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tv   Bloomberg Markets Asia  Bloomberg  March 20, 2017 9:00pm-10:01pm EDT

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haidi: it is nine and in hong kong, nick day in sydney, 9:00 p.m. in new york. i'm haidi lun, this is "bloomberg markets: asia." ♪ haidi: south korea's former leader faces prosecutors for the first time. he will answer all their questions. policymakers are -- the fbi says there's no evidence to support president trump's
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wiretapping claims, but the russia inquiry continues. we are about 30 minutes out from the open of markets in china and hong kong, but we do have singapore, taiwan, and malaysia joining the fray. japan playing catch-up coming back from yesterday's holidays. we see an eight-day gain in asian stocks. we had a 20 month high for asia yesterday. we are extending on that rally. we may see u.s. stocks falling, quite a bit of turmoil in that part of the world. a little bit more positive here in asia. here's the picture midmorning in asia. stocks sliding as the stronger yen is weighing on japanese equities.when you take a look beyond tokyo, we are seeing a little bit of a more positive picture, although australia is also declining
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about a 10th of a percent with property stocks falling in sydney. we are seeing korean shares leaping around 8/10 of a percent higher. president faces prosecutors, and the one is trading at a five-month high against the dollar. singapore upti in about a 10th of a percent after falling monday. we had shareholders of teaching -- singapore potentially looking to sell ahead of the entry of australia's tpg into the wireless market. and malaysian stocks, seeing up about a 10th of a percent, extending the game for a fourth day.last week we did see the biggest in three years into malaysian stocks in a sixth straight week of buying. when we talk about emerging
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markets, that's another indicator we are seeing a drive of appetite in that direction. taking a look at commodities, we have gold hanging onto four days 12.34.s, up to around we have oil steady at $48 a barrel. now we take a look at stocks that are on the move. have a stock falling 2.4% in tokyo, as goldman downgraded the stock to neutral.goldman says the company is likely to miss the forecast, but they stay upbeat under longer-term strategy. on the other hand, brother industries rising 5% in tokyo as goldman raised the stock. goldman says the potential operating profit has not been priced in. ppg telecom leading in asia on the rise in sydney, almost up
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6%. it is looking to make its full-year earnings. i want to end on what's going on in hong kong. we are seeing there is a correlation here within hong kong stocks as we head into the earnings season. they are moving in lockstep with hang seng index companies. looking at results to drive share prices higher in the months to come. more than a third of the firms on this gauge are scheduled to release annual results this week. we have tencent, see notes, and china mobile to look forward to. tencent is a massive one we are waiting to get results out of. let's get the first word news with paul allen in sydney. reporter: south korea's formerly her to her has arrived at the
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prosecutor's office in seoul to answer questions about the scandal that ended her residency -- presidency. she apologized and said she will cooperate. separately, members of the family have denied charges against -- of embezzlement. the debate about the pace of rate rises continues with chicago president charles evans seeing up to four-this year. however, his minneapolis colleague neel kashkari says there's no need to rush. he says the fed can afford to be patient. kashkari was the only dissenter when the fomc voted to raise rates less week. repeating thes as same mistakes over and over again, because in presently i think we are behaving as though 2% of the ceiling instead of a target. i'm reminding my colleague, let's take a step back. the rba has
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highlighted threats in the property markets and acceleration of household debt. in the minutes released today, it says the data continues to suggest risk buildup in the housing sector. domestic that had also been with income.d the central banks noticed the unusual correlation of growth and inflation worldwide. brexit will formally begin next week. the process will be launched march 29 i invoke article 50 of the lisbon treaty. the eu has said britain must not benefit from brexit. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm paul allen, this is bloomberg. haidi: thank you. the fbi has confirmed it is in
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the midst of a probe into russian meddling during the u.s. presidential election. dealing donald trump a blow by rejecting his claims that trump tower was wiretapped by the obama administration. ramy inocencio has all the details. this is the first time we are hearing this admission, is it not? reporter: you are right. taking a step back, if you are one to believe in the independence of the intelligence community -- and a reminder donald trump and the republicans did do that, they said they believe this in the run-up to the november elections regarding islary clinton -- then this what many people are saying is a body blow or gut punch to the trump white house. right now mr. comey is saying russia did in fact support donald trump, and this is in the investigation that he also says has been going on for the past nine months, ever since late july. they are looking for a couple
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things. a are at any connections between the trump campaign and the russian government. on another level they are looking for any coordination. if you delve further into that, there is a very emotional motivation for president vladimir putin, saying that he actually really does not like hillary clinton, and that is the whole reason. let's take a listen to mr. comey. vladimir putin hated secretary clinton so much that the flipside of that coin was he had a clear preference to the prison running against the person he hated so much. reporter: we can also see the donald trump white house is now in defense mode. sean spicer taking press questions after that house intelligence committee with the fbi as well as the nsa director. he wanted to get out the line that there was no collusion from the point of view, or at least the knowledge, from the president himself. >> following this testimony, it
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changed.nothing has senior obama intelligence officials have gone on record to confirmed there's no evidence of a trump-russia collusion. the obama cia director said so, obama's director of national intelligence said so, and we take them at their word. reporter: we will see how this pans out. there's already some writing on asocrat trying to see an in, opposed to seeing if they can start impeachment proceedings against donald trump. his talk.. comey and for much of the day in capitol hill, he also said this might not be the end of russian meddling in u.s. elections. since this worked, the russians, as well as moscow, they will try to do it again in 2020 or maybe as early as 2018 with the midterms. haidi: on donald trump's charge that obama wiretapped trump
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towers, and the u.s. intelligence says no. reporter: they basically flat out put that to rest. it will be interesting to see if donald trump will come out to say that he accepts what they said, that the nsa and fbi both say there is no evidence. we need to listen to what fbi director comey said in his own words. director comey: i have no information that supports those tweets, and we have looked carefully inside the fbi. the department of justice has asked me to share with you that the answer is the same as a department of justice and all its components. the department has no information that supports those tweets. reporter: mr. comey also added that if mr. obama, then president barack obama, wanted to wiretap trump powers, he would not have been able to do it alone. it needs the authorization of the legislative and judicial branches. the bottom line is that if something were to have happened, then what other branch of government would also know about
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it. haidi: thank you for wrapping that up for us, remy in a sense you in new york. looking ahead, managing money. s wealth ifasking ub there's growth beyond hong kong and singapore. next, how to play the reflation trade. this is bloomberg. ♪
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haidi: let's get a quick check of the latest business headlines. australian cleaning on catering firms spotless has received a bid from an engineering firm at a 59% premium to the monday close. resources.ay from spotless began as a single dry-cleaning store in 1946 and now employs 36,000 people in australia and new zealand. shares are up over 40%.
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down there remains halted. striking copper miners in chilly have held their first -- chile have held their first talks in a month. they would only discuss three points that maintain benefits, keeping working hours, and not differentiating between existing and newer workers. softbank is reported to have scrapped a plan to invest $100 million in smartphone potential products. the wall street journal says the deal with complicated because of the increasingly close relationship between softbank ceo and apple. to invest $1eed billion in the tech investment vehicle, called division fund. asian stocks are trading a little bit lower on this tuesday
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session, largely dragged down by japan. the fed officials reigniting the debate. from the fed speaker charles evans and neel kashkari on opposing views. the focus will be leading up to janet yellen speaking at the end of the week. with me now is the head of investment for asia-pacific at black rock, the world's largest asset manager. what are you guys pricing and in terms of what you expect the fed to do? from,here any surprises in particular charlie evans, who is usually a little more dovish? >> we weren't surprised. last week, by the time we got the announcements would come, it was priced into the markets. as we look at what's happening with central link policy, last year markets were surprised. seen two risesve
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with little disruption to markets. i think that's interesting. the macro data is strong enough. we weren't surprised. linda, i want to bring up this chart on the bloomberg. volatility or lack thereof, where to find opportunities in the market is something we talked about a lot. there's a theory about why we see volatility drop across all assets. what is your theory as to why we are seeing a world of very high risk and low volatility? where do investors go in this sort of environment? reporter: that's exactly right. this is an anomaly we are seeing. when you look at it from a cross-sectional budget three perspectives, across advocates, or implied volatility. very low volatility.
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what i think it means is there's potentially complacency and markets. is a lot of risk -- there's a lot of risk, particularly around the investments -- elections in europe and this part of the world. i expect we are going to see higher volatility for the rest of the year. haidi: we are just getting the yuan reference that has been set a bit weaker today, 6.901 against the u.s. dollar. we haven't seen a lot of volatility when it comes to the chinese currency. to be fair, most asian currencies. to change if that we get a more hawkish than expected fed trajectory? >> i would expected to change. this is one of the key risks for us for the rest of the year. we have seen strong member data coming out of the u.s. it is not just reflationary trade.
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this is more of a global story. it is something we saw in china toward the end of last year as well, moving from deflation to reflationary environment. it is good for global growth. finally the markets outside the u.s., the non-us markets, we are seeing earnings expectations on the outside. we expect this will remain relatively positive for some of the countries particularly in this part of the world.i think the macro story and growth story has been stronger around reflation. to move into a hot dish environment, we anticipate that is a risk. we it -- we expect to see a stronger u.s. dollar. haidi: could we potentially be setting up for a reflation trade where you have the scenario of a more hawkish than expected fed, but also a trump policy platform that doesn't deliver on those policies?ry
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in that case, are you looking a little less at the u.s. and more at emerging markets in asia? >> that is interesting. we have seen very strong equity market returns globally. what we identified and the equity market returns since november are two themes. the first at the u.s. markets, strong returns. but what is driving them? it is about expectations around trump policy, whether that is tax reform, fiscal spending, or deregulation. there's not much in the u.s. market returns around earning expectations. that is in stark contrast to emerging markets, especially in asia. -- strong returns in this part of the world is driven by changes in expectation. it comes back to one of the reasons we really like asia and why we are overweighting market. we believe the fundamentals are turning.
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haidi: what do you like in asia in particular? >> we like southeast asian markets. we like india. we have been overweighting in india for sometime now. we know that demonetization had a shorter term in time -- impact on growth. indonesia.e this is a market that is committed to reforms, which is a theme across the region that makes us positive on asia. haidi: has indonesia run to your heart? with in each of these markets there are areas of running hot. it's important for us to look longer-term. we believe some of the tax reform we are seeing means there are opportunities for us and our investors. haidi: great to have those insights.
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up, we get the latest from seoul asked south korea's former president faces the music, facing a grilling on these corruption allegations. this is bloomberg. ♪
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haidi: welcome back. you are watching "bloomberg markets: asia." i'm haidi lun in sydney. the former south korean leader has begun what could be hours of questioning in seoul. this is the first time park geun-hye has been in front of prosecutors. this is what she said briefly as she arrived. >> i am sorry to the citizens. i will sincerely answer investigators'questions. rosalind chin has been following the events on some -- unfolding there. haidi: what do we know?
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she could be in for some time. rosalind: that's right. generally these questioning sessions could last for many hours and is likely to go into the night. some of these sessions could be 18, 19, 20 hours long. was stripped of her presidency, and now will undergo questioning for the first time. she's expected to face charges including bribery and abuse of authority, and investigators will be looking to find the extent of her relationship with a friend of hers who has a couple of foundations. the questions prosecutors have been trying to answer our whether she pressured this is leaders to give donations to the foundation and in return gave political favors. park geun-hye apologized several
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times in the run-up to her appearance at the prosecutor's office. for ousted means there will be elections coming up to choose a new president, and they will be held may 9. in the meantime, investigations into her relationship with her friend and big business will continue. haidi: this has been such a sprawling scandal. dozens of individuals indicted in the probes. what is the latest we know? already on trial. there will be another hearing coming up thursday. he has also denied wrongdoing. and that the men and bribery charges. investigators are looking at whether samsung has donated any foundations.e
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helped leade consolidate power. his trial could last up to three months. he has denied wrongdoing, but he faces five years if convicted. park geun-hye is possibly a but there aree, other investigations as part of the whole prosecution. haidi: we also know at length about the lotte family as well. it raises questions about the survival of these and the system they operate in. trial thatight, that started in seoul is actually separate wall of this regarding park geun-hye. it does come back to corruption and the souring mood in south business andg to
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the relationship to the government. feds andming up, the why the minneapolis fed president neel kashkari says there's no rush to raise rates. ♪
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haidi: it is 9:29 a.m. in hong kong. we are counting down to the open in shanghai. you are watching "bloomberg markets: asia." i am haidi lun. in sydney, we are looking at a pretty flat session. kongll also have hong perhaps seeing a little bit of weakness. a bit of a mixed picture across the region. japan came outs of holiday yesterday, hitting a 21 month high. straight, seventh winning streak the longest respectively since april and august. .we are seeing a drag when it
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comes to japanese equities and australia as well. take a look at the stock. this is a chart that shows you the drag when it comes to chinese enterprises and the dividends. hang seng index in purple. white. --s index in index in white. otherid stock prices of major stocks like china mobile. this could be part of a trend that sle's will start paying bit -- dividends as part of an effort to make it more market-based. let's get straight to the opening in shanghai and hong kong with sophie. we are seeing pressure on these companies to pay out. .his is a big deal
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we have other analysts saying it is a one-off. there is some excitement over dividend prospects. china mobile will announce later this week. shanghai comp marginally weaker. shenzhen lower by 10th of a percent. over in hong kong, stocks are rising for a fourth day. thes going higher tour 24,000 point mark. telcos leading the market along with financials. we have the five owners of hong kong life insurance agreeing to sell to investment firm first million.r $914 one of the owners says the sale is to allow for one shareholder to take charge and grow hong
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kong life insurance's business. speaking we have property shares back to october levels in hong kong, after they were dented by the imposition of a hefty stamp duty. take a look at stocks ahead of earnings. set to announce today. tencent, the heavyweight to report fourth-quarter earnings on march 22. it has become the world's largest emerging stock by value. when it releases results, analysts are forecasting online ad revenue 44% on year out facing its internet peers. investors want to gauge how it transitions to performance-based advertising. wynn down 7/10 of a percent.
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bernstein is raising the price .arget on monday, the stock was the highest since august 2015. shares rising 4.5%. it will report its earnings march 21. the hong kong securities regulators has asked for their trading record, given the rising. haidi: investors clearly liking this. let's get news with paul allen in sydney. the fbi has confirmed it is investigating potential links between president trump and russia during the election campaign. they say there's no evidence to support claims his phone was tapped. fbi director james comey was giving evidence before the house
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intelligence committee, addressing white house claims that president obama ordered surveillance on trump tower. a lead of advisors facing a lawsuit after this securities and exchange commission accuse them of receiving more than $4 million in illegal profits. the sec suit accusing cooperman of using his status to obtain confidential information. cooperman hasn't been charged with criminal wrongdoing. another chunk of midtown manhattan could be about to come under chinese under ship -- ownership. they are leading a deal to acquire 245 park avenue, at $2.2 billion. it will be one of the highest prices ever paid for a new york skyscraper. the tenants include j.p. morgan and it is three blocks from the waldorf-astoria, with a chinese insurance group acquired in 2015. indonesia will go ahead with tax
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reforms after an nst program revealed more than 330 billion dollars of previously undeclared assets. theking to bloomberg, finance minister says discussions are underway with lawmakers about increasing the tax to gdp ratio. she also said the potential trade tariffs and protectionist policies would not help anyone. globaldirection on the economy which is becoming more and perfectionist, it will definitely affect indonesia. certainly as a big country, we still have an option in the short run. reporter: global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 companies -- countries. i'm paul allen, this is bloomberg. haidi: thank you. when the fed raised key rates last week it came as no surprise, after a chorus of fed officials offered no it was coming. what it did come as a surprise was the dissenting vote against from the head of the midi apple
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is said. our -- minneapolis fed. what did he have to say? reporter: neel kashkari has only been president of the minneapolis fed since january of last year. neel kashkari first made his appearance on the u.s. financial stage in 2008, the financial crisis.he helped put together the program to major u.s. banks under treasury secretary henry paulson. he became a voter this year as president of the minneapolis fed, and has quickly moved to a position of greater influence and power. in february he put out a special report claiming why he voted for unchanged policy. he talked about rages -- wages not rising fast enough to boost inflation. after his dissent, he put out another report here and he came on bloomberg television to talk about why. his main argument is that there
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is no high inflation threat. he says no rate hike is needed until you are sure you are hitting the 2% target. here's what he had to say. us asshkari: i look at repeating the same mistakes over because again, impotently we are behaving as though 2% is the feeling rather than a target.i'm hoping to remind my colleagues , let's take a step back, let's not repeat the same errors. when the data call for it, we remove accommodation. kashkari also noted the fed inflation forecast has been a little off the past few years. another reason not to be preemptive. watch the data, you have to keep inflation indicator, focus on that, do what it tells you to do. in his view it is telling you not to do anything. haidi: very interesting, going against the grain. even the likes of charlie evans, which is quite a does, voting with the majority. ove, voting with the
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majority. reporter: this is a man who pushed the fed to take quantitative easing, and to do it again when it was needed. now he has come much closer to the center, voting with the majority and talking about jobs growing again, payrolls averaging $200,000 a month or more, inflation heading toward the target, maybe not getting there until 2019 but moving in that direction. here's how he summed it up. mr. evans: i would say setting policy has improved since the fomc took the first rate increase back in december of 2015. this is an important fact that helps explain why my dual mandate outlook and allow me to support two or three rate increases in 2017. reporter: let's look at that dual mandate on this chart.
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this chart is simple and tells the story so clearly. the turquoise line is unemployment. fed forughly where the kassie said this year. court pce is the inflationary indicator. it is getting closer to the 2.0% target. that is the yellow line at 1.7%. neel kashkari noted that it went from 1.71% at the last said meeting to 1.74%. but for charlie evans, it is enough to have up to 3%. he said depending, even four rate hikes this year. being seenll of this in the latest forecast? we can go to the dots.
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we can see 14 of 17 fed officials see at least three rate hikes. line, nine fed officials seeing three rate hikes this year. then five more, that is the 14. that is by far and away the majority. the median forecast is for three rate hikes. one more note of caution. they have been talking about inflation expectations. neel kashkari says they are well anchored. charlie evans sees them rising, particularly if you look at market expectation. however when the university of michigan did a survey and ask people where they see inflation in the years to come, right now the inflation expectations you in the survey hit -- view in the survey hit an all-time low. consumers are not seeing inflation.it will be interesting to see .
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that's one more thing to watch as the data comes. haidi: thank you for that. still ahead, our next guest says china's property sector will pull down next year. we talk about the risks and opportunities in asia with the president of ubs wealth management. this is bloomberg. ♪
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haidi: a quick check of the latest business flash headlines. alibaba set to be considering a new bid from money gram, after a company says a rival offer could be a better deal. in january, they offered $13.25 a share in cash, but euronet worldwide increased to $15.20. worth just over $4 billion.
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we are told it is likely to make another offer. westinghouse is reported to be seeking financing to help them prepare for a possible chapter 11 bankruptcy protection. parent toshiba has already forecasted a fixed billion dollar write-down and delayed reporting earnings twice.to she was toshiba's troubles u.s.had an effect on the company. machine shifting of again. they delivered 238 thousand cars in 2016 and made an average profit of $17,250 on each vehicle. in contrast, local rivals mercedes and bmw made $5,000 profit per car. ferrari is by far the leader making far fewer cars per year, but pockets almost $90,000 profit for each one that hits the streets. ubs wealth management intends to strengthen its position as asia
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top wealth manager. the wealth management president joins us from the lounge in hong kong.it is great to see you . been 20 years ubs has been sponsoring this event. i will start with something related to this part of the market. alternative investments, inc. particular the art -- in particular the art market. we had a huge surge in interest from the mainland chinese buyers. how is the market demand given that we have had this well reported clampdown when it comes to capital coming out of china? first of all, good morning, great to be on the show. there is a long debate whether art is an asset or not. as far as i can tell, i would argue it is still a passion field. obviously our engagement is a privilege.
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it is an honor. we have been doing this for many decades. to be here in hong kong and be part of this class event is phenomenal. we use it as a platform for clients. you can see there's more and more interest in art, maybe even as an asset class. i don't think it is correlated to china money getting out. i think it's more about the tosion field and people want display and benefit from galleries that display some of the best art in the world today. absolutely. i want to stick with china. your view on china's economic outlook was upgraded last week, looking at 6.7% gdp growth in 2017. quite a bump up from 6.4%, and 6.2% in 2018. how does this play into the amount of business you are getting from mainline china versus the traditional 12 hubs of singapore and hong kong --
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well hubs of singapore and hong kong? >> obviously we have been serving china as a market for many decades. most recently we established with ubs securities industries and we are building branches throughout the limited structure we have here. china is obviously one of the key markets that is here to stay. it is a large fundamental trend on wealth being created. we want to capture that by going on sure. -- on sure. the markets have their own dynamics. we see there's more potential and the china equities market. there is a cycle and transfer growth. what would be the biggest concern being voiced by your clients right now? first of all, it all starts with the u.s.
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risk do weopolitical have, how much of the rally will be sustainable? if you look at the clients, the most institutional clients have been focused. there has been a rally. people question if it will be sustainable. in this part of the world, people ask, what about china? how sustainable is it? people want to find a better way to exit. you also see in this part of the world that people want to go global with their investments. they want to globally diversified. they are much more savvy. week -- perfectly positioned to answer these questions because of our global profile. it fits very well into today's environment, with are still a lot of uncertainty and questions about the geopolitical environment, and questions about growth. i think we are well placed to be
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part of this conversation with our clients. going to get some more of your macro views and commentary on brexit, as well as continue to talk about trump. we will continue our chat with ubs wealth management president in just a minute. this is bloomberg. ♪
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haidi: let's continue our conversation with ubs wealth management president juerg zeltner, who joins us in hong kong. thanks for sticking around. i want to pick up on the last point, this desire of chinese investors and high net worth individuals to diversify their portfolios. one of the issues with chinese market is that there's very few options for diversification, and that's why everything tends to be cyclical. you either go to equities are property or commodities.
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see,sort of options do you and is that inevitability really what's driving the fact that you are overweight on china equities? at some point, it will be at turn again. >> i do believe that china is a strong domestic economy and offers plenty of opportunities. what's also important in the china context is you use all the asset classes available. historically, china has been a market that has typically been long on real estate only.equity markets are further developing , but also alternative markets are growing. investors need to agree their own risk return profile. we advice and have a global asset allocation. assetf you think about classes in china, they should use all the asset classes. also the foreign investment.
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there are legitimate ways for chinese investors to have money outside their country, so they can fully displayed the benefits of a globally diversified investment profile. i think we are here to ultimately help them and advise them through the cycle. haidi: i want to move on to more global event. we have prime minister theresa may choosing march 29 as triggered a four article 50 -- trigger day for article 50. over the years, the challenges of what drives it could look like are unknown to us. what is your outlook when it comes to the u.k. as well as your opinion asset? >> i think that is a very large question in town. i think nobody actually knows what it means. it is too early to tell. it looks like the u.k. is calling for article 50.
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i think we are ahead of a very lengthy process of negotiations. the europe and u.k. start from very different positions. we will see a lot of negotiations in this way, and it is early to speculate on the outcome. it is something we need to be on top of. we shouldn't forget the u.k. is a large economy, a dominant economy in europe. it is a leading economy in the globe the europeans as well. , the braves have a strong interest to find a common ground -- the brits have a strong interest to find a common ground, but it will be a long road. haidi: it feels like some of the worry has come off in relation to the french presidential .lections does that leave the euro as a pretty safe bet at the moment? know, as you might know, we
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do have a euro trade. if you look at the overall asset allocation, we are long on all the asset classes, but we have a robust view on europe. the political uncertainty is still in place, but it looks like france is on a trajectory. it's too early to predict germany. if you look at valuations of the markets, it offers opportunities. that is why we have a balanced view on europe. we have to strategically position ourselves. europe has opportunities that once you look deeper and look at investments, that is why we are balanced positioned. haidi: you are very overly on the u.s., on the point where a lot of houses are moving away from the u.s.. there's a concern that trump will not deliver when it comes to reflationary policies.
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how much of a risk is that to you? >> if we look at the fundamental of the underlaying u.s. economy, i do believe it is sustainable growth. it is healthy growth. we have a clear trajectory regarding the pickup on high interest rates. it seems that is a clear path which gives predictability to markets, and a combination of the healthy economy combined with a good monetary policy, i think is a very good investment ground. i think we want to be placed for exactly that in the years to come. if you look at the 10 year treasury yields, it looks like the market is already anticipating hikes. we are thinking it stays around 2.5%, with is a healthy environment to be investing across asset classes, which is why we are long u.s. haidi: really appreciate those insights. thank you. juerg zeltner, the president at
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ubs wealth management from basel, in hong kong. the gallery is open tomorrow until friday at the hong kong convention and exhibition center.plenty more to come , "bloomberg markets: asia." ♪
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♪ announcer: from our studios in new york city, this is "charlie rose." william: good evening. -- i'm john hockenberry filling in for charlie rose. we look at president trump's meeting with german chancellor angela merkel.it was their first meeting face-to-face since trump took office. he has said germany has made a catastrophic mistake in welcoming more than one million migrants and refugees in recent years. during today's summit, trump expressed strong support for nato,

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