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tv   Bloomberg Markets Asia  Bloomberg  January 21, 2021 9:00pm-11:00pm EST

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plan to tackle covid-19, calling for 100 million vaccines in 100 days. he warns u.s. fatalities may top 500,000 next month. haidi: malaysia sees grows closer to a lower forecast this year. paul states but one are under lockdown -- all states but one are under lockdown. rishaad: amid concerns about chips, revenue beats, but investors want to hear more about future outsourcing. let's get to market action. we are seeing equities being pulled lower, even though we had that record high for the s&p 500. the s&p futures is suggesting a pullback, a bit of negativity, all-time highs being reached this week, but restrictions on the coronavirus denting some of the optimism around coronavirus.
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we do have the hang seng, bridging high levels. shanghai under a little bit of pressure, too. aussie retail sales came out really quite to the dismay of many of the economists who got it wrong. we saw households giving back in december after splurging in the previous month. the u.s. dollar index moving to the upside. we do have 10-year yields now 1.11, in terms of treasuries, at least. part of that because treasury secretary designate janet yellen said she will work with president biden to get countries to refrain from currency manipulation. crude oil, fourth straight weekly gains. that could all turn around if oil continues that lerch. the big story at the moment, bitcoin taking an absolute beating at the moment.
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over $1000 in the negative column. there we go. let's find out what else is happening as we get to new york and join karina mitchell. karina: if we start with president biden and the pandemic. he has laid out a strategy calling for 100 million vaccine shots in 100 days. we are warning another 100,000 american lives could be lost in the next month. separately, johnson & johnson says it has sufficient data from its vaccine trial to begin analysis. meanwhile, house speaker nancy pelosi says the impeachment of former president trump remains on the agenda but has declined to specify when the article will go to the senate. she says impeachment officials in the two chambers are in contact and will proceed soon. the article accuses president trump of baiting insurgents at
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the capitol building. christine lagarde says output probably declined at the end of last year amid lockdown to contain the virus. the ecb kept its rate on hold, saying for the talks will come in march. india says it is open to discussing a trade deal with the u.s. as narendra modi tries to revive an economy amidst a deep recession amid worse relations with china. washington has been trying to boost its presence in asia to counter beijing's political ambitions. >> a trade deal, as i mentioned, is something i would like to look at, but it really depends on how the new administration prioritizes its -- let's say,
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outreach. obviously, we are open to discussion on that issue. karina: global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. haidi: let's get more on the market action this morning. asian markets on track for the first loss in four days, but let's talk about some of the milestones we reached this week. we have india, we have hong kong. >> sometimes from the beginning of the year, a lot of people are saying markets are getting overextended. it was getting a bit too heated, and we have seen spectacular increases, and markets continue to go up, and you just wonder what it is that is going to trigger any kind of reversal. sometimes you wonder if it is the fact that you hit some milestones and people say that's a good level for me to reduce some exposure, and we hit several in this week.
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you put all those together, and it might just be enough for people who have been very aggressively bullish on asian markets to say those numbers look as though they are the kind of place where i might just want to park some profits. it does not mean by any means that this is the in and of a major bull market for asian equities or even global equities, but it is just an excuse for people to pause and say yes, we have made some very good gains, and now maybe we should step aside a little bit. i think when people look back, sometimes it's little indicators like that, just the fact that you reach some milestones for at the same time, it's just enough to say you are going to hit pause for a while. rishaad: defend coming out saying they will not be pushing
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back on qe, but other eggs have come out saying they will be less dovish. how have less dovish banks come out and affected the markets? >> it is a huge question for risk asset managers, at point the major central banks take back all of this very loose accommodative policy. obviously, a lot of eyes are focused on the fed, but before we even get to the fed, there is some talk that norway, for example, could be one of the most -- one of the first global central banks to raise rates this year, but the fed have had a few trial balloons. a couple of fed speakers came out early this month talking about the potential for tapering bond purchases even before the end of 2021 and that is when we saw treasury yields and the 10-year set to go above 1.1. we are close to 1.15 now. we heard from the new york fed
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president saying that it would be very hard to avoid taper tension if the fed does start to raise interest rates. they know it's a very difficult situation, but they also recognize that as the u.s. economy gets stronger, at some stage, they have to prepare the markets for increasing short-term interest rates. if they do that, anything that has become very speculative, anything very leveraged -- that could include short stocks, the dollar position we have seen -- all of those could be vulnerable. it does not mean it is going to happen next week, but certainly, they are going to put the feelers out there. we have been watching the fed meeting closely next week -- we will be watching the fed meeting closely next week, particularly when powell does his meeting, any sign he is not as dovish as he had been through last year because that maybe a sign they are ready to change. next week is a very big week, and powell will be watched very
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closely. rishaad: still to come, our exclusive with malaysia's finance minister and if he has the right formula for recovery. the executive chairman of why tl corporation joins us. >> next, japan's top foreign currency official joins us with his outlook for the country and the currency. this is bloomberg. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design
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rishaad: a bit of breaking news coming out for the moment concerning hong kong, that authorities in the territory are considering locking down parts of it this week. this is all we know at the moment as we have seen the epicenter of an outbreak of the coronavirus in that part of town. that news from the south china morning post. let's turn to japan now for the purchasing managers index deteriorated this month. the bank of japan remains on hold because the governor says there is no need to change its current yield curve. the question is -- how will the boj rekindled price momentum under the pandemic? joining us as the former vice
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prime minister. thank you so much for joining us. this has been the holy grail, to try to create inflation in japan , really not been a success story. it must be even that much harder to try to achieve price momentum during a pandemic. >> well, to percent has been the target of japan, but i don't think mr. kuroda is that concerned about price development. i think he is reasonably satisfied with the current state of japanese inflation. [crosstalk]
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>> the inflation of between zero and 2.1% will continue. although he has not set to percent as a target, i don't think he currently is trying to reach that level. rishaad: what about the dollar? we've got at the moment janet yellen saying they will leave the dollar to market forces. how does the yen respond to that? >> yen has been strengthening slowly. i would say that it would continue to strengthen slowly
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towards dollar 100. i think it will probably go down to 102, 1 01, and eventually to 100. haidi: 100 is the line in the sand, and that has been made really clear. can he limit the gains down the -- in the end -- can he limit the gains in the yen? >> the governor of our bank has said that he would not hesitate to further loosen monetary policy, so i think that given the monetary policy, the yen would move quite slowly and
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would not break 100 for some time to come. haidi: how much ammunition does the boj have to support the economy right now? what can we expect from the outgoing review in march, for instance? >> well, i don't know exactly what you mean, but he could further ease monetary policy if he senses difficulty. haidi: do you see anything that can be expected in march? >> in march? 'know. i don't think that march is such a special month for bank of japan. they will go on as they have done so far.
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rishaad: i want to just turn to this new administration in the united states. how do you view the relationship that you may well have with joe biden -- or i should say the prime minister will have with joe biden compared to donald trump? how do you see this new administration treating japan and vice versa? >> i think the japanese government welcomes joe biden's rise to the presidency. joe biden has said that he would respect an alliance with the world, and the japanese government, of course, welcomes that. i think, compared to the trump administration, the japanese government thinks the u.s.-japan
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relationship would probably get better. haidi: six months to the olympics in japan. on the olympics, there are calls for the only fixed to be canceled. what are your thoughts on that? how could that impact the economic recovery of the country? >> if it is suspended, we cannot -- or we cannot hold the olympics, it really does have quite a negative impact on the country, but it depends on how the pandemic, the corona crisis, it evolves. if we start to go down, then the olympics could be held, but i think the japanese government tries its best to hold the
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olympic games. haidi: former japanese finance minister joining us from tokyo. thank you so much for your time, sir. still to come, china dealing with its worst covid-19 resurgence since right before the lunar new year. we will have that and more. this is bloomberg. ♪
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haidi: welcome back. you are watching "bloomberg markets asia." the u.s.'s top infectious disease expert has reiterated the country's commitment to the one health organization,
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including the commitment to distribute vaccines all across the world. algae said he felt liberated -- found she -- fauci said he felt liberated working with president biden after being sidelined by president trump. >> i felt no joy at all being -- in contradicting the president. the idea you could get up and talk about what you know, what the evidence is and what the science is and know that is it -- let the science speak -- it is quite a liberating feeling. ritika: -- rishaad: let's get more on the story at the moment which is developing. a new city suffering as a result
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of a lockdown report coming from the south china post, essentially to an area which has seen an outbreak in the coronavirus, and it is all in a bid to contain it and contain this worsening outbreak. there are two mandatory testing areas there. only residents who showed negative covid-19 results would be allowed to leave those areas. this all coming through in the south china morning post. we have lockdowns also in china because it is testing its covid-19 success stories. 1.7 million people in beijing on the latest to be placed into lockdown after daily new cases reached their highest level since march of last year. the spread challenges the country's economic recovery, especially as the lunar new year approaches.
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rachel chang is here. tell us a little more about this. rachel: i think it is important to put into context what is going on in china and hong kong. what these states are doing is reacting extremely aggressively to the number of cases that is still very small compared to what we are seeing globally and in the western countries. china has locked down the district of 1.7 million people over cases that are less than 10 cases. in hong kong, they have gone below 100 daily and they are locking down the district because they do not want that to spread. i think what is happening speaks to that sense of fear of a rebound in these places and overreaction because they do not want to let even a hint of that momentum because that success has been so important for china and for hong kong.
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haidi: no reprieve for countries like malaysia, indonesia. they are seeing record cases. rachel: right. the situation in south east asia is very different than what we have in china when you talk about malaysia, indonesia, thailand. these are countries that do not have the mass testing. they do not have the lockdown ability, the powers the chinese government does have over its people, so they are seeing their pretty crazy spread, and the situation is quite uncontrollable. cities are basically waiting for the vaccines to come in and waiting on the neutralizing effect of the vaccine. the countries are basically hoping that for tal it is especially can be turned around quickly. -- the countries are basically hoping that fatalities especially can be turned around quickly.
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haidi: bushedo is reportedly in talks to sell its haircare and affordable skincare product line . the sale would come as the company turns its focus to more premium beauty products. it is the end of the line for nissan's car a simile operations in the philippines. it will cease production after its contract with its local partner expires. honda and a susie -- honda and isuzu have also close factories in the area. rishaad: we are in the red in this part of the world. the hong kong market is on the way down and declining further as we get these reports that
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hong kong will go into lockdown. japan stocks modestly lower as well. we are heading to the lunch break. but have a look at the price action with regard to equities. seeing the yen pretty much stable, the 10-yield pretty much changed. it is at the earlier level which the bank of japan does like to target. shiseido in advance talks to sell its affordable skincare and haircare businesses, this has -- this is really down to a change in strategy, the japanese cosmetic maker focusing on premium products. cap composting its dividend and we are also seeing operating income rising this year to ¥35
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billion. that is way, way above what was anticipated. nissan also will be closing one of its plants in the u.k. or at least one of the factory lines. coming, intel shares jumping, but why did they fall in the after hours session? details on the way. this is bloomberg. ♪
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haslinda: it is 10:29 a.m. in hong kong and shanghai. 9:29 p.m. in new york i'm karina mitchell. european union leaders are warning rising virus numbers mean continuing social restrictions, supplies unlikely to return to normal anytime soon. they setup for restrictions on movement, including tighter border control, will be needed to control the pandemic. the european council president said leaders agreed to restrain non-essential travel.
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>> we are fully confident that we must maintain our borders open to guarantee the good working of the internal market. at the same time, we are also convinced that when it comes to non-essential travel, restrictions should be considered. >> relations between the u.k. and european union continue to fall with the boris johnson government denying the blocks for full death knell attic status. he does not have the same standing as other envoys, saying the eu is not a physical nationstate. more than 140 countries around the world do award the eu ambassadors and staff foldable biotic status -- full diplomatic status. -- to suspend agriculture laws to resolve deadlocked talks with
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farm groups. the government made the proposal during the negotiations in new delhi. farm leaders and ministers would try and find a lasting solution to the issue. farmers said -- and corporations make family-owned agriculture untenable. former president trump revealed the damage his business empire has suffered from the coronavirus pandemic. in his last financial disclosure as president, he declared revenue from the trump hotel in washington fell $15 million. hotel related sales in las vegas were down, and golf courses and resorts also sell revenues slump. global news, 24 hours a day, on air and at bloombergquint to, powered by more than 2700 learn lists and analysts in more than 100 attorney countries. i'm. -- 2700 journalists and analysts in more than 120 countries. i'm karina mitchell, this is bloomberg. haslinda: investors assessing
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the outlook for earnings and humanness after the sensex and the hang seng reach milestones. there's a lot of the recovery story being priced in. the price currently down .10%. india market, dollar headed for its longest losing streak since december. some strength in the euro. the ecb's christine lagarde says it remains a serious risk policy maker to keep pumping stimulus. bitcoin expanding the decline after slumping as much as 11%. prices double the levels from early november. we are looking at oil. it is weakening. he's cutting estimates with china and the lockdown spread. but still near the highest level in almost a year. copper futures down .6%. rishaad: let's look at intel.
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it slumped despite a beat on revenue and forecasts. it gave an upbeat forecast for the current quarter. investors concerned about the chipmaking plans. we are joined by alastair with big tech coverage out of san francisco. they came out with good news overall. it is the question about manufacturing that is key. >> intel used to lead the world in chip manufacturing, now the company is quite behind these days. so the big questions investors have been asking is will intel give up and either spin off its manufacturing business or get tsmc to make intel chips? or will it try and catch up with tsmc? that would require a mass
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investment. today, intel has a relatively new ceo. he basically said "we are not going to give up, we want to be the best." it sounds great, but it really is not for a lot of investors. that's not what they were looking for. haslinda: what could sway the decision of the company? >> partly it is going to be what happens in the next couple of years. the time to make an advanced chip takes years. the things intel has planned now will probably come out in 2023. that is set in stone. but if intel, mostly tsmc, they bring out much better chips in the next couple of years, i suspect intel and investors will start freaking out. they might start changing their minds and saying "we can't keep
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making chips in the way we did." rishaad: that is the thing. a lot of hope surrounding this new ceo. it is not exactly a lot of confidence when you have the previous customers like apple and amazon deciding to go their own way. >> that is right. and those customers design their chips in house and get tsmc to make them. they are behind all of this and have transformed the industry. so it is going to be difficult for intel to keep moving these types of companies. it will have to invest. tsmc recently announced a 28 billion dollar capital spending plan. intel would have to match that. it would take a lot more money. haslinda: alistair barr in san
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francisco. still to come. a couple of big malaysian. the finance minister talks about how much of a hit the lockdowns in malaysia will have on the economy. we will speak with the chairman of the malaysian conglomerate about how the virus is impacting his sprawling business empire, and how he plans to never gain the challenges. this is bloomberg. ♪
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rishaad: you are back with us. malaysia's prime minister saying they will be lower of the band of the forecast because of the rising coronavirus infections. he told us about the economic cost of the latest curbs on movement. >> at this time, -- more economy sectors are open. especially essential services. if you remember last time, we have announced that previously it was around 2.4 billion. this time, 700 million per day. initially, we have demands still
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ongoing. and the recently approved budget 2021. it will help the impact of the economy. >> given the likely drag this quarter to the economy, will the government be revising broadcasts? analysts have already changed. >> we consider the wave of covid-19 happening today. some of it in 2021. it started in october, november last year. we have the big -- it will have an impact. one of the key factors, so many factory and industrial. domestic infrastructure projects are still ongoing. but the government is committed
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to support. it will need to be the office to combat covid-19. >> the target rate with gdp at 10%. will it be on the lower end or the higher end? >> we have continued to maintain our forecasts. there is risk given what is happening with the mco. it will be at the lower band of our forecasts. >> we see the yield curve of malaysia not the steepest amid concerns of growth and fiscal consolidation. will there be moves to expand the debt ceiling? will reducing the budget shortfall be achievable? >> if you look at where the debt levels are, we continue forecasting the current debt
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levels below the 60% ceiling we have set earlier on. what we announced recently through stimulus packages, we call it -- a fiscal injection where most of the money will be coming from the one budget allocated. so if there is no revision dose -- so there is no revision in our debt levels. we will be below 60% of our debt ceiling that we have set. >> has the pandemic derailed the recovery of one mdb assets? what about the outstanding debt under the current conditions? >> the 1mdb, we have continued -- when the pandemic started, just to remind you, the recovery
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from malaysia, they have recovered fiscal assets. the biggest fiscal recovery. and the goldman settlements. so the debt was already part of the prediction. regardless of covid-19, it is the goal to secure many assets. the malaysian government remains committed to undertake the responsible and pragmatic approach in the process that benefits malaysia and the people. haslinda: the malaysian finance minister speaking to sophie kamaruddin. our next guest runs one of malaysia's largest cove -- companies. it has grown from a small construction farm into an
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infrastructure conglomerate with $18 billion in assets. joining us for an exclusive interview is the executive chairman. it has been a long time. welcome to the show. put it in perspective for us, how have your businesses been hit compared to the global financial crisis, the asian financial crisis? >> i think i said a long time ago, the boring person that tells the same story, i have never been a fan of shotgun sinking. we always go for long-term revenues. as you can see from the three previous crises, in 1997, we only had $100 million worth. then the crisis, $1 billion worth of it. today, we have one billion.
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so you can see even that grows. we believe they will favor companies that are strong and can continue to grow. it is like a kinship economy. it will favor companies that are competitive and have strong balance sheets to grow assets. haslinda: are you taking this opportunity to make further acquisitions? we know you are quiet during the previous crisis. >> that is correct. today, you can see what we try to do, we will never go out of the scope of our corporate industry. we have acquired as such, which is great. we shall now consolidate them until last year.
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you have seen we are also acquiring in singapore. this is a foreshadowing of the things we want to do. consolidating, spending in our areas. mainly regulator businesses. haslinda: as much as you look long term, in the shorter term, some of the businesses you are in, for instance, hotel, retail, have been impacted. give us a sense of how these businesses are recovering. >> about 10% in growth. this i expected. what we have done is take this opportunity to consolidate on the $100 million -- 100 million customer base and monetize them to have our customers. and enabling them to shop online. we are also enabling shopping globally.
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we have omni channels. just like what amazon has. and also, alibaba. so we have a lot of these -- so we need to monetize 100 million customers. that is what our team is doing now. making sure there will be points for all customers. so we can do another revenue base other than what we used to do. --in brick-and-mortar businesses. rishaad: with the low interest rates, real interest rates being negative in some cases, have you seen asset bubbles? i'm talking about property in particular. has it made your task that much more difficult?
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is there more to go? >> i think yes. every time there is using, prices -- easing, prices will go up. inflation with properties. that is understandable. in malaysia, not yet. we have opportunities growing in this area. most of them are acquired at very low cost. we have the power to retain a lot of these. and outside of the city and all of that. there are developers who want to develop properties outside of the main central core. beginning to sell some properties, about $120 million. since we cannot sell these properties, in terms of developments, we can sell them at extremely low prices.
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rishaad: that is malaysia. what about elsewhere in this part of the world? where are you looking? >> asean. in all of our business, our geographic areas of competency and competitiveness would be vietnam, indonesia, myanmar, these are very good places to look at businesses. it is now consolidating most of these areas. in malaysia, we took that. you had the same in asean countries. so we will look for opportunities around these areas. >> we have been talking about covid and the pandemic, and how you have taken the hit. is there any other risk to your business if you look into your crystal ball? >> no. we have results of $3 billion
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worth of cash reserves. every crisis after we acquire companies, the results from $100 million to $300 billion a day. so this positions ourselves strongly to do some m&a around areas of our core competency. we are quite excited about the prospects in the coming years. haslinda: the singapore malaysia speed rail project got derailed. it was the idea 15 years ago. what are the chances it is still viable? >> if you look at countries that have done domestic travels, like taiwan or friends, friends'-- france's train travel has been --
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so to consider a train from malaysia to -- itself is quite viable. it will create a lot of economic activities along the corridor. as much as what high rail did for us. it will probably be a good thing to look at. and with this government, it will probably a good time to spend money in infrastructure. things are very competitive. materials are not expensive. probably a good time to look into this. and the world can take part in this very exciting project. rishaad: thank you for joining us, francis yeoh. just talking about the opportunities in infrastructure that he sees ahead. we will have the market check, a look at what is going on. the hang seng turning tail as we
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have reports coming through that it may well be locked down this evening according to south china morning post. the market action is coming up. this is bloomberg. ♪
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haslinda: let's get a recap of the big week for markets. milestone hitting a new record. david ingles joins us.
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what stood out the most? >> a couple of things. one of the things that stood out, apart from the headline numbers, 30,000 on the hang seng, it was the preference for the old trades that worked, big tech in hong kong. tsmc in taiwan. the momentums -- also what was very much in focus. we talk about may be more fiscal stimulus in the u.s.. em equities is a good example. we are poised for a 15th week of gains in the last 17 weeks. it really looks ahead, because we have the fed next week. if they continue talking about low rates for a long time in the dollar weakening, this coul be more room of upside.
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morgan stanley calling it historic highs for equities. rishaad: big earnings out next week. what are the names we are watching out for, how much will they matter? >> hopefully they will. when you look at valuations, on msci pacific asia, trading about 18 times. we have never been that high on record. rates have never been this low. in terms of sectors, you have autos, consumer, mining. mostly in korea. big names in australia. it will set the base for 2021. once we get it out of the way, we can look at the forecasts for that recovery in 2021. pay attention to what happens next week. big names coming out. >> we have the attention on specific markets. anything you are watching? >> i was tracking it earlier,
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and we talked about it during the internal meeting. giving viewers a sense of what is going on. and when we look at the tsmc, it is about 35% of that index waiting. there are over 900 other stocks in that index. not that we see tsmc by default, but if it turns, it will bring the market down with it. so far, it has barely had a down day. i think there was one other day in the last calendar month or so. if people are itching to take profits, taiwan might be disproportionately at risk. rishaad: david ingles. a quick look at markets as we look at what is going on in the region of equities. down, hong kong leading the fall back the report coming through that the territory is likely to
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be in a locked down at the weekend because of the outbreak of coronavirus. taking a look at some of the other asset classes. briefly at the dollar index. bitcoin absolutely getting pummeled. recovered from some early losses. more on all this. this is bloomberg. ♪
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haslinda: almost 11:00 a.m. in singapore and shanghai. welcome to "bloomberg markets: asia." i'm haslinda almond. rishaad: i'm rishaad salamat in hong kong. hong kong leading asian equities. hang seng dropping on reports that kowloon will be locked down as cases arrive. -- arise. >> india clears exports of
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locally produced vaccines with the first shipments destined for brazil and morocco. we get it -- we hear exclusively from the foreign minister. rishaad: china reaches out to the new administration in washington, repeating joe biden's call for unity. beijing says that is what is needed to reset relations. haslinda: markets in asia are under pressure for the first day of decline in four. eco-data, like japan's emi adding to the concerns the ms yet asia-pacific index up 7% this year alone. that is about three weeks. it is an overbought territory. perhaps a slight correction before markets go higher. rishaad: let's get to the bangkok open. watched closely. it is occurring just unchanged.
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below the 30 level against the buck. also expecting trade numbers. but it is down the story for the set. looking at the nfte. up by .4%. pulling back about 400 points by the end of the session. let's get over to the first word news and join karina mitchell. karina: nancy pelosi said the impeachment of former president trump remains on the agenda, but declined to specify when the article will go to the senate. impeachment officials in the chambers are in contact, adding it will proceed soon. it accuses trump of inciting the insurrection at the u.s. capitol one a mob invaded the building and five people died. former president trump has revealed the damage his business empire has suffered in the wake of the coronavirus pandemic. in his last financial disclosure as president, he said revenue from the for sale of trump hotel
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fell $15 million from $40 million last year. hotel related sales in las vegas were down to below $10 million. golf courses resorts also saw a revenue plummet. european union leaders are warning virus numbers means continuing restrictions with life unable to return to normal anytime soon. in a private video call, tougher restrictions were set on movement, including border control being needed to help control the pandemic. the european council president said leaders agreed to restrain non-essential travel. >> we are fully confident that we must maintain our open to guarantee the good working of the internal market, and at the same time, we are also convinced that when it comes to non-essential travel, restrictions should be considered. karina: one winner from the
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brexit drama is michel barnier, the top negotiator for the eu has gotten european leader of the year award, it is based in ireland. she is the first non-irish person to be honored. she led the eu team three years of sometimes difficult negotiations with the u.k. that culminated with a final split on new year's day. global news 24 hours a day, on ir and at bloomberg quicktake, powered by over 2700 journalists and analysts in over 120 countries. -- on air and at bloomberg quicktake, powered by over 2700 journalists and analysts in over 120 countries. rishaad: this week's global equity rallies, which was based on expectations and more economic support in the rollout of vaccines having a pause. still troubling covid-19 trend. let's bring in michael mccarthy. great of you to join us. give us a sense of feeling out
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amongst market participants. nothing goes in a straight -- straight line. >> we sound not so convinced of that. one of the reasons is the signals from markets other than equities. the selloff we have seen in bonds, i would estimate what we are looking at is a change in markets. this goes to the fed's comments control. the underlying implication is the fiscal policy increase fiscal support will mean there will be ongoing conversations about how they go about it. the yield curve control is one of the tools of the fed examining. the key point is we may have seen the low for liquidity. that has profound implications. especially equities, given the
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valuations we have seen. rishaad: are your clients getting concerned about valuations? others whisper in the background about inflation getting louder -- are those whispers in the background about inflation getting louder? >> they have been very worried about valuations for a long time. a lot of traders come to the market with a natural buy. that has been costly for many of them. particularly the last nine months of 2020. significant risks. even if they weren't short the market, they failed to capitalize on the gains we saw in equity markets. those concerns remain. if anything, they have increased. i'm not sure inflation is playing as big a part. it is certainly something for economists to kick around. but until we start to see inflation towards or above the top of central bank bears, they probably will not be too
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concerned. the inflation levels within expectations from central banks will not concern them. it doesn't seem likely, especially talking to traders. it doesn't seem likely they will be breaking at the top this year. haslinda: truth of the matter is, you have to keep changing momentum to get the valuations, get the signs of inflation, it will not come in the foreseeable future. you can't afford to be a bear in a market seeing records every other day. >> absolutely. and momentum has been the key you for the last seven years. it was certainly the case the last three quarters of last year. it certainly has been imprinted on fund managers. that will continue until it stops. a turnaround, clearview for
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markets or consensus that we see the bottom in interest rates, the next move up might be a market event that brings about an end to the power of the momentum trade. there is no evidence despite the highly liquid environment that it is doing better than it has over the last 10 years. so the momentum is the only game in town. haslinda: i'm looking at your calls. it says short stocks. really? >> yes. absolutely. short stocks by being long index puts. the steady markets in the steady ground higher have brought volatilities back to pre-covid. that means all other things being equal, and they never are, some prices are cheap. but fund managers, or trading with equity via options is a
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strategic call. how that applies in the individual situation there is. at the very least, i would be surprised to say neutral equities at current levels. rishaad: when we had a bitcoin testing $40,000, it was a head scratcher. this morning was below 30,000. what are you making of this? what are you making? as an asset class? >> that is the big open question. bitcoin will not be the transaction choice for the future. in the short-term, it has the market leadership. as we have seen, institutional participation in the markets, almost all of it is going into bitcoin. it is why it has maintained leadership. whether or not it has an economic value beyond a store of wealth is a wide open question. certainly the ability of blockchain is important.
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blockchain technology is applied away from value, the currency markets. in the short-term, we expect volatility. the move from around 78 500 to just below $2000. the replacement is just below $27,000. in a standard market, a strong rally. possibly support at that level would not be surprising. haslinda: thank you and have a great weekend. still ahead, china's foreign ministry says unity. a word repeatedly mentioned in joe biden's inaugural speech, is needed in the u.s.-china relations. more on that, next. rishaad: we hear exclusively from india's foreign secretary the countries vaccine export efforts and working with the biden administration.
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haslinda: after last-minute sanctions on trump officials, beijing is reaching out to joe biden's team. it is said unity, a word repeatedly mentioned in biden's inaugural speech, is urgently needed in u.s. china relations. she says the trump administration laid so many minds that need to be removed, burned ridges that need to be rebuilt, and ruined so many roads that need to be restored. could there be a potential reset in the relationship under president biden? derek wallbank joins us. what is the significance of the call for unity? >> i think it is tapping into a
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buzz word joe biden has been talking about. he wants to talk about multilateralism, a certain amount of bipartisanship. that is domestic and abroad. one thing i would note is it takes two to tango. as much as china would say the u.s. should pursue a strategy of unity, the u.s. general impression is the first and biggest moves probably need to be made on china's side. one assessment might be in australia, that the moves have been made, in terms of deterioration of the relationship and have not been of equal measure. so if you see calls for unity, that is a positive step. over the last couple of years, we have talked about how
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rhetoric devoid of action is still a positive step. there has to be a lot of stuff under that. if china wants to make nice with the u.s., there is certainly an open hand ready. it will take action on china's side to do that. rishaad: what about the u.s. itself? for one thing, he is back, anthony fauci. what has biden's team been talking about, in terms of a covid response? >> found she was back and sounding almost -- i think the word liberated has been used in some coverage. very candid about how he felt a lot better, the administration was taking things more seriously , like he was able to present things more candidly. so you see more of that tonal
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shift. the biden folks have put out a very large plan, more than 100 pages of how they will try and tackle covid. there has been a call for 100 days of mask wearing, in order for them to be used on federal property. in the white house itself. visually, you see some of these differences. even at the same time, you are talking about things that are not symbolic that the biden folks are trying to get their hands around. specifically in terms of vaccine distribution strategy. at the moment, symbols coming a little bit later is more of that substance. haslinda: all of these plans, the hundreds of pages, how are they impacting the opposed plan?
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-- proposed plan? >> i think it is a good question. it is another thing going back to unity. biden wants bipartisan support, but right now, we are not seeing republicans joining the senate to say they are willing to sign on board. and it will be a difficult test very early. if he winds up not getting bipartisan support for the entire plan. the white house has said -- the press secretary has said this is a starting point. that legislation very rarely ends up in the law the same way it was proposed. but we are not seeing some of those counterproposals just yet. we know there is some support for some things like $2000 stimulus checks, but if biden cannot get republicans on board,
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it might test the unity and force them to go alone. rishaad: good stuff. derek wallbank joining us. morning calls. looking at the top recommendations across the markets. and we hear from the singapore trade minister. we look at what is going on over in singapore, trading in the moment down by .7%. the biggest gain, six stocks up, 24 on the way down. this is bloomberg.
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haslinda: president biden's nomination of anthony lincoln for secretary of state suggests a return to foreign policy strategy that prioritizes global alliance. he helped steer barack obama's asia pivot.
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he spoke with singapore's trade and energy minister. he is optimistic of the u.s. under president biden wanting to say engaged in the world, especially with asia. >> we are optimistic the u.s. will continue to engage with the world. especially this part of the world. to that extent, i think singapore would like to do the u.s. constructively to see how they stay engaged with this part of the world, strengthen investment in this part of the world, and create more economic opportunities for everyone. haslinda: even during the obama administration, which committed to the asia pivot, that was when biden was vice president. his administration fell sort of the pivot. what would you like to see? >> if you look at it, the u.s. investment in the region --
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and his role has been healthy. in singapore as an example. and it has the companies and diversity of the sector. in diverse sectors not just for the singapore market, but servicing the rest of the world. this is where singapore can play a constructive role. they can engage in this part of the world and use singapore as a platform to launch operations across the region and beyond. haslinda: countries like singapore often see the u.s. playing a leadership role. we are talking about an increasingly g2 world. the u.s. and china wanting to provide global leadership. what are some fresh ways for the u.s. to engage with this part of the world? >> this part of the world is big enough for both of them to be constructively engaged.
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there will be many that the u.s. will compete with china, but more weather u.s. can work with china to uphold the behavior, the global security and trading order, and at the same time, update the global traits so we can position ourselves for the next level across. haslinda: is singapore already in touch with anyone from the biden administration? >> yes, we are keeping in close contact with the new administration. >> what would you like to see the first 100 days of the biden administration that could impact singapore? >> i think the biden administration has said the primary focus -- the initial part will be to make sure overcoming the coronavirus in the u.s.. at the same time, they put in place measures to something in
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long-term competitiveness. i would like to see continuing u.s. engagement. together with china, as well. rishaad: the singapore minister for trade ministry. let's have a look at the morning calls. let's get to our markets specialist, sophie kamaruddin. singapore planning a 30 year option in the first bond sale of the year. how are investors positioning themselves? >> the rise in singapore's 30 year yields we have seen now have added to the appeal of the long dated notes. and it is large for next week's option, it should line up with the demand, given the issuance limit rest rate just two weeks ago. and over in dbs, they say ultra long notes, they are looking pricey compared to treasuries, despite the bearish steepening of late. eugene lau things the debt is offering the most relative value given the narrowing discounted
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u.s. yields, and the favor -- haslinda: so the malaysian finance minister, economic growth this year would likely come at the lower end of the target range. what are the risks? >> alice at our group recently saying they see near-term headwinds from equities with the virus curves advancing for at least 20 two quarters, but it does say to buy the dips to reposition into cyclical and value stocks staying overweight. banks and constructions played for the rollout of the plan and mass rail system, part of the catalyst. consumer space. staying neutral in a low rate environment that was seen eventually helping less consumption in malaysia. haslinda: markets reporter, sophie kamaruddin.
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a quick check of the latest business flash headlines. initial gains in late trade, despite giving an upbeat forecast of the first quarter. revenue of $17.5 billion through march. beating estimates of over 16 billion. chipmaking will be outsourced in the future and give full details when the ceo transition is complete. intel is benefited from people walking from home during --working from home during the pandemic. >> we see continuing strong demand for notebook pcs, up significantly year over year, and expect desktop volleys to be down -- values to be down. we expect continued covid demand impacts. haslinda: ibm fell after quarterly revenue missed expectations and plans to shed legacy businesses. and pivot to the cloud will need more time. more than 6%, $20 billion in
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december, marking a tense consecutive quarter with no year on your revenue increase. the ceo wants to spin up the managed services unit into a separate company. rishaad: china going off for a lunch break. look at the equity markets, under a bit of pressure. they remain that way. 1% lower. sways of shares. china shares down about 5.5%. international outpacing losses in hong kong. also seeing the market in hong kong, feeling it as we get the lockdown. it will start off at the weekend. so this evening or tomorrow. there we go. markets as we heading for lunch.
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a broad-based markdown, regionally speaking. people taking stock of what is going on. coronavirus and outbreaks around the world intensifying. this is bloomberg.
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♪ haslinda: we are counting down to the india open, nifty futures pointing to a lower open, possibly a second day of decline. another indices touching 50,000, india produces the astrazeneca vaccine. remember, overseas funds have buoyed the market in india, a net $2.7 billion coming into indian equities in january alone.
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coming up, we have the indian foreign secretary, who will be speaking to us about the indian vaccine strategy. and how he expects relations to be with the u.s. under a biden residency. for now, first word news with karina mitchell in new york. karina: the european central bank says the eurozone faces a double digit recession but maintains the current level of stimulus is enough for now. christine lagarde says output probably declined at the end of last year and will extend into this quarter. amid lockdowns, the ecb cap policy on holding its first meeting of 2021, saying further talks will come in march. >> the risks surrounding the euro area growth outlook remains tilted to the downside, but less pronounced. karina: meanwhile, relations between the u.k. and european union continue to fall, with the boris johnson government denying
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the block's ambassador for diplomatic status. the envoy does not have the same standing as other envoys, with the you casing the eu is not a physical nationstate area however, 140 countries around the world do award there ambassadors and diplomatic staff for diplomatic status. president biden is calling for 100 million vaccine shots in 100 days, while warning another 100,000 american lives could be lost in the next month. infectious disease expert anthony fauci confirms the u.s. will join a 92-nation program to deploy vaccines around the world as johnson & johnson says it has sufficient vaccine data trials to begin analysis. india is offering to suspend controversial new agriculture laws for 18 months to help resolve deadlocked talks with farm groups.
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during the halt, farm leaders and ministers would try to find a lasting solution to the issue. farmers say new laws favor big corporations and big family-owned agriculture untenable. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪ back to you. haslinda: asian markets retreating from record highs, intentionally the first down day in four trading sessions. we have investors still betting on another stimulus package from biden to counter the economic impact of rising covid-19 cases. extending declines and reports of more lockdowns, currently lower by 1.2%. stocks we are tracking, t fmc after intel gave an upbeat forecast for the current quarter, currently down. alibaba, reuters is reporting
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there are talks to raise $150 million. there is a suggestion china will shut down as part of a major overhaul, satiate a currently -- there is a report it will salads profitable shampoo business. rishaad: the earnings season at investment banks in the united states, they have enjoyed a windfall during the pandemic seemed reluctant pass it on when it comes to employee compensation. payouts rose much less in 2020 as they sell revenues sore. let's talk to bloomberg's su keenan. is it a case of deep pockets and short arms? su: [laughter] that is one way to put it. and for months, it has been a
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big question on wall street, how would big next reward workers after hauling in windfall profits during the pandemic when so many industries were hurt? -- the answer is on the frugal side. eubanks disclosed figures how they compensate the wall street staff, but numbers bloomberg has obtained offer striking snapshots. for instance, j.p. morgan chase saw its investment bank revenue surged 22% per employee. but the figures for pay per employee show an increase of 1%. over at goldman, the workforce rotting 15% more revenue per employee during the tumultuous 2020, but the firm spent an average of just over 2% on each person. to be fair, the recent earnings reports show it is largely the trading and investment banking divisions that saw revenues just soar.
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other business lines like lending really took a beating. total revenue at the nation's six biggest banking giants was little changed last year as the group boosted average pay for employees by 271. haslinda: under heightened scrutiny under a new white house, how will that impact banks? su: banks are certainly paying a lot of attention and anticipating the huge windfalls they got be closely looked at by the new administration in washington. in fact, citi decided to cut bonuses for dozens of top executives after the bank was reprimanded by regulators lester, according to a person with knowledge of the matter. the knowledge -- the optics are not very good right now, according to an industry observer. you have the bank that seemed to do extraordinarily well at a time when so many businesses,
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particularly small businesses, are forced to close or take on dead-end have been devastated. so the actual decision to pay out bonuses or to raise staff salaries has been a difficult one for the banks. each bank is sort of watching how the other is navigating this territory. finally, we should point out the figures bloomberg obtained are for the average employee. they don't reflect what the banks awarded the rainmakers and rockstar traders that brought in these outsized revenues. of course, it is expected that those individuals were compensated very well. back to you. rishaad: su, good stuff, su keenan in new york. coming up, india's most valuable company, basie a rebound thanks to retail, but its energy division remains under pressure. our earnings preview is next year on bloomberg. -- is next here on bloomberg.
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rishaad: this is bloomberg's markets. india's foreign secretary says his countries ready to discuss a trade deal with the new u.s. administration. the country has been battered by covid and just began the world's negative vaccine program, including with its own, homegrown shot. speaking to bloomberg
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exclusively, harsh shringla said india has already begun shipping vaccines to other countries. harsh: last year, the prime minister in a statement categorically said the indian vaccine production would be made available to help all humanity fight covid. the first supplies of vaccines involve our neighbors. this is in keeping with our neighbor first policy. it includes the maldives, bangladesh, mauritius and the seychelles. in addition, we are looking at supplying sri lanka pakistan and other countries. when their logistical is in place. tomorrow, we expect a landing in bombay to pick up quantities contracted commercially for
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brazil and morocco for their immunization programs. this will be followed by saudi arabia, in addition to some of our neighbors. rishaad: it is diplomacy, is it not, industry has become the pharmacy of the world? harsh: at the start of the pandemic, india's applied much-needed medicines like hydroxychloroquine to over 150 countries. we took early medical responder missions across the world. we deployed medical teams to various countries at their request to put in place systems to deal with the pandemic through this time, india went from being a net importer of covid-19 related items to becoming a net exporter. to give you an example, at the initial phase of the pandemic, there was limited manufacture of
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ppe in india. today, we are the world's second largest manufacturer of ppe kits, we range from test kits to n95 masks to sanitizers, to give you some examples. rishaad: one of the most important relationships is that of the united states and they have a new president, joe biden. how do you think your relationship is going to evolve with this new administration? harsh: the united states is clearly one of india's most important partners. the relationship has grown significantly in recent years with bipartisan support in the u.s. for strengthening ties with india. prime minister modi spoke to president biden in november following the election. they had a warm and friendly conversation, not just about bilateral issues, but also global challenges the two countries can address together. now, you mentioned some areas we could focus on. one is trade and investments. it is one of the most important pillars of our relationship
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with the u.s.. it has seen tremendous growth. the u.s. as you mentioned is our largest trading partner, and in 10 years, our bilateral trade has doubled to $150 billion in 2019. investments of grown in both directions. even during the pandemic, we received significant investments from the united states, to show the trust and confidence both countries enjoy, and both economies in terms of synergy and the desire to engage more deeply with the business sphere is there. we are keen to look at a limited trade deal, a comprehensive trade agreement with which -- which would be mutually beneficial to both countries. the second area is to see how we can consolidate our partnership, our convergence of interests in terms of a shared vision for a transparent and free asia-pacific region, our agenda
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would be basically countering terrorism, radicalism, fundamentalism, proliferation, strengthening security ties. rishaad: what about a trade deal the u.s.? when you expect talks to restart? rishaad: -- harsh: a trade deal is something we would like to look at, but it depends on how the new administration prioritizes its outreach. obviously, we are open to discussion on that issue. as far as offsets are concerned, we have disengaged from the offset process because we felt the agreement would not be in our interest haslinda: -- our interests. haslinda: the indian foreign secretary in a bloomberg exclusive. expecting a rebound in third-quarter profit as it diversifies into new businesses like technology and retail.
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let's get an earnings preview from our telecom reporter. what are investors watching out for? >> india's most valuable company is reporting earnings for the third quarter. we will really be watching telecom performance and how many subscribers they have added, and the average per unit have managed to pick up. and also looking at a rebound of the reliance unit. after the pandemic outbreak is reduced, they are expecting to be looking at a time frame for investment. [inaudible] and it could be taken into the chemical business at saudi aramco. that is one thing that we will
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be watching in earnings. rishaad: since so much money has been coming into india, it is attracting a lot of foreign funds peered the thing is, a lot of the foreign funds ended up with reliance attracting $24 billion last year. give us the challenges ahead. >> last time we invited investors like google and facebook, but have also managed to get private [inaudible] and they would want higher returns. so there is time for fundraising, the fundraising is over, and now [inaudible] rishaad: thank you very much,
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bloomberg's pr sanjai in mumbai. this end sex was in focus yes -- the sensex has managed to lose about 400 points, seeing weakness in this part of the world, nfty off by .2%, banking acting as a drag on this and tech stocks as well. sensex 12 months ago was standing on 25,000, so almost doubling, we did double today anyway, with that index. haslinda: breaking news out of thailand. thailand imports rising 3.6% year on year, better than
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estimates. exports rising 4.7% year on year, and a forecast was a contraction of 3.5%. after than expected numbers out of thailand. we will give you the details as they come along. stel asked still to come, mongolia's prime minister resigns. this is bloomberg. ♪
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♪ haslinda: let's get to mongolia, where the prime minister has quit after protests erupted in the capital over government covid-19 measures. he is blaming the rival democratic party for the unrest. bloomberg reporter terrance edwards joins us from ulaanbaatar. terry, take us through developments. terry: it was really surprising. the same government that one by a landslide in an election last june has now been pulled over by lady slippers in bathrobes. there was a lot of resentment over the country's covid policy for being too restricted. that came to a head when a video went viral. it seemed to show a woman
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hastily leaving, forced to leave a maternity hospital. people got angry, upset, and protests followed the next day. the protests had people asking for the resignation of top officials. you even saw some supporters and solidarity wearing slippers and bathrobes like the woman in the video. rishaad: tell me, what were the tensions in the government all about, terry? jerry: the prime minister and -- terry: the prime minister and president belong to separate parties, but have come up or bash but have cooperated -- but have cooperated in times. that cooperation has been tenuous. there has been a power struggle for general power in government. that seemed to come to a head again, where the prime minister
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used his resignation time to accuse the president of having had a hand in the protests this week. haslinda: mongolia is known for natural resources. do you see any fallout from this? terry called and most people will be looking at the flagship -- terry: most people will be looking at the flagship oil company mongolia shares with the company rio tinto. there is a look at agreements with rio tinto looking for new terms and another inquiry. the government, they weren't afraid of tough talk but at the same time they wanted to see the expansion project forward. what happens next depends on his successor. we have heard of a new nominee. whether he decides to continue the idea of moving things
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forward, we will have to see what his leadership looks like. rishaad: living in ulaanbaatar, what is the covid situation like and what have restrictions been like? and how has it been dealt with and amended that is caused such unpopularity? terry: mongolia has done well. a lot of countries would be jealous of mongolia's numbers, less than 1600 cases since march. but it has been at the cost of great restriction. service workers have been asked to stay home without any financial compensation. and the ban on air travel into the country left mongolian citizens stranded and homeless while they can't return. there has been protests in seoul, for example. rishaad: thank for that, bloomberg's terrance edwards in ulaanbaatar. shiseido is said to be in talks
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to sell its shampoo and skincare business to cvc capital. the consideration could be as much as $1.9 billion. the board is going to vote on the move. this includes shiseido haircare products popular in china. this would come as shiseido tries to focus on its premium pc products. citigroup is offering details about how it pays men and women and has made a slight step forward in narrowing the gap looking at what is going on, female staff make about 26% less than their male colleagues. that is an improvement since a year ago. minorities are less than so-called nonminorities. the bank says it is examining the situation. the end of the line for the nest on -- nissan car production line
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in the philippines. the carmaker will cease production at the santa rosa plant in march after its contract expired. ness on -- nissan told the philippines government it would halt production of the hatchback because of poor sales. honda has also closed a factory in the philippines. they have production lines in northeast england and one of those lines as also -- those lines is also shutting as pandemic takes hold in northern england. haslinda: our colleagues at bloomberg intelligence identified 50 companies worth watching in the year ahead. among them is a company you watch closely, that is going -- that is boeing and this has to do with the 737 max on the recertification after all the trouble we had last year. it is set to fly in europe this week after e.u. approval.
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that could mean better profits in 2021. it is set to deliver 450 of the max this year. cathay pacific, expectations have returned for travel, to what extent we are not sure because flight recovery isn't expected until 2024 internationally. cathay pacific down 2% this year on the hsi, which has been on a tear. companies we are watching, bowing and cathay pacific, companies you watch -- boeu -- you are watching, boeing and cathay pacific. rishaad: bloomberg intelligence has five etf's are exchange funds this year. look at the star once. this is art innovation, etf name
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which cathie wood has given it, the ceo,, a portfolio of world changing companies, a variety of sectors. it is amazing how much money has been going into it. the vanguard total stock market as well, this tracks all u.s. equities, a near point 03% -- a mere .3%. looking also at goldman sachs active data, u.s. large-cap funds checking all the boxes. this is sophisticated and overseen by a major wall street bank. this could be worth watching the year ahead. haslinda: banks are poised for the first loss in four sessions, but coming up record highs, investors looking at eco-data
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like japan pmi. to put it in perspective, the msi asia index up 7% to date. that is it for this edition of "bloomberg markets: asia." "bloomberg daybreak: middle east" is next. ♪
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♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, the biden team rolls up its sleeves and starts tackling the pandemic on day one. the virus and the vaccine, we will get all of the details on what they promise will be more coordinated national response. plus, speaking of vaccines, san


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