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tv   Bloomberg Markets Asia  Bloomberg  June 8, 2022 10:00pm-11:00pm EDT

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>> set to pave the way for the first rate hike in a decade. trade data with me opening back under a cloud as shanghai faces new lockdowns. rishaad: looking at that locked down and looking ahead to trade numbers there. on top of that, the yanai whisker away from the bulls unseen in 20 years. we got benchmark treasury yields holding above 3%. the new zealand tenure and the
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oecd warning about the ukraine conflict and how the west may pay a heavy price. david: all of that news. risk assets on offer when you look at the asian pacific. i was looking at my charts right here, we're sitting right on top , moving average takes us below that. we are off equity market rise. the dollar is strong as rishaad was pointing out. we are at one or one half of 1% of that 135.15. the yen here, no we don't have it, but we will get that up later of course appeared we will assume in on this and change things up and have a look at the 10-year gilts right now. percent on the u.s. ten-year, seven-year high on the new zealand tenure, eight year high in terms of australia and that takes us well into of course later today, the big one, the ecb. yvonne: right, and this is potentially going to be the game changer, right? what that lagarde is going to say, the signaling that she will have when it comes to her
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willingness to be hawkish, when the rest of the world seems to be kind of catching up rba, rbis yesterday with those superjumbo hikes as well. it's going to be interesting to see what you talks about when it comes to the inflation. she has used the word nimble before when it comes to policy changes, so i think were all kinda bracing for that at this point. rishaad: you know, we could talk about that because that is of course one of the ways that you can reduce inflation, by reducing tariffs on chinese goods coming into the u.s.. and janet yellen of course will be talking about that reconfiguring tariffs, in other words, as we then of course look at how trade may evolve from that and let's have a look at what is expected today with those chinese trade numbers. there you go, exports going to be up about 8% from may. do not forget april was those heavy lockdowns in shanghai, which we are seeing another one today. we've got 3.9 percent growth bear. imports unchanged and looking at 2.8% increase as well. in those, these are dollar figures prayed i got to say to
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you as well here the trade balance may be up to $58 billion. so we're looking at trade, that's one thing. we're looking at how inflation can be ameliorated as well through trade in the u.s., but certainly inflation is what it is all about again. david. david: 8% when you look at the ecb and the eurozone into varying degrees, i think hungry was at 10%. on the ecb, let's bring in kathleen hays are global economic and policy editor. kathleen, this is the most exciting ecb meeting in years. kathleen: it certainly is. i'm so glad you said that because for the longest time it has been are we going to adjust the purchases just a little bit? there were no rate hikes insight. yes it is very exciting as you pointed out, it is going to be the first time we've hiked rates since 2011. now, traders are ready for a quote unquote decisive moment, a pivotal moment, where christine lagarde certainly puts on a hawkish hat. now they may be expecting a
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little too much because christine lagarde has maintained a rather dove is consensus stance, which is we are going to announce the end of bond purchases in this month. we are to make that official and we are going to signal the 25 basis point hike in july. and then open the door to more 25 basis point hike. but it is surprising, you can see from these various indications that yes, there is a rate hike of some kind expected, but probably a smaller one in the july meeting. over the next couple of meetings and over the time through october, you get 100 basis points in total. so that press conference will be very closely watched. what she has asked about that when she is asked about the possibility of stepping up the pace, especially when she sees the federal reserve, when she sees, you know, the rba, when she sees the rbc, when she sees all of these asian-pacific central banks, i should say doing this, is she tempted to do it? one more thing that is very
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interesting right now, people are talking about augmentation, because there are softer bond purchases, they're going to start ruining stimulus is. yields are going to rise and we've already seen italian bonds, the sovereign bonds are about 100 40 basis points since march. the distance over germany's government bonds is about 40 basis points, so there is some concern that if people get worried about indebted countries like italy, there are going to be people warning about financial crisis in the year. that kind of thing and will the ecb and christine lagarde answer questions about are you thinking about any special programs to deal with that? it is a contentious issue, still way up in the air but after that rate hike, i think that will be important issue when we get a decision and press conference hours from now. rishaad: yeah and what is also up in the air, kathleen, of course, is what happens later in the ukraine with the organization for economic cooperation and develop and suggesting that the war there is likely to result in a heavy
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price for the global economy, especially poor countries. that's not going to help is it? kathleen: no, it is not and you hit on something important. many people, many of us thought maybe this could be a quick to read, even for ukraine. but this war has dragged on and is expected to drag on further, another reason why supply chain's are remaining constrained and that hits inflation, that hits growth. look at it got the global fourth -- growth forecast. not a recession, but you can see all of these numbers being shaved down. at the same time, if we move onto inflation, the global growth forecast from the oecd as been doubled to 8% on inflation. and if you look at some of the other numbers, germany is on the list if we move onto that, you can see 7.2% from 2.8, what a big difference in german and nation. australia, we have been covering them closely, we're used to that. this is another aspect of the story. one more thing about inflation
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specifically, food and energy prices. food crisis, famine. this is another warning that is coming from the otc, just as it has come from the world bank and others. developed nations are going to have to be ready to step up with that. because, you know, ukraine just let me get the figure before i say goodbye. they account -- russia and ukraine make up 40% of wheat exports, 20% of corn, fertilizer, natural gas. that is not for food production come about forever buddy, but hits the world's poorest. yvonne: kathleen, thank you. global economics and policy editor kathleen hays, she mentioned about commodities, energy prices are still kind of doing inflation and growth concerns out there. we have brent holding around those three-month highs. let's bring in stephen to talk us through the moves we are seeing in oil and stephen, it was those oil inventories that we got in the u.s., that data that further solidified that supply is quite tight out there. stephen: yeah, the data essentially showed a major hub
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called cushing supplies fell further to the lowest level in quite a wild. and when you look at gasoline inventories at well -- as well, got u.s. gasoline inventories at the lowest seasonal level in a number of years. so, what is happening in the u.s. is reverberating around the world. you have an issue, which is gasoline prices are already in some places at a record high. diesel is at a record high, but the demand is not coming. people are still driving cars in the u.s., which is not what some of the economists expected. they thought when prices hit a certain level, ok, no family trips. you're not going to go out. maybe trucks would curb some shipments, but that is not the case and demand is still strong. that is why you're seeing that drop down in not only crude inventories but also gasoline inventories, that is something the market is watching closely. rishaad: so i mean you look at the supply demand dynamic here,
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stephen, and you think that perhaps when it is starting to increase output, that we would see him move down in oil prices. quite the reverse and that perhaps tells us about how badly the supply market is ultimately. stephen: yeah, last week opec-plus agreed to a 50% increase over their gradual increases over the next two months. they essentially said it is going to add 400,000 barrels to the market in july. they're going to add 600,000 barrels to the market. but even though they did that in the number looks large, it is not enough to quell the worries that have risen. you have strong demand in the u.s., you have china bouncing back from pretty harsh lockdowns. demand is outstripping supply and essentially, the market wants opec-plus to open the tabs. they want saudi arabia to do more than a 50% incremental increase, they want them to pump as much possibly can. but that is not happening yet. there is still point reserve, which is why you're seeing this
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reaction, which is why you have analysts saying we could hit $135 rent. we are at 100 $23 right now, we could go to $130. there are a lot of calls but at the moment it is quite a bullish attitude in the oil market. david: it certainly is and it comes down to what we were pointing out there, stockpiles or the lack of it. we had a chance to see the energy report, the dynamic going into where we are in copper prices. hovering near six because on this one. this is the london contractor. down about 300 bucks over three months, but that being said, when you look at the 9700 level, massive drop overnight in inventories in terms of just if you measured by tonnage the biggest drop. let me get it correct. the biggest decline in two decades there, so same story, price is on the up and if china reopens, what is going to happen. rishaad: does it reopen? let's look at the first word news. shanghai locking down
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southwestern districts to conduct mass covid tests in the first major move of restriction sense the two month long shutdown. this is the district, it has 2.6 alien people there. it's going to be sealed off saturday morning but residents are facing the risk of being confined to their homes for another two weeks if further infections are discovered. let's move to the u.s., treasury secretary janet yellen the united states is looking to several reconfigured tariffs on chinese goods to make them more what she calls strategic. she says some existing tariffs inherited from the trumpet ministry should have hurt american businesses. she has not given a timeline on changes but they may take place in the coming weeks. australia's treasury secretary steven kennedy has warned that inflation is hiking 6% and could well be on that, telling a group of business economists that the significant pressure in the wholesale electricity market is resenting a new upside risk across australia's inflation, currently 5.1%.
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price pressures prompting the reserve bank to make a surprise hike earlier this week. let's have a look at the securities and exchange commission, they previewed sweeping changes to the rules underpinning the u.s. stock market, including payment. saying retail investors deserve a better deal. the most direct response to lester's wild trading in those so-called meme stocks. >> right now, you see there is not a level playing field amongst the different parts of the markets. the wholesalers, the exchanges. it is not clear with such segmentation concentration, and yes, with an uneven playing field, that our current national market system is as fair and competitive as possible for investors. rishaad: those are the first word headlines. yvonne: still ahead, we continue
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live coverage from ecosphere in singapore, speaking to the global momentum to deliver on that zero. d speaking of net zero, next, maybe the yen in the tumble, it has been falling though. creating ripple effects across other currency markets, td securities joins us in a couple minutes to talk us through where we go with that and what is really driving thing across the fx space. plenty more ahead. this is bloomberg. ♪
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yvonne: you're watching bloomberg markets: asia. we are continuing to wash the yen this morning and it seems like it continues to be the easiest macro trade right now if you sell it against mostly everything. you have technical levels and rsis so to speak here and you are starting to see that perhaps the yen is looking oversold. against everything essentially, dave. david: the third when you see on your screen, we have blown that up and put it on a chart for you, raising the offer rate, so we are looking at you want yen. we are back at the 20 level, that is important. it is a retracement higher, let's put it that way then dollar china, certainly when you look at the yen in terms of where it is against the chinese
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currency. when it reaches this valuation, it might precipitate authorities welcoming or engendering weakness in the chinese currency, simply just offset the competitiveness got taken off the table. rishaad: absolutely, let's look at the nuts and bolts of all of this and bring in senior fx strategist at td securities in new york. why is the yen in such a poor state. is it reflecting years of monetary policy, liquidity in the system and perhaps reflecting a weak economy as a consequence? what's the deal? mazen: after years of the boj try puts to me listen to the economy, if you look back at 2016, 1 of the primary reason the introduced it is to get a weaker currency. and now that a lot of global central banks are basically tightening aggressively, they are finally going to get it and
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they have been maintaining this dovish stance for quite some time now, not only upping the ante and backing curb control, but also just relative to the terms of trade, where commodity prices are extremely elevated. japan has a very high combination of high interest rates globally and a higher commodity price. that combination is toxic for the yen, and so basically, as much as the u.s. can continue to move higher, the valuation is linked to that development. yvonne: so how do you call a top i wonder now? do i have to look past these big event risks with the ecb? u.s. inflation on friday and the fed next week to see where we can find the peak in the yen weakness? mazen: yeah, i think the key yen
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weakness is going to be a bit allusive. i think at least short-term, given that we have u.s. inflation on friday, i think that the yen has sort of to some extent christ in the risk of a stronger cpi print and certainly, --priced in at the risk of stronger cpi print. is going to rise in a month by month basis. the risk has been well understood that already, the year-to-year measure is going to take around this time. but when you look at how rates are trading, how the broader dollar is trading, there is a lot of sensitivity now to data surprises and so, inflation is really at the top of that list. and so, you know, the risk here it really is that inflation becomes unhinged even further than what we have already seen and that you may have to see more tightening priced into the fed funds curve. that combination is going to mean that the yen will weaken further. david: david here.
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so in that scenario, would it be the u.s. dollar that i need to be long or do i look further to the likes of the aussie dollar, commodity currencies? can i still chase that rally in the fx space? mazen: you can. i think tactically, there is scope for a bit of a pullback in the commodity currency versus the yen, but i would view that as extremely tactical. longer-term, there is going to be a structural tale coming from the trend to trade, because of the war in ukraine. and so, that is going to rebrand commodity supply lines for a lot of these nations that will be somewhat beneficial to the likes of the aussie dollar as well. and the yen is just basically a major importer on these commodities, and so, there is more scope for upside on aussie yen, i just think tactically, looking at how correlation profiles have shifted recently between rates and real rates and equity markets, it is suggested to me that you may see more of
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an extension lower in risk, looking at positioning. we estimate the dollar positioning tactically is more integral than where it was two or three weeks ago. and so that kind of combination suggests that it is not exactly going to be a great environment for the aussie, for instance. rishaad: moving to european central bank's, david was saying it looks like one of the most exciting meetings in recent memory. it is not regarded today as being a live one, could it be? we wait until july? do we get 50 in july as the curve does not predict right now? mazen: yeah, the ecb meeting for the upcoming ecb meeting has been fairly well telegraphed. we know that they are going to essentially announce that they are going to end adp by july and they are going to begin normalization by the july meeting. i think what is really going to be important from this is whether or not lagarde comes out in favor of doing more aggressive policy tightening, as
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some of the more hawkish members of the council. so far, that is a minority. the way as an institution the ecb has worked is generally more dovish. and i am hard-pressed to find -- or find it hard to believe that lagarde is going to come out and support of doing a series of 50's. there is a case for that down the line, later this year, but given some of the risks they are facing from the macro funds, particularly emanating from ukraine, it may not be something that i think lagarde is willing to sort of traverse at the moment. yvonne: what would be your positive than that could come out of the ecb today? mazen: well, i mean, i think lagarde would basically need to effectively say that they will start with 50's and that they are open to doing a series of 50 basis point hikes. short of that, i think it is going to be very difficult to see the euro get any sort of sustainable lift, particularly
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with the u.s. cpi number basically coming shortly there after that. and so, i think that is going to overshadow the ecb more generally. david: final question, rate cut appears on the swaps curve and 20 24. i'm talking about the fed by the way. do you think that is accurate? too late? two early? mazen: you know, it's a tough one. i think the way i would think about it is i think that there's a greater risk that actually may see more tightening priced into the curve. for all of the talk about the u.s. economy being extremely strong, and trying to engineer a soft landing, there is risk here that core cpi momentum, this is why i emphasize focusing on month per month measures, with the lax -- last six months, the
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pace of momentum and core inflation is back to the levels that we started seeing in the 1970's. so we are sort of out of this major inflation targeting era and this is uncharted territory, the last 20 or 30 years. so the risk here is that if they are unable to see momentum slow in core inflation than the curve is going to have to price in more tightening. and i so -- i think that there are going to push rate cuts further up the curve as opposed to being brought in sooner. yvonne: thank you for staying up with us. senior fx strategist at td securities usa in new york. plenty more ahead. this is bloomberg. ♪
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♪ rishaad: you are back with
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bloomberg markets, checking in with some of these at the moment. on the chip side of things in asia after intel came out and earned about how weaker economy would affect demand and financial performance. others on the move here. yvonne: on the others we were talking about energy stocks which are basically on a tear right now, in fact we are seeing when it comes to oil prices, the demand picture continues to add bullishness to this sector. david: we will take you back to the sinking feeling, shipping stocks, j.p. morgan expecting a slowdown in freight traffic and it is playing out quite substantially and noticeably in a lot of these shipping plays across the region. autos to in focus. yvonne: we saw those passenger cars as preliminary data. we did see it
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rishaad: they look at shanghai at the moment. how it is affecting markets. and japan going on their lunch break. it what chinese markets look like. in the doldrums because of the pessimism being indentured -- being engendered by what is going on in shanghai. david: we are looking at data. this attracts thousands of people on the shanghai metro. i don't need to point out when the lockdown took place. a little bit more than 40% all the way back. takes us into where this might go. the pace of reopening and given everything we have heard the last few hours from certain districts in parts of shanghai, said to be tested this week.
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yvonne: let's bring in our chief north asian correspondent peered how concerning are these lockdowns given we have been talking about reopening for some time? >> this is going to be a one day exercise if you will to test the two and a half million residents. about 10% of the entire population. it is not the port districts. the western end of the old french concession. a lot of residential compounds. a lot of international schools. they're going to do a mass testing on saturday. a locked down. they are calling it that. the cases were low. rishaad: nearly every train line has to go through this. do they close the train lines? >> that would be really difficult to get people moving around. kind of in the urban core. it is part of the inner ring of shanghai.
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it would be difficult to close down the subway. i don't know the details other than it might be a little bit of overkill because they only had nine cases reporting for wednesday. none outside of quarantine should beijing had one case. then dong had 14 cases. we have the story earlier this week urging people to close their windows. there's speculation the virus was blowing in from north korea peered i don't know if that is a scientifically backed theory. there are areas of china the communist party is worried about. yvonne: we have trade numbers coming up. all the rest of the world is emerging out of covid it seems, are we likely to see this room from the pandemic start to fade? >> i think you're going to start to see numbers inching up from the main numbers.
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shanghai is home to the world's largest port. there is the trickle-down effect of the supply chains and the through port is starting to pick up. you are likely to see numbers picking up from what we saw in u.s. dollar terms in april. a3 point 8% increase in exports. the slowest growth since june of 2021 the beginning part of the pandemic was spilling into the export numbers. imports come about is going to be a key number as well. is the consumption story and manufacturing story can up? is oil -- the soybeans and the like to support the rebound? yvonne: stephen engle on what to expect out of these trade numbers. continuing to see on the board today. david: we are just going into the last open of japan. when you look into the price action, volumes are slightly heavier than usual. session lows are on offer for
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the asia and pacific index. also coming up high a little bit. 13447. for truly a whisker away from the magic number. 13515. 2002 high. rishaad: let's have a look at what we have news wise. your guides nation of economics cooperation slashing gets out outlook for global growth. the organization is saying the world economy will pay a hefty price for the war in ukraine with weaker growth, stronger inflation and potentially long-lasting damage to supply chains. >> we have seen higher growth and high inflation. what we are saying is remove some monetary policy
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accommodations. it can signal they will target. in those countries where there is demand, monetary policy should be tighter. rishaad: talking of supply chain issues, we have thousands of truck drivers striking for a third day in south korea. the truckers union is pushing the government not to a doll -- not to abolish rules that guarantees a minimum-wage for drivers. global supply chains are already strained. thailand's central bank keeping policy unchained after its latest meeting. inflation expected to increase and remain elevated.
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it is a split decision. policymakers voting to keep rates at their record lows, half of 1%. free point lng saying it is under investigation after a fire broke out at its terminal in texas. there were no injuries or risks to the surrounding communities. the blaze could have a significant impact on global supplies. that is a look at our first word news. yvonne: taking a look at state right now. a report that it may be looking to acquire credit suites. su keenan joining us with the latest. su: state street which is a firm that manages more than 4 trillion in asset size stocks falls.
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what it said was we are not going to respond to an earlier news report. that was a swift blog which said state street could make a bid for credit suisse citing a single individual. state street went on to say we are focused on our pending acquisition. you have got a lot of analysts skeptical about a possible bid. one analyst from jeffries said a combination is highly unlikely. the pending deal with brown brothers and what he calls the plethora of ongoing legal and business challenges. that is a quote. some analysts say it would be possible maybe state street would be interested in the investment or assets management unit but highly unlikely they would be interested in buying
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the whole thing. david: stay tuned for also -- it is the third straight quarter we lost or fourth? su: third straight quarterly loss. blaming on investment banking. even though other banks have said the volatility helped their trading. credit suites is considering a fresh round of job cuts as part of a renewed push to slash costs because of this morning. the stock fell as much as seven and a half percent on the day but then paired some of the loss on the report of the potential bid. much of the past year and a half struggling to recover from the one to punch and the collapse of archegos. the worst decline among big european banks.
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rishaad: good stuff. coming up, we are looking at -- how it is helping other companies to reduce their carbon footprint. that interview coming from -- stay with bloomberg. ♪
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yvonne: southeast asia this morning. we are going to face lower by a third of 1%. a pandemic winner here. shares have been under pressure for some time. kale see down have of 1%. rishaad: looking at reducing greenhouse gas emissions. let's get to the markets coanchor haslinda amin who is at this event in singapore with more on this topic. i think we have all been wondering, how do you actually ultimately measure carbon? haslinda: that is a big problem. it is not just about measuring
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it measuring it actively. -- measuring and accurately. any 5% of companies are concerned about this pit only 9% are able to do it properly. let's bring in the ceo of periscope. when we talk about decarbonization, it is about data, definition and we are also talking about disclosure. how is periscope addressing all of that? it is complicated. >> thanks for having me. we are very focused at being able to be a partner to enterprises as they tackle the house behind decarbonization. the first point of friction you start seeing is where is the data in my organization. how do i start to measure the indirect emissions? how do i start to define what a scope one, scope two and the scary scope three?
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part of our journey has being able to at least the power of technology, particularly science and machine learning. technology knows how to deal with unstructured data so how can we put that power of technology to a large and existential challenge for the world around decarbonization. yvonne: take a look at a company like aland. it has -- how do you make suppliers can accountable for their emissions? >> we have benefited from the years of attempt to -- attempt of carbonization picked we have taken that answer and focused on the material parts of the supply chain. we are able to help companies in just a lot of that data, be able
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to measure and map those two in real-time to the right emission factors. here's where we start to think about how to do this accurately. very often enterprises have large proportions of error in their baseline. you start with the iranians iceland, you can imagine the path and that zero become somewhat meaningless or ineffective. there is a focus on being able to help enterprises look at the hotspots. what is material? which parts of the supply chain are contributing to your overall carbon footprint? focusing as with any other business problem, focusing and prioritizing the corporate attention and focus on iterating the granularity of data available. haslinda: the question is, how accurate are you with terrascope ? it all depends on the data given to you by the company. >> we take in approach of -- a proprietary approach around not
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just providing a single number of carbon emissions. gives you a false sense of provision but something called a data confidence metric. about the fact that what the probability your rate of data are focused on and the supply chain that needs to be the carbonized? had you go from a 40% confidence to 70% confidence so you know the accuracy is something you can hang your hat on overtime? rishaad: i've always been interested in this counterintuitive thought which is we have oil prices at 122 bucks a barrel right now. does there come a point where poor nations actually cannot of boarded so what they start doing is moving to even more polluting coal again and that can up and all of this -- upend all of
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this? >> there are always trade-offs in the business. we always think about this is why we are enthused by the fact there is a multiplier effect around companies enterprises committing to the nets euro journey. the minute you commit to a its euro journey, you need the repeatability and constant view of where you are in this journey. if you do make a trade-off in the energy piece, you're making that decision knowing fully well you're going to be disclosing which direction you're going to on this journey. this is -- the view is technology can help give you a more real-time always on view so you are making some decisions based on availability, on profitability, on revenue growth but you are also adding the business vector of what is the emission implication of this and does this derail my journey to net zero or not?
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would rather provide these insights to leaders to be able to make these decisions with eyes open. haslinda: you talk about whether digitalization is keep you if you take a look at what john kerry said, we have to move 20 times faster and 65% of those who signed the paris agreement are behind. haslinda: the speed and the bias to action is -- >> the speed of the bias to action is key. best chance we have is to provide automation and intelligence to focus attention on the places that matter. if you can only achieve decarbonization and a few places in your business, you might as well focus on the attention on the most material areas to achieve the largest reduction in carbonization. technology helps you do it faster. a lot of the implementations we have seen -- we have them
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prevented across four sectors in 15 countries. we see that terrascope is able to do this five times faster and provide 25% more confidence. this is the best shot at attempting to accelerate the journey. haslinda: five times faster may not be fast enough. what is in your pipeline? >> our vision is to help own this entire partner journey to corporate surround measuring managing the footprint, starting to think about reduction but also the how behind's coordination between people in the company. it is not just a sustainability team. it is the business and different business units that have to collaborate. how can we as a technology platform enabled that and finally reporting on disclosures and how do we enable that with ease, the choice of making that happen. that is the vision we are building.
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we don't think technology entirely solves this equation. we don't anticipate doing this without the sustainability expertise or the ecosystem of a number of providers. etiquette goes to the fact it is a big hairy problem that needs to be solved in the world and we are going to have to collaborate to get this done. haslinda: ceo of terrascope. keep it here with us. plenty more ahead. this is bloomberg. ♪
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yvonne: equity markets in the red. let's to a quick check of the headlines. cathie wood is back buying shares of tesla. acquiring more than 65,000 shares since may 23. working a reversal after selling the stock for at least four quarters in rope. the purchase comes after tesla fell more than 50%. the flagship etf down more than 50% this year. >> if you look at our performance, our flagship performance from the low in covid to the peak in february
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2021, that was a 368% increase. we had a lot of problems through the coronavirus. innovation solves problems. down 75%. inflation and interest rates. yvonne: the twitter lawyer had is said to have a short staff that the sale to the staff is waiting for the sec to approve the proxy. the washington post says twitter plans to comply with musk's demand. the ceo says the company is quote recession resistance. he says spending on services has remained robust and the ride-hailer the plight of
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drivers increased 70% in may. he also said he does not see any need for job cuts. >> we don't think they are necessary at all. we should be more cautious. there is much more certainty if you look forward to 12 months. we feel really good about the trend. let's not get carried away. david: we are about 90 minutes into the chinese equity session. we are awaiting trade numbers which we will get to. this rally -- the three of us were talking earlier. those really good mullets of your shared price action on top. does not tell you about the sorcery taking place at the back. things taking place like volumes. 50% heavier today despite price remaining stable. csi 300. let's have a look at turnover which is a measure of activity.
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three straight days of turnover above the trillion renminbi. day four is a question. yvonne: we will see how that plays out. when it comes to fx, we are watching the euro closely on the back of this ecb meeting. perhaps the game changer for the euro if we see any payment for rate hikes although we did hear a lot of it is pricing unless we see a 50 basis points art of cycle. maybe that could be positive for the euro. we are watching the yen. we are flirting with the 24 year lows for yen. there is a dwindling bullish captured goldman is still there. they are saying either the u.s. slowdown or the -- are there some signs we may be getting closer to a policy shift in the japan. could seen -- could still be bullish when it comes to the yen. rishaad: a lot of inflationary pressures in japan.
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that is the oil price. the story there, the stockpiles. gasoline industry the lowest level since 2014. united arab emirate's coming out and saying they see prices being nowhere near the peak. 122 bucks a barrel for wti. looking at copper, down a fraction. perhaps some of this debt -- some of this is down to the lockdown taking place as of saturday. iron ore. getting a bit of help with the infrastructure from the indian government. still seeing the men moving to the upside. we have a lot more on the way over at bloomberg markets. do stay with us. ♪
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