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Jan 20, 2018
01/18
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particularly in the eurozone, where the ecb is still buying bonds. k we have to be a lot more careful and selective in the names that we buy. where in the capital structure we buy. we have seen huge amounts of compression. overall, the ecb doesn't starts to wind down its qe program, we will see a lot more dispersion. it will be harder to find value, but i think overall, as long as you are very selective, there is still some value to be found. jonathan: jack, are you comfortable going to the bottom of the capital structure? considering the year cocos had last year? jack: cocos is not something we like. the legacies are being taken out. the favorable status, and then they lost it. the banks are incentivized to take it out. they will take it out at higher levels. jonathan: there is a broader question here. the federal reserve has managed to hike interest rates gradually. is president draghi going to have the same luxury here? that he can remove stimulus, maybe even talk about hiking rates at one point, and still have these loose financial conditions? rob
particularly in the eurozone, where the ecb is still buying bonds. k we have to be a lot more careful and selective in the names that we buy. where in the capital structure we buy. we have seen huge amounts of compression. overall, the ecb doesn't starts to wind down its qe program, we will see a lot more dispersion. it will be harder to find value, but i think overall, as long as you are very selective, there is still some value to be found. jonathan: jack, are you comfortable going to the...
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Jan 21, 2018
01/18
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BLOOMBERG
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the ecb starting to scale back qe. versations in japan about the boj scaling things down there as well. who is the first to hike? the boj or the ecb? robert: that is -- jonathan: we have to go, robert. boj or ecb? robert: ecb. jack: ecb. marilyn: ecb. jonathan: guys, it has been great to catch up with you all and get your thoughts on the market. jack flaherty, robert tipp, and marilyn watson. from new york, that is it for us, we will see you next week. this was "real yield" and this is bloomberg tv. ♪ scarlet: i'm scarlet fu. this is bloomberg "etf iq." ♪ scarlet: with interest rates creeping higher, the flow of money into high-yield debt has taken a detour. we take a look at interest rate hedged itf's. state street is losing ground to blackrock when it comes to new cash. jim ross with how they plan to get back on track. what is in a name? and we drill down into a new etf
the ecb starting to scale back qe. versations in japan about the boj scaling things down there as well. who is the first to hike? the boj or the ecb? robert: that is -- jonathan: we have to go, robert. boj or ecb? robert: ecb. jack: ecb. marilyn: ecb. jonathan: guys, it has been great to catch up with you all and get your thoughts on the market. jack flaherty, robert tipp, and marilyn watson. from new york, that is it for us, we will see you next week. this was "real yield" and this...
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Jan 25, 2018
01/18
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we want to talk about the ecb, the dollar, and president trump. the ecb. lisa: the ecb is facing an economy that is recovering and not just recovering, but is definitely gaining steam in the eurozone. the question is, will they announced some kind of ending of their bond purchase program and will they try to talk down that euro? the euro has been strengthening against the dollar. david: it is not just the economy gathering steam, it is the euro. lisa: the fear is that it will eat into the corporate profits. david: it also suppressed inflation that mario draghi said he wanted so badly. steve mnuchin says he has been perfectly consistent, there is no problem with the u.s. dollar even though it has taken a hit. you can see what the dollar has been doing over the last few days, not good. lisa: and took a leg lower after steven mnuchin broke ranks with previous treasury secretaries who always commented about not wanting a weakened dollar. he broke with that protocol and saying it would be positive for the dollar to weaken further. this raises the question of wh
we want to talk about the ecb, the dollar, and president trump. the ecb. lisa: the ecb is facing an economy that is recovering and not just recovering, but is definitely gaining steam in the eurozone. the question is, will they announced some kind of ending of their bond purchase program and will they try to talk down that euro? the euro has been strengthening against the dollar. david: it is not just the economy gathering steam, it is the euro. lisa: the fear is that it will eat into the...
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Jan 21, 2018
01/18
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the ecb starting to scale back qe. versations in japan about the boj scaling things down there as well. who is the first to hike? the boj or the ecb? robert: that is -- jonathan: we have to go. boj or ecb? robert: ecb. jack: ecb. marilyn: ecb. jonathan: guys, it has been great to catch up with you all and get your thoughts on the market. jack, robert and marilyn. from new york, that is it for us, we will see you next week. this was "real yield" and this is bloomberg tv. ♪ ♪ david: at one point, your father left your mother. ginni: it was sudden, and my mother found herself with four kids, no money. david: let's talk about ibm for a moment. ginni: we are the champions for business. david: when you are meeting with president trump or other presidents, do you see that ceos are willing to say, mr. president, that is not a good idea? ginni: my experience is people are respectfully honest and give their opinions. david: do you feel a certain responsibility? ginni: women do need role models. we are still a small minority that
the ecb starting to scale back qe. versations in japan about the boj scaling things down there as well. who is the first to hike? the boj or the ecb? robert: that is -- jonathan: we have to go. boj or ecb? robert: ecb. jack: ecb. marilyn: ecb. jonathan: guys, it has been great to catch up with you all and get your thoughts on the market. jack, robert and marilyn. from new york, that is it for us, we will see you next week. this was "real yield" and this is bloomberg tv. ♪ ♪ david:...
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Jan 21, 2018
01/18
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next year that the ecb saw increased rates. e will be a lot of pressure for them to raise rates. the signal in september, but there will be internal pressure to stop sooner. i do not think they will do that. the trailing growth is 2.2%. with the fed that they were not hitting the inflation target, but the pressure was there to move. and stop the bond purchases. in the case of the ecb, they have been doing massive purchases, which were not popular. they are at a negative interest rate, -40 basis points. extraordinary emergency type condition right now. the pressure will be there to stop the buying and there will that willstent core not stop until they get to zero. i am not even sure it will stop there. jonathan: some of you are coming across the bloomberg terminal. the u.s. tenure, the relationship between the two of those as the federal reserve reduced the balance sheet and the ecb takes a step back from qad. really wide. still how will that you love? -- how will that evolves? ? jack: if you look at the valuations on the europea
next year that the ecb saw increased rates. e will be a lot of pressure for them to raise rates. the signal in september, but there will be internal pressure to stop sooner. i do not think they will do that. the trailing growth is 2.2%. with the fed that they were not hitting the inflation target, but the pressure was there to move. and stop the bond purchases. in the case of the ecb, they have been doing massive purchases, which were not popular. they are at a negative interest rate, -40 basis...
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Jan 15, 2018
01/18
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the ecb shouldn't have any problems ending. to go on are at least until the end of september after they were cut to 30 billion euros per month. he judged the ecb current stance is roughly appropriate. he was speaking in an interview with a german newspaper. he said there was a need for action in communication. there is the german ten-year yield, up 59 basis points. the euro at highest against the dollar since the end of 2014. it has been an interesting couple of weeks. it is the hawks within the ecb who seem to be the most vocal. the german central bank governor. comments come after the account of governing, show policymakers, tweaking guidance to align with spurringgth economy, the rise in the euro at the end of last week. betting the bond buying will end in september, this certainly adds to that discussion. a new chapter in the ongoing feud between qatar and its neighbors. jetsae says qatar fighter intercepted commercial planes that were headed to bahrain. qatar denies but qatari stocks fell. joining us now is the managing edi
the ecb shouldn't have any problems ending. to go on are at least until the end of september after they were cut to 30 billion euros per month. he judged the ecb current stance is roughly appropriate. he was speaking in an interview with a german newspaper. he said there was a need for action in communication. there is the german ten-year yield, up 59 basis points. the euro at highest against the dollar since the end of 2014. it has been an interesting couple of weeks. it is the hawks within...
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Jan 20, 2018
01/18
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the ecb has been crowding out, but they have been winding down the amount they are buying.of the things that would indicate that they were supporting the market, where sovereign bonds were trading relative to cbs, for example, those relationships have indicated the market isn't leaning that much on the qe buying at this point. there may be surprising resilience in the markets as we go forward. jonathan: marilyn, they don't buy financials in europe, but the spillover has been pretty clear, the reach for yield has been clear. can you remain instructive on -- constructive on financial credits, hybrids, contingent convertibles, at a time when the ecb is set to pull back even further and potentially end it altogether? marilyn: as was just said, there is insatiable demand for yield. there is a huge amount of demand particularly in the eurozone, , where the ecb is still buying bonds, even though it is obviously at a lower rate. i think we have to be a lot more careful and selective in the names that we buy. where in the capital structure we buy. we have seen huge amounts of compre
the ecb has been crowding out, but they have been winding down the amount they are buying.of the things that would indicate that they were supporting the market, where sovereign bonds were trading relative to cbs, for example, those relationships have indicated the market isn't leaning that much on the qe buying at this point. there may be surprising resilience in the markets as we go forward. jonathan: marilyn, they don't buy financials in europe, but the spillover has been pretty clear, the...
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Jan 17, 2018
01/18
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BBCNEWS
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the ecb stand accused of muddled thinking. it's the last of the fa cup third round replays. we'll be live at stamford bridge for chelsea against norwich. edmund breaks new ground at the australian open. he'll play in the third round for the first time. and as the nfl season reaches its super bowl semifinal stage, we get the inside track on who will reach the biggest sporting show on earth. whatsapp, sportsday fans? i were from that denver broncos. and i'm from that denver broncos. and i'm from the washington redskins. and we'll be talking all things nfl later in the show. good evening. ben stokes is set to play for england again next month. the star all—rounder found out earlier this week that he will be charged with affray after a brawl outside a night club last september. he was left out of the ashes as the police investigation took its course. now that charges have been brought by the cps, the ecb have decided that he can play for england and is set to feature in new zealand injust over five weeks' time. let's speak to our sports correspondentjoe wilson, who is at lords.
the ecb stand accused of muddled thinking. it's the last of the fa cup third round replays. we'll be live at stamford bridge for chelsea against norwich. edmund breaks new ground at the australian open. he'll play in the third round for the first time. and as the nfl season reaches its super bowl semifinal stage, we get the inside track on who will reach the biggest sporting show on earth. whatsapp, sportsday fans? i were from that denver broncos. and i'm from that denver broncos. and i'm from...
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Jan 19, 2018
01/18
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jonathan: you think the ecb will pull back? ill have this tremendous resilience even though they are buying corporate debt. robert: they are. the demand is strong in europe. the demand is strong. they have been winding down the amount they are buying. some cases they indicated they were supporting the markets. those relationships have indicated that the market isn't leading that much at this point. financial credits, hybrids, contingent convertibles, at a time when ecb is looking to pull back even further. marilyn: there is insatiable demand for yield. i think we have to be a little bit more careful and selective in the names that we buy. we have seen huge amounts of compression. ecb starts to wind down and we will see a lot more dispersion. as long as you are very selective, there is still money to be found. jonathan: are you comfortable going to the bottom of the capital structure? legacies that are bank.taken out by the the old things that had favorable status. jonathan: there is a broader question here. the fed has managed t
jonathan: you think the ecb will pull back? ill have this tremendous resilience even though they are buying corporate debt. robert: they are. the demand is strong in europe. the demand is strong. they have been winding down the amount they are buying. some cases they indicated they were supporting the markets. those relationships have indicated that the market isn't leading that much at this point. financial credits, hybrids, contingent convertibles, at a time when ecb is looking to pull back...
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Jan 11, 2018
01/18
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it seems the ecb had to sell some of those bonds. rticular as we know about how this will affect the corporate market? >> on first glance, there's not much i can see about that. mario draghi did mention the corporate program in the last press conference as well. at the moment, we don't know their promise means that they will continue buying sizable amounts of corporate bonds. that is the promise they've made. we will see perhaps this month what that means an action. -- in action. alix: take you look the market, look at euro-dollar intraday. you can see the reaction -- there you go. that spike up. we are still at 1.1988. the idea that this hawkish rhetoric is seeping through, definitely permeating the market. david: they got enough of a hint to say ok. alix: there was going to be some resizing there. brexodus hitting london. that is next in our wall street beat. fromin to hear tom keene 7:00 to 9:00. pimm fox will join tom from 9:00 to 10:00. york, this is bloomberg. ♪ emma: this is "bloomberg daybreak." coming up in the next hour, sen
it seems the ecb had to sell some of those bonds. rticular as we know about how this will affect the corporate market? >> on first glance, there's not much i can see about that. mario draghi did mention the corporate program in the last press conference as well. at the moment, we don't know their promise means that they will continue buying sizable amounts of corporate bonds. that is the promise they've made. we will see perhaps this month what that means an action. -- in action. alix:...
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Jan 2, 2018
01/18
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CNBC
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in particular the markets are focusing on ecb forward guidance and the message from the ecb that, you know, rates can remain where they are until well into 2019 i think the markets are beginning to question the credibility of that forward guidance at some point we will get a tweak from the ecb in relation to its communications. that's when i think we could see an adjustment in rates and i think that's been anticipated in the foreign exchange markets >> we heard from korea over the weekend, and they said the latest extension will be the last asset purchase extension coming out of the ecb. when have you pencilled in the first hike for the ecb >> i think it's still some way off, but i think if the communication of the ecb, in particular the two important words "well past" in terms of rates remaining on hold until well past the end of quantitative easing. at the end the markets anticipate that being six months so the first rate hike potentially march or into the second quarter of 2019 if there's an adjustment in that, the markets could anticipate something happening perhaps towards the en
in particular the markets are focusing on ecb forward guidance and the message from the ecb that, you know, rates can remain where they are until well into 2019 i think the markets are beginning to question the credibility of that forward guidance at some point we will get a tweak from the ecb in relation to its communications. that's when i think we could see an adjustment in rates and i think that's been anticipated in the foreign exchange markets >> we heard from korea over the...
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Jan 5, 2018
01/18
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it is the pace of gains that is what caused the ecb any concern. l will not concern if it goes up quickly in a short time, we will get pushed back. vonnie: what are companies and economists saying in europe about any implications the new u.s. tax bill may have on the european economy? >> i think it is very early. we do not know how it will affect the u.s. economy, much less the european economy. i think this is one we will have to watch closely in the coming months because it is not certain. vonnie: richard, thank you. mark: thank you, richard jones, bloomberg fx strategist. vonnie: coming up, hedge funds rebounding after years of mediocre returns. the hedge fund industry on the come back, the winners and losers next. this is bloomberg. ♪ ♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn vonnie: live -- mark: live from london i am mark barton. european close is minutes away in time for the business flash. deutsche bank will take $1.8 billion charge in the fourth quarter, they say the new u.s. tax corporate overhaul, it
it is the pace of gains that is what caused the ecb any concern. l will not concern if it goes up quickly in a short time, we will get pushed back. vonnie: what are companies and economists saying in europe about any implications the new u.s. tax bill may have on the european economy? >> i think it is very early. we do not know how it will affect the u.s. economy, much less the european economy. i think this is one we will have to watch closely in the coming months because it is not...
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Jan 29, 2018
01/18
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a member of the ecb's governing bank mustid the in qe as soon as possible. says the program has done what was anticipated and there is not a single reason for continuing with it. last week, mario draghi said there were signs of rising inflation, but patience and persistence are still required. shares in kingdom holdings soared by the 10% limit after the chairman was released from detention at the ritz carlton hotel in riyadh. a senior government official told bloomberg the billionaire returned home saturday after reaching a settlement with authorities and will remain at the helm of his company. among bankers has slipped. sentiment at banks have worsened for seven of the last eight quarters. as aout of tendency brexit risk to london's dominance as a financial capital, and a third of banks say there is a high likelihood of market conditions worsening in the next six months. the leader of the u.k. jeremyion labor party corbyn has rolled out a second referendum on brexit. he spoke to the bbc. >> what we asked for and demanded in parliament has been a meaningful
a member of the ecb's governing bank mustid the in qe as soon as possible. says the program has done what was anticipated and there is not a single reason for continuing with it. last week, mario draghi said there were signs of rising inflation, but patience and persistence are still required. shares in kingdom holdings soared by the 10% limit after the chairman was released from detention at the ritz carlton hotel in riyadh. a senior government official told bloomberg the billionaire returned...
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Jan 17, 2018
01/18
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the ecb would have a much easier job. it could devote itself much more to its original function of maintaining price stability. mark: dennis snower, president of the kiel institute of world economy, thank you very much for joining us today. vonnie: we are just a few weeks into 2018 and it's already shaping up to be quite a year for m&a. we will look at the big deals you need to know about. youtube andok, twitter executives testifying before the commerce committee right now. the hearing is about terrorism and social media. twitter executives say 1.1 million accounts linked to terrorism happen blocked since -- have been blocked since 2015. this is bloomberg. ♪ vonnie: this is "bloomberg markets." time for our stock of the hour. down for a second day in a row is ge. the company announced a $6.2 billion charge yesterday. seems investors aren't feeling any better on day two. abigail: investors have lost patience with this company. they are fed up. the sink is burping up bad issues. last year, they cut the guidance and slashed t
the ecb would have a much easier job. it could devote itself much more to its original function of maintaining price stability. mark: dennis snower, president of the kiel institute of world economy, thank you very much for joining us today. vonnie: we are just a few weeks into 2018 and it's already shaping up to be quite a year for m&a. we will look at the big deals you need to know about. youtube andok, twitter executives testifying before the commerce committee right now. the hearing is...
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Jan 17, 2018
01/18
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BLOOMBERG
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in the experience of the ecb the last decade shows the ecb has the tools in place to react to these shortcomingsg, to any transitional problems, they would probably allow for emergency funding. this is something that is on top of the ecb's mind when it comes to brexit. guy: lane talked about it being a genuine shock. carsten brzeski, ing-diba chief economist. he will be joining us on dab digital. we will carry the conversation onthat we started television. i want to talk about stocks we are watching in europe. the first one is burberry. .ower this morning it is continuing to selloff after what we saw in the numbers. beginning to just have a few concerns about the the ceo is putting into place at burberry. the next is what is happening with asml, on the move to the upside. the fourth quarter looking strong for the tech sector. stock is trading higher. interesting stuff around ebm, the possible merger. trading to the upside. in the media sector, pearson looking fairly weak. there are interesting stock stories out there this morning. matt: absolutely, and the most interesting -- i think some of the
in the experience of the ecb the last decade shows the ecb has the tools in place to react to these shortcomingsg, to any transitional problems, they would probably allow for emergency funding. this is something that is on top of the ecb's mind when it comes to brexit. guy: lane talked about it being a genuine shock. carsten brzeski, ing-diba chief economist. he will be joining us on dab digital. we will carry the conversation onthat we started television. i want to talk about stocks we are...
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Jan 15, 2018
01/18
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the ecb go first. that is the right way to do it. other central banks moved before the ecb. this should also be part of the german currency reserves. amount, butmajor something we decided on and want to be part of, so the fact the roman the is included in the sdr basket and the fact -- the renminbi is included in the sdr basket is one of the factors in including it. >> with the sdr inclusion, you probably had concerns the currency is not a free floating currency. it has restrictions and there are strict capital controls in china. do you share these concerns? >> yes, we do. nevertheless we may have part of our moneies to the imf in renminbi, so we need accounts and need to meet our obligations as the fourth largest member of the imf in remember the -- in renminbi, so we have made that decision. it does the fact we have decided to go forward. >> sometimes a journalist has to ask the most obvious question. why included at this time? >> it is now part of the sdr. it is part of for quota potentially in renminbi and because of the ecb investing in central banks in the eurozone. >>
the ecb go first. that is the right way to do it. other central banks moved before the ecb. this should also be part of the german currency reserves. amount, butmajor something we decided on and want to be part of, so the fact the roman the is included in the sdr basket and the fact -- the renminbi is included in the sdr basket is one of the factors in including it. >> with the sdr inclusion, you probably had concerns the currency is not a free floating currency. it has restrictions and...
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Jan 25, 2018
01/18
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we await the ecb decision. will be fascinating to see what they have to say about the rise of the single currency. the kiwi dollar is rising, the swiss franc is rising, as you can see. the canadian dollar, the dollar continued goes down. mr. mnuchin changed the game in some people's mind just today. let's show you what is happening with commodities. there is a dollars theme running through this. big, oilbid, wheat bid, the brent and of uti contracts. there is a bunch of stories that are being affected by what is happening with the dollar move but we are awaiting mario draghi, 1:45 p.m. in frankfurt. that will be the decision made by the ecb. a big one for global markets. let's talk about spain. fitch upgraded the sovereign debt rating. catalan impact is limited. the first time spain has been in a territory since 2012. ands get back out to davos francine lacqua. francine: we are joined by the ceo of bbba. will get more about the political situation. you are a little bit of a trailblazer when it comes to semtech.
we await the ecb decision. will be fascinating to see what they have to say about the rise of the single currency. the kiwi dollar is rising, the swiss franc is rising, as you can see. the canadian dollar, the dollar continued goes down. mr. mnuchin changed the game in some people's mind just today. let's show you what is happening with commodities. there is a dollars theme running through this. big, oilbid, wheat bid, the brent and of uti contracts. there is a bunch of stories that are being...
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Jan 16, 2018
01/18
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BLOOMBERG
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it is hawkish comments from the ecb and focus. $70 forude goes through the first time since 2014, speculationrows. airbus of the a3 80 questions the future of the jumbo pending helps of survival on the emirates. i am yousef gamal el-din. the u.s. bond market coming back online. to asian equity session off a strong start, although a mixed action or. on thebal market bloomberg, the hang seng up 1.3% , some weakness with the aussie stocks. a bhp ratingsnd cut weighing heavily. broader session dominated by consumer staples and technology sectors offsetting a decline in materials. fluctuating, the dollar-yen one of the major moves in the key currency pairs. , down .4%.e speak relative stability in the u.s. dollar for the moment. ,t is hitting the base metals aluminum down 2.2%. also sink down .8%. and i will the board show you what is happening with brent crude. currently down. wti stronger, a diverging richer on that front. the u.s. tenure currently unchanged. we have the euro-dollar story. we will get into that shortly. s&p 500 futures higher. we do have citigroup expected to post fourth-quarter
it is hawkish comments from the ecb and focus. $70 forude goes through the first time since 2014, speculationrows. airbus of the a3 80 questions the future of the jumbo pending helps of survival on the emirates. i am yousef gamal el-din. the u.s. bond market coming back online. to asian equity session off a strong start, although a mixed action or. on thebal market bloomberg, the hang seng up 1.3% , some weakness with the aussie stocks. a bhp ratingsnd cut weighing heavily. broader session...
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Jan 12, 2018
01/18
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BLOOMBERG
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the change in guidance on guidance from the ecb, mario draghi and crew. the bond market a bear cub market. this is the state of play on the bonds. u.s. treasuries dipping by 1/8. 12 pips. this week has been showing paper,for three-year 10-year paper, 30 year bond -- auctions came, the highest bid to cover ratios since 2014. the 10-year paper was well the asset managers, fund managers, pension fund managers. the depth of demand should allay concerns about a runaway increase in yield. today it is about inflation in the united states. cpi will be the core number of 1.7% the market is laser focused on. we had to the ppi numbers yesterday that were disappointing to an extent. bunds are bid by 16 -- are bid by 16 pips. guidedopean central bank that forward guidance could change in 2018. the bank of japan is changing the tone. the ecb is changing the tone, the fed has moved, what are the signals for 2018 for the bond markets? juliette saly will consider your business flash. german chancellor angela merkel and the country's social democrats negotiated through the
the change in guidance on guidance from the ecb, mario draghi and crew. the bond market a bear cub market. this is the state of play on the bonds. u.s. treasuries dipping by 1/8. 12 pips. this week has been showing paper,for three-year 10-year paper, 30 year bond -- auctions came, the highest bid to cover ratios since 2014. the 10-year paper was well the asset managers, fund managers, pension fund managers. the depth of demand should allay concerns about a runaway increase in yield. today it is...
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Jan 19, 2018
01/18
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striking up concerns within the ecb about the currency, three policymakers are arguing this week that a stronger euro may harm ecb efforts to return inflation the goal of under 2%. euro's game, robust growth, prompting policy discussions on whether the ecb guidance on stimulus. secondly, the euro is forecast to win the year. will draghi mentioned the euro's rise during thursday's ecb conference? that is something to watch next week. look at the german ten-year yield. riseack for a fifth weekly . the longest winning stretch since december 2010. two events are on the horizon, 600 spd delegates vote on sunday on the proposal by party leaders to form a formal coalition talk or to start talks with the chance -- with the transfer. they are deciding whether germany heads back to stability or lurches toward a repeat election that risks being as inconclusive as the last year's. secondly, the ecb meets thursday expected.ion is to most half of respondents in a bloomberg survey putting the ecb will announce a definite end date for asset purchases by june. something we will explore later. let's ta
striking up concerns within the ecb about the currency, three policymakers are arguing this week that a stronger euro may harm ecb efforts to return inflation the goal of under 2%. euro's game, robust growth, prompting policy discussions on whether the ecb guidance on stimulus. secondly, the euro is forecast to win the year. will draghi mentioned the euro's rise during thursday's ecb conference? that is something to watch next week. look at the german ten-year yield. riseack for a fifth weekly...
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Jan 13, 2018
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then after that, a tweak to a communication from the ecb. asn't come yet, people just worried about the prospect of forward guidance. what does it say that people are so nervous off of the back of those very small events? matthew: i don't think it is nerves as much as this is the beginning of the year, people are ready to go, let's make money. people are basically taking this as an opportunity to increase bets for higher interest rates. the interesting thing for me about the price action that we saw in german bunds, after this, the curve flattened. if you are worried about a steepening, or you are positioning for a steepening in the u.s. treasury market, you want the bund curve to steepen, you don't want it to flatten, but it did. anyone out there with steepeners in the u.s. will be concerned that the curve did not steepen. jonathan: i was going to save it for later but i will go with it now. the spread on bunds versus treasuries is wide and gets a lot of attention on the two-year space. bunds versus treasuries, but something that does not ge
then after that, a tweak to a communication from the ecb. asn't come yet, people just worried about the prospect of forward guidance. what does it say that people are so nervous off of the back of those very small events? matthew: i don't think it is nerves as much as this is the beginning of the year, people are ready to go, let's make money. people are basically taking this as an opportunity to increase bets for higher interest rates. the interesting thing for me about the price action that...
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Jan 25, 2018
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it is all about the ecb monitoring volatility. l talk about levels of the euro and why the euro is rising and stocks are declining. i believe you with the currency board. three minutes until the end of the thursday session. this is bloomberg. ♪ mark: 30 minutes left in the session in europe today. i am mark barton. vonnie: i am vonnie quinn. this is "the european close" on "bloomberg markets." ♪ mark: here are the top stories. the ecb is holding steady. mario draghi is saying little chance of rate hikes. level is sentnd to its highest level since 2015. exclusive interview with the u.k. prime minister and davos. she is appalled by the way that women have been treated by top british business leaders. we have been working on the railroad. union pacific earnings ahead of schedule. the stock is derailed with a loss of cargo share. gmm
it is all about the ecb monitoring volatility. l talk about levels of the euro and why the euro is rising and stocks are declining. i believe you with the currency board. three minutes until the end of the thursday session. this is bloomberg. ♪ mark: 30 minutes left in the session in europe today. i am mark barton. vonnie: i am vonnie quinn. this is "the european close" on "bloomberg markets." ♪ mark: here are the top stories. the ecb is holding steady. mario draghi is...
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Jan 15, 2018
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anna: what do you expect from the ecb? s over the weekend that suggested that some strategists think they have moved to quickly. this is a chart, the s&p 500 to show what we are doing at the same time on stocks, but this goes back a couple of years. you can pull it up. it shows we are spiking higher on the short rates, here in europe, so there is a lot of expectation around the ecb. kit: i would love them to raise rates this year in the sense of where the economy has seen some sense on it. i think there is a limited chance that they will do it if the euro goes on rising. anna: because the market still says 2019 for a rate hike. kit: thinking about the end of 2018, it is moving, but i will do back to my point about the u.s., which is not about the data on the first hike or the first couple, it is when people say, when are the european rates -- once we are moving, where we going to? and i think that is a conversation people have not had for a very long time. anna: even if growth is doing well and we talk about the euro bill,
anna: what do you expect from the ecb? s over the weekend that suggested that some strategists think they have moved to quickly. this is a chart, the s&p 500 to show what we are doing at the same time on stocks, but this goes back a couple of years. you can pull it up. it shows we are spiking higher on the short rates, here in europe, so there is a lot of expectation around the ecb. kit: i would love them to raise rates this year in the sense of where the economy has seen some sense on it....
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Jan 1, 2018
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julie: julian i want to come , back to what ira brought up, the ecb. you look outside the u.s., aside from the inflation question here and the ecb wildcard, how do you think that does play into it? what are you protecting for the ecb for next year? julien: the eurozone is interesting. for years they have lagged their recovery the u.s. has experienced. now you're finally starting to see a bit of catch-up in terms of eurozone growth being a positive contributor to the global economy. you are starting to see inflation move up slowly, albeit at a pretty gradual pace. our thought coming in was if you get this catch-up in terms of growth from the eurozone to where the u.s. is, that should be positive for the euro. we do not think that german bunds below 40 basis points make sense in the improving growth environment in the context of a global growth environment that is improving. so the spread between 10-year german rates and 10-year rates in the u.s. is about 200 basis points. pretty wide level, a multi-decade wide level. we expect that spread to converge ov
julie: julian i want to come , back to what ira brought up, the ecb. you look outside the u.s., aside from the inflation question here and the ecb wildcard, how do you think that does play into it? what are you protecting for the ecb for next year? julien: the eurozone is interesting. for years they have lagged their recovery the u.s. has experienced. now you're finally starting to see a bit of catch-up in terms of eurozone growth being a positive contributor to the global economy. you are...
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Jan 26, 2018
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you look at the ecb reaction. currency manipulation is quantitative easing and by issuing more currency, you are betting against everything else and have a negative deposit rate. doing everything possible to weaken your currency. protocol,20 termsepped, and ambiguous , steven mnuchin and the market to get a certain way. the ecb realized they have a problem because they do not have the tools to stop the dollar rising and the euro. is -- dollar on its way down and if the president cannot stop the dollar's decline, what is going on? >> he does not want to and neither can the president of the ecb. mark: neither has much power over the dollar. vonnie: i was going to ask him, most countries say that we do not really mind about the pari it is -- pair, it is the basket of currencies but you cannot eight north any congruent -- you cannot ignore any currency. strengthening by default against the weakening dollars, what does it mean for these countries and their economic and monetary policies? the euro, mario draghi could no
you look at the ecb reaction. currency manipulation is quantitative easing and by issuing more currency, you are betting against everything else and have a negative deposit rate. doing everything possible to weaken your currency. protocol,20 termsepped, and ambiguous , steven mnuchin and the market to get a certain way. the ecb realized they have a problem because they do not have the tools to stop the dollar rising and the euro. is -- dollar on its way down and if the president cannot stop...
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Jan 25, 2018
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ahead of the ecb news conference. the euro is up by .1%.orrowing costs are expected to stay at present level until the end of the purchases. european volatility needs monitoring. there is no concern about the level of the euro. ecb does not target exchange rates. exchange rates are important for growth. the euro rising for the fourth day above the highest level since december 2014. the median forecast by the end 1.23.e year is financial markets has a $1.30 forecast. i want to talk to you about a few of the companies that are moving today. talk about small caps. the french president, emmanuel macron, is pushing for reform helping the country's small stoc ks. the cap small index, which has greater domestic exposure, have macron won5% said the first round of the presidential election last april . over the 200 index same period. cax is the white line. whitetail holdings, it is roughly giving up the battle. almost a 25% stake. carrying on the 5-4 breakout band sale of this chemical maker. , and ire currently quote, have no plans to take it over.
ahead of the ecb news conference. the euro is up by .1%.orrowing costs are expected to stay at present level until the end of the purchases. european volatility needs monitoring. there is no concern about the level of the euro. ecb does not target exchange rates. exchange rates are important for growth. the euro rising for the fourth day above the highest level since december 2014. the median forecast by the end 1.23.e year is financial markets has a $1.30 forecast. i want to talk to you about...
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Jan 17, 2018
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when the ecb can raise rates. what did this voice add to the conversation?♪ ♪ 40 minutes until the start of european equity trading session. , stumbled ever so slightly. yields -- bund yields, what happens when you get to .6%? to bring the bond market back. don't get out of the starting blocks. getting a rights issue announcement. report, pullroup your revenues rising by 11.6%. they say they are well-positioned after a successful outcome in 2017. let's get to juliette saly with the business flash. nestle has agreed to sell its confectionery unit two ferrero, and its first step away from the candy industry that invented milk chocolate. the sale of the unit which includes baby ruth brands is the first investment by the swiss food giant. to focus on healthier and faster growing categories like coffee, pet food, and water is the food industry grapples with the drop in demand. for is preparing an offer iwg that will value the company point 7 billion pounds. according to people familiar with the matter, they are lining up an offer. representatives for brookfield a
when the ecb can raise rates. what did this voice add to the conversation?♪ ♪ 40 minutes until the start of european equity trading session. , stumbled ever so slightly. yields -- bund yields, what happens when you get to .6%? to bring the bond market back. don't get out of the starting blocks. getting a rights issue announcement. report, pullroup your revenues rising by 11.6%. they say they are well-positioned after a successful outcome in 2017. let's get to juliette saly with the business...
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Jan 12, 2018
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priya: to the extent that the ecb will raise rates rather than reduce purchases. quickly,ctually taper they stop buying. if they stop reinvesting, then it could have a pretty big impact on the periphery. the view from the market is they keep the brine program, they start normalization from negative rates, perhaps to zero. therefore, the curve should flatten. i would say the spread in the front and is all about ecb action. long end, that spread is too wide. treasury bonds around 2.5 basis point is arguing if prices can continue to rise. that does not seem to make sense. thingan: let's have some that does not make sense to people, the amount of debt outstanding that trade for negative yield. around 7 trillion. there is enough in the market to scratch your head and wonder why we are still doing this. it can say shorter. that.l: we have proven what this speaks to is, you look where the u.s. is. on a relative value basis, u.s. treasuries look reasonable when compared to a lot of european rates. then you get into the spread sectors and it is common more compelling. jonat
priya: to the extent that the ecb will raise rates rather than reduce purchases. quickly,ctually taper they stop buying. if they stop reinvesting, then it could have a pretty big impact on the periphery. the view from the market is they keep the brine program, they start normalization from negative rates, perhaps to zero. therefore, the curve should flatten. i would say the spread in the front and is all about ecb action. long end, that spread is too wide. treasury bonds around 2.5 basis point...
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Jan 11, 2018
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to you are getting the hint out of the fed and the more hawkish end of the ecb. even starting to back off the longer end of the jgb market. all interesting stuff. the fight the fed, fight the central banks -- is inflation going to be the theme we spend more time talking about? as you haved, indicated already, breakevens are breaking higher. brent is trading just up $70 per barrel. you are starting to see some hints of wage gains come through . is the market underplaying inflation? marketell, i think the is fairly complacent, and it is sort of learned. inflation has done nothing despite falling unemployment rate, stronger growth, for a number of years, and if anything, it has disappointed consistently to the downside. core inflation around 1%. core pce around 1.5%. the market needs to see some evidence that is changing but then could react quite significantly. there is a reasonable chance wages will gradually claw their way back towards 3%. the issue is it does look as though the response of inflation me,tronger growth, excuse is much weaker than it was in the past
to you are getting the hint out of the fed and the more hawkish end of the ecb. even starting to back off the longer end of the jgb market. all interesting stuff. the fight the fed, fight the central banks -- is inflation going to be the theme we spend more time talking about? as you haved, indicated already, breakevens are breaking higher. brent is trading just up $70 per barrel. you are starting to see some hints of wage gains come through . is the market underplaying inflation? marketell, i...
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Jan 17, 2018
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and the yield curve flattens today. not so fast, ecbsaying fundamentals to not measure up. david: welcome to "bloomberg daybreak." i'm david westin with alix steel. alix: bank of america, s&p futures up by 10 points. a bizarre day yesterday, 2800 on the s&p, sold off in the close, moving higher now again. we will save the bank earnings support that kind of rally. euro-dollar, down 4/10 of a percent, will they or won't they worry about the exchange rate? and all across the curve, flattening that we are seeing, yields up to basis points in the 10 year. crude down 4/1
and the yield curve flattens today. not so fast, ecbsaying fundamentals to not measure up. david: welcome to "bloomberg daybreak." i'm david westin with alix steel. alix: bank of america, s&p futures up by 10 points. a bizarre day yesterday, 2800 on the s&p, sold off in the close, moving higher now again. we will save the bank earnings support that kind of rally. euro-dollar, down 4/10 of a percent, will they or won't they worry about the exchange rate? and all across the...
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Jan 25, 2018
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the big one will be ecb kathleen. r hawkish comments coming from mario draghi? kathleen: i think that is the last thing we will hear from mario draghi, particularly after this big move. by definition, every other currency is going higher. they already have made a big announcement about reducing the pace of bond buying in october last year, now extending through september 2018. there were comments in the ecb minutes -- when the ecb minutes came out in late december, as well as comments from more officials suggesting this idea that they might be ready to start guiding us on the foreign guidance. people have been saying it will be about week inflation and a fear of boosting the euro further. when mario draghi talks, he expected to be dovish and maybe drop on the euro or prevented from moving higher. yvonne: we were talking a mark uvc. they expect the central bank to do nothing for 2018. joining us live from tokyo a there. china is taking action against runaway property prices. xi pushes a model. if flurry of activity is u
the big one will be ecb kathleen. r hawkish comments coming from mario draghi? kathleen: i think that is the last thing we will hear from mario draghi, particularly after this big move. by definition, every other currency is going higher. they already have made a big announcement about reducing the pace of bond buying in october last year, now extending through september 2018. there were comments in the ecb minutes -- when the ecb minutes came out in late december, as well as comments from more...
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Jan 9, 2018
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the ecb is going to be quite careful. tinue this year. francine: is there any other pairing we should be looking at? >> there's lots of interesting things going on. in terms of european currencies the swiss franc continuing to weaken. one driver behind that is continued outflows from switzerland. the swiss have not invested offshore for the last 10 years. we like that story. japan is very interesting. third-base line is for this very slow grind higher in dollar-yen. the yen weakens. there are risks around that we are acutely aware of. tom: what does a 130 euro means italy? -- mean to italy? they want a weaker euro. italyoes 130 mean for given the march election? perspectivelitical it's actually the u.s. that cares a lot more about a weak dollar the in europe worrying about a high euro. one of our themes for this year is we worry the trump administration's focus after-tax is going to be around trade policy and that's going to be negative for the dollar against major currencies such as the euro and the yen. on the other hand
the ecb is going to be quite careful. tinue this year. francine: is there any other pairing we should be looking at? >> there's lots of interesting things going on. in terms of european currencies the swiss franc continuing to weaken. one driver behind that is continued outflows from switzerland. the swiss have not invested offshore for the last 10 years. we like that story. japan is very interesting. third-base line is for this very slow grind higher in dollar-yen. the yen weakens. there...
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Jan 30, 2018
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it is signaled by the ecb to turn the euro area into a pillar of the economy.bal news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. mark: thanks so much. the bank of england is speaking. he said investments are up due to global demand. a four percentage points below your it should be in relation to before the brexit referendum. he says he does not have advise when it comes to brexit. he sees a pickup in investment here he expects clarity on brexit to help support investment and strong incentives . the eu benefits tremendously from dynamic equivalent. working is still through inflation. he says the labor market is continuing to tighten and he sees growth returning later this year. mark carney testifying. coming up, bitcoin. more of our exclusive interview with the executive on the future of the cryptocurrency. this is bloomberg. ♪ ♪ the airline has spoken exclusively earlier today with the year and next chief executive at the annual conference in paris. i'm interested in eurone
it is signaled by the ecb to turn the euro area into a pillar of the economy.bal news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. mark: thanks so much. the bank of england is speaking. he said investments are up due to global demand. a four percentage points below your it should be in relation to before the brexit referendum. he says he does not have advise when it comes to brexit. he sees a pickup in...
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Jan 11, 2018
01/18
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it will remain the ecb's main focus. vonnie: we are about to undergo what might be considered a regime change at the federal reserve with a new chair coming in. for that impact any discussions or do you anticipate a smooth ride? richard: personalities matter and a change of personnel is important. in the new fed chair, we have a continuity cabinet in that he did serve on the yellen fed. institutionally, we will have the continuity but there will be little nuances that we get with a new fed chair and with other members appointed to the federal reserve governing board. the continuity will continue. we will have a continuation of what we have seen on the yellen said. that is the thing to what -- yellen fed. that is the thing to watch. mark: thank you so much, richard jones. bill gross shares his outlook on the global financial markets. coming up, 2:00 p.m. new york time. don't mess it. -- don't miss it. let's check in on the "first word news." ma: states will be able to impose work requirements on their medicaid programs. cr
it will remain the ecb's main focus. vonnie: we are about to undergo what might be considered a regime change at the federal reserve with a new chair coming in. for that impact any discussions or do you anticipate a smooth ride? richard: personalities matter and a change of personnel is important. in the new fed chair, we have a continuity cabinet in that he did serve on the yellen fed. institutionally, we will have the continuity but there will be little nuances that we get with a new fed...
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Jan 29, 2018
01/18
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the ecb has ended the program as soon as possible according to ecb policymaker who said there isn't ae reason to continue the program. he added it had already done what could realistically be expected of it. let's stick to the chief coin investment strategist. david, your thoughts on where the ecb heads from here. fairly aggressive comments coming from the dutch central-bank. hawkish comments from the dutch central-bank, but inflation is where they are supposedly inflationand does data justify a move away from qe? >> we have more cpi data this week and if you look at the last two or three hiking cycles of the european central bank, they would already be hiking significantly at this point. the issue is depressed inflation. absolutely they are tiptoeing toward it. they have a solely inflation mandate. their mandate is to keep inflation below 2%, asymmetrical target. they're the most inflation centric bank but they can't even get inflation there. they have a variety of tests. drug wanted to be at the right level. it's persistent, doable, and broad-based. those three other inflations aren
the ecb has ended the program as soon as possible according to ecb policymaker who said there isn't ae reason to continue the program. he added it had already done what could realistically be expected of it. let's stick to the chief coin investment strategist. david, your thoughts on where the ecb heads from here. fairly aggressive comments coming from the dutch central-bank. hawkish comments from the dutch central-bank, but inflation is where they are supposedly inflationand does data justify...
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Jan 30, 2018
01/18
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let's talk about europe and the ecb. are sticking to the assumption that the bond buying program will be wound down over three months, rather than being brought to a sudden halt. that is according to euro area officials familiar with the matter. let's get back to kamal sharma and james bevan. when you look at euro strength, the sense is central banks need to target euro strength. is this part of keeping a hold on the euro? you do not end it like this, you announce it and communicate and gradually unwind it. >> qe is coming to an end in 2018. whether they stop it in september or taper down to december, the era of ecb qe is coming to an end. haserms of the euro, draghi a bigger communication issue in september when we have the euro-dollar rating leaning to euroto 1.20, but also the weighted index. he is questioning the impact of the pastor effect of the higher euro into inflation. it seems they are willing to dismiss the move in the euro, 1.6% rise in the twi, because they are going to taper. francine: james, let me ask you
let's talk about europe and the ecb. are sticking to the assumption that the bond buying program will be wound down over three months, rather than being brought to a sudden halt. that is according to euro area officials familiar with the matter. let's get back to kamal sharma and james bevan. when you look at euro strength, the sense is central banks need to target euro strength. is this part of keeping a hold on the euro? you do not end it like this, you announce it and communicate and...
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Jan 17, 2018
01/18
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and it is interesting that the ecb are yet again beginning to start doing some verbal interaction as far as the currency is concerned. they have a manner of jawboning the currency when levels get slightly uncomfortable so novotny saying the strength in euro is not comfortable >>> let's look at some of the stocks moving this morning shares in asml hit a record high on the back of better than expected fourth quarter results. they reported net profit well above expectations a number of customers asked for early deliv rer eries in the la quarter. >>> nestle is selling its u.s. candy business to ferrero for 2$2.8 billion they are offloading brands such as crunch and butterfinger they cited weak performance in the u.s. as reasons for the sale ferrero will become the u.s.'s third largest confection ary coy >>> republicans and democrats have hit a sticking point over u.s. immigration reforms with some republicans unwilling to extend protections for young immigrants shielded by the so-called daca program democratic leaders tied an extension on that program to any long-term budget deal. and so
and it is interesting that the ecb are yet again beginning to start doing some verbal interaction as far as the currency is concerned. they have a manner of jawboning the currency when levels get slightly uncomfortable so novotny saying the strength in euro is not comfortable >>> let's look at some of the stocks moving this morning shares in asml hit a record high on the back of better than expected fourth quarter results. they reported net profit well above expectations a number of...
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Jan 12, 2018
01/18
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we had a bounce in the currency pair following on from the hawkish ecb minutes. u can see again euro/dollar is having a strong day today, up 0.7% in trading. breaking through the 1.21 mark for the first time in a couple of years now, let's get out to annette in frankfurt. what can you tell us about the so-called break through we are just reading about in the talks? >> actually, if you look into the details of that break through, when it comes to the talks in berlin, it's a clear win for angela merkel. there's no spd topic which was pushed through against the cdu martin schulz's spd wanted higher taxes, more refugees into germany and a commitment to a united states of europe. nothing of that is in that blueprint which now serves as the basis for the coalition talks. so bottom line is that there's a commitment of no tax hikes also for the next four years. there's a commitment of a refugee cap to no more than 180 to 22,000. and there's a commitment that those refugees with alimite limd asylum status are not allowed to bring family members to germany. bottom line is a
we had a bounce in the currency pair following on from the hawkish ecb minutes. u can see again euro/dollar is having a strong day today, up 0.7% in trading. breaking through the 1.21 mark for the first time in a couple of years now, let's get out to annette in frankfurt. what can you tell us about the so-called break through we are just reading about in the talks? >> actually, if you look into the details of that break through, when it comes to the talks in berlin, it's a clear win for...
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Jan 2, 2018
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>> that's what the ecb hopes for. g at how strong the economy is the growth figures thethe anecdotal stuff in pmi releases today pointing to the fact that there are labor shortages. if the orthodox economic supplies we should be seeing those wage figures grow in 2018. the ecbit gets inflation rate to target by the end of the year is another thing. i think if they get progress they are looking for towards that policy normalization should still be on the cards. you, richardo see jones in berlin. vonnie: let's check in on the first word news. here's courtney donohoe. the safest year ever in the skies with major airlines worldwide recording no fatal accidents. the dutch consulting firms that there were two fatal accidents involving small regional planes overseas and that works out to one fatal accident for every 16 million flights. president trump will continue to withhold $255 million in military aid from pakistan. the white house will review what it calls pakistan's level of cooperation in fighting terrorism. the preside
>> that's what the ecb hopes for. g at how strong the economy is the growth figures thethe anecdotal stuff in pmi releases today pointing to the fact that there are labor shortages. if the orthodox economic supplies we should be seeing those wage figures grow in 2018. the ecbit gets inflation rate to target by the end of the year is another thing. i think if they get progress they are looking for towards that policy normalization should still be on the cards. you, richardo see jones in...
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Jan 17, 2018
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and the yield curve flattens today. not so fast, ecb throwing cold water on the euro rally, saying fundamentals to not measure up. david: welcome to "bloomberg daybreak." i'm david westin with alix steel. alix: bank of america, s&p futures up by 10 points. a bizarre day yesterday, 2800 on the s&p, sold off in the close, moving higher now again. we will save the bank earnings support that kind of rally. euro-dollar, down 4/10 of a percent, will they or won't they worry about the exchange rate? and all across the curve, flattening that we are seeing, yields up to basis points in the 10 year. crude down 4/10 of a percent. bank of america, saying they expected benefit from higher interest rates and a lower corporate tax rate. brian moynihan says that pretax earnings rose year on year. there is what it is doing, up by 3/10 of a percent. not much movement either way. allison is joining us. surface this looks like a pretty solid report. walk us through it. allison: still going through the numbers, but so far so good. trading is a number we alw
and the yield curve flattens today. not so fast, ecb throwing cold water on the euro rally, saying fundamentals to not measure up. david: welcome to "bloomberg daybreak." i'm david westin with alix steel. alix: bank of america, s&p futures up by 10 points. a bizarre day yesterday, 2800 on the s&p, sold off in the close, moving higher now again. we will save the bank earnings support that kind of rally. euro-dollar, down 4/10 of a percent, will they or won't they worry about...
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Jan 16, 2018
01/18
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protagonists on the ecb bond buying program. the language? anna: we're seeing this around -- will talk about global themes of the one year of the trump administration. to be on the barclays board, and sits on a number of boards globally. what his board room take? --'s first get gonette: brent crude has to $70 for the first time in three years. rallies, theity view that opec will end its supply cuts early is spreading, with j.p. morgan predicting a wind down starting in the middle of the year. russia's government is discussing a proposal to turn on the fiscal taps. people with three knowledge of the matter, the kremlin is considering a plan that will raise expenditure on transportation and rose by 30% over the next three years and provide a boost of 20% to spending in health care on health care and education. xi jinping has told donald trump that the two countries should settle trade issues by opening markets and cooperation. president xi made the comments during a phone conversation. president xi called for joint efforts on talk
protagonists on the ecb bond buying program. the language? anna: we're seeing this around -- will talk about global themes of the one year of the trump administration. to be on the barclays board, and sits on a number of boards globally. what his board room take? --'s first get gonette: brent crude has to $70 for the first time in three years. rallies, theity view that opec will end its supply cuts early is spreading, with j.p. morgan predicting a wind down starting in the middle of the year....
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Jan 8, 2018
01/18
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the ecb has stepped up. ere's a risk -- the real risk is the five-star movement because of their agenda, which includes a series of extreme economic measures. they are not coherent with each other, including a potential euro exit. like le pen risk was for france, is something we estimate at the low single-digit level. the real risk for italy, the real possiblelike le risk is the is a coalition and that coalition does not implement the next reformss in three years. they need to improve the judiciary system. they need to continue liberal market reforms. they need to invest in education. italy only has 20% of adults with a degree and lacks degrees in stem disciplines. they need to fight inequality and poverty. there's still a lot of inequality between the north and south, and the rich and poor. so, five big reforms for italy need to be done within the next three years before a slowdown. that is my main concern about the next government. francine: thanos, even if there is some kind of coalition, which is consider
the ecb has stepped up. ere's a risk -- the real risk is the five-star movement because of their agenda, which includes a series of extreme economic measures. they are not coherent with each other, including a potential euro exit. like le pen risk was for france, is something we estimate at the low single-digit level. the real risk for italy, the real possiblelike le risk is the is a coalition and that coalition does not implement the next reformss in three years. they need to improve the...
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Jan 17, 2018
01/18
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he has already been in new zealand playing domestic cricket in canterbury and the ecb have said they he ecb are thinking in that context, can we wait a long period before ben stokes is available to us? and in terms of practicality, it ben stokes had gone out of the ashes, he would have faced so much media scrutiny and attention in new zealand, and that level will be far less there. thank you. jo wilson, at lord‘s. it‘s one of the most famous flying teams in british history. 75 years after carrying out the daring dambusters raid, the raf‘s 617 squadron is being reformed, as the royal air force celebrates its centenary. sophie raworth has been to meet a veteran who played a major part in the dambusters raid. amazing aircraft, that, isn‘t it? absolutely. george johnnyjohnson — he‘s 96 years old and the last surviving british member of world war ii‘s famous dambusters raid. hejoined the raf in 1940, one of many teenagers who signed up to fight for their country. he says it was thrilling. i felt i was actually doing something useful, and doing it well. it was 75 years ago this may that 617
he has already been in new zealand playing domestic cricket in canterbury and the ecb have said they he ecb are thinking in that context, can we wait a long period before ben stokes is available to us? and in terms of practicality, it ben stokes had gone out of the ashes, he would have faced so much media scrutiny and attention in new zealand, and that level will be far less there. thank you. jo wilson, at lord‘s. it‘s one of the most famous flying teams in british history. 75 years after...
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Jan 2, 2018
01/18
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is the difficult situation the ecb has put itself in. hawkish members of the ecb, given the underlying strength in the european economy, we are bound to get some sort of wage gains, which will push inflation in the right direction. what it does mean is once we get to the september-october. bang, the ecb has an important decision to make. it could be we get a further taper after that from the ecb and maybe not rate rises well into 2019. guy: great stuff. happy new year. int miller will be back berlin tomorrow after his little vacation. up next, it is "surveillance." i'm off to radio. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. francine: leading the way.
is the difficult situation the ecb has put itself in. hawkish members of the ecb, given the underlying strength in the european economy, we are bound to get some sort of wage gains, which will push inflation in the right direction. what it does mean is once we get to the september-october. bang, the ecb has an important decision to make. it could be we get a further taper after that from the ecb and maybe not rate rises well into 2019. guy: great stuff. happy new year. int miller will be back...