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tv   Bloomberg Markets Asia  Bloomberg  September 26, 2022 10:00pm-11:00pm EDT

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hong kong and singapore, nearly 11:00 a.m. in singapore." . this is "bloomberg markets: asia." i am rishaad salamat with ivanka -- with yvonne man. yvonne: and easing dollar giving the pound some respite but still some bets that will slide to parity with the greenback and even beyond. and we speak to our guest about the resurgence in trouble demand. apac president will join us at this hour. rishaad: we said yesterday that the buck does not stop here. whether it has stopped here. we have a pause, investors on edge. look into the pboc as well. is it going to be pushed back from the central bank is the yuan approaches levels not seen in many years. levels not seen since 2010. japan's 20-year rising above 1%
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for the first time since 2015. it's only tuesday, david. david: and we have already had an unscheduled purchase from the boj on that last note, yields pushing higher. the broader story with central banks, and even the boe, to what extent will that help and how sustained is any potential effect in the fx markets? so long as you have an underlying store of inflation in the u.s. and a very strong u.s. dollar. the equity story was cautious, almost an awkward embrace of someone you don't really know. [laughter] currency markets are doing this. 4/10 of 1% on dollar-china right now. very close to either a record if you are talking about the offshoring movie, or a 14 year low on the onshore rates. again, we are still talking about u.k. assets. a crazy day in the gilt
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market on monday. rishaad: the fed is acting like a wrecking ball. have a look at the treasury movement up in yields. 3:00 p.m. yesterday we saw the gilt open in london time at 8:00 a.m.. 10 year treasury, quite something taking place. it comes as this collapse in the bond market there, a week before the bank of england begins and why it's qe program. it's losses will start to be crystallized. first sale is scheduled next week. those betting on the bank of england coming in and having an intra-meeting -- interest rate hike, they were disappointed and it looks like the bank of england are not singing from the same human sheet. yvonne: they could still sing it.
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there is debate about who is up to task to save the pound, is it the boe? is the u.k. treasury going to have to retract the fiscal plan? in asia where you are seeing the fallout, it continues to be the yen and the renminbi. it raises a question about, are we getting a with of some crisis that is brewing? when you have the renminbi tumbling though it has against the dollar in recent months, these are two pillars in the region. if they fall, what does it mean for emfx? does it mean continued pain? and central banks -- can central banks stall? david: nobody would blame you, if you look at the levels of some of these currencies, the malaysian ringgit is back to the levels of the great financial crisis. it's not covid-related to mean that we are in a financial crisis, but are we at levels where it is getting economically
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destructive? here is how the dollar story has played out. almost exactly one month ago was jackson hole. lo and behold, every single currency but the russian ruble has declined and weakened against king dollar. rishaad: global head of fx analysis at citi is here. what are you making of the huge movements we are seeing in the fx space? guest: they are truly remarkable but not entirely unexpected, from our perspective, because the global environment is looking increasingly fragile and looking increasingly fragile from a number of vantage points. the heart of it has been the difficulty to restrain inflation in many economies. now we have a number of policy action including for example the fiscal stimulus parts of the u.k. that can propagate that inflation. then add the financial
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vulnerabilities which include the difficulty to hedge, high starting valuations to begin with. what this cocktail is combining two that investors are looking for safe places to hide and the dollar is pretty much the only one left at this stage. it is really that complex of factors pushing the dollar up against every other currency, even though there are specific areas of focus within those. yvonne: you raise an interesting question in your report. our markets beginning to break? are they? guest: we think they are the first signs. now, if we look at the most acute areas of market dysfunctionality, they are not visible yet. the fx space is relatively orderly. that is somewhat reassuring. but in other areas we are beginning to see signs of stress. particularly in u.s. bond
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markets which are the most liquid, we are see liquidity dry out very fast but also, measures of volatility, at levels we have not seen at least since covid and in some measure, going back 10 or 15 years. theirs -- clear signs of volatility emerging. there is a potential collision between what is going on in markets and let's collect the fairly relaxed attitude by a global government stores that financial market uncertainty and volatility, and therefore, things could get worse from here. david: that is the follow-up i was going to ask you. in terms of market stress, markets had an insurance. policy called central banks. with inflation going. . where it is, do we still have that insurance policy? ebrahim: ebrahim: i couldn't have put it any better. it is exactly that point that is at the heart of the issue.
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there are mainly two types of protection that investors no longer have an both of those because of inflation, historically it was that you could result to holding fixed income. that was the most obvious safe has set in the u.s.. -- safe asset in the u.s. and central banks maybe would build out risk assets too. those are no longer available. the difficulty to diversify that is at the heart of volatility, in addition to all the sharks playing a role, all the conflicts and political uncertainty. at the heart is inflation and the absence of policy tools. rishaad: it's not likely that the treasury in the u.k. will dial back on its proposals. what can people do? people have mentioned the supply side has to be expanded here. how do you do that, and what would you do if you are andrew bailey, for instance?
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ebrahim: as the saying goes, you would want to start from here, but in the end there isn't a silver bullet. you have to do a bit of everything. we think in situations like these, policy orthodoxy does play a role, and in this situation, take the u.k., very low real yields, very large current account deficit, that is usually not the time to go for an unfunded large fiscal expansion. it's also not the time to be hesitant on tightening monetary policy as well. even if you take some of these progrowth steps, and i am in favor of improving the supply side of the economy, i think it will have to involve some measure of at least calibrating back the fiscal plans and some measure of more forceful rate hikes from the bank of england, as well. yvonne: what do we need to watch, out for for levels of sterling in the coming weeks question mark seems like parity is inevitable. do you think there is a we can
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find a floor for sterling? ebrahim: i would struggle to use the word inevitable, but we do think parity. looks pretty plausible right now there aren't clear evaluation thresholds 2.2. we are looking at parity as the next big level. . we are a bit above the lowest levels we have seen, which are pretty much the all-time lows, so going back to one point 03 or so would certainly be an important marker on the way to parity. again, a few months ago, parity was inconceivable. now we think it is increasingly possible, but i wouldn't go so far as to say inevitable. i add, these are very volatile times when you look, at conventional valuation benchmarks, they don't necessarily tell you that sterling must be weaker from here.
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david: maybe just look at potential bright spots to end the conversation, markets most times have a self-correcting mechanism. when i look at where yields are, for example, across every sovereign, do you think at some point bond investors will look at those yields and then self-correct and provide some currency support? are we near that point? ebrahim: three candidates. the one that is farthest away, i think at some point central banks will look towards supporting the economy. it's usually one the dollar peaks. in the medium-term, i think we will eventually see coordinated fx intervention. there comes a point at which the world and the world's policymakers realized that possibly a weaker dollar, or maybe a less volatile dollar, is in the world's and the u.s.'s
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interest. possibly the only hope is some self corrective mechanism, some sort of extreme levels of bearishness or sentiment. we have seen some measures of equity markets sending oversold signals in the short-term. so i expect some two-way volatility in the short-term. real yields are somewhat appealing to longer-term investors, so what is holding them back, that can help stabilize markets. for now we think that will be somewhat transitory. [laughter] yvonne: gosh, that is a dangerous word. last question, we have our mliv two question asking where is the next currency crisis. where do you think that may be? ebrahim: crisis is a tough word. we will live with u.k. currency troubles, i would call them. the reason i don't use the word crisis is at least the u.k. doesn't have that much performance currency -- foreign currency denominated debt.
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but let me stick with the u.k. for now. [laughter] yvonne: abraham arbery, global head of fx analysis at citi. thank you for joining us. rishaad: all right, let's have a look at the first word news. more rate hikes are needed to stamp out high inflation. speaking in boston, she did not specify how much more tightening would be needed, but she wants to see inflation cool for several months before concluding that it has peaked. meanwhile, medium projections expect fed officials to expect rates to reach 4.4 percent by the end of the year, and 4.6% in 2023. >> so the fomc is committed to bring inflation back down to our 2% level. last week we took another decisive action to remove policy accommodation. we raised the fed funds rate 75, of reducing assets off of our
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balance sheet, which also reduces accommodation. rishaad: meanwhile, the european central bank president christine lagarde, saying that the economic council will only consider shrieking into balance sheet -- shrinking its balance sheet. the debate about quantitative tightening will be held when rates reach neutral. four point $8 trillion worth of bonds were bought during the latest recent crisis. vladimir putin has granted citizenship to edward snowden, the former nsa contractor who disclosed a top-secret spying program in the u.s. snowden has been living in russia for nine years, and obtained permanent residency in 2020. he leaked classified documents that showed how the u.s. and british governments monitored communications of citizens not suspected of crimes. japan is holding a state funeral for former prime minister shinzo abe, it the current leader fumio kishida's decision to spend millions of dollars in the
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ceremony, is met with anger by households grappling with inflation. among the attendants will be vice president, harris and the presidents of india and australia. those are your first word headlines. david: just ahead, we will be talking travel with the marriott international apac president. they will be joining us exclusively for some insight into tourism trends and what will hopefully be strong recovery in travel in the region. yvonne: we will look at investment strategy in the philippines markets with the bdo capital and investment president. he will be joining us next. this is bloomberg. ♪
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>> i think what we have seen in the reaction to the proposed plan is really concern and a fear that the new actions word uncertainty to the economy. one of the things i spent a lot of time thinking about is how do we create more certainty for the consumers? yvonne: that was refiled bostick, the atlanta fed president, talking about the possible spillover effects. we continue to watch that today, but certainly some stabilization when it comes to the dollar and the pound. let's talk more with our
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macrostrategist marcus wong, and also our senior asia economy reporter michelle jamrisko. seems like we are headed for a break today. what are you watching for most, after a pretty volatile day when it comes to the gilt markets? markets: treasury yields have pulled back a bit after yesterday's moves. the ten-year treasury hit over a highs. but i guess with the u.s. hearing back debate, investors are looking at dollar-yen closer to the 145 level. the question is whether the japanese authorities will step in again. over ¥1 trillion last week over trying to defend the currency. so the question is whether it will happen again.
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the pound has rebounded and is further away from the parity level, but i guess the question in markets at this point in time is what catalyst good drive the pond lower towards parity -- what catalyst could drive the pound lower towards parity level again. rishaad: it hasn't had the same kind of impact in the last 24 hours over that currency. tell us how the yuan and it's a drop, and the overall impact nursing for emerging market fx. michelle: the yen is a story in itself. we have been waiting for more clarity from policymakers in japan about what they will do about market intervention and whether they will eventually have to ease up on their alternatives policy. that has been a different story, starkly different from the u.k. economy and the pound, but we're certainly watching for signs of fragility throughout asia and throughout fx worldwide as currencies battle that stronger
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dollar and work with fiscal and monetary authorities and see how the reactions are fighting inflation and continue to try to be back these headwinds -- beat back these headwinds. yvonne: marcus, i wonder what you are seeing in terms of other macro risks at there. is it time to throw in the towel? when it comes to risk assets? marcus: i think it is safe to say that there is still a lot of uncertainty. just look at treasury yields,, the selloff in treasury yields was due to the gilts. the risk for treasuries this week essentially is, there is an auction this week and we are looking at for volatility. so i think putting on risk at
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this juncture, in many investors' opinion, it might not be the best course of action just yet. rishaad: michelle, we have seen dollar strength. does this mean that the united states is exporting a recession to the rest of the world in the shape of inflation? because of course commodities are priced in dollars and they need more of their currency to i goods now -- to buy these goods now. michelle: michelle: we had been looking at the trend a while ago, and certainly those pressures have accelerated. post-jackson hole, we have seen the stronger dollar report through even more strongly to at the economy. the fed is not wont to talk about international pressures. they stress that their policies for the u.s. but at a time like this, they are certainly watching what is happening, especially with the
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pound and other currencies and what that might do to come back home to the u.s. and impact the whole global economy. so yes, i think the inflation pressures going out worldwide are certainly being felt, and that is a trend worth watching more closely. rishaad: all right, marcus and michelle, thank you very much indeed. coming up we are looking at markets as well. there is a lot more head. this is bloomberg. ♪
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yvonne: equity markets doing this in the region today. upside in shanghai. the rest, though, heading south. your latest business flash headlines, one top global banker
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has resigned as chairman. sources say he recently quit after being hired in early 2020 by clsa to steer its international business. it is the latest big shakeup at the hong kong brokers, that has been hit by a string of departures in recent years. santos is selling a 5% stake. the deal is worth 1.4 billion dollars and is effective from december 31. the sale still needs to be approved by regulators. if it goes ahead, it will leave santos with 37.5% of png lng. tata group and singapore airlines might be merging under a new venture. the report cites two unidentified sources saying that the airlines may emerge. the plan would merge the existing tata with air india,
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which tata bought last year. iphone has started making its new 14 in india, after a surprisingly smooth production rollout reduced the lag from months two weeks. apple is working with foxconn, and it aims to begin assembling iphones in turn i around early november. . global deliveries of its fully electric vehicles are expected to jump more than 70% to 400 thousand tier four bmw, as demand remains strong. the cfo says the company expects to make another leap of sales into electric vehicles in 2023. he says worldwide sales this year will be slightly lower than the last due to losses in the first half. david: evs are one part of the equity market we are tracking closely. the other is casino stocks. they were higher early on, but when you look at the broader benchmark, we are at the highest level going back to april. also watching li auto.
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rishaad: just seeing, essentially a better-than-expected earnings. deliveries forecast, its guidance for the third quarter, though, being cut carrying off from where it left off. these companies very much in the frame as well because they are exposed to british assets. hsbc and standard chartered move into the upsides. , we are looking at bdo capital and investments president, who is joining us to discuss
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>> we have a crisis in the bond market and a crisis in the currency market. >> the crisis of confidence. >> the u.k. lacks credibility in
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markets. >> you can't solve this crisis of confidence overnight. >> it's clear the boe needs to step in. >> they will determine which way it goes. >> the bank of england will have to do more. >> the bank of england needs to hike interest rates by 300 basis points. >> you need to be careful how you manage it. >> if they don't raise rates -- >> if the bank of england doesn't come out in a hawkish way -- >> sterling will take another hit. >> it's pretty clear that markets are looking for parity. >> we think we will reach parity before christmas, probably before the end of november. david: very very turbulent week, our tv guests waiting in and just reminding us that it is only tuesday. can you imagine that when you look at these markets? i tweeted this out, maybe the universe has plenty of plans. maybe england will win the world cup and may be raheem
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sterling will score the game-winning goal. in terms of where we are here sector wise, almost a split down the middle. real estate is down 2.6% to the downside. everything else is moderately higher, repositioning following the extreme selloff that we had friday. in fact, five straight days that asian equities have been down. yvonne: and some of the repositioning when it comes to sterling, you can see some strength after we did drop to record lows yesterday. there is plenty of anticipation that we will get an emergency hike from the boe. the u.k. treasury also talking about fiscal plans, but not until november so that disappointed the market a bit. but today we are getting some breaks in the dollar strength story. 716.024 shall remain be. we were looking for 7.20 which would be a record for dollar-china.
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let's bring in our bloomberg opinion columnist on the u.k. situation. you say the pound has been hammered by liz truss's radical approach. why do you think the u.k. is in the midst of a currency crisis? >> there are local idiosyncratic factors, meaning the negative reception that the fiscal package has received. but you cannot really talk about pound without talking about the broader dollar rampage, which is spilling out everywhere. and forget last thursday evening, we had the japanese government intervene in markets to shore up the yen. they have had plenty of practice selling it, but buying it, for the first time in a generation. china is rolling out tweak after tweak data after day to cushion the slide of the yuan.
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christine lagarde was at the european parliament overnight, trying to talk down or at least manage expectations of what the ecb would do when it next meets. so this is a broader dollar issue, magnified by individual idiosyncrasies. rishaad: it is made worse, certainly with the former treasury secretary larry summers saying that britain is behaving like an emerging market, when it is actually a consequential nation. and that is not something that they like their in london. danielle: it is something that should alarm every policymaker. once tags like that get thrown around, they can start to stick. and then you are in the business of not only managing inflation, but managing your reputation. larry summers knows a thing or two about emerging-market
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crises. he was a key player at treasury in response to the asian financial crisis and russian financial crisis, which then became a latin american financial crisis in the late 1990's. as a guy who was on the cusp of becoming fed chair, you don't say things like that lightly. so the u.k. now has a reputational issue to manage. that is not where they thought they would be. rishaad: dan, thank you very much indeed, bloomberg's daniel moss there. let's have a look at the first word headlines. the organization for global economic development is expecting global economic growth to slow down next year, blaming it partially on the war in ukraine. the oecd cut the 2023 global growth outlook forecast. /the gdp forecast for most of the g20, with only indonesia getting a moderately higher outlook. the oecd also saying that further interest rate hikes are needed in most major economies, to tame inflation.
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>> hour forecast is a challenging one because we are forecasting a significant slowdown of the economy, the u.s. growing at 0.5% next year, the euro area growing at 0.3%, still a slowdown in china this year, next year, recovering a little bitp globally, we are talking a significant slowdown. rishaad: nasdaq is asking for more specifics related to share allocations for ipo's by small caps as it boosts scrutiny over huge price swingsp the exchange has asked for information about individuals being allocated sharesp nasdaq has been examining outsized price fluctuations in more than a dozen small-cap u.s. trading debuts, mainly involving company from hong kong and chinap negotiations between the biden administration's and tiktok over an agreement to let them keep operating in the u.s. is said to have stalledp sources say the sticking point is concerned that chinese ownership poses a national security threatp we are
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told an agreement would allow the platform to continue operating in the u.s. with additional restrictions on how data from american users is storedp residents along florida's gulf coast are stocking up and heading out of town as hurricane ian it's closerp the storm is getting power as it comes closer to landfall. the tropical storm winds could reach florida late tuesdayp more than 300,000 people are expected to evacuate. and that is a look at your first word headlines. yvonne: alright, we are looking at the tax payers. hstech is down 1%. grab is the ride-hailing app in singapore, they are having their first investor day. that just seems to be that ttrye shareholders on what has been a volatile year since they debuted through that spac earlier this year. the stock has tumbled more than
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70%. they now expect oily revenue growth of 45% to 55%, and adjusted ibitda loss of 380 million in the second half of this year. so they are expected to break even by the second half of 2024. david: not so much for those who got into the ipo. this is a reflection, and this is a big company in the southeast asian region. philippines right now. you have the paso where it is, $.59. first time ever. the index is at 6000, flirting with the lowest since late 2020. that being said, deal activity relatively speaking has been ok. we will have a look at some of the big deals in the equity markets these last 12 months or so, how does it look relative to previous years? you had 14 last year. five this year, but at least he had some activity, right? let's bring in our guest, eduardo francisco head of, bdo
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capital investment, the investment arm of the country's biggest lender, bdo. how do things look from where you are sitting? busy? good, bad? eduardo: still very busy. yield flow is very strong from the bond at equity markets. we are really watching interest rates and i guess what is happening with the pe so michelle: dollar -- the peso-dollar. david: have you noticed any trends? ed: in terms of ipo's, i think we will close at around 10 or 11. i am working on three more which they are optimistic of.
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bond deals, everything that we've launched is oversubscribed, sometimes 10 times. there is still a lot of demand. we are seeing probably another 100 to 100 million in the next few months. record raising. on the peso side, very strong. even loan growth is very strong. david: what about in terms of dollar funding. the peso seems to be en vogue. i would say that it is result of supplier not being abnormal levels. talk about the dollar story. ed: the dollar side is where we are having some pressure. the philippine stock market has tilted a bit. in the past it was majority foreign driven. now it is majority local driven. and you are right, i guess some of the foreign players are still seeing sidelines especially
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because of fx. we have gone on some roadshows already. a lot of them are visiting the philippines, looking for the stories and the winners, but they are just waiting, keeping their powder dry and getting ready to invest once, i guess, the dollar stabilizes. but there is a lot of interest already. the dollar players are still sitting in the silence. but the local players have taken up the slack, and that is why i guess we haven't been as hit as the other markets. yvonne: for those investors that maybe are still on the sidelines and may be starting to look at the philippines, i just wonder, what do you think are some of the things they should be wary of? what challenges do you see the economy facing that could possibly derail this recovery in the economy from the pandemic? ed: in terms of challenges, of
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course we have reopened. covid seems to be controlled already. the new government has made the right choices. the economics team is very strong. so we just want to make sure that people don't get booked because they are coming out already and spending, we are seeing that in the malls. but if the sentiment turns the other way, then demand will weaken. that for me is the bigger challenge. other than that, as announced earlier, the slowdown in the worldwide growth targets, i am glad to say that the philippines is still at the highest growth target for the next two years. yes, there are challenges, but we are at least leading the pack the first time in so many years. so if you want to invest in emerging markets, please look into us.
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[laughter] david: what do you tell them about currency exposure? i am sure you get the question anyone really are, with the exchange rate. ed: for me, that is a fair point. story wise, if you look at the micro, we have companies that grow significantly and with good growth trajectories. the question is value. if you company depreciates 10%, even if your company makes 10%, because of fx loss, that is stopping investors from coming in. hopefully, once we see the peso stabilizes, or if the central bank decides they will match that increases, then that is when we will see investors coming in. we will be ready for them.
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david: and the tourists, right? when i get there in a couple of months, beer is on me. [laughter] just kidding. [laughter] ed francisco there, bdo capital and investments president. yvonne: can i come? [laughter] let's go to some island. we have got to get away. speaking of a break, we will delve into tourism in the asia-pacific as countries ditch more covid curbs. . we have an exquisite interview with the marriott international apac president. this is bloomberg.
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rishaad: we are watching the recovery of travel around asia. it is expected to continue throughout this year as more nations lift restrictions. one place which has done that already is of course, singapore, where juliette saly is. juliette: travelers are now getting back on planes, with corporate control slowly being lifted. singapore is benefiting from all of this and playing host to a series of conferences this week, and the formula one race which is helping to fill hotel rooms. joining us in the marriott international president for the asia-pacific, excluding china. good to see you. a very big weekend.
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we are hearing rumors going for rates at more than $2000. what kind of demand are we being, and have we reached peak revenge tourism here? rajeev: first of all, it is great to see you. you are right, we are seeing significant pickup in demand across the board. we have 15 operating hotels in singapore and most of them are sold out for the weekend. but for us it is not just the grand prix demand, it is also our members. we have close to 60 million marriott members across the asia-pacific that are making a beeline for singapore because of our partnership with mercedes, with ritz-carlton, where he offered members some exclusive experiences with either the drivers, garage, or the principles. they have redeemed some 12.5 million points to come and get these personal experiences which money can't buy. juliette: but a very big weekend, as we know.
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what about when you look at recessionary and inflationary fears, and of course, the impact to fx with the strong dollar. to see demand waning? rajeev: currently we are not seeing any slowdown in demand. in fact, future bookings are stronger than we expected them to be. there are a few reasons. one is, a suit market opens up, we see demand come through, people really just longing to get out there and travel. case in point is japan. the government just announced opening as of october 11, and now bookings are picking up at a very strong pace. the balance sheet for most homeowners and homes are pretty strong. unemployment is at its lowest. so we do see people wanting to spend more on experiences and on travel than in some cases, hard goods.
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juliette: that kind of throws you into their berenberg call, they upgraded you and hilton earlier, saying they expect strong revenue per available room, continuing into 2023. how much do expect it to increase between this year and next. rajeev: back in june, we had already exceeded june 2019 numbers. that trend continues into july. we were up 2% over 2019 strongly driven by rates. as you look at asia-pacific now, it recovery is varied across the world. asia-pacific has been a little slow, because a lot of countries still had restrictions, japan case in point, china still not allowing outbound travel to come through. but as soon as these restrictions are eased, singapore is a perfect example of that, that we are seeing very strong demand recovery across the board. rishaad: how travel trends may have changed after the pandemic, are receiving more leisure
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travel, and also, is corporate travel coming back? and one part which is relevant with regards to all of this, the pace will be different in different parts of the region, but is it high-end or low-end? what is the deal? rajeev: you know, we are seeing considerable bounceback in corporate travel, to your question earlier, in fact, 90% recovery in comparison to 2019, with many markets like india and australia, even career for that matter, almost passed 100%. in terms of trends, the trend of be-leisure, which is folks staying a little bit longer and blending business and leisure, continues. luxury travel at the high-end is very, very strong. we also see demand across the board in our portfolio, across asia-pacific and globally. rishaad: i know that greater
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china is not in your remit entirely, but you must have a sense of what is going on in terms of hong kong, how do you expect the dial to be moved? we have gone to zero quarantine, but we have zero plus three. do we need zero plus zero to get here? it is world tourism day as well. rajeev: well, happy world tourism day! [laughter] i agree with you, i think we have seen this across the globe. as long as there are some restrictions, people are hesitant. and as soon as governments ease all restrictions, you see bounceback really strongly. because most travelers don't want to get locked up or stuck in a location, and i think hong kong is definitely taking all the right steps. and as soon as they drop all the restrictions, you will see a
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considerable searching travel. juliette: so we are waiting for that to travel and the mainland china story to happen. meantime, what drives expansion? is it? rajeev: a lot of it is dumb. we have seen a domestic tourism to the tune of 130% to 140 percent recovered in comparison to 2019. you are also seeing a lot of intraregional travel will europe and the u.s. are starting to bounceback. thailand, started slow giving there was considerable reliance on the chinese traveler, but now, we are seeing strong recovery from markets like austria, singapore, malaysia and a number of other markets around the world. juliette: we love to see it, a very different singapore from a year ago. thank you very much, rajeev menon of marriott international. plenty more ahead. this is bloomberg. ♪
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david: welcome back to, bad news continues here. [laughter] to start things are, philippine peso, 23%. back to the levels of 2020. 20% down from the highs in
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february. a bit above bear market level at this point in time. hstech, march 2015 at lowe's. still above that, but little bit more and we get to that level where they came in and intervened. hdi, you have to go back to 2011 to get the levels of 17 .6. doesn't seem to be finding it floor in hong kong, despite the rally in casino stocks and reopening. yvonne: topping those june highs on a lot of anticipation, the opening story. i guess this is where you can find more solace these days. at least today we are seeing a bit more calm back in the fx markets, but it is all mixed. bond markets still read this morning. philippines, as david mentioned. at least the pound, 1.0769, you are seeing some strength this
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morning. everybody has been under pressure. maybe it is just rishaad: a rishaad: jittery. we have perhaps the pboc looking at going towards the lowest level in 24 years? 24 years since we have had a stronger-than-expected fixing -- 24 days. yvonne: and still seeing weakness for dollar-china this morning, from what we have been seeing from this aggressive defense from the pboc this week -- we say it is this week, it is only tuesday. [laughter] it has been a long week already. rishaad: what happens to the rest of the week if it starts off like this? a lot more coming up. we will be checking on the currency markets and beyond -- "infinity and beyond." [laughter]
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