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tv   Bloomberg Markets Asia  Bloomberg  January 12, 2017 8:00pm-10:01pm EST

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midday in sydney. 8:00 in the evening on city.day in new york coming to you from bloomberg's asia headquarters in hong kong. bloomberg markets asia. prosecutors consider
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the ting jay y. lee as investigation into south korea's scandal looks to iden to other conglomerates. takata surges in tokyo after maker ubled airbag settles on a billion dollar settlement in the u.s. and with trade data from china will the implications of presidency be reaching. >> examining reaction to at what's ng going on as far as the yuan goes, we're still about 29 inutes away from the start of trading here in hong kong china a mixed picture when it comes to what's happened so far. who is ve look at coming online and how they are changing the narrative. malaysia, all starting their session.
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kick off with in thegoing on, currency space given that a dollar is showing weekly loss. fed chair yellen bolster the case of tightening policy. traders tell us that funds overnight low to further unwind dollar ong positions and that laernl exporters are seen elling -- the yuan keeping below the 1,200 yuan level koreafter the bank of held its rate at 1.25%, as largely expected. we do have gold steady after a four day rally. 1200 an ow did ounce mark after surging past that overnight. of course, today we're on for a china
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trade numbers for december. so a mix day in asia so far. we have the likes of takata oday, which is helping to boost the picture for japanese shares. the best performer in the region so far this morning best ey are the winners in asia since trump's win. but over in sydney, we do weakness there coming about .8%. indonesia looks to ease bands of nickel exports. negative for producers in the region. we have that playing out as sumitomo,likes of the over 5%, given moves are negative for the industry. we have retailers on the rally, after beating third quarter profits and a quick look at what's going
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on. .4%.ospi down given what we saw, of course, with samsung's air, questioninghour related to the bribery probe. that's the picture so far. thank you very much. let's get up to speed with what's going on with the in the news to lines, let's get it sydney and heidi. >> as we mentioned, takata shares are some of the best tokyo this n morning. currently looking like they 16.5%. by a massive the surge comes on reports that the company is close to eaching a settlement with the u.s. justice department over its airbag scandal. it's believed that a fine of p to a billion dollars could be announced as soon as friday. the automaker may also face after its arges devices were linked to at least 17 deaths. settlement would allow
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takata to move forward with its search for a buyer. new has named their chairman replacing mystery. popularly known as chandra. the head of asia's biggest software exporter 2009. during his tenure shares have tripled while net fourfold grown making it india's largest company by market value. boertdso been on the of india central bank. the founder of sxwrij scaramucci has been named an assistant to elect trump. he'll take on an advisory role after being among supporters and a member of his transition team. he's as the mooch, been seeking to sell his in preparation for a possible white house role. senate republicans took their first big step towards
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dismantling obama care and now it's over the house republicans. lawmakers are expected to friday on ay as budget resolution that would set the repeal effort in motion. still get d delayed with many policymakers concerned about taking this step without an eventual replacement. a day, 24 hours 2,600 journalists and analysts across more than countries. bloomberg. >> the samsung jay y. lee is back home after some 22 as a of questioning suspect in korea's undue influence scandal. prosecution saying he denied most of the allegations, that the investigation will now be widened. peter.ring in will ks like chaebol perhaps be fingered here as well. what's the latest? yes. so jay y. lee went in for questioning yesterday morning 9:30 local time.
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he was questioned overnight. he was released, the special prosecutor spokesman said 7:30 this morning and went home after that. into re digging allegations of bribery around payments that samsung close ade to a adviser to the president of the country in exchange for favors.ly political that's what they are investigating at this point. as it was an, released today, said they would decide soon, probably within the next day or so actually ey will harge lee with these allegations. >> one of the prosecutors -- do we know any of the more details and what charges, any word on that? focussed on samsung, specifically, friend made to the of president parks. and samsung admits that it did make some of these ayments including a horse
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that was worth about a billion yuan or almost a million dollars and payments for horse riding lessons for the daughter of this woman. samsung says the government frequently comes to them and asks for money and they are saying there is nothing wrong with this. this is what the companies ofto try to support some these political efforts, but as the specifics have come publicthis case, the has been upset about some of these details. it looks like the questions samsung d whether made these payments in exchange for some government support in some mergers that they needed to allow weed to top of samsung group so they are digging into that and they are going to decide shortly on the question of whether they are going to proceed with charges. the latest gauge on the health of the chinese economy. that should be in about an her or so. december trade data out. having a look. breaking out the numbers. of whate us an idea
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we can expect. >> we're expecting those numbers to break at 10:00 beijing time. survey by bloomberg points to a contraction in 4%.rts of in terms of the imports, up 3% e seen picking in december year-on-year numbers. we've seen the exports for korea, they were stronger in than in november. so that may prove to be a catalyst that may point to stronger demand that might help the exports well.china as in terms of the imports, they are expected to be driven by the infrastructure on, ing that's going particularly demand for commodities like crude and copper. ahead, to later this year, there are, of course, risks around trump and any stance that he takes on china and u.s. trade relations as a risk that analysts are trying to play into and work out what kind of impact that will have. of course, as things like the slowing property sector here as well, so all trying tohings --
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be fought off when we're looking at these numbers. exports, the will yen and if that support exports. >> tom, we had money supply data out of the country yesterday. we saw the headline. grabbed that headline. it did seem that these to reign in credit, they aren't exactly are they?, >> that's right. as bloomberg intelligence a lot of here is positive talk and not much action because the money supply data points to being ing credit pumped into the system. if you look at total social finance, that number came in 1.63 trillion. u.s. $236 billion dollars. way above the estimates of 1.3 trillion for the total social finance envelope terms of the money supply 11.3% for the month of december. just marginally below the 11.4%, number of
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and we've got a chart that divergence now between the m-2 money supply and the slowing gdp growth that's a level of concern for many analysts here. bloomberg intelligence m-2 money that 210%ly to gdp ratio hit in september of last year 150% in to around 2008. bloomberg intelligence they don't ll, see with a property set for slowdown very likely this around the risks trade with trump. the growth can continue without continued expansion of credit here. another thing that we saw pick up was shadow banking loans and we've spoken to eople here, the policymakers and advisers to the government who say this is a key concern as well. those g in some of shadow banking loans but loans but p
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they pick up in december. so continued concerns around the credit environment here, and a desire amongst nalysts and economists to see policymakers matching their words with action. tom, thanks for that. guarding the coup. creative way to protect chickens in china. one week away from his inauguration. we're discussing the markets trump about a presidency. global investors next.
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. bloombergack with markets. this news has just come from london. talking about the good and the bad. let's just get the bad, bad s of the news out first. for 2017. mainly.ics
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that's really everywhere you look whether it's the u.s., election, practically every month over year, and then we have policy shift in china as well. hat will create continued -- -- volatility. was amazing. now, thing is after each one f them, we saw equity markets and other markets as well recover. > they were all great buying opportunities. actually, certainly the first two were better than last st because the was a very short buying opportunity. but they were, and i think really what we've got to make sure of, that we're prepared for, as we get this
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volatility, that we're ready to take action. weknow stocks to buy and do it with conviction, and that's, you know, what we were doing through the last year. to do.'ll continue as we go through. >> this year, when we look from t happens a week today, donald trump being sworn into office, the theme s, people are concerned about trade protectionism here. of course, we don't know, do e, because, i mean, he tweets, but then he contradicts himself and then sorecontradicts himself, ultimately, what do you actually trade on? >> the facts. when we actually know, then that will give us more to go on. tax reform on because that's going to be a major difference to earnings, and so, we want to know what the rate is. we want to know what's going repatriation, and on-board adjustments as well. so we need to know the facts. meantime, it's just noise but we're getting some
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noise.rough the you get some idea of where he's coming from. there are some themes in you pick out about, obviously, employment and up courts are picking and that now and realizing it's an idea to make some statements, so you can pick themes but until we get some hard policy, it's to do too much. >> this year does seem to be a change. away kind of pivoting from, let's say, monetary policy towards more fiscal policy, but again, proof pudding n the there. rom a deflation or disinflationary environment, it doesn't necessarily mean and good mics economic growth and perhaps to geopolitical concerns and
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plurality. >> it's elsewhere, that really eing a shift from disinflation-deflation toward bitter inflation. it is energy but some of it is core. that's a big change. move up that we've seen in bond yields is a big hange and does look like t's quite it's quite a secular change. that's really interesting. >> breaking news at the moment. 6.89 as fixed at opposed to yesterday's, a little bit of strength there for the yuan, probably due to some of the weakness in the dollar. that's theme, isn't it, certainly? the dollar strength. pulled back a little bit. could you argue it's a gut check. ow does that change the dynamic? it. >> changes the dynamic for korp corporate
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corporates. >> you'll see some changes in earnings. with apple, but the big multinationals as well. it matters for them. and it does obviously matter or the domestic investors, wherever you happen to be. >> does it change your then?tment hors >> no. the companies we invest in tend to be pretty well edged for currency. not investing in companies which tend to be very domestic. the companies -- [inaudible] there is a loss of internal hedging with these companies. good.'s get to the e've sort of got into good add bad things, i guess. let's get to the good stuff in that egg. good signs of recovery, the pmis have been stoking up manufacturing-wise, at least. >> yes, i think that's been rather overlooked when you evaluations. there has been a lot of focus on the u.s., and growth in ominal the u.s. but really the focus on
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has been much more on politics and less on improving the underlying trend. very low growth. you can't get overexcited about it but it's going in the right direction, plus weak currency, and you have interest rates low for longer in europe than do you in the u.s. i think, to us, when you look at where the it looks ies are as if there is more upside potential in europe plus margin.ential on >> britain, let's leave things on britain. surprising growth here. mark, upping the ante a little bit when it comes to the latest forecast, know, tion, well, you europe needs britain as much as britain needs europe, if not more so. is changing a little bit. we don't know anything yet, problem.hat's the >> we don't know anything. deal we know what the will be on trade, and that ould take a long time it's impossible to say what the impact will be on growth. the fact that the momentum
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going within the uk at the moment is primarily currency.h that's clearly been helping some of the mid size manufacturers. consumption has kept ticking along. at the top has slowed down but it really means nothing until we know what will be happening with we're very much on old waiting to see what happens. > we'll have to hear from theresa may as well. breaking news. suspendednker was yesterday, of course, as we awaited this announcement. vanke's major shareholders sell its will entire stake in the country. this has been the fly in the feud that'sthis been going on with the company perhaps ending it by announcing it will sell holding for just shy of $5.5 billion to the
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company's second largest shareholder. metro, of course, has been he other party fighting over this company. the deal offers temporary has been ich involved in the battle for control in over a year. ahead ed on thursday of this announcement, up 8% just after that pre-market auction period. up, china is striking back against hawkish comments from the u.s. secretary of state nominee tillerson the details are on the way.
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>> china is pushing back against hawkish statements tillerson that beijing should be restricted islands in ng the south china sea. of , give us an idea what the chinese response has been and perhaps what it might be. like these t comments obviously. rex tillerson said that reclamation and claims to the island is akin the crimea.king he said they were illegal nd shouldn't be allowed to
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continue. beijing's response, while ather measured from the foreign ministry's -- -- let me read you some of the comments coming from the china daily today. tillerson's . comments would be disastrous if acted upon in the real according to the china daily and sets a course for a devastating confrontation united china and the states. the comments are not really worth taking seriously. editorialid do an on this. >> not taken seriously because they are a miss mash day, way eve shortsightedness, warn out prejudices and unrealistic fantasies but they are perpetuating it by writing an editorial on it. > global times says the u.s. has no power to dominate the south china sea tillerson's comments far from professional. he foreign ministry spokesperson said like the u.s., china has the right ithin its own territory to
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carry out normal activities. very measured. >> very measured, because they believe that to be territory. >> yes. this is what james mattis had to say. e's trump's pick to be the defense secretary. he was actually more measured. mad dog mattis, right? he's the retired marine general. this is what he had to say. >> international waters or and national waters, we've got to figure out how do we deal withholding on to of rules that we have made over many years that led to the prosperity nations, not just for ours. > and i'll just give you one more quote from davis. he's a strategist, he says war, with oing to china, there is nothing the do.icans can >> well, that's short of going to war. >> it really is. a lot on leave the table. a lot has been said. >> we'll see. >> exactly. that's the point, isn't it. very much.u
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>> free market, up by one-fifth of 1%. second-degreeing on reports over the takata defective air bags.
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>> this is bloomberg markets asia. we look at what's happening shanghai and hong kong open that's upon us in a little under 50 seconds from now. we'll also be looking at to, of course, trade data. hose are the numbers for december. it should give us an idea ow the domestic side of things is going. as the country tries to wean its credit binge and investment spending, to more of a self propelled economy based on consumerism rather than anything else. we're looking for that number in about half an hour minutes. doesn't come out exactly on time, oddly enough. lso looking at the bank of
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korea, interest rates on hold. pretty much in line with the economists thinking. by one-fifthup 1%. >> checking in on the currency space given the we got this morning. we're seeing yuan with lead in asia. trading around the 1181 a k, strengthen for second day and we'll be waiting to hear from the korea governor later this morning. delivering the central bank's updated growth and inflation at 10:20 or 2017 a.m. hong kong time. dollar-yen did touch a 76 month low of 113 spot overnight and morgan stanley long withng going
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the dollar-yen correction, creating buying pportunities and the strongest this week, 89.98. ust to check on offshore staying around the six spot 86 level amid the broad ollar weakness we've been seeing but earlier touching six spot 86. a look at the trading action asia with shanghai and hong kong coming online. seeing both equity indices in green. going on what's in hong kong first they did reverse yesterday but now up third of a percent. china -- rising earlier the deal with the metro group and shanghai snapping a third day -- snapping throw days of declines, now rising here region where in the we're seeing japanese shares retailers .4 with helping support the advance
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there. thanks very much. let's get you caught up with the latest first word news headlines. let's go to sydney and join heidi for that. >> samsung shares are 22 hours of questioning as the suspect korea's scandal. lee denied most of the allegations. a decision to arrest him ill be taken team or tomorrow. the investigation is set to widen to other groups. says she doesn't want key elements of dodd rolled back. she made the announcement ith educators in washington, d.c. during the campaign donald trump said he plans to dismantle the reform. also spoken out against it. >> the f.b.i. is being
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handling ver its of the hillary clinton email investigation. the justice department will eview whether appropriate procedures were followed during the initial probe. and also the reopening of case just days before the presidential election. democrats believe that action helped trump win with a former clinton spokesperson calling the appropriate and necessary. shares plummeting after the company was accused of heating on diesel emissions. the u.s. environmental protection agency says software was put into certain vehicles allowing to escape pollution limits. the automaker contest the saying it met all necessary regulatory requirements. days after the epay of a fine for its own emissions scandal. 24 hours a news, global in more rnalists than 120 countries. this is bloomberg. >> shares in takata
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absolutely surging at the moment. adding to the gains that we've already seen. nearly, what, 16.5% up. this is after the revelations that the maker is irbag close to reaching a settlement with the u.s. justice department. it's believed a fine up to a could be llars friday.ed as soon as let's go to tokyo with a look. is there any significance in of this g settlement possibly here? yes. the u.s. department of justice may want to push out lot of settlements before the end of the current administration, so that they a cleaner legacy for the next administration. the perspective of takata, it has to reach a settlement as soon as because it's now aiming to find a buyer of its business by the end of fiscal year which is march. this obviously remains one of the major road blocks to clear up for
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its future buyer. right. what about the remaining issues, how they are progressing with actually if, indeed,uyer, looking? still >> >> yes. well, this basically wraps up part of the crisis. of e are still a lot remaining issues takata has yet to resolve. the split being of the huge cost that takata the -- hare with automakers. the estimate is well beyond what takata can absorb. one is a solid stable ensure the
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supply of future replacement bags. to be leaning towards peters airbag makers, as well as key safety systems. well rything goes maybe a decision will be made within the first quarter. you very much indeed for that. of course, what's going on takata, just got this news. seen it going across your screen. coming out with an interest rate decision. kept it pretty much as it expected. gdp to grow in the mid 2% level. this is not really that different what they were december. they were saying this year, 2017, would see 2.6% growth or thereabouts. cpi, though, perhaps a little bit more, i guess, a f you more price rises anticipated. they are looking at 1.6% actually for 2017. 2% target by
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mid-2017 at the moment for them. their policy accommodations, suggesting that we'll be seeing rates longer, and, of course, perfectly evident, they will be monitoring what happens with the federal what's going on with the household debt picture, which is something cause for en a concern with the household debt amongst the highest in asia. well, let's get back to the corporate side of things, over.he search is the tata group has finally for the eplacement ousted chair and has chosen one of its own to head up empire.re let's get a look at who is david. >> right. so they picked the head of business unit. the head of tcs, he's been c.e.o. since 2009. talking , we're
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about chandra. he's been the c.e.o. of tata cut tants since 2009. he's overseen just a massive thatt of growth within business, of course. quadrupled. the chart up 800% within that time span. tata for 30 h years. an insider. he knows the ropes, knows corporate culture and hopefully also knows all the managers because now he's parent to head the company, and now has to a hundred r business units spread across six continents. operation.ive hopefully now we do have, they can start putting behind le ouster them. >> the question is, you know, there is an almighty mess here lot of politics. what does he have to do to in order first
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up? >> right. we talked about, you know, estoring a since of normalcy. restoring stability. just keep in mind, of still in is is court so we're bound to get more things to come out in the open. that being said, what a lot is, eople want to know is there any truth to the 17 billion potential writedown across some of these businesses? that really boils down, or you back to the fact, know, is there a good governance issue, which then you know, a proper accounting, if you will, or a proper assessment or fair value assessment of how much some of these companies are actually worth. the immediate sort of need to address that and really address, you know, whether or not there is some truth to $17 billion because that's a big amount. thank you very much indeed for that david inglis. some of america's biggest banks are set to report their fourth quarter on today.ater
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let's have a look at what we can expect. sue keenan has more on this new york. zoo? sue: we've got a trail of anks right before the opening bell. chase, banc of america and wells fargo, and analysts say it's going to be all the outlook. let's go to j.p. morgan chase. f you look at their stock chart, what we're looking at is the video right now but that ock chart shows the fourth quarter was a very strong one. the up some 23% since election. fourth quarter revenue and eps could rise 2% versus a the outlook for business and deal activity in 2017 will be key, analysts say. as for the c.e.o., jamie diamond he's been very trump's praising cabinet picks saying he's optimistic about a trump dministration and you can expect to probably here more about that on the conference call, in general, by the say wall sts street firms are expected to post the biggest fourth quarter trading hall since crisis.ncial
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this triggered global market activity. they are questioning a trading.om bond they want to hear from the managers of these banks as this can be sustained going forward. >> what about banc of wells , what about fargo, what's the view on that? >> well, these two also are be in line with the optimistic very strong trading quarter because of all the activity. go right to banc of america's chart. this bank, compared to its most t peers, is sensitive to interest rate changes, and so you can see, look at that upswing, up since the election. not only because of the rump victory, but also the fed rate action. analysts see banc of america 2% to 4%owing from in 20017-20018 and that's after the stable last year, rates, lower costs have been key to their boosting returns to investors. wells o quickly to
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fargo. up 19% since the election utting to bed a horrible year. 2016 was racked with scandals, public outrage because of the fake account scandals. they bounced back. again, analysts say they ill have to reassure investors that the revenue strong.nings are stay tuned. >> we shall. su keenan in new york. trump's polling sis won't be all bad for certain emerging markets. will do better? we'll discuss that next.
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>> a quick check of the latest business headlines with retailing shares. look at that. of 1%.p one quarter this is the owner -- why are the shares up? quarterly e in
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profit. three monthsse to november. the cost cuts and the eakness of the yen helping to boost its profitability overseas. they are hoping to continue to expand internationally. > we've been taking same strategy. we fix our products at a low price consistently and avoid on weekend price tactics. been al events have quite successful. >> apple is facing a claimsr lawsuit over that it tried to monopolize the market for iphone aps. the complaint originally 2011 said third party developers were banned from selling the software store of apples app in the six years to 2013. the proposed class-action by a federal appeals court in san francisco. that offer was earlier
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by a lower court. apple has declined to comment on the decision. on the s in india way up. but at the lowest rate that we've seen since november 2014. as the economy recovers from the world's most sweeping currency. policy currency change in decades. december, inflation coming of estimates, pretty much in line with other data. slowdown since the prime minister's ban on high denomination notes replaced by re others. of course, if people weren't spending so much, they probably wouldn't have prices to go up. indian futures. this is what it looks like at the moment move to the upside there. .2 of 1%. out the session, one third of 1% higher. let's take a look at what's bond oing on with the market. 10-year treasury notes on track. to notch up their first
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advance.k investors are losing confidence in donald trump's first priorities will fiscal stimulus aimed at spurring economic growth. our next guest expects u.s. treasury yields to gradually in a more modest manner. let's bring in jim. of retail fixed interest. thank you for joining us in our studios. let's talk about. have talked about this 30 year secular bond rally coming to a end.ding it may well do, but does it matter? >> well, i think people got excited on the night of trump's election expecting that he would deliver almost immediately this trillion dollar stimulus package. be cuts, and we would heading towards 4% to 5% growth, having been stuck in post financial crisis, low growth model. now i think they are more ng a bit realistically and the initial exuberance of the trump rally has been bit.red a little the press conference that trump gave, gave no hint of what this stimulus package
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really involve. and i think it's right that treasuries are thousand skeptical.t more so i think that we're not going to see more global rate cuts, you know, big cutting cycle is at an end, but it's not going to line.straight >> the question was, does this secular bond bull run end? know, if it does so, it's probably a good sign, is it sign, is it not? >> yeah. eight years after the great financial crisis and we're still talking about disinflation pressures in europe, japan, even in the at below 2%tuck inflation target. is a the bull market 30-year end now, it's saying, you know, we're finally getting somewhere. getting some real growth back into the global economy. so if you're thinking about all of growth and those things, it would be very good news. a the thing which worries lot of people, spread etween, let's say, j.j.b.s
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treasuries and the boom market and again, treasury market here as well, so that widens. is there a point when alarm bells start ringing or are they already? already k they are and that's been the big driver of currencies. the big rise in u.s. yields, and the low level of yields that we see in the rest of the world has really been driving the bull rally in the u.s. dollar. there comes a point where that dollar's strength for theome problems u.s. domestic economy. and some global normalization would be well to the global economy. in fact, i expect the to nese bank of japan think about hiking rates for their next move. i don't think negative rates ave worked for the global economy and central bankers starting to realize that. we've shown, i mean, the former governor, and nting about a year a half ago about the efficacy of q-1, et cetera low alking about the
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returns.ing this has reached the end of the road, this is my view, i shouldn't be giving mine. have been bankers saying this themselves. they are not boastful that monetary policy has been successful. it worked after the great financial crisis but diminishing returns after diminishing returns. more qes are not going to stimulate people. politicians to take up fiscal policy. >> that's the point. o did that money go in the right place because did it reate asset bubbles in places that -- that was the point. >> exactly. if you think about, i think wift every economy say when you're in a massive demand like we saw after the financial crisis you need to get money into the ockets of people who will
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actually spend it rather people seeing their inflated.es >> tell me, where is the what's good and not?'s everyone went to high yield. markets, 6.5%, you can't get that in a government bond. low.lt rates remain >> merging markets? developed e in high yield. merging markets are a mixed picture. the exican peso is cheapest currency in the world on pretty much any measure you look at. he question is one of timing. is politics going to trump the economic fundamentals in economies. so selective value out there in merging markets but it's
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bag at the ed moment. >> jirnlgs thank you for joining us. still ahead, find out why china have n turned to robots. i have no idea what this story is about. i can't wait to harriet. in the bloomberg.
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>> now, in china, food safety can be elusive so a poultry magnet is deploying a flock of of robots, ock to make sure customers know that his chinese birds are healthy. monitor the to health of three million chickens. here's a look at how these what do they do on this farm? i'm intrigued by this. robot, they have sensor in the head, chest, nd knee, so they can check the temperature and movement
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of the chicken, and then detect abnormal movement or like an abnormal temperature, they would notice the bad stage, the control room, and the robot to catch this chicken. the logic is like a on erature check travelers at the airports. them to eally help figure out early signs of disease in a chicken, and protect a potential outbreak. > why use -- why are they humans?obots and not >> because they are using belief-- china, they sometimes humans, can have like a human error. so that's why they feel like a full automation will help to enhance the level, and also, they think the human can bring disease to the chickens so to reduce the
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contact between them. >> tell me something. fake eggs is a problem. to the heart of it. food safety situation, how evolving? i think things have continue better, but fake eggs, must be easier to have a real egg rather than one. a fake call me naive. mean, the problem -- i has been like high on the political agenda. the hey try to have highest standard on the food sourcing and other stuff. still, the people in china, they don't hundred percent trust the eggs that they neat and still find fake beer and ainted seafood discovered in china. so there is a lot of room improve.to >> thank you so much. >> they found these fake market not reet
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too long ago the shells were made of carbonate. the egg white and yolk were sodium, gelatin and something else. we've got coming up, in focus.brexit european union economy. luxembourg he finance minister about what's next.
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♪ almost 10:00 a.m. in singapore, 1:00 p.m. in sydney, and 9:00 in the evening on the eastern seaboard of the united states. i am rishaad salamat in hong kong. this is "bloomberg markets: asia." ♪ rishaad: prosecutors consider arresting jay y. lee as investigations into korea's influence scandal look set to white into other conglomerates. akata surging as it nears a $1
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billion settlement with the united states, and trade data from china. will the implications of a trump presidency be far-reaching? we are looking out for that data that comes out on the hour. here we go,ring, chinese exports down 2% in 2016, all in yuan terms, imports on the way up by .6%, so we do have more evidence of a global economy recovering. imports on the way up, let's make sense of it all and get to tom mackenzie in beijing. tom: as you said, these are in yuan terms. the numbers just crossing the wire, china exports for 2016 fell 2% in yuan terms. increased 0.6% for
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2016. we will get a month on month data in yuan and dollar terms. the numbers following on from stronger export numbers from south korea, seen as a bellwether. import numbers are driven by infrastructure spending in china, so essentially an uptick in crude and copper in terms of the commodities. consumerfrom the ministry of commerce in china yesterday, saying they were painting a bleak picture for 2017, describing rising protectionism and weaker global demand, effect of setting out there warning that exports could be tepid this year. these numbers are still coming through across the wire now, but the exports had been tepid, weak, for early 2016.
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we saw a slower contraction at a slower pace towards the end of the year. there was speculation that the weaker renminbi was helping exporters and they benefited from a pickup in producer prices at the factory gate, and wrong or demand in november from u.s. households, always a crucial component when looking at u.s. exports. these numbers following on from the credit numbers yesterday showing credit still being pumped into the system despite policymakers saying they will try to wind down that liquidity and tackle risks. 1.3 zero estimated, and they pick up in shadow bank lending. bloomberg intelligence saying they don't see how growth could be supported for 2017 given the
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trade andnd trump and the slowdown in the property sector if there is not more credit expansion into the system here. large over these numbers because he has taken a robust approach to china. and inre concerns here the wider region about a potential u.s.-china trade war. we will get more details on these numbers throughout the morning, then a big gdp number next friday. , indeed,thanks absolutely, just getting reaction to all this. the australian dollar not doing ifh now, but let's look there are any other moves in relation to this. sophie kamaruddin is having a look at the markets. sophie: not much in the way with the aussie dollar given australian exposure to china, but above $.75 given the action
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on wall street. region, aook at the morning of swings for the shanghai composite, down .2%, givene hang seng up .5% gains in the energy space. sinopec up 2.5%, the highest volumen a year, trading tripled. the asx 200, the broader picture outweighing the gains that miners have been able to eke out this past week. financials following the drop in banking stocks in the u.s., and a quick check on the kospi. the policy decision not moving to dial given the hold on the rate. ed itsntral bank downgrad growth projections.
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ok expecting to hit its 2% inflation target this year. a quick check on the currency is the bestuan performer in asia today. , snapping the worst the best four-day gains since august. new york crude holding above arabia cuts saudi daily output more than required by the opec deal. ashaad: right, let's have look at what is going on with some of the first word news headlines. let's get over to sydney and join haidi lun for that. takata surging in tokyo, currently up by 15.5%. reports the company is close to reaching a settlement deal with the u.s. justice department over
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its airbag scandal. the fine of up to $1 billion could be announced by friday. the company may also face criminal charges as its devices were linked to 17 deaths. a settlement would allow them to move forward with their search for a buyer. tata natarajan chandrasekaran group has named natarajan chandrasekaran, replacing cyrus mistry. natarajan chandrasekaran has been the head of asia's biggest software exporter since 2009. shares have tripled, while net income has grown fourfold, making it india's largest company by market value. natarajan chandrasekaran is also on the board of the indian central bank. plummeting after the company was accused of cheating on diesel emissions. the epa says software was put into vehicles allowing them to exceed pollution limits. met allmaker saying it the necessary regulatory
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requirements. this comes after vw agreed to pay $4.3 billion for its own in emissions scandal. the founder of sky bridge capital is said to have been named an assistant to president-elect donald trump. it is believed he will take on an advisory role after being an early supporter and member of his transition team. hisas been seeking to sell hedge fund firms and preparation for a possible white house role. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: right, having a look at samsung here. after 22e back home hours of questioning as a suspect in south korea's undue influence scandal. sayingsecution spokesman he denied the allegations and the investigation will be widened.
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tell me something, peter, what do we know? what is the latest? went in fory. lee questioning yesterday morning and was released early this morning. is part of a broader investigation into the big and thes in korea alleged influence peddling around the president park, specifically whether these businesses gave money and gifts to a confidant of the for political favors. they are honing in on payments the company made two foundations that the friend of park controlled. after that, the national pension service in korea voted in favor of a merger that was important for samsung to be able to allow to take broader control of
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the conglomerate. a spokesman said that they will probably decide within the next day or two whether to charge him in this investigation. well, the question is, what do we know about what the prosecutors are looking at here? i guess, let's have a look at that first of all. well, in korea, the companies will say the government frequently comes to them and asks for money for a variety of things, including charities, foundations, and they are expected to give money if for example a big international sports event will be held in korea. in this case, the specific details, there have been questions raised about what samsung was doing. they gave millions of dollars to these foundations controlled by the presidents friend, including one million dollars for a horse, and they are asking questions about whether this money was given to this friend in exchange for the national pension service
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supporting a transition of power at samsung for jay y. lee and the family. rishaad: when will they decide on charging jay y. lee? has been going on for a while. the president has been impeached in south korea, the special prosecutors said they may broaden it to look at other companies, but with respect to the samsung peace, they will decide in the next day or two. rishaad: thank you very much. right, what we have coming up this hour, a chinese poultry giant turning to robots to against foul play. the luxembourg finance minister joins us to talk about brexit, the european economy, the impact of that, and how it is doing overall. this is bloomberg. ♪
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right, quick check of
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the this is flash headlines. thelved in a bid to oust board of the nursing home operator international health describevist investors ihc has deeply undervalued. it will attempt to replace the board on january 23. tear, an a bit of a surge in quarterly profit, up 45% to the end of november, the weakness of the yen boosting profitability overseas. the company says it intends to push costs down further and expand internationally. same have taken the
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strategy and china as japan, low price and avoid low price on the weekends. nationalave sales on events. consumption in korea, taiwan, and hong kong are slowing, but china remain solid here . rishaad: amazon plans to hire 100,000 people in the u.s. as president donald trump pushes to hire more americans. jeff bezos did meet with donald trump in new york to discuss concerns, this after an exchange of hostilities during the election campaign. since then, ibm and forward publicly announcing the creation of new u.s. jobs. right, british prime minister theresa may is weeks away from setting out her vision, days away of setting out her vision for brexit and a speech closely watched by the market.
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we are joined exclusively by pierre gramegna, luxembourg's minister. thank you for coming. we have june, and since then, to people staking their positions politically, perhaps not, don't know. we don't know where we are at the moment. where does it leave you as a european, brexit? >> definitely the brexit situation was unexpected. we have to respect the decision of the british people. lose-lose a situation. a win-win would have been if the u.k. stayed. it will be different and we have to work with that. fortunately and finally, the british government has announced they will trigger article 50 so we can start negotiations before the end of this quarter, and it is high time because business
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does not like uncertainty. it is not good for europe or the u.k.. rishaad: is it? there seems to be a narrative gaining momentum, mark carney referring to it, that europe could be the bigger loser out of brexit. it is controversial. the marketompare size of the european union, 500 million consumers, with the amount of the population of the u.k., the numbers speak for themselves. it does not really matter to look at it that way. we should try to de-dramatize the situation. rishaad: people are making politics out of this. angela merkel for instance, we have to play hardball because we can't have britain picking things à la carte. that's why de-traumatizing is the right thing. when i take the example of the
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automatic excess to the eu single market, saying it was depending on the goodwill of the 27 other countries is neglecting the fact that this is not a reality. if you choose to go your own way , leave the eu, have your own roles, you cannot have automatic access. so let's be factual about that, and if you don't have the immediate and automatic access, it does not mean you can't do business with the european union. sense, britaint does a lot of business, a huge trade deficit with the rest of europe, so in a way, britain is important as a market for the rest of the eu. ofthere will still be a lot trade happening. if i look at the situation in switzerland, the banking sector and financial services, the and goods can be
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sold all over europe through a subsidiary and luxembourg here . rishaad: what is the mood amongst fellow finance ministers? speak candidly here. how should we treat the british and the british representatives? simple. we should not want to punish the united kingdom. we should just try to treat them the way you do with someone who has been a long-standing member and who will stay an important partner. for example, if i take london, it is the largest financial center in the world. luxembourg is the second largest in europe. we have a lot of common interests and trade happening, and we want that to continue. rishaad: it creates an opportunity to grab business from london. how busy have you trying to get some of that? on theave been insisting cooperative effort in the sense that we are not there to take
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big chunks away from london and hundreds of thousands of people, but find a solution to the needs of those companies in london that do not have a foothold in the eu market and will need it. other hand, it is obvious that insurance companies, asset managers, and financial technology companies have not that our door as we are a natural partner. on the financial technology site, i was more surprised i thought they were busy developing their new products, but then they said we want to be able to sell it everywhere. rishaad: exactly. that is the passporting issue. by joining the european banking union, having subsidiaries and luxembourg, is there any need for british banks to worry about it? is this just a red herring that these bankers have put up? >> i think there are solutions.
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i think we are still in a pre-negotiation phase. everybody is putting its interests and assets on the table. we have a couple of years to do that for the whole issue to calm down. rishaad: stick with is there. pierre gramegna, the luxembourg finance minister, trump, china, and beyond. this is bloomberg. ♪
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are back with bloomberg markets and luxembourg's finance minister pierre gramegna. we have to start off with this trump, anotherld surprise, the other black swan event of 2016. how is that received? what are you concerned about? there is the specter of protectionism many are floating. >> we have to still wait and see if the candidate donald trump
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and the president elected donald trump is going to be exactly the same as the president that takes office on january 20, so let's wait and see on that. one can see that he is very consistent in saying that he is touting the benefits of open trade and globalization and wants to go a route of protectionism. this is a big worry for europe as we are an export champion. it is a worry for japan, where i was this week, and we have to see how this is really going to happen in reality, because the united states is also an export champion, so let's see how this will translate into reality, then we have treaties that exist, so they will have to be -- rishaad: you have a trade agreement and the works at the moment. >> yes, so we have a lot of
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uncertainty here which needs to be cared for. rishaad: right, how would it alter the relationship, a slightly different way of looking at it, the relationship between washington and well, the eu. ? >> if i take the economy as a whole, you can see that there has been better cooperation worldwide last year than there has ever been, international taxation for example. there has been an initiative at the level of g-20 and the oecd. the announcement that had been made by the president-elect about a drastic reduction of , it is printing of the some of the decisions that have been taken all together into question, so it is too early to
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judge, but our wish and europe is that we can cooperate and have as much as possible open markets with each other. rishaad: mr. mario draghi, quantitative easing, in your view, it works? >> yes. rishaad: do you think it is time to end it? >> quantitative easing cannot be ended quickly. long thek at how states have done it, five years. in europe, far less, as we started later, so there is no to unwind it, and obviously it is a responsibility of european central banks. it has worked. we see that. growth is back in europe, 1.7% this year, investment is picking up, and that's why there is much more good news than what we normally read. rishaad: is there pressure to do
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more on the fiscal side? and on top of that, quickly as well? are able totries maneuver to do fiscal stimulus, luxembourg, germany. have that fiscal space yet so you cannot give a general answer to that question, but donald trump has announced a fiscal stimulus in his country, and i think europe slowly will have to use the space it has. fiscal union and monetary gain income is a time? >> the cooperation we have in the eurozone is quite deep. it needs to be deepened is still , then we have a two step approach, those countries that don't have the euro and those countries that have it. the greek crisis was 18 months ago. i think the euro today is more
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credible than in the past. rishaad: thank you for joining us good the luxembourg finance minister there. takata shares surge, we will tell you why. this is bloomberg. ♪
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sophie: this is "bloomberg markets: asia". . am sophie kamaruddin in the net coal space, miners feeling the bite as indonesia eases the ban. western area's leading that drop, and sumitomo metal falling earlier. e indonesia dropping 10%. copper prices surged to the highest in a month on this news. elsewhere, some stocks in the i.t. space, taiwan semiconductor
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shares falling after posting a profit beat in the fourth quarter. despite the rosier numbers, full year sales did slow. mc is forecasting revenue growth 5% or 10% this year. nintendo dropping 3.9% earlier after news that its gaming console twitch may be more expensive than thought. nintendo will recent details this afternoon at 1:00 p.m. in tokyo. rising 8.1% as shenzhen group reached a deal to boost its stake to 50% and a 5.4 billion dollars deal with china resources. morgan stanley says this is a show of support from the shenzhen government. that is just a check of the region when it comes to equity moves of interest.
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first word headlines now with haidi lun. let's get you started. administration, data has come out over the last hour, saying trade has stabilized and improved in 2016, imports rose .6% in 2016 in yuan terms, exports falling 2%. the trade surplus was 3.3 5 trillion yuan. the agency says china trade faced uncertainty and 2017. samsung shares falling after the eir phase 22 hours of questioning. the decision on whether to issue an arrest warrant for jay y. lee , who denied the allegations come will be taken today or
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tomorrow. the investigation is set to widen to other korean conglomerates. u.s. senate republicans took their first big step towards dismantling obamacare, and now it is over to house republicans. lawmakers expected to vote as early as friday to set the repeal and motion. it could get delayed with policymakers concerned about taking the step without details of an eventual replacement. does notlen says she want to see key elements of dodd-frank rollback because the nation's biggest financial firms should be held to higher standards. made the comment during a town hall meeting with educators and washington, d.c. donald trump pledged to dismantle the reforms. steven mnuchin has always spoken out against the laws. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg.
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rishaad: right, getting to shares in takata, on a tear in tokyo, up 16.5% in the morning. to revelations about the troubled airbag maker close to a settlement with the u.s. justice department, a fine of about $1 billion could be announced by friday. let's get to tokyo. is the significance behind the timing of all this here? >> yes. the department may want to push settlements out the door before the end of the current administration and leave a clean legacy for the next administration. ,rom the perspective of takata it needs to reach a settlement with the department of justice as soon as possible because it
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to find a buyer by the end of the fiscal year, which is march. this is one of the major roadblocks that takata has to clear for its future buyer. rishaad: tell me about the remaining issues here and how they are progressing with finding a buyer? with the settlement with the doj, takata wraps up the the airbagrt of crisis, but there are many lingering issues that takata has to result. one being the split of recall costs to share with the automakers. some analysts have pointed at more than ¥1 trillion, way cannd what t takata absorb. takata has to put out a plan to ensure the supply of replacement
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airbags. takata is leaning towards two airbag makers, one is the world's largest airbag maker, and the other is a u.s. company. they may be able to finalize the deal by the end of march. rishaad: thank you. joining us there from tokyo. counting down to the start of the trading day in mumbai, one story their dominating headlines , the search is over. tata naming a replacement for the ousted chair cyrus mistry. it has chosen one of its own to head up the empire. very good day to you. who is he and what do we know about him? hasatarajan chandrasekaran elm for a long
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time. he has grown within the tata group from strength to strength. grown quadruple profits and expanded geographies going to be anis extremely challenging task. he takes over as the chairman of ons when the brand has been sullied like never before. he has to handle the legal challenges forced by cyrus mistry. secondly and more importantly, the relationship that tata sons that willata trust reinforce confidence among investors and see how this will go forward. thirdly, the challenge of perception. he has to prove himself that he is no puppet chairman in charge of tata sons, that is a man of
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his own and therefore the strategy he will unfold will be an adjusting one to watch. this was pretty much unexpected. the market will be comfortable with the fact that it is an insider who is taking over at tata sons. rishaad: right, then this leaves us with tata consultancy services, tcs, what happens there? >> no one saw this coming. natarajane sense is chandrasekaran still retaining control. there has also been an interesting move bringing back the position of coo in the company.
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business affairs are likely to -- this will be a difficult transition. will go through an interesting transition process. is not going to be easy going forward. thank you very much indeed. right, let's take a look at earnings season for america's biggest banks. fourth-quarter earnings expected today.me of them su keenan says what we should be looking out for. all three banks, j.p. morgan chase, bank of america, and thes fargo report before friday opening bell and kick off
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the fourth quarter earnings season, which is all about the forecast. index was down 2% in the thursday session leading into this. that may not have anything to do look because j.p. morgan chase had a boring fourth-quarter and terms of stock performance, up 23% since the election. fourth-quarter revenue and eps by analysts may rise to percent. the outlook for business and activity is a key area of concern for analysts and investors alike. wall street firms are expected to post the biggest fourth-quarter trading hall since the financial crisis. in terms of jpmorgan ceo jamie
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dimon, he has been vocal lately, particularly about donald trump. andas praised trump's picks is optimistic about the trump administration in terms of what it means to the economy, and we may hear more about that as well on the conference call. bank of america, the stock chart up 33% since the election, the biggest of the large bank stock gains. it is also the most interest-rate sensitive. 4%enue growing between 2% to in 2017-2018 after stabilizing in 2016, higher rates and lower costs analysts say are the key to bank of america boosting its return to investors. wells fargo is the third bank in the spotlight. its stock is up 19% since the election. you see that big trough in the
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middle of the chart when the news of the fake account scandal hit. you also note that this stock prices of 23% since that drop. wells fargo is the second largest bank by assets. they suffered severe political and public outrage and a $185 million fine due to the fake account scandal. wells fargo saw its most difficult of its 165 year history, and analysts say it needs to reinsurer and with earnings, but the wall street community expecting a strong banks, for all particularly with respect to the trading revenue, notably goldman and morgan stanley, who report earnings next week. coming up, china striking back against hawkish comments from the u.s. secretary of state nominee rex tillerson.
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we have the details on the way. ♪
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this is bloomberg markets, business flash headlines. consumern economy, prices rose at their lowest rate since november 2014, the economy recovering from the most sweeping currency policy change in decades, inflation shy of investments at 3.4%, in line with data, suggesting a slowdown since the ban on high demo nomination notes. -- high denomination notes. apple is facing a consumer lawsuit as it claims that it was trying to monopoly the market for iphone apps. third-party developers were banned from selling software outside apple's app store.
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the proposed class-action was appealsby a federal court in san francisco after it was dismissed by a lower court judge. apple has declined to comment on the decision. his company'ss proposed merger with time warner did not come up when he met with president-elect donald trump. he says they are now focused on jobs and making u.s. companies more globally competitive. did,g the campaign, trump well, point to the deal, saying it would not be approved by his administration either. againstshing back hawkish comments made by the u.s. secretary of state rex tillerson. he told senators that his confirmation that beijing should be restricted from accessing islands in the south china sea. well, let's have a look at the chinese response. steve engle's with me now. what have we got? >> quite a few responses.
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guess which are state responses and from the state propaganda machine. the ambassadors speaking in new york, saying china hopes for mutual trust, respect and u.s. relationships and helps for a relationship without confrontation or conflict and is determined to develop a stronger more stable u.s. relationship. that is from the chinese ambassador. is out withger, he comments from new york, u.s.-china cooperation can build a world order of growth. public disagreements would divide u.s.-china and the world order. the foreign ministry spokesperson in beijing, like -- the., china has been right within its own territory to carry out normal activities. let me recap what rex tillerson
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said. he said the united states should help contain china's expansion in the south china sea, or china should contain its expansion and the south china sea, and if they weaponize those islands, the united states should lock china from entering those islands. basically saying the reclamation of the south china sea by china is akin to russia and crimea. these are inflammatory comments according to beijing, and state media has had a field day already. if acted uponid in the real world, such comments would be disastrous and set a course for a devastating confrontation between china and the united states. then they went on and on and said they are not really worth taking seriously, so why write an article, right? are naïveté, shortsighted, and unrealistic political fantasies. why write an editorial if the
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not worth talking about? ok, general james mattis -- rishaad: mad dog, i think it's his nickname. >> we don't want to perpetuate that moniker, but why not ?uestion mar he was less pointed when asked about the south china sea. arenternational waters international waters, and we have to figure out how we deal with holding on to the rules we have made over many years that led to the prosperity for many nations, not just for hours. let's get a third-party perspective, malcolm david of the abstract strategic policy institute says sustainably, short of going to war with china, there is nothing the americans can do. rishaad: well, that's what we have at the moment. that's quite a choice, isn't it? >> that's not a good choice. rishaad: it is pretty binary.
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>> yeah, ones and zeros. rishaad: dollar numbers for the trade numbers, trade balance less than anticipated when it comes to the dollar figure, tom mackenzie broke those down, and now you have a look at the details that are beijing. wireses, just hitting the now. the topline number for exports year on year in those dollar terms as you said for the month of december, down 6.1%. the survey by bloomberg had seen a drop of 4%, so that is a fairly stronger tick lower than what the estimates had been, and that will feed into the concerns we heard about from the customs officials is morning talking about this grim a trade picture. in terms of imports year on year , marginally above the survey number, expectations increased 3% year on year. the actual number was 3.1%. we are now getting the yuan
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numbers as well. orts,for december exp up, .6%. lower four exports than expected , exports fall 6.1%. they have been painting a fairly pessimistic tech sure for 2017, talking about the rise of protectionism, referencing trump and saying they will be monitoring his trade policies very closely, clearly much concern at the top level amongst policymakers that he may act on his statements, saying global demand mains relatively weak, and the mind that has driven china's export sector have started to wane. havexample, prices increased, wages higher as well, but of course we have a credit environment that is remaining rather buoyant.
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we have those numbers yesterday showing there is still a lot of fiscal stimulus going into the system, some of that no doubt going to the big manufacturers. imports, customs officials saying the weaker yuan may be propping up imports, but making exports like crude and copper more expensive, so the chinese are embarking on another big infrastructure spending spree. have a breakdown, copper up 2.9% year on year for the entire year 2016, copper imports. coal imports up 25.2% year on so still a lot of commodities. in terms of the wider picture when it comes to exports, we saw quite a big drop-off in 2016, but now they have started to level out through the picture painted by officials is a warning really that they face a grim 2017, the number down six
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point 1% for december year on year in dollar terms. thank you very much there. coming up, with china's food safety sometimes questionable, find out why one billionaire has turned to robots to police his poultry. ♪
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rishaad this is "bloomberg
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markets: asia." a billionaire poultry magnet is using robots to monitor the health of 3 million chickens. robots actually do? .> they have sensors rishaad: the chickens have these sensors? >> know, the robots. rishaad: they look like chickens then, these robots? >> no, they look like humans. they have sensors and can check that temperatures and movements of the chickens. they can detect a normal once theye, and detected, they send that information to the control room. it is like having temperatures check on travelers at airports.
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this, cp can detect early signs of disease in chickens and protect from a potential outbreak. using robotsis cp in the first place? i guess they're cheaper at the end of the day? >> may be lower the costs, but the most important for management to use a robot is with safety problems can cost, so they try to use technology to solve it. humans canthink bring disease to be chickens, so that's why they reduce the contact between them. rishaad: thank you very much indeed. right ahead on bloomberg markets, sherry and looking at the big stories of the day, and what is in store for us? shery: we continue to break down
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china's trade data. exports fell 6.1% on year in dollar terms. we will ask what that means for the country. takata, be discussing shares rallying after it is $1eeing to a fine of up to billion announced as soon as friday with the u.s. justice department. ending agroup three-month search to replace cyrus mistry. we will discuss what that means for the group on "bloomberg markets: asia". ♪
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♪ announcer: from our studios in new york city, thiis "charlie rose." charlie: we begin this evening with a look at developments around president-elect donald trump. it was revealed yesterday that intelligence officials shared with donald trump and president obama a summary of unsubstantiated claims that russia had selected personal and business information on the president-elect. hisatives speaking to candidacy. today, donald trump spoke to the news media for the first time in six months and certainly for the first time since he has been elected. he conceded that russia was behind the hacking of the democrats during the campaign.

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