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tv   Bloomberg Technology  Bloomberg  July 26, 2017 11:00pm-12:00am EDT

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saying it is a win-win. allident trump says it is down to him. treasuries a little mixed in the asia session after they climbed overnight. sank, thatthe dollar is all to do with the fed and what a lot of people thought was inflation outlook. inflation expectations have been driven a lot by the 10 year yield. this chart will show you exactly that, although since last month, since around may or the beginning of last month we've seen that relationship is an somewhat. this is key in telling her yields could head. very important for what the dollar is doing. look at that plunge in the right now the lowest level since may of 2015. very close to that long-term support level that we've seen since 2015.
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what does it mean once it crosses that threshold? are we going to see more selloffs? that is the big question, not only for what's happening in the u.s. but across asian markets. we are seeing asian currencies gaining ground on the back of the plunge in the dollar. that's give more details from juliette saly who is taking a look at the markets. what are you see? -- were you seeing? juliette: are seeing some broad-based buying across markets today. .8%, a lot of support for those tech players. to the downside, coming through in the large-cap stocks. the weakness you're seeing across some of the chinese equity indices is not hurting the overall regional index. it's the biggest jump asian equities so far since june 2. we had the regional index holding at levels we not seen
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since december 2007. a lot of support for the commodity markets today, the banking index in singapore rallying on the back of the oc the developers continuing to jump out of the box on the hang seng, up by .3%. let's look at some of the movers in detail. i mention the story about the property developers continuing to get this big run, the biggest jump we've seen since november 2007 for that stock. china continuing to rally as well. you have nintendo looking very good in that tokyo session, it's on the lunch break. that's after the first order numbers were a beat. the merchandise company came through with some pretty good numbers as well. to the downside, a few of the
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small banks under pressure in australia. toshiba down by about 6% on the lunch break into cap -- the lunch break in tokyo. "it's his, one we've been watching is the aussie dollar, rising above $.80 u.s., the first time we've seen that since may 2015. you have continued momentum coming through in the commodity-based currency. this chart here shows the trade weighted exchange rate versus the rate at record lows, yesterday the governor trying to talk down the currency but we know we don't have inflation anywhere near that 3% target. the rv. no talk from
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shery: juliette saly, thank you so much. the move in the currency markets reflecting what the fed has said. policymakers their reinforcing that they hope to start unwinding the balance sheet in september while inflation is being watched closely as it eyes another rate hike. mark, it's great to have you with us. tell us is this dollar plunge reaching extremes? think itk many people is quite stretch, with a one-way trend since early january that's making market slightly wary that some markets might cause a little bit of a bounce. the reaction yesterday to the fed decision which was slightly dovish but not overly dovish does show that maybe a lot of the market were betting on the dollar bounce already. seems like there was less complacency than i saw and less than the market saw -- than the
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public saw in the market. shery: would you say that the fed statement was any different are that different from the previous statement in order to warrant such kind of reaction? it took me by surprise and i think that shows short-term traders were betting on a hawkish surprise. it suggests a lot of short-term traders were betting that maybe the fed might specify the exact date balance sheet reduction might start. instead the phrase was it will start relatively soon. that was interpreted as being less imminent than just the word soon. not only was it not a slight hawkish surprise, it was slightly more dovish than they expected. it seems like short-term traders were betting on the chance the hawkish surprise was not delivered. shery: any chance for carry
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trades in this environment? >> in the last couple of weeks we've seen them all emphasize tooe's no rush to normalize quickly. that's after a month ago we had the whole narrative of court native mobile tightening of policy. ahead of jackson hole was the next chance for major policy shift and that's about four or five weeks away. the carry trade will do well, traders will look to collect yields for the next month where markets should be relatively calm and benign. wonder, given that now we have this huge expectation of the balance sheet run off or an announcement being made in september whether or not the fed doesn't come through, we will see massive volatility. mark: at some point there's an
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expectation, the market is unsure how balance sheet reduction will be taken by the market and that will cause a lot of nerves ahead of that event. peak andsee volatility then the start of the balance sheet reduction may cause some turmoil. that may delay fed hikes but there is still hope from the fed that there might be a hike at the end of the year. i think the market believes that the balance sheet reduction that maybe hard to deliver when there's no sign of sustained inflation pressure. always great to talk to you. thanks for joining us out of singapore. you can follow his commentary live on the bloomberg. get a market rundown in one go, get their commentary, expert reaction to everything that's going on and also what is affecting your investments right now. let's get some other headlines with paul allen joining us in
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sydney. paul: the chinese industry maintain the pace in june and helping indebted companies deal with our own. profits rose more than 19% from a year earlier, increasing the pace from a month earlier. the commissar lowing estimates in the second half suggesting company borrowing costs may increase. growth in south korea slowed in the second quarter as investment eased and export crimes fell. the economy had been showing its fastest expansion's 2015. gdp grew by .6, down from 1.1% in the previous period. analysts they should not be taken as a negative sign. the senate rejected a simple repeal of obamacare is debate on health proposals raises questions about the republicans
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ability to pass any kind of bill. the amendment was similar to the informal care act repeal that passed congress in 2015 and was be told by president obama. the debate will culminate in an all right vote later this week they could feature dozens or even hundreds of amendments. toconn has confirmed pans diet plans to invest in the u.s. setting aside $10 billion to build a manufacturing plant in flat -- a mentoring manufacturing plant in wisconsin. about 3000ploy people initially. >> the tv was invented in america. -- yet, america does not have a single lcd plant to
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produce a complicated system. we're going to change this. it starts today with this investment in wisconsin. >> efforts to in the gulf crisis into reached an impasse. a source tells us saudi arabia, bahrain, egypt, and the uae have yet to respond to calls from the u.s. and the u.k. to launch direct negotiations with doha. the crisis began on june 5. 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. still ahead, we will be speaking exclusively to the ocv ceo is a singaporean bank beats estimates. next, keeping investors call.
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-- calm. this is bloomberg. ♪
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shery: let's get a quick check of the latest business flash headlines. lowestfits ms. the analyst estimates. net earnings came in at $350 million, well below the mean forecast of $468 million. facing eroding market share in other countries. auto sales fell across south korea following the july 2016 expiration of a consumption tax incentive. japan's most popular messaging service topped estimates in the second quarter after handing off its phone and camera business. it's not forecast of 52 million thanks to the one-time for a
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gain of $93 million. .ser growth had flagged the nintendo's which is becoming a money earner. second quarter celfin profits topped estimates. operating profit was 145 billion dollars, beating forecasts of $95 million. currency gains also help boost profit after the yen fell 10% against the euro during the quarter. nintendo collects about 25% of its revenue from europe. a little bit of debate going on on whether or not the fed statement was that different from the previous one with officials saying it would begin unwinding the $4.5 trillion balance sheet relatively soon. let's bring in the head of asia asset allocation at ubs wealth management.
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thank you so much for joining us. let's talk about what the fed said. was the market reaction, the dollar yield sinking, warranted here? >> the statement was not that dovish. we can see that on the inflation side, there is some can learn. on the balance sheet reduction, that were much more clear. we shifted that after the statement. we think announcement will happen in september and the rabble start in october or november. , we good for our clients think there's more upside for the euro. probably start to talk about tapering. shery: you do see the balance sheet run off starting in
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september, policymakers do seem to be not emphasizing the impact on the exchange rate. i do wonder, we've never seen this sort of experiment done before. if we see a spike in the dollar, when that be very deflationary and counter what the fed is doing? could we expect that? >> the run-up itself would be very boring and slow. rates inthink interest the long run will spike. the target is 2.5%. doesn't sound like we will see massive pressure on the treasury which could spike the u.s. dollar. what about volatility, because the expectations are so high now for the fed to do something in september and >> volatility can we got. it's something the fed maybe
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wants to do. we've heard janet yellen speaking about valuation of the equity market. we think the run itself should be quite boring by itself. you don't want to scare the onket, but what we can see the fixed income side over the , more volatility and liquidity globally has the. we think there's more value on the equity side, the fixed income side will be more challenge because central bank globally is starting to change their monetary policy. shery: 20 comes to investment grade bonds, we're seeing this attractive you'll pickup over the u.s. counterparts. ton you say that is a reason hold these bonds, at least here in asia? we don't tell the clients they should completely go out credit and bonds. we just think there's more value
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on equity side. there is still a bit more of a pickup. investment grade bonds are more prize for perfection. default in thee local market in china and it could travel to the offshore market, but on the other hand, emerging market corporate bonds benefit from a recovery into my did prices, so that's how we position are portfolio. shery: so you're shifting away from bonds and going into equities. this run-up to the bull market in equities, a lot of people are saying it's getting really stretch. this chart on the bloomberg alongg the bull market with the fed and the boj and the ecb are just pumping more money and liquidity into the market.
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now are seeing this cautiousness coming from central bank. this has to mean that the cost of funding will rise. the environment will become very different what been past few years. that doesn't worry you? let's it's been the most unloved bull market we've ever had. investors, they start to hedge themselves. they don't believe in the continuation of the rally. we had that nine your bull market in the united states, a bit less in asia. going forward there will be more and profit taking. having said that, we see that earnings are accelerating. we don't think the market has overshot. the global macroeconomic story has improved and at the same
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time inflation is not really picking up. it's holding back constrained age growth. we did have a goldilocks scenario that can push the equity markets higher. shery: that brings me back to inflation expectations. we're seeing a little that when it comes to short-term and long-term inflation expectations. this chart showing breakevens for the two years are slumping while breakeven for tenure and five-year is gaining ground. what do you take away from what the fed has said? 2%, somewhat below 2%, is that a fundamental shift in how they perceive inflation is not being transitory anymore? >> we don't think so.
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inflation is still with us. effectk it's a temporary , is rolling back inflation. we think it will start to pick up. we still have one interest rate hike the fed that will most likely happen in to denver. we don't think the fed has shifted but they're clearly focusing now more on the balance sheet. the u.s. economy is doing well and don't have a lot of inflation pressure. going forward, there is a natural and strength coming from robust organization and that's holding that weight road but it is still increasing in the united dates at a moderate rate. from this perspective it puts the fed in a very comfortable situation. thank you so much for coming to the studio. , moodyave breaking news
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is changer outlook for the chinese banking system to stable from negative. again, movies has changed their outlook for the banking system in china -- movies has change your outlook to stable from negative. more details as we get them. coming up, the race to asia's top aviation hub. this is bloomberg. ♪
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shery: the race is on to be the top aviation hub in asia. around half trillion dollars is this -- to be spent around the region. our asiang in aerospace reporter. tell us the reason behind this drive. >> the reason is basically with the economy rolling, there are
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more middle-class people here in asia. a lot more in china, a lot of coming up in indonesia. there are more people that can afford to travel now, so that has driven the market. boeing and airbus, they estimate the air travel market to grow 2.5 times bigger than what it is now. the chinese for example are expecting travel to grow almost quadrupled from what it is now and become the biggest market in 20 years. obviously there's going to be a lot of people who want to travel and that's why people are investing in airports right now. we think about travel hubs in asia, we usually think about hong kong or singapore. how are they trying to cope with this? tothey are also expanding keep pace with the growth in demand.
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singapore has just built their fourth new terminal and they're in the process of building terminal five which he the same, similar to the one they have now . it's going to be a massive investment. hong kong is also driving some of the infrastructure, building the third runway and a passenger terminal that can accommodate the growing number people that will travel there. it's not like they are standing alone, they are investing. shery: does the airport hub strategy still were? -- still work? ofyes, we do have a lot long-haul nonstop flights but airport still to provide that hub status because not all flights go to places like to cap from europe. they need someplace to transit and uncle -- hong kong and singapore's to provide that service. shery: thank you so much for joining us on the airport
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investment going on here in asia. looking forward to the afternoon business and tokyo. c-shares gaining ground in the morning session despite the in strengthening. this is bloomberg. ♪
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>> it's 10:29 p.m. in washington dc. the fed that policy unchanged but confirm the unwinding of the balance sheet will start relatively soon. the start of normalization would be a milestone in recovery program now in its ninth year. fed watchers say that turn relatively soon signals the bank could announce the timing of unwinding and it next meeting scheduled for september 19. white house chief strategist steve bennett is said to backs funding middle-class tax cuts with a new top rate of 44% for
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those earning more than $5 million at your. were told it's unclear whether president trump would support such a move, which would be the highest rate in 30 years. the president said he wants to help the middle class but analysis shows it would mostly benefit high earners. russia's threatening to retaliate against the -- new u.s. sanctions sing at all but --ned east rest relations east-west relations. the bill came less than three weeks after president trump prudent help meetings at the g20. --global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. a pretty good session, you can see most regional equity indices are tracking higher. the best gain for the msci asia-pacific index since june 2, up over 1% on the index.
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taiexve taiwan's incredibly stronger as we see rally in the tech players. also positive momentum coming through from commodity-based markets. copper continuing to add to that solid rally's shawl on the -- solid rally you saw on the shanghai composite. the hong kong market wells or did by development stocks, up by .4%. strong earnings out of singapore and south korea boosting those markets. let's look at some of those stocks we've been marching in the session. a number earnings coming through at of singapore. 26%. ocbc profit coming through in singapore was very solid with strong rallies coming through from the singaporean banks. dbs also looking good.
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nintendo looking solid in the tokyo session, first quarter profit after the bell yesterday was a strong beat. andung off record highs fortescue metal slightly higher. fourth quarter iron ore shipments rising by 3.4%. south korea's want leading the gain but a lot of movement coming through from commodity currencies. no currency weaker against the dollar in asia today. much. thank you so markets have been driven by what the fed is doing right now but we did get some data points out of asia this morning, especially south korea.
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second-quarter gdp figures out. bang in line with estimates, growing 2.7% on the year but this was still a slowdown from 2.9% growth in the previous quarter. dbs bank saying this was because but allall in exports in all temporary. retail sales rolling. samsung at record highs, not surprising given their profits at the estimates. surgingabout net income $9.6 billion last quarter. chart on the bloomberg showing you that samsung's revenue is about 12% of the $1.4 trillion korean economy. the larger part of that economy in 2013, and were seeing this conglomerate driving not only
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the south korean economy but also the market. let's discuss a little bit more about their earnings be. net income of $9.16 last order thanks to the new gallic -- new galaxy s8. peter, give us some of the highlights from this earnings result. peter: as you say, it was a strong quarter for samsung. ,stimates had been quite high about 10% ahead of the average analyst estimates. the smartphone was a combat from the troubles they had last year and the chip business has been very strong for them. samsung is benefiting not just in this mark phone business but also making a lot of the components and selling them to their rivals including apple and
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some of the other strong competitors. talk about the chips business, is that because the prices are still relatively high in the market and that is helping samsung? fundamental skills that naturally drive their profits? >> to, nation of those two things. they make a range of chips. they been able to benefit from their memory chip, not just the increasing prices for the chips but chips are used in almost everything we see now, not just mark owns but all sorts of digital devices from tablets and other sorts of things. they have rising prices for a lot of these chips but also a growing market for all sorts of companies including amazon and apple and many of their competitors in the smart phone business. we've seen that infamous recall of the galaxy.
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can we say that the troubling times are over now? peter: it is amazing to see the resiliency in the samsung business while they're going through these very traumatic trials. the recall last year, the note 7 at the flaw in the battery world that's where they had to recall the entire line. you think that we do some .erious damage to the brand the ceo is likely to testify in the coming days in the trial over bribery and embezzlement that cost the president of the country her job. in the midst of this their .usiness keeps chugging along they are showing a lot of resiliency as they push forward. peter, thank you so much for joining us from tokyo the latest on samsung's earnings. another company doing pretty
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well, petrochina. shares trading higher at the -- after the company forecast a rebounded prospects. the company says revenues have been boosted by higher oil prices. our china correspondent joining us now from beijing. tom, give us some of the details here. tom: as you say, quite a turnaround for petrochina. they're forecasting that incomes came in between 9 billion yuan and 11 billion yuan. that would translate to about $1.6 billion u.s., compared to $78 million u.s. the same time in 2016, which was their worst since they listed in 2000. a bit of a bump in the share price since the last time i looked. this is down largely to the increase in oil prices which
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average about $45 in 2016 and now is around a low $50. also some cost-cutting at the company and it puts petrochina in a similar field with the likes of shell and a son who also expected to post stronger profits on the back of this relatively marginally higher oil price. they expect these more positive revenues and stronger net income will continue to improve in the second half the year as well. shery: what sort of cost-cutting measures can we see out of petrochina and will let continue? >> they put out a statement late on wednesday with the details and said they would continue to optimize their business unit and asset structure and reduce expenditure overall, is what they said.
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but there was no change in what we heard after the first quarter results when they said they would increase capital expenditure for the first time in five years. that's expected to improve or increase output, but not -- they expect output to continue to decrease in 2017 but it will likely pick up in 2018. , that is likely to be sustained. they have a target of increasing that by about 10% in 2017. petrochina saying in terms of the oil price they expect it to mid level, continued uncertainty around oil prices according to petrochina. otheras been echoed by oil majors. other uncertainty pointed out is pipeline unit,he
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whether they plan to sell off some of those assets or list them or spin them off completely. will be asking questions about that regarding the stock. but shares in petrochina positive today following that seectation that they will up to 1.6 billion u.s. dollars in net income for china's largest listed oil and gas company. tom mackenzie in beijing, thank you so much for that. just ahead, better than expected quarterly profits and the ceo joins us exclusively to talk us through the numbers. this is bloomberg. ♪
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shery: welcome back to bloomberg markets asia. hilton worldwide says it is continuing to work for china's
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h&h group and is not concerned that beijing's crackdown on risk-taking overseas. 25% of hilton from for $6.5e in march billion. the hilton ceo says the stakes are worth about seven .5 billion dollars today. meg whitman has quit the port of and she left accurate enterprise in 2018. the decision comes after report she was speaking with uber about succeeding the ceo. it continued to fall modestly after hours. cooper home -- hopes to name his new boss -- uber hopes to name its new boss in september. second-quarter net income rose million u.s., 15%
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more than what analysts had been asked acting. they acquired barclays wealth units in singapore and hong kong for just under 200 already million dollars last year. andstay with a story crossover do haslinda amin his with the chief executive. it's been a great quarter, so what is driving these numbers? it's wealth and insurance operations. the question is whether it's too early to pop the champagne. sam, good to have you with us every 22% of, investors or and was looking at a 5% increase are there about. should we pop the champagne? how much clarity do you have for the rest of the year? good to be with you. the results we announce for the second quarter are good because
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all the three inch that ocbc have, banking, wealth management, insurance, are doing very well. looking forward, we believe the momentum is still there, but some of it is market driven, so it's difficult to forecast what the future will look like. i can say that the momentum has continued into the first quarter and the second quarter. you completed your acquisition of barclays in november. have you fully digested barclays at this point? >> barclays has been fully integrated and we've been able to cross sell the capabilities into our original franchise. and were introducing more capabilities into the barclays franchise. as linda: are there plans to further expand the wealth management business? minted everysia is three days, so there is great
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potential. what is the strategy? >> we will continue to build the business in organic growth as well as recruiting from the market. marketnds on opportunities. haslinda: market equity is the highest in two years at 12%. do you see rising are always going forward, and what are the prospects? >> if the momentum continues, the return will be good. good quarter. going forward we will continue to focus on that because that is the return to our shareholders. it really depends on the return to our shareholders. >> what is the risk-reward? >> there are even risk that we always face. some of the policy risks in the
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countries we are in, those are the risk. in terms of economic, in the near-term, there's probably not much, but i must add that economic fundamentals have improved quite a bit, but i would not classify it as strong, is that would've expected it to be a few years ago. so it is better, but the underlying strength is not particularly strong yet. haslinda: those linked to the oil and gas sector, what is your perspective? on it? have we seen the worst of it? question situation has stabilized. i would not say for the oil and gas sector, because of continued depressed oil prices, that recovery is in sight. i would not say so. i would say that recovery is not yet in sight, but the situation
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has stabilized. haslinda: so you will have to add to your provisions? >> as the market continues to be slow, there will be a time where some of our clients who currently could be performing will fall into the nonperforming category. it doesn't mean that ultimately aere are losses, but from cash flow perspective it will be impacted. it's possible there will be new additions. linda: is it possible to let us know how much provision your setting aside for the rest of the year? give us a ballpark figure. where there is a loan that needs to be provided against, we will always provide that. it is always adequately provided. >> is it fair to assume there will be a tight financing conditions for highly leverage
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sectors? is that something we should be expecting? >> i would say so. the first to be impacted will be the higher leveraged sector. we should always be cautious about that. we have artie taken that into account. there is also the sensitivity test that we built into the model. >> we've been talking about a higher rate environment and singapore ranks have been raising fees as a of that. is it fair to assume that the rising seas will continue and our consumers ready for this environment? or should we be expecting them to have issues in mortgages and credit card payments? >> i'm not upset about the mortgages. we've been riding them at a higher interest rate assumption than it currently is. so there is some more cushion to
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go. generally speaking, if the interest rates were to rise, they will have to come up with higher leverages. they have to be more cautious in their future investments. has linda: your operating across the region. which industries will see a challenging environment? >> each country has their own set of internal challenges. in terms of the policy, i think developing countries all have policy risks that we have to face. >> we have to leave it there. group ceo joining us this morning. performance, 22% rise in profit for the second quarter. we will see how the rest of those lenders do. anka so much for joining us with that great interview with the chief executive of ocbc.
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alibaba ins aim at the lion city. this is bloomberg. ♪
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shery: welcome back. i'm shery ahn. let's get it check of the indian markets getting underway. this in sex, highest level on record, the two markets have been gaining -- we saw volatility fall to a multiyear low for the rupee. wallet trilogy seems to be that, given that we saw the plunge in the u.s. dollar. near the weakest level in two years. his seeing the rupee gaining ground, .4%. let's focus on one company, amazon, which is gaining a foothold in singapore with one
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of its most aggressive services the prime now to our delivery service in everything from chilled beer to samsung mobile phones. the director of operations has an talking through the move with haslinda amin. >> what we found is singaporeans singapore hasand been shopping on for the longest time. we've decided to match the requirement of convenience and prime now is offering of value proposition of delivering products at convenient speech with great selection and prices. haslinda: where next, malaysia, thailand? >> i'm super excited about prospects here in southeast asia. this is a great space for us to
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be in. this is day one for us. haslinda: so what happens next? what would make sense to be the second market in southeast asia? >> we will announce the launch of amazon prime soon with additional benefits. i would ask used -- i would ask you to stay tuned. haslinda: your late in the game in southeast asia. what is your strategy to overcome the challenges and competitors in this space? up every morning thinking about my competitors. i wake up to thinking about what consumers want. the strategy is about trying to understand the customers want and work backwards from that. that's how we develop the prime now offering. this is the ninth country that were offering in.
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consumers love the fact that they can skip a trip. haslinda: what is your competitive advantage compared tenlibaba and 10 sent -- cent? how will you be different? >> what prime now offers is a curated selection of local products as well as products we brought in from our overseas marketplaces and making all that selection available to customers to be delivered in one basket with free, to our delivery. haslinda: could it lead to a price war? >> there are many layers in the retail marketplace. competition is good for the end consumer. i would say we play on many different deal. on prime now, it's a unique match of selection and
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convenience that we believe customers will love. haslinda: could you win on cost? onamazon has prided itself great selection, great convenience as well as low prices. we don't intend to change that. haslinda: are you looking at mergers and acquisitions in southeast asia? >> we are open to it. for us to be able to evaluate companies to buy or to merge, there are many different factors. i will not discuss our future at this time, but if any of our viewers are keen on this, let me know. shery: we're seeing the asian markets gaining ground, the highest level since 2007. disney gaining for a third consecutive session. the aussie dollar past $.80 despite the rba governor saying
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rba does not need to follow global timing. let's look at the hang seng index, at a two-year high. we will have a breakdown of the markets next on bloomberg markets middle east.
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