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Jul 20, 2022
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the boj as well. -- we are watching the boj as well.t's bring in our global economic and policy editor and our in-line strategist. let's start with tesla. gabrielle, what was the guidance for the second half? gabrielle: tesla, elon musk said he thinks that is potential for tesla to have record production in the second half of the year. when it comes to their volume sphere, he said he expects them to stay on track to increase output 50%. there's a lot of hedging in that because there are supply-chain hurdles, shortages, labor shortages. but, you know, i think they will be able to make know, i think tl be able to make it. that is what they are saying. haidi: what what about the bitcn they sold off? gabrielle: tesla sold 75% of their bitcoin holdings in the second quarter. they explained this was because when the shanghai lockdown started he was not sure how long those would last and he wanted to maximize tesla's cash port for security. he said, don't read too much into it. tesla could increase bitcoin holdings again in the future. neverth
the boj as well. -- we are watching the boj as well.t's bring in our global economic and policy editor and our in-line strategist. let's start with tesla. gabrielle, what was the guidance for the second half? gabrielle: tesla, elon musk said he thinks that is potential for tesla to have record production in the second half of the year. when it comes to their volume sphere, he said he expects them to stay on track to increase output 50%. there's a lot of hedging in that because there are...
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Jul 3, 2022
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from the boj and they will be proven wrong.will tell us why. that is next. this is bloomberg. ♪ haidi: japanese markets will open at the top of the next hour. take a look at how they are shaping up to start the week. this is what we are seeing when it comes to dollar-yen, this is we see the japanese currency sinking to even deeper lows. but japanese bond yields and a central banks target, dollar-yen holding at over 135 to the dollar as well. so we are potentially really seeing further downward pressure . if we continue see the bank of japan clinging to these ultra low interest rates as we have seen it the last nine months of thank of japan, the recent tenure. the decision to pass up on opportunity to ramp up defense when it comes to policy, it is really kind of turning to a fear of crippling weakening of the yen. keeping purchases unchanged for the next quarter, it's a move that surprised some of the participants. they have been betting on a change. let's bring in executive economist at the research institute who previously ser
from the boj and they will be proven wrong.will tell us why. that is next. this is bloomberg. ♪ haidi: japanese markets will open at the top of the next hour. take a look at how they are shaping up to start the week. this is what we are seeing when it comes to dollar-yen, this is we see the japanese currency sinking to even deeper lows. but japanese bond yields and a central banks target, dollar-yen holding at over 135 to the dollar as well. so we are potentially really seeing further...
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Jul 8, 2022
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it really comes down to the support behind the boj governor.o step down i believe in february of next year. i don't think anything will happen between now and then. as things always unfold in japan, they unfold slowly and in the backdrop trying to build a consensus. we will get a sense of where that consensus is going and then reflect very quickly in terms of the currency story. kriti: i'm glad you brought up the yield curve control story and the potential for yen strength. what are the actual odds of that ? i believe we have an election in japan as soon as this weekend as well is a boj that has stood steadfast in that policy. what are the odds of the scenario you outlined? steven: that is the question. my 100% in agreement with your point that when you look at where yield curve control is at the center of the situation. i think eliminating yield curve control helps banks, but does it help the rest of the japanese economy and allow long-term real yields to widen in the curves to steepen a little bit? maybe it helps a little in terms of retiree
it really comes down to the support behind the boj governor.o step down i believe in february of next year. i don't think anything will happen between now and then. as things always unfold in japan, they unfold slowly and in the backdrop trying to build a consensus. we will get a sense of where that consensus is going and then reflect very quickly in terms of the currency story. kriti: i'm glad you brought up the yield curve control story and the potential for yen strength. what are the actual...
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Jul 21, 2022
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david: if that is the reason, i can apply to the boj, right? >> boj is different. david: why?> there's no obvious path through a strong secondary path or pressure. japan probably is deeply entrenched, labor productivity -- wage growth has not been conspicuous. i think for japan, they have this deflation, you think they do not want to see it. it is not there. the domestic demand is really week, despite their pain covid, the situation that has been going on affecting energy and food prices. in a sense, i understand the reasoning for not hiking at this point. i expect them to do this today. yvonne: the strength of the secondary pass-through inflation. that is what christian says drives that. >> big board. yvonne: thank you, we've got plenty more ahead. this is bloomberg. ♪ yvonne: your latest business flash headlines. they're playing to cut as many as 8000 jobs as the automaker trust boost profits to fund its push in the 80's. some of the cuts will come from the unit producing gas fueled vehicles. the company is hampered by having too many people. they're going to cut -- microsof
david: if that is the reason, i can apply to the boj, right? >> boj is different. david: why?> there's no obvious path through a strong secondary path or pressure. japan probably is deeply entrenched, labor productivity -- wage growth has not been conspicuous. i think for japan, they have this deflation, you think they do not want to see it. it is not there. the domestic demand is really week, despite their pain covid, the situation that has been going on affecting energy and food...
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Jul 8, 2022
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yield curve control has been the real focal point of boj policy.hey pretty much destroyed the jgb market. it is led to a sharp depreciation of the japanese yen. under normal circumstances, you would say that's a good thing insofar as it makes japanese exports were competitive. japan has typically arrived a lot of its growth out of the external sector so that's a positive. this has come at a time of massive trade stock by commodity prices. it is led to a big margin compression for the country as a whole because they are large importers of energy in particular. the trade account has moved into a deficit. in addition to this boj policy is that importers keep having to buy it to pay for oil imports. arguably, much as we have seen in europe, we are at a point where stronger currency would be quite helpful in many ways. it the boj is trotting out this policy that may have been appropriate a few years ago, but it is behind the times now. kriti: i want to pick up on the point you made with jgb's. do you start to see that market essentially break? i am curi
yield curve control has been the real focal point of boj policy.hey pretty much destroyed the jgb market. it is led to a sharp depreciation of the japanese yen. under normal circumstances, you would say that's a good thing insofar as it makes japanese exports were competitive. japan has typically arrived a lot of its growth out of the external sector so that's a positive. this has come at a time of massive trade stock by commodity prices. it is led to a big margin compression for the country as...
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Jul 20, 2022
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we have to keep our eyes on what the boj will do tonight. because, it is always a currency versus another currency. so, the dollar has been very strong. but, i think, a weak dollar could potentially be even more inflationary for the u.s.. haidi: in this environment, what do you like? nancy: i'm a portfolio manager for the eyeball etf. that fund is ibol not eyeball. that is the quadratic inflation hedge etf. i think it's a really compelling way to add inflation to investor portfolios. about 80% of the fund is inflation protected treasuries. then we try to augment the only way these treasuries reset, with one single index using -- nobody would use one index for the equity market. why would you use one index for inflation? the reset with a consumer price index. then we augment inflation expectations outside of cpi using interest-rate options. the fund buys option is a long interest-rate volatility. i think that is an attractive diversifier. especially as we have the fed just starting on quantitative tightening. shery: with potentially yields go
we have to keep our eyes on what the boj will do tonight. because, it is always a currency versus another currency. so, the dollar has been very strong. but, i think, a weak dollar could potentially be even more inflationary for the u.s.. haidi: in this environment, what do you like? nancy: i'm a portfolio manager for the eyeball etf. that fund is ibol not eyeball. that is the quadratic inflation hedge etf. i think it's a really compelling way to add inflation to investor portfolios. about 80%...
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Jul 4, 2022
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we did get the wages data and it does involve the boj sticking with its policy of easy settings.g a look at what we are seeing in high-frequency indicators as well because bloomberg economics will be looking at where we start the end of last week and it is not a great picture either. one of the positives is that mobility, that did gain, so we saw it up for a third straight week. more people using public transport. your visiting shops, recreational venues. and as you can see within at 9% of the pre-covid level. on the flipside is we do see more people moving around and we suck of the cases jumped nearly 30% on the week higher. -- we sought covid cases jumping 30%. crunch on consumers while it's as well, specifically concerns around job security. we are seeing more searches for unemployment and then the other factor that was on that board was prices are getting expensive, daily essentials rising 2% on the year and also nearly 2% on the week. speaking of inflation as well, were going to get the boj forecast for their inflation outlook and about two weeks from now. we are hearing fro
we did get the wages data and it does involve the boj sticking with its policy of easy settings.g a look at what we are seeing in high-frequency indicators as well because bloomberg economics will be looking at where we start the end of last week and it is not a great picture either. one of the positives is that mobility, that did gain, so we saw it up for a third straight week. more people using public transport. your visiting shops, recreational venues. and as you can see within at 9% of the...
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Jul 22, 2022
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the boj is seeking price pressures unlikely to be sustained.speaking with the policy settings. coming online a little bit weaker, reflecting these reset -- recession fears in the u.s. turning to korea, because we did have some producer price data coming out this morning as well, quickening in the month of june. singling how hard it is to bring down inflation in the battle against consumer prices, commodity prices and supply chain disruption. we saw rising manufacturing prices, also key driver, consumer prices in korea. level increases and more than two decades. pressure on the be ok that we already signaled they are beginning to move forward and 25 basis point increments. stocks keeping an eye on the chipmakers this morning. we are seeing the cost at gaining against the board of kospi index. a couple of reasons for that, a primary one, the moves we are seeing for chipmakers specifically for the u.s. clearing this deadline or this path towards providing more subsidies for domestic chipmakers that could benefit the bigger names in korea and japan
the boj is seeking price pressures unlikely to be sustained.speaking with the policy settings. coming online a little bit weaker, reflecting these reset -- recession fears in the u.s. turning to korea, because we did have some producer price data coming out this morning as well, quickening in the month of june. singling how hard it is to bring down inflation in the battle against consumer prices, commodity prices and supply chain disruption. we saw rising manufacturing prices, also key driver,...
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Jul 25, 2022
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the boj minutes are due later this hour.uth korea, it is the second day of parliamentary hearings. economy related ministers will take questions from lawmakers. these are the earnings who are watching from the corporate side. heidi: a big day ahead. let us get a quick check of the latest business flash headlines. bankers backing the buyout of citrix, a new debt plan to soften losses. that includes a putting a in a billion-dollar go-between themselves, private credit funds, and other investors. other big changes may also be necessary as credit conditions remain challenging. while mark tumbled in late. apricot is profit outlook for the second time this year, citing the need for lower prices to cycle out inventory. adjusted inventory is 15% in the fiscal year. consumers are shifted to spending on necessities. apple has listed discounts in china before the lord of the new generation devices. it will take up to $89 off of the topline device for are days. this comes as china's economy struggles. herding domestic sales of smartphon
the boj minutes are due later this hour.uth korea, it is the second day of parliamentary hearings. economy related ministers will take questions from lawmakers. these are the earnings who are watching from the corporate side. heidi: a big day ahead. let us get a quick check of the latest business flash headlines. bankers backing the buyout of citrix, a new debt plan to soften losses. that includes a putting a in a billion-dollar go-between themselves, private credit funds, and other investors....
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Jul 19, 2022
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we have the boj and ecb meeting this week. governor is likely to keep the stimulus policy in place. in terms of the equity markets, japan is facing headwinds. from apple, they assess the outlook for the broader global economy. the risk that the fed could be tightening into recession. in terms of the korean won, we are holding around the 13 year low. we saw a slight recovery, but some likely to be sustained. there are headwinds facing pressure on asian economies. turning now to the open where watching close to what happens for the chinese property sector, pacifically what we can be getting from beijing government. we are seeing australian stocks come online as we have the staggered session as well. moving a little bit higher, we are waiting for the meeting minutes. shery: we are watching that. chinese equities has built up exposure. joining us is james. good to have you with us. how are you positioning in this market when we see more of those mortgage payments boycott and potential credit risk? guest: indeed, the property marke
we have the boj and ecb meeting this week. governor is likely to keep the stimulus policy in place. in terms of the equity markets, japan is facing headwinds. from apple, they assess the outlook for the broader global economy. the risk that the fed could be tightening into recession. in terms of the korean won, we are holding around the 13 year low. we saw a slight recovery, but some likely to be sustained. there are headwinds facing pressure on asian economies. turning now to the open where...
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Jul 7, 2022
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number 10 downing street further boj.di: he did say he will stay on until a new leader is in place. the former senior policy advisor under the former prime minister, james crabtree. we appreciate your time. the swansong has not been proposed. having that elongated notice period. what does it mean behind the scenes what is happening at the moment to find a replacement. >> the upside for boris johnson and you will see boris johnson will be forced to leave downing street. while they are for a short-term period of instability, and the rise suggested investors were more optimistic. and there will be a lot of lack of clarity. haidi: you mentioned more than a dozen contenders, and it looks like such a busy field and so many people throwing their hats into the ring. and in terms of finding a credible single or a couple of options. there are dozen people throwing their hat into the ring, is it problematic in terms of so many different people going into a top job. does a credit hindrance to find one or a couple of credible leadersh
number 10 downing street further boj.di: he did say he will stay on until a new leader is in place. the former senior policy advisor under the former prime minister, james crabtree. we appreciate your time. the swansong has not been proposed. having that elongated notice period. what does it mean behind the scenes what is happening at the moment to find a replacement. >> the upside for boris johnson and you will see boris johnson will be forced to leave downing street. while they are for...
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Jul 18, 2022
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she referenced the boj. know ing in response to that reference said the boj consistently came close to achieving its 2% target. for so long it had a deflation problem in japan. pointing to the bank of england's record and saying it's miles away right now. since it became independent, it hasn't been all that far off the mark. what kind of inspiration do you think she meant or could take from the bank of england example? >> straightforwardly, japanese inflation has been very low for a long time and it's been problematic. to an extent you can argue that japanese inflation is low due to structural factors. in the backdrop is quite different to the u.k. condition at the moment where we have probably to strong demand and some supply-side constraints. boj has been pumping money into the economy and continues to do so much against the trend we are seeing elsewhere in the world. i'm not sure that's the policy is trust will be proposing to tackle the inflation issue. one other feature that is interesting is the part b
she referenced the boj. know ing in response to that reference said the boj consistently came close to achieving its 2% target. for so long it had a deflation problem in japan. pointing to the bank of england's record and saying it's miles away right now. since it became independent, it hasn't been all that far off the mark. what kind of inspiration do you think she meant or could take from the bank of england example? >> straightforwardly, japanese inflation has been very low for a long...
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Jul 21, 2022
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the boj lowered its medium 20 growth forecasted 2.4%.ngrade follows mark -- lockdown in china. italy's government is close to collapse after they withdrew their support. it could plunge the country into months of political turmoil as economic warning signs. the former chief is expected to resign thursday. emergency elections could be called. president joe biden says he expects to face the chinese leader xi jinping in the coming days. a is deciding whether to curb effort -- sanctions. global news 24 hours a day on air and bloomberg to -- quick takes a by more than 2700 journalists and analysts and 120 countries. dani: coming up, the final two. foreign secretary versus former chancellor. we bring you on the latest on the race to succeed boris johnson. this is bloomberg. >> look at these proposals carefully. the value stability, public finances that they recognize inflation pressure is corrosive to the economy as a whole. i think they will see, so neck has a plan to deal with that. let's get more on that story. foreign secretary liz trust i
the boj lowered its medium 20 growth forecasted 2.4%.ngrade follows mark -- lockdown in china. italy's government is close to collapse after they withdrew their support. it could plunge the country into months of political turmoil as economic warning signs. the former chief is expected to resign thursday. emergency elections could be called. president joe biden says he expects to face the chinese leader xi jinping in the coming days. a is deciding whether to curb effort -- sanctions. global...
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Jul 29, 2022
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the boj is maintaining easy policy when the world is hiking rates aggressively. i think that theme will come back in vogue. let go 1.30 next? it could be there in a day or two. will it go to 1.25? i wouldn't be completely shocked. tom: bloomberg's mliv editing editor, thank you very much indeed. u.s. stocks rallied after gdp contracted for a second quarter. let's get into key market drivers with the global sheet equity officer at allianz global. a great to have you on in the middle of earnings, does this equity rally have legs or is this a bear market bounce? virginie: i'd like to call it a relief rally. the point where we are is an inflection point on this narrow path of normalization of monetary policy, post-covid. we have to remember, it is the fastest tightening since the second world war. the relief rally is based on the fact that companies have given us some quite good results. and the fact that people are expecting contraction in the economy, rate increases are either going to slow down or be less strong in terms of magnitude, that is the reason for the ra
the boj is maintaining easy policy when the world is hiking rates aggressively. i think that theme will come back in vogue. let go 1.30 next? it could be there in a day or two. will it go to 1.25? i wouldn't be completely shocked. tom: bloomberg's mliv editing editor, thank you very much indeed. u.s. stocks rallied after gdp contracted for a second quarter. let's get into key market drivers with the global sheet equity officer at allianz global. a great to have you on in the middle of earnings,...
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Jul 11, 2022
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our call has been it is the boj that will blank. the yen will weaken until the boj does. tom: with chris verrone, your cta moment of the month. once you get out of the bottom, let's go 1946, how do you establish a bull trend, is it off moving averages? is it off a jump condition when the gap does not fill? how do you know up? chris: is a great question. this is something we read about often? how do you distinguish between a bounce and the start of the real thing. a trend is preceded or accompanied with the start of momentum. one of the ways we look at that on any given day, the percentage of issues giving you a two standard deviation advance. we have not seen it yet. it does not mean we cannot see it. we continue to remain prudent. this is without a lot of momentum behind it. jonathan: great to catch up to get your views. down .5% on the s&p. interesting levels in the fx market. euro-dollar very briefly a break of 1.01. dollar-yen 137. if you look across asset, the yen has not participated this year. the fact we have yen weakness not yen strength in this environment speak
our call has been it is the boj that will blank. the yen will weaken until the boj does. tom: with chris verrone, your cta moment of the month. once you get out of the bottom, let's go 1946, how do you establish a bull trend, is it off moving averages? is it off a jump condition when the gap does not fill? how do you know up? chris: is a great question. this is something we read about often? how do you distinguish between a bounce and the start of the real thing. a trend is preceded or...
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Jul 18, 2022
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the boj owns 2% of the gtp market and sink upside risk to that. tom: the political economics, we don't emphasize enough the politics and off of the a terrible assassination of abe and lack of optionality and degrees of freedom with drive you -- with draghi. jonathan: i did not catch up with mr. draghi. tom: i thought you were having a cocktail. jonathan: i would love to catch up on the italian market and the ecb as well. we will see how much of a market we will have in italy. tom: you should have seen the photos that kaylee had -- kailey had. jonathan: is there something i don't know? tom: she did a remote their. like catherine have -- remote there. like katherine hepburn did. jonathan: good morning to you. this is bloomberg. ♪ >> keeping you up-to-date. a u.s. energy envoy optimistic. oil output increases after biden's visit. it is said there will be a few more steps in the coming weeks saudi official say any decision to pump more would be made within opec-plus. the international monetary fund said it will cut its global economic outlook substant
the boj owns 2% of the gtp market and sink upside risk to that. tom: the political economics, we don't emphasize enough the politics and off of the a terrible assassination of abe and lack of optionality and degrees of freedom with drive you -- with draghi. jonathan: i did not catch up with mr. draghi. tom: i thought you were having a cocktail. jonathan: i would love to catch up on the italian market and the ecb as well. we will see how much of a market we will have in italy. tom: you should...
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Jul 21, 2022
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jonathan: i have called it operating ostrich at the boj.d in the sand, hope that everything goes away. i came up with that. proud of that. looking toward the ecb decision a little bit later. let's get to kailey leinz for some movers. kailey: we have been looking ahead to the ecb decision so much, we have not talked about tesla, which reported after the bell. working through supply chain issues with the lockdown in china. elon musk says he is optimistic that the supply chain held. they also sold about 75% of their bitcoin stake. alcoa beating expectations. las vegas sands beating expectations thanks in large part to the recovery in singapore. 3.9%. the downside movers include united, which was warning about capacity this year and next. they will not be able to wrap it up as much as they wanted to, trying to work through disruptions on labor and fuel. that stock is down 7.4%. american airlines this morning echoing that, saying capacity could be down 10%. finally, carnival, not an earnings story, but they announced a $1 billion stock offering.
jonathan: i have called it operating ostrich at the boj.d in the sand, hope that everything goes away. i came up with that. proud of that. looking toward the ecb decision a little bit later. let's get to kailey leinz for some movers. kailey: we have been looking ahead to the ecb decision so much, we have not talked about tesla, which reported after the bell. working through supply chain issues with the lockdown in china. elon musk says he is optimistic that the supply chain held. they also sold...
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Jul 5, 2022
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we could have the boj force policies changes. that could have an impact on the right differential that is being priced in and the other factor is the haven factor. we could see investors turning to the japanese yen once again on these recession risks. we have a look at the equity space ahead of the trading session in asia. we are looking to a weakened start for australian and japanese stocks. q. week stocks are coming online fractionally higher. -- kiwi stocks are coming online fractionally higher. we do have king dollar, also the pressure that we saw on the currency cross. heidi: we see the conflicting factors. we had the rba decision as expected, we see the fastest pace of tightening on record. we have that back-to-back basis point hike. a lot of economists are saying that there is no indication, the commitment to do whatever it takes to isolate inflation. there is no signs of that they are keen to follow the fed with a basis point move. it sits at the highest since may 2020. that was predicted by all but one out of 26 economis
we could have the boj force policies changes. that could have an impact on the right differential that is being priced in and the other factor is the haven factor. we could see investors turning to the japanese yen once again on these recession risks. we have a look at the equity space ahead of the trading session in asia. we are looking to a weakened start for australian and japanese stocks. q. week stocks are coming online fractionally higher. -- kiwi stocks are coming online fractionally...
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Jul 19, 2022
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the boj governor changing hands, kuroda stepping down. the boj decision coming up tomorrow. take a look at the results we're getting from the individual firms. much greater upside, 31,000 for the nikkei. broadly, taking a look where we stand. we are staying risk on. nikkei futures coming online, 1.7% upside. we are continuing to see gains for the asx 200, new zealand online, 1% to the upside. shery: let's take a look at energy. rest on is helping lift brent and wti. europe is facing for a full cut off in russian gas supply. su keenan joins us latest. su: west texas up 1.5%. that is on top of rising in the u.s. session. we are on a pattern of rebound. analysts are pointing out the acquitted a is thin, -- liquidity is thin. you have more machines than humans trading, referencing computer-driven trades. west texas trading in a technical band. bigger picture has been choppy. traders are weighing concerns that a recession will help -- our demand. with friends, -- brent, futures in excess of four dollars higher. that is a huge premium and it indicates refiners are willing to pay u
the boj governor changing hands, kuroda stepping down. the boj decision coming up tomorrow. take a look at the results we're getting from the individual firms. much greater upside, 31,000 for the nikkei. broadly, taking a look where we stand. we are staying risk on. nikkei futures coming online, 1.7% upside. we are continuing to see gains for the asx 200, new zealand online, 1% to the upside. shery: let's take a look at energy. rest on is helping lift brent and wti. europe is facing for a full...
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Jul 18, 2022
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jonathan: just some of the numbers on the balance sheet between the ecb, fed, boj.om: what is amazing about the bar chart, the u.s. is way over and it is a paragon of responsibility. jonathan: it is when you compare the balance sheet and percentage of gdp. the boj is like 120% of gdp. pretty wild. tom: i take great deference to these scholars. i have a hallway at home full of books. none of what we are living right now is in any of those books. jonathan: one small correction by reuters. seen by reuters on monday. saying that country is germany. tom: there it is, i'm looking at rotterdam coal right now. you can do that with the search engine of the bloomberg professional service. let's see what the pop is this morning. one or two days, a little bit of webbing looking to see what lagarde does. frankly waiting to see with the individual country jonathan: a number of reasons. we have wrapped up wall street numbers. the stock is higher. we will catch up in the next hour. ritika: bank of america is expected to take a $200 million fine released for the use of unapproved pe
jonathan: just some of the numbers on the balance sheet between the ecb, fed, boj.om: what is amazing about the bar chart, the u.s. is way over and it is a paragon of responsibility. jonathan: it is when you compare the balance sheet and percentage of gdp. the boj is like 120% of gdp. pretty wild. tom: i take great deference to these scholars. i have a hallway at home full of books. none of what we are living right now is in any of those books. jonathan: one small correction by reuters. seen by...
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Jul 7, 2022
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yes investors have been shorting the yen on bod expectations -- boj expectations, but the boj is in ailar spot because in the absence of global qb outside of japan, risk premiums have to adjust higher to cover large current-account shortfalls or large trade deficits. that means higher borrowing costs, higher yields, for a weaker currency, or some combination of the two. that is the situation that japan is in, that the bank of england is in, that the yen and sterling are in. it is a difficult global environment especially with central banks, maybe with the exception of japan, stepping back from oppressive easing. manus: they are all still in there at the moment. good to see you this morning. we will check on those calls. stephen gallo, european head of fx at bno. let's get back to the first word news. >> samsung electronics reported slowest profit growth in two years with rising material costs and lukewarm consumer demand raising margins. preliminary operating profit rose to $10.7 billion in the three months ending june. sales increased 21%. almost $59 billion, slightly above estimates
yes investors have been shorting the yen on bod expectations -- boj expectations, but the boj is in ailar spot because in the absence of global qb outside of japan, risk premiums have to adjust higher to cover large current-account shortfalls or large trade deficits. that means higher borrowing costs, higher yields, for a weaker currency, or some combination of the two. that is the situation that japan is in, that the bank of england is in, that the yen and sterling are in. it is a difficult...
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Jul 10, 2022
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the boj is going to have to shift policy.creates an undercurrent that it is time for some changes. haidi: our chief rates correspondent for asia, garfield reynolds. let's head to china, where shanghai has reported its first case of the ba.5 omicron subvariant, warning of eerie high risks amid fears of a return to its earlier lockdown. managing editor for asia joins us now. even with the broil up, we know that certain compounds continue to be locked down depending on the case situation there. so with something as contagious as the new variant, it is a threat to the covid zero strategy. emma: yeah, i mean, it is just another challenge really that is sticking to -- that sticking to a zero-tolerance approach is always going to face. you are not able to as easily eradicate the virus as you were in the first year of the pandemic. with these more contagious, more immune of a sieve some arians of the omicron variant, ba.5 in the latest among them, you are going to see this constant the back loop in china, as long as they continue to
the boj is going to have to shift policy.creates an undercurrent that it is time for some changes. haidi: our chief rates correspondent for asia, garfield reynolds. let's head to china, where shanghai has reported its first case of the ba.5 omicron subvariant, warning of eerie high risks amid fears of a return to its earlier lockdown. managing editor for asia joins us now. even with the broil up, we know that certain compounds continue to be locked down depending on the case situation there. so...
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Jul 28, 2022
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that is happening because of the move to the short rate in europe compared to what the boj is doing.o an investor, it is really interesting. david: thank you so much, and we will speak to you soon. there is plenty more ahead. this is bloomberg. ♪ ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been waiting for. yvonne: here's the latest business flash headlines. supply chain issues have lowered the target for deliveries and rival airbus has trimmed its delivery forecast and postponed plans to recovered rates until early 22 24. ford suggested earnings more than tripled to $3.7 billion, well above the $2.3 billion estimate. adjusted earnings per share jumped as the carmaker is doubling down on its ev future, saying it will cut thousands of jobs to fund the business. jaguar land rover expect to recover with production of luxury suvs and sports cars, following a loss of 632 million dollars before tax. q
that is happening because of the move to the short rate in europe compared to what the boj is doing.o an investor, it is really interesting. david: thank you so much, and we will speak to you soon. there is plenty more ahead. this is bloomberg. ♪ ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been...
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Jul 20, 2022
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i think the boj meets this week and they will likely say they are on hold.u adjust for fresh food and energy, japan's inflation is below 1%. it is true the strong dollar, the week euro, exacerbates the euro zone's inflation. but we were sitting here today, the eve of the first retype since 2011, they still have negative interest rates. if you want to do something about the euro, they have tools to do so. it may not be there for next change market, it might be their domestic markets raising interest rates. kriti: let's talk about tools at their disposal. when it comes to their anti-fragmentation approach, a tool we are going to get more information on tomorrow, what might that tool accomplish? marc: markets are really focused on this. in some ways, it seems in the last week or two weeks, we have seen pressure build on bonds not just because of economic factors, because of political factors. what the ecb says in effect, in order to induct this monetary policy properly, it cannot have this fragmentation, this divergence of interest rates in the euro zone. many
i think the boj meets this week and they will likely say they are on hold.u adjust for fresh food and energy, japan's inflation is below 1%. it is true the strong dollar, the week euro, exacerbates the euro zone's inflation. but we were sitting here today, the eve of the first retype since 2011, they still have negative interest rates. if you want to do something about the euro, they have tools to do so. it may not be there for next change market, it might be their domestic markets raising...
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Jul 20, 2022
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we have the boj later on this week as well.lenty more, this is the next hour a bloomberg markets: asia. stay with us. we are looking at the india open as well. >> it looks like they will be running this wave. this three-day wave of gains across the asia-pacific. volume slightly underwater but all sectors are pointing up. this is bloomberg. ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang.
we have the boj later on this week as well.lenty more, this is the next hour a bloomberg markets: asia. stay with us. we are looking at the india open as well. >> it looks like they will be running this wave. this three-day wave of gains across the asia-pacific. volume slightly underwater but all sectors are pointing up. this is bloomberg. ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang.
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Jul 28, 2022
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one boj members saying they should not hesitate to add easing, it's needed. that that is really the determination of governor kuroda in terms of standing -- really staring down those markets that had been calling for an expecting for a more hawkish pivot. lots more to come. this is bloomberg. ♪ shery: here's a quick check of the latest business flash headlines. united overseas banks reported that horizon second quarter profit driven by higher interest rates, net income grew 11% to just over 1.1 billion singapore dollars, which is around 805 million u.s. southeast asia's third largest lenders as it expects higher rates to continue to drive higher margins for the rest of the year. singapore airlines swung into profits for the three months through june thanks to a surge in demand since the restrictions ended across much of the world. the airline posted a net income of 268 million yuan dollars in the quarter, compared with a loss of 296 million for the same time last year. the passenger load rose to 79%, the highest since the onset of the pandemic. shell has repo
one boj members saying they should not hesitate to add easing, it's needed. that that is really the determination of governor kuroda in terms of standing -- really staring down those markets that had been calling for an expecting for a more hawkish pivot. lots more to come. this is bloomberg. ♪ shery: here's a quick check of the latest business flash headlines. united overseas banks reported that horizon second quarter profit driven by higher interest rates, net income grew 11% to just over...
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Jul 17, 2022
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we will be watching thursday with the boj and investors focusing on rate differentials.sticking with japan. l'oreal japan is working through startups to make products more sustainable. we spoke to the vp of research. >> with the green science were -- approach, it is around transforming our entire portfolio into a more sustainable set of products. there are two big approaches we take. the first is to transform existing raw materials. the second is harnessing the power of nature to push these performances to a higher level. we have many examples. what we have been doing in the last few years is working with an approach which is trying to push the boundaries and generating new products and advantages that we can get for consumers. >> you are building strategic partnerships with universities, how is that working? >> it has been great. we just did a pitch event. this was meant to bring in founders of the ecosystem. we believe in japan. world leading material science, biotechnology, everything that goes on. we believe there is an opportunity for startups to work with us. if yo
we will be watching thursday with the boj and investors focusing on rate differentials.sticking with japan. l'oreal japan is working through startups to make products more sustainable. we spoke to the vp of research. >> with the green science were -- approach, it is around transforming our entire portfolio into a more sustainable set of products. there are two big approaches we take. the first is to transform existing raw materials. the second is harnessing the power of nature to push...
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Jul 1, 2022
07/22
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boj polled 10,000 companies from late may to early june. the factors on plus-nine was down five points from the previous survey in march. a positive number indicates that more companies feel business conditions are good than those taking a negative view. japan's manufacturers have been paying for raw materials since the war in ukraine erupted. a lockdown in shanghai that lasted through the end of may crimped supplies. the nonmanufacturers is up 4 points to 13. the first improvements in two quarters. an easing of coronavirus restrictions in late march has encouraged more people to go out for recreation and wining and dining. the survey gives an outlook for three months from now. the reading for large manufacturers is up one point. the mood among nonmanufacturers remains unchanged. >>> travelers are on the move again in japan, much to the relief of the local tourism industry. with the summer travel season around the corner, many businesses are hopeful a sustained recovery is finally under way. >> reporter: one place enjoying a tourism revival
boj polled 10,000 companies from late may to early june. the factors on plus-nine was down five points from the previous survey in march. a positive number indicates that more companies feel business conditions are good than those taking a negative view. japan's manufacturers have been paying for raw materials since the war in ukraine erupted. a lockdown in shanghai that lasted through the end of may crimped supplies. the nonmanufacturers is up 4 points to 13. the first improvements in two...
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Jul 25, 2022
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there are not enough bonds left outside of the boj's hands for investors to get their hands on.n, skewed to the downside for yields. equities, very cautious moves to the upside if we get any, because there are so many uncertainties still swirling. juliette: bloomberg's chief richards correspondent for asia and mliv contributor, garfield reynolds, thank you. with me on site is our next guest, the managing director of hr microstrategy at deutsche bank. we were just hearing from garfield that we are expecting a big hike from the fed. what happens after that, do they start to pay the expectations, perhaps slower hikes, or do we continue with the aggressive path? guest: the focus really is shifting from clients, from the markets, to what happens thereafter. if you look at markets now, they are looking at the fed to reach peak rates in early q1 next year and for the fed to start cutting thereafter, two-three cuts are priced for 2023. the fed is trying to reign in inflationary pressures. markets are thinking that they will have to pivot quickly. juliette: are those fears warranted or c
there are not enough bonds left outside of the boj's hands for investors to get their hands on.n, skewed to the downside for yields. equities, very cautious moves to the upside if we get any, because there are so many uncertainties still swirling. juliette: bloomberg's chief richards correspondent for asia and mliv contributor, garfield reynolds, thank you. with me on site is our next guest, the managing director of hr microstrategy at deutsche bank. we were just hearing from garfield that we...
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Jul 22, 2022
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but boj officials have been saying all of along that price increases are not so-called good inflation. it is because they are not accompanied by wage hikes and growth in demand. >>> millions of households in and around tokyo will soon be feeling the effect of the inflation trend. tokyo gas says it will be raising rates in phases starting in october. about 8.4 million households will be affected. >>> major japanese mobile carrier kbdi has decided to pay compensation to users affected by network problems earlier this month. kbdi has set up a special team to investigate the cause of disruption. he found the millions of customers were unable to make voice calls or connect to data networks for many hours. the company has decided to compensate them a certain amount of money. kbdi's contract says that in case of services not being available for 24 hours or more, the company will calculate fees for the period of disruption and refund subscribers. kbdi says that 39 million users have been affected. it will also consider compensation to customers with data communication services. kbdi plans to
but boj officials have been saying all of along that price increases are not so-called good inflation. it is because they are not accompanied by wage hikes and growth in demand. >>> millions of households in and around tokyo will soon be feeling the effect of the inflation trend. tokyo gas says it will be raising rates in phases starting in october. about 8.4 million households will be affected. >>> major japanese mobile carrier kbdi has decided to pay compensation to users...
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he of course are pretty more viola glitch on the broad total sister traditional boj a 3rd ross dot org finished kirk. we're starting to look door after and after was so sweet. no insurance. pollution mm churchill wants to leave moscow, but stop and invite him to his criminal apartment. the banquet last more than 7 hours, and they begin to get along. if only i could dine with stone and once a week. it would be no trouble at all. so november 1943 chair on the iranian capital. all 3 countries have embassies hair. it's the 1st big meeting of the big 3. stolen muster will not don't store tedium to provide your story. touch forgot to re meet telegraph. no swish, so must coin. most of what took my me says keith or moscow frontier does what i choice. nicholas hung up so much trouble ma server in yonah no, probably there's no crania don't storage yogurt on my mobile would be the white little chauffeur on the american embassy is on the outskirts of the city and due to a terrorist threats, roosevelt accepts an invitation to settle in the soviet embassy where the meetings are also held. churchill
he of course are pretty more viola glitch on the broad total sister traditional boj a 3rd ross dot org finished kirk. we're starting to look door after and after was so sweet. no insurance. pollution mm churchill wants to leave moscow, but stop and invite him to his criminal apartment. the banquet last more than 7 hours, and they begin to get along. if only i could dine with stone and once a week. it would be no trouble at all. so november 1943 chair on the iranian capital. all 3 countries have...
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Jul 2, 2022
07/22
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the could hold up the gomez duke laborer that he bought willie but arguably, joey talk, beautiful de boj other with i'm look at her pant la chant. valeca. better yet, they are neither governor soviet to her. i'll gomez or the guy. i say that is the limits of any 2 big army medical, michael oberman, he command gayden, dustin american, kermit konami lay america, but it will are, you know, mila maria, but your t multi family mob company. the little immediate there might have of you had the limited, i'm not gonna come on. any of the medic workable, antonio eloquent cannot kill anyway. coming in the clanging ne, coming at cascade inside the house. it's too hot to relax and unwind. babbling preferred to sit out doas to get some fresh air but the beef, sharpened by the cries of his neighbor fun. but blue shares his did say. neither no . i bar news made a man is donny vanna, bobby dunn is more warmer than his cool. mobile soda, i was ordered and his order ged google, ridley parental hammer to look at the reality. shorter show to which a gallow of a, of catherine, because it was a bit animal that
the could hold up the gomez duke laborer that he bought willie but arguably, joey talk, beautiful de boj other with i'm look at her pant la chant. valeca. better yet, they are neither governor soviet to her. i'll gomez or the guy. i say that is the limits of any 2 big army medical, michael oberman, he command gayden, dustin american, kermit konami lay america, but it will are, you know, mila maria, but your t multi family mob company. the little immediate there might have of you had the...
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total sister dumpster gesture boj, a 3rd roster orange. kirk. we're starting to live door if door door was so sway no insurance. pollution. mm. churchill wants to leave moscow, but stall and invite him to his criminal apartment. the banquet last more than 7 hours and they begin to get along. if only i could dine with stalin once a week. it would be no trouble at all. so november 1943 cheiron, the iranian capital. all 3 countries have embassies hair. it's the 1st big meeting of the big 3. stolen must, i will not all still buy judy, i'm to provide you. i thought you pick, i thought i meet to the graph. no, sir, so must coin post the width of my meal says keith or moscow frontier does what i choice. nicholas hung up so much, double moss over in yonah. no, probably there's no crania was to read your grammar. more would be the white little chauffeur on the american embassy is on the outskirts of the city. and due to a terrorist threats, roosevelt accepts an invitation to settle in the soviet embassy where the meetings are also held. churchill attends
total sister dumpster gesture boj, a 3rd roster orange. kirk. we're starting to live door if door door was so sway no insurance. pollution. mm. churchill wants to leave moscow, but stall and invite him to his criminal apartment. the banquet last more than 7 hours and they begin to get along. if only i could dine with stalin once a week. it would be no trouble at all. so november 1943 cheiron, the iranian capital. all 3 countries have embassies hair. it's the 1st big meeting of the big 3. stolen...
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total sister dumpster gesture boj, a partial star orange to request our order to live door. if door door was so sweet, no insurance pollution. lou churchill wants to leave moscow. but stop and invite him to his criminal apartment. the banquet laws more than 7 hours and they begin to get along. if only i could dine with stalin once a week. it would be no trouble at all. november 1943 cheiron, the iranian capital. all 3 countries have embassies, hair is the 1st big meeting of the big 3. stolen must, i will not dash, 2 bar julian said provide your story, touched you got to re meet to the graph, nauseous, so muscular host of with my me of a says peter wants confronted his, what i choice nicholas hung up so much double massaging, yona inappropriate no crania don't to ride yoga, rama morgan would be the white little chauffeur on the american embassy is on the outskirts of the city. and due to a terrorist threats, roosevelt accepts an invitation to settle in the soviet embassy where the meetings are also held. churchill attends by walking along that covered corridor connecting the
total sister dumpster gesture boj, a partial star orange to request our order to live door. if door door was so sweet, no insurance pollution. lou churchill wants to leave moscow. but stop and invite him to his criminal apartment. the banquet laws more than 7 hours and they begin to get along. if only i could dine with stalin once a week. it would be no trouble at all. november 1943 cheiron, the iranian capital. all 3 countries have embassies, hair is the 1st big meeting of the big 3. stolen...
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Jul 11, 2022
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jonathan: do you think the boj can all tough here? lisa: the thought is that they can do it on their own terms before they move away in terms of the yield curve. i am not going to weigh in further than that other than to say this has been one node of stress. jonathan: we are on the same page. this was desirable for the japanese authorities and here we are, and it is anything but. tom: the way that i think it would answer this -- it is not the vector but if you get a baited chain. you have that over the last five months, but does it get worse, or do we stay on some form of an eligible trend? jonathan: futures are down. we talked about the data this week. retail sales on friday. more than 20 basis points. we touched on the fx market now let's talk about. a lot of talk this morning about china. lisa: they do track a number of variant cases. how much are we looking at this being a consistent story? also, very much with oil and gas today, the routine scheduled to shut down. there are fears that it will not come back. the euro could go down
jonathan: do you think the boj can all tough here? lisa: the thought is that they can do it on their own terms before they move away in terms of the yield curve. i am not going to weigh in further than that other than to say this has been one node of stress. jonathan: we are on the same page. this was desirable for the japanese authorities and here we are, and it is anything but. tom: the way that i think it would answer this -- it is not the vector but if you get a baited chain. you have that...
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Jul 11, 2022
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still think the boj doesn't have a concern about levels here, it is about the speed of move.he moment, having thought that a correction was due, treasury yields are headed higher. the ycc is locked in for the indefinite future. other than the context of a really, really risk-off move from here, that brings the yen to a safe haven territory, it is going to be hard to fight this stronger dollar trend at the moment. haslinda: the risk-off tone sentiment is impacting emerging-market currencies. we have seen the thai bat this morning. is any particular currency at risk, any currencies we should be looking out for? ray: if you look across the emerging-market spectrum globally, not just asia, the one anomaly at the moment is the stability of the dollar against the chinese yuan. dollar-yen is weak across the board. strengthening u.s. dollar and rising u.s. interest rates is always a combination that puts asher on the yen -- puts pressure on the yen. but the dollar-won has been steady. it is providing stability as we go through the year, given the latest news on covid, etcetera, it is
still think the boj doesn't have a concern about levels here, it is about the speed of move.he moment, having thought that a correction was due, treasury yields are headed higher. the ycc is locked in for the indefinite future. other than the context of a really, really risk-off move from here, that brings the yen to a safe haven territory, it is going to be hard to fight this stronger dollar trend at the moment. haslinda: the risk-off tone sentiment is impacting emerging-market currencies. we...
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Jul 17, 2022
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shery: given the tightening moves from these other economies come how difficult is it for the ecb or bojo hold the line when their currencies have record lows as well? katrina: that's a good question. the ecb has treaded lightly when it comes to policy normalization. i think they will have to move more aggressively, but i don't think that's necessarily case for the bank of japan. we are expecting them to keep their policy steady and they are going to look through the weakness in the end to maintain that ultra-accommodative policy. when it comes to the bank of japan, it doesn't make sense for policymakers to be normalizing policy in any given kind of sense. the weakness at home -- haidi: our inflationary risks coming to the forefront when it comes to it being a possibility and will we see some central banks or perhaps the fed having to hike during a recession? katrina: i'm less concerned about stagflation. because central banks are acting so aggressively to tame inflation that we are seeing inflation expectations come down in the u.s. and there is the ongoing credibility that central bank
shery: given the tightening moves from these other economies come how difficult is it for the ecb or bojo hold the line when their currencies have record lows as well? katrina: that's a good question. the ecb has treaded lightly when it comes to policy normalization. i think they will have to move more aggressively, but i don't think that's necessarily case for the bank of japan. we are expecting them to keep their policy steady and they are going to look through the weakness in the end to...
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Jul 22, 2022
07/22
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boj is the next one. david: as yvonne pointed out, just a few seconds to the lunch break in japan.ently modest risk appetite. it has been relatively the best in recent weeks, but does not really saying a lot here. bonnie: the european central bank raise rates by 60 basis points. the central banks has more rate rises may be coming. president christine lagarde also announced tools to be used in weaker economies. >> we expect inflation to remain undesirably high for some time owing to continued pressure on food and energy prices and pipeline pressure in the pricing chain. bonnie: more people threatening to boycott mortgage payments. china's banking and regulatory commission said it would work the pboc. bloomberg has learned that russia is preparing to hold referendums in ukrainian territory occupied by russian troops. sources say that would give ground to allow more troops in in future. the kremlin has denied it is planning any occupation. hsbc selling its russian units to a local unit, the latest international bank to exit the country after moscow's invasion of ukraine. hsbc stocks p
boj is the next one. david: as yvonne pointed out, just a few seconds to the lunch break in japan.ently modest risk appetite. it has been relatively the best in recent weeks, but does not really saying a lot here. bonnie: the european central bank raise rates by 60 basis points. the central banks has more rate rises may be coming. president christine lagarde also announced tools to be used in weaker economies. >> we expect inflation to remain undesirably high for some time owing to...
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Jul 11, 2022
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the boj is being given a mandate following the house election.s also a story of the new differential that we see between the u.s. and japan. the gap between the two year u.s. bond and its japanese equivalent widening to more than 100 basis points since the start of march. the yen has traded in tandem with that so we could see at expanding further following the u.s. inflation print we are expecting this week. it is also the recession fears here also driving investors back to the dollar. speaking of recession fears, let's check in on the changes j.p. morgan is making to its investment strategy. it is now advising investors to cut holdings in corporate debt and reducing their underway position in bonds. they are still upbeat about the second half read in economy -- in commodities and stocks but the revision reflects the view that jp morgan has that corporate debt is yet to price in recession risks that we see already in equities. let's get the first word news with su keenan. su: we start with the atlanta fed president who has repeated his support fo
the boj is being given a mandate following the house election.s also a story of the new differential that we see between the u.s. and japan. the gap between the two year u.s. bond and its japanese equivalent widening to more than 100 basis points since the start of march. the yen has traded in tandem with that so we could see at expanding further following the u.s. inflation print we are expecting this week. it is also the recession fears here also driving investors back to the dollar. speaking...
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Jul 18, 2022
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economists expecting 25 basis points from the ecb, the boj expecting their decision the same day. that was a 100 gaining .4%, a rebound in iron ore and copper. china pledging to support the economy and officials weighing on banks to ensure liquidity for property developers as the mortgage strike continues. the ftse 100 gaining, the cac 40 gaining by .6%, and in spain gains of .7%. let's see how things are playing across assets. the s&p futures currently getting .6%. building on the upside we saw friday. the dollar softening and that is part of the risk on mood we are starting to see, down .2%. pointing to relief possibly for the euro and yen. we watch the italian 10 year on the back of that political risk, july 20 is one mario draghi will find out whether he can persuade the coalition to stay together, or if we get election. 3.34 on the italian 10 year, up significantly but below the 4% threshold that caused angst within the ecb. brent $103, gains of 2.29%, despite the fact that president bynum came back from sadia arabia saying he thinks they will release more oil onto the market
economists expecting 25 basis points from the ecb, the boj expecting their decision the same day. that was a 100 gaining .4%, a rebound in iron ore and copper. china pledging to support the economy and officials weighing on banks to ensure liquidity for property developers as the mortgage strike continues. the ftse 100 gaining, the cac 40 gaining by .6%, and in spain gains of .7%. let's see how things are playing across assets. the s&p futures currently getting .6%. building on the upside...
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Jul 5, 2022
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the finance minister has the possibility to intervene but there is no point in doing this if the bojps pumping money into the system. i do not think the yen has a strong possibility of a real turnaround anytime soon. i do not know if the week and more -- weaken more. appreciation is not in the cards either. manus: one currency bruised is the pound that that has to do more with sterling weakness. you have dollar strength in sterling weakness, a double punch. we have had the worst quarter since 2008. do you think the government would welcome this weaker pound at the moment, and do you think we have weaker to go on a technical recession as some are calling it? sonja: definitely the recession risk is there. does the government welcome a weaker pound? if it does, that is a dangerous game to play given that inflation has reached new highs. the boe expects inflation to peak at 11%. the last thing we need is a weaker currency. i will not rule out in short term we will see those levels given that we have plenty of political uncertainty. there is also the lingering problem of the north ireland
the finance minister has the possibility to intervene but there is no point in doing this if the bojps pumping money into the system. i do not think the yen has a strong possibility of a real turnaround anytime soon. i do not know if the week and more -- weaken more. appreciation is not in the cards either. manus: one currency bruised is the pound that that has to do more with sterling weakness. you have dollar strength in sterling weakness, a double punch. we have had the worst quarter since...
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Jul 8, 2022
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he had been very supportive of the boj's ultra-loose monetary policy, so looking for a shift in that, too standard chartered saying this is not the raining premier -- reigning premiere. the nikkei is parenting earlier gains of more than one and a half percent as traders digest this terrible news out of japan. let's look more broadly at the asian session because prior to this had been a variant risk on session following the momentum from wall street. and you are finally getting support in terms of tangible moves from china's authorities, $220 billion of bonds potentially hitting the market from local government facilities. the csi is only up .2%, copper in shanghai has been rising and weakness in the offshore currency. the regional benchmark with that weekly gain of 2.5%. dani: juliette saly reporting from singapore. let's take a look at the broader markets beyond asia. you have a strong rally yesterday in u.s. stocks, the session ended 1.5% higher. a lot of unknowns be it from tragedy occurring throughout the world, political instability in the u.k. and the u.s. jobs report later toda
he had been very supportive of the boj's ultra-loose monetary policy, so looking for a shift in that, too standard chartered saying this is not the raining premier -- reigning premiere. the nikkei is parenting earlier gains of more than one and a half percent as traders digest this terrible news out of japan. let's look more broadly at the asian session because prior to this had been a variant risk on session following the momentum from wall street. and you are finally getting support in terms...
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Jul 8, 2022
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obviously, he is right at the center of economics and how it influences boj politics. >> let me say this is a very sad and tragic event, and it is a sad reflection on the state of the world. such an event could take place. i think he is going to be remembered for his efforts to modernize and reform the japanese economic structure, which included monetary policy but more bravely, trying to ease up the restrictions that have held back the japanese economy. in terms of monetary policy, the yen back to where it was just before the terrible event. i think right now the monetary pillar is the wrong tool for policy. it was meant to be wendy's tools of deflation were a problem, and when the issues were a problem, in terms of inadequate demand. now, it is a world where inflation is higher for the wrong reasons. it was never meant -- conserve -- yield curve control was never meant to choose an interest rate that was not the market rate. that was not the equilibrium rate. then, to stabilize expectations around the equilibrium, we think it is on the way out, but it is a question of timing. it terrib
obviously, he is right at the center of economics and how it influences boj politics. >> let me say this is a very sad and tragic event, and it is a sad reflection on the state of the world. such an event could take place. i think he is going to be remembered for his efforts to modernize and reform the japanese economic structure, which included monetary policy but more bravely, trying to ease up the restrictions that have held back the japanese economy. in terms of monetary policy, the...
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Jul 13, 2022
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this is clearly the case for everybody, including boj, which says it all about how much the fed can pushou into rooms of your yield curve and how much you need to do avoid rapid depreciation. the exception is china but not fully. because it is hard to understand why the pboc would be kind of stopping, and away, or at least pausing its easing other than deleveraging. maybe they want to avoid very lapid -- avoid very rapid leverage. the other reason is a negative yield differential with the u.s. so everybody needs to react to this mighty fed and we are still there, that is very clear in the region. yvonne: what we are seeing when it comes to currencies, i think it has people seeing flashbacks of 1997 in asia once again. is it your base case now that asia can actually avoid some sort of recessionary scenario? and what is your base case when it comes to the u.s. now too? alicia: i mean, i think we're still far from a recession in 2022, because i mean, we have a lot of things going on. think about the recovery in china, still lockdowns didn't help, but we still had stimulus coming. a lot of i
this is clearly the case for everybody, including boj, which says it all about how much the fed can pushou into rooms of your yield curve and how much you need to do avoid rapid depreciation. the exception is china but not fully. because it is hard to understand why the pboc would be kind of stopping, and away, or at least pausing its easing other than deleveraging. maybe they want to avoid very lapid -- avoid very rapid leverage. the other reason is a negative yield differential with the u.s....
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Jul 21, 2022
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yesterday from the boj, signals they are seeing these policy settings working. the yen is continuing to hold at that level. stocks was we are looking at some gains at the start of trade. we saw tech moving higher in the previous session. haidi: we continue to watch the euro. the ecb is finally joining the global fight against inflation with 50 basis point hike higher than inflation. it was the biggest hike since the year 2000. you take a look at history, this is the third time we have seen the ecb try to tighten borrowing costs in the wake of some sort of crisis. the one we are seeing at the leadership crisis and the political turmoil and italy. the previous two times, we have had to backtrack and unwind the tightening within months. the risk of policy error is particularly high. shery: we continue to see the global stories play out including covert outbreaks. china, tokyo. president biden also testing positive for covid. this is an ongoing issue. however, it's interesting if you compared to the pre-vaccine time of 2021 then president trump got it and how he had
yesterday from the boj, signals they are seeing these policy settings working. the yen is continuing to hold at that level. stocks was we are looking at some gains at the start of trade. we saw tech moving higher in the previous session. haidi: we continue to watch the euro. the ecb is finally joining the global fight against inflation with 50 basis point hike higher than inflation. it was the biggest hike since the year 2000. you take a look at history, this is the third time we have seen the...
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Jul 14, 2022
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last 20 years it was japan, the ecb, europe and the bond market, and now the doj completely unknown -- bojly unknown. how do you come up with the treasury call as you think about the fixed income universe? subadra: to me at this point, the anchor is the treasury market because things in the u.s. have much more -- than other jurisdictions. bank of japan has yield curve controls that will remain. there's a lot of pressure on the currency side so at some point they will have to move away in japan. what i am really anchoring our rate forecasts on his the 10 year desk is the 10 year end -- is the 10 year and trajectory for growth. it will be difficult for years to write -- yields to rise meaningfully given that growth is poised to decline meaningfully with the fed expeditiously hiking rates over the next three to six months. lisa: let's take that a step further and build on bank of america downgrading their forecast for the yield differential and the baseline yields for 10 and 30 year treasuries, how low and have you been revising lower your expectations for those yields based on a deterioratin
last 20 years it was japan, the ecb, europe and the bond market, and now the doj completely unknown -- bojly unknown. how do you come up with the treasury call as you think about the fixed income universe? subadra: to me at this point, the anchor is the treasury market because things in the u.s. have much more -- than other jurisdictions. bank of japan has yield curve controls that will remain. there's a lot of pressure on the currency side so at some point they will have to move away in japan....
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Jul 28, 2022
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signs that investors are judging the divergence between on ultra hawkish fed and a still uber dovish boj has taken began to as far as it can go, a 24 year low. we are expecting quite a bit more shorts in the coming days because they got the best they could get out of that trade now. that doesn't seem to be a serious downside to the yen from here unless that aggressive fed comes back. >> very interesting, 135 on you and right now, short covering as you say possibly at play and the question whether that trade against the yen has come to an end. let's get the asian market reaction with juliette saly, who is also looking at samsung earnings. juliette: well, has powell sparked a rally, we are not quite seeing the same gains on wall street but there is a broad rally across asian equities. there is a little in the rear window for chinese investors, looking ahead to the politburo and the phone call between president biden and xi but there is upside in the csi 300 despite concerns in the property sector. we talked about the yen, i won't elaborate other than the fact that bny mellon says the rally
signs that investors are judging the divergence between on ultra hawkish fed and a still uber dovish boj has taken began to as far as it can go, a 24 year low. we are expecting quite a bit more shorts in the coming days because they got the best they could get out of that trade now. that doesn't seem to be a serious downside to the yen from here unless that aggressive fed comes back. >> very interesting, 135 on you and right now, short covering as you say possibly at play and the question...
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Jul 14, 2022
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i remember this clearly waiting for the research for bear stearns and doj and such -- boj and such.ook at the correlations , deterioration in yen, the 2-10 spread and 100 basis points, are we getting to that tension in the global system? conrad: one thing we are trying to adjust is to a market that the fed in terms of its balance sheet. we have the fed has begun the process of normalizing the balance sheet and that has had important implications for the functioning of markets. it raises other issues. in my opinion we can look at the fed shift in the monetary policy framework and say that's been a disaster for price stability but the other issue we have to deal with is we've had over the last 15 years or so a shift in the fed reserve policy which relates to markets. the fed has shifted to an ample reserves policy but with tight regulations on liquidity. we will have some stress to deal with as it reduces its balance sheet as forward funding rates are less certain. in may if you told people it would be 2.5% at the end of july that would've been a shock. there is uncertainty in funding
i remember this clearly waiting for the research for bear stearns and doj and such -- boj and such.ook at the correlations , deterioration in yen, the 2-10 spread and 100 basis points, are we getting to that tension in the global system? conrad: one thing we are trying to adjust is to a market that the fed in terms of its balance sheet. we have the fed has begun the process of normalizing the balance sheet and that has had important implications for the functioning of markets. it raises other...