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May 15, 2024
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pimco part of that business. speaking to the company cfo in the next couple of minutes that is next, this is bloomberg. ♪ >> this is bloomberg daybreak: europe. i am tom mackenzie in london. these are the stories that set your agenda. little stocks are set for a fresh record high as investors away today's key u.s. inflation data. interest rates will likely be higher for longer. china is considering buying millions of unsold homes in shoring up its debt ridden property markets. plus earnings have been in focus, rising profit with clients adding 32 billion euros. the commerce bank upgrades its outlook for lending income this year after seeing its best orderly profit in more than a decade. let's check in on these markets very briefly with fresh records across global stocks. s&p futures currently looking at about a 10th of 1%. a big day in terms of inflation data, cpi. that is the date of one of the week. the euro-dollar at weight. burn closing in on $83 per barrel. copper at 10,171, reaching record highs in terms
pimco part of that business. speaking to the company cfo in the next couple of minutes that is next, this is bloomberg. ♪ >> this is bloomberg daybreak: europe. i am tom mackenzie in london. these are the stories that set your agenda. little stocks are set for a fresh record high as investors away today's key u.s. inflation data. interest rates will likely be higher for longer. china is considering buying millions of unsold homes in shoring up its debt ridden property markets. plus...
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May 20, 2024
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welcome in pimco's erin brown. nice to sea you on the east coast. >> nice to see you as well. >> this everything rally pretty amazing. does it continue >> i think it does as we heard from the first quarter earnings season, strong earnings across the board. what's important to keep in mind you see an inflection and broadening out not just technology leaning in terms of earnings recovery, but it's broadening out to more sectors as well. yes, we're trading at highs on the dow, close to highs on the dow, you know, same across most indices, but i think what you'll see as we move through the rest of this year this broadening out will drive more flows into the equity market and start to see real participation from more of the cyclical sectors of the economy. that i think is encouraging over the last couple weeks has been to see the metals, mining, industrial companies now starting to really lead. and we're starting to see that i think be more of a driver into the second half of the year. >> over the last six months to you
welcome in pimco's erin brown. nice to sea you on the east coast. >> nice to see you as well. >> this everything rally pretty amazing. does it continue >> i think it does as we heard from the first quarter earnings season, strong earnings across the board. what's important to keep in mind you see an inflection and broadening out not just technology leaning in terms of earnings recovery, but it's broadening out to more sectors as well. yes, we're trading at highs on the dow,...
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May 3, 2024
05/24
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. >> for more let's bring in the pimco chief u.s. economist tiffany wilding. it is kind of like a national holiday these days for bond traders looking at the bond support. when you saw softeners in the labor market it was pretty stark relative to what expectations were on the consensus. when you see this weakening, what is the risk things we can at a faster pace than people expect? >> it is funny. when we look at labor market data in more detail today we see what was a still reasonably solid report underlying all of the bond market reaction today. look at the details. government jobs have been quite strong. they were surprisingly weak. that contributed to a decent amount of the miss. we think the data will be revised. the government can be a little sketchy in how they report. it does tend to get revised. this was a headline payroll number a little above 200 k. ultimately we are still seeing pretty solid trends. on the three months moving average basis we are above 250. a little under 250 on a six month moving average basis. that is a labor market i would say i
. >> for more let's bring in the pimco chief u.s. economist tiffany wilding. it is kind of like a national holiday these days for bond traders looking at the bond support. when you saw softeners in the labor market it was pretty stark relative to what expectations were on the consensus. when you see this weakening, what is the risk things we can at a faster pace than people expect? >> it is funny. when we look at labor market data in more detail today we see what was a still...
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May 27, 2024
05/24
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the cofounder of pimco told the financial times that trump's advocacy over tax cuts makes his victory the more bearish of the candidates. that is your bloomberg business update. >> you always look different because you are the first woman for the first agent, the first indian, the first person of color. you're always the first, you are always underestimated. people don't know what to expect. francine: she's in charge of one of the most exclusive luxury brands in the world, chanel. the french fashion house made the move to appoint her the top job. previously human resources veteran, she spent three decades at unity firm for switching from the world of consumer goods to beauty. the firm's history is legendary. from its founder to its fans. it is a chance to make history. >> i wanted to look good doing it. >> i speak to her about her professional and personal journey, how it defines her leadership style and her unique approach at the top of luxury. francine: thank you so much for joining us here on bloomberg. >> delighted to be here. francine: what is it like being a chanel chief executi
the cofounder of pimco told the financial times that trump's advocacy over tax cuts makes his victory the more bearish of the candidates. that is your bloomberg business update. >> you always look different because you are the first woman for the first agent, the first indian, the first person of color. you're always the first, you are always underestimated. people don't know what to expect. francine: she's in charge of one of the most exclusive luxury brands in the world, chanel. the...
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May 30, 2024
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joining us now, the bond king, who literally invented modern bond trading and that is pimco co-founder bill gross. he's the author of a brand new book titled "the king and i: 46 years of investment outlooks, musings and common sensical thoughts." and i have been proud and honored, bill, to probably have been around for around half of those. you and i have been talking for a little over 20 years. so i know some by heart. i want to talk more about the book and your messaging in it in just one second. but as an investor i know you talked to the "financial times" recently. do you have an investment take on this verdict? >> well, not on the verdict. i like the take that you have on djt, which is the social media company. we know what's happening there. the verdict we'll find out in a few days. but in terms of the election, i think the election of trump would be a little more disruptive on the investment side. probably his agenda on taxes versus biden's would be more disruptive. it doesn't mean the market would go down. it might go up based upon the conclusion. but you know, i think trump an
joining us now, the bond king, who literally invented modern bond trading and that is pimco co-founder bill gross. he's the author of a brand new book titled "the king and i: 46 years of investment outlooks, musings and common sensical thoughts." and i have been proud and honored, bill, to probably have been around for around half of those. you and i have been talking for a little over 20 years. so i know some by heart. i want to talk more about the book and your messaging in it in...
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May 16, 2024
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jones and co libby cantrill and pimco ny chuck grom from gordon haskett research advisors llc if we see a goldilocks: for the economy, the tail risk is somewhere rapid downturn that leads to rate cuts for the wrong reason. if walmart is doing well what does that say about the broader economy? mona: it feels is consistent with the narrative we've been getting this last several days that inflation is moderating and more customers go to walmart for the discount. the consumer feel stretch but we are watching the low income consumer more so than the broader economy. the labor market and consumer started from a position of strength. it is cooling from a strong base. the scenario we laid out about goldilocks moderation of the economy needs the economy could soften what we are talking about trend levels and that kind of cooling can lead to better inflation trends. if we are at the start of a bumpy road lower that is an environment the market will welcome. they don't want to see a rapid decline. jonathan: what you're going through is something we've discussed the difference between a welcome cal
jones and co libby cantrill and pimco ny chuck grom from gordon haskett research advisors llc if we see a goldilocks: for the economy, the tail risk is somewhere rapid downturn that leads to rate cuts for the wrong reason. if walmart is doing well what does that say about the broader economy? mona: it feels is consistent with the narrative we've been getting this last several days that inflation is moderating and more customers go to walmart for the discount. the consumer feel stretch but we...
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May 2, 2024
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. >> bring in former vice chairman of the federal reserve now a global economic advisor at pimco. i can paint the most beautiful picture, richard, of the world we are living in three, four months ago soft landing it's in the bag. inflation, definitely going in the right direction. you know a matter of time until it gets down to the target of 2% jobs better than they've ever been in history. yet, not overheating anywhere in terms of the economy but now seems like we're questioning all of those narratives should we be or are we just, we like the word we like to worry >> joe, thanks for having me on. no i -- i think the basic, the bake story of the economy coming into the year is still the baseline case inflation coming down. you know the chair and others used the bumpy road analogy to me still looks like a bumpy road and not yet a u-turn. also the committee, and all show be, dreaded word data dependent last three months inflation data hasn't been good again, i think it is important as you did, joe, to emphasize. look, this is an economy with a lot of job creation. a real wage gain t
. >> bring in former vice chairman of the federal reserve now a global economic advisor at pimco. i can paint the most beautiful picture, richard, of the world we are living in three, four months ago soft landing it's in the bag. inflation, definitely going in the right direction. you know a matter of time until it gets down to the target of 2% jobs better than they've ever been in history. yet, not overheating anywhere in terms of the economy but now seems like we're questioning all of...
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May 8, 2024
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. >> the bond report is brought to you by pimco. >>> welcome back to "power lunch." we got a news story involving facebook and washington, d.c. >> news conference this afternoon, new mexico attorney general raul torrez that authorities have arrested three alleged child sexual offenders in an ongoing investigation of predator related activity on meta-platforms including facebook and instagram. had some tough words for medicine ceo. >> mark zuckerberg is responsible for this. the med executives are responsible for this. while we can do what we are able to as law enforcement professionals to try and safeguard the community, ultimately, it is their response ability to make sure that the products they are putting out into the world are safe. for everyone use. >> the attorney general said the alleged sexual predators approached avatars set up online by authorities that initiated sexual conversations. two of the three men were arrested at a hotel six where they thought we were meeting up with children. new mexico sued mehta in december alleging that the company proactively
. >> the bond report is brought to you by pimco. >>> welcome back to "power lunch." we got a news story involving facebook and washington, d.c. >> news conference this afternoon, new mexico attorney general raul torrez that authorities have arrested three alleged child sexual offenders in an ongoing investigation of predator related activity on meta-platforms including facebook and instagram. had some tough words for medicine ceo. >> mark zuckerberg is...
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May 9, 2024
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. >> i don't know if you heard my conversation prior to this one with you with erin browne with pimco who is more bullish on china by virtue of what chinese equities have done. jeff has been looking for a break out there. i think you are, as well. >> at the end of last year, we said that china is the ultimate contrarian trade. the absolute worst of the worst trend. it was bottom of the barrel. that was a time where you really had to be over contrarian. we now have -- i would argue that it is still just as bad as it was when you look at the latest big-money poll. only 4% of respondents said that china was the most attractive country to invest in this year. the trend is actually starting to turn. almost in line and beating the snp year to date. positive trend and momentum for china, yet sentiments are still extremely bare. it is much more compelling to us than u.s. equities. >> what is the message if any that we make it above the 5200 level without tech being the leading contributor? >> when volatility and volume is so low, we tend not to put much weight on price levels, because it does
. >> i don't know if you heard my conversation prior to this one with you with erin browne with pimco who is more bullish on china by virtue of what chinese equities have done. jeff has been looking for a break out there. i think you are, as well. >> at the end of last year, we said that china is the ultimate contrarian trade. the absolute worst of the worst trend. it was bottom of the barrel. that was a time where you really had to be over contrarian. we now have -- i would argue...
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May 31, 2024
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. >> seema, pimco's co-founder bill gross, said this is the most important factor for the markets going forward. i want you to listen to what he had to say. >> now, i think only the central banks and only the fed is important. watch the fed, but don't necessarily believe them. they haven't been good in the past five or six or seven years. watch the fed to see where interest rates are headed. that will help in terms of the markets going forward. >> seema, before we let you go, we are getting pretty close to the election. how quickly does the fed have to move, if at all, ahead of this to avoid any kind of seemingly weird perception about political inter interference? >> i think for the fed, what is really important is they have to make the decision once they are absolutely convinced. if they don't have sufficient evidence that inflation is decelerating to the level they are hoping for, they have have to move. that is key for them. for them, it is 100% sure the direction they take is the right one depending on the incoming data. anything other than that would lead to accusations. >> seema
. >> seema, pimco's co-founder bill gross, said this is the most important factor for the markets going forward. i want you to listen to what he had to say. >> now, i think only the central banks and only the fed is important. watch the fed, but don't necessarily believe them. they haven't been good in the past five or six or seven years. watch the fed to see where interest rates are headed. that will help in terms of the markets going forward. >> seema, before we let you go,...
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May 10, 2024
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. >> announcer: the bond report is brought to you by pimco, a global leader in active, fixed income >>> we're less than 15 from the closing bell, back kristina for a look at the key stocks we need to watch. >> it's all about guidance this earnings season and that's why akamai technology shares are g getting punished they warned of weak june guidance the company is facing slower growth in media and that's why shares are down 11.5%. >>> bring on the protein, maybe for scott's dinner, caramelized garlic steak coming to a sweet green menu near you. shares are popping over 33% right now because the salad chain beat on earnings and also upped its full-year revenue guidance scott, what's for dinner >> i feel like having carbs. is that bad? that's not that bad, right >> no, it's not bad. it's friday. it's allowed. >> thank you >> i'll let you know what i had on monday. >>> still ahead, the big bio tech bounce, shares of vaccine maker novavax soaring today. we'll drill down to what's driving that near iptrle digit surge, look at that, 96% back on the bell after this. at pgim, finding opportuni
. >> announcer: the bond report is brought to you by pimco, a global leader in active, fixed income >>> we're less than 15 from the closing bell, back kristina for a look at the key stocks we need to watch. >> it's all about guidance this earnings season and that's why akamai technology shares are g getting punished they warned of weak june guidance the company is facing slower growth in media and that's why shares are down 11.5%. >>> bring on the protein, maybe...
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May 28, 2024
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. >> joining me now to discuss is pimco's rich clarida, the former vice chair of the federal reserve. mr. clarida welcome back nice to see you again? >> you bet. >> let's cut through some of what mr. kashkari said we should take our time and do it right what does that mean? >> well, i'm glad to hear that from my good friend neel kashkari i think it means data dependence the data has been disappointing year to date and so fed rhetoric has moved away from highlighting a cut to we'll let you know when we're going to do that, and i think there's a real case that we may not get any rate cuts this year, although i think on balance i probably lean in the direction of that. i think it's closely balanced call right now because of the inflation data. >> you told me last time you thought we would get one cut are you rethinking that? >> i think it's a closer call. i think when i did the show last time it's going to depend on the inflation data the calculation, scott, is basically for the rest of the year, inflation needs to come in at around 0.2 for the rest of the year to keep it under 3% that m
. >> joining me now to discuss is pimco's rich clarida, the former vice chair of the federal reserve. mr. clarida welcome back nice to see you again? >> you bet. >> let's cut through some of what mr. kashkari said we should take our time and do it right what does that mean? >> well, i'm glad to hear that from my good friend neel kashkari i think it means data dependence the data has been disappointing year to date and so fed rhetoric has moved away from highlighting a...
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May 30, 2024
05/24
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we will catch up with pimco's libby cantrell. ed bastian. all of that and a whole lot more from new york. this was "bloomberg surveillance." ♪ do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. - after m
we will catch up with pimco's libby cantrell. ed bastian. all of that and a whole lot more from new york. this was "bloomberg surveillance." ♪ do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it...
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May 3, 2024
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. >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> >> 15 to go before the closing bell. what's on your radar? >> we got to talk about starbucks. a rough week for this name. shares down over 16% on the week, down 2.5%. disappointing earnings drop in same store sales, which actually led to 18 price target downgrades just this week alone as deutsche bank puts it in their note, there are grande headwinds because of competition and what the ceo is calling a cautious consumer. they don't want to spend as much on the expensive coffees. h hsbc, the latest company, cutting the share to $84 a share, a price target of $107. switching gears, live ation, one of the top s&p 500 performers today after surpassing wall street revenue estimates with management promising that concert attendance even if taylor swift doesn't have a
. >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> >> 15 to go before the closing bell. what's on your radar? >> we got to talk about starbucks. a rough week for this name. shares down over 16% on...
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it is noted that the investors are black rock pimco. alexander germanovich, what is this about, who is being controlled by whom? and how will they be forced to return the money? through whom? money is, in any case, of course, the nerve of war, as napoleon rightly said, here you need to understand how much this money can help someone, if at all it can help someone, because. shells until the end of the year, and if, in fact, even they will be there at the front, then 5000 is not what is not enough, it was needed yesterday, if we take the calculations of the same syrsky, or more precisely anthony vagut, in any case, in addition to shells, those people are needed who are able to use these shells, and accordingly, excuse me, guns are needed, and the guns are worn out , this is very important, we never talk about this, that is, from the point of view. from the bell tower of a military expert, once again, in this case we are in captivity of some financial speculative conclusions, well , okay, funds can be pumped, you can evaluate anything, any
it is noted that the investors are black rock pimco. alexander germanovich, what is this about, who is being controlled by whom? and how will they be forced to return the money? through whom? money is, in any case, of course, the nerve of war, as napoleon rightly said, here you need to understand how much this money can help someone, if at all it can help someone, because. shells until the end of the year, and if, in fact, even they will be there at the front, then 5000 is not what is not...
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May 13, 2024
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stay with us ♪ >> announcer: the bond report is brought to you by pimco, a global leader in fixed assets income between numbers and peo. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ . >>> watch ge today down a bit although jpmorgan does reiterate an overweight they were at 148 and go up to 175, as they boost some of their target multiples in the aerospace space. the dow up 113 we're close to 5230. oprangitjim is coming up next. ord. - tonsillitis! - nostril!
stay with us ♪ >> announcer: the bond report is brought to you by pimco, a global leader in fixed assets income between numbers and peo. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is...
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May 2, 2024
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. >> as pimco pointed out every presidential year since 1980 the fed has either cut or hiked except for one, since '80. >> think they want to cut. nothing to do with the election. they want to adjust policy to try to keep the economy and rofrtsry intact. which it very much is. which is why all these wage and inflation numbers are going to be important we're going to get the average hourly wages for the month of april tomorrow and the jobs report we're going to watch it. the market is sensitive to all of these inflation the prices paid in ism was firm. we got to track all these data points that we're getting in on inflation. i just wanted to mention really quickly we got some productivity data which we pay attention to some of the progress, the big gains we've been seeing in productivity, stalled in the first quarter and that drove up unit labor costs, basically what businesses pay employees per unit of output it can be inflationary and it was 4.7% on an annualized rate, a big jump from the fourth quarter. it's kind of noisy, but another potential problem on the inflation front. not a ga
. >> as pimco pointed out every presidential year since 1980 the fed has either cut or hiked except for one, since '80. >> think they want to cut. nothing to do with the election. they want to adjust policy to try to keep the economy and rofrtsry intact. which it very much is. which is why all these wage and inflation numbers are going to be important we're going to get the average hourly wages for the month of april tomorrow and the jobs report we're going to watch it. the market...
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May 15, 2024
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joining us for the first time in a while is former pimco chief economist, paul mccully. good to have you here. >> good to be here. >> how would you characterize it? >> fully benign after the slap around the head in the first three months and i think the market is exuberant. it's consistent that the next move is an ease and that's what a forward looking market should be discounting is the next move. and there was talk about the notion, could there be tightening again and jay powell just k kiboshed that yesterday. >> how many would you need to string together to get the evidence powell wants? >> probably three. we had three slaps against the head. i say that in some respects tongue in cheek because it's a matter of confidence. we didn't see o.e.r. crack today. i think if you got o.e.r. to crack that would reinforce the proposition when they're going to do it. the big issue is the direction is down. >> but we are to your point waiting for shelter to come down, whether it's rents or o.e.r. opener equivalent rents as well. >> we are and i think the entire community on wall st
joining us for the first time in a while is former pimco chief economist, paul mccully. good to have you here. >> good to be here. >> how would you characterize it? >> fully benign after the slap around the head in the first three months and i think the market is exuberant. it's consistent that the next move is an ease and that's what a forward looking market should be discounting is the next move. and there was talk about the notion, could there be tightening again and jay...
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a group of foreign bondholders, including brock and pimco, are planning to put pressure on. ukraine so that it can start paying interest on its debt again next year year, according to people familiar with the matter: the company owns about a fifth of ukraine's 20 billion outstanding eurobonds. dollars recently formed a committee and hired lawyers and bankers to negotiate on their behalf. bondholders want kiev, which just received about $60 billion in u.s. aid, to strike a deal that would resume payments in exchange for writing off much of the country's outstanding debt. some bondholders in the group discussed the plans with senior officials in kiev, they hope to receive up to $500 million in annual interest payments after agreeing to the relief. at the beginning of the conflict, he spoke almost monthly via skype with zelensky, he kept bewitching him, bewitching him, and once even sent his delegation to kiev, but the cards are revealed, it is clear that such large monsters are financial, they are pursuing their own interests, ukraine is just a tool for them , only funds, just
a group of foreign bondholders, including brock and pimco, are planning to put pressure on. ukraine so that it can start paying interest on its debt again next year year, according to people familiar with the matter: the company owns about a fifth of ukraine's 20 billion outstanding eurobonds. dollars recently formed a committee and hired lawyers and bankers to negotiate on their behalf. bondholders want kiev, which just received about $60 billion in u.s. aid, to strike a deal that would resume...
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May 22, 2024
05/24
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they had been in talks with pimco to refine its debts but couldn't get a deal done before the oaktree deadline. enter milan had just won their championship last month and that's your bloomberg brief. jonathan: i would left except on most the same thing happened to my club a few years ago. what is about milan clubs being taken over by asset managers because they can't pay their loans? lisa: the coaches suddenly responsible? jonathan: we own football clubs now? when we were taken over, we won the league. we hope the same thing doesn't happen at inter milan. up next, closing the gap in swing states. >> the fundamentals of this election are still staying true and we see this. it comes down to the issues of inflation and immigration, crime. we are 166 days away from the election and we know it will tighten. jonathan: that conversation is just around the corner. live from new york this morning, good morning. ♪ jonathan: live from new york city, welcome to the program. equity futures are softer by 0.1 percent after closing at a record high yesterday. closing the gap in swing states -- >> f
they had been in talks with pimco to refine its debts but couldn't get a deal done before the oaktree deadline. enter milan had just won their championship last month and that's your bloomberg brief. jonathan: i would left except on most the same thing happened to my club a few years ago. what is about milan clubs being taken over by asset managers because they can't pay their loans? lisa: the coaches suddenly responsible? jonathan: we own football clubs now? when we were taken over, we won the...
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May 15, 2024
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coming up tomorrow we will catch up with julian emanuel, the brilliant libby cantrill of pimco, and michelle meyer of mastercard. if you are just joining us, retail sales a little softer. cpi in line encore and equities doing all right. .5% on the s&p 500. in the bond market yields are lower. on the two-year down nine basis points. on the 10 year we are down nine basis points. the dollar is weaker against the euro. positive .4% on the currency pair. dollar-yen down to 1.55. -- down to 155. from new york city, good morning. this was "bloomberg surveillance." ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their conn
coming up tomorrow we will catch up with julian emanuel, the brilliant libby cantrill of pimco, and michelle meyer of mastercard. if you are just joining us, retail sales a little softer. cpi in line encore and equities doing all right. .5% on the s&p 500. in the bond market yields are lower. on the two-year down nine basis points. on the 10 year we are down nine basis points. the dollar is weaker against the euro. positive .4% on the currency pair. dollar-yen down to 1.55. -- down to 155....
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May 23, 2024
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investors rob arnott, firm with 147 billion dollars in assets under management and a subadvisor to some pimco funds rob, good to see you. >> wonderful to see you. >> jamie has been on this line for quite a while. just looking at potential macro economic risk. meanwhile, markets seem like they're positioned for a pretty benign economic outcome rising earnings maybe a soft economic landing, inflation on the down swing. where do you come in on all that >> what you've described is the narrative that sets where markets are now. the markets are priced based on narratives the narrative is a benign outcome. but i think it's wonderful when you look for asymmetries where the market outlook break-even inflation rate is 2.3% for the coming decade. that means, gosh, should be an equal likelihood of 1.3 or 3.3. ask 100 people, 95 say, no 3.3 is more likely that's an asymmetry. asymmetries create opportunities. the market is priced for a benign economic environment. and i think jamie put it really well in saying it could happen, but he doesn't use the words "asymmetric risk" but it's clear that's what he's
investors rob arnott, firm with 147 billion dollars in assets under management and a subadvisor to some pimco funds rob, good to see you. >> wonderful to see you. >> jamie has been on this line for quite a while. just looking at potential macro economic risk. meanwhile, markets seem like they're positioned for a pretty benign economic outcome rising earnings maybe a soft economic landing, inflation on the down swing. where do you come in on all that >> what you've described is...
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May 15, 2024
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let's welcome tiffany wilding, economist at pimco, and joe lavorna, and director of hamilton project and senior fellow on economic studies at the brookings institution. our own steve liesman. steve, you were on the right side of this one in terms of suggesting it could be cool. >> 51%. all i'm looking for in terms of my accuracy. all i got to be. one better than a flip of a coin. i will say we got there at a somewhat surprising layup. surprising to hear what joe and you think about this. not you, joe. the other joe. >> i'm sorry. >> finish the sentence, by the way. new vehicles down 3.4%. used to be down more. thought ending that deflationary impulse. down 1.4%. owners and renters not help from that area everybody thought would come down. 0.4. same at last month. still hope that could come down a bit more. motor vehicle insurance thing still up strong. 1.8% on the month after what was it? 2.6, 2.8 last month. airline fares down. medical care attenuated a bit. i wasn't on the right side of the trade. the market was. look at the ten year this morning, coming down. so was the two year a
let's welcome tiffany wilding, economist at pimco, and joe lavorna, and director of hamilton project and senior fellow on economic studies at the brookings institution. our own steve liesman. steve, you were on the right side of this one in terms of suggesting it could be cool. >> 51%. all i'm looking for in terms of my accuracy. all i got to be. one better than a flip of a coin. i will say we got there at a somewhat surprising layup. surprising to hear what joe and you think about this....
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May 23, 2024
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based on what we heard from pimco just yesterday they are very interested in getting more exposure to europe because this growth policy mix will improve from here on out. >> what incentive with the ecb to have not to cut next month. they basically want to support the economy all of a sudden the soft landing is looking more in line for them then it was before. when people were talking about the u.s. is an exceptional shot, why wouldn't they say great we will cut rates and watch that and see how it goes but i think we are good. >> the fed just doesn't have that confidence. let's talk about the number one story. shares of nvidia soaring after the company reported a beat of the end raise. the godfather of ai delivered another masterpiece quarter of guidance that should be hung in the louvre. good morning to you sir. a masterpiece quarter. what was impressive for you yesterday. >> if you look at the guidance in terms of what we see on the data centers it was even i think a billion beyond whisper numbers and if you look at the demand this is the most important thing. demand is accelerating.
based on what we heard from pimco just yesterday they are very interested in getting more exposure to europe because this growth policy mix will improve from here on out. >> what incentive with the ecb to have not to cut next month. they basically want to support the economy all of a sudden the soft landing is looking more in line for them then it was before. when people were talking about the u.s. is an exceptional shot, why wouldn't they say great we will cut rates and watch that and...