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tv   Asia Edge  Bloomberg  August 7, 2016 11:00pm-12:01am EDT

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survey expects the bank of japan to step up its stimulus program. the emperor of japan preparing for his second ever national address, amid speculation that he wants to abdicate. we will be live in tokyo. china's trade balance out, we are taking a look at the figures. ofan absolute bait in terms the trade balance figure. the trade surplus coming in at 340 at 2.8 billion yuan. do the math, that is $51.5 billion. the market was looking for different numbers. that is better than what we are expecting. a big miss in terms of imports, which were expected to fall by 1.1% year on year. they are down 5.7%.
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that could be the first signal we have seen of the impact of brexit and other geopolitical concerns on the chinese economy. in june, imports down 2.3% year term.r in china's exports better than expected, rising by 2.9 percent in july. the market was looking for a figure of 2.3%, well up from the 1.3% rise in a sports year on year in june. certainly, a big boost in terms of surplus. a big miss in terms of imports. there has been the impact of the brexit vote. exports rising up by 2.9%, so at least some good signals there in terms of strong demand for china's exports. still awaiting u.s. figures to come through. bloomberg was suggesting we should see 47 .3 billion trade
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surplus for july in u.s. dollar terms. the quick math on the trade balance, 51.5. we have to wait for these to be the -- be averaged out, but it still come in terms of, looking at imports and u.s. dollar term imports. the estimate is 7%. that should be a little slower in terms of what we saw in june. exports in u.s. dollar terms expected to fall 3.5%. 342.8 alien dollars, big fall in imports in the month of july. those: we will wait for to come out. singapore's biggest bank saw 6% in the second quarter and -- in missed s -- estimates. net incomes dropped. losses related to troubled energy services firm slider holdings. amount of money singaporean
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banks set aside to cover energy companies is not enough. thailand voted to approve a new constitution that could hand the military back government -- military backed government to much power. results are not expected for some days, but the election they have been supported by 62% of voters. a leader said the results keep thailand on course for a turn to full democracy. u.k.-syria fraud office opened a criminal investigation into alleged flawed -- fraud, bribery and corruption. what it calls misstatements and omissions involving outside contractors in some export financing applications, which it has found through an internal inquiry. bloomberg survey finds most economists expect the bank of japan to increase its stimulus
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program. the majority think the bank will stick with a negative rate. the time for achieving 2% inflation could change. david has more on that. will this be pretty much the same thing? david: let's hope not. that's a good point. have a look at the summary of opinions from the last meeting. it sets us up in what the -- what the boj is thinking for the next month. they released it this morning. it shows basically a quick pic of who said what. without getting into the details of who said it. it gives you a lot of these that meeting. what stood out are two things. first, there was one member who said, the bank should reject the idea that monetary stimulus, or mullet -- monetary policy, has limits. don't do it, don't say it. the other did stood out was, when you look at the review that is ongoing, it has to be framed
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in a way that answers the question, how can the ba with jake -- the boj, what do they have to do to being -- to reach the 2% inflation target? policy review, more transparent about it given that they are moving from super aggressive to may be ultra-aggressive when they do, of course, if they do announce additional stimulus come late september. yvonne: the fact that they are having a review suggests they may be adding stimulus. what analysts say, that they will use the results of the review to introduce something else, changing the game or perhaps chopping off, which is something. have a look at the survey. two thirds think it means more next month. are they going to change this negative interest rate policy? something that has affected the banks, and has also had other benefits. itout of 32 actually think
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is here to stay. theyof these guys think will bring down rates further below zero. when it comes to other things they might talk about, maybe comment on the effectiveness of the current policy, and maybe even discuss the changes or removing this time reference for the inflation target altogether. yvonne: they talked about this, when you see the summary of opinions, that they are still very far, at least boj members admit, from that inflation goal. , that the downside risks you are increasing. yvonne: we will go back to juliet. taking a look at the china trade figures. >> we just got the dollar figure in u.s. dollar terms, and again, a bait to the trade balance coming in july, $52.31 billion. the surplus has grown from june,
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when it was up 48.1. seeing exports contracting at a faster pace than expected, down 4.4% in july. imports, the big miss, similar to the chinese number, down 12.5%. the market was looking for 7% fall in imports. this is the first impact we have seen on that terms of brexit having an impact on the chinese economy. down 12 point 5% imports. we have seen a little more stabilization in terms of the exports, it was 4.8% down in june, 4.4% for the july numbers. that is as we start to see the weakening currency giving more support coming through to china. it is a year since the devaluation of the you one. in terms of having a look at the trade surplus, it is a jumbo 34% year on year. in terms ofjump china's trade surplus. the u.s. dollar figure, $52.31
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billion. still, a big miss in terms of imports. still a lot of concern about the demand for a lot of what china is bringing into the country, somets also, still showing signs of slowing down by 4.4% in the month of july. yvonne: we have been focusing on monetary policy with our guest today. the boj needs to take some big steps after it a disappointing market last month. key point is, it's not just enough to do something. you have to do more than the expects. the bank of japan disappointed expectations recently, so i think it has to go a little bit further. will weaken the yen and give the economy a bit more of a boost and hopefully help inflation. the second thing is, i think the u.s. fed will come to the rescue and help the bank of japan out. eventually. i raising interest rates faster
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than the market expects in america. martin is betting on december is the month the fed will finally high greats. >> the federal reserve has been spooked at times from global market volatility, and has held off. but the numbers continue to improve. may,de of what appears in it has been pretty consistent, and when you look across the board in terms of the jobs numbers, the wages growth, we think we are on track for a rate rise in the u.s. by december. yvonne: jpmorgan announced management says global growth will get a boost as governments step up funding. there is no more focus on fiscal policy. if you take australia, for example, i think over the next few years, a significant amount
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of money will be spent on railroad projects, roads, fiscal stimulus. looking at asia, looking at more fiscal policy being introduced in southeast asia, places like thailand, indonesia, where they are are more infrastructure projects taking place. i agree, i think we will see more fiscal stimulus measures in conjunction with very easy monetary policy, as well. word fromat was a asia. breaking news coming out from dbs, after they posted disappointed earnings thanks to this swiger. this is the ceo speaking about these earnings and talking a little about slider, saying no slider lenders consider it a nonperforming asset, and the ceo saying he corroborated with them three months ago. swiber imploded in six weeks, and he is not a representative
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of the singaporean oil and gas sector overall. the ceo says he has built off substantial general provisions. we will continue to watch that. back to the markets, heidi taking a look. taking a look. lines comingtest through from dbs, the stock is surprisingly resilient, it has risen a little as it has come up i 1.6% despite the singaporean lender reporting 6% decline in the quarter pass prospects. let's take you to the reaction, to the chinese trade numbers. it was a mixed bag. the yuan numbers looking more favorable. it paints a picture of exports starting to stabilize. imports, domestic consumption, is that unraveling? they are declining more than expected.
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we are extending the decline over the past few months. we are seeing in terms of the rmb, they don't tend to move very much in the face of these data releases. it is trading at 6.65. pretty much stable. the australian dollar is a reactive currency when it comes to chinese data. very sensitive to the chinese slowdown. they have come off those sessions all over the place in sitting ate aussie, 76.0 and -- .7609. ago,e expecting an hour and we finally just got, shanghai has turned positive. gains of about 3/10 of 1%. elsewhere, australian stocks .0ding up fairly well, up by 9%. strong gains coming in from thailand, gains of 1% there. companies in hong kong having a
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strong day today. up like 1.25%. meeker, export numbers, or trade numbers out a little later on. that will fill out the picture of what the slowdown story is doing to the region. the nikkei 225, still in the lunch break. we will resume trading in 15 minutes. a strong morning session. on,ne: coming up later europeans need not apply. we will see how he is leaving out the locals. coming up, the trade data from china. khiem do visits bloomberg. ♪
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yvonne: a check of the latest headlines, hong kong-based michelin trader this next is hack and a $70 million says clients will lose 36% of
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their deposit. in compensation, the exchange will offer tokens that may be reading for shares of the parent. it will reopen with limited functionality and the couple days. tuesday, it halted trading with deposits after the hack, sending bitcoin value down 20%. nissan is an early opponent of electric vehicles and has been talking to panasonic to selloff battery units. they plan to dispose of 51% stake in automotive energies of light. the automaker is in talks of companies outside japan, including chinese firms. a spokesperson says the reports are speculation. terms for a first timeshare sale they plan to offer 680 million shares at a price range of 11 hong kong dollars $.87. they will use the proceeds to
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fund overseas businesses and develop wealth management. shares will start trading on august 18. we have had the latest trade deals from china with a surplus of $52.3 billion. great tos is khiem do, have you. we just got these figures fresh off the press. change.nues to dollar terms-wise, trade still very sluggish. importantespecially numbers, i would like to see the important numbers actually rising to really project the image that the chinese domestic economy is doing better. so the export numbers come i think, look fine. but i think if the imports numbers, those are an issue. the reserves showing up in stabilization when we saw that in july. i was talking to someone from nab and they said if you boosted the valuation
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by the u.s. dollar, we are seeing an intervention by the pboc. underlying pressure or a weakening r&b. you see that? day today, it's impossible to tell whether intervention by the pboc or not. but the numbers have suggested that they are still -- there are still capital outflows out of when you read the minutes of the pboc, the pboc did say that they are still target, which needs to be focused on. i am sure that authorities and the pboc and china are still very much focused on the rim and -- they like to keep
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it within range. any hope that the pboc would cut rates, unfortunately, would have to wait until there is an inflow and for it to rise naturally first. we are still waiting for that. yvonne: so they might wait on rate carts -- great cuts. fiscal policy, some say there is not much room given the fiscal deficits we see in china. what else could there be? targeted easing, is that what it is? khiem do: like many other economies in the world, with the exception of the u.s., like in europe, japan, and some other economies, i think all governments are worried about how to growth -- economies these days. in china, you can expect the government to be able to do something to grow its domestic economy. it is not a very big worry for us, as far as the chinese
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economy growth is concerned over the next 6-12 months. equities, i ask about your take on the u.s. job situation, a goldilocks situation. it will not move the needle when it comes to fed rate hikes. is that the right situation to assess all that? they are not too keen on raising rates just yet, not until december? khiem do: i think we should be a little bit cautious about this. i think about, there is enough ground for the fed to raise rates in september. i think we should not exclude that possibility at all. i think the job market in the u.s. is strong, and the u.s. domestic economy is ok. not exclude that. what i am glad about is, you have strong jobs, and yet the stock market is positive. are high. rates
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they look beyond that. that earnings per share growth in the u.s. will rise as a result of the strong domestic economy, and the market interprets it as revenue growth, earnings per share growth. and therefore, the stock market should rise. to me, that is brilliant. is holding dollar pretty strong. do you expect asian currencies to stay in a tight range this week? could that change? khiem do: i think any tight range. -- i don't think the u.s. dollar has made strong movements against any other currencies. currencieselding will continue to be able to do well, and that is what we are seeing. yvonne: stick with us here. khiem do joining us. coming up, why economists are
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warning that policy decisions are losing their impact. this is bloomberg. ♪
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yvonne: welcome back, you are watching "asia edge." economists warn cuts to australia's gas rate are losing their impact. paul allen joins us live from sydney. the reserve bank admitted that there is lots of a fact. why do they still cut rates? well, they are an inflation targeting bank. inflation is week, so they cut rates. that point ine on a moment. we had a real-world example of rate cuts losing their effectiveness last week. the cash rates were cut to a record low of one .5%. the banks increased the rates on -- to protect margin -- margins and capital.
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the reserve bank is well aware of it and has said previously, they may now consider alternative, less conventional methods. less conventional. what did the economists say? no nice to -- words to say about the recent developments. no, one man says he is zero there measurable impact coming from the latest cuts. another economist pointed out what i mentioned a moment ago, about weak inflation. the reserve bank of australia cuts the rates. will they make it three in a row next quarter? is acurities think there risk. the rba starting to telegraph its thinking. yvonne: getting a little too predictable. what about in terms of the government? is there any sign that they may kind of take up the gauntlet and start reforms?
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they would desperately like to, but they are stuck with a divided senate. scott morrison was talking on the weekend about the risks to australia's triple-a credit rating, saying it is difficult to retain it under the existing circumstances. he said what would make the job of retaining it easier, is if they could get these budget savings measures through. seems unlikely, though. the election delivered a morse -- a more fractious center than before july. has onob the government its hands to persuade the senate that cutting the budget is in its best interests. yvonne: thank you so much. we will take a look at how asiats are trading in pacific on monday morning. a pretty good day for stocks, green across the board. smc 500 hit -- s&p 500 hit records on friday. up, in terms of dollar
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terms, sluggish in july but the weaker yen helped in term of the r&d figures. up 1.3% inng gains hong kong. we are looking forward to tokyo business in the afternoon. ♪
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♪ yvonne: asian stocks headed towards a when you're high as u.s. jobs data raised expectations of a hike later this year. the dollar gains, the yen weakens. barrel amid a a pickup and drilling. last exports logger's month and dollar terms, as i weakerightly yen give support to the world's biggest trading nation. shipments fell 4.4% in u.s. dollar terms, but rose 2.9% in yen terms for july, leaving a
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trade deficit of $52 billion. dbs shares higher despite a 6% drop in quarterly profit. troubled energy holdingsfirm swiber overshadowed gains. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. let's get the latest on the markets. japan coming back from a lunch break, a very strong morning session in tokyo. haidi: that's right. strong session indeed. this rally has been underpinned ,y their weaker yen unexpectedly good print on nonfarm payrolls, giving exporters some rest bite.
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-- respite. tokyo, and gains across market seeing if they can build on that rally in the afternoon session. elsewhere, australia seeing gains of eight tenths of 1%, slightly weaker aussie dollar after chinese trade data, a mixed bag. we have further signs of a stabilization, but when it comes to imports, concerning and what it says about the domestic consumption story and the rebalancing china has been trying to rebuild its and narrative around. having said that, we are seeing gains when it comes to mainland markets. of 1%,i up like 3/10 strong gains when it comes to hong kong, only one stock here lagging. the rest are in the green. gains of 1.25%.
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a quick look at where we are sitting in terms of the currency situation. the new zealand dollar the biggest loser today along with on south korean won expectations that we will see a on from the rb inz thursday. yvonne: jack ma looking to ramp up his payment service, but locals need not apply. the offers will be restricted to chinese tourists and ex-pats only. robert is joining us in the studio. they are not targeting european customers, so what is behind the strategy for jack ma? >> it is actually quite complicated for a european ipayomer to get an al account. that is the hurdle they can't get over right now. the reason they are targeting merchants is they can do that now.
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you want to have as many potential places to shop, you services, and you want that first because the consumers will come later. that is about building scale in terms of who its customers currently have can use. yvonne: how important is europe when it comes to alibaba and alipay? it is a greenfield market. they have made inroads into the united states. you can use alipay if you want to stay at airbnb, hire and uber, shop at macy's. it is complete greenfield opportunity there, hundreds of millions of potential consumers in the future, so that's why any incursion into europe is a growth opportunity for them. yvonne: 120 million chinese tourist travel last year, and
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when it came to europe come right? quite a bit of potential there. arend china's consumers preferring the services they are used to. , usinge used to alipay the accounts, so if you can buy yourself a new handbag in paris on alipay, for you that is a win-win. yvonne: why not? talking about alipay in europe. the president of the philippines, rodrigo duterte, has stepped up his campaign accusingrugs, inc current officials of being involved in the trade. what is the president saying? says put it bluntly, he the drug problem in the
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philippines has reached crisis proportions and now has become a pandemic. as of this morning, more than 20 defendants on the list that he enumerated over the weekend. they either turn themselves in or spoke to the media. that is after he called them out on national tv over the weekend, no less than 150 nine judges, lawmakers, mayors, military personnel, and various police officers, some former, some current, all of whom given ultimatums, surrender in 24 hours or be hunted down by the armed forces. rodrigo duterte's also ordered the gun licenses be canceled and security escorts withdrawn. some have turned themselves in. mostly has everyone has come out to deny the allegations and if you have said they are worried about tightened vigilante attacks now, they are a victim of dirty politics in this case. politics, i mean
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he is using his presidential immunity, so is he making enemies? >> that is a fair question. the president is no stranger to allege it assassination plots. every single time he is asked about that, he has deflected it, saying he is not worried. the problem with this particular list issued over the weekend is it is the very definition of trial by publicity. take for instance the way he talked about the firearm licenses being canceled. he addressed all the people on thelist, saying go out to naked world and show them exactly how crooked you are. the other issue with this full list is that it seems to be working off a rock dataset. some names we know by now are incomplete, meaning without their first names, which may put those with a summer name at great risk. one judge on the list has been confirmed dead for eight years, while a police officer passed
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more than three years ago. again, that just confirm this morning. the president himself has said he may or may not have gotten all the names right, even though they were evaluated. friendsy not making any by publicly citing them like this. yvonne: yeah, for sure. when it comes to the president, of popularg a lot support for his band, especially when it comes to fighting crime, so went to the critics have to say about it? to saycritics all have one thing, that the so-called war on drugs has gone too far and has mostly targeted the poor, who have no means of being protected. have the president saying we should allow due process for each case and make sure the rule of law takes its course. every person accuse, must have the means to defend themselves. we already no buy now for
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instance that photo of the woman cradling the body of her fallen artner who was allegedly pusher and made it to the front page of the new york times last week. the president making no friends when he call that photo melodramatic. the other issue that has come to light is the overcrowded prison conditions, but also because of the sheer volume of people they are looking to throw into the slammer hazard research is once again. that photo captured by the afp sh image of the prison, straight out of dante's inferno is how it has been described. no reform bills have been filed, no real concrete efforts towards addressing that situation. the philippine commission on human rights sounding the alarm loud they, saying it is a slippery slope towards martial law if we allow one person to be both a judge, jury, and
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executioner. very interesting developments out of the philippines. thank you so much. checking in on some other stories we are following, japan has issued a formal protest as chinese ships entered waters around islands claimed by both countries. two vessels sailed close the chain in mandarin. earlier, officials claim 230 chinese fishing boats and six coast guard vessels were in the area. tokyo says it will step up its own maritime presence in response and ask beijing not to escalate the situation. million. raising $850 sources say that will bury the company at $30 billion. a spokes then declined to comment, and the filing does not say who is making the investment. in june, airbnb secured debt facilities from three banks.
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critics, savaging from warner bros. suicide squad has broken box office records. more than $135 million to take the top spot. one are brothers is developing a range of movies based on d.c. comics for release over the next four years. well, switching gears to japan, the emperor is to address the nation today after the state rod caster said he will announce his intention to step down. -- state broadcaster said he will announce his intention to step down. we are expecting to hear from emporor akihito today. >> one word we will not hear is the word abdicate. today, it is constitutionally illegal for him to abdicate, even though hundreds of years ago there were
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cases of emperors abdicating. we expect him to hint that he wants to step down sometime in the next few years because he is having trouble keeping up with his official duties owing to his advanced in age. he is now 82, so i think that will resonate in this nation with an aging society. polls show us that most japanese do agree that he should be allowed to step down. yvonne: it is kind of a rare moment, him stepping into the public light with a televised speech. tell us about the historical significance of this event. it is hugely significant. this is only the second time he has ever done a speech of this sort, as opposed to the new year's speech. the first time was after the events in 2000 11, so hugely significant and historical. emporor akihito is revered deeply. this is not a place where people
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disparage the crown or make jokes at the expense of the royal family. it's not because of any legal constraints, it is simply that he is so perfectly symbol passion and piece and his actions, a politically i would add. the significance is that he is underscoring the fact that while his role as a symbol is important, it is just a symbol. he is not a living god. he can pass the mantle on to his son while he is still alive. in this sense it makes it harder for any sort of group in the future that might seek to think that symbol and utilize it for its own agenda, as happened in the run up to world war ii. in that sense, i think what he is doing completes his mission to make the emperor a symbol of peace and compassion and also a very humanistic symbol of those qualities. when you talk about
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peace and compassion, can he impact onn terms of the markets have any. ? >> we are thinking about that. in weeks past when we first got wind this might happen, we -- saw shares of printers rising, because if he does that down, that is the end of the era. year 28, and the next emperor would begin a new era, so printing companies would have lots of business from redoing documents that currently have the existing era. the impact would be little, if anything. possibly a slight celebratory mood. i think the people of japan revere him, and they would like to see him allowed to step down and retired from the scene peacefully. look for to that
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address. thank you so much. joining us live from tokyo. stocks, emerging markets near a one-year high. can the momentum continue? we will talk about that and more, next. this is bloomberg. ♪
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yvonne: a quick check of business flash headlines. a former nomura bond trader has won a lawsuit over unfair dismissal. he said his bosses made him a scapegoat in several failed lose $40at made nomura million. a spokesperson says it is disappointed with the judgment. walmart will close a $3 billion .com ontion of jet monday. walmart once the current head to stay in charge of the division.
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they will tap into proprietary technology and customer data. profitsays quarterly tumbled by a third related to its faulty products. to $20.5e fell million. has yet to compensate automakers, but reiterated its profit forecast for this fiscal year. shares surging close to 10% in tokyo right now. are the head of multi-assets at baring asset management to talk about strategy for the second half. stocks, sellian bonds, but overall in terms of equities, you are neutral. >> yes. neutral from a 12 month viewpoint. ourctually have added to equities. is quite nice, because the market has done very well since then. >> how do you determine high
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yields? mr. do: very good question. david: is it 1.5%? mr. do: 1.5% is high-yield. if we look at the broader coverage, then obviously high-yield corporate bonds, emerging-market local currency , they have been very attractive because the u.s. dollar has been very quiet, trading within a small range. which markets do you like in asia? we have guests who love korea, philippines. mr. do: in the bond market, the indian bond market. there are quite a few choices actually. a lot of places for yield then? mr. do: i think so. as long as the u.s. dollar does not make a big move up, then you
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can still pick up yields from a carry trade viewpoint. that is what investors have been doing this year, chasing the emerging debt. how big is that risk that the fed tightens faster than expected? i think that september, we should be prepared for a september rate hike. especially because the market only gives it a 25% chance, so i think it is too small at the moment. wholet really affect the investment in emerging markets? i don't think so. juliette: you would think they would do that before the election in november. mr. do: as long as the data which they see supports the case. you're saying the jobs
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data on friday supports that? mr. do: i think so. if you look at the three-month moving average, it's going back up. the fed usually looks at the 3-6 month moving average. towardsting back 200,000 per month jobs, and that is great. which economy in the world can produce the kind of number? yvonne: the fed could possibly hike rates, then the election. how do you hedge this donald trump risk to markets? mr. do: i think mr. trump is the biggest risk, not the fed. if mr. trump were to win the election and also control the house of representatives and senate, that to me is extremely worrying for next year. the reason why i am saying that is because that he will try to promote domestic business
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against outsourcing. i think he is trying to bring back the business to america. if he does that, i'm afraid the wages in the u.s. will rise substantially. inflation will become a big problem. the job growth as well as inflation rising, that would be a really bad combination for the fed, and the fed would have to raise rates very substantially in 2017 if that were to happen, and to me that is the biggest risk. juliette: can we touch on the other risks you are worried about, we saw weakness in the yuan versus the u.s. dollar in july. how did you read that trade data? mr. do: the exports look ok, but the import site is weak. to me, that suggests that if anything, if the pboc is not concerned about the renminbi, it should cut rates further like many other economies have done,
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but at the moment, it is more focused on the renminbi. i think the renminbi is still a little weak, weak against other asian currencies as far as this year is concerned. if the pboc is focused on the renminbi, then they are not likely to do anything on the monetary policy front, and that to me is a bigger worry. yvonne: we will leave it there. coming up, going for gold. the record number of chinese athletes in brazil, beijing's growing influence on the olympics. this is bloomberg. ♪
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the buildup to the rio olympics was scarred by concerns about seeker, the city's lack of preparedness, and a wave of doping charges. china has long used sports to
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highlight its soft power and could be the savior of the games if it so chooses. great to see you. fascinating: you have written. talk about the role china can play in possibly stopping this erosion of the olympic brand. sure. the important thing to realize when it comes to china and the anmpics as they play important role and how the government promotes itself to its people. the olympics are a way for it to compare itself to the rest of the world. china has used its medal count as a parallel to its rising national political standing. it be aportant that clean sport, level playing field. if they are cheating and the way the russians are, that message undermines. the one way they can fix this is by adopting biological passports.
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instead of testing athletes for drugs in their system, what it does is traces certain biological factors within an athlete's bloodstream overtime to see if they have been altered in some way by drugs. usedhas been tried before, in cycling, track and field offense, and china has actually been quite open to the idea. china's advantage is because it has a state owned, state run athletic system, 95% of its medal winners are run by the state. it is one of the world's biggest olympic sporting nations. it would be setting a global standard that could do a lot to help clean up sport in the olympics. yvonne: very interesting theory. talk about that. whatoes that translate to the president is doing domestically and china when it comes to rooting out corruption in the country. could that play through in the same way? >> absolutely. one of the most high profile campaigns that the president has
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pursued is cleaning up the nation's shocker -- soccer program, the football program. that goes back to the late to thousands. hasa's football program been incredibly corrupt, huge problems, and again, another proxy for national greatness, so the president has directed this cracked out, cleaned it up, and you're starting to see dividends from that. the olympic situation could be a parallel to that, absolutely. yvonne: really great stuff. thank you so much. bloomberg markets middle east is coming up at the top of the hour. when you have for us today? >> we have a lot to get through. we will discuss the longer-term implications and consequences of the accident at dubai international, what will happen in terms of the airport ambition? we will talk about that with
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paul griffith. also, market perspective from commerzbank. yvonne: that is it from this edition of "asia edge"
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>> markets show a positive start to a new trading week lifted by strong u.s. job numbers. bets are rising that the fed will hike rates this year. >> the slowdown continues in china where exports remained sluggish. raising yuan is concerns about tepid global demand. oil consolidates its gains with the u.s. drilling at the fastest pace in a year.

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