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tv   Bloomberg Technology  Bloomberg  March 27, 2019 11:00pm-12:00am EDT

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we will examine the appetite for electric cars in china as a string of new companies rev up to challenge tesla. this is "bloomberg markets." theinda: premier li keqiang focus this hour. it concluded of the focus on the chinese economy. he talked about how confident he is about the chinese economy. deficit is not topping 3%. that seems to be the line in the sand. -- theble government question is, have we seen the turnaround in the economy that many have expected? he talked about steady in the first two months, but the question is what the next few months will bring? rishaad: he said look of her
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full-year, not the first two months. the government will stick to its current strategy of targeted limited policy reports. not going to be unveiling massive stimulus packages. let's have a look at the reaction we did see to what was island by the premier. has been moving. 10 positive by 1% for chinese equities. we are down from those in the delta. it is quite large overall. china shanghai compost seems to be unmoved. the hang seng is a essentially flat. this is the position with regards to all the stoxx sliding generally in the region. we have sovereign bond yields moving into the downside. people have been piling it into bond markets.
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this is a look at these companies that are related to eight ipo's, which could be coming on stream on the tech board in shanghai. anybody connected seems to be doing rather well. 1% for beijing. digital china information services are 4% up. haslinda: premier li keqiang said the opening of china is the primary policy. let's get to tom mackenzie who is in hainan. what were the main key takeaways of li's speech? there was really nothing new. tom: there was not anything new in terms of promises to open different parts of the economy. these promises were made in the past. covered up comments about the chinese economy. what was interesting was additional details we got from the chinese premier around the
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chinese investment deal that was signed off by the legislators a few weeks ago in beijing. investment while with skepticism by some of the foreign business community. they came down to the implementation. he gave details which may go to easing those concerns. he said they will move very quickly to implement this new law, which is about leveling the playing field for foreign businesses in china. they were drafting matching regulations by january the first. they would heat input from foreign investments. i had a comment from the u.s. china business council vice president. he said they have already been consulted by officials on this foreign investment law, and they are seeing signs that it is being expedited. a positive there. a negative, something that is being watched by those in china. premier li keqiang said the newly revised negative list will
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be out by the end of june. it will be shortened. we will wait to see which sectors will be on the list, and which sectors will be open for foreign investments. oftalked about the banking brokerages and insurance sectors that said they would speed up ones to reduce those caps ownerships. something we have been talking to members of the banking community about and their keenness to see movement in terms of those reforms and policies implemented. he talked about forced tech , intellectual properties, insuring intellectual-property violators are punished. to of these things are a nod the u.s./china trade negotiations that are kicking off, or restarting in beijing today. rishaad: we seem to be closer to a deal with reports coming in that it is implementation, and ip being part of it to getting a deal.
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off with hisarted boss, president xi, talking about multilateralism. almost in opposition to what has been happening in the white house. tom: once again, you have a chinese leader taking to a global stage, talking about upholding the multilateral trading system and globalization. many would still raise an eyebrow at that. many would claim it is retaliatory measures against, for example the canadians, whether it is canola shipments from canada to china, or the australians with coal being held up. many see those as retaliatory actions. you hear lines about this. china would say it is building out its belt and road project to include more people. said they keqiang
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would try to align the belt and road initiative more closely with other regional initiatives. listening to some of the multiple concerns about that project. he talked about the economy. he said he thinks he is relatively confident in terms of the economic growth, despite some bleak numbers we had yesterday. some industrial profits. suggesting policymakers do have the tools they need to support the growth, and ensure there is not a hard landing. andalked about the deficit how the budget deficit is around 3%, something of a red line. they shift that onto regional governments. regional governments here have been issuing debt four times the level that we saw back in 2018. that debt pile up is increasing. premier li keqiang said there were areas within the government to put to use. he sat idle funds to stimulate the economy.
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he talked about the 2 trillion of tax cuts, and social security cuts that will kick in from april the first. that duck tales with early indicators we had. get something of a pickup in the second or third quarter of the year. but at what price? credit, credit, credit. that was the line. haslinda: we talked about how his speech is aimed at u.s./china trade negotiations. how far will he go? -- will it go? tom: how far will it go in terms of trade negotiations? they talked about intellectual property. the chinese have put in place measures to strengthen the regime to adjust some of those concerns. those connected to the u.s. political environment, they tell
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us that the crucial questions are being grappled with by the likes of lighthizer, mnuchin and around the enforcement mechanism, and the question of paris. it is difficult to see how china can sign off on a deal without some pledge by the u.s. to remove at least part of those tariffs on $250 billion worth of goods. the enforcement mechanism and goods and the question of tariffs as negotiations restart in beijing. rishaad: tom mackenzie there on hainan island. let's get more on trade as the indicted states and china near a deal. the trump administration is testing beijing on its geopolitical redlines. the united states sent a warship through the taiwan straits, criticize travel restrictions into bet -- in tibet. tell us more about these moves
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and how they fit into the trade negotiations. they must just be piling the pressure on. we have china piling the pressure on extraneous thinks. -- a newew after aircraft rather than boeing. thatl these things show us while trump is pushing for a deal on trade, there is a wider strategic competition between the u.s. and china that is still playing out, and it was the last will be on any trade talks that might be resolved in the short-term's. taiwan is a redline for china, and has been for years. warships heading through the taiwan strait. the u.s. is telling china we do not accept your plans. they are doing the same thing in the south china sea. those are things that they do. we are seeing the f-16 deal with taiwan that could rile china.
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anytime the u.s. sends strategic weapons over to china, that really riles beijing. we saw mike pompeo at the state department -- this has been a topic that the u.s. has not banged on about. it is becoming more sensitive for china. is big picture, huawei another example on 5g and trying to get countries not to use that. the bigger picture is this competition between the u.s. and china. haslinda: the talk about how china -- taiwan is a redline. when you take a look at this person has turned more towards china as opposed to u.s. buying billions of dollars worth of military equipment. dan: we are really seeing countries in southeast asia caught in the middle.
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singapore's prime minister warned about this last year that countries would have to pick sides if this continues. we are seeing that play out with huawei. a lot of southeast asian countries are ok with that. there are a few that are pushing back. there are countries that do not want to get too close to china. we saw malaysia reviewing projects. said they will review certain projects from china. thailand has at the same thing. this is a big political issue in a lot of of countries. how close to china do we get? a lot of times it's cheaper to go to china. the money is there and china is willing to pay a lot of money. strategically, how close do you want to get? that is what these countries are
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grappling with. the u.s. has tried to say, if you take china's money, you will be indebted to them. for countries, that is a calculation they need to make. what is the best option? rishaad: dan, asia government managing editor. let's go out to what is happening in china. talkd premier li keqiang about the economy at the beginning of the year. it's get to sydney and get the first word news with paul allen. chinaearly indicators in show their economy is exhibiting signs of recovery, although pressures remain. equities and small businesses are leading the improvement. trade gauge and a survey of sales manager signal a broad pickup. optimism of a trade deal helps. copper prices still have a weakness. a second trial of
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roundup causing cancer. they have to settle billions of dollars worth of lawsuits. they have awarded damages of more than $80 million to a 70-year-old man who became ill who sprayed this on his yard for over a decade. scientists say it is safe and they plan to appeal. boeing has increased the software shift -- fix saying it was close to an upgrade before the airlines crash any feel be a. the plane maker has been refining the software since the lion air disaster. the sensor forces the plane into a dive. boeing said the upgrade proved more complicated than originally thought. >> faa must take steps to reduce hazards associated with flight deck automation. pilots now rely on automated flight systems as much as 90% of the time. while airlines have long used
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automation safety, faa is responsible for ensuring air carriers the requirements for their systems. news, 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. haslinda: still ahead, charged up. what would cause the business of electric cars in china with wm motors. rishaad: deutsche bank wealth management -- this is bloomberg. ♪
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haslinda: you are watching "bloomberg markets: asia." the house of commons has voted
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on a series of brexit proposals that failed to back -- but failed to back any of them. theresa may promised to resign if a deal is passed. declaredt secretary that her deal remains the only one in place. >> the results of the process the house has gone through today strengthens our view that the deal the government has negotiated is the best option. international editor jodi schneider is with us. after all of the drama in parliament, where does this leave thinks? you cannot make this up. drama,fter all that there were eight different votes, including a new of them pass.ne exactly where we were 24 hours ago. we had the brexit secretary saying that theresa may's plan is the only one at play, but no one will vote for it. it has been rejected twice.
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it is where it was a day ago. nowhere closer to a resolution on what to do with april 12 being the new deadline. rishaad: this is it. looking at what was on the table, we have a different things. the one that was the closest was a -- deal. what about getting her deal over the line? does she have enough support for the brexiteers to do this? i am not talking about the northern irish up a moment. jodi: it look like she would get enough support. it was kind of a desperate deal. she went to her cabinet and her backers and said, i will leave if you support my deal, if you drop your opposition to my deal. i can get this through and then i will go. it looked like it might've worked. theston was named does
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possible successor. he was dropping the opposition from other folks with the least bad deal kind of thinking. irish thatorthern she needed to have a coalition said no. so she does not seem to have the votes. if they do not get that through other options come into play. it does not look like she has the vote. and the: no votes, desperate gamble is not working. what is the most likely outcome after all the back-and-forth of the past few days? jodi: it looks like what will happen is to choices. is to go ahead with what the eu wants, a long delay, perhaps as long as a year in the brexit strategy, or leaving without a deal. because of the economic chaos that might result from that,
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there is very little support for a no deal brexit. it looks like there will be a delay. however, the brexit proponents are worried about that with the long delays, they worry brexit may not happen. there could be a new referendum, or something else negotiated. they don't like the idea of staying in the eu for that link of time. rishaad: as she tries to get her deal across she said she will resign. this is a bit desperate to actually throw yourself onto the fire, if you will, and they still would not go for it. will now she says she leave regardless. so we will see who else wants this job. rishaad: jodi schneider, international editor. a lot on the way and what is happening with the japanese reopened. that and more. this is bloomberg. ♪
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haslinda: welcome back. you are watching "bloomberg markets: asia." i am in hong kong looking at the latest business flash headlines. itser narrowly missed earnings estimates that $350 billion. analysts expected operations of what is the copper producer to be weekend that were sold last year. they have become more self-sufficient in sourcing raw materials to improve operational efficiency. fourth quarter core profit is a massive -- despite concerns about issues on the horizon. revenues coming from a smaller form than anticipated in government and corporate
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carriers. jeffries is reviewing its outlook and valuation. target of $27.65. hong kong's traditional brick-and-mortar banks faces a big challenge. a new breed of companies that some see snaring up to 30% of its revenue. they have three vertro licenses, and is in the process of five more. one partner with standard china, bank of china -- and bank of china. haslinda: sentiment amongst the client is improving as global markets down stag from last year's slump. we spoke with the ceo in an exclusive interview. >> what i see is that there is atually more client activity the end of last year, last
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quarter. it is higher at this year. it is not at the levels we saw at the beginning of 2018, but it declined a little bit more. thatis positive for us is in the stock market and management has gone up and part of our fees are asset-based and the others are transaction base. haslinda: what are you thinking for appetite for risks? we have the bond market that nobody knows how to make sense of. there is positive for the clients. they invested in the equity .arkets december was a bloodbath. it was no good for us or for the client. the banks stayed invested and that is positive. we have discussions that have just come from hong kong. some clients ask us if we should
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take some chips off the table carefully? i think that is not a bad idea. the first three months were extremely positive in the stock market. if you look at the s&p, there has been a rise since 1991. there is a bit of a correction. haslinda: do you think the market has gone too far in predicting that the fed will do more than one cut this year? bernhard: look, it is a bit difficult these days to see what the fed plans to do because they change their mind quite often. was something completely different than what we hear now. what we assume is that there is a possibility that we see another cut early in 2020. i could not really understand for quite a long time. we have more coming up
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with deutsche bank wealth management's -- all in for e.m. she says. we will have more next. this is bloomberg. ♪
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tuan: haslinda: it is almost 11:30 a.m. in singapore. we are in the middle of the trading day. let's get the first word headlines. china's premier says, economic performances stable so far this year. the government will stick with its current strategy of limited policy support. he told the forum for asia that the sound economic performance is not the result of quantitative easing or massive stimulus. he was upbeat on the domestic notebook, though -- domestic outlook. >> the world has remained in positive economic territory, but
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is being weighed down by sluggish international trade and protectionism. the global economy is losing momentum and uncertainties are on the rise and market confidence has been impacted. talks resume trade in beijing with president trump saying he is anticipating an excellent deal. the two sides say they have a great several broad outlines. the u.s. side says there are several obstacles remaining. china is pushing back at some demands it feels are too one-sided. talks will continue in washington next week. a spokesman for former nissan chairman carlos ghosn hit back on the report on corporate governments. an emailed statement said allegations he had to much power are "part of an unsubstantiated smear campaign to prevent integration of the renault alliance." it add ghosn acted at all times
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with board and shareholder authority. global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. rishaad: getting to market, mumbai session about 15 minutes away. the position is unchanged, producing a bit of a downdraft. it is a real mixed bag. where in a form of stasis as we are waiting for any catalyst. the rupee 69 points against the dollar. the dollar up one quarter of 1%. the 10 year yield lurching lower. chinese equity markets get a bit of a boost with what we saw out of the speech by the premier of china. off thet csi 300 heights of the day.
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it was down at the start of the speech. it went up, now at this position at the moment. hong kong pretty much flat. is currently the position with regard to what is going on as we wait some news which may come on trade. we are waiting to get the balls out as well. -- get the bulls out as well. >> let's meet tuan huynh, deutsche bank management cio and head of discretionary emerging markets. also is mark cranfield. you talk about e.m., but risk depends on the economy. we are back to this slower growth story. tuan: i wouldn't consider it all-in. we have been positive for e.m. going into the year. i have to admit we were positive
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on e.m. last year, which wasn't the right calls. we were still sticking to it because we saw the right momentum coming up and trade friction on u.s. and china. ,e were still positive on e.m. but lately we have advised clients to book profits for weeks ago, on e.m. as well. mark?slinda: mark: it has been a good quarter. i don't think too many people would be disappointed. i think they would be pretty happy with the way the first quarter turned out. that is another incentive for people to say they are anxious. when we look ahead to the second quarter, as we have been reminded from the chinese premier, there is a big stimulus started, and there is more to come. there is hope there will be a trade deal.
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the outlook for risk is pretty decent. if we can get over this hump now, it is a good outlook for markets. haslinda: earlier we talked about how -- the chinese leader talked about a stable two months. can the momentum be sustained going forward? it is a story of consumption. how does china boost that consumption? tuan: mark already mentioned there has been a lot of stimulus put into the system. we have seen this year the tax cut. come the first of april, we are seeing the vat cut that would help in particular manufacturing companies. the last step the market is waiting for is measures on the property markets. we don't think this will happen too soon until we are getting some sort of trade deal announcement, and then i guess
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the government will assist how the economy will progress based on what kind of outcome they can reach with the u.s. they are quite confident, like us, that this growth pattern of 6% to 6.5% should be reachable this year. haslinda: the trade deal is already priced into the market. mark: yes, but what is not fully priced in is china's focus on the private sector. what we have heard in the first quarter is they recognize they have been too skewed toward the domestic sector. the consumer path of china is getting enormous, to the point where it is a very big factor in the chinese economy. they need to redress the balance. it won't happen immediately, but as they take things like tax cuts and other measures, they
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will be helping the chinese consumer. that is a very positive thing. if it plays out, it will certainly help. haslinda: what is also helping is the dovish fed. is this the end of monetary tightening and qe coming back? what do you make of the markets pricing in more than one rate cut this year? tuan: it is maybe a little bit premature to price in any kind of rate cuts. fed won't to do any rate cuts this year. best, you can expect them to be on hold. that would be a complete reverse of their tightening policy, which they have done the last three years. when you look at the data, it is not that bad that would require any sort of rate cut. we expect the u.s. economy to year, which% this is decent growth. not the 3% growth we have seen recently.
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inflation is not on the rise. based on what the fed has said the last couple weeks, at best you are expecting the next 12 months to the on hold. i would say once we are getting closer to some sort of major slowdown in the economic environment, that's when you can start to price in a rate cut. i don't think it will happen until 2020, even 2021. haslinda: is it possible we are seeing a pretty political fed, a fed listening to trump, and also a fed perhaps trying to bypass the election year? mark: you would have to ask jerome powell that. haslinda: [laughter] what is your answer? mark: you are seeing a strong signal to people that are multi-asset managers. from an interest rate point of view, the fed is on the sidelines. that is one factor. you don't have to worry about
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interest rates hurting you. you can focus more on things like equities, commodities. if you can do that, even at these levels, equities are not particularly expensive on a global level. you are clarifying the picture for those who are multi-asset managers -- the fed is not going to hurt me, i can look somewhere else. they are saying at least many months. rate cuts are a ways off, but we will get there eventually. haslinda: let's look at the bond market. the rapidly downward spiral of yields -- how do you explain that? how do you explain the magnitude of the spiral? tuan: it is a competition of a number of factors. on the short end, it is not pricing in any rate hikes. whyhe longer end, that is we have seen last week and inversion from 10 months to three months. this has triggered anxiety in
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terms of predicting a potential u.s. recession. we know this is one of the best leading indicators to predict a recession. we know even if the yield curve inverted today or last week, the recession doesn't come right away. typically within 15 to 18 months, hence we are talking closer to the end of 2020. you already mentioned, this is a presidential election year. we can imagine the government, including president trump would maybe inject some stimulus, you know, in order to put his party in the best spot. again, thenct me the next four years will hopefully be as bright as the previous four years. we are not expecting any recession this year and also in 2020 next year. mark: i think the market has
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gotten ahead of itself in the u.s. yield curve. the american government will still need to do a lot of spending. that will impact the longer and of the curve eventually -- longer end of the curve eventually. in the short-term, i am sure it is overdone. get used to the fact that we have a pretty flat yield curve for a while in america. haslinda: less than a minute to go. question of the day -- will emerging-market witness trigger a developing market some of? -- market selloff? tuan: i would not call it a selloff. we have seen some weakness, but as mark pointed out, this is one of the best first quarter's we have had in many years. it is neutral toward the end of the quarter. we call it the typical windowdressing. perhapss year, eve even more pronounced than
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before. haslinda: still half full? mark: i think it is half full. a big factor is china. china is determined for growth. that will get people back on board. haslinda: still about china. tuan huynh from deutsche bank and mark greenfield. both gentlemen seems to be pretty hopeful at this point in time. rish? rishaad: coming up, electric avenue. discussing the road ahead for chinese plug-ins. his thoughts on what is going on in the ev space. this is bloomberg. ♪
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rishaad: this is bloomberg markets as we check in with business flash headlines. china's biggest property developer -- china bank saying it will use the proceeds to pay off debt. the shares held under 30 hong kong dollars each. discount toay a wednesday's close. bidders fortential explorer bluewater is attracting interest. reachs say a sale could $2 billion.
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rishaad: j.p. morgan chase said to be cutting hundreds of jobs in its asset wealth management division after a periodic review of starting levels. the bank employee nearly 24,000 people at the end of last year, 4% more than in 2017. jp morgan cutting jobs in august, when it dismissed 100 in asset management. haslinda: on to the markets. india's markets got open. let's get to mumbai. take us what to expect. how is it looking? >> a little bit of a positive. when i say a pause, a pause in the up move we have seen. we are looking at subdued queues coming in. little than one quarter percent on the nifty. banks, which has been the
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focus, and also the reason behind the strength over the previous days,r is seeing a flat-ish move. we are seeing a lot of gains in sectors other than banks, metals and consumption stocks. when it comes to the indian rupee, we are seeing weakness against the u.s. dollar, which has climbed. we will keep an eye on that on as well. rishaad: thank you. times are changing in the chinese fast-growing electric car sector, with the government announcing a deeper than expected cut in subsidies. vehicles with the range of 4000 kilometers and above will be cut in half. cars need a range of 250 kilometers to qualify for any assistance. let's discuss all of this with the founder and chairman and ceo of shanghai-based wm motors.
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how much does this damage a company like you which is an ev car manufacturer? >> it is good news. rishaad: are you just putting a positive spin? >> it is good for us, because we have certainty now. a lot of our customers don't know how much the incentive will be. for the company, when we founded the company in early 2015, we told engineers we needed a market that without any subsidies, the people were willing to buy. there is a huge amount of users every year buying the low cost quality product in the market simply because of the incentives, simply because of subsidies. account,orth checking -- checking out, the customer will look at wm motors.
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all the subsidies the government will not give back to the company for a certain period of time, 18 months, two years. rishaad: it still provides an incentive for people to buy your vehicles. with that incentive gone, they will have to look elsewhere surely. freeman: not exactly. they buy the car, they have incentives directly. for us, those people need to look up our product and buying the product not because of the incentive itself, but the product quality and customer experience. therefore it is a better opportunity for us. rishaad: how is the electric vehicle space in china evolving? where are we with that? demand inhat shift
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the market situation? last year the growth for electric vehicles was huge, but only 2.1 million. this year without those incentives, we believe electric vehicles will be sold about 1.8 million, or may be more. the market is huge. a lot of customers today are buying electric vehicles because of incentives in the future. the growth rate will be huge. the percentage for electric vehicles will grow dramatically. i think this is good news for us. rishaad: what is the biggest challenge for you in doing business in selling your vehicles? going away from incentives, etc. freeman: the government says they are cutting subsidies, but
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encouraged to invest more in the charging station, which is another good news. if you look in the policy of two days ago, one sentence says they are encouraging and putting money into incentives for this charging station. for us, it is a good thing. our biggest challenge is to deliver in 100 chinese cities. last year we started with beijing, because it is the largest city. it is a city with very clear regulation and rules for electric vehicles. our team saying we should get beijing first, because if you get beijing, you can be competitive and copy to other cities. last year, beijing became number one in leading sectors. the challenge would be how we will copy the model into 100 chinese cities. as we speak today, we deliver to about 15 cities.
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we hope we can deliver to 100 by the end of the year. how will we do that? it will be a big challenge for us. rishaad: what is the inflection point? at what point do people look at electric vehicles equivalently to diesel or petrol vehicles, or start preferring those vehicles to other types? tier oneif you live in cities like beijing or shanghai, a very high chance you have to go to the electric vehicles. som are alreadye there. for tier four, tier five cities, i expect it will take a few years. people realize driving and electric vehicle, the experience is very good, better. rishaad: you have tencent leading the last round of funding. what technology from them bring
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to you? oneman: we have been working autonomy drive in the last few years. yesterday we announced a full range level two in our product. a lot of people start talking about autonomous drive, but most are still in the prototype level. we are actually in a real product. in april we have the full level two. rishaad: are you raising that money? freeman: yes, again, people are looking for who will be a bigger ev company. rishaad: what is your usp, and when will you be profitable? and when you come to the market, all in 20 seconds. freeman: at this moment we will
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focus on delivering more products. our product is pure electric vehicle and smart technology, including the human machine interface, including autonomous drive is one of the best in the market right now. most importantly, we are targeting the mass market, which means volume would be huge. rishaad: profit when? freeman: we are working on a business plan. it is on my highest agenda. rishaad: ipo in the future? freeman: we have no plan yet, we are focused on product delivery. rishaad: i wish we had more time. founder and chief executive of wm motor. u.s. china trade talks going on and some of the key sticking points. ♪
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rishaad: this is "bloomberg markets: asia." i'm rishaad salamat in hong kong. let's get back to our china correspondent tom mackenzie, who is on vacation at the forum. what is next on the agenda? premier li's speech including his continued outreach efforts to foreign executives who gathered here it focused on the trade tensions and slowdown in the chinese economy. the premier saying we are taking these trade tensions seriously, we are going to strengthen intellectual property and forced tech transfer and implement the policies we have outlined. we have heard from executives over the last two days, cautious
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optimism about the outlook for china. the premier saying globally, yes we are facing significant challenges, but domestically in china he said we have the tools to put a floor under the slowdown. we have a panel toward the end of the day 5:45 local time focused on 5g technology. we will hear from the founder of xiaomi. there are executives from huawei. i's 5goncerns that huawe technology could be used for spiting. we have had -- for spying. anything we hear from these executives around the 5g implementation and around this controversy between the u.s. and china will the interesting. it is not clear the u.s. are winning this lobbying campaign.
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we will be tuning into that one. much more at the forum in hai nan. rishaad: tom mackenzie our hainan correspondent leaving as things go for lunch. the hang seng flat. ♪
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