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tv   Bloomberg Markets Middle East  Bloomberg  September 20, 2016 12:00am-1:00am EDT

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yousef: egypt said it is making progress through securing the finance it needs to seal the imf's biggest loan in the region. >> markets await crucial policy positions from the bank of japan and the fed. yousef: reaction after militants kill 18 soldiers in kashmir. in tokyo, the biggest finance
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topic and cuts its market value to $300 million. yousef: it is 8.m. across the emirates. i'm in dubai. angie: i'm in hong kong where it is just past noon. welcome to bloomberg markets middle east. it is about the boj and the fed as we take a look across the asia-pacific region. we are seeing it hold a little bit at a week high. its little changed ahead of what could be big decisions from the boj and the fed. what are you watching?/ yousef: absolutely. at the end of the day, we are waiting the decisions. in light of all of this, we are watching what is happening on the gulf front. the rally is showing some signs of fatigue. pull this up on your bloomberg to get additional perspective. hedge funds cutting their net
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long positions on gold and futures. this is the fastest pace since june which make show there might be a surprise, which could trigger a selloff. the gold has wiped out this quarter's gains, trading at $13 .16 an ounce. this shows even with disappointing u.s. economic data, that is not making much of a dent in gold prices at the moment. what are you watching, angie? angie: doing a quick check on the markets and focusing on mumbai, trading for almost 20 minutes, but joining in this mixed session. no topics because we are seeing among in tokyo rising optimism the boj will expand etf buying in the buyer -- the broader market. a little front running from
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investors, betting if it happens, let's get in now because we could see some upside here. yousef: in this part of the world, there is pressure. the index down 1.4%. let me give you more context because there is pressure in saudi arabia, significantly with utilities and discretionary's. it is affecting sentiments. the oil price is currently not very helpful for feeding into optimism. qatar stocks are getting hammered, the most since january before the effective inclusion of stocks in the emerging market index. that is down 4%. the worst performer among 90 gauges tracked by bloomberg. more profit-taking. let's check in on the first word
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headlines. here's ros. aussie dollar rose following minutes from the september meeting. his left costs unchanged at one point percen -- at 1.5%. the minutes show the new or pay tribute to his predecessor saying he made exceptional judgments. samsung says the battery problem with some of its smartphones is not to blame for phones catching fire in china. it is more likely due to external heat sources. the company launched an investigation after complaints of fire from users in korea in the u.s. samsung says no evidence is terrorist activity. shares drop nearly 15% after bidders are mulling the possibility of bankruptcy.
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it comes as it desperately tries to find a buyer. airbags0 million takata will be replaced following a recall that has been linked to 15 deaths worldwide. nationalize u.s. citizen originally from afghanistan has been detained for explosions in new york and new jersey. he was wounded after a shootout with police. he's expected to face further charges. the fbi says he is considered their main guy but he was not on the radar before the blast. , i'ml news 24 hours a day rosalind. this is bloomberg. angie: thank you. global financial markets could look completely different in less than 48 hours. for investors in japan, it will
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be tricky given it is such a shortened business week. looking over all of that is our reporter in tokyo. we are not expected to be seeing any big bets today or tomorrow. why? david: see the green circle? we are talking about a price fall. we are looking at the overnight because it covers what we will have tomorrow. we don't know where this will go. typically, you get spikes preceding these meetings. we were 50 plus on that level. it was right before the july meeting. we know they disappointed back then. a big spike today and not just because you have these big risk events. it is because you have a shortened trading week. we have a graphic, if you missed it this morning -- it shows you the calendar of this week.
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open today, open tomorrow, shut on thursday when the fed comes out with the decision so there is market -- market -- no cash market. it is easy to understand why this is not something that would encourage big bets. one analyst is basically saying it is difficult to buy or even sell into something when you don't know what is going to happen in the market. that is the situation we find ourselves in over the next 48 hours in tokyo. yousef: talk to me about the yen. how is the market positioned for the currency and where does the yen go for here -- from here? david: i don't know where the yen goes from here. if i knew, i would be in a different office and making much more -- i'm kidding. the market's position will strengthen. you can look at it this way. on the yen as of last week,
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outweighing, outnumbering the bearish calls. have a look at this other chart. whereas the yen gone -- where has the yen gone? it is a solid downtrend we are seeking. the boj has to do something special for us to break from this trend. one more thing i want to mention, you want to see how confused this market? this graphic shows you both the forwards and with the forecasts are. typically you don't get it agreement between these two but they should go in the same direction, or point to the same direction. forwards are indicating we strengthen. forecasts are that we weaken. hold on to your seats. it is going to be a fun next 48 hours. guys? yousef: so you do know over the end is going. thank you for that insight. let's move on to this story in
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egypt. the country says it is making good progress to securing the financing to seal the imf's biggest loan in the region. our expert joins us now in the studio. what is the biggest challenge for egypt at the moment? anyt the moment if you ask analyst, what is the biggest currency.s devaluing the government is aware of that and that is why there is the agreement. that is why the government said they have a three-year economic program, hoping to get $21 billion over those three years. that will partly unlock the shortage of more portly what they want to do. they want to trigger, have that deal trigger sustainable inflows and that is the biggest challenge. that is convincing investors that egypt is back on track so they can put their money in. otherwise, this will be one package after another. that is what they don't want to do. yousef: the central bank's
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meeting on thursday. inflation is at the highest level in several years. do we expect them to move on? alaa: some people are divided. some people expect a significant increase on interest rates on thursday. it is expected to go even higher. some people say the central bank could perhaps hold its fire and maybe increase rates when it sees the further impacts coming from the bat. right now, it could go both ways. yousef: thank you for that update. let's continue the conversation with the egypt vice minister. thank you for coming. tough and still exciting times for egypt, perhaps a window of opportunity. let's pick up on the imf conversation.
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where are you with securing the bilateral financing component as part of this big $12 billion deal? >> let me tell you that before answering that question, the imf for us is basically a buy-in in our home-grown problem. that is the key message. we have a program that is very reliable, very consistent. imf whichwith all the is an important partner for egypt. we are happy we have this partnership now. as far as your question, what can i tell you now that there is progress in the area and things are moving in the right direction. yousef: it appears you are talking to china. can you give us a better indication of is it $2 billion, $4 billion? ahmed: i cannot now give you details because there are still
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talks of the moment. the central bank is leading this. what was mentioned yesterday by our minister of international thattion is another factor egypt is negotiating with factor. more infrastructure spending and financing. in general, china is a very strong partner for egypt. that is the whole package, the whole plan. we want to have more partners joining egypt and having good opportunities. yousef: we will continue this conversation shortly. let's go over to angie for a second. angie: thank you. tensions valera between india and pakistan over deaths in kashmir. will modi attack suspects across the border? as the boj begins its policy meeting, we will see what is in store.
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this is bloomberg. ♪
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angie: ahead of the boj, let's get the latest markets right now. haidi: it has been a funny session because it really is the first day for a few days now that we had everyone back on board. yesterday, it was the session with australia with the technical glitches that forced it to close. earlier expected to open later. we had japanese markets closed for the public holiday but this is the picture. we had some gains of stocks. the nikkei back into negative territory. the only story is the bank of japan as we await to hear from a decision. are they going to do more, can they even do more and what the market feels about that. by 2/10 of 1%.
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extreme trading but not much sentiment to be had. china market looking like these -- hong kong down by 2/10 of a present and shanghai looking flat. just a quick check on the yen because we have these lines coming through from a member of the boj policy board until earlier this year. she said it is not a good idea for the bank of japan to buy more atf. cut overhooses a rate more bond buying so take from that what you will. the yen has been stronger for the moment. yousef: thank you. still with us is the vice minister of finance for fiscal policies and institutional reform in egypt, ahmed. let's pick up on the imf conversation we had a couple of minutes ago. do you have a timeline on when you hope all of this will be
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completed? think speaking with the imf a few days ago, we expect and hope the board can meet in a few weeks. --will have a specific date we don't have a specific date but it will be in a few weeks. yousef: have you go about containing the potential spillover of the next state of reforms? i just came from cairo and experienced firsthand the soaring prices across the board. how do you balance that? ahmed: we are keeping very close studied webut i have are committed to face our products. that is the key to moving forward. with regard to the higher prices, we have a very inclusive and proactive pillar of our program which will be targeting how to reallocate funds towards that.
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we are much more now able to do that because we have some new programs that are better targeted and can reach better for the needy and the poor. double it.ng to we want to increase the number from half a million families to 1.5 million families by the end of june. this is realistic. 100 million beneficiaries and we have a plan to reach that level. that is the best way to medicate -- mitigate the impact. alaa: you have the bat, the exceptional prices. what is next on the list? what should we expect on the medium-term? what is the next package coming out? term is tovery short
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have maximum stability to meet our challenges and increase the economy. medium-term goal and where we will put a lot of effort forward is to how to create productive jobs. ms. requires a lot of reforms on the investment side -- this requires a lot of reforms on the investment side. those are the only way for egypt to move ahead, to create better jobs for the people and create enough income. audience, group of people. i think our next move will be focusing mainly on how to promote experts and how to really improve the business environment, especially on the investment sector where we attract a lot of investment. alaa: should we expect another move on the subsidies side in
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the current fiscal year? another question, what is your target for economic growth and the budget deficit for this fiscal year? -- thefor the targets target we will present are our own targets. less than 10% in 2016-2017. deficit to the previous at 15%, it will be significant reduction. that is where we want the deficit to remain. to worktic 1 -- we want on our targets. to have a gradual consolidation that seeks a good base between raising confident in our numbers, as well as making sure we are not also injecting the adequate funds needed. our target is around 9.8
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production of gdp. yousef: inflation is stubbornly high and we spoke through that. it raises the bar ring -- borrowing cost. what do you plan to do on that front to contain those expenses? ahmed: we're trying to diversify. we believe this will be one of the increases. i agree with you it has a big impact on borrowing. diversification. that is why we talked about the imf as we have. one billion came in the way last week. we have the first already. yousef: from? ahmed: we are starting negotiations with the world bank on the second branch. it will be by the end of this month. we will receive the joint mission from most institutions.
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we are talking with a lot of ifr and others to support egypt. in the short term, the best way is to really diversify our social financing and i think we have a lot of options. yousef: we will go deeper into that. he's stays with us and we will talk more about what his message is for foreign investors around the world. reclaim its spot as the darling for foreign investors? stay tuned. this is bloomberg. ♪
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angie: welcome back. you are watching bloomberg. i'm angie lau in hong kong. yousef: i'm yousef in dubai. let's continue our conversation on the latest developments from egypt. the vice minister of finance is still with us. devaluation is one of the big
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subjects and you already have the first evaluation earlier in the year. the central bank governor came out and said it was a mistake to defend the pound for his long as the bank has, for five years. do you agree? ahmed: i think we have a lot of stress in the central bank. this is something we are taking care of. we have close coordination with them. it is something they are handling and we are sure that we are on top of it now and that they are taking care of that. yousef: it is their understanding that a devaluation would be part of the agreement or overall framework agreement with the imf. how would one go about that? would it be shock therapy and go immediately into free flows or a gradual process? talk us through your thoughts on a personal level, not necessarily the bank. ahmed: this is something you
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could be talking to the central bank today about. -- from our side of the government, we are supportive of the central bank and ready to support their decisions. one important issue i want to mention, if you allow me, the good news now is we have close coordination with the central bank. is there iss definitely full independence, but there are a lot of things we could coordinate with and tackle it together. i'm happy what i'm seeing now. it is their rule but we are confident. yousef: how confident are you that this will be resolved in the next month or two? this is a problem in the country, for foreign investors. this disparity between the
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non-deliverable forwards on a 12 month basis and the spot rate going to narrow and is it going to be more realistic? ahmed: we are aware about that. there is no denial. the central bank is aware. our full program mentions that. part of the issue was to regain confidence by investors who want to come to egypt. that is very important for the florence and the economy. forre doing what we can do the reforms to reach that level, to regain confidence at a large scale. yousef: we will see how it all plays out. plenty of challenges and opportunities. finance minister of from egypt joining us here. angie: india is under pressure after militants attacking army base in kashmir. what are the options? we will take you like to mumb
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ai. this is bloomberg. ♪
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angie: it is 1:30 a.m. in tokyo and the beginning of what could be a boj decision. there is a lot of anticipation, but perhaps we will see an extension in the broader topix market. we are entering the last 90 minutes of trading there. ♪ angie: the top stories on bloomberg markets middle east. egypt says it is making good progress for securing the financing needed to seal a $12
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billion with the imf which would be the largest ever in the region. ypt hopes this will attract investment as there is a shortage of funds, 50% below their levels in 2011. yousef: japanese stocks have been swinging between gains and losses as they wait for the boj to announce its latest policy decisions tomorrow. the meeting is already underway, unsureaders remaining about what new actions will be taken. bets on a september hike now down through 20%. takata shares tumbled as much as 50% this morning as there are reports bidders for the small aircraft -- air bag maker will not be doing that as they are desperately looking for suitors.
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almost 7 million airbags will be replaced in the next few years following a recall the fact that has been linked to as many as 15 deaths worldwide. it is 12:30 p.m. in hong kong. i'm angie lau. yousef: it is a 30 a.m. in dubai. anna: it is 5:30 a.m. in london. a very good morning to you. let's talk about what is on the radar. we will be focused on the boj and the fed and the global scenes around central banking. sticking to the european agenda, our attention switches to the united nations meeting taking place in new york. a brexit means brexit is what we heard from theresa may many times. many leaders will try to get some time with her as she comes to new york for a day. she is flanked by at least eight ministers with her as she visits new york. that uk is one of five veto
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willing security council members. we will see what she has to say and she will address the national assembly, saying brexit does not mean the british people voted to retreat from the world. she will be holding an evening reception for about 60 business leaders and has meetings with some big u.s. corporate selective. morgan stanley, ibm. boris johnson will be traveling with theresa may. we could get some interesting comments coming out of result from that. yousef: yesterday, we spoke about indicators in the property market. what are you watching? anna: we will get an update from one of the vetoers. kingfisher specializes in home improvement in this part of the world. a lot of focus on them. we heard about the second quarter sales picture but no surprise. and a focus on the uk economy,
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and the competitive threat from the australian dyy, the home improvement chain, converting it. that is a rival for kingfisher. a glut of focus -- a lot of focus on the story which has been resilient on the way to the brexit vote. mark carney will be gathering together the members of the financial policy committee. we will not hear the results of their deliberations. we will not hear the results until thursday. they have an interesting conundrum. they have charged the bank of england about worrying about household debt and that is something that has been driven higher by low interest rates. the other part of the bank of england recently cut rates. we will see about that. yousef: plenty to look forward to. thank you. saudi telecom may be looking to
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upload its indirect state in malaysia's second-biggest wireless carrier. the company is exploring options for its 25% interest. matthew martin joins us now for additional details. matthew, why is saudi telecom looking to sell its stake? matthew: many of the telecoms in the region, when they were looking at saturated markets, they went on this huge acquisitions spree spending billions of dollars. taking these stakes in countries in asia as a way to get the next wave of growth that will come, because it was not coming from their domestic market. now they are finding they are not getting the growth they wanted from these places. a lot of the telecoms, we are seeing them start to reevaluate some of these stakes and what things we could sell? what are the markets should we
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be concentrating on and where to exit. yousef: who are the potential buyers looking? nothew: stc -- they are committed to a sale at the moment. they are very much caustically dipping their toes in the water to see what prices they could get. some ofntial buyers are the malaysian pension funds, the financial investors in asia were closer to the market, closer to being on the ground that understands the market better than stc. angie: how our markets reacting to this? malaysia, whatin we have seen is investors in maxis take this as a positive sign. they seem to be taking the view that a new partner in maxis will probably help drive growth in the business. stc's small stake in a very distant country. they have not been able to give
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them the attention they perhaps deserve to grow the business. conversely, what we have seen is stc shares drop more than 2% yesterday. they are the lowest since september 2013 which is a bit surprising because this is probably good news for stc investors, because the company will be exiting a business it is not contributing anything to its bottom line. proceeds could reinvest somewhere else or go out to the dividend for investors. this is good news for investors, but the problem is saudi investors are looking at the slowing economic growth and the difficulties facing the kingdom. that is weighing more than this deal is. look at this deal. thank you for that, matthew martin. let's check in on the first word headlines now.
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has attacked donald trump after he criticized the company for shifting more car production to mexico. they called him a disgrace, but the automaker said they will not build more models. they newly created thousands of jobs in the last five years. they are moving production from mexico to ohio. the obama administration is preparing to release a policy framework to handle the arrival of self driving cars. the plan is s eet to include new ways for automakers to share information. sources say these guidelines will satisfy the auto industry's call. china is planning new projects worth $150 billion. they will be executed by the government and the private sector as partners. the finance minister has
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shortlisted about 500 out of more than 1000 proposed. china has driven public-private partnership to his what the cost but it is -- to split the cost. global news 24 hours a day powered by more than 2600 journalists and analysts. this is bloomberg. angie. angie: thank you. india's prime minister faces increased pressure to attack terrorist training camps in pakistan. 14 indian soldiers were killed on sunday. let's get more on that story from mumbai. why have relations deteriorated so much between the nations and what are india's options? >> they clearly have hit rock bottom between the two nations ever since the attack happened a couple of days ago. this is by far as galatians of
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tensions. -- escalations of tensions. we saw an attack on an airport. this is the first time you are seeing the language of war being spoken by the administration's. s. labeling pakistani terrorist state. the prime minister has tweeted that this is a despicable attack and the attackers will not go unpunished. this is unusual for india. there is usually some restraint. the options, some of them would be some sort of operations along the line of control. india is likely to go on the diplomatic offensive. it raises the issue in the united nations as well. angie: what is at stake for modi politically and domestically? harsha: it is a big one for the prime minister. if he does not act on this, he will be seen as weak. this is a situation where it
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india does not go on the offensive, it will be seen as a weak state. this is the second time this year you have seen india being attacked directly. pakistan has reiterated it has no involvement. they will likely take a statement. at this point in time, not much reaction. yousef: how is this affecting the markets at the end of the day? harsha: at this point, we are not seeing too much reaction on the financial markets. it is hogging the headlines as you would expect. the tone of the indian government has taken more people by surprise. and anyente the change in the security environment in india and
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pakistan is detrimental to the region. it is affecting business sentiment. too early for it affecting financial markets for now. yousef: thank you for joining us. still to come, we will look ahead to the expected bonds bonanza as governments try to meet their deficit, plug their fi shortfalls. we will be live in abu dhabi. this is bloomberg. ♪
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yousef: welcome back. you are watching bloomberg. angie: i'm angie lau. latest check of the business flash deadlines. udell be's development -- abu dhabi's develop it could move towards an investment fund. the sovereign fund is working
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advisers to review alternatives for the portfolio. he's charged with making investments that would help diversify the economy away from oil. yousef: two companies have offered to build the cheapest solar power plant on record in abreu debbie -- althougabu dhabi.. they made a bi d. according to the middle east solar industry association, the bid marks another record low for prices for solar technology. it will fall almost 70%. angie: washington says it is too early to declare this syrian cease-fire over. it attacked aleppo. the deal was most the paved the way for the u.s. and russia to move towards targeting extremist groups but it suffered a blow
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when 60 syrian forces were killed. aid workers died when their convoy was hit and aleppo. yousef: gulf countries and companies have sold $40 billion of debt so far this year. that is based off the back of the reaction to the lower oil prices and in an attempt to flood the budget deficits that a lot of these countries are facing. joining us for more on that is tracy alloway. good morning. you have a guest for you for some additional insight. tracy: good morning. i do. i have with me mohammed, managing director of capital markets here. we are going to be discussing all things gulf debt related. the year with this rally in gulf bonds. how far -- how much further could they go from here?
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>> thank you for having me. spreads are very tight. i think if we look for middle east corporate averages the last 12 months, it is anywhere between 260 basis points. we are at 270 at the moment. we are right there at last month's trading range. oil at the beginning of the year. inflows, a lot of money. three, there has been a lack of supply during the summer. looking forward, some of these things are going to change. we have seen a stabilization or consolidation of inflows. it has not been outflow for a couple of weeks. for the remainder of the year, i expect significant supply to come in, somewhere between $30
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billion and $40 billion. it is hard to see. balance, there might be some downsizing. tracy: we are awaiting a megadeal from saudi arabia for potentially more than $10 billion. had $30 billion to $40 billion. the rest of the year, the same. so in total, $60 billion to $70 billion. --put this into perspective angie: we will try to reestablish that signal, but that was tracy alloway standing by with a representative. we will try to get back to them. coming up, dominating
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discussion. we will take a look at what is likely to be at the top of the ld's agenda as leaders gather for the un's general assembly. this is bloomberg. ♪
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angie: welcome back. you are watching bloomberg. in new york city, the u.s. military is holding its biggest ever wargames. rather, let's stay with the u.s. -- new york city is still recovering from the events of that explosion that we saw earlier in the week. the un's general assembly is meeting. there are a lot of things at the top of the agenda come including terrorism, syria and the u.s. agenda. let's talk with andrew with more perspective. what should we expect? this is a busy time.
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andrew: it is always a nightmare with traffic. obviously, the dignitaries coming in. the terrorist scares we had earlier this week will make it probably an even crazier general assembly. i think what strikes me for this time is some new faces. theresa may will speak. we will have michelle tanner, first month into office from brazil, coming. a lot of new presidents coming on the world stage. mostf: a few newcomers, notably the brazilian president. in the u k, theresa may. what will they be looking for in these meetings? andrew: we had an impeachment vote. temor represents more of a sweeping change across latin america. you have peru, argentina.
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you have this whole scale turn from the populism of chavez. speak, as first to the tradition goes back to the 1940's that brazil opens the assembly, will be trying to bring investors back. in the case of may, it is something completely different. she will be coming to talk about mass migration and refugees. we just had the brexit vote which impart was pushed by the issue of migration. i think this whole issue of refugees and migration will dominate this year's summit. we are seeing that with a meeting today. obama hosting a meeting of world leaders to discuss this issue. angie: the backdrop is that terror scare in new york. how is that or if at all affecting the meeting? has always meeting
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gotten heightened security, dogs, bag checks. i think this terror scare, de blasio and other officials have said so, it is always a bad time of year and expected to be much worse this year with canceled buses and trains. more than 1000 at the police officers on the street. the normal anxiety and tension will have and increase but it seems -- they arrested this individual overnight and it seems like everything is back to normal. angie: andrew, thank you so much for that. the u.s. military is holding its biggest ever wargames in the pacific at a time of rising regional tension. stephen engle has been given access.e stephen: we circled the uss
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ronald reagan several times before descending for an arrested landing on the super carrier. the navy sent it for the wargames. as an asian based carrier, they are aware of china's military buildup which includes their own fleet of carriers. then again -- >> we have been doing this for years. we will be doing this for many years to come. >> i will not dwell on any one piece of what china as a whole has. stephen: china and others do join some u.s. wargames but not this time. it is designed to get the different branches of u.s. services working in lockstep. nearly 6000 servicemen and women are deployed, more than $1 million a day at full operation. >> we want to dedicate the resources we do to have a peaceful easy couple of weeks.
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we make this very challenging on the sailors. stephen: this is one of three below deck hangars. 33 aircraft could be stored here. this navy air wing exclusively uses f-18 super hornets. the most dangerous job on board belongs to those above. the flight deck directing traffic. the average age is just 19. organized chaos is the one -- way one sailor described it as jets took off. catapult 10 -- two planes a minute. can be as frequent as every 45 second, providing the three arresting wires are back in place and time. for $4.5 billion nuclear super
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carrier, one of the most important jobs is surprisingly low tech. they use what they referred to board to keep track of all the movement. inevitably, it was our turn to get flown from the ship as well. you go out the way you came in. stephen engle, bloomberg news. yeah! our team had a little too much fun. that is it for us on this edition of bloomberg markets middle east. yousef: i would love to try that. i'm a person who loves adrenaline but i guess we will leave that to another day. that is it for this edition. anna edwards next for countdown. stay tuned. ♪
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anna: asian stocks hold near a one-week high as the boj and fmo cedi begin -- fo mosey begin their deliberations. migration in mind. syria and its fallout are set to top the agenda as world leaders gather for the united nations general assembly. a very warm welcome to countdown. bright and early here in london.

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