is this mpc meeting different from the other mpc's you have covered? >> it's not different in structure, obviously this is a regimented affair. some have called it in the past a rubberstamp body. it is more critical now because of the size of the chinese economy and the role china plays in the global economy. also at a time when china is facing multiple headwinds from different fronts. not only economic, with property, the private sector and the like, but also geopolitically. that's another number we will get tomorrow, the budget deficit -- excuse me, the military budget. that'll give an indication of how important national security and internal security is, as well as outward security is to the chinese leadership, which we all know xi jinping has put an emphasis on security. i wouldn't say it is any different, but the stakes are probably higher now that xi jinping last march at the mpc secured his precedents-busting third consecutive term as president, after the third party congress the previous autumn where his chairmanship of the party, the general

forecast is still later in the year but it is interesting when we look at how those members of the mpc, we get a sense of what could happen next. voted, we get a sense of what could happen next-— happen next. absolutely, the two members that — happen next. absolutely, the two members that voted _ happen next. absolutely, the two members that voted for - happen next. absolutely, the two members that voted for a - happen next. absolutely, the two members that voted for a hike i happen next. absolutely, the two | members that voted for a hike last month and for the last five months before all the other members, or most of the other members, were voting to remain on hold, they moved to the other side so they are no longer looking for rate hikes, so that has made the path to cuts much easier on the market has made a huge shift in a week. a week ago they were only expecting two cuts from the bank of england, now they are expecting three and that's a double whammy, lower—than—expected inflation that we saw yesterday and that split in the bank of england so no members of the mpc voting for rat

it is about the mpc. it states and we heard from the pboc governor saying there is still room for rate cuts. at rrr that investors have a wedding four. we also heard that they will make those moves if they need support in the market and we've seen some support in the market already. in terms of the csi 300 index, in positive territory right now. the yen front and center in the fx space. this office port of government officials saying they support the move to hike rates this year. to our top story, markets focusing on possible dovish moves. before we get to that, we have breaking news out of china. china's trade data just out, january and february exports coming in positive. that's according to cctv. imports at 6.7% year on year in yuan. trade front and center, it's been pretty sluggish. in terms of exports, rising 7.1% year on year, the estimate was 1.9%. there in mind it is exceeding expectations, the expansion in terms of imports as well as exports. let's put it in perspective with our guest. he spent 1

new show but what a week to start with the mpc opening.nne: it is a crucial week so why not launch? david and i along with tom mackenzie in 2019 when we launch the china open i remember those days and how exciting it was. we were still building up to the momentum with this show. we are going bigger and we are going to be better too. we are going for a full two hours now. it gives us a chance to breathe and let the stories we talk about let people digest and look at a deeper dive into big conversations. it is not just the news of the day we are going to target. it is going to be about parsing through local media. the statements that come through. what is trending. it gives us a chance to talk about the deeper issues in china. mpc and beyond. annabelle: get the pulse check as well. haidi: you know how excited i am when it comes to more things on all things china. there is no more critical time than now to be spending more time adding this analysis to come up with the answers to the bigger questions. the economy is slowing. what does this mea

. >> there were no moves made at this mpc to do that.ould have look for is something to do with wages because back in the summer, the government cut the wages of civil servants, some by one third. professors personally are taking on a second and third job just to make ends meet. if people don't have income, they are not out there spending and they haven't done anything to build up their social welfare net. they been talking about this for decades. do something for health care or education so people feel comfortable spending. david: there is a confidence issue we believe within china itself and a confidence issue in terms of foreign investors going in. where they stand on that and is that an issue? is xi jin ping concerned about that? >> i was in china and august and met with senior economic officials. i went with secretary rolando and we heard consistently from the premier down to the minister of commerce that they welcome foreign business and they want u.s. business to be there in their holding meetings with international business sayin

did anything else come out of the mpc that made you optimistic?for the overall economy we see there is more fiscal support from the central government. unsure long-term government bond targeting long-term infrastructure spending. for the local government it seems data remains high but it will be shifted towards the central government and for emerging industries they have unconditional support from the governments and banks and capital market so that is a positive sign to bolster some growth in the manufacturing industry in china but beyond that, to restore consumer confidence i would say it is a long-term plan. the government has to do more to make sure people higher income in the future. haidi: we have heard from economic officials around this and some have frank brown the -- front rhonda the economic data -- front run the economic data. what does that signal to you? >> the trade data i have no doubt it will improve. many projects have started and domestic market in the spring looks better than in the winter. so there is reason for optimism for d

our superiority in means of destruction is beginning to be more and more evident, because these same mpcsral are simply terrible, which, according to everyone who sees it even from afar, not to mention the ukrainian public rumors that there is an earthquake , well, in general it turns out that it’s a continuous zone. defeat, more than 800 m, this is when, as it were, even a person who remained, as if not hit by any shrapnel, he completely breaks down, like a severely shell-shocked person, and a severe shell shock is definitely the same as being seriously wounded, so the war is not going at all as planned in washington and as they dreamed in kiev, but this only means that, of course, they will continue to build up what they can do and what they what they will try to do is sabotage terrorists. and i would return the death penalty, because well, for acts of sabotage, for all this there shouldn’t be such a thing, well, now we’ll be there for a year , the investigation will go on for a year, then maybe there will be a short sentence, but no, hang the devil, god forbid, they’ll hang you right a

what it could mean ahead of the mpc next week.loomberg. ♪ ♪ tom: it bombshell announcement out of switzerland. thomas jordan stepping down from the snb. the swissie is down at the news. he has been at the bank since 1997 the board of governors are sad to see him leaving. we continue to watch that story. let's look at inflation data that fueled a rally. revisions lower seem consequential, so on a month-to-month basis the increase was zero point 4%. year on year was two .8%, bloomberg economics stressing this is seasonal. also the rally is feeling inflation, something to think about. there was a revision and that fueled optimism that ended in a record day yesterday. in china, manufacturing data a fifth month contracting. need for policy support as we build up to the people's congress. a work report in focus on tuesday. will policy support come through? that will be consequential. markets today is next. this is bloomberg. ♪ i think he's having a midlife crisis i'm not. you got us t-mobile home internet lite. after a week of streaming

maybe part of it is the mpc story and disappointment around details. euro-dollar around 108. gold closing in on a record high. currently at 2118. the record high at 2135. so we have grown higher. bitcoin about 66860. in terms over the moarmt um moving towards a record in terms of bit danny record being just below 69,000 in 2021. raise it expect aces of more stimulus. speaking at the national people's congress, the chinese premiere announced ambitious targets have been set. >> the main target for development this year are projected as follows. the gdp growth of around 5%, it is not easy for us to realize these targets. we need policy support and joint effort from all fronts. tom: ok. let's cross over live to beijing and steven engel standing by for us. how difficult will the target be for growth? how challenging is this target for officials sitting there in beijing? >> the premier admitted it is going to be a tough task to do this. he is the guy out with a hand on the lever to make that policy happen. that has been the problem so far. policy has kind of come in a piecemeal app

it was a much, much more healthy atmosphere, in my view, on the mpc now , the mpc view, on the mpc now, the mpc seems to only appoint people with certain, economic philosophies. with certain, economic philosophies . and i think we philosophies. and i think we really do need to. i don't want to i don't want the bank of england to stop being independent. i think the problem with it it isn't independent with it is it isn't independent enough. who enough. we need more people who don't think the way people do in the we need more the treasury. we need more diverse on that monetary policy committee . and i think, tom, committee. and i think, tom, 8 to 1, eight of them are saying hold and one is saying cut that it should be like six 3 or 5 four. i understand why they're holding now in the round, but i think that is a skewed distribution of votes . when you distribution of votes. when you look at opinion across the city of london, outside of the bank of london, outside of the bank of england, with other independent analysts looking at the situation, we now face the fact that it is 8 to 1 means

people are analysing this, and have been saying that the va used to give press, it is at the end of mpcybe it is potentially because economic numbers haven't been looking so great lately and therefore they are trying to dodge some hardball questions, but really, hard ball questions, but really, if hardball questions, but really, if you look at what they have been saying, they are cancelling premier's press conference notjust this year but for future years to come as well, so it sounds like more of a change for a longer term, not just one issue, which they tell us temporary setbacks in economic growth this year or last year isn't really a reason why they are changing the format, and the party is getting greater and greater control in terms of narrative. we get clues as to china's relationship with the us. does foreign policy feature much in these meetings?— foreign policy feature much in these meetings? indeed and i think that _ these meetings? indeed and i think that is — these meetings? indeed and i think that is why _ these meetings? indeed and i think that is why we _ these meetings?

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there are some members of the mpc , the monetary policy of the mpc, the monetary policy committee, theists who just as recently as last month were voting for interest rates to go up even more, why is that? because they're still quite a lot of pressures in the system. wages are still going up more sharply than the bank of england would like, because they think that's adding to firms costs, adding to inflation, because the firms those because the firms pass those costs on. and there's also 1 or 2 kind of what we call or what i call geopolitical whizz bangs knocking about in the mpc's thinking, what's going to happen to the price of oil? what's going to happen to the price of gas? of course, their interest rate don't impact the rate decisions don't impact the war in russia and ukraine or or relations between israel and hamas and the broader middle east and all these things that impact the oil price. but if the oil price starts ticking up, adding costs, petrol adding to firms costs, petrol and diesel going up again, pnces and diesel going up again, prices going up across the economy, becau

haidi: last day of the mpc -- npc. the press conference has been scrapped. is that worrying french in investor in that we did not get much details as to how they plan to support the 5% target. >> it is somewhat disappointing and that is why you see offshore investors selling china whereas domestically it does seem the commentary is in confidence domestically for the domestic consumer. we did not see big stimulus but the expectations were low for that. investors will look forward to more details about rate cuts which signifies and what else is to come through. at this point there is negativity about the upcoming quarterly result for chinese companies because of a tough stance on financials and the like, so we will probably see more losses and what the government is doing and serve -- in terms of the equity market. it is in line with expectations. annabelle: what do you think investors will be most focused on? the earnings story or do we get rate cuts indicated as you say? will that be something that a bronze if not a pick up at least upping the selling? >> of

for more than half of the numbers. 2023 was weak because of the stocking in the mainstream smartphone mpct that is played through. this year it's a better outlook across their core markets as growth resumes. however, the apple overhang and uncertainty will impact them. we did see reports a couple of weeks ago about apple's smartphone shipments and china being down something like 24% in the first six weeks of the year. it remains to be seen -- first of all it's not true, it is speculated. secondly, if we see continued weakness on the apple front, to what extent will that impact hon hei? i think the longer-term impact is more interesting as the company tries to vertically integrate components and moves to ev's good the focus will be on apple. haslinda: rob, thank you. coming up, bernstein tells us why they think it is time to switch back to india's private sector bank stocks. more on the outlook coming up. this is bloomberg. ♪ >> i still think india long-term, good structural story, it can't go up parabolic lee forever. maybe we need a little reset. i think structurally the growth story, th

there is powell, super tuesday results, china's mpc.gainst this backdrop, there's not much appetite for risk. the technology sector bearing the brunt of this selling, maryland what we saw in the -- mirroring what we saw in the u.s. overnight. apple suppliers particularly hard-hit. let's take a look at the japanese space. we want to talk through some of the expectations of the boj. market pricing in an april lift off. the biggest lender in japan positioning for a marsh move and -- march move and additional move in october. it believes, mufg, that after a marsh move, there needs to be enough -- march move, there needs to be enough lead time for another hike. flip the board again. i want to take you to what we see in the chinese equities space. jd.com leading the charge today, helping the hang seng with the rebound. it is the consumer names that are lifting the broad gauge today. this is as investors keep a close watch on what we are going to get from the most senior officials at a press briefing, including the, pboc governor the commerce,

political signaling we are getting from the mpc.ens in seoul and tokyo next. ♪ >> this is daybreak asia counting down to asia's major trading opens. direction is set in weakness creeping through in tech stocks. can valuations be justified? haidi: setting up for super tuesday, no big surprises. seeing quite a bit of caution in the markets. annabelle: the wall street session, we saw a pullback in tech and a correlation between japan and the u.s..

rachel: national border patrol union is mocking president biden following his visit to brownsville texas mpceping on the beach. and attached a joke itinerary detailing biden schedule which included reading a large tell prompter in between three naps. florida congresswoman kat cammack seen border crisis first hand and she joins us now. wow, first of all welcome congresswoman, and it is not very usual to see this kind of open disdain for the president from the union for a federal agency like border patrol. >> no. no it is not rachel, in fact, i know several of these men and women who make up the border patrol union. these are career agents. they are dedicated individuals. and they have reached a peak of frustration and disappointment with this administration. i myself i've worked shifts with our border patrol agents overnight in various sectors and i can tell you that the president is not meeting the moment. and more than that, add insult to injury he completely disregards what the agents and border patrol union have been saying. and every time they have extended ol lie branch and work with th

and this is already. the work of the russian aerospace forces , the arrival of an mpc aerial bomb atukrainian village, which immediately across the border flows into the kursk village of tetkino. unable to break through the border, ukrainian terrorists are striking civilian homes. so every day? well everyone day for almost a week now. it's been a week already. the second one has already left. after chaotic shelling on the belgorod streets, burning cars in the building. windows were broken, walls were cut , a shell hit the zoo, another one hit a private house in the village of razumny, the fire allegedly came from the village of volokhovka, kharkov region, this is a house on fire in razumny, it flew to two to three places, well, here you can see specifically, rescue work at the site of the fall of ukrainian ammunition, presumably from a vampire salvo rocket system in the suburbs of belgorod, urban settlements reasonable fires continue. fifteen-year-old son, both in serious condition, the teenager lost part of his arm, two people at once, a woman and her among the victims in reasonable

lori russo, president of santin communications and colead of mpc headliner steam. to my left, jen jedson, land warfare reporter foredefense news and the 115th president of the national press club. lynn zhem, assistant director of customer experience for the veterans benefits administration. senior associate of resources and consultant to the v.a. richard barbada, client and employee experience officer of the vha readjustment counseling service. and max letter, publisher of "stars and stripes." [ applause ] >> when our guest was sworn in today as the 11th secretary of veterans affairs on february 8th, 2021, he pledged to increase veterans' access to care and benefits and to improve outcomes for them. he identified three core responsibilities as his highest priorities, providing veterans with timely, world-class healthcare, ensuring that these veterans and their families have access to benefits they have earned and honoring our veterans with a final resting place that is a lasting tribute to their service. but secretary mcdonough also faces a host of challenges that

we have the gdp mpc index thursday or friday. >> obviously were to get durable goods today and that'se potentially a market mover. as far as the gdp numbers, obviously the growth of the country we are seeing a multifactor slowdown. if you look at the current reports that were getting whether cpi, ppi or pce, that's my question, at what point does the stock market start to truly react to the data? it's great to look at bitcoin and i'm gladys service got environment to maria's point in the market has so far this year been phenomenal. at what point do you expect a diptych common and is that the economic data that dictates what the market does? >> economic data, if it's trending lower than the market will believe that the fed is going to be more accommodative. with the stock market the reaction to bad economic data will come when something literally breaks and that's why looking at the banking system commercial real estate that could punch the stock market. right now the economic data that we talked about being so good for the last two months this is absolutely absurd when you talk about

from a sentiment and position perspective, the analyst community on both valero and mpc have price targetsce, and that's looking 12 months out, so the street is suspicious about the rally that we've witnessed here, the only negative only negatives is these stocks are technically overbought. >> ww granger and quanta services. >> quanta services has exposures to utilities, consumer and electricity -- electrical spending, excuse me. they have very strong pricing power. ww granger, they are just basically everywhere in the industrial space. again, strong balance sheet, quality company, built up some strong momentum over the past year. >> we have been talking about these sectors showing leadership over the last month or so. >> energy had a tough 2023, especially compared to what happened in all the other sectors. and you've seen this steady climb higher in oil prices this year. also, if you look at energy stocks and you're play thing rotation in the cyclicals, energy is the poster child for that right now. if you are expecting demand to go up, and we have energy stocks that play a healthy divid

the statement out of the mpc is we're going to try to draw foreign manufacturers, support property.hey also dropped the reference to peaceful reunification with taiwan. >> obviously there are a lot of people saying if the united states backs away from defending ukraine, that will be a very bad sign for defending taiwan. i don't think that's a wrong analysis. i don't like to do political analysis on the show, that makes sense. if you're backing away from ukraine, that's the chinese chance. we know if you're going to be blocked from high-end amd drips, go to the source. taiwan semi is ours now. >> that said -- you're referring to the story that amd is hitting a roadblock with the u.s. in terms of selling chips to china because they may be more powerful than we would like. raimundo keeps a close eye on that. >> one of the things that shocked me here is that meant they were sending stuff better than nvidia to china. yesterday the cfo gave a nice talk at morgan stanley. they are trying very hard to stay in compliance. i think the big fear is that the chinese are going to find ways to get

i thought it would have been earlier, but when i saw that the mpc voted yesterday 8 to 1 to keep rates it'd be 6 to 3 or even 5 to overcautiousness. i thought it'd be6to3oreven5to4to overcautiousness. i thought it'd be 6 to 3 or even 5 to 4 to hold rates. so on a knife edge, just one person would have to switch for the next monthly meeting, or they're most months, to actually recommend and implement an interest rate cut . but it's not interest rate cut. but it's not to be. the bank of england is being very, very cautious. they were slow to spot inflation coming in 2021. very, very slow. and now they want to prove how tough they are on inflation by being slow to slow to actually lower rates, imposing more economic damage on the economy than needs be. but you know, i it won't surprise you to hear me say that, martin. i've been i've been maybe suggesting politely that the bank of england has been making the wrong decisions for some time now. >> liam, i always like to pick your brains on a positive and instructive note. and we're seeing downward grind on high seeing a downward grind on hig

. >> i've never been on the mpc, never been on the okay, even in the lords.m you the house of lords. i'm glad you raised even the house of raised that. even the house of lords select committee on economic only two months economic affairs only two months ago was in the most silken british language you can imagine, but read between the lines criticised the bank of england and bailey for one appalling forecasting and modelling of what's going to happen. two horrible handling of inflation three groupthink where no diversity. what happened to die? no diversity of opinion is allowed . and they've just allowed. and they've just appointed somebody the other day who is exactly the same. >> okay, well, i'm going to forecast you'll be back at 7:00 this morning to look at exactly what those figures are. roger. we look forward to that for the moment. thank you very much indeed.thank moment. thank you very much indeed. thank you. some other stories coming into the newsroom . got for you . this is what we've got for you on this wednesday morning . usa on this wednesday morn

and i can't see those nine members of the mpc voting.at noon. what we also know is that the us federal reserve overnight, it didn't cut interest rates. they're about the same level as here in the uk , but it did say it expects to get three interest rate cuts in in calendar year. and that in this calendar year. and that would suggest that those rate cuts have to start soon in the next month or two. and once the us federal reserve, the most important central bank in the world, starts cutting rates , world, starts cutting rates, that will signal to the rest of the world, particularly the western world, that the rate interest has turned, interest rate cycle has turned, if and then we're more if you like. and then we're more likely get rate cut. so the likely to get a rate cut. so the headuneis likely to get a rate cut. so the headline is , for me, no rate cut headline is, for me, no rate cut today. balance, i don't think today. on balance, i don't think that will happen, but i could see a rate cut happening as early as april or may. >> liam,