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tv   Asia Edge  Bloomberg  September 4, 2016 11:00pm-12:01am EDT

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trade with a vessel stranded around the world. also, the final countdown, hong kong tallies the last ballots in iquitos for relations with beijing. i am keeping my eye on the markets. the list august i can remember, september has so far delivered. you are looking at the best day in weeks for asia-pacific. where extending what we saw on wall street and europe. is not disappointing. we are looking at the best day for gains, south korea, singapore, in about a month. japan on a lunch break. i will flesh out some of these lines from the central bank governor there. gold mining stocks leading the way frustrated, the best day in seven weeks. hang seng up to the highest level since august 15 last year.
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while it's looking pretty here, look at the bond markets, not exactly the best day. we have seen a selloff, especially the japanese bond space. the 30 year yields, we are back above .5%. it's hard to imagine seven weeks back that we were closer to zero, so we will follow that. angie: thanks. japanaders of china and due to hold rare face-to-face talks on the sidelines of the g-20 in hangzhou, the first in more than a year. it comes at a time of increased tension over the east china sea. ,et's cross over to hangzhou sherry and in the thick of things. you can we expect from these talks? we are watching this bilateral summit between china closely.o abe
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it comes at a time of high tensions over territorial disputes in the east china sea. it will tells us that be a formal sitdown in the evening instead of just a as theke, such infamously awkward one in 2014's apec summit. this morning already, president xi jinping set down with the president of south korea. also frostyons are after they deployed a u.s. missile shield over korea. a lot happening today. several close meetings. gis is the final day of the 20 summit, so we are expecting a wrapup statement by the host chinese president xi jinping and a draft of the communiqué we obtained at bloomberg showing that leaders will mention a financial market volatility as an important part of fiscal strategies, disorderly moves in markets, as well as a
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global steel glut. at of the key issues here the g-20 summit that could bring a flareup during the talks. behind thet of scenes between global leaders. collectively, they are talking about warnings of a populist backlash against trade threatening the global recovery. what are they saying? all policy makers, they are warning about rising protectionism around the world and what that means for the global economy. i spoke to the heads of the pto and the oecd here in hangzhou, and they warned about the consequences of protectionism. take a listen. longer ais no locomotive of growth. lacking likeally
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investment, so no surprise why the world economy is only growing at 3%, even below the rate of growth pre-crisis. is aade in general positive for the country. deal with of those forces of unemployment with anti-trade measures. you would be shooting yourself in the foot. four leaders, the challenge will be to pay attention to these populist and protectionist sentiments rising in their countries. at the same time, they need to do everything possible to spur economic growth. angie: thank you for that live the g-20.u at other headlines, counting is underway and hong kong's first election since the pro-democracy street protests two years ago. topped 58%, beating the
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previous record set in 2004. the election is expected to test new anti-china activists demanding ever sharper break from china as well as establishment politicians calling for the resignation of beijing's backed president. stepping down as the head of india's central bank on friday, raghuram rajan left with a parting wish, that the r.b.i. remain a strong and independent central bank. he oversaw the biggest overhaul and the bank's history, switching to inflation targeting and pressuring vendors three deal bad loans. the initial challenge for his successor, urjit patel, will be to tackle accelerating inflation. singapore energy services
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company says its court appointed manager has said there is a reasonable prospect of saving it from its debt burden. ber says vendors, suppliers, and creditors are working to help the current projects to completion. it initially applied for liquidation from creditors. plunge,hipping shares returning since it applied for receivership. thedemise has disrupted consumer supply chain ahead of the busy holiday shopping season. let's cross over to singapore now. talk us through the outcome of this court receivership filing here. of what we see from
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the container rates, spot rates have gone up 28% since last week. general rateeeing increases. previously ise seen carriers announcing rate increases, then it comes down the next week. if you look at world container indices, asia europe, asia u.s., that has picked up, not asia mediterranean. good news for carriers. they can go back to some of their contractor rates with some of their customers, charge a little bit of a premium, and that is something that can happen with this debacle. angie: the consternation has already begun among retailers expecting stock ahead of the christmas season. already has been quite serious on the supply chain. >> yes, of course.
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hanjin ships are likely to be off schedule. that is a given fact. the ports and other ancillary services are likely to ask for bank guarantees to offload their goods. that will delay cargo shipments for shippers. 'smember, it's not just hanjin phone cargo. it is carry cargo of its alliance partners. for will now be scrambling places on their ships, and that's going to put some pressure on margins. angie: all right. live for us. thank you so much with the latest on hanjin. china is reiterating that it sees no justification for continuous yuan depreciation following talks between xi jinping and president obama.
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with where the one is heading right now -- the yuan is heading right now. >> there is a weakening bias towards the yuan. there were times when they set the fixing rate at three tens of 1% stronger, sometimes weaker. they were trying to keep it pretty much stable, and they did. against the u.s. dollar, it appreciated just .6% over the course of the month when there were indications of more selling pressures in the currency as money is trying to leave china. let's bring up this chart. we can clearly illustrate this. time theyany strengthened its fixing rate by more than .3%, the currency erase those gains on larger than average volumes. if you had a big fixing rate to
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the upside, the selling pressure came in and the traders sold the currency. intraday, it evaporated and volume spike. that's which are seeing, the spike in by them. conversely, when the fixing rate was set lower, the flames trapped off considerably. the pattern suggests and up selling pressure on the yuan and perhaps the pboc is trying to keep it stable ahead of the g-20, through the g-20. when we look at the intraday volume spike is a good way to gauge trader interest right now considering that the intervention in the fixing rate could have distortions. angie: the thing is that the fed's actions and the inclusion will thisket, how affect the depreciation trend? the sdr inclusion, you would think the chinese would want to keep the yuan
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stable against the dollar, and that's the reiteration we got today from both sides. has no basise yuan for continual depreciation. again, the selling pressures are still in there, especially as the fed considers tightening by december or earlier. that will have more selling pressure as well on the yuan. and if there is worth data in the fourth quarter going forward towards the end of the year on the chinese economy, that could spark some selling pressure. the median forecast calling for a 1% decline, i modest 1% decline for the yuan against the dollar through the end of the year. that is a manage slowdown. angie: of course we look at the speed and trend line. thank you so much for that. the bank of japan governor speaking in tokyo. david is following what is happening there. he is taking questions at
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the moment. let me recap some of these lines. he talked for about 30 minutes. about dids talking attract more than the usual attention given the fact that a lot of people are wondering what sort of buttons they will push when they decide on rates and policy in three weeks. things, first, the boj will not consider reducing the level of stimulus currently in place. a rethink of how they can hit the 2% inflation target. second point i want to make is that he basically repeated his opinion that there is no limit to monetary policy, although there are things you can't do legally, like monetizing debt, underwriting government bonds. things off the table. they will not do that. that being said, within what is they still have
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ample room for easing across the three dimensions of quantity, quality, and the interest rates themselves. let me talk about ample room to cut rates further. this is what he was signaling. any additional easing will have a cost to the economy. as long as the benefits, he says, outweighs these costs that some parts of the economy, for example the banking sector, may feel, they will not hesitate to pull the trigger and add more stimulus. we are seeing dollar-yen lower right now. nikkei futures a little lower, so we could see some of that shine come off this rally we are seeing when it reopens. appreciate you keeping and i on the markets for us. coming up later this hour, record turnout. voters in hong kong cast ballots in the cities first election since protests two years ago. we will take a look at what is
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expected to just ahead, held back by data, our next guest says the latest set of u.s. job figures will not persuade the fed to pull the trigger. that is next. this is bloomberg. ♪
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angie: a quick check of the latest business flash headlines. saudi arabia will consider the tokyo stock exchange as its destination for saudi aramco. sources told bloomberg last week that japan may the offer while the deputy crown prince was visiting tokyo. opening a new suv factory in southwest china this week, the plant will have the capacity to produce 300,000 vehicles a year. underl also make vehicles a local brand as part of its
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venture. psa sales trot this year. space communications lost a third of its value after its satellite was destroyed last week. shares fell to their lowest in 10 years. the incident has raised questions about the planned sale to a chinese investor. it told the tel aviv stock exchange that it will be compensated $300 million for its loss. anyone hoping that friday's u.s. job numbers would offer clear indications of what the fed will do in its september meeting was less disappointed -- left disappointed. welcome. one thing we are clear on is what they are not going to do. will be on hold in september because the nonfarm payrolls has been ok, a solid
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print, but not a strong print, so no indication of an overheating labor market at this stage. the day before, we got a , itppointment on the ism october last and year and stay there. that is creating a lot of uncertainty. is also the u.s. growth expectations side, so we think they will be on hold. haso think the i dropped below 50 for one month. we are in the december cap, not the september camp. angie: the markets have been behaving interestingly. giving credit to a recovering u.s. economy on one hand and rewarding the markets and making those cyclical bats. hand, making this
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bad news is good news call after friday's jobs report and coming out and also feeling placated about not seeing a fed rate hike. which is right? little bit like a goldilocks environment. the economy is holding up more or less, but in general, the u.s. consumer is very strong at this stage, and that is an important figure we will be watching closely. at the same time, no real inflation pressure, so the fed can hold back. angie: has this changed any of your investment calls? >> after brexit, we have insurance that the fed will stay defensive, muted, and be on the cautious side. we went into brexit overweight. we saw it is a good time to increase the risks.
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it paid off when many competitors decrease. we remain overweight equities. are overweight u.s. equities. angie: you are underweight asian bonds in u.s. currency. >> we had to finance the overweight somewhere, and bonds have had an incredible rally. we think a lot of value has been driven and the search for yield has gone too far. in the last few months, we have seen a low-quality rally, so the junk bonds of the high-yield space have rallied significantly. the higher-quality has narrowed quite a lot. angie: that's why i ask you about whether you are looking at local denominated asian bonds. a lot of people are flowing into that space now looking for yield. >> on the currency's side, going
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forward, maybe the asian currency looks more attractive and we have seen a rally year today. we think the fed will hike in december, giving a little boost to the currency side, and that's crating a lot of volatility on the currency side overall. we don't want to add to our portfolio at this stage. going forward, once the interest rate hike is over, i think it is a very interesting asset class on the currency side. angie: we don't want to add volatility, but it does make things more interesting. thank you so much. stick with us. we want your input on g-20 in 20 minutes. just ahead, samsung move swiftly on a product recall, but is the damage already done? we will take a look, next. this is bloomberg. ♪
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angie: welcome back.
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you are watching "asia edge". i am angie lau. the global recall of galaxy note 7 smartphones costs the company $1 billion. the damage to the brand could be greater than that. the damage is extraordinary here. not only from a cost point of view, but it reputational one. >> exactly. not a lot compared to full-year profits, but we have to realize that investors have a lot of faith in the company's brand name given the successful launch of the phones. recall that back in 2014, when samsung lost market share to apple when they started to have large display phones, that could
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be below seven times forward earnings. trading at 10is times, so we have to say that perhaps the damage is not yet over. angie: it will impact its valuation multiple. what about this you set market share, especially has the iphone seven gets ready to be launched. >> correct. that applecting would benefit from this recall, obviously. don't forget other chinese handset makers as well. they are hoping to into the super high-end market, $850 per handset. that to them is attractive. take advantage and use this opportunity to be more aggressive here. angie: did samsung handle this correctly? >> i think compared to what apple did when they launched iphone 5.
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they are quite swift in response. i think people are giving them credit for it, but product recall is product recall. it is the big thing that you don't want it as well. angie: you use it and put it next to your face or you handle it in your hands, you don't want that exploding. >> right, the most shocking angle is the battery supplier is their subsidiary. therumor it is sdi, supplier, so that could be more serious. angie: thank you so much for that. we are looking for to the afternoon in tokyo, where we are seeing across the region asian stocks rally after the payrolls data in japan.
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the yenatching fluctuate between strengthening and weakening. we will get the latest for you on japan's reopening after the short break. this is bloomberg. ♪
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this hour,stories hong kong set to get a vocal faction in its lawmaking body, candidate seeking to challenge beijing's authority appears set to win seats for the first time amid record turnaround -- turnout. counting is still underway since protest two years ago. beating the record in 2004. the global recall of samsung's be smart phone will not cheap. estimates compiled by bloomberg 2.5the decision to replace million devices shipped so far
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made top $1 billion. some of the phones have batteries that can catch fire and explode. the timing could not be worse. a new iphone seven by apple is due to be launched this week you'd samsung says the estimated ost was "heartbreaking." singapore energy services company says its court-appointed a managers have indicated they agree to say that from its debt burden. swiber says they are willing to work to help them complete current projects. it sought judicial management after applying for liquidation. global news 24 hours a day powered by over 2600 journalists and analysts in more than 120 countries. this is bloomberg. let's get the latest from the markets, an update on the first trading day of the week. david: risk on this monday. equities are having the best day
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and over four weeks. up, soures getting bid we might see this extend back into wall street later on. asia is looking like this. you look at financials, mining stocks on the way up. when you get those two sectors leading gains, it does give you a firm indication that it is very much risk on. weak spots across southeast asia, thailand specifically. have a look at how things break down, one point 5% consumer stocks leading the decline there. the hang seng index, another market i want to single out, the most overbought going back to the rally in the spring of 2015. dollar-yen also in focus. there isovernor saying no limit to monetary policy.
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very quickly, currency markets, the yen, a broad weak dollar story. the dollar on the back foot against every single currency, except angie: the amount. -- except of vietnam. hite: aged care stocks the in australia after an announcement that some fees would not be supported. three companies among the worst performers on the asx because of this. what is the back story? >> it is a reminder from the health department on what can and can't be charged as fees. thats become aware facilities are charging are planning to charge fees for capital refurbishment or asset replacement. they said this is not allowed under the rules.
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any fee charge has to benefit or be part of normal operations. take a look at these three stocks. regis off 16% or be part of norl operations. . fees are a key driver of earnings for these three companies. we are seeing a bit of repricing by the market. things getcould worse here as a result of clarifications from the government? there is no regulatory change at all. it is just clarification about the existing law. we are seeing the repricing happening right now. there could be penalties if the rules have not been a by the two. we also have a number -- have been abided to. so you can look at a situation like this and say this is exactly the sort of thing that a class action could be launched at. we will have to watch this
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space, angie. angie: thank you for doing just that. let's check some other headlines. nearing a debt is level that may trigger a downgrade. moody's said it was $115 billion at the end of march, five times adjusted earnings, and any foreseen rise above 5.5 could mean a downward revision of its rating. softbank $32 billion purchase of arm holding set to add to its debt low. japan calls on the u.k. to lay out its plan for us departure from the eu. according to a statement on the foreign ministry website, they may consider relocating if the single passporting system is lost and warm that pharmaceutical companies in particular could shift to the eu once the uk's parch or -- departure has been finalized. angela merkel christian democrats were knocked into third place, beating by afd.
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is seen as a backlash against her open border refugee policy. won the elections, but the afd came second. she faces a national vote next year. the result highlights growing unhappiness amongst the public with her policies. study rate have agreed to work together to ensure oil market stability. the world's two biggest crude producer stop short of outlining details. in a rare interview, vladimir putin told bloomberg that everyone should be on the same page. the dispute was that if production was to be frozen, then everyone shouldn't do it, including iran, but we understand that iran is starting from a low level related to well-known sanctions against the country. it would be unfair to leave it at this level.
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i think that from the viewpoint of economic sense and logic, it would be correct to find some sort of compromise. angie: our energy markets editor aaron joins now -- us now. how our markets reacting? >> like you said, saudi arabia step the crown prince and the russian president met in china over the weekend during the g 20 summit. said both met, they countries would work together to stabilize the market, that they would cooperate to stabilize the oil market. what they did not say is how they would do that. it has disappointed the market. a lot of people had hoped they would talk about freezing production, but they did not say anything about that. the language was vague, and the market seems disappointed. wti and brent are down today.
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even though oil entered a bull market a few weeks ago, it still trading around $45 a barrel. what are some of the drivers to this price fluctuation here? have been a lot of fluctuations lazily. there are a couple of things that investors and traders are looking forward to. the next thing on the horizon is the next opec meeting later this month in algeria. there has been a lot of talk about a potential proposal to freeze production, but remember there was also a proposal earlier this year when producers met and they could not agree to freeze output mostly because iran is returning to the market after sanctions were lifted in january and they are trying to boost production back to pre-sanction levels, and they will still be the wildcard at this upcoming meeting. we will have to see if they aree to production freezes or
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proposal to freeze. the other factor weighing on the market is that there is still a global surplus. inventories in the u.s. are very high, and globally very high, so that is bearish for the market. refiners will have to work through inventories to get oil demand and supply into more of a balance, so that is the other factor that is bearish for prices and keeping them down. angie: live for us in tokyo, thanks. president obama is preparing to bid farewell to as you for the last time -- to asia for the last time. he travels to laos and the asean summit for talks clouded by a trade deal hanging in the balance. let's get to haslinda amin. the mood is different this time around. haslinda: it is. trip last year, we saw the signing of a strategic partnership, a reason to pop champagne, so to speak.
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there is around, trepidation. the future of the tpp hangs in the balance, key to obama's asia. a trade deal, 12 nations, 40% of world trade. there has been growing anti-trade sentiment in the u.s., and the only way obama can get tpp ratified is during the lame-duck congress session, so expect obama to make asean assurances to -- make assurances to asean leaders that tpp will be pushed through. that, there are other issues like the south china sea. china has said it will ignore the ruling made by the hague. all these issues will be on his agenda while in laos for the asean meeting. obama, the first u.s. president to visit laos. it is pretty a story. angie: it is a beautiful country
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and parts. this is obama's last asean talks, but the first for the philippine president. what is expected for him. he is making his international debut at this asean meeting in last. it is the first time we get to see him engaging with global leaders. he is set to meet obama. he said obama must listen to him and his defense before raising concerns about human rights. he took office, more than 800 people have been killed in police operations, all part of what he calls a war against drugs. globally been a poor over that, especially human rights groups. will his diplomatic and expense come through? will we see his trademark blood comments? we will know soon enough. he is set to meet obama to discuss a variety of issues,
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human rights, south china sea. he has made it clear where he stands on those issues. angie: we appreciate that. thank you so much. coming up, talking trade, more analysis as economic leaders warned that rising protectionism is curbing growth. this is bloomberg. ♪
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angie: i quick check of the latest business flash headlines. stevens hostslenn his final policy meeting on tuesday. economists are forecasting no change to the benchmark interest rate. the bank is expected to hold no hold 1.5int -- to percent. traders are pricing in a 50% chance of further easing before the end of the year as they wait to see if the fed hikes this month. chinese banks making up for lost time as they seek to raise capital to tackle rising bad
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loans. lenders and the company set up to acquire delinquent assets have been bolstering finances. china's civic announced plans to raise $6 billion. in theaters, sony's low-budget horror movie don't read scared up the competition for a second taking an estimated 15.7 million dollars thanks to a better-than-expected labor day weekend. rounding off a disappointing summer for the big studios, disney's drama was the only major new entry with $5 million in ticket sales. 20th century fox's sci-fi's morgan failed to make the top 10. welcome back. me is the head of asset allocation at ubs.
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of thelike a movie summer, don't breathe. wait for the fed. everyone is a g-20. the attack against globalism and globalization seems to be top of the agenda. that would be a bad outcome for the global economy. you see how people are voting. the afdseen in germany, is the second strongest party. >> she lost in her home state. >> exactly. that is one of the concerns. there will be a french election, probably similar outcomes. there are some nationalistic tones going on in the u.s. political stock markets
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usually have short legs, particularly the u.s.. i think there is a lot of things that we have to watch in the u.s. coming back to the g-20, there is a lot of talk, but very little action coming out of it. >> that is typical of chinese events. it is an event to showcase themselves. >> they had a very nice show yesterday evening. you deftly have to watch what is going on. a major they are looking for new opportunities opening up trade with the u.s. and among themselves. that is something we have to watch and monitor going forward. that is one of the key risks in the medium-term. it is not a short-term risk. spoilt think that will the equity value we are seeing
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come up to medium to long-term, that is stephanie a concern. elections,of the clinton and trump not are in favor of tpp. it will not help going forward in terms of global trade growth. >> absolutely. protectionism would deftly be back on the agenda in both cases. let's see how it is playing out. going into the election, you hear a lot of words, then we will see what the actions are afterwards. at this stage, we are not worried, but tpp the way it is structured so far will be challenging to put through the congress. >> what about the yuan? it is a month before it officially enters that basket. >> it is a positive sign for the yuan. we see weakness towards the end of the year related to the expected u.s. rate hike in
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december, so it little u.s. dollar strength. the key take away from this year, a market did not understand what the pboc tried to do, how the pboc is managing the yuan. now we are in a different environment, the currency has come down in terms of volatility. has not attacked the pboc on these terms. from this perspective, it is one of the most solid currencies. we have a few trades open on the yuan versus other currencies in asia, because we think it is a safe haven currency at this stage. >> really? >> we were looking at how they are definitely every few days sending the fixing rate up, then the traders come in and the volumes spike and they bring it back down and erase those gains. more is data to point to
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selling pressure on the yuan than buying. bit ofe is maybe a selling pressure, but at this stage, other currencies are vulnerable to a fed hike. since the pboc is so strong in the market, monitoring and managing the currency, we don't want to fight the pboc. reserves they have are tremendous. from this perspective, we think the pboc will keep the yuan under control, in particular with the basket inclusion. investors arey, attracted to the onshore market. >> it's not like what other central banks around the globe new. on the heels of that, what about capital controls? that this is not a fluid international currency in its truest sense and you are
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still thinking it is actually a safe bet? >> it has helped to stabilize the market. the next step will be opening up. we see it on the equity market side. the shenzhen hong kong connect will help it to open up. the local chinese bond market will be added to some global indices, meaning more inflows into bond markets and to the currency side. there should be some support. >> would you still get into the market if you knew you could not get out? that is the whole point. >> at least on the shenzhen hong kong stock connect they capped the daily liquidity, the volatility may increase from this perspective, but you can trade in and trade out, so that should not be a key concern at this stage. >> they are smuggling more gold and silver out in bars than drugs.
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now there is a massive surge. >> you just where your gold jewelry. >> you walk like this, right? >> we think the yuan will appreciate from this point on. little depreciation. some of the other currencies have rallied year today. short-term are some setbacks we could expect. angie: thank you for that. thank you, everybody. coming up, more analysis on the hong kong elections. this is bloomberg. ♪
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angie: welcome back. i am angie lau. you are watching "asia edge".
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vote counting has gone through the night. 70-seat electing the legislative council. this is the first election since occupy protests two years ago that saw students clashing with police. we have the latest on this. 58% turnout. that is really good for hong kong. >> yes, it is. it is a reflection of what happened after occupy and use soul and politicization -- and use all politicization of young people in hong kong. national education, very controversial, also stoked turnout. this beat it. why were the polling station so crowded? even at the last election, no one lined up. , one off the reasons the geographic constituencies, a
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school thatg high is normally open for elections was closed down, so they had a lot of little places open. also, a lot of people waited until the evening to vote. i think they were trying to do directed voting to see how particular candidates would do because you have a proportional representation system. one man arrived at his polling booth at 9:00 and got his vote in at a quarter past 12. angie: they didn't close some polls until 2:30 a.m. look at it, there aren't that any big surprises coming out of it. heldpposition parties have onto their one third locking position, which means that government will be able to force their changes to the basic law, which means changes to how the elections might take place, so that won't happen, but the big
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take away here is what is going parties, opposition the traditional pan democrats, the older guard is being voted out and they are being replaced by the younger, so-called local us, and that is the big message we have got here. angie: does one third locking position that the pan democrats, what is this about? that thes a position pan democrats have in the legislative council. it looks as if the opposition count theou have to new local lists, but these generally pro-democracy parties to haveable to continue that. that is important because that is a blocking position that can blog changes the government might make to the basic law. reformy of electoral
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can't be pushed through without their approval. angie: we saw that last time when it came to universal suffrage. thank you so much for that. big important elections in hong kong. some breaking news for you right now. ,s g-20 goes on in hangzhou north korea agitating firing three ballistic missiles over eastern seas. are no doubt forcing their way into the agenda at the g-20, unsure as to whether or not the g-20 leaders will discuss this, but no doubt they will likely. bloomberg markets middle east coming up at the top of the hour. you and i will be joining each other and a couple of minutes. what are the highlights? absolutely. we will continue the conversation around the g-20. a lot of discussions between
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saudi and russian officials about the oil market. we will dig deeper into that and look at saudi arabia opening its doors to foreign investors. and, we are joined
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♪ yousef: only sliding again as producers/prices but they declined to offer concrete proposals. leaders are warned that section is and his threatening growth in the global economy. a $20pushing ahead with billion project in a shock move


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