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tv   Bloomberg Markets Asia  Bloomberg  December 1, 2016 9:00pm-10:01pm EST

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laundering breaches. china will waive capital gains taxes for foreign investors when the hong kong-shenzhen stock exchange opens next week. straight to the markets. juliette: an interesting comment from james woods saying this buying spree looks exhausted. we are seeing some weakness in asian markets today. tech stocks under pressure, similar to the u.s. the australian market giving up gains we saw yesterday, the asx 200 down .6%. down .7%, also under pressure, casino players being sold off again today. the yen continues to extend its rebound against the dollar.
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flat in the first half hour on the shanghai markets, the kospi point 6%, mixed movement in southeast asian equity markets. fixave been seeing the yuan stronger again. the offshore renminbi weaker at 6.8842, the pboc setting parity today. a little bit stronger there. of course, the yen in focus, continuing that rebound against the dollar. the dollar index for a weekly loss. it doesn't look like it may hit oft morgan stanley target 116 by the weekend, so more of a resurgence in that currency. elsewhere, yields continue to rise in australian and new zealand bonds, up nine basis
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points on the 10 year note, 2.88 percent on that yield, the highest level since january, so bonds still out-of-favor. japanese 10at the year bond, some movement coming through there, just above that 0% mark, so a little bit of exhaustion today. haidi: thank you for that. the monetary authority of singapore is slapping financial kennedys on local bank branches for anti-money laundering breaches. rishaad: let's get over to southeast asia, how big are these fines and what is the consideration here? haslinda: getting slapped with a fine of 3.5 million dollars and $1.75 million respectively. are among banks found to
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have committed to have committed serious lapses in money laundering controls. more than $170 million in assets have in seized. what the monetary authority of singapore has done is served notice of its intention to issue what is called a provision order trader, barred for 10 years. goldman sachs in february and issued a non-authorized reference letter on behalf of a malaysian finance malaysian financier. the penalties are the latest clampdown to address damage to singapore's reputation caused by anti-money laundering activities, lapses. the wage and withdrew the severallicenses of entities this year.
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addition to what it has done before. rishaad: this has been going on for a while. how close is singapore to wrapping up its investigation into 1mdb? haslinda: almost there. it is doing the final examinations of financial institutions in singapore, -related fund 1mdb flows took place. the investigation is being done across the globe, including switzerland, the u.s., and if you recall, the u.s. department of justice said in july that more than $3.5 billion was misappropriated from 1mdb. it is seeking to seize $1 billion in assets. has consistently denied any wrongdoing, so we have to wait and see how this progresses. haidi: thank you. scandal this 1mdb
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continues to rumble along. some of the big risks ahead for the market -- bond market selloff has extended into december, a u.s. improving economy filling out this picture. traders waiting for jobs numbers later this evening asian time. rishaad: we also have that italy, aferendum in presidential election in austria. let's find out what is going on. >> we heard from donald trump in the u.s. he is talking about all the stimulus, one of the big factors big bondot just the selloff, but the selloff around the world. this chart tells the story of what this means.
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this chart tells the story of what this means. $1.7 trillion worth of losses in bonds around the world. this is the bloomberg-barclays global bond index, worst total monthly return in 26 years. that is that little red circle, showing the u.s. 10 year yields up to a level we have not seen in a year and a half. what is going on? what happened on thursday? purchasing managers numbers that were stronger than forecast, just as china a couple of days ago. let's see the pmi for november the picked it in this chart. 50, thaten above number, signaling growth for three months in a row. it has been above 54 the last eight of nine months. the white pine is industrial production, -- white line is industrial production. been rising since tom and elected.
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strong economic data, fed speakers coming up, all paving the way for that december rate hike, something that continues to fuel this bond selloff. it is jobs day. is there any chance these payroll numbers will derail the fed and move bonds? paved federal reserve has the way. they are looking at so many things to justify this, so it is hard to imagine what needs to happen. another signal, new claims for unemployment benefits have remain low. that turquoise line showing claims which rose last week to 260 8000 have been below 300,000, a tight labor market in the u.s. below that level for 91 weeks. this underscores the sense that the friday's job report in the u.s. will be healthy.
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in fact, u.s. payrolls are seen rising by 180,000, and in fact you can see that is a middling number, except if you average sign fort is a good the federal reserve as they get ready for the meeting on december 14. this should be priced into the market, but you never know. so much nervousness. if it is stronger come perhaps we will see more of the selloff continue. rishaad: let's talk a little bit have on sunday, that referendum on the italian constitution, and the prime minister is really staking his job on it. we have dangers inherent because we have a banking system that some describe as precarious. >> it is a nice way to put it. be a tie and referendum has been on a slow boil, but it comes together on sunday as italians go to the polls.
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brexit, then donald trump, now italy, the sense of a populist uprising that could change the face of the political order. let's see what matteo renzi has proposed. overhauling the constitution to limit the power of the senate, to shrink it. he says it is inefficient. people say wooden that give the prime minister more power? that is one of the reasons why they think it will be a no boat, also because there has been a turnover of the establishment. who that might help is the five-star party. it is against the eu, running against the grain, and that would build on the brexit momentum. how are market setting up for this? chartou are seeing is a showing an volatility of the tie in stocks compared to the european stocks -- the a tie in
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stocks compared to the european stocks. that difference has widened out to the highest difference in two years, showing uncertainty about italy is at a two-year high and they are putting on positions to protect against that. australia will also have the final vote on their president, one of the candidates is an anti-immigrant, anti-europe skeptic candidate. put thiss, it will question over the future of the eu. you have to worry about the euro and how this could hit markets in europe, so a lot going on. i don't think traders will be resting up. they will be in front of their screens and bloomberg terminals to follow all of this. haidi: kathleen hays there. we will be here to bring you the latest. tohaad: let's kick it out sophie with first word news. president-elect donald
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trump has repeated his pledge to make america great again as he theched a victory tour in midwest, claiming credit for keeping hundreds of jobs saying it is not time to downsize dreams. he also said america would maintain its trade links to the rest of the world, but there would be changes. we want to compete in the world, but we will compete in the world where it is a two-way road, not a one-way road. the advantages are going to come back to our country. to wave capital gains taxes for foreign investors when the hong kong-shenzhen stock connect opens. it will the the same for investors buying chinese shares listed in hong kong. be levied onstill institutional investors trading hong kong stocks, and a 20% tax to dividends earned by individuals trading shares.
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season spending will be affected by the decision to leave the european union. 2000 people surveyed, 17 percent say brexit will have a considerable impact on outlay, while 8% expect a slight effect. overall, it found they will spend slightly left on holiday gifts this year. thailand has its first new monarch in seven decades after the crown prince was formerly proclaimed king. he accepted the army-backed government invitation to take the throne and will be known as rama x. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. haidi: let's take a look ahead
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to the rest of this hour. china is known for its strict censorship rules, but now evidence that the regime is a blocking we chat messages outside the country. rishaad: ken donald trump deliver the economic boost he is promising. you're watching bloomberg. ♪
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haidi: you are watching "bloomberg markets: asia". how in the guess says the economy is the biggest in a fishery of donald trump's presidentcy as long as he says what he will do. you are saying 2017 is the year of trump versus the fed. tell us more. >> absolutely. one of the biggest battle's of
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2017 will be trump versus the fed. we have a dovish fed that will be more dovish and 2017. two hawkish members will be leaving and two dovish members will be added to it. against that, you will have trump and his administration. it is by definition caucus because ofhawkish the policies he is talking about, so it is a dangerous situation when you have a fed that is dovish and trump ahead of the curve with his inflation policies. haidi: markets are continuing to drink this kool-aid, treating it as if these inflationary expectations and infrastructure is a done deal. creatingarkets just this narrative and buying into it? >> i don't think so.
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i think what he is talking about makes sense, and if he does what he promised, it will be successful. the most important part is the infrastructure spending. there has been talk of $550 billion to $3 trillion. i think $550 billion will be too conservative for what markets have priced into yields. rishaad: what happens market if we get a truly awful jobs report? would it derail this forthcoming interest rate hike or is it a done deal? >> i think it is a done deal. the markets have priced in a better than 90% probability that the fed will hike. report is a jobs massive mess, they will still go. could affectg that
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it would be a negative payroll was a veryearnings weak number, but i think they will go and this is more of a bump in the road. is there a chance that we are underestimating how much event risk is coming up over the next three days? risknday going to open up for a broader variety of assets than we are pricing in at the moment? there has been a a lot of sleepless nights going forward, and i think it will continue for the next few days. italy, austrian presidential election, the fed, payrolls. if you think about the trump presidency, a lot of people aren't very experienced in the public sector, so when they open their mouth, they have to be
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careful that when they say something, every word they say will be put under a microscope. as these people go forward and we see lots of data come out in the next few days, that will be volatile. what also will be volatile is whatever they say as they go on this victory tour. rishaad: donald trump is not paid attention to what comes out of his mouth, in particular. have ten-year treasuries yielding 2%, 4%, 3% at the moment. what is that telling you? market isf all, the buying into the infrastructure plans donald trump has. 225-to when we get to 50, we see cash being put to work. this time, we are not seeing that at all. we are seeing more selling, stop outs, and more of a panic trade.
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i think that will continue. i think what trump is doing is going to be successful, and the market is saying this is not a technical move where the market will come back. this is a structural move in the u.s. dollar rates, and it is becoming clear that what trump will do can be successful, and even more clear, the dovish fed right now is no longer in the driver seat of low yields and the volatility. is replicated in what you see when it comes to the asian markets, these outflows that of come out, it is not time to come back in yet. is not yet time to come in and start picking up again? >> absolutely. i think you are seeing it and yen, 114 right now. more importantly, you are seeing it in the emerging markets. emerging markets was one of the biggest beneficiaries of qe
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policy. everyone was taking their money out of the 90's states and putting it into emerging markets, where there is higher yield and higher reward. now we are seeing the opposite. emerging markets are getting hit very hard, as well as mature currencies like the yen. rishaad: absolutely. that may represent a buying opportunity, but alas word on steve mnuchin as trekkers -- treasury secretary would mean. >> i think steve mnuchin was a savvy pick, will grounded in markets and understands how markets work. there might be a little issue with him just because during his confirmation process, they will bring up the fact that he bought a failed lender in the middle of the housing crisis, but ultimately the confirmation il prettyhould sa
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smooth. anyone who isn't familiar with fame while trouble trying to figure out how to pronounce steve mnuchin's last name. up next, black friday drives the u.s. auto sales. why japanese carmakers are miles bond -- beyond the rest. this is bloomberg. ♪
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u.s. auto sales on track for a seventh straight record year after beating estimates in november on the back of lying on black friday. something,ll me japanese and korean brands particularly did well. absolutely, yes. they all did pretty well, toyota, honda, nissan, hyundai,
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kia, they all exceeded the industry growth rates. overall, the month was off to a pre-election jitters affecting sales, but it seems they turned things around. we saw a positive month and a bit of a change from the recent trend of suv's up and cars down. the suv's did do well, but there was less of a drag on the car's side than we have seen in previous months, so nissan also did very well, exceeding estimates. it was a good month even for honda, though they did miss expectations. haidi: toy yoda made headlines with sales -- toyota made headlines with sales and its new model. >> we had that announcement overnight. is the best-selling
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car in the u.s., and it has been for so long. once the calendar rolls around, it will be the 15th straight year that it has been the biggest selling model in the u.s.. it was a surprise this new model was coming so soon, a quicker turnaround for a major change to this model, only three years since they last introduced the new version of this. we will find out more about that model next month at the detroit auto show. to be an upit going or down year for the u.s. carmakers. looking at 2016, very quickly. moment for this year, it is touching go. throughs were down october. at the end of november, up 0.1%.
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rishaad: that's all we have time for. thank you for joining us. haidi: more on chinese markets after the break. this is bloomberg. ♪
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.ophie: sophie kamaruddin the singapore monetary authority has imposed fines for breaches of money laundering in relation to 1mdb. the former fed chairman ben bernanke says china does not meet the definition of a currency manipulator. conference in beijing, he said china was well, buthe yuan warned trade relations with the
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u.s. were less certain following the election of donald trump. ben bernanke said policymakers in japan must do more to achieve 2% inflation. formed the second-largest dealmaker with an annual capacity of 60 million tons. the group emerges from the splicing together of other companies. the company is estimated to employ 228,000 people and has assets of more than $100 billion, second in size. the french president said he won't seek reelection next year. power promising to reduce unemployment, but the rate remains at 10%. he is the most unpopular leader in french history. first to not seek a second term. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries.
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this is bloomberg. haidi: thank you for that. this is "bloomberg markets: asia." i am haidi lun. rishaad: i am rishaad salamat. japan having its lunch break. yes, i'm going to have a look at some of the big losers in the region. this is the company in seoul, korea, a military equipment maker. s k security said it is facing uncertainty in winning new orders, so one of the worst performers in terms of market cap on the regional index. lamy's showing weak sales. it came through with a note this morning saying it has seen more weakness in its china business. about $500 million wiped off its
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market cap. dena down 7% after it closed a number of websites that had been's reading fake news, publishing articles providing dubious health advice, so some weakness coming through. picture, china has turned negative, down .3% even though goldman sachs came through with a note saying they have cut to market weight from overweight, some perhaps why we are seeing selling in that index. strength pushing that down by .5%. a retreate have seen in commodity players weighing on the asx 200. it is down .7% today, but we are seeing upside from most of southeast asian markets, but not singapore, pretty flat. it had been higher for eight consecutive sessions, the longest winning streak in around
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two years. having a look at the bond market, selling coming through today. the 10 year yield on the australian note rising by nine basis points to 2.88%, the highest level on the yield since january, so bonds still under pressure. japan, a little uptick coming through in that 10 year note. having a look at the japanese yen, strengthening a little against the dollar. play intoth going to the japanese equity market when it opens in an hours time. rishaad: thanks. china announced it will waive capital gains taxes for foreigners who trade on the hong kong-shenzhen exchange link. haidi: it starts on monday next week. let's get more details from our reporter, benjamin robertson. hurdle fored a final foreign investors before the length began. be keeninvestors would
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to minimize taxes, and this was one question that have not been answered. rishaad: how much have they learned from the shanghai connect. the rules, the technology seems to be the same. the selection of stocks will differ for foreign investors. they will have access to what we call china's nasdaq in shenzhen. comingnese investors out, they will have access to a range of small-cap stocks not previously available. haidi: i guess they are managing thectations because shanghai-hong kong stock connect did not take off. these are high-growth, new economy stocks. also, more prone to speculation, shall we say. >> the authorities at the exchange in hong kong and shenzhen have been keen to dampen expectations for the launch in early days.
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take up, be gradual part of the bigger picture of china's opening up, reforms, etc. we have seen the shenzhen exchange issue cautionary statements on their website to comingrs, thinking about to hong kong, to be wary of some of the tricks in the small cap's segment here. rishaad: are we going to see any kind of blurring between the h-shares and a-shares? it is hard to say at this stage. .e said that two years ago it did not happen for various reasons. i see no reason why should happen now in the early days. thei: it also feels like stars are aligning. i think i'm mixing my metaphors there. things are coming into place when it comes to the buildup to
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another bull run, property price curbs. they have to put their money somewhere, possibly good timing. coming out of money of china, chinese investors have been moving money southbound from china to hong kong in recent months. we have seen close coming out of china greater than going into china. one suggestion being that chinese investors are looking to buy stocks in hong kong, moving money from renminbi into dollar assets to capture capital gain and dividend yield, but also to capture the currency play as the renminbi weakens, the hong kong dollar assets appreciating. ,f investors in china continue you can see more outflows. haidi: that will be another key gauge of outflows. that'sucer tells me
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stars aligning and ducks in a row, so there you go. rishaad: a problem stacking up for the bank of china, the pboc under pressure from the falling yuan and wave of capital outflows. china correspondent tom mackenzie is in beijing. what is at this time? tom: another burden weighing on the shoulders of the pboc as they look to january, when there will be a reset of this conversion quoted that the chinese people are allowed to use, up to $50,000 every single year. is tradingthe yuan near that eight year low, there is concern there will be a rush for the exits. if you consider that 1% of the population, 1.4 billion people approximately and china, if they were to max out their quotas, outflows of $700 billion.
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that would easily eclipse the $620 billion in the first 10 months of this year. chart that also illustrates a sharp uptick in the amount of exchange deposits in domestic banks that have been converted by middle class and wealthy chinese into foreign-exchange as they expect a stronger u.s. dollar, and people looking ahead to that likely fed rate hike later this month. in terms of the policy implications, there is something of what one economist described as a trinity of the impossible, a country cannot have a fixed exchange rate, an independent monetary policy, and open capital borders at the same time. something has to give. another element of uncertainty is trumped moving into the white house. he said china is manipulating its currency to gain a competitive a vegan -- competitive advantage.
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rishaad: tell me something here, what options does the central bank really have at the moment on the table at this stage? optionses have very few . there are three obvious ones, they can let the yuan weaken, burn through fx reserves, or up capital controls. at the moment and up until now, we have seen a mix, but there seems to be more emphasis on capital controls. we have seen curbs put into place for chinese firms looking to make overseas acquisitions. it will be more difficult to move yuan offshore to convert those into foreign exchange. in terms of the context, we have out $1.5 trillion flowing of china since the beginning of 2015. the country does have the biggest foreign-exchange reserves in the world.
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thee fell in october to lowest level in five years, just over $3.1 trillion. a former did speak to policymaker at the pboc. he says there will be a lack of stabilization for quite some time when it comes to china's fx policy. haidi: tom mackenzie there for us in beijing. rishaad: donald trump has confirmed that he is nominating a former marine general as he kicked off his thank you tour in the midwest. rishaad: he claimed victory on the jobs front. some pretty big names are skeptical. others aregross and saying beware the trap rally. saying investors are misguided and thinking donald trump's tax cut,
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infrastructure spending, and looser laws will translate to faster growth. he is blaming the strong dollar, aging demographics, and hired debt to gdp ratios putting productivity at 1% annual growth rate, and therefore real gdp growth at 2%. should adds investors move to cash and cash alternatives and says the bond of durations should the far below benchmarks. with wall street's bond king, he says they've rally in stocks is losing steam. he says "there is going to be a buyer's remorse." the dollar will go down, he says. the dollar has peaked and will move sideways. gold is going to go up in the short-term. it has already lost about $100 per ounce since november 8. he says financial markets could reverse at the latest by january
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20, the inauguration of president-elect trump. midwestp is in the u.s. celebrating success in keeping jobs in the country and out of mexico. trump was in indianapolis, indiana celebrating a win to keep about 1000 jobs in the country. was goingy, carrier, to send jobs to mexico. the company will now get 7 million dollars in tax breaks and invest $16 million in the state. trump also reiterated calls to build a wall with mexico, but carlos slim said americans have more to worry about than mexicans. he was on bloomberg television early thursday. he is going out of nato and other international, he has the risk to lose international leadership of the united states. mr. trumka moved on to
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cincinnati, ohio to start what he calls his thank you tour after winning the white house. next, ready to spend. rishaad: why ogilvie is setting on muslimts sights consumers and why others should do the same. ♪
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despite having a young and growing population with disposable income, muslim consumers have long been overlooked by major brands. rishaad: ogilvy has caught up rise of the muslim middle class and how global brands can engage them. >> if we think about some of the big global picture trends, one .6 billion muslims in the world, but they are younger than any ,ther group around the world
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one third under 15, and two thirds under 30. they are growing in asia, where 60% of muslims live. they are part of the rising economy and the global middle class. global business thinking about opportunities and growth, then it should be right at the top of your list. are not looking at this potential, are they? strange fact. muslims by stuff and have a huge amount of money to spend. and they are very young. if you are thinking about where to invest your brand dollars and want to grow a loyal segment, young muslims, that is where you should be investing your money and product innovations and communications. >> the consumer lifestyle sector alone for the muslims, expected to grow to two point $6 trillion
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by 2020. which of the companies ahead of the game? we start to see brands that are thinking about either product innovation or introducing communications. in southeast asia, up line of clothing designed by muslim women for women generally who want to think about modest w ear. unilever has launched shampoos aimed at muslim women, but also brands dipping their toes, apple and android feature muslim women in their advertising. dolch and go obama thinking women in theng for middle east. consumers are saying this is too slow and they want more products, better communications, and full engagement from these global brands. rishaad: when you talk about
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communications, what are you referring to? >> how should global brands approach and speak to the muslim consumer? >> i don't want to feel like i am second-best, that you thought about your products and communications for everybody else and stuck a stamp on it. that is not good enough. young muslim consumers are saying we want the best of rands designed for our requirements, so we want to see the lifestyle we lead and the moments and insights properly reflected. there are saying don't just assume we are muslims. take the time to develop thinking, insights, and use the art of marketing to reach out and talk to us. up,aad: right, coming change at the top of starbucks. haidi: what does it mean for investors? this is bloomberg. ♪
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rishaad: starbucks had a frozen time of it, down 13%, actually 3%. this is on news of a big change at the top. to hand thetz is reins to his lieutenant, but will remain at the company in another role. jolted investors by announcing that the ceo howard schultz would step aside,
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tossing the reins to the number two lieutenant kevin johnson. the surprise announcement went something like this. focus to the my next wave of retail renovation, i am sincerely pleased that kevin johnson, our current resident and coo, a seven-year board member, and my partner in running every facet of starbucks business day to day over the last two years, will be assuming the duties of starbucks chief executive officer in april 2017. on shares initially fell 10% the shock value of the announcement, even though many on wall street say kevin johnson has been at the country for seven years, and when he took over the coo job, many believed he would in fact succeed howard schultz at some point, although not this early. howard schultz announced in that sound bite that he will be focusing on expanding starbucks
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while the main team, kevin and his team, are in charge of the starbucks stores. in terms of wall street reaction, some believe this arrangement of divide and will be a win-win. however, take a look at not just the one-year chart which shows the strength of the company, but the 10 year chart that shows weakness right around 2008-2009, the tail end of howard schultz's luster parch or from starbucks. at that point, the share price had fallen to half of its 2006 pete. those on wall street that observe the company that howard schultz's return gave a new surge of energy to the company that was needed. his technology expertise they
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say has proven to be a big win in terms of the company's electronic a systems, and they say the new ceo will have a few challenges. greater foodill be sales, and hence and the loyalty program, and fighting what appears to be a whole. let's head to china now, the country's most popular messaging app is applying censorship, even when abroad. has joined the queue of companies excepting stricter internet rules. censorship is rife within china, but this is going beyond borders. recent study found that of the 846 million active users, those who registered with a china-based mobile number, their messages are getting
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filtered according to stricter censorship rules, even when they send them a broad. those who register outside of china don't face the same restrictions. wechat estimates numbers at around 70 million. you have had some experience. haidi: my account was registered in beijing, and even now when i use it around sensitive times -- rishaad: how do you know you are being censored? haidi: you can't send combinations of six and four. sophie: we have seen companies like linkedin and line acquiesce to gain entry, where is google and twitter have not. the dooris knocking on again, the new york times reporting that they are
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designing tools for china-based censorship. tencent is complying with the local rules and regulations, but concerns around transparency. they are not letting users know when these messages are being intercepted. let's look at tencent shares, down 2% earlier when i checked. there, trapping further away from the record high it hit and september, when tencent became asia's most viable company, overtaking alibaba. rishaad: tell me something. they want to expand their tentacles globally. bes is not exactly going to the good news or right image. is seeingncent domestic market becomes saturated.
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they have to go overseas, and the majority of wechat are still on the mainland. in may, the president saying they're pulling back when it comes to promoting overseas. rishaad: angie is coming up. about donaldlk , and, twitter, tata thailand gets a new king. that's all coming up in the next hour of "bloomberg markets: asia". stay with us. this is bloomberg. ♪
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♪ >> from our studios in new york city, this is "charlie rose." charlie: alexander leventhal is well known in the financial community. she is ceo of leventhal and company. she was diagnosed with tremors at the age of three. it is a nerve disorder that causes involuntary shaking and effects an estimated 10 million people. a new drug called high-intensity focused ultrasound using 1000 ultrasound waves directed at the area. on august 22, she became the second person in new york to undergo the procedure. we are here with her to discuss


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