with more state owned enterprises and you are likely to see in the results today a reading of about 47 from 46 in april so just a slight tick upwards but still in contraction territory. these are private, smaller enterprises. dig down into the numbers from yesterday, the official pmi. the state owned enterprises are much more confident than the smaller enterprises. kathleen: a lot of the fiscal spending has been targeted to the small and medium-sized enterprises. stephen engle. plenty more ahead on daybreak. this is bloomberg. ♪
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>> we have seen a nice rally. >> a relief rally of some sort. >> what you see is a bear market rally. >> setting the stage for a bear market rally. >> we don't believe the market bottom is ian just yet. >> we got several hints along the way. >> looking at a one-week rally after seven weeks of significant carnage. >> you have to be careful. >> inflection points are
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happening daily. >> the bigger picture here is valuations are in a long-term reevaluation. >> if companies keep delivering, we will have a rally. >> even in september or october, we will see a repeat of what is happening now in the market. >> several of our guests on the backdrop for equities, volatile but ultimately disappointing and to the trading month unless you are talking about some of these chinese stocks that rallied overnight. take a look at how the asian open is shaping up. this is the picture across asia when it comes to australian futures. energy stocks in particular with that volatility looking to extend given we are hearing those reports. opec-plus could stymie the efforts of europe to try and impose more sanctions and put more pressure on russian crude. looking like an early decline of
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about half a percent when we get into the start of cash trading interest on them a bit. the aussie dollar finding new momentum close to 72 u.s. cents at this point as we see that volatility really playing out. with this continue to dollar rebalancing that we are watching, kiwi stocks down a little bit in the early part of the session. nikkei futures looking modestly in the green. let's get a quick check of the latest business flash headlines. kathleen: woodside petroleum is one investor approval to buy the assets. most all the votes cast ahead of its agm back to the acquisition about 23 billion by bhp. they will release final voting members after the meeting. they also face backlash for the climate report. moving onto singapore airlines paying it is committing to a strategy of working with international partners and operating overseas hubs after covid exposed the financial dangers of not having a domestic aviation market.
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he told us exclusively that the airline is open to opportunities and will evaluate potential synergies. >> singapore airlines do not have a domestic market and we compete internationally with the best out there throughout the 75 years. what happened is that we became extremely good at international competition in terms of leadership, service excellence, and network conductivity. kathleen: bloomberg learned that hsbc is offering a few case staff the chance to be symmetric vehicles using their pretax paychecks. all of the employees are eligible for this perk. they can choose between a two-year and four-year lease and even by the car from hsbc at the end of the contract. at deutsche bank and dws have been rated -- the search was
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related to allegations of so-called greenwashing by the asset manager which has been accused of inflating its credentials. it got more than 5% on the news and deutsche bank declined as much as 2.6%. haidi. haidi: take a look at fx and what we were seeing when it comes to these moves in the bloomberg dollar index. we are seeing it continuing to pull back from the session highs in the tuesday trading session. still sitting high against some of the g10 peers, reversing the recent slide. we did hear from president biden saying they would respect the fact's independent -- the fed's independence. .70 182, retracing some of the pressure -- .7182, retracing some of the pressure. the kiwi dollar, .6519 is where
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we are trading. we are seeing if there are any key developments coming out of that. we seem to have a little bit more optimism with economic reopening post the covid lockdown. kathleen: a boost to the energy market that demand may be coming out of china. this is such an interesting market right now. you have westech sis intermediate, $115.13 per barrel and it got just shy of $120 per barrel today after the news that the e.u. had agreed that they are going to ban within six months all imports of russian oil that is delivered by sea, two thirds of the oil that they currently import from russia. we saw the futures market turning around and prices coming down in the wti closed just under $115 per barrel.
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opec is considering not letting russia be part of -- even an output quota anymore because with sanctions, they cannot do it. now including germany, denmark, and the netherlands. haidi. haidi: we will get more analysis on all of that in the next hour and of course more views when it comes to fx. anz is going to tell us why they dollar cycle may have hit its peak and giving in outlook when it comes to the rate hike as this fight against inflation continues. we are counting down to the start of trading across major markets here in asia with asian equities looking to slip into the open. this is bloomberg. ♪
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