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tv   Charlie Rose  Bloomberg  June 7, 2016 10:00pm-11:01pm EDT

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claiming victory, hillary clinton winning new jersey to secure the democrat nomination. she is the first woman to lead a major american party in a white house campaign. follow me on twitter. "trending business." straight to the markets. porter: of course we are awaiting key trade data due out of china. looking at the shanghai market ahead of that number coming through. coming through with quite a bit of loss after a fairly flat open. down .6%. a public holiday in china and hong kong tomorrow. china will also remain closed on friday. good movement coming through from petrochina. quite a bit of weakness.
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singapore, malaise yarks taiwan and the philippines looking quite good. korea holding on to gains from yesterday. weakness coming through on the nikkei 225. we had the first quarter g.d.p. numbers coming through in line with what the market was looking for. we have seen japanese stocks if you can't. that is due to the fabblingt that we are -- fact that we are still seeing some weakness. down.5%. still an hour to go in the morning session. weakness in australia. down .2%. just want to do a quick check on the aussie dollar as we await these dollars coming through out of china. leaving rates on hold yesterday and the yen continuing to
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strength playing into the equity market. through 107, 106.76, rish. rishaad: we have a survey, bloomberg survey expecting more signs of stability but perhaps indications of weakness. >> still waiting for the numbers to cross. a little bit delayed today. but you're wait. we're going to see maybe a return to a little bit more weakness. is that the right way to put it? march there was an abher ration. abheration. numbers are often disported because of the holiday when so many factories in china are closed and then they reopen and numbers go up and numbers go down. this may expected to fall 4%. that is the consensus estimate from economists surveyed by bloomberg in april it was down
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1.8%. we're expecting at least two months in a row now of falling exports after that march abher ration. if you flip the page, this is why it might get confusing. the consensus estimate is for an increase of 1.5%. a third straight month of higher exports. you have to take into account last august, the yuan's depreciation. it continues depreciation against u.s. dollar. you get differing number here's. i want to bring up the import number. that was a good indicator of domestic demand. there is some stability happening here even though we're expecting an 18th consecutive month of falling imports but it has moderates in dollar and yuan terms. the value of oil of course has gone up. commodities has been a bit shaky but the value of oil being higher than it was, say, a year ago perhaps improving those
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numbers from those sharp bekleines that we saw about -- declines that we saw about nine months ago. rishaad: we want your opinion. include the hashtag trending business as well. the race to the white house, hillary clinton a step closer to the democrat nomination having been called a victor in the new jersey primary. she is expected to be the nominee and receive the backing of president obama. this seemingly is an historic moment for american politics. >> yes, it is. hillary clinton just tweeting a few moments ago a picture of herself with a little girl. to every little girl who dreamed big, yes, you can be anything you want sh even president. clearly this is the message that she is going to use as she takes the stage in just really a few moments here in brooklyn.
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she is taking the stage very soon. she is supposed to talk about the historic nature of this night. again, it is not official until the national convention this but she has secured the sport, the pledged support of enough delegates to become possibly the nominee of her party. this is a big moment for her and she is definitely going revel in it tonight. rishaad: she is going to try to get everybody onboard. she doesn't want a divided party. she needs to get the supporters of bernie sanders to back her. how does she do that? >> there is going to be a lot of behind the scenes conversations. negotiations. not just between her and the sanders campaign but i'm sure the democratic party is doing with going to be involved in this. what is sanders' role going forward? he has not officially dropped out of the race yet.
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he has made indications that he could go all the way to the national convention and try to have as much influence there as possible. but you know, tomorrow, this next week, we may see him have some conversations, try to whether it is influencing the party platform or getting out on the campaign trail, with hillary clinton, you know, pushing the message that he has been pushing, income inequality and trying to work that into her campaign a little bit more, we fight see there might be some coordination toward them in the future. we don't know. it is too early to tell. there will be conversations. they are delicate. it is going to happen in the ext few days or weeks. rishaad: we have of course the presumptive nominee there, donald trump. he is heavily criticized for his comments about a federal judge
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but he seems to be sticking to his guns, isn't he? >> he definitely is. he just gave a speech here in new york just a few moments ago. he took the stage and he has been embroiled in this controversy over the last couple of days. we'll start there. it has been a rough week for him. he is being called out by many, the leaders in his party for saying things about a federal judge here and they are calling on him to be more presidential, to be more scripted. this is the very thing that trump hasn't been. it has contributed to his success, how authentic and kind of off the cuff he has been in the past. the republican party doesn't want him to be that type of candidate anymore and they have been calling on him to be a little bit more presidential. he read from a teleprompter tonight. he gave in all respects a pretty boring speech tonight and that was seen as sort of a gesture to the leaders of the party, kind
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of him saying look, i can be presidential if you want me to be, but he did have some line lines in there. he said he understands what it means to be the republican nominee and i will not let you down. he talked about beating a rigged system and he promised to give a speech about hillary clinton, botes hillary and bill clinton next week which we expect he will make a strong case about why he thinks she shouldn't be the nominee. rishaad: the latest on the u.s. election race. let's look at some of the other stories we're following. japan, the prime minister there perhaps getting some better news after a set of dismal data in many respects. reporter: the economy on a slightly stronger footing for the first quarter thanks to a fractional revision in
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consumption and business investment. g.d.p. revised up to 1.9% from the preliminary 1.7% figure and in line with forecasts. maybe some relief for shinzo abe resolve the ing to economy problems. we saw better figures in jab. plenty of headwinds ahead. a slowdown in overseas demand and then yen strength remains -- for 2016. we are around 106 now. economists are still expecting some type of easing next week or in july. big endorsement to india. amazon plans to invest $3 billion more to invest in the country. they are chasing growth outside the u.s. made the announcement
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in d.c. he also met with president obama. he said amazon has created some 45,000 jobs in india. he has targeted the country as an area ripe for growth and has been spending to challenge flip cart. just last week he said amazon is doing most of the last mile deliverries and opening more distribution centers in independence yania. let's -- in india. > a slowdown in china hurt luxury sales hard. shares down about 2%. full-year profit with a 46% drop. the world's largest publicly traded jeweler blames the slump n the lack of enthusiasm for retail. sales grew by 26% thanks to
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newer markets such as the u.s., taiwan and south korea. bloomberg intelligence says these retailers' efforts to grow beyond mainland chain and macau may reap little benefit. it may be tough to get main hand tourists to buy a hong kong jewelry brand opposed to an international one when they are abroad. rishaad: a top investor believes tesla will reach a market value over the next couple of decades. we'll have a look at that one. coming up, friendly skies over china. looking to form new alliances. which asian airlines are in the running there. this is "trending business." ♪
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focusing on import data because that shows about the demand. while they are looking for a contraction of around 6% to 7%, we're expecting a better number, a slight contraction of 1.8%. 1.4%. if that turns out to be true, it basically implies that the investment momentum still probably is well preserved into may and that is against maybe
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the market consensus which is more bearish. rishaad: steve and i talk about this quite often and use the word stability. we see more and more signs of that now. even if we don't take the data literally but use it as a guide. >> it shows a lot of stability in sequence rble terms and it is showing a lot more stability from march into april and then coming into may. so we think that the most likely continued stabilization in data in year-on-year terms and i.p., and potentially retail sales as well. rishaad: that is it. retail is becoming more and more important. the p.m.i. services side becoming more and more important here as well. how do you characterize what is going on there? at the same time we do have these according to the ex-president xi in that speech two days ago, they want to
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redouble their efforts on the supply side reform agenda. what are they doing there? >> i think that is a very good point. china is going through a very important megachange at the moment. the transition away from the managering and towards the service based and more away from the investment to towards consumption. at the same time the supply side is not ready for such a change that demand side has moved on. as a result we're seeing a lot of the demand for chinese to go out of china and purchase for example sonic care toothbrushes, toilet seat covers that are designed in japan, etc. at the same time, the supply chains in china are not equipped to produce them very well yet. rishaad: on the manufacture side, up the value chain, these things will take time as will the transfer to a consumption-based economy. looking at the program today,
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the province, in a part over the so-called rust belt, generally speaking, things are not well when it comes to the old economy. >> that's right. there are two parts about the supply side reform. one is really pushing up the value chain, whatever is happening, that we want to push it forward with technology, with innovation. at the same time, i think what you described is the companies, especially metal and mining, a lot of them are companies with a massive employment issues. you're really trying to basically strike a balance between the two hoping that you can help you know slow down the decay in this sector and probably get some help from the better ones. at the same time, for the innovation and technology part you wand some major growth drivers to emerge. rishaad: that is what you need. what about the c.p.i.? we're getting that hopefully the
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next 24 hours. aduding to what you have been saying, i think the numbers are 46 consecutive months where we have seen them negative and showing inventory overhang and gross inventory capacity. >> absolutely. e have seen some stabilizing sides. p.p.i. and inflation. maybe we're seeing a little bit of improvement but as you suggested the overall deflationary pressure -- rishaad: that is the old economy we're talking about. >> exactly. on the c.p.i. front, it has been relatively stable. a little bit of easing in terms prices came ry down. rishaad: how important that now? >> it is very likely given that the food prices, especially
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vegetable prices have been coming down. it is a look at the recent release from hong kong and taiwan. the food prices were largely becoming a drag to have overall price inflation numbers. that is the good news. rishaad: ok. >> at the moment it remains relatively accommodative. compared to the extremely accommodative first quarter, it is probably not as much when the central bank is mitigating. at the moment, they probably don't see as much of a need to come all the way out to tolerate such high pace of credit extensions domesticically. the key reason being that the capital outflow had been sloge. as we saw yesterday, the outflow has been largely coming down. there is no point in turning the engine on the domestic side too quickly.
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rishaad: thank you for joining us. >> stories making headlines around the world now. malaysia's troubled state investment fund is -- its lickety position after moody's withdrew on one of its bonds. it remains focusing on its rationalizeation plan. the debt amounts to 1.75 billion. a dispute with abu dhabi's sovereign fund led to them deing n april. the bank forecast g.d.p. will grow by 2.4% this year. a downward revision of the 2.9% it predicted back in january. toyota is facing more bumps in the road.
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they have received complaints from owners about onboard navigation systems. the complaints come across the chicago area. they have not yet found the cause. ranking inhe highest the dependent rblet survey. this is bloomberg news. rishaad: coming up, the -- defending the u.n.'s exchange rate as being transparent. how it measures up against a basket of currencies. ♪
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rishaad: it is 23 minutes past 10:00 in the evening in brooklyn, new york. it looks like the presumptivive
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democrat nominee for the white house. the election due to take place in november. hillary clinton set to make u.s. history becoming the first major -- the first female leader of a major political party on the hunt for the white house. she won the new jersey primary. it is a delegate heavy steath state with 126 democrat delegates. she would be the first woman to run on the presidential ticket. california, new mexico, montana, it is suggested that we will have north dakota going to her rival bernie sanders as well. on the other side, we have donald trump. he was the winner south dakota. he has a task ahead of him as he tries to win other states but he is the presumptive republican nominee. that's what we have at the moment. inntson set to make a speech
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brooklyn. donald strump in an uncontested republican primary in new jersey. he called her something not to be trusted at all and said she made tremendous mistakes as well. this is the democrat frontrunner and presumptive nominee for the rouse. hillary clinton: i am so grateful to you it is wonderful to be back in brooklyn here in this beautiful building. and it may be hard to see tonight, but we are all standing under a glass ceiling right now. [applause] but don't worry, we're not smashing this one. thanks to you, we have reached a milestone.
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irst time -- the first time in our nation's history that a oman will be a major party nominee. [applause] tonight -- tonight's victory is not about one person. it belongs to generations of women and men who struggled and sacrificed and made this moment possible. in our country, it started right here in new york, a place called seneca falls. [applause] when a small but determined group of women and men came
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together with the idea that women deserve equal rights and they said it for us in something called -- rishaad: hillary clinton there speaking in brooklyn, new york. we're back after this very short break. ♪ okay, ready?
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whoa! [ explosion ] nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity.
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rishaad: our top stories. hillary clinton calling it a to stone as the first woman achieve the party's nomination. bernie sanders claimed victory in north dakota. japan's economy -- more than initially reported. helped by private consumption.
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g.d.p. expanding at 1.9% giving some relief there to prime minister shinzo abe. we're still awaiting trade data from china, due any moment. malaysia's investment fund defending the liquidity position it has after moody's withdrew on one of its bonds. moody's withdrew its rating for what it called business reasons and a dispute with the sovereign fund, defaulting on a payment in april. let's get to the market action. topsy-turvy. we have at the moment the glass half empty feeling amongst investors. >> we are waiting for this china trade data. it is about half an hour late. there has been a little bit of nervousness. we are seeing the regional index
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off those six-week highs. the market down .7%. extending those losses after a pretty flat start. we're seeing weakness as we wait these key export, import numbers. still some support coming through from the energy players. crude $50 a barrel. shanghai energy in the red. looking at southeast asia, a bit of a mixed picture there. a topsy-turvy morning session on the lumple break in japan. we have been seeing the yen strengthen after the first quarter g.d.p. numbers came through and korea holding on to that solid gain from yesterday out of australia and new zealand, extending its declines to .5%. oil and gas stocks quite well supported.
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having a quick look at some of the movers we have been watching. shares at a three-week low after profit numbers that came through after the bell yesterday. saying it is going to be targeting chinese tourists abroad as its profit fell. merchants in korea coming under a bit of pressure after nouncing a plan to issue shares for a debt -- this is from the -- it is sige iron reseen at $40 a ton in 2017. that has put a damper coming through on those iron oreplayers. still some weakness from the aussie dollar. rish? rishaad: indeed looking for these? s as well. perhaps bit of weakness out there as well.
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having a look it all of that and indeed more, what we can find out what happened the implications will be, steve is watching for these numbers. >> still standing by waiting for them. waiting for the statistics bureau in beijing. we're expecting in dollar terms, we need to separate this between dollar and yuan terms. let's start with dollar terms. exports expecting a 4% fall in may yearover year. that came off the heels of arch's big jump upwards of 11.4% it is following the big dropoff in february. pept-up shipments had to be done after the factories got cranking again and exporters started sending stuff again. 4% expected down. we can look at it in yuan terms,
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the numbers are a bit skewed. expected to be the third month of increased exports yearover year. the pace of growth is moderating the consensus estimate for a gain of 1.5% in may. domestic demand is a key indicator by the import numbers. we can see in dollar terms imports expected to have fallen for a 19th consecutive month but again, that is also moderating a bit. 6.8% down. that could be attributed to the rise in oil prices over the last year because again, china is a net importer of oil and that is priced in dollars. imports in yuan terms. similar story there. 18 straight months of fallen import numbers year over year. moderation expected about 2.5% down. all right. we're waiting. rishaad: ok.
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-- tryingays, looking to countera similar move by a low cost group. tweaking the ties a two-year turnaround strategy. why a different tact? >> well, it is no longer business as usual. demand is changing and thai air needs to add destinations. it will need to acquire a partnership and given that it doesn't have the money to do the former, it makes sense for them to form alliances with as many as 10 other carriers. that way it gets to provide connectivity in big markets. yes, a change of tact. a tweak to its turnaround plan.
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the space as you know is getting more competitive with more and more budget carriers in that space. eight of them, they are forming avines nce called value to fend off competition from big rivals like asia. arriers have to stay nimble. rishaad: what is the market saying and what are they saying about airlines such as thai? >> on the surface, it looks like a big deal because it is the first pan asian low cost alliance but it may not pose that big a threat after all. some say value will stretch from japan to australia. it will sell tickets right in meals across the grouping.
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it brings together flyers. it is unfazed. the c.e.o. said that it will be difficult for value alliance to a rdinate schedules to macha rival. rival.- to match a 90% year to date versus the 12% ain in the bench mark s&p. analysts are divided in the call for prospects for company. recommending a sell. eight suggesting a buy, a hold. rish? rishaad: thank you very much indeed for that. let's quickly check on some of the other stories we're following for you. after postponing the offering, tel latelowering $--
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lotteborrowing and it is pushed back to july at the earliest. some are accused of taking money from cosmetics money nature remember republic. japan well, banks stepping up a.t.m. security after losing more than $16 million through fake cards. they are lowering the withdrawal limit for customers using foreign cards. the withdrawal took place on may 15 in some 17 areas across japan. police have arrested three suspects. indian prime minister met president obama in the oval office after they announced an agreement to enact a deal that india was reluctant tonight join when it was negotiated in paris last year. the two countries announcing a deal for westing house electric.
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the united states and india, a gray market for everything from f-16 fighter planes. glencore may be -- the medical lurge cal coal in australia. -- metalurgical coal in australia. >> that's right, rish. b.h.p. billiton and glencore not the only ones. the coal mining out of china. coallobal management and x expressing interest in these two mines. they are coal mines. angloould see 1.5 billion american is unloading these to raise money to pay down debt and
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focus on other parts of the business like diamonds, platinum and copper as well. bids closed on monday. it is not surprising that none of the parties are commenting. this is all based on people familiar with the matter. hey are selling out of a metalurgical coal business in india. buying b.h.p. out of the largest coal main in indonesia. b.h.p. said to be expressing interest in these two mines in queensland, rish. rishaad: thanks a lot for that. coming up, one of the gains into box office gold. "star wars" in china. that's up next when "trending business" returns.
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rishaad: this is the scene over imperial palace. some good news out there which gives abe quite a bit more wiggle room when it comes to the economy. revisions to 1.9%. he it was 1.7% before. asian equities are down. asia pacific stocks falling before this chinese trade data that we are still waiting for comes out. ydney market down. we had declines last time i checked. some of those being reversed with a rise right now in some of these -- emerging markets. singapore is one of them moving to the upside bucking the asia
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pacific trend. this is what we have in hong kong. we're awaiting that trade data. that is the equity position for the asia pacific. at 10: 43 hong kong singapore time. >> stories making headlines around the world, david cameron has accused the leaders over the brexit campaign of lying to voters about the risks of leaving europe. he spoke on the rep. referendum which is two weeks away. he said the campaign is resulting in truths to get people to take a leap into the dark. undecided voters hold the key. the new zealand interest rate cuts this week are waning. there is a chance of it being lowered to 2% cash rate on
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thursday. economists views mixed with 10-17 surveyed by bloomberg expecting the rate will be held at 2.25%. rising fuel prices, tax increases and a housing boom may give wheeler a cause to delay despite flagging inflation. china is speeding up efforts to build a manned deep water lab in the south china sea. they said it will be used to search for minerals and could be as deep as three kilometers below the surface. beijing said it owns 80% of the water way although it is contested by five southeast asian nations this is bloomberg news. rishaad: now the force of "star wars" in china seems to be no match for "warcraft," the which is debuting today in the mainland. will the online game inspired
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film appeal to nongamers? let's bring in the president of the media company watching the entertainment and media industry for three decades. so good of you to join us. is it fundamentally -- can can this movie appeal to nongamers in china? >> well, look, i think i totally agree. it is going to be huge. the number of screens that the movie is being released to this china has never been as high as for this particular movie. that is working for it. the social media buzz is huge and the game has a very loyal following. it is interesting when we look at some of the critics reviews of the movie itself, i mean, you can hardly say the critics -- you got -- but one of the things we know, sometimes the critic may say one thing but an audience will do another. at one point we know it is going to be huge in china.
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if it is huge in china, then by definition, the total box office will be great and in fact, there was a report out today that indicated by 2017, for example, china will be the biggest box office market. so if it succeeds in china, it will do well elsewhere. will it go to critical acclaim? maybe, maybe not. rishaad: if it makes money, let's face it. job done. >> yeah. big budget. about $160 million budget. so it is not a small production. yeah, it is important, though, that i think it does well globally, not just in one market. but yes, from a pure monetary viewpoint, it looks like it is going to be a hit for sure. rishaad: of course it is that question of nongamers liking it here as well. the point is does it need the nongamers given the number of gamers being so massive in this chinese market?
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>> look. what we're really seeing is this crossover from a game into the movie. it used to be the other way around. we're now seeing great gaming content morphing and becoming movies and becoming other things. the point is what's happening here if is we're seeing monetizeation of that super fan. it just happens that that super fan was initially attracted to the game. this is a very cool way of monetizing that super fan and that social media buzz around it. so actually probably not. the gamers will probably carry this one through. and i think we're going to see more of these types of -- transitions from games into real big box office spends and games. rishaad: ok. well, this is also kind of a business political story as well, isn't it? this is kind of one -- when you
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look at disney's star wars here isn't it? >> well, yes and no. we have seen a lot of rhetoric in the last week. i think many of the comments were quite frankly quite harsh. disney is forever investing in new characters. the way they have exploited their marvel characters is absolutely fantastic. this is a battle initially about and the shanghai disney park. there is a lot of rhetoric around that. i would not necessarily say it is legendary. one thing i would say, we need to understand that for example, with disney and their part, it is still majority owned by various parts of shanghai and shanghai government. it is not just about the
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profitability for disney here. i think the rhetoric, i'm sure the rhetoric is really one sided. rishaad: commercial and political rhetoric as well and rivalry here. let's go to star wars for a second. star wars perhaps been a bit disappointing with the chinese. well,down to essentially, it has not been part of china's -- when the first one came out? >> yeah, that comes back to this point about monetizing a legacy. the warcraft legacy is a games legacy. the star wars legacy was probably not so prevalent in china. it was very strong outside. that is -- there is just an element to, you know, the relevant, both are very relevant, but it just happens that it was the gaming community in china that is this very loyal
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and particularly the game genre. that was probably you know, it is just kind of different typing and different loyalty. but the important thing is he's are huge franchises and brands in themselves and they will be monetized in different ways and i would come back to the power of social media. rishaad: is hollywood's reputation and its business in china getting a fair go? very, very quickly. >> yes. but it can do better. rishaad: less than 20 seconds. great talking to you. marcel joining us from singapore. lots more to come, including what happens next when the yuan moves to the u.s. now involving perhaps one american bank, an unnamed one. we'll be talking about that and more when "trending business" returns.
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rishaad: china's strengthened against the dollar after the biggest two-day decline since february. >> the concern of some market participants, it is starting to go down to road of depreciation again today. suggesting that it is the
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two-way moves. this is where we're at at the moment the yuan has fallen 0.8% against basket of currencies so far this week. the lowest was october, 2014. the u.s. dollar dropping just .10%. you can see the decline that we had in may. 1.6% in that month. the biggest decline since we had the massive deevaluation in august of last year. stronger against the dollar but weaker against the basket which effectively allowed them to control outflows through that u.s. dollar. that sweet spot seems to be over. goldman saying we see a weaker yuan. resizing these capital outputs that we had last year.
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the other way to look at this is the impact when it comes to china's fx reserves. this is playing out for foreign exchange reserve in may. reserves fell to the lowest level since 2011. the yen and euro weakened. they reported in u.s. dollars. that's how we saw that decline. china's currency stockpiles fell by $28 billion. that is a little bit more than expected. we have having said that held fairly steady so far in 2016 after the shrinkage that we saw in 2015. may's decline does extend that shrinkage to 20%. coming down from four trillion down to 3.32 trillion. capital economics saying movement in dollar will adopt play a key role. the bank of singapore says it is
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quite clear there is a preference beyond depreciation. there is a limit to what they can push that to. without getting into these concerns about competitive deevaluation and currency wars. the deputy governor said he thinks the exchange rate has been stable and transparent. rishaad: thank you very much for that. getting to this breaking news. hillary clinton cementing her position as the democrat candidate for the white house as she according to the associated press has won new mexico and the primary there. that's it for "trending business." "asia edge" is next. ♪
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♪ angie: it is the middle of the asian trading day. that is a live look. a glorious day in hong kong. reading some chinese data as you look across the region. some weakness in hong kong. this is "asia edge pickup -- "asia edge." ♪ hello, i am angie lau. china makes up for its latest trade data. numbers were due and hour ago.
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then again strengthens -- the yen strengthens as numbers show japan's economy grew more than previously thought in the third quarter. -- in the first quarter. hillary clinton will be the first woman to lead a major presidential bid. also coming up this hour, hong kong has plenty of billionaires, but no billion dollars startups. we will ask why the city is gaining a reputation of risk-averse. keeping an eye on these markets. a fairly unconvincing day. we have been waiting for the chinese trade data, really dominating sentiment in the morning session. down .8 of 1%. japanese equities went on a lunch break down one third of 1%, really hurt by the stronger yen. energy stocks -- crude holding

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