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tv   Bloomberg Daybreak Europe  Bloomberg  April 7, 2021 1:00am-2:00am EDT

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♪ manus: good morning from our middle east headquarters in dubai. and ray horton alongside me as ever. it's daybreak europe. stocks look for direction as investors digest the imf global growth upgrade. positive notes on vaccinations. joe biden brings forward his goal for all american adults to get a shot.
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this is the u.k. rolling out would turn a vaccine. jp morgan lowers the rate on credit suisse as the group continues to count the cost. 6:00 a.m. in london. 9:00 a.m.. the guardians of world growth give us an update. the imf boosted the growth narrative. the triple v is ratcheting higher. vaccines are rolling out in america. the recovery is ratcheting higher. it's a global recovery, not just u.s. exceptionalism. there is victory in terms of the political narrative and the access to vaccines. good morning. the guardians of the global economy are bullish. good morning. annmarie: one thing that the imf report does say is that all of this is contingent on the fact of the health recovery. that means the rollout of the vaccine. what we are seeing politically,
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joe biden able to bring it forward in terms of eligibility for vaccines. that's a really big deal. the imf also talks about divergence in developing countries versus those that don't. manus: if you think -- 10 days ago, we were talking about 90% of the adult profit -- population within five kilometers. if ouchi does warn as well about the risks. the other piece that caught my eye was that the u.s. will not emphatically embrace vaccine passports because of the risk, human rights risk, deeply and faces -- invasiveness. i have one word for that. i have an iphone. i have other phones as well. annmarie: it will be a big
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debate you bring up in the united states. you are seeing places like texas and florida putting barriers on these so-called vaccine passports. my friend to new york actually has one. new york is testing whether businesses can use it. what we know from the imf, raising that global growth forecast is because of what we have seen on the vaccine front. that's part of the story. we spoke to the chief economist. take a listen. >> we have a world that is recovering strongly. it is good for everybody when there is high global growth, especially if you are a large trading partner of the u.s.. that helps you. when interest rates go up in response to positive news, that's not terribly damaging for emerging markets. on the other hand, with a faster recovery in the u.s., if there's a surprise tightening in financial conditions, that is a concern.
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annmarie: let's take a look at what's going on in financial assets across the world this morning. a snooze fest. we are trading a little bit sideways. unchanged on the msci asia pacific. we are flat. wti struggling to go above 60 bucks a barrel. you are interviewing someone on what the talks are going on in terms of around and energy. the 10-year treasury yield at 1.66%. struggling to hold that 1.7%. the mliv question of the day, is the global bond selloff over? our guest can help answer that. suzanne hutchins. you heard about the global growth forecast from the imf. at the same time, when you see global growth, look at the rates market. could this mean we will have more of a bond selloff or is it over? suzanne: i think in terms of the rates market overseas over the first quarter, we had a significant backup and yields.
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over 70 basis points. that has been a struggle for the markets to digest. at this juncture, we are trading in a sideways pattern. ultimately, the tenure does go higher. at least 2%. manus: good morning to you. the anchoring. i think we are cutting out here. let's take that forward. you talk about moving higher in rates. the short end of the curve, has that become unanchored? there's a risk that powell and yellen's actions will unanchored the inflation expectations. at the short end perhaps a little too far and too fast. suzanne: i don't think it is to the extent that we are seeing. in terms of the pickup and global growth in the u.s. and --
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and outside of the u.s. as well. combined with stimulus, you want rising rates. you got a pickup and global growth. herwise, you are going to get inflation expectations to run away with you. ultimately, i think that if inflation runs away, the fed is going to be quick to respond. they are going to be very much hesitant rather than proceeding any sort of move and inflation expectations. annmarie: how quick do you think the fed could be to respond? manus and i have been talking about this all morning. he was saying that we could potentially see powell flinch when it comes to the summers symposium in wyoming. suzanne: i'm not sure powell will flinch this time around. he's done it once before and it was a disaster. he had to turn tail back in
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2018, as you know. all the rhetoric coming out of the fed is that they are going to allow the economy to run hot or to ensure that we really get some sort of recovery in the real economy. inflation is still very low by all sorts of measures. whether you look at core cpi or what the fed looks at. we are hovering around 2%. five-year forward expectations in the near term are higher. longer term, they are quite muted still. i don't really see inflation being a big problem at this juncture. manus: powell will have to channel his inner market. when we do go to trying to get a rate cycle, a moving rate cycle,
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this time it's going to be a short shot. 100 basis points. you are not looking at a vulgar style ratcheting sequence. does that perry for you? about 100 basis points in the next cycle, when it comes. suzanne: i think that would be something that is very containable and markets. and then something that would be good for risk assets. there's always a risk that you get intense inflation. the type of strategy that we run , which is an absolute return portfolio, you do want to have escapes in your portfolio just in case there's a possibility that inflation moves out of control. at this structure, we feel as though things are pretty contained. that's pretty good for the equity market. bonds stabilized.
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we don't see a massive selloff from here on on -- in. 2% on the tenure is something we are looking towards. annmarie: do you have a timeframe on the 2% tenure? suzanne: i would imagine sometime this year. or even the next quarter. we have nudged up to 155 already, as you know. we have retraced somewhat. the numbers this quarter are going to be astronomical in terms of gdp growth. we have seen the imf improve their gdp outlook. the bank of england is going to be very significant. i would expect the 2% to be reached pretty soon actually. the question is, where do we go from there? as long as the economy is recovering and companies are in good shape and cash flows are
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good, you should stand to do well in this environment. manus: yep. i have yet to see stability and a bond trader come together on the trading floor. thank you very much. stay with us. suzanne hutchins. maybe there are a few more symbols like that. laura wright has a first word news. laura: good morning. president joe biden says all americans over the age of 18 will be eligible for a coronavirus vaccine by april 19. two weeks earlier than the previous goal. he warns that while there has been progress against the pandemic, new variants are spread quickly. the white house has ruled out vaccine passports, fighting concerns over privacy. iran says talk to restore is 2050 nuclear deal with world powers was constructive but it still is demanding that the u.s. remove all sanctions for real
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progress to be made. tehran rejected a proposal to create $1 billion of frozen iranian oil revenue in exchange for suspension of its production of enriched uranium. iran's lead negotiator says diplomats will meet again in vienna on friday. samsung's first quarter profit gained 44% from the previous year, boosted by the early release of a new flagship smartphone and strong gadget sales. the world's largest maker of memory chips has warned about weaker demand. the economic rebound happen faster than expected with semiconductor prices now rising. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. annmarie: thanks so much for that. just ahead, the u.k. begins rolling out moderna vaccine's. new evidence shows immunity lasts at least six months. the cofounder is coming up next.
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this is bloomberg. ♪
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>> there's a lot of good news. there's also some bad news. new variants of the virus are spreading and they are moving quickly. cases are going back up. hospitalizations are no longer declining. deaths are still down, way down from january, but they are going up in some places. annmarie: u.s. president joe biden warning about the spread of new covid variants. staying with covid and vaccines, the u.k. is to rollout the modernity shot for the first time today. it's the third approved vaccine to be offered in the country
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alongside astrazeneca and pfizer beyond tech. new research showed moderna vaccine is highly effective after six months. we spoke to the company's foot -- cofounder. >> it is good news that we are beginning to see some good evidence of anti-body protection lasting at least six months. that's as long as we have had to test it. we expect that we will get more and more data, both from that earlier study and from the larger studies that we did later in 2020. lots more to come on that. that's encouraging. as for the variance, our immune system is trained to detect many hundreds of threats on a daily basis. variants are going to look like slit we different threats. in some cases, they can evade the immune response partially. what we have shown so far is that some of the immune system continues to attack the variants
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and we will have to keep a close eye on which variants are beginning to exist. as you know, we've started developing, just in case we need them, additional mrna vaccines that would target some of these variants. whether it's a variant vaccine or the original vaccine or some combination of these, we want to be one or two steps ahead of the virus as it manifests to fight back against our immune system. manus: that was the modernity cofounder talking to bloomberg about covid-19 vaccines. suzanne hutchins is our guest and head of real returns. she is still with us. the imf have delivered a swathe of upgrades. 5.3%. we are supposed to be open at home by june 21. 5.3% for the growth number, up
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from 4.5%. how does that play out to you? is that a low number for you? when you see the vaccine rollout and the new madura shot coming on bird -- on board, do you think that is reflective for you? could it be upgraded? suzanne: there's potential for it to be upgraded. some of these numbers were calculated a few weeks ago. where the future potential is. certainly, compared to the u.s. which has a higher graded prospect, i think the u.k. has the ability to grow even faster. from a very low base effect from a year ago. annmarie: europe is getting a bad reputa in terms of covid and the vaccine rollout. guess yesterday said that he expects 60% of europe will be vaccinated by july. what is your timetable for europe? >> they have lagged the u.s. and the u.k.. i do think that now, the focus
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is on the vaccine rollout. it will probably permeate throughout the population pretty quickly. they've suffered a number of lockdowns again. if you look at the rates in the u.k., israel has been even faster, there's no doubt that europe can follow suit. obviously, that has subdued the economic recovery. i would imagine that europe or certainly catch up as the rest of the world continues to do so. manus: we will get a wave of sovereign paper coming to the european debt market over the next couple of days. my eye is drawn to italy. this is putting you on the spot. it's the contacts that i want to get a sense of. 50 year bonds for the first time in five years. i don't know whether you would
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say, i would buy italy paper. what are your proclivities for sovereigns in europe? where is the dominant trade? suzanne: i run a global portfolio. in fact, we have not got any exposure to european government bonds. relative to elsewhere in the globe, even though that i said that the u.s. tenure has further to decline from here, i do think that the u.s. government bond market looks far more attractive than europe. which is obviously still on very low rates and low yields. our preference would be much more outside of europe. annmarie: outside of europe. what about the banking sector? would you agree that u.s. banks are better than european ones? suzanne: well, they certainly are in much better shape.
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obviously, since the global financial crisis, there have been a huge amount of regulation which has improved lending standards. that is reflected in a number of share prices as well. in terms of the european banks, it's not an area that we particularly favor. we do own some of the contingent commercial bonds of some of these banks, which is a very attractive opportunity given the yield that you can get on those types of banks. obviously, the european banks have been somewhat hit by various scandals including the hedge funds. some of the lending standards for some of these banks perhaps could be improved upon relative to the u.s.. manus: therein lies the risk. some would say no, but thanks. great context around the global
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portfolios. suzanne hutchins, our guest host on rates. breaking news coming through. socgen's luxor for 825 million euros. what does he get for that 825 million euros? 150 billion euros worth of assets. many in the etf space. many looking at a number of suitors. state street was one of those. $980 billion as it goes to the hands of a monday. the exclusive talks continue and will lead to a purchase. coming up, what if we got on the show? annmarie: the fallout continues. credit suisse counts the cost of the blowup and we take a look at a group that got out just in the nick of time. this is bloomberg. ♪
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>> philanthropy can often take risks. they can try and ovation but sometimes it works ended sometimes fail. they can look for new solutions. they can help us collect the data. ultimately, it's always up to governments to scale up these innovations to create this change. the vaccine for covid is a perfect example. those are pharmaceutical companies working with philanthropists and investors but working with the government. ultimately, it's billions of dollars from the government that will pull that vaccine through and purchase it for americans and people in low income countries. annmarie: melinda gates discussing covid-19 and the role of government in the race for vaccines. you don't want to miss the latest episode of bluebird studio 1.0. she explains how philanthropy's effectiveness hinges on its connections with government. looking forward to that.
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manus: indeed. let's get back to the story on the bloomberg terminal. credit suisse under pressure. the bank detailing $4.7 billion. the dividends and the buybacks. the fallout is still being tallied. dani burger has it. i've never seen anybody had a cliff on the twitter as much as they are. give us the latest date on credit suisse. dani: it's because there is so much to talk about and so much more to come for credit suisse. at this point, it's about mitigating costs and saving relationships. we have to remember it's not just rk goss. 4.7 billion might be the bulk of the cost that they are likely to face. jp morgan saying that they think costs from these two events could run up to something like 8.7 billion. they will have to set aside
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litigation provisions as well as continued cost for higher regulatory issues to. on the relationship side, this is a tricky one. green silk has been reporting that credit suisse was looking at compensating its investors for the hit. bloomberg sources tell us that they might instead make their clients face the losses. this could threaten relationships with the qatari royal family. they are also an investor in the green silk fund via credit suisse. there's a lot that they have to contemplate at this moment. for their part, credit suisse says that they will update us in the next few days on what their plans are regarding green silk. annmarie: other banks were actually able to get out pretty quick. is this just a credit suisse problem? dani: at the moment, it seems like that. the only other bank that has losses close to credit suisse was nomura. no one else has any sort of
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losses that go towards the billion or more figure. yesterday, we learned that morgan stanley was able to offload about $5 billion worth of trade on thursday. that's the thursday before we saw those big blockchain's from goldman during market hours. you can see the different in the market price. credit suisse is one of the only banks to be falling while everyone else is giving investors payouts again, having dividends and buybacks, supporting good trading. credit suisse cutting their dividends and pausing buybacks. annmarie: a tough one for shareholders. we heard from david haro saying that it's a wake-up call for them. at the moment, they are sticking with it. thanks to dani burger. all of our credit suisse. china's handling of the pandemic has been considered successful. officials are worried about hot money. that's were coming up next. this is bloomberg. ♪
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♪ annmarie:annmarie: good morning from bloomberg's european headquarters in the city of london. this is daybreak europe and here's what you need to know. stocks looking for direction as investors digest and imf global growth upgrade. positive notes on vaccinations. joe biden brings forward his goal for all american adults to get a shot as the u.k. begins rolling out madura vaccines today. jp morgan lowers its rating on credit suisse amid the blowup as
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the group continues to count the cost. very good morning to you. another upgrade from the imf. now 6% in terms of global growth . i was digging through the reports. all of this hinges on the health recovery and what that means for vaccinations. we are seeing that in the developed world. look at the united states and the u.k.. there's a little bit of warning about the divergence we are seeing in the developing world versus those that are still struggling to get their hands on vaccinations and are faced with higher infection rates. manus: absolutely. you look through the breakdown, it's about china. 8.4%. india at 12.5%. that takes us back to the r.b.i.. they are sticking to their growth target of 10.5%. it's about how much of this race to upgrade growth is latent and
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backward looking. the u.k. growth number could be upgraded again because these numbers were calculated a number of weeks ago. let's talk about the raising of that growth number to 6%. we caught up with the chief economist. >> we have a world that is recovering strongly. it is good for everybody when there is high global growth, especially if you are a large trading partner of the u.s.. that helps you. more generally, if you're exporting benefits from it. we know when interest rates go up in response to positive news, that's not damaging for emerging markets. on the other hand, with a faster recovery in the u.s., if there's a surprise tightening in financial conditions, that is a concern. manus: just to bolster the point again, in the past hour, we have the r.b.i. come out. they are standing in hard,
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reassuring that they will buy up to one trillion rupee of bonds to make sure that the monetary policy -- fiscal policy gets delivered on. wick snapshot of what's going on in the markets. records are holding in the united states of america. hedge fund with their lowest exposure to cyclicals in a decade. the value trade has more to run. that's the state of play on u.s. equities. crude up by 2/10 of 1%. not really reacting that much to the global growth narrative. you could just say that that's pausing for thought as the iea moves lower in terms of their numbers on production in the united states of america. yields are well below the 1.7% that is possible this year. no on anchoring a fix -- inflation excitations at the moment. lesser flecked on what the imf
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said. i mention the china number. they said it will drive the global economic growth in the coming years as the world recovers from the pandemic. as foreign capital piles into markets, regulators fear that it could all come crashing down. we've seen that before. why is the pace of the inflows into china a huge consensus trade with our guests in the past four months? wise it a concern? -- why is it a concern? >> too much of a good thing for china at the moment. we know the growth story and the recovery story with china. because of that, interest rates are relatively higher in the rest of the world. that's tough for foreign capital. 60% growth in terms of foreign investment into chinese stocks last year, heading towards 50% for the bond market. the currency had its best quarter in a decade last year.
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china's bond is continued in all of the main exes of the world. the story continues to be about money going to china. the regulators are worried that this might be getting frothy, might be feeling domestic bubbles. this money may create some instability in china's on market. on the flipside, they are worried that if we reach a point where interest rates go up globally, suddenly some of this money will reverse gear and try to pull out of china. we are not yet at a break class -- class in case of emergency. they are worried about the pace of money that's going to china. annmarie: you call it too much of a good thing. what can they do to offset these pressures? enda: the thing is, as you know, china has such a tight grip on how money moves into and out of its economy. there are strict rules.
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we know in 2015, 2016, the big story was money leaving china. that's why they enforced all of those capital control rules yet again. what they've been doing recently is small incremental steps to encourage china investors to invest in foreign securities or in hong kong. they are trying to relieve the pressure in that respect. what i'm seeing, wholesale easing on currency. that's the flipside of all of this. china doesn't want to do anything that would encourage companies to move their money out because that risks financial stability and the other direction. there is something of a balancing act for china. they are not yet at the pain threshold but they are getting there. that's why we are seeing incremental measures to allow some money to leak out. manus: it's all about access to
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china, opening up their markets. where are we in that? will that continue in 2021? is that the duty caret to the world? enda: this is a key point. as you know, one of china's big selling messages in terms of the world economy is that the financial market is open for business. they do want foreign investment. they do want foreign money. they are allowing big banks to grow more freely. wall street continues to grow its presence. the optics of all of this will be, china is getting a bit nervous about the amount of money flowing into its economy in terms of what broader financial instability that might cause. they don't want to send a message that they are shutting down the shop and they won't welcome foreign capital. that's why they have a tricking balancing act.
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they want to keep a grip on things. they were very cautious in terms of the money flow. they don't want to signal that they are closed for business either. annmarie: of course. it will be a tight rope for them to watch. thank you so much for that. let's get a recap of some of the other news you need to know about. laura: a trial of astrazeneca's vaccine in children has been paused while the u.k. drug regulator investigates rare cases of blood clots in adults. moderna is to be rolled out as the uk's third vaccine option starting from today. that's as a new study finds antibodies from the shots remain active for at least six months. >> whether it's a variant vaccine or the original vaccine or some combination of these, we want to be one or two steps ahead of the virus. laura: shares of toshiba remain
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untreated after being suspended on news of a possible buyout. toshiba received an initial offer for a major stake in the company from cbc capital partners. cbc is proposing a deal to take the company private through a tender offer that could be worth more than $20 billion. bloomberg has learned that clubhouse has reportedly been in talks to raise funding from investors and was valued at $4 billion. less than a year old, clubhouse has hosted some of the biggest names in business and hollywood. at this love you -- level, it's all you will have quadrupled since january. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. manus: thank you very much. south korea's biggest company samsung has its profits for the
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first quarter. rising 44% in the per luminary results. let's get to juliette saly who will break down the numbers. we expected good numbers from a lot of tech companies. how did samsung come in? juliette: yeah. pretty good. we will get more from the earnings call on april 29. you can thank the flagship galaxy s4 new one phone and strong sales from its gadgets to offset what we saw with the texas plant shutdown and the chip shortage. how heavily reliant the kospi is on samsung. we've seen samsung's fallback recently. still, the share price has more than doubled last year's bottom. the world's largest memory maker has warned about profitability declining in the first quarter and anticipating weaker demand. instead, strong economic rebound from the pandemic happening faster than expected.
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semiconductor prices on the rise, helping out some of these per luminary results. let's have a look at what we have been seeing in terms of market reaction. samsung shares have been falling today. the kospi is still rising for a fifth day thanks to a strong current-account surplus today. sk hynix, number of analysts top pick, also rising and outperforming samsung today. city is maintaining a buy rating on samsung. their 12 month price target is 130,001. they say you need to be listening to this earnings call on april 29 to focus on that shutdown update from texas and the global memory outlook. 43 on this stock when you look at the bloomberg. if we look more broadly at a lot of the big tech companies in asia, the likes of samsung, tencent, alibaba, they are underperforming as a group.
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the market preference currency -- currently valuing some of these bigger rifles -- rivals. a number of companies have been to rails for -- by u.s. sanctions. annmarie: thanks for that round in singapore. just ahead on the program, the crypto craze. the boom is only beginning. further growth in crypto assets. we hear more from the galaxy founder, next. this is bloomberg. ♪
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>> what's the s&p on the year? bitcoin is up 100%.
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this week, ethereum had a monster move. what you are seeing is money continuing to pour into the space. we just went over $2 trillion of wealth market cap in crypto. that's a pretty significant number. $140 trillion in u.s. wealth. $400 billion in global grout. half a percent of global wealth is in crypto. that's growing. it will be a percent by the end of the year. >> digital art. where do you see this going? what could these assets be used for? >> and fts are going to be with us for the rest of our lives. right? already on the blockchain, collectibles on the blockchain, ip on the blockchain is all happening. we are in the very early stages, so much that there's little mini bubbles that will pop up and down. don't miss the big picture.
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this is fundamentally going to change how we secure intellectual property from now and going forward. >> mi right to make the distinction that this is not necessarily a bitcoin boom, this is a crypto, a blockchain boom as well that you are following? >> 100%. galaxy digital was set up to participate in the whole ecosystem. we've made investments in over 100 countries -- companies in and around the space. >> talk more about how to appeal to corporations. there's been a lot of talk about governments starting to get involved in this. what happens if that happens? i hear that it's a good thing but i'm not sure how i understand how. >> there's a bunch of different lanes in crypto. bitcoin has carved out this lane of store value, digital gold.
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most governments don't care if people are putting their money in gold. if they do a horrific job managing their finances, more people will want to take their money out of that country and put it somewhere else that is safe. right now, bitcoin is being seen as that place. i don't think bitcoin be what we used to buy shoes or sunglasses or diet coke. you will see stable coins, central bank issued digital currency, vying for that space. annmarie: galaxy digital founder and ceo talking about crypto as part of what he calls a blockchain boom. crypto assets are showing sign of a diversions. average price tumbled 70% from a peak in february. meanwhile, cryptocurrencies continue their rise after their total market pushed past $2 trillion. the price of bitcoin is hovering around the $58,000 mark.
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ethereum is up 100 -- 180% year to date. joining us now is antoni trenchev. you say in your notes that there's a fork in the road for bitcoin. do you think the next 25% is going to the upside or the downside? antoni: it really depends on the price action that we see by the middle of april. we are either going to 75,000, and weep your through 60 k by midmonth. i'm afraid we are going to see a pullback towards $45,000 for bitcoin. you know, keeping the bigger picture in front of us, this has nothing to say about the long-term strength in bitcoin which remains intact. manus: good morning to you. what does it take to get us up
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25%? 75,000. what is it that takes us there? antoni: on the technical level, more buying. good news. we've had plenty of that in the past month. more people and companies coming into the space, especially on the institutional side. i personally think that by the end of the year, we will see at least 10% of the s&p companies following elon musk's lead and taking some of their treasuries as a protective hedge against the inflationary pressures and the expansive money policies of the central banks taking his lead and investing some in bitcoin which will result in even more net buying which is always positive. annmarie: one thing, he does not the things of bitcoin to be for
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purchasing power. what do you see in terms of the adoption of the actual use in everyday life of bitcoin? antoni: bitcoin is too valuable to buy starbucks copy with. that's why we have companies like ours where we have dedicated efforts to gather around the needs of the clients and maintain and hold onto your crypto. at the same time, do what wall street and silicon valley has been doing for the past 30 years. borrowing against your assets and spend the proceeds. keep the crypto at the same time. it's as efficient as swiping your mastercard. manus: let's hope that the banks disclosed who they are leveraged up against and who they are wanting to. already, collectibles, and ip. these are the office of the next
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move -- alphas of the next move of bitcoin. how important are an ip to the next generation and evolution of the blockchain? antoni: i don't necessarily love to disagree with him. he's a legend as large as they come. frankly, at this elevated level that we see with non-fungible tokens, i civilly don't get it. i don't get how they get valued. if there's anything akin to a bubble within crypto, i would argue it's within the nft space. whether out of the ashes of a bursting bustle -- bubble that we see right now, we will have some companies or something actually useful come out of it.
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it remains to be seen. one has to be cautious in the bull cycle with and fts. annmarie: we have the coinbase direct listing coming up. what are your thoughts on that? is it just bullish? is this the first of many to come? antoni: first of all, it's great for the visibility of crypto. so that it comes to people who are not in our niche market. second of all, it's another sign of a long streak of signs that crypto is her to stay. regulators will impose certain restrictions of it in terms of anti-money laundering policies. they are nowhere near outlawing it which has always been the -- in the back of the mind of everyone. last but not least, it paves the way for a lot of crypto companies to follow their lead,
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take their playbook, and explore direct listings, specs, even ipo's as means of getting public and getting more investors and growing more people into crypto. manus: a'toni trenchev. great to get your input. coming up on the show, we give you the main offense of the agenda for the day. fed? fed. this is bloomberg. ♪
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annmarie: 65 in the city of london. this is daybreak era. coming up, g20 finance ministers and central bankers gather for a virtual meeting. they will give a press conference. we will have to look out for that. across the atlantic, the chicago
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fed president discusses economic outlooks. a lot to look out for. manus: how bullish will he be on the prospect of jobs markets? you have the minutes of the mark -- march federal open markets committee meeting. we will look over the bones of that and they will shed light on u.s. policymakers views on -- guess what? inflation. that's at 7:00 london time. a bit late for me. it's time for a data check. equities holding records. 10 year government bond yields. i like what mike nova graph had to say. never mind bitcoin. your job was to find out exactly what jackson hole was. annmarie: i have an answer. we don't have the date just yet. we know what will be the summer. it will most likely be virtual. manus: summer is a long time.
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summer is like this. annmarie: [laughter] i will get you a date soon. that's it for us. this is daybreak era. the european open us up next. thanks for joining us. this is bloomberg. ♪
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pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. ♪ matt: good morning. this is the european open. i'm matt miller, live in berlin with mark cudmore joining me out of singapore to take us through all of the market action this hour. the cash trade is an hour away. here are your top headlines from the bloomberg terminal. stocks look for direction as investors digest and imf global

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