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Feb 27, 2024
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the boj. the boe, the ecb and the fed.a point where there is an expectation and stronger economy where there will be fewer cuts starting later year to hire. but equity markets are hiring correlation. is that a healthier set up for further gains ahead? i will leave that with you as we reflect on that correlation between the two year yield in u.s. stocks around the s&p. that has changed and is adjusted. let's look at what's happening with that coin. the expectation around the fed has played into the story, but now it about the etf flows. here's the move yesterday in terms of volumes, we were back to levels that we last saw her we got the etf's near the beginning of this year. so the moves against those etf's on the back of it was optimism around crypto burst through. 57,000 is back to around 56,000 we continue to watch that story. plenty more coming up. markets today with the ceo on markets today. stay with us. this is bloomberg. ♪ when i was your age, we never had anything like this. what? wifi? wifi that works all over the
the boj. the boe, the ecb and the fed.a point where there is an expectation and stronger economy where there will be fewer cuts starting later year to hire. but equity markets are hiring correlation. is that a healthier set up for further gains ahead? i will leave that with you as we reflect on that correlation between the two year yield in u.s. stocks around the s&p. that has changed and is adjusted. let's look at what's happening with that coin. the expectation around the fed has played...
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Feb 27, 2024
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that means that's the boj's target.at inflation in japan has matched or exceeded the boj's target for 22 consecutive months and what's also important, may be more important is what's ahead. that's the month of february data, we expect to see cpi jump quite a bit. that's because a year ago the government implemented subsidies, utilities took one point off inflation with the february data coming around. we see their rebound of that, we may see cpi jump to above 2.5, may be below 3%, but somewhere below 2.5% and 3%. we expect that will boost bets on the boj and the negative rates. haslinda: it's also about demand, where are we because there's upside risk from that. >> that's right. one of the things to look at, we had service prices and they showed there was an increase in demand led inflation. for the last two months service prices were at 2.3%. that's the three decade high. it came down just a tad in the latest batch of data. but still hovering at a three decade high. there's a case to be made that wage hikes, which are
that means that's the boj's target.at inflation in japan has matched or exceeded the boj's target for 22 consecutive months and what's also important, may be more important is what's ahead. that's the month of february data, we expect to see cpi jump quite a bit. that's because a year ago the government implemented subsidies, utilities took one point off inflation with the february data coming around. we see their rebound of that, we may see cpi jump to above 2.5, may be below 3%, but somewhere...
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Feb 1, 2024
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interest rate policy but i don't think boj will go too far in terms of hiking rates.ill you see a lot of strength in yen? not necessarily. rishaad: april is the date after these negotiations but everybody is anticipating it and that makes for a herd mentality. >> you are absolutely right and everything is anticipating a specific time for a specific event. i think when i look at japan, looking at the combination of where the yen is, the policy structure and reforms, the japanese equities are better bet today than trying to take a big call on the currency or rates market. although you still want to play from the short side as more of a flattener than take bets on explicit rates tale. haslinda: thank you for that. plenty more ahead. keep it with us. this is bloomberg. ♪ something amazing is happening here. retailers are moving inventory quickly and securely. that's because cdw designed and built a solution with cisco security. end to end protection, defends against attacks and makes better decisions in real time. so warehouse and customer data stay protected every step o
interest rate policy but i don't think boj will go too far in terms of hiking rates.ill you see a lot of strength in yen? not necessarily. rishaad: april is the date after these negotiations but everybody is anticipating it and that makes for a herd mentality. >> you are absolutely right and everything is anticipating a specific time for a specific event. i think when i look at japan, looking at the combination of where the yen is, the policy structure and reforms, the japanese equities...
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Feb 15, 2024
02/24
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that was not in the script, what is the path for boj?: [laughter] that is right, this is not the result anybody wanted, this is the perfect headache for the boj. after all, this carefully correlated to build this first rate interest hike -- interest rate hike since 2007, and just as expected, the green light to say go, it stays red, and not only that, it is worse. just think about this. we have 34 economists looking at the forecasts for gdp, and only one said there was a chance of contraction. quite a few around zero, but only securities called a contraction, so which central bank of the world would like to raise interest rates when the economy is in contraction and recession? it is not a good look, so the optics are not great, but i would caution against this means, ok, no rate hike until the summer, until we have a quarter of growth. i think we are still on track, but business does complicate -- but this does complicate the picture, and if you look at the figures coming out, we will see the probability that market traders have for rate
that was not in the script, what is the path for boj?: [laughter] that is right, this is not the result anybody wanted, this is the perfect headache for the boj. after all, this carefully correlated to build this first rate interest hike -- interest rate hike since 2007, and just as expected, the green light to say go, it stays red, and not only that, it is worse. just think about this. we have 34 economists looking at the forecasts for gdp, and only one said there was a chance of contraction....
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Mar 1, 2024
03/24
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the boj, mixed messages. one of the ministers of the boj saying something different.w much will they temper the expectations set up from the previous signaling. the target is not insight but there is that sense, to borrow the words of mary daly from the san francisco fed, the readiness is coming into sight for a number of central banks. let's look at how markets are deciphering this at the open. annabelle: from the japan perspec
the boj, mixed messages. one of the ministers of the boj saying something different.w much will they temper the expectations set up from the previous signaling. the target is not insight but there is that sense, to borrow the words of mary daly from the san francisco fed, the readiness is coming into sight for a number of central banks. let's look at how markets are deciphering this at the open. annabelle: from the japan perspec
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Feb 27, 2024
02/24
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it's one of the last things the boj wants to do, so it will happen when it happens. on corporate governance, this has been pretty positive. their publishing a monthly list of stocks that are cooperating with the guidance they issued over one year ago. it is interesting that with the second print, two data points does not make a trend. but the names on the list are underperforming this year whereas names on the first list in january outperformed so it is in the background but it comes to company specific surrounds what they're doing to grow earnings. annabelle: we are hearing some investors turning more positive on chinese equities and we've seen it reflected in the performance of shares. even though the rally has taken a breather. are you changing your pessimism toward the market at all? >> we started the year negative and we have become a little more negative but from a longer-term perspective it makes sense to pay attention to outliers and china has been an outlier. the market is cheap for a reason. self-inflicted policies took us to where we are now but we only ha
it's one of the last things the boj wants to do, so it will happen when it happens. on corporate governance, this has been pretty positive. their publishing a monthly list of stocks that are cooperating with the guidance they issued over one year ago. it is interesting that with the second print, two data points does not make a trend. but the names on the list are underperforming this year whereas names on the first list in january outperformed so it is in the background but it comes to company...
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Feb 8, 2024
02/24
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what are you anticipating the boj would do this year? >> we are expecting some tightening. the key for us would be there need to manage that very carefully. that will be wanting to try to figure out how they can do that. partially on the fact that we've got -- the allocation we expect basically to be from bonds to equities given inflation is positive and obviously reforms are safe from the pension side and from a corporate -- corporate governance perspective. it is a crowded analyst trade, if you like, but it is not a crowded trade in terms of money in japanese equities. which is one were comfortable having that overweight as we go through this year. haslinda: and the rbis is likely to stand pat today? >> highly likely to leave interest rates on hold. you mentioned earlier inflation in india still probably a bit higher than where they wanted. further disinflation coming through before they start thinking about moving away from tightening and moving toward looking at when they might ease policy. that's probably going to come through later this year, but certainly beyond toda
what are you anticipating the boj would do this year? >> we are expecting some tightening. the key for us would be there need to manage that very carefully. that will be wanting to try to figure out how they can do that. partially on the fact that we've got -- the allocation we expect basically to be from bonds to equities given inflation is positive and obviously reforms are safe from the pension side and from a corporate -- corporate governance perspective. it is a crowded analyst...
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Feb 19, 2024
02/24
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haslinda: how do you see the yen moving once the boj makes a movement from negative rates?o you see a rapid increase or will it be slowly? how did you see the yen moving? >> the yen is a cheap valuation, and there are different flows happening that could also be helping investment into japan or repatriation back into japan, but the biggest driver and our mind is still the rate differential, and even if we are talking about the boj moving rates, the extent of the move and expectation being priced into the curve, there is much more volatility coming through on the u.s. dollar side, the u.s. dollar rates will drive the dollar yen much more. on the other hand the boj is starting to move and normalizing, coming up in terms of rate, and that contrast could make the yen move quicker. haslinda: on a broader basis, the high-yield bond market, and how do you see that play a given perhaps we will not see aggressive rate cuts is first anticipated? my trouble be brewing in the space? >> the high-yield market in the u.s. or asia will be driven more by the economic cycle. in the u.s., man
haslinda: how do you see the yen moving once the boj makes a movement from negative rates?o you see a rapid increase or will it be slowly? how did you see the yen moving? >> the yen is a cheap valuation, and there are different flows happening that could also be helping investment into japan or repatriation back into japan, but the biggest driver and our mind is still the rate differential, and even if we are talking about the boj moving rates, the extent of the move and expectation being...
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Feb 15, 2024
02/24
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but with the economy now in a recession, it's highly unlikely that the boj will do anything to changew. british gas has announced its profits for 2023 increased ten—fold to £750 million — that's around $940 million dollars. the supplier said the jump from £72 million in 2022 was due to the energy regulator ofgem allowing it to recover losses of £500 million it racked up in the aftermath of russia's invasion of ukraine. while oil and gas firms made record profits when energy prices spiked, suppliers that took on the customers of bust retailers made hefty losses. centrica, british gas's parent company, said its profits fell by 17% to £2.8 billion — that's around $3.5 billion — which is less than the year before. let's get more. david cox is an independent energy analyst. we know that volatile energy costs have hit households and theirs tells us a bit more about how it thanks applies to. us a bit more about how it thanks a- lies to. , us a bit more about how it thanks applies to— applies to. the shift in profits from latte _ applies to. the shift in profits from latte to _ applies to. th
but with the economy now in a recession, it's highly unlikely that the boj will do anything to changew. british gas has announced its profits for 2023 increased ten—fold to £750 million — that's around $940 million dollars. the supplier said the jump from £72 million in 2022 was due to the energy regulator ofgem allowing it to recover losses of £500 million it racked up in the aftermath of russia's invasion of ukraine. while oil and gas firms made record profits when energy prices...
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Feb 9, 2024
02/24
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currency, and we have seen it hovering at the 149.5 level after relatively dovish comments from the boj governor to parliament today, and that echoed what we heard from his deputy yesterday. hong kong markets on half day of trading, and they closed lower on the hang seng, .8 of 1%. if you wonder where we are going from here, it does not look too promising based on recent performance of the hang seng. it investors actually reduced long exposure when the hang seng rallied, so it does not bode well. something else to consider, let's look at the fx space as the yuan onshore is been hovering at the 27 level. at 720 seems to be the unofficial line in the sand for the central bank. together central bank we are watching is the rbnz, and the anz bank prediction is for rate hikes to resume in february as well as in april, so the key read is jumping today. tom: thank you very much. treasury secretary janet yellen says u.s. regulators are monitoring risks facing nonbank mortgage lenders. she spoke at a senate banking committee hearing. >> if sock -- ipsoc is focusing on that because nonmortgage com
currency, and we have seen it hovering at the 149.5 level after relatively dovish comments from the boj governor to parliament today, and that echoed what we heard from his deputy yesterday. hong kong markets on half day of trading, and they closed lower on the hang seng, .8 of 1%. if you wonder where we are going from here, it does not look too promising based on recent performance of the hang seng. it investors actually reduced long exposure when the hang seng rallied, so it does not bode...
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Feb 23, 2024
02/24
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yvonne: there is a new report coming out on the boj. you are saying there is something profound happening in the labor market. is that enough to move the needle for the boj? fred: the market thinks so. and we agree. there are wage rises coming through in japan at last. a 4% wage growth. the question is, will that be enough for the bank of japan to raise rates quite aggressively? the answer is no because wages are going up but inflation is going up as well. real income for houses is going down. it is not clear that we can aggressively hike interest rates. in the fx market, we see this pressure on the yen, partly because the markets are saying the fed is a much better case for keeping a tight leash than the boj. yvonne: it is that focus on real wage growth. stay with us. we will have more ahead coming up. celebrations all around as the first u.s.-made spacecraft in over 50 years made it to the moon. we will have more details on what this means for the u.s. space program shortly. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ )
yvonne: there is a new report coming out on the boj. you are saying there is something profound happening in the labor market. is that enough to move the needle for the boj? fred: the market thinks so. and we agree. there are wage rises coming through in japan at last. a 4% wage growth. the question is, will that be enough for the bank of japan to raise rates quite aggressively? the answer is no because wages are going up but inflation is going up as well. real income for houses is going down....
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Feb 2, 2024
02/24
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i would will manage its domestic bond portfolio and its lending spread, suggest that question of boj policy implications. let's switch on because they are the focus is on apple suppliers must move into the upside, but that could also be the positive session abusing protect stocks overall. it nasdaq wanted to get into the open as a u.s. futures after some good numbers from big tech, but apple really one of those that did disappoint with its china iphone sales of missing targets, so dropping around 13% in the final three months of the year. that is what analysts are claiming to, because you are seeing apple dropping more than 3%. we will have more on apple's china challenges and other big tech results just ahead. this is bloomberg. ♪ hey! sarah! if you had to choose would you listen to elevator music all day or deal with payroll compliance? payroll compliance, for sure. gusto automatically calculates and files my taxes for me. hold up, compliance? easier? choose payroll compliance without the ups and downs. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what
i would will manage its domestic bond portfolio and its lending spread, suggest that question of boj policy implications. let's switch on because they are the focus is on apple suppliers must move into the upside, but that could also be the positive session abusing protect stocks overall. it nasdaq wanted to get into the open as a u.s. futures after some good numbers from big tech, but apple really one of those that did disappoint with its china iphone sales of missing targets, so dropping...
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Feb 15, 2024
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i'm wondering if that changes your calculations about what the boj next -- about what the boj does next and your investing approach. >> japan is down, obviously. the nikkei have been a star performer. a lot going for it. a weak currency against very good earnings growth. the growth of supply chains a different countries around the world, geopolitical reasons creates a lot of demand for these businesses. and relatively loose monetary conditions, but it's all good feel for re-rating in this bull market. the challenge is if japan is in some sort of stagflationary environment with inflation still running near around 3%. many countries around the world are getting into stagflation, including where i sit today in new zealand. if the currency continues to be weak, the boj is considering trying to push back on now. they will try to intervene using reserves to prop up their currency, but that could be the catalyst to force them to grow even tighter on monetary policy. haidi: quick word on china before we let you go, the bar seems very high for significant outperformance or rebound. are you oppor
i'm wondering if that changes your calculations about what the boj next -- about what the boj does next and your investing approach. >> japan is down, obviously. the nikkei have been a star performer. a lot going for it. a weak currency against very good earnings growth. the growth of supply chains a different countries around the world, geopolitical reasons creates a lot of demand for these businesses. and relatively loose monetary conditions, but it's all good feel for re-rating in this...
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Feb 15, 2024
02/24
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it could be enough for the boj to move in april, maybe even march. this data supports the argument of those saying, this could come a little bit later. it could come june or july. japan's gdp figures are pretty volatile. the next revision is early march after data, inventory data comes out. march 11 will be a new gdp figure. we are not that far off zero, maybe we could get around there. maybe things would be a bit more up arrow than the boj could move. david: it's the delta. we are showing this graphic on the screen and you could probably see it as well. the reason we are comparing this to 1989, because the market is back to those levels. i guess the point being the u.s. economy is five times bigger, china is 34 times bigger, japan is barely above its size back in 1989. look at the headline numbers, how does the economy feel? this economy and the -- economic agents are not used to growth, they are not used to inflation. >> indeed. i think we have had these last decades a very anemic growth in japan. this whole experiment that the bank of japan has un
it could be enough for the boj to move in april, maybe even march. this data supports the argument of those saying, this could come a little bit later. it could come june or july. japan's gdp figures are pretty volatile. the next revision is early march after data, inventory data comes out. march 11 will be a new gdp figure. we are not that far off zero, maybe we could get around there. maybe things would be a bit more up arrow than the boj could move. david: it's the delta. we are showing this...
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Feb 16, 2024
02/24
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caution on boj bets. over to korean trading, this has been the big comeback when it comes to south korean equity markets becoming the least loved to the best-performing gauge this month, for investors stepping up purchases. some of those gains built on expectations of local regulatory market reform. tech stocks up about half a percent in korea as well, and pretty steady trading when it comes to dollar-won. the export numbers, the first 10 days not particularly positive but on the balance, a lot of positivity when it comes to east asian markets. paul: we are seeing some enthusiasm in australia as well. the asx up about 8/10 of 1%. the stock itself flat. bhp, the world's biggest miner doing well after its train drivers announced they will not go ahead with strike action. the aussie dollar, $.65, not a lot of change. yields creeping up. there is the story around oil also. russia has almost reached its voluntary output cut for the first time since it made that promise. potentially surplus this year as demand
caution on boj bets. over to korean trading, this has been the big comeback when it comes to south korean equity markets becoming the least loved to the best-performing gauge this month, for investors stepping up purchases. some of those gains built on expectations of local regulatory market reform. tech stocks up about half a percent in korea as well, and pretty steady trading when it comes to dollar-won. the export numbers, the first 10 days not particularly positive but on the balance, a lot...
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Feb 16, 2024
02/24
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the boj governor set to speak in the next few minutes or so.part of the rally is down to the weaker yen? there's been conversation surrounding boosting returns and shareholder returns. earnings have been very good. in many ways, that's what happens when you have a little bit of inflation in the system right now. animal spirits abound still on the nikkei. the nikkei, nt ratio as they say. that's a three year high. that's helping lift the overall benchmark in the region. we are looking at gains in the asia-pacific. that put the msci asia-pacific index within striking distance of a new 22 year high. he sectors we are tracking across the region. most sectors were still up. yeah. it's been the goldilocks scenario. the situation we are in right now would be hard to top. quite cautious moving forward from here. get those hedges in. they are fairly cheap. i almost forgot. it's also budget day in singapore. haslinda: yeah. there's been a lot of volatility. the focus now is on ppi and how that pans out. the last time we had that ppi data, we saw how it h
the boj governor set to speak in the next few minutes or so.part of the rally is down to the weaker yen? there's been conversation surrounding boosting returns and shareholder returns. earnings have been very good. in many ways, that's what happens when you have a little bit of inflation in the system right now. animal spirits abound still on the nikkei. the nikkei, nt ratio as they say. that's a three year high. that's helping lift the overall benchmark in the region. we are looking at gains...
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Feb 29, 2024
02/24
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there are signals the boj price target is in sight.xit, but he says beyond the shift, he will not see a rate hike. policy in focus today. tom: will determine the pace of interest-rate cuts. >> my colleagues put out projections or forecasts in the median was three rate cuts in 2024. with inflation coming down, if they think about doing that later this year. tom: john williams stressing the data dependency. let's bring in bloomberg's jill for an analysis. we're expecting the personal consumption expenditures. what will it mean for rate trajectories? jill: well, i would say for as much as the fed is stressing how much, the inflation gauge, were talking about january. it is hot for the month and there are effects you have to consider. the january effect. annual cost of living adjustments that are taking into account and a big jump in payroll. that will attribute to some hot data. powell's preferred metric is a gauge of inflation. looking at data for january. as the fed charts out its past, looking at a cut in may, they will look at data th
there are signals the boj price target is in sight.xit, but he says beyond the shift, he will not see a rate hike. policy in focus today. tom: will determine the pace of interest-rate cuts. >> my colleagues put out projections or forecasts in the median was three rate cuts in 2024. with inflation coming down, if they think about doing that later this year. tom: john williams stressing the data dependency. let's bring in bloomberg's jill for an analysis. we're expecting the personal...
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Feb 14, 2024
02/24
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that has not gone away and because we have not seen the boj in contrast with the fed and it is stillsidelines, that has kept the yen under pressure against the dollar and g10. as a result of the weaker yen we see support for japanese markets and with data from china where you saw in increase, it is only worth a grain of salt because january data is stronger than the rest of the year because of frontloading war chinese new year. so caution is there on the china home markets and will be for quite some time. haslinda: bloomberg's strategy mary nicholas. earnings fueling the view that sluggish growth is dragging on the stock markets push for a peak. asian stocks reporter joins us to talk about how china is a weak link for companies. >> we just spoke about everything going well for japan. china could drag on the japanese market. we've had a bunch of earnings were companies pointed to weaker guidance for china operations and sales. one example is an electronics maker that gets 25% of revenue from china. it cut its guidance. shares fell 16%. another one is an industrial robot maker and it g
that has not gone away and because we have not seen the boj in contrast with the fed and it is stillsidelines, that has kept the yen under pressure against the dollar and g10. as a result of the weaker yen we see support for japanese markets and with data from china where you saw in increase, it is only worth a grain of salt because january data is stronger than the rest of the year because of frontloading war chinese new year. so caution is there on the china home markets and will be for quite...
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Feb 29, 2024
02/24
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let's talk about the boj.oing through all of the major currencies here, obviously 150 is jaw boning by the boj. it wants to hike rates, but it cannot do that in the economy that is still struggling. what is the outlook? >> it is grim. for 20 years, they have been at 0% rates. they don't have anywhere to cut. they don't have -- if they increase rates, it is painful for them as well. they're just in a tough situation. it is an aging economy and population there. it makes it difficult for them to still compete. they want to be a manufacturing country, but they aren't. they don't have the population and the youth to do that. most of that is ut-sourced. i don't think they made the transition to being a completely tech country as well. >> all right. finally, i have to ask about bitcoin. bitcoin is topping $60,000 on course for the biggest monthly gain in three years. within a range of a record high, has bitcoin and cryptocurrency rehabilitated itself? >> it sure feels like it. i know my crypto accounts are up. that
let's talk about the boj.oing through all of the major currencies here, obviously 150 is jaw boning by the boj. it wants to hike rates, but it cannot do that in the economy that is still struggling. what is the outlook? >> it is grim. for 20 years, they have been at 0% rates. they don't have anywhere to cut. they don't have -- if they increase rates, it is painful for them as well. they're just in a tough situation. it is an aging economy and population there. it makes it difficult for...
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Feb 4, 2024
02/24
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annabelle: the outlier of the central bank cycle is the boj. what are your expectations? i know your expectation ends with the yen potentially at 135. how does that impact the equity rally? spencer: i think the boj has seen enough or is close to having seen enough to justify exiting the last negative rate in the whole world. if they do that especially if the federal reserve, the ecb, the bank of england, the pboc are all cutting, all easing, we think that is very bullish for the yen. we think that's a tailwind. we can see the yen rallying up to 135 here. to relate to japanese equities, we would actually see that as a headwind similar to what you saw in the u.s. in late 2021. as the central bank begins to hike, that's obviously a net negative for companies that are borrowing. it will also make japanese exports more expensive. japan is a pretty big exporter to the world. on the flipside, it would make the imports of commodities cheaper. it could work both ways. but we would be a little cautious on japanese equities. annabelle: are you cautious on chinese equities? over the
annabelle: the outlier of the central bank cycle is the boj. what are your expectations? i know your expectation ends with the yen potentially at 135. how does that impact the equity rally? spencer: i think the boj has seen enough or is close to having seen enough to justify exiting the last negative rate in the whole world. if they do that especially if the federal reserve, the ecb, the bank of england, the pboc are all cutting, all easing, we think that is very bullish for the yen. we think...
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Feb 14, 2024
02/24
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expectations at the moment in terms of what we see from the boj, expecting governor ueda to raise theher in march or april. earlier would give more support for the yen, but there is also the issue the boj might be reluctant to give the impression it's responding just to market moves. the weakness in the yen has really been one of the big drivers behind this japan equity rally. we are about 3% away from that 1989 high for the nikkei. bloomberg users can interact with the charts we have been going through. they are featured on bloomberg tv and you can browse all of them to catch up on key analysis and save the charts for future reference. this is bloomberg. ♪ haidi: cisco announced plans to cut thousands of jobs after a slowdown in corporate tech spending. a restructuring plan will affect roughly 5% of the firm's workforce, or 4000 jobs. cisco's forecast fell far short of forecasts. uber jumped the most in 18 months after announcing it will buy back as much as $7 billion in shares. it comes after the ride-hailing pioneer reported its first full year of operating profit and consistently
expectations at the moment in terms of what we see from the boj, expecting governor ueda to raise theher in march or april. earlier would give more support for the yen, but there is also the issue the boj might be reluctant to give the impression it's responding just to market moves. the weakness in the yen has really been one of the big drivers behind this japan equity rally. we are about 3% away from that 1989 high for the nikkei. bloomberg users can interact with the charts we have been...
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Feb 29, 2024
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they can see get out of the boj building. it is not far away.ome are thinking march is a possibility for a change. because of the japanese year end, my guess is they will defer, and april will be a done deal for tightening. march, they may surprise us. they have surprised us before. it looks as though there will be no more excuses and japan will accept negative rates. haslinda: but how much more upside can we expect? how quickly can the yen move? mark: we have to look at the previous episodes, and it will not be as big. we saw two big moves in the past years. the big one, u.s. interest rates are coming down, treasury yields are falling quite fast in the states, and we had hawkish comments following the. we had a move last year, 10 yen, people were thinking the bank of japan would do an early move at the end of last year. we probably have some thing smaller than either of those. we are probably looking at a move of five, six yen. still pretty decent. the currency markers by today's standards are pretty quiet. haslinda: mark, thank you so much for
they can see get out of the boj building. it is not far away.ome are thinking march is a possibility for a change. because of the japanese year end, my guess is they will defer, and april will be a done deal for tightening. march, they may surprise us. they have surprised us before. it looks as though there will be no more excuses and japan will accept negative rates. haslinda: but how much more upside can we expect? how quickly can the yen move? mark: we have to look at the previous episodes,...
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Feb 26, 2024
02/24
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that is in line with the boj target of 2%. that is the core reading.e headline level, it is coming better than expected. growth of 2.2%. the survey had been for 1.9%. it is the same trend of a softening for the month prior. the core reading came in at 3.5%. the survey had been for 3.3%. in aggregate, the inflation numbers are a little bit better than had been expected. it is still against that backdrop of pretty weak data we have out from japan. the country is in a technical recession at least. certainly something that is going to be tracked closely because we want to get a gauge of the health and the boj wants to understand whether the economy is weak or strong enough to end negative rates and its program of yield curve control. notcoo much reaction off the japanese yen. it is a little bit firmer versus the greenback here. certainly an interesting data point. coming in better than what had been expected. taking a look across the markets, you are seeing a bit of weakness across the board. just looking at those numbers, it is not very noticeable or wort
that is in line with the boj target of 2%. that is the core reading.e headline level, it is coming better than expected. growth of 2.2%. the survey had been for 1.9%. it is the same trend of a softening for the month prior. the core reading came in at 3.5%. the survey had been for 3.3%. in aggregate, the inflation numbers are a little bit better than had been expected. it is still against that backdrop of pretty weak data we have out from japan. the country is in a technical recession at least....
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Feb 7, 2024
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pimco saying the boj will move in march out of the ultra-loose policy and get to 0%.nt currently at $78 a barrel just up. let's get to the asian markets in the view from singapore with april hong. a little bit of optimism in chinese stocks. msci asia-pacific currency of 3/10 of a percent. is there an expectation that this will be staying, what is unfolding this wednesday? >> i think it depends on where you are looking. if you are looking at the hang seng, underperformance is really coming through. it's a reversal from yesterday where we saw it surged by the most since july last year. csi 300 and the csi 1000, the gauge of small-cap hanging on to those gains. this is a sign of market distortion, given how state funds are at play. but as you say, there is some optimism. the gauge of stocks in the region is higher. we are seeing a reversal on the chinese government bond performance from yesterday. colleagues at mliv point out yields are headed lower. it is a deflationary environment we are looking at longer-term and china. we have an inflation print due tomorrow that wil
pimco saying the boj will move in march out of the ultra-loose policy and get to 0%.nt currently at $78 a barrel just up. let's get to the asian markets in the view from singapore with april hong. a little bit of optimism in chinese stocks. msci asia-pacific currency of 3/10 of a percent. is there an expectation that this will be staying, what is unfolding this wednesday? >> i think it depends on where you are looking. if you are looking at the hang seng, underperformance is really coming...
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Feb 23, 2024
02/24
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we think they can withstand the hike the, especially if the boj guidance after the hike is not drew: aggressive. -- not to drew: aggressive. but we are looking for opportunities to may change that assessment in the next few months. paul: can we get your view also on the inflation forecast for china, may a deflationary forecast had a bit of a description. and in terms of policy measures in china, these the them as needlessly timid perhaps? homin: first of all, we lowered our inflation forecast for china recently in the aftermath of the january, very disappointing january report which showed headline inflation that -0.8% year on year. the rebound scenario, we have to be more realistic. we are looking for one point 3% average cpi this year. we know there is still quite a bit of downside to that risk. now for the policy action by beijing, we are seeing some steps in the right direction. but our overall assessment is that the approach is still quite piecemeal and reactive, for instance, the 25 basis when cut in 5-year loan prime rates, you could question why didn't they do this in january
we think they can withstand the hike the, especially if the boj guidance after the hike is not drew: aggressive. -- not to drew: aggressive. but we are looking for opportunities to may change that assessment in the next few months. paul: can we get your view also on the inflation forecast for china, may a deflationary forecast had a bit of a description. and in terms of policy measures in china, these the them as needlessly timid perhaps? homin: first of all, we lowered our inflation forecast...
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Feb 26, 2024
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you are likely to hear boj voices going that way. dollar-yen still above 150, so still in the area where verbal intervention is possible, maybe even forceful intervention if the yen weakens too quickly, so the bank of japan has a role to play. the quicker they get on with some kind of tightening, it probably will help the yen stabilizes well, so you have got all of that into the mix. the cpi data is probably not a huge market mover, but what is more significant for the japanese equity story is this a move toward -- the governing story is very good, and then you get these really positive things like taiwan semi can looks as if it will open its first big plant in japan ahead of schedule. that is a huge positive. foreigners are looking at japan, what they can do and where they are going. that is a huge positive. david: the earnings story in japan, this market even it 39300 is cheaper than it was a few weeks back. pce is on friday. that tops the list of a lot of data coming out of the u.s. do not get me started on the number to fed speak
you are likely to hear boj voices going that way. dollar-yen still above 150, so still in the area where verbal intervention is possible, maybe even forceful intervention if the yen weakens too quickly, so the bank of japan has a role to play. the quicker they get on with some kind of tightening, it probably will help the yen stabilizes well, so you have got all of that into the mix. the cpi data is probably not a huge market mover, but what is more significant for the japanese equity story is...
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Feb 11, 2024
02/24
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please note that we are at the conclusion of the second fajr international film festival in boj miladhran, until this moment that i am at your service . before i want to explain the awards to you, i would like to say that at the beginning of the closing ceremony, mr. mojtaba, the secretary of the festival , talked about the fact that holding the festival in the provinces and the unique reception of the audience and spectators in the provinces made us have a vision ahead. let's imagine a warm and full movie year god willing, we will have a boom in iranian cinema. in the international section, films from haft. the country participated in the tehran fajr international film competition, and the awards were presented to the winners tonight in the closing section with the presence of seven heads of the haft kashre film organization. in the international section , there were four items and four titles, one of which was the interfaith section. actually, mr. mahmoud kalari received a diploma of honor for the summer of the same year, and mr. dariush yari won the best film for the movie ashagi s
please note that we are at the conclusion of the second fajr international film festival in boj miladhran, until this moment that i am at your service . before i want to explain the awards to you, i would like to say that at the beginning of the closing ceremony, mr. mojtaba, the secretary of the festival , talked about the fact that holding the festival in the provinces and the unique reception of the audience and spectators in the provinces made us have a vision ahead. let's imagine a warm...
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Feb 15, 2024
02/24
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and, of course, the boj and the mof having a very close eye on the markets at the moment, the last timeooked, the dollar was trading at 150. this is one contributing factor. but it looks as if there will be a positive move in the gdp numbers and expansion from that further surprising collapse in the last quarter. consensus is thus .2% for the quarter on quarter number we should be about 1.1% for the year and i think anything over that will be actually very positive but that kind of level would, i think, add a layer of comfort to perhaps the decision to raise rates by the bank.— perhaps the decision to raise rates by the bank. what does this mean — rates by the bank. what does this mean for— rates by the bank. what does this mean forjapan _ rates by the bank. what does this mean forjapan overall i rates by the bank. what does| this mean forjapan overall as it threatens to lose its spot as the third largest economy? very briefly, i don't think it makes an awful lot of difference because the problem is when you are comparing what economies they do it on a dollar base which doesn't really r
and, of course, the boj and the mof having a very close eye on the markets at the moment, the last timeooked, the dollar was trading at 150. this is one contributing factor. but it looks as if there will be a positive move in the gdp numbers and expansion from that further surprising collapse in the last quarter. consensus is thus .2% for the quarter on quarter number we should be about 1.1% for the year and i think anything over that will be actually very positive but that kind of level would,...
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Feb 15, 2024
02/24
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the economy unexpected -- unexpectedly slipping into a recession, clouding the boj ending negative interestnzies sending nvidia's market cap above alphabet and above i amazon while fueling all the wealth gains this year for the world's richest
the economy unexpected -- unexpectedly slipping into a recession, clouding the boj ending negative interestnzies sending nvidia's market cap above alphabet and above i amazon while fueling all the wealth gains this year for the world's richest
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Feb 9, 2024
02/24
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we are tracking the nikkei 225 extending and dovish comments from the boj deputy governor led to the yen weakness. we saw toyota continuing to gain the. one stock we are tracking is softbank. looking at the spread, and it is unmatched but we are seeing it swinging back into profit. taking gains from arm, the u.s. chip designer listed last year. we had a focus on general value of portfolio companies and that gained. certainly one to be tracking. haidi: take a look at training in australia. a muted session, a tent of 1% to the upside, but not much conviction. real estate, health care, technology are stronger. we are seeing weakness very pronounced when it comes to energy. as we see the split between rise in oil prices versus energy stocks necessarily. seeing australian stocks and new zealand bonds following u.s. treasuries. a robust 30 year option. the aussie dollar is holding steady. we heard from the rba governor speaking to a parliamentary panel, saying cpi does not need to be in the target range for the rba to cut rates. that saw a move when it comes to the move in the dollar. watc
we are tracking the nikkei 225 extending and dovish comments from the boj deputy governor led to the yen weakness. we saw toyota continuing to gain the. one stock we are tracking is softbank. looking at the spread, and it is unmatched but we are seeing it swinging back into profit. taking gains from arm, the u.s. chip designer listed last year. we had a focus on general value of portfolio companies and that gained. certainly one to be tracking. haidi: take a look at training in australia. a...
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Feb 16, 2024
02/24
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i guess there is a lot of work cut out for the boj governor. it is pushed back to april after the recession number. it complicates the direction of policy. but because japanese monetary policy has been so out of whack versus other major economies... in the us for example they are talking about an interest rate earlier this year —— but i think that, yes, the general consensus is that japan will eventually exit the negative rate but it will be pushed back because of the economic situation.- pushed back because of the economic situation. janet mui, head of market _ economic situation. janet mui, head of market analysis - economic situation. janet mui, head of market analysis at - economic situation. janet mui, | head of market analysis at rbc brewin dolphin, thank you for joining us. mental—health conditions like depression and anxiety are resulting in 12 billion lost days of work a year and costing the global economy one trillion dollars in lost productivity. that's according to the world health organisation. that's according to the world health
i guess there is a lot of work cut out for the boj governor. it is pushed back to april after the recession number. it complicates the direction of policy. but because japanese monetary policy has been so out of whack versus other major economies... in the us for example they are talking about an interest rate earlier this year —— but i think that, yes, the general consensus is that japan will eventually exit the negative rate but it will be pushed back because of the economic situation.-...
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Feb 21, 2024
02/24
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other central banks, nearly all central banks in asia will cut rates this year and the boj will raiseght get a little more upside, but i think we will get some appreciation over this year and that. in india, we have seen a little bit of rotation out of indian equities. for us, we are looking more in the actual government bond space. 7% yield, very low correlation to global bonds and equities and also such a small percentage of foreign investors that owned that space at the moment. haslinda: front and center remains the fed. we talked about expectations of rate cuts this year. 90 basis points. some quarters are now suggesting the next move could perhaps be a rate hike. in fact, the percentage of that is about 15%. how are you looking at it? what is the risk for that? because it is something that will catch markets by surprise. >> definitely that will be a huge surprise. i'm not expecting that at all. i think probably a rate cut in june seems most likely at this point. we have seen a huge shift from where we were. five to six rate cuts expected, now we are more in line with three, which
other central banks, nearly all central banks in asia will cut rates this year and the boj will raiseght get a little more upside, but i think we will get some appreciation over this year and that. in india, we have seen a little bit of rotation out of indian equities. for us, we are looking more in the actual government bond space. 7% yield, very low correlation to global bonds and equities and also such a small percentage of foreign investors that owned that space at the moment. haslinda:...
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Feb 15, 2024
02/24
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economy, and this data is prompting swap markets to reprice expectations, pare back some of the bets of boj rate hikes come april, but let's what the board and take a look at what we are seeing cross asset in japan. if you look at stock benchmark performance you would not think it is an economy into recession. just a whisker away from all-time highs. 38 915 is the benchmark to watch. something we have not seen since 1989. this is on the back of the earnings and that she began. japan is exiting deflation, topix running higher, jgb futures reflecting more of what we got out of data in japan running higher as well. dollar-yen wanted highlight. we see some strengthening, this is more to do with intervention chatters still sitting above 150 on the yen is the dollar story. tom: that disconnect between the japanese equity markets and the fundamentals of that economy is pretty stark. when it comes to technology, you are seeing gains as well in the asian space. i'm thinking particular tsmc. what is standing up to you on that story? avril: tsmc and semiconductors performance today, that is really wha
economy, and this data is prompting swap markets to reprice expectations, pare back some of the bets of boj rate hikes come april, but let's what the board and take a look at what we are seeing cross asset in japan. if you look at stock benchmark performance you would not think it is an economy into recession. just a whisker away from all-time highs. 38 915 is the benchmark to watch. something we have not seen since 1989. this is on the back of the earnings and that she began. japan is exiting...
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Feb 5, 2024
02/24
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but you have different policies coming from the boj versus the ecb and the fed.e divergence in policies this year, causing more weakness in the euro, whereas yen could strengthen further, as they probably exit the ycc. rishaad: with the corporate governance changes, people can't believe what has happened with equities. do they actually have legs, the bulls? asheesh: definitely, the initial momentum has been established. the investor confidence is back. there is more optimism, more transparency and corporate governance is a lot better. you also have to boj for the first time thinking we are going to see that inflation we want to see. there is definitely policy divergence coming up and that's going to be positive for equity markets because you have seen wage inflation and more money in the hands of people. you have an economy on the upswing, it we don't think the rally is over yet, it could give double-digit returns for the next couple of years. but in yen terms could be much better than dollar terms given what is happening to the dollar. rishaad: i want to end whe
but you have different policies coming from the boj versus the ecb and the fed.e divergence in policies this year, causing more weakness in the euro, whereas yen could strengthen further, as they probably exit the ycc. rishaad: with the corporate governance changes, people can't believe what has happened with equities. do they actually have legs, the bulls? asheesh: definitely, the initial momentum has been established. the investor confidence is back. there is more optimism, more transparency...
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Feb 8, 2024
02/24
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again potentially facing more downside pressure but equities set to climb after we heard from the bojernor suggesting policymakers would be even when they in negative interest rates in japan. just a reminder, market closures in china, taiwan, the philippines, vietnam and indonesia. hong kong and singapore will have an early end to the day. ♪ ♪ ♪ ♪ ♪ ♪ ♪ - after military service, you bring a lot back to civilian life. leadership skills. technical ability. and a drive to serve in new ways. syracuse university's d'aniello institute for veterans and military families has empowered more than 200,000 veterans to serve their communities and their careers. from professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. ♪ >> this is daybreak: asia, counting down to the start of trade. a lot of markets are on break for the lunar new year. keeping track of the ones that are open. we are seeing bright spots and japanese equities are trading. annabelle: the nikkei rose by the most in three months yesterday,
again potentially facing more downside pressure but equities set to climb after we heard from the bojernor suggesting policymakers would be even when they in negative interest rates in japan. just a reminder, market closures in china, taiwan, the philippines, vietnam and indonesia. hong kong and singapore will have an early end to the day. ♪ ♪ ♪ ♪ ♪ ♪ ♪ - after military service, you bring a lot back to civilian life. leadership skills. technical ability. and a drive to serve in...
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Feb 14, 2024
02/24
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this is what we are hearing from boj officials. of course, the rate expectations from the federal reserve. pushback from financial officials in japan. 2/10 of 1% for the yen. gold is back below 2000. brent, $82 per barrel. down 1/10 of 1%. sony. we will be looking at the ps5. we will be looking at the china demand picture as well as the semiconductor business and how that ties into the iphone sales. the redhead for sony. that's interesting in terms of us been out of the financial business, the plans to list that in october of next year. it sees full-year operating income just above its previous estimates, ¥1.18 trillion. it had seen those four-year operating income numbers coming in at ¥1.17 trillion. upgrading the forecast mildly there for phone -- sony. we will get more details on its exposure to china and the ps5. sales coming in at 8.2 million units, below the estimates of 9.1 3 million units for the ps5. let's get more on the asian markets and how the sony ties into that. good morning. what you looking at? avril: yeah. we are
this is what we are hearing from boj officials. of course, the rate expectations from the federal reserve. pushback from financial officials in japan. 2/10 of 1% for the yen. gold is back below 2000. brent, $82 per barrel. down 1/10 of 1%. sony. we will be looking at the ps5. we will be looking at the china demand picture as well as the semiconductor business and how that ties into the iphone sales. the redhead for sony. that's interesting in terms of us been out of the financial business, the...
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Feb 19, 2024
02/24
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there is jaw boning by boj officials at 126.06. we will get pmi later on this week.t to show you the bond markets and gilt yield. 4.098 for the ten k-year gilt. we had conflicting data points over the course of last week. >>> global growth is expected to slow to 2.4% this year. that's according to the world bank. a third consecutive year of deceleration. the group's global economic prospects report also called for stronger global cooperation on debt relief, trade integration and tackling climate change. we caught up with the deputy chief economist ian coates as they warned of global growth. >> we need to bring global leaders together to talk about the issues. we talked about the weakest half decade growth since the 1990s. over the period of 2020 to 2024, we will grow on average 2%. the weakest growth rate. >>> let's get back to corporate news. santander announces a buyback share program bringing it to more than 5.5 billion euro. that is around half of the company's profit for the year and represents the yield of 10%. shares of the company up 1.37%. >>> it sis a bumpe
there is jaw boning by boj officials at 126.06. we will get pmi later on this week.t to show you the bond markets and gilt yield. 4.098 for the ten k-year gilt. we had conflicting data points over the course of last week. >>> global growth is expected to slow to 2.4% this year. that's according to the world bank. a third consecutive year of deceleration. the group's global economic prospects report also called for stronger global cooperation on debt relief, trade integration and...
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Feb 16, 2024
02/24
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looked like we were within reach in the session but we are seeing markets digest comments from the boj governor, initially sending more dovish, and he talked about how they are directive from negative rates if a price goal is reached, but if you take a look at his comments more recently in the past 1.5 hours, they sound a bit less dovish. he actually said japan will exit deflation, will not be in deflation anymore if the outlook is reached, so that cause the nikkei to pare those gains and move away from the record which it looked about reaching. we are seeing that also reflected in the bond space, bonds under pressure. the yen paring declines from early on in decision, investors digesting the words of ueda as well as what is to come on data from the u.s. economy. tom: avril hong, thank you very much with the detail coming through because the asian market session this friday. traders are looking past mixed u.s. economic data ahead of a reading of the producer prices today that will help define the fed's next steps. the fed's raphael bostic says he is in a rush to cut rates. >> a durable
looked like we were within reach in the session but we are seeing markets digest comments from the boj governor, initially sending more dovish, and he talked about how they are directive from negative rates if a price goal is reached, but if you take a look at his comments more recently in the past 1.5 hours, they sound a bit less dovish. he actually said japan will exit deflation, will not be in deflation anymore if the outlook is reached, so that cause the nikkei to pare those gains and move...
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Feb 6, 2024
02/24
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not a good signal for the boj, that wants to see sustained wage growth before shifting away from its easy policy settings. but today you are seeing yields moving higher. japanese yen very flat. equities just fractionally under pressure. let's switch to the outlook for korea stocks. in the session, it is the picture of weakness coming through. we saw u.s. stocks reflecting some of that pressure. that is a carry across. equity futures a bit in the red. korean won, we do see the currency trading band being expanded a bit in the session. to give more details on that, when i say trading band, i give the trading hours. it will be allowed to trade until 2:00 a.m. today in the trial. it's all about trying to improve the market's accessibility, haidi. haidi: yes, falling on the back of china doing something similar. this is the picture on rba decision date. we are waiting for the three term sydney time press conference with governor bullock expected to speak. we haven't heard from them in the past couple of months, this is the first decision in this revamped regime of communications from the
not a good signal for the boj, that wants to see sustained wage growth before shifting away from its easy policy settings. but today you are seeing yields moving higher. japanese yen very flat. equities just fractionally under pressure. let's switch to the outlook for korea stocks. in the session, it is the picture of weakness coming through. we saw u.s. stocks reflecting some of that pressure. that is a carry across. equity futures a bit in the red. korean won, we do see the currency trading...
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Feb 11, 2024
02/24
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japanese prime minister has been pressing for higher wages as slide in his support it has halted and the bojays it is looking for signs that wage increases will spur demand, allowing them to exit from the world's last negative regime. and a public uproar in china over messier's failure to play in a recent hong kong match. the upcoming friendly with the argentine squad has been canceled. argentina had been expected to play against nigeria. development suggest controversy continues to grow over his trip to hong kong where he sat out a match do to injury and did not interact with fans. hours later he played for half an hour. stay tuned for our hong kong edition newsletter is coming soon. an insider guide to money and people shaking up the asian financial hub. sign up now on bloomberg.com/newsletters. this is bloomberg. ♪ haidi: earnings season in the u.s. around two thirds done, corporate america beating expectations, wall street ratcheting up a profit forecast and data shows 80% of s&p 500 companies reporting results to the upside to him exceeding the 10 year average and energy and information
japanese prime minister has been pressing for higher wages as slide in his support it has halted and the bojays it is looking for signs that wage increases will spur demand, allowing them to exit from the world's last negative regime. and a public uproar in china over messier's failure to play in a recent hong kong match. the upcoming friendly with the argentine squad has been canceled. argentina had been expected to play against nigeria. development suggest controversy continues to grow over...
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Feb 13, 2024
02/24
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that is the threshold we would typically potentially see some room for intervention from the boj. and, in fact, we are getting some remarks from japanese officials at the moment. the currency chief, speaking in tokyo, saying the rapid fx moves have had a negative impact on the economy. appropriate steps will be taken. the yen edging higher as he is speaking. he is saying they are always ready to take measures, 24 hours a day, 265 days a year. the debt 10 eur -- that a ¥10 move over one month is considered a rapid one. the yen is a key story. quick story when it comes to you as futures, potentially may be a recovery across the growthy end of the spectrum. nasdaq 100 looking more positive, of course, some of that could see an impact given the rally we have seen in tech now that expectations of easing have been pared back. mostly higher trading for oil. bullish demand outlook for opec helping surpass that key technical level which has been a ceiling for trading in oil. back to the inflation numbers with our global economics correspondent, enda curran in washington. this was always a
that is the threshold we would typically potentially see some room for intervention from the boj. and, in fact, we are getting some remarks from japanese officials at the moment. the currency chief, speaking in tokyo, saying the rapid fx moves have had a negative impact on the economy. appropriate steps will be taken. the yen edging higher as he is speaking. he is saying they are always ready to take measures, 24 hours a day, 265 days a year. the debt 10 eur -- that a ¥10 move over one month...
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Feb 7, 2024
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the firm predict the boj will raise in march or april hiking by a quarter-point by year end. pemco says the quickening wage growth will likely create persistent inflation allowing the central bank to exit negative rates. house republicans are bowing to bring articles of impeachment for homeland secretary l hondo mayorkas back to the floor. the initial vote field after four gop member sided with democrats. the republican majority expect to hold another vote once the house majority leader steve scalise returns from cancer treatment. republicans charged secretary mayorkas with the refusal to enforce immigration laws and failing to secure the border. tucker carlson says that he will soon interview vladimir putin. the former fox news anchor had been spotted in moscow in recent days. the interview would be vladimir putin's first conversation with western media since the beginning of the russian invasion of ukraine. carlson says he also intends to interview volodymyr zelenskyy. that is your bloomberg brief. jonathan: i'm not sure that we can cover that story without pointing out the
the firm predict the boj will raise in march or april hiking by a quarter-point by year end. pemco says the quickening wage growth will likely create persistent inflation allowing the central bank to exit negative rates. house republicans are bowing to bring articles of impeachment for homeland secretary l hondo mayorkas back to the floor. the initial vote field after four gop member sided with democrats. the republican majority expect to hold another vote once the house majority leader steve...
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Feb 5, 2024
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tells us that it is something the boj is going to be tracking closely because they want to see sustaineds before they start to exit away from negative rates. haidi: take a look as to what we are tracking in terms of how this market open and the cash trading session is progressing. half an hour into the start of trading in australia. for the downside when it comes to stock trading. so much of this is reflected on sidelining ahead head of the rba decision. no expectations as to a decision other than a hold but more scrutiny when it comes to the upgraded forecast. the economic forecast and inflation forecast as well as if these expectations of when the first rate cut might come through. this is the first meeting of the year. we have not heard from the rba in a couple months but the first under the revamped communications regime. a pretty torrid year for the rba. a lot of these reforms have kicked off at the start of the year including the press conference in the afternoon today. annabelle: going to be tracking it closely. we will get more on it now because we have the rba as you said set to
tells us that it is something the boj is going to be tracking closely because they want to see sustaineds before they start to exit away from negative rates. haidi: take a look as to what we are tracking in terms of how this market open and the cash trading session is progressing. half an hour into the start of trading in australia. for the downside when it comes to stock trading. so much of this is reflected on sidelining ahead head of the rba decision. no expectations as to a decision other...
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Feb 28, 2024
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repricing around boj expectations as well. annabelle: that's right.forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level.
repricing around boj expectations as well. annabelle: that's right.forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level.
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Feb 28, 2024
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repricing around boj expectations as well. annabelle: that's right. we have been forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level. but what else we are going to be tracking in the session is the cautious tone that's going to be coming across from the wall street day. given that as you said it is the countdown to those inflation metrics. the fed's preferred inflation gauge. we have australian inflation coming out. and trading volumes have been pretty thin really over the past few sessions as we await those numbers. we are taking a look at the nikkei, unchanged at this point, but of course watching what is close to a psychological level of 40,000 points. let's change on a look at what wells we are tracking. korean markets just opening. you are seeing a little bit of positivity coming through but it's very modest as well. not much movement coming through either direction. u.s. futures you can se
repricing around boj expectations as well. annabelle: that's right. we have been forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level. but what else we are going to be tracking in the session is the cautious tone that's going to be coming across from the wall street day. given that as you said it is the countdown to those inflation...
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Feb 26, 2024
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if the boj finally comes through with timing for policy normalization? or if you see an even wider policy to virgins with the u.s.? jonathan: i do not think that the level of the current to the is that important for the household sector. it matters for corporate profit margins for exporting parts of japan. we think the yen is moderately undervalued and will strengthen somewhat through the year. but that is second-order compared to all the other factors driving the bow market in japan. in particular, we date this back to 2012, the launch of aben omics, and a slew of third arrow reforms on the trade side, on the corporate side such as at the corporate governance code or institutional code for institutional investors. all those are what has delivered the better underlying environment for corporate earnings in japan. it is not a dollar-yen phenomenon. haidi: what is the next big driver for the japan rally? is it on foreign buyers now? jonathan: japan is our biggest overweight morgan stanley. if you are diversifying outside the u.s. market, which is obviously
if the boj finally comes through with timing for policy normalization? or if you see an even wider policy to virgins with the u.s.? jonathan: i do not think that the level of the current to the is that important for the household sector. it matters for corporate profit margins for exporting parts of japan. we think the yen is moderately undervalued and will strengthen somewhat through the year. but that is second-order compared to all the other factors driving the bow market in japan. in...
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Feb 1, 2024
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out or at least say that march is a unlikely for easing, does it open the door really wide for the bojto end negative rates in march? are your expectations there changed? hartmut: we still think probably more tightening, if you want to call it that. maybe only in april, with the earthquake. but what happened there, that caused a bit of weakness. we think it is rather delayed. we see them as independent. the fed will -- whether the fed cut in march or not, we think that it is still the data, inflation data in japan is evidence enough. there should be enough evidence you can tighten a little bit from ultra loose policies. almost regardless, i would say april is the month we see things happen in japan. paul: we saw the yen weaken a little after strengthening initially during the fed price conference. what is your price target for the yen for the coming months? hartmut: ultimately it could go to 140 or so. that might not sound like a lot but it is significant strengthening. why is it not more? because we also need to see around the world, nobody wants to go harder. a lot of the central ban
out or at least say that march is a unlikely for easing, does it open the door really wide for the bojto end negative rates in march? are your expectations there changed? hartmut: we still think probably more tightening, if you want to call it that. maybe only in april, with the earthquake. but what happened there, that caused a bit of weakness. we think it is rather delayed. we see them as independent. the fed will -- whether the fed cut in march or not, we think that it is still the data,...
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Feb 9, 2024
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this is a market that has been boosted by the boj resisting calls to raise rates.pected to make an exit from negative rates. but, it says it's unlikely to see continuous rate rising. some betting that by the end of the year we will see rates at 0.2 5%. nikkei 225 in positive territory. even the likes of the hang seng is down by about 2%. the yen trading 14929. nissan trading down. softbank going gangbusters, up by as much as 11%, adding to that 11% gain, which we saw yesterday, the biggest two-day gain since 320. david, this us to do without its returned to profit after three, four quarters of losses. and also, because of arm. it has 90 -- 90% stake in arm in arm is going gangbusters. we saw the stock surge in excess of 30%. that pivot, that change in strategy to focus on ai is paying off. david: that's right. one of the comments coming through out of jeffrey's is, when it was all about alibaba in the past, it's about arm at this point in time. certainly the conversation around the buyback mentioning that, you have net income -- if not net income, net loss. and now
this is a market that has been boosted by the boj resisting calls to raise rates.pected to make an exit from negative rates. but, it says it's unlikely to see continuous rate rising. some betting that by the end of the year we will see rates at 0.2 5%. nikkei 225 in positive territory. even the likes of the hang seng is down by about 2%. the yen trading 14929. nissan trading down. softbank going gangbusters, up by as much as 11%, adding to that 11% gain, which we saw yesterday, the biggest...
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Feb 22, 2024
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it all has to do with the yen weakness everyone is waiting for the boj to move and to appreciate. would happen at these levels at 150. is it not? >> maybe i will take your japan question in a more broader picture because our call on japan, and i'm glad and i exchanged messages with the global cio today we were talking about japan. it was our title since last year the may call for the yen being weak is not hurting japan as some people expected because it is effectively helping the exports and the economy to have a stronger outcome. >> thank you for that. head of investment solutions for u.s. deutsche bank that is it for the show. quick look at u.s. equities. we are expecting rises at the start of the trading session in a couple hours time. s&p is set to rise by 55 points. dow jones industrial average up 88 nasdaq is 353 points that is the expected upside. it is all about nvidia today enjoy the day. that is if you are long in the market that's it for today's show i'm carolin roth "worldwide exchange" is up next. see you tomorrow it's hard to run a business on your own. make it easie
it all has to do with the yen weakness everyone is waiting for the boj to move and to appreciate. would happen at these levels at 150. is it not? >> maybe i will take your japan question in a more broader picture because our call on japan, and i'm glad and i exchanged messages with the global cio today we were talking about japan. it was our title since last year the may call for the yen being weak is not hurting japan as some people expected because it is effectively helping the exports...
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Feb 28, 2024
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we have the wage negotiations coming up and we have a boj meeting.est wildcard are energy prices. a lot of these areas have defended from surprisingly low oil costs. how does that play into your call? >> we do not see as much volatility. the interesting part is that there was convergence around commodity. if you thought about what country benefited the most, it was mexico. high energy prices, high yield, foreign direct investment and the be kindling of the supply chain. a super positive for mexico. you want to look at the commodity factor story is not working anymore. the ratio has gone from two years, coming down to negative. this is one of the things that is very important. the innerworkings are always changing. this is the tailwind that comes from the drop in commodities. this is where korea looks good. you actually what society scaling into some of those country. look at sterling and it should fit again from the reverse. anne-marie: you mentioned mexico. that was a big trade. you think people will take a look at that trade again? >> this is one o
we have the wage negotiations coming up and we have a boj meeting.est wildcard are energy prices. a lot of these areas have defended from surprisingly low oil costs. how does that play into your call? >> we do not see as much volatility. the interesting part is that there was convergence around commodity. if you thought about what country benefited the most, it was mexico. high energy prices, high yield, foreign direct investment and the be kindling of the supply chain. a super positive...