bilal hafeez, head of fixed income research at nomura.t your take on everything we've been discussing. oil is one of those big things. guy: absolutely. we're going to talk about oil. the story coming out friday. what next? this battle between what is happening with shale and what is going on next in terms of the opec story is something we need to be talking about. the supply glut is something maybe people are beginning to get their hands around. that is next. this is bloomberg. ♪ guy: welcome back. let's talk about the crude complex. wti trading losses. my screen telling me 48.44. that is after u.s. drillers boosted their rig counts to the highest level since 2015. will kennedy, managing editor for energy and commodities, joins us now. this reality is becoming clear that opec is trying something, but the shale guys are responding really fast. back muche is coming faster than opec would have wanted or predicted. the real issue for opec right now is stockpile. the thing that really unnerved the market was this 8 million barrel gain in u.s.

that is just mind boggling. >> nomura put them in the lower quadrant of users of engagement relative to big competitors that you mentioned like youtube, facebook, pandora. they have some big names to compete with. when looking at the valuation story, it's incredible to see some of these valuations put on tech sectors, and to compare snap versus uber, 66 billion, airbnb, 30 billion, and looking at how markets have been reacting as well, back to levels not seen since 2000. it's the perfect time to list if you're a tech company, big tech company out there. a lot of the bulls, they point out revenues rose by almost 600% last year. goldman sachs says they could be doing 2 billion in revenue by 2018. one main issue to ask if you're not a bull, if you're a bear, these moody teens, how long will they stick around for? >> i call them moody and fickle. we have the same discussion around twitter when it listed. what happened to twitter? it popped on the first trading day, now it's off almost 70% from the day's high on the ipo day. >> then you had facebook, all these high expectations, initially

an xf strategist at nomura is in london. mark joins us from singapore. these two used to know each other. they still do. jonathan, let me start with you. why are we seeing dramatic repricing? >> when you have the fed comments as you had yesterday saying a hike is on the way, the markets have to correct pricing for janet yell season in a boxed corner now. when it gets to friday, she is in a tricky position to push back on that pricing. i think the noise we're getting, the consensus, it is hard to argue. i'm surprised we're not closer to the 100% mark if this market rally continues. >> what do you think about that? , .i. argues these three yellen, fisher and dudley, wouldn't they know what each other is going to say at speeches if they speak in less than a week's distance from each other? >> absolutely. yellen is getting slightly boxed in. i still think there is time though. i think the inflation data tonight is really important. trump hasn't provided any particular reason that there needs to be hiking season. a week ago i thought march was no chance. clea

these are folks that were either a nomura may be. we had a nice meeting. this happened over the last 20 minutes. this has been going all night long. we are doing some incredible things. i want everyone to know i am 100% behind this, i want everybody to know that the press has not been speaking properly about how great this is going to be. they have not been giving it a fair press. the press is as you know in many cases, i call it the fake news. fake news. this is going to be great for people. i watch, i say that is not the bill we are passing and i also want everyone to know that all or potential no's are yeses. we made certain changes. frankly very little although the block grant is important because it with the states to if the money and run the program if they want to run it. they can do it better for -- than the federal government. they are better equipped. obamacare is dead. it is a dead health care plan. it is not even a health care plan, frankly, and i watched a architect of the plan where he said the american people are stupid to have voted for it.

it's very much part of our nomura -- normal modus operandi. it's not something we would worry about. no one is losing any sleep about that. aaron: come to america. our remittance system is way too low and costly. we could use information to make people's lives better. fin-tech offers that. i would like to welcome you with open arms to try and solve these problems in the u.s., because we have real problems in the areas you are trying to solve. joe: great to hear. we are transactional here. we are very much here. it's great to hear you validate that the country needs us. aaron: it absolutely does. the president goes and says these crazy things, that we are going to use remittances to pay for the wall, and it also has a chilling effect. language from political leaders matters in terms of where business is located, particularly in high tech and innovation. joe: people who live across borders or in other countries have a pretty raw deal. anything we can do to make their lives a little bit easier is good. selina: transfer wise, it's very -- transfer

tracy: thank you so much to the nomura asset management middle east ceo.taking a to closer look at what is moving asian markets after the fed and pboc hike rates while the boj stood by. this is bloomberg. ♪ ♪ welcome back, you are watching bloomberg. shery: i am shery ahn in hong kong. are havingcross asia a lot of suggest about the fed rate hike. in the green.e let's get the details from juliet. are seeing the regional index up by half of 1% holding at may 2015 highs. thank you janet yellen, we have seen me energy players rebound after that big game coming back through in the crude price. a by one and a half percent the regional energy payors -- players. only a downside coming through from some of the consumerist apel stocks in the region down by a quarter of 1%. certainly not just the doj. raising those borrowing costs in line with the fed. we also saw that surprise upside in unemployment in australia, to 5.9%. let's have a look at oil. we talked about how we had seen oil recover from that 2.7% drop we saw on tuesday. yesterday's game, the first in seven

this after several firms including morningstar and nomura started their coverage of the company with a sell rating on the stock. interesting, there was one analyst rated snap at underperformer comparing the stock to buying a lottery ticket. can't say i'm hugely surprised by the fall in the share price since the ipo. this company has shown slowing user froth, unprofitable, unproven business model and most importantly maybe, if you're a shareholder, buying into this ipo, you didn't get voting rights. because of that, precisely because of that, now group representing large institutional investors approached the stock index advisers and they want to bar snap from being included into indices precisely because of that reason. that's a big warning sign for investors. if you don't get voting rights. >> a lot to of this you're buying hype. there's so much hype around this ipo. still 40% above the initial price of $17, where the shares were sold at the ipo. you had also, i guess, quite special to have analysts coming out with a call before the first month is done. five analysts put sells on it

nomura giving the stock a $16 price target, pivotal, celebrating at a $10 price target, and aegis initiatingold rating for the end of this year. now we're waiting to hear from the analysts from the 26 banks that were underwriters on ipo. the sec has a mandatory ten-day quiet period, some of them may wait longer. >> julia boorstin in los angeles, thanks. this was not a big surprise. who is going to come out and put a buy rating on the stock with the valuation that it is so soon after the ipo? >> when you consider all the people that bought it, they're obviously buying it, and they're buying it for a reason, they're willing to lock up under less than positive conditions. >> those who got in on the deal? >> yeah. >> that's a different story from where the sort of you view the stock at today, though. >> i guess. i realize it's a 40% move. at the end of the day, the kind of growth you're talking about also means you're expecting a high delta. frankly, if you had to buy the stock at 17, you probably had to buy at 25 and you're saying they didn't, i get that. >> a lot of the guys that i talked to w

andy, the head of european rate strategy at nomura is still with us.ndy, on oil for a moment, the inflationary aspect right now, how do you plug it in and think about it going forward? andy: the fed is getting more comfortable. the fecb is getting a little bit more comfortable in terms of inflation. oil has been stable for a reasonable period of time. if you go back one year ago, you are asking economists and central bankers, where do you think oil will be in 12 months, we did not know where oil would be tomorrow. that stability the market has been happy with. if that goes, and volatility comes in, we get less confident in our projections and we get more cautious in how we and central bankers look at markets. guy: that stability is quite useful. let's talk about the spread across the atlantic. we were talking about the technical changes you need to make. but the longer-term story at the moment is the ecb is on a gradual path. the fed is significantly in advance of it. the two year is useful. this is the bund 10 year treasury spread. we are at very elev

it was cut to neutral at nomura. justve stocks in kl, slightly unchanged.he same goes for stocks in singapore. now we do have 70% of companies listed on the msci, as yet index having reported earnings. more comes through than mrs. led by materials and consumer stuff. health care, i.t. city says the more positive surprises, they happen because of low expectations and a low base. earlier we had the philippines cps coming through. type one not getting the reflation memo here. taiwan not getting the reflation memo here. .04% of a drop for february. it's higher about 2/10 of 1%. a quick word on the snc and on high. liberty times paper based in taipei saying the two companies are to jointly bid for toshiba's the bid to be submitted before march 29. where the taiwanese dollar has given, inflation data out this morning, we are seeing slightly stronger against the greenback here. it's been one of the best performers so far this year, but we have seen a recent correction coming through in the latest inflation makes that may perhaps bring us that retracement dish. >>

nomura falling come saying it may be affected by china's boycott a south korean games. yield still above 2.5%. reckons 3% it still insight him a but only after a drop below 2.25%. investors cute u.s. debt holdings for a third month in january amid rising yields. this is the longest selling streak since 2013. mass mutual life insurance as it will be time before japanese investors returned to u.s. bonds , and if they do, it will be shorter paper, not long bonds. haidi: thank you for that. npc inour of the i beijing. the minister is speaking amid rising regional tensions, not least of which is north korea. at the embassys in beijing. what can we expect to hear today? as you say, he is starting his press conference now unlikely that tensions around north korea will be near the top of the agenda, particularly from international journalists. we have heard more from china on opposition toand south korea deploying of this missile defense shield with the backing of the u.s. , butve heard from china whatuch on officials, but we have heard from beijing is they are very angry about

and analyst earlier in the mening from nomura telling that it does not matter what happens to the ruling be over with, so that will be a positive in itself. rishaad: thank you very much indeed. your bloomberg terminal has more on this. v foro tli analysis from editors, and have your terminal as we wait to determine whether president park geun-hye will be removed from office. what about market reaction? let's find out. juliette: we have seen the won weekend, down .1%. .2%,ospi is higher, up cautious trade. cautious trade across the region too. the key is the friday's payroll number from the u.s., expected to be strong, but there is always at risk that there could be a number of that shocks the market, then of course that could play into the march rate hike decision, which is at this stage factored in as 100%. you are seeing the yen weakened, past 115 to the dollar, strong support from japan's equity market in the morning session, up by 1.3%. the other big focus is in the bond market, particularly this u.s. 10 year note. you have seen treasury yields climbing for the ninth consecutive

we have had a robust home market when it comes to china, but nomura saying these property curbs fromies, and that will hit some property developers stocks, and also a company that has been dealing with this tug issue when it comes to regaining control over the governance of the company, so some risk factors when it comes to this stock, up 60% since last year. coming up, larry summers telling bloomberg that scripting -- scrapping nafta would be a gift to china. we will have that interview up next. this is bloomberg. ♪ 9:20 9 a.m. in hong kong as we count you down to the start of the session. i am rishaad salamat coming to you from bloomberg's asia headquarters. haidi: i am haidi lun in sydney. rish, pretty unremarkable yuan fixing to close out the week, 8846. saying no open market operations today because there is ample liquidity in the market. there has been disruption in the money markets at her rates surged and they were forced to inject funds to smooth that out. session,a lackluster not giving us any clear direction. janet yellen speaking, no clues as to what happens with the pace

judge gorsuch was born in denver in 1967 and went to harukyo nomura lard law school before being appointed to the bench. >>> anyone working at any hedge fund who involved in short term trading meaning every day they're coming in and out of stocks all these people want edge. that is a common term, they want edge and there's this wide edge kind of useless for their purposes, there's the gray zone and black edge which is clearly inside information. >> sunday night on q&a talks about the insider trading case against hedge manager steven cohen. in her book black edge, inside information, dirty money and the quest to bring down the most wanted man on wall street. >> the two central characters at the heart of the store, central in my book are these two portfolio managers, matthew martoma and michael steinberg, and martoma is serving a lengthy prison sentence, with you stein berg's was overturned. >> sat night 7:00 p.m. ian on c-span's q&a. >> federal relations chair -- testified at a hearing over the commerce senate committee over neutrality rules, wireless broadband access and internet access an

. >>> nomura instanet has raised its price target on apple based on high hopes for the iphone 8 upgradese it after the fact. >>> when we return, congressman mo brooks on today's health care vote. he has said he will vote no. later, stocks in the health care sector you should consider for your portfolio. no matter what the outcome of today's vote. right now, as we head to a break, the ten-year note yielding 2.42%. you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence. we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. ♪ what we do every night is like something out of a strange dream except that the next morning it all makes sense. to power global e-commerce fedex net

these are folks that were either a nomura may be. we had a nice meeting. this happened over the last 20 minutes. this has been going all night long. we are doing some incredible things. i want everyone to know i am 100% behind this, i want everybody to know that the press has not been speaking properly about how great this is going to be. they have not been giving it a fair press. the press is as you know in many cases, i call it the fake news. fake news. this is going to be great for people. i watch, i say that is not the bill we are passing and i also want everyone to know that all or potential no's are yeses. we made certain changes. frankly very little although the block grant is important because it with the states to if the money and run the program if they want to run it. they can do it better for -- than the federal government. they are better equipped. obamacare is dead. it is a dead health care plan. it is not even a health care plan, frankly, and i watched a architect of the plan where he said the american people are stupid to have voted for it.

these are folks that were either a nomura may be. we had a nice meeting. this happened over the last 20 minutes. this has been going all night long. we are doing some incredible things. i want everyone to know i am 100% behind this, i want everybody to know that the press has not been speaking properly about how great this is going to be. they have not been giving it a fair press. the press is as you know in many cases, i call it the fake news. fake news. this is going to be great for people. i watch, i say that is not the bill we are passing and i also want everyone to know that all or potential no's are yeses. we made certain changes. frankly very little although the block grant is important because it with the states to if the money and run the program if they want to run it. they can do it better for -- than the federal government. they are better equipped. obamacare is dead. it is a dead health care plan. it is not even a health care plan, frankly, and i watched a architect of the plan where he said the american people are stupid to have voted for it.