the yen interesting given what we are seeing and hearing from pimco.hey are convinced that by march, the boj will move out of its ultra list apology and then they think they see hikes coming through from the bank of japan through this year as a result of higher wages and higher pressures on inflation. that debate remains open but that's the view coming through from pimco. brent at $78 per barrel. because to watch the geopolitics as blinken continues the tour as well. whether they can make progress towards a cease-fire. that's a check on your markets. the focus is on china again. more optimism today that the policy response will be more sustained. you have to look past the pressure coming through on chinese tech stocks. all of that is linked to smic, the domestic chipmaker. concerns about profits there as well. that company has faced sanctions and geopolitical tensions. let's bring in mary nichola to discuss what's happening before we move onto the fed. things for joining us. let's kick off with what we are seeing in china. where do we land in terms of

i'm intrigued by this pimco story, knitting about $150 million on debt done by banks.is loans back to apollo global management deal. they bought these debts at around $.85 on the dollar. what does this say in terms of the investor willingness to buy debt that looks riskier when they are making several hundred million dollars per deal? >> it shows the success of the tray that pimco did, which at the time was very risky. the success shows how much the broadly syndicated loan market has rebounded. when we look back to when they first made that investment, loans were trading around $.91 on the dollar. they have rebounded to $.96 now. i want to emphasize it was risky. if we go back to when they bought that debt, banks were struggling to offload $40 billion of debt on their balance sheets. they were selling bonds at $.85 on the dollar. a lot of people did not want to buy this, a lot of investors were not willing to take this risk but pimco did and it paid off well for them. sonali: you do see private credit having jumped into that fray. now, you are seeing that compete more

sonali: joining us now is debbie cunningham and pimco's tiffany.hen you look at the volatility in the two-year alone, let alone in the curve, how much risk is there? >> in our recent outlook piece, we titled it navigating the dissent. inflation has come down from peak levels. eventually, the federal reserve and other central banks will be cutting. the path to getting there and ultimately the pace thereafter is probably going to be a bumpy road. i think that the recent volatility you have seen in the front end is a clear example of that. sonali: deborah, how do you think about moving along the curve here? you saw just a couple of days ago, the five-year really took a draft the -- drastic leg down in terms of the yields you were seeing. is that a portion -- is that still a place you would be buying or how much risk do you see as you move along duration? >> i think there is more risk than the market is willing to accept at this point. i agree with tiffany. what that means is volatility is going to continue to abound. i'm not quite sure why the market

let's bring in stephen chang at pimco joining us now. want to talk about this china reopening story that is fizzled out. has anything in the last few weeks changed in terms of what we have seen whether it is a change at the top of the regulators, the influence we have seen. has anything changed your mind? >> on the macro side we are watching the holiday data very closely and the first it is here is coming out seems to be stronger versus last year by a lot and versus 2019. those numbers seem to have grown a decent amount. if you take less week out the data on consumer has been lackluster, income growth does not believe there. the growth engine is government led, manufacturing and investment led, and those might help to get to the growth target , but in terms of dynamism and the most sustainable type of growth, we still think it needs work, and we fell -- and we still think the premier among other government official says confidence need to be sustained, and we will be watching closely the next few weeks up until the two sessions of the np

what they are seeing in terms of pimco will be really interesting. that's at six: 40 a.m. u.k. time. the top line coming through in terms of the buyback of the billion u.s. dollars plan. and then forecasting around 5 billion dollars in terms of the buybacks over a three-year time. it was a profit beat for standard chartered. again, the bank raising the full year dividend by 50%, targeting higher returns. the focus on returning cash to shareholders. there had been discussions around changes at the bank, a fit for growth plan has been announced to create efficiencies. we will be drilling into the details with the ceo, joining me in the studio shortly to discuss those earnings. that interview at 6:30 am here in london. the details around basf. the chemicals giant seeing adjusted ebit rising to 8 billion to 8.6 billion in 2024. looking at earnings before interest at around that level. let's get the details on basf. let's get to these markets. if you had any doubts about the ai catalyst, it came through and those doubts were sidelined yesterday. fresh records bursting through across

so tomorrow we are going to have control from pimco.for policies involving wall street tomorrow. sonali: thank you so much. coming up we will talk to david risher joining bloomberg technology up next. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >> from the heart of where innovation, money and power collide, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i am caroline hyde at the world headquarters in new york. ed: i am ed ludlow in san francisco and this is bloomberg technology. caroline: we sit down with the ceo of lyft to run through the results and break down the clerical error that led to

this is what eric of pimco told the show earlier. >> your sing this market where you have one sector like the tech sector up 40% and another sector like health care which delivered earnings down 20%. it is a huge bifurcation in the market. that presents a lot of opportunity for equity investors. ed: who cares about inflation, just go with the tech sector. is that your attitude? hilary: you have to care about inflation to a degree. above 4.5%, you see some concern over technology. it is a terrific point by erin. if we see a real broadening out by the economy and we have seen some sectors that have on a related those, we think that as a firm and clear bridge. i tend to think as we move further through time, i think we will see a point of inflection in technology driven by ai and by initiatives around ai. you will also see tech do well ultimately. tech will have to tread water for the period of time to the extent the 10 year continues to rise for the market broadens out to other sectors. i don't know that we ultimately have to have an either/or. we might have one on an interim basis. ed

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libby cantrell of pimco.et week where we will talk to richard hines, and now both former head of the council of relations and we will talk about the policy of differences. this is bloomberg. ♪ sonali: let us take a look at some stocks in the highs and lows. csx hitting a 52 week high. it is increasing its quarterly dividend to $.12 a share. sherwin-williams also hitting highs after it raises its quarterly dividend 18%. equal nor shedding its oil refinery in western norway because a fire broke out in its electric kiosk. it is unclear when production comes back online. coming up the lambda ceo joins caroline hyde and ed ludlow. stick with us, the big u on big tech. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh how am i going to find a doctor when i'

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the pimco playbook ahead of disney you have a new write-up about the concentration issue on cnbc.come check that out karen, congratulations for doing that "final trades," weiss, what do you got? >> transstein. they're going to report tomorrow morning. they have some boeing exposure, but a stellar company. >> sono, bluetooth, speaker company. we own it in the smith cap index for four years love the company >> thermo fisher it's getting through the covid drought and coming back. >> joe >> west pharmaceuticals. >> good stuff. we are going to watch the s&p and see if we can get to 5,000 i'll see you on "closing bell. >>> hi, i'm brian sullivan here's what is ahead on "the exchange." the risk and the regionals robert kaplan says you need to ask the banks three questions. he'll lay them out mag seven, get toknow the ai nine, who they are and if they belong in your portfolio and is it a sports stream dream team or just too many players on the field? we'll have the latest between warner brothers, fox, and spn. all that goodness ahead. we begin with dom chu and the numbers. dom, take it away.

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. >> let's get the more perspective on this latest inflation read with former pimco chief economist adjuncttown paul mccauley joins us. great to have you. we're seeing commentary like it's a blip. we know the fed pays more attention to ce, where housing is a smaller component. what do you think? >> i think that's true, but it misses the big picture, which is that it's going to be difficult to get from 3% to 2% on inflation. call it the last mile. i don't think it's a huge problem for the economy, but it is a problem for those who are all dressed up for a big easing party this year. so i think the bottom line the fed's dot plot from december which penciled in three cuts this year is looking pretty good. i think the marketplace needs to quit fighting the fed and get in line with where the dot plot was in december, which i anticipate the fomc will roll in the march meeting. >> you think fed credibility gets a notch up today, especially after you mentioned the dot plot, but also powell's comments on "60 minutes." >> yeah, i do. i think chair powell has been exquisite in how he's laid out the pa

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. >> pimco says the bank of japan may spread its negative interest rate policy as soon as march.nt will raise its benchmark rate is 0% in april or march before hiking by a quarter-point by the year end. quickening wage growth will likely create inflation allowing the boj to exit negative rates. house republicans are bowing to bring back articles of impeachment for security secretary alejandro mayorkas. initial vote failed after quadra gop members decided the democrats, but the republican majority expect to hold another vote once steve scalise returns from cancer treatments. republicans charge me orca's with refusal to enforce immigration laws and failing to the border. donald trump has been denied immunity in his case surrounding the effort to overturn the 2020 election. he attempted to claim that a sitting or former president is immune from criminal charges. the ruling was unanimous of a federal appeals court that now moves trump closer to the possibility of this he trial at a november selection. there are public and front runner hasn't of february 12 to appeal the ruling to the