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tv   Bloomberg Markets European Close  Bloomberg  November 18, 2021 11:00am-12:00pm EST

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european close." guy: stocks are lower. mining stocks lower. 30 minutes to go. the countdown to the close starts right now. ♪ >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: european stocks fading into the close. that is the narrative we are watching right now. we are seeing the mining stocks coming down a little bit. some of the oil stocks also fading on the back of the move we were hearing about from annmarie hordern that is being driven by the chinese. the ftse is down by 0.6 percent. on the continent, we are looking a little bit better, but
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definitely feeling a little more risk off right now. the banks are drifting a little bit lower as well, adding some heavy weight downside to these markets. but it is worth remembering that we are near record highs. alix: it is such a good point. here in the u.s., i've got some winners and stark losers for you as well. to pick up on your point about energy, that is the worst performance sector in the s&p, down by about 9%, but also metals and materials rolling over as well. watch that commodities space. macy's crushed it. kohl's crushed it. victoria's secret, bed bath crushed it. cisco the worst performing stock on the s&p. it was a rare miss, filing the most since august 2020. nvidia super solid. at one point hit a record. one analyst says we could see a $1 trillion market cap. this is most definitely the chip story.
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guy: let's talk about one of the big drivers in europe. european countries starting to make significant u-turns as they face a brutal fourth wave of the pandemic. workers are looking to return to working from home. bill gates, the founder of microsoft, spoke with bloomberg editor-in-chief john micklethwait at the bloomberg new economy forum. they spoke about what is happening with covid and the strategies that are going to be required to deal with this next phase of the pandemic. >> the idea that economic activity will resume in full once you get to flu levels is very likely. you will have some hot spots were you still have to have nonpharmaceutical interventions or huge incentives for people to get protected. any country that is able to do
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what china did and stop it early before it exponentially aided -- it exponentiated up, that was a huge blessing they were able to do that. that means they have to drive their vaccination coverage up dramatically before they drop that wall that has allowed them to exclude infection from coming in. alix: that was bill gates speaking with bloomberg editor-in-chief john micklethwait. that was at the bloomberg new economy forum. let's go deeper into the virus now and the latest surge. sam fazeli joins us. something guy and i have talked about a lot has been record high equity prices in europe, yet also rising case counts, particularly in germany and europe. it is the rising case count -- why is the market ignoring it? what is within the numbers that should leave us feeling better? sam: thanks for having me back.
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we have seen that there has been so much progress in those antiviral pills, and terms of the third shot, booster shots of vaccine, so i think investors are probably hoping and believing that these measures will be implement it correctly by various governments, and that it will lead to a dampening, and that hopefully this is a fire that can be put out across europe. i do not think that is misplaced, but that requires a lot of government to really make the right politics to make sure that happens, and also have assistance in place. guy: what do governments need to do now to getting troll -- to get in control of the situation? sam: always talking about masking, it is the cheapest, easiest, and some blissed way of reducing the risk of transmission. key people going back to offices, etc., but please ask
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them to wear masks and guide them a little bit so that people don't wear what looks like just a basic thin tissue over their face, thinking it is cover. it is a lot less about protecting me, but if i am infected, i will have a lower risk of infecting someone else. alix: how are vaccination rates going? in the u.s. we are talking booster rates now. we are not talking vaccination rates anymore. it is a different story in europe. sam: i think that is really wrong in the u.s. because if you still have 20%, 30%, 40% of the population never vaccinated, not even have their primary series, that is bad news. if you look across europe, i think you find that the countries with the lower than 70%, 75% coverage are suffering a low bit more in terms of infection rates. so that is what we are seeing across europe. but every country seems to be going up. italy may be slowly coming down. guy: we will leave it there.
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great update. thank you very much, indeed. let's bring in now mark haefele of ubs global wealth management. we thought we might have put this behind us. it doesn't look like we are. the european growth story may be at risk here. what do you make of the rise of infections we are starting to see? do you should be concerned? -- do you think investors should be concerned? mark: we don't think it is the primary concern at the moment. what we are seeing along with this is not necessarily the spike in hospitalizations yet. that is what we have to be focused on now that we are in a world of breakthrough infections. for governments to really take significant action to slow the recovery growth we see, that would be the metric we would be focused on. alix: it is great to see you. it has been quite a long time. you guys came out with your 2022 outlook for this year today. i just wanted to tie in your
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bull case, and that is the s&p hitting 5200. what is your base case for covid if we had that level? mark: we see that in the base case, we see covid tapering off as a problem based on not just the infection rates falling with the boosters and the vaccination rates rising, but the hospitalization rate, which is our new focus, rains low and continues to go lower. so that is part of our base case . guy: janet yellen said the other day that if we beat the pandemic, we will beat inflation. will would beat inflation if, as you say, this scenario unfolds that we can get control of this virus, and the fourth wave may end up being effectively an exit wave? mark: i think that was a really important statement for a couple of reasons. first of all, when we look at this inflation, certainly a lot
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of it is in that supply and demand imbalance, so as you have had some people on talking about this, parts of the world open up and they want to spend, while other parts, like for example, the third largest port in china can be closed, and that contributed to the supply and demand imbalances. we think that is the largest component of this inflationary spike we are seeing, so from that perspective, that is a very important point. but the other important point is that that story around that inflation is temporary, coming from treasury, coming from the fed, likely means that the fed will be very circumspect before they take actions to perhaps over tighten. i also think you have to factor that in, the policy response, into what we are seeing in the data.
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alix: hang tight with us. we will get more on that 2022 outlook next. this is bloomberg. ♪
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guy: 18 minutes to the european close. i want to talk a little bit about what is happening in different asset classes and the impact that volatility is having from one to the other. then i want to talk about what that means for your portfolio. we've seen a lot of volatility in the fixed income channel. that is now starting to bleed into the fx channel. what we have seen over the last few days is a significantly strengthening dollar. the euro is down to $1.13 against the dollar. i think we are at a six-year
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high on that one, so we are getting back into some interesting spaces here. there has been this idea that you push out of the united states into europe and vice versa, but i'm going to lean in on that because the fx story is starting to get exciting, and it is going to have a material impact. my piece of evidence for this is off the wei screen on my bloomberg. it is basically your today performances currently adjusted, but you got is the s&p, 24.74% year-to-date. that is what you are getting if you are a dollar investor. if you are a euro investor, you've made 34%, so a nearly 10 point gain vis-a-vis what you would have made if you were a dollar investor. that is a huge factor in terms of thinking when you have the currency adjusted portfolio.
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let's think about this in the context of the year ahead. ubs wealth management out with theirs. mark haefele obviously writing around all of that. what do you make of the story when it comes to currency adjustment? what should we be thinking about here when we thing about currencies and the impact it is going to have on our -- our equity market port for me -- our equity market performance? mark: we think the dollar can strengthen next year versus european currencies, versus a swiss franc, because you've got the chance that the fed is going to be tightening at the margin, or perhaps even later if the economy is strong, seeing rate hikes, whereas we just don't see these rate hikes taking hold really in europe next year, or in switzerland or japan. but also for the pound, we think it could lead to some pound
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appreciation because the bank of england is on the more hawkish side. so i think the driver on the currency side, you want to first look at what is going on in the relative central-bank action, and then of course, how that relates to equities, we would say go where the growth is. we think the european recovery can continue here. european equities have not had quite a strength as some of the other regions, and it is a very cyclical region, so we think it will benefit as this global growth continues into the first half of the year. alix: if i am a u.s. investors, how do i by european equities? what is the best hedge? mark: first, there's lots of ways to buy european equities, but regionally, we are also think about this and sectors. so global financials would be another sector we would look to
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to play this, and also in the energy sector, the commodity equities space, it is another way to play this global growth. in terms of hedges, i am not saying it is a direct hedge, but as we look further into the year and we see that growth normalizing, one of the sectors we are looking at is health care because health care has both some attractive valuations and some defensive characteristics on the pharma side, but also has that kind of disruptive to knology component when you look at things like gene therapy. guy: if you are a european investor and the dollar is going to go stronger, and you guys think the dollar is going to get stronger, than the outlook for investing in the united states looks pretty solid. you've got some pretty good performance coming through. we are maybe going to see europe
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outperforming, but nevertheless, once you put the currency overlay on top of that, you're going to get a nice pop. what should european investors do? should they stick their money at home, or get a better bang for their buck over in the united states? mark: right now i think particularly earlier in the year, wheezing there is more bang for the buck in european equities and japanese equities than playing it even with the currency component in vol. right now, this growth is just so strong, and inflation is high. we don't see it as a threat, but to the extent that it plays to the upside, focusing on the equities that are in the growth sector and more resilient to inflation is the number one idea that we have right now. alix: what about the back half? do you see a turn in the middle of the year? mark: i think so.
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health care being a preferred place to look for the back half of the year, but then also, is it time to build up some strategic or more strategic holdings in areas like emerging markets or china, where we just haven't had the same moves we have had this year? we do see some signs that china's growth slowdown will be bottoming out, and that a lot of the noise around regulatory changes are getting into stocks, but i think that is an area where we are going to be looking to try and move capital as we get into the back half of the year. guy: how do you think about where we are now? we have been debating this all week. david solomon of goldman sachs thinks that greed is outpacing fear right now. a lot of people are concerned about valuation. you see the ev stocks taking
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off, these hyper growth stocks, the rivians of this world, now worth more than volkswagen. what does that tell you? mark: there's certainly a lot of capital sloshing around in these markets at a time when, longer-term, growth projections would be normalizing. so there are still people willing to pay up for growth. we would suggest that the places you want to look for that are indeed the areas like clean energy, energy alternatives, where both china and the united states, as 55% of the world's largest carbon producers are now on track to cut emissions by 2050, there's a lot of regulatory policy support in these areas, so i think it is a mix of large amount of capital
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flows, but also this positioning for where the growth is going to be exceptional over the decade ahead, and that is one of the things that we cover. but i also just want to come back to valuations. we really saw the third quarter earnings as a test, and keep in mind the earnings beat expectations, which were already elevated, the margins remain strong, and companies did not guide down materially in most sectors around anything around this supply chain or the labor issues, and therefore the valuations are not that stretched compared to where they have been given that earnings growth. guy: mark, always a pleasure. great to get you on the show. mark haefele, ubs global wealth management cio. the turkish lira very much in freefall. another rate cut today.
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we have seen another 100 basis points. what comes next? a hint that maybe we are coming to the end of this cutting cycle. but nevertheless, the turkish lira very much under pressure once again today. this is bloomberg. ♪
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alix: turkey's central bank cut its key interest rate for the third time in a month. the move did push the lira to a new record low and frustrated investors who were saying monetary policy has become increasingly erratic. damian sassower joins us now. 100 basis point cut. surprised or in-line? damian: in-line, but what i am surprised about is the move in the lira. we talked about this before. erdogan tries to pursue his dovish policy. he then basically starts cutting rates. they have to dip into their ethics reserves because the currency is -- their fx
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reserves because the currency is depreciating too quickly. the moves we are seeing here, these digital binary moves qamar beco -- moves, because they cannot step in. many have been out here talking about it for a long time, so if you look at where the lira is come of the one thing i want to correct is down 3% overnight, they are looking at the spot fx. if they have the risk tolerance to invest in turkey, if they are investing in a way where they can extract the interest-rate return, that -32% year to date turn in spot is only -16% when you take into account the fact that there's an interest-rate return at the front end of the curve. guy: are we about to come to the end of the cutting cycle? there was a hint about that within the statement.
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damian: that is a great question. it depends on just how far we go in the lira before erdogan really sees the error of his ways. what is really scary here is that he cited the koran in his most recent statement. this is about sharia law and his beliefs therein. when you have that kind of firm religious belief that high interest rates are bad, it may be difficult to get you to move the other way. at what point is it 12, 13, $14 lira, at what point do you really step back and say this is just not working? alix: quickly want to switch to south africa for a second. the central bank hiked in the rand goes down. what is up with that? damian: because they are behind the curve. they are not hiking enough. they definitely have problems domestically, power shortages and the like. so any hike is going to basically take away from their growth trajectory. but a 25 basis point hike, not
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what the market was really hoping for, and certainly the split decision had something to do with that. now dollar rand is the lowest of the year in dollar terms. so we are probably going to need to see more hikes coming through in south africa for the markets to come to terms with the fact that this is an inflationary environment and it is not going away anytime soon. guy: we are going to watch this very carefully and continue to see exactly what happened in turkey, south africa, and the bigger picture, what happens with the dollar. damian sassower of bloomberg intelligence, thank you very much, indeed. one of my hibbert subjects, tea. -- my favorite subjects, tea. alix: your favorite subject is the weather. guy: they go hand-in-hand. we are talking about brands like brooke bonds. i know you like lipton over there. i know what i have my questions about lipton. alix: it a gross.
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guy: it looks like cvc is going to step in. these companies are trying to move up the value chain. unilever is no exception. they are able to pass prices on. they are looking for that margin story, going up the value chain, offloading some of their older businesses. they make some good stuff. some of it not so good. but anyway, on balance, not that. alix: we are waiting. guy: i will bring you tea. we talked about naked wines already. we got to talk about tea. we are going to talk about steel next. thyssenkrupp gearing up for its most difficult sale yet, the disposal of its heart and soul steel business. the numbers today, pretty good. stocks rising. this is bloomberg. ♪
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guy: we are wrapping up the trading session in europe.
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fading into the close, fading for most of the day. we are still very close to record highs in europe. the ftse 100 down .5%. the continent a little better. we are seeing some of the banks, we are seeing some of the mining stocks under pressure weighing on london. plus the fx factor in the mix. let's talk about what kind of a day has it been. the stoxx 600 has been north of 490, we are now 487. down around 5%. you can see the gradual move lower taking ways throughout the day. ok volume, not great volume. the dip lower largely driven out of the united states. some saying it may be down to a tweet from joe manchin he may not be convinced about build back better. we are off the floor but we are still down around .5% on the
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stoxx 600. moving away from our highs. where have we seen the gains? where have we seen the losses? real estate is where we have seen gains. energy, miners, banks, that is where the heavyweight hit comes through. these are heavyweight sectors dragging on the market. individual names continue to be rising. this increasingly feels like a stock pickers market. it is about bottom up rather than top-down. you can see evidence of that. the french luxury stock up another 3.25%. it has been on so much of a terror jp morgan suggesting it be included in the euro stop 50. these and growth -- thys senkrupp out of germany, the numbers are starting to turn around. the change in strategy implemented starting to deliver
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the goods. we will talk about that in a moment. a significant discount. then one of my favorite stories, naked wines down 10%. this is a darling of the lockdown phase of the pandemic. everyone was drinking at home and buying their wine in bulk. that was the narrative. we have gone from drinking in bars, which sounds like a good thing to me. at least people are getting out and about. it just he to see if that contained as the covid story continues to develop. alix: i have a kid so i am still drinking from home. i do not know these people who drink in bars. bloomberg spoke to the ceo of the new economy forum on the company's price and demand. >> we have raised prices -- we raise every year our prices. alix: my pallet got a bit more
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refined during the pandemic. i am willing to pay up for more staff and better quality, and i wonder if that is a distinction? guy: your moving to champaign, is that is what is happening? i am sure hennessey will be happy to hear that. i'm not sure that is entirely true. alix: i do the mixers now. i cannot have elder flower. that is like $80 for a bottle this big and that will not last very long. guy: i know the team is getting together this weekend for friday. i hope i will get good stories of alix steel's drinking prowess. alix: my mixing prowess. you will be on zoom and you will see. guy: we will find out. let's talk about other stock i just mentioned, thyssenkrupp. the company had a strategy review.
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we are starting to see evidence of that. we had the hydrogen story early on. alan spence joining us to give us his take. let's talk about the journey we have been on with thyssenkrupp. this is a company people worried would not survive. it is starting to make progress, it is starting to see good evidence the plan is working. where do you think we are in the journey they are on? alan: i'm having technical issues. i cannot hear or see. guy: that is probably a prerequisite for getting television done. we will come back and figure it out. going really well in the show today. we will make sure we nail that one down. this is a company, there are some industrial companies that have been through the review that are starting to see some evidence of the benefits of it. still trades at a significant discount. we were talking about what was happening with ge only a few
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days back. there are plenty of big conglomerates that may be in breakup mode and thyssenkrupp is one of them. alix: the point of the ipo is is it a bit early? the hydrogen is super green industry at this point and will need a lot of capital behind it. the spinoff now when it is more developed is an interesting choice. guy: there'll be a lot of green, maybe that is what we should be talking about. i think sales will onto a significant chunk, but it is the kind of stuff we are looking at on the screens where the real challenge will lie. what you do with the steel business? that is where the challenge will lie. they also have huge automation business, they have other parts of the business dependent on the chip shortage. real challenges coming. things are improving. is there still a long way to go?
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that seems to be the case right now. european stocks have settled. let's take a look at the final numbers. it has been a down paper europe -- it has been a down day for europe. the banks and miners and energy stocks. this deal stocks lower. alix: all metals getting hit. sweet green is indicated to open between 32 and 34. this is the first indication of what we are getting, a pop as the company seeks to raise money to expand everywhere. we will check that for you if we get any closure on that price indicator opened at already to 34. this is bloomberg. -- at 3234. this is bloomberg. ♪
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ritika: this is the european close. coming up, the kochi ceo at 1:30 new york. this is bloomberg. -- the coty ceo at 1:30 new york. this is bloomberg. the leaders of the u.s., canada, and mexico will hold the first in-person person meeting since president biden's election at the white house today. amongst the issues likely to be discussed, energy, borders comment auto manufacturing. issues remain despite the rewrite of the north american trade agreement. countries are making a u-turn in their fight against the fourth wave of the pandemic. they are increasingly forcing countries to let employees work from home. in belgium employees need to
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work from home four days until november. in germany -- as long as there are no operational issues. the risk of a trade war the eu and the u.k. may be receding. the forceful negotiating stance led to a softening in london's position. european officials told ambassadors the uk's threat of ditching part of the agreement related to northern island may be off the table. the u.k. pushed back against the idea anything has changed. wrapping up operations in london to target the super rich -- goldman is boosting its wealth management and consumer banking unit as part of a new strategy to make firms less reliant on trading revenue. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: just to update you. sweet green opening at 3800 to
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40,000 -- to 4000. its ipo peers fell on day one so it would be a relative outlier if it continues. looks to open about $40 a share. let's stay with banks. bloomberg spoke to noel quinn. he talked about the world cannot truly decouple from china. noel: the world economy is recovering. it is recovering well. there are tensions in the supply chain. we did should not be surprised. we went into reverse and are now going fast forward. there will be friction in the supply chain. take it as a positive the world is recon a -- the world is recovering. if i do not look at the concerns for the future, i am concerned about inflation. the same time the supply chain recovers, there are similar issues.
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supply chains are repositioning, in part because of geopolitics, in part because of resilience considerations by government. oil prices will remain high for quite a while. the investment cost of new sustainable infrastructure will have a premium in the near term. francine: you are about shocks or monetary mishaps? what does it mean for big banks? noel: controlling inflation will be a fine art as opposed to a science and i think we'll have to make careful judgment calls in the central banker for the next few weeks and bonds. -- and months. as to how they keep the balance and make sure inflation does not get out of control. i think they will do that through pulling back on we and gradual decreases in interest rates. countries will move at different times on that and that is ok. it will be about balance.
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francine: we just heard from former secretary hank paulson is that it is almost impossible for the u.s. and china to decouple. howdy read the chinese economy? noel: the chinese economy has been big as a manufacturer for many decades. it is also huge as a consumption market for the future. i do not think the world can decouple from one of the biggest manufacturing nations in the world and what will be one of the biggest consumption markets in the world. i hope it does not decouple. will there be differences? differences in views on technology, differences in views on politics? yes. i think it is important there is a level of connectivity between the world and asia and between the u.s. and china. francine: how many bumps along the road you see? noel: for us it is continuous investment. we started with a strong
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platform in hong kong. we have on our balance sheet over $1.6 trillion of assets under management, wealth assets under management for our clients. whether private banking, asset management, retail operations. for me it is about continuous investment program. we are going to spend $6 billion over the next three to five years, 3.5 billion of that is building out our wealth business within asia. we are going to do that across all of asia. there are wealth opportunities in hong kong. china, definitely. singapore absolutely and also india. that will be a combination of organic investment and as you have seen in singapore, where in the process of buying a business , bring that business together with our insurance business and we have a much more powerful proposition in singapore. i am looking at three or four other opportunities like that as
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full-time positions over the next few months across asia. francine: have you spoken to hong kong authorities so you do not have to do a quarantine the next time you come back? noel: i'm not planning a trip at the moment. i think it is important for hong kong to establish what they need to establish with china on reopening the hong kong/china border. i do not want to do anything that may jeopardize that. i would love to get back to hong kong as soon as i can with the authorities feel it is right for me to go back i will. guy: the authorities are definitely in charge of that process in asia. hsbc group ceo noel quinn speaking to bloomberg's francine lacqua for the bloomberg new economy forum. the story in china feels like a different one at the moment. noel quinn, i always feel he chooses his words incredibly carefully trying to manage this
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process of being a western bank operating in china and hong kong. incredibly difficult. he hopes he does not see decoupling. i wonder if we were to see it where that would leave hsbc. alix: and many other companies. i also find we spend not a lot of time talking about china and what is happening with cobit and the zero-tolerance policy. why do we think that will have implication for ports and goods? that is why we talk about inflation and supply chain issues. if china continues down this route of zero-tolerance, i do not know how the supply chain issue gets resolved quickly. guy: it does get resolved but the operative word is quickly. it feels like this will last for a long time. car guys are talking about it lasting for a long time. the only thing i would say is post holidays some of this
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eases, maybe this huge push into the holidays starts to fade and maybe that allows things to balance out more. alix: we are seeing freight rates over a little bit, port congestion is easing. there is a headline just crossing from the hill about powell. senator manchin said looking very favorably at powell after a chat. tom porcelli had an interesting note out yesterday, saying he thinks lael brainard is president biden's pick but having them both come to the white house was how they were going to introduce that idea to the markets and politicians. now they are taking the temperature of what lael brainard versus jay powell would be. brainerd is the preferred pick but how my be the one to take it. mansion said he is looking favorably at jay powell. guy: interesting considering where he lies on the clinical spectrum.
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how is the latest are -- on the political spectrum. how is a registered republican. there is also an argument lael brainard could be a treasury secretary candidate. she has a lot of pedigree at treasury. maybe there are other elements that need to be thought about. we await the news from the president. we are all agog with anticipation. this is bloomberg. ♪
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guy: off the lows, equity starting to get traction on the upside. kriti gupta has the details.
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kriti: it is all about earnings and starting to spill over into companies that have not reported. foot traffic reported -- doubled at the cap. nordstrom offering a partnership with a fourth company. petco is the clear loser in this broader theme of retail beating the earnings, missing their third quarter margin as well as their fourth-quarter guidance forecast. mastercard and visa, want to follow-up on the story where amazon is talking about cobranding with mastercard instead of visa, talking about the power these retailers are having against credit card company. let's wrap it up with john deere , finally hitting the deal with the union workers. its biggest gain since november 1, which was last time you thought they were hitting a deal. alix: love the update. west virginia senator joe manchin saying he is not made up his mind on the fed chair jay powell or lyle brainerd, but he
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did look favorably at jay powell after a chat. annmarie hordern is at the white house. is this normal? joe manchin talking to jay powell, etc.? annmarie: it is normal the fed chair or governor would go to congress and meet with senators and lawmakers. what is interesting about this joe manchin/jay powell meeting is in august 5 senator manchin set a letter to chair powell saying we should not over prescribe the patient, the patient being the u.s. economy coming out of a once-in-a-lifetime pandemic that needed incredible help of monetary support. now he is saying that inflation was going to be a problem, he wanted to make sure the fed was pulling back on treasuries. now he says he looks favorably on jay powell. he is done a 180 when it comes to how thinks about jay powell and potentially this could be a key vote for the president as he
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is making his decision on who he will put in the top spot. guy: we are looking for news with a great deal of anticipation. we have a chat coming up later. what will come out of it? annmarie: we are not going to get a joint press conference. it does seem like the tone will be a little bit more friendly than the prior administration. remember the last time these three countries met was in 2016 when president trump was in the white house in ottawa. what we do note will be top of the agenda is going to be energy and car manufacturing. already president trudeau was at progress and he said what he thinks and the presidents build back agenda, when it comes to car manufacturing, ev tax credit is unfair. he says that goes against their current trade agreement. that will be one thing as well as energy. president biden has killed the
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keystone pipeline and now there is a lot of taco in what will come next when it comes to the line five pipeline that goes to michigan. energy and cars will be top of the agenda for what everyone calls the three amigos. guy: we had that propane chat earlier on. alix: the three amigos movie is one of the best movies fall time. let's be clear. steve martin, martin short, chevy chase. annmarie: have not seen it. guy: i want to be chevy chase but know i will have to find matt miller to be chevy chase. if i was going to be one of those characters, that is who i will be. i will let annmarie say later off-line who she will be. alix: she has not seen it. guy: she has no idea. alix: knapp. -- no. i knew you would do that.
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it is inevitable -- guy: it is inevitable. let's talk about the next 34 hours. the bloomberg new economy for them continues. we will monitor the great conversations out of that. will be fascinated to hear the latest out of the chip sector. alix: tomorrow retail sales. fed heads richard clarida and mary daly will be speaking at the economic policy conference. footlocker will report in the u.s.. that wraps it up for me and guy in london. coming up, new york august been gregory reached will be joining david westin -- gregory meeks will be joining david westin on "balance of power" on tv and radio and guy and i will be headed to radio as well. this is bloomberg. ♪
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>> from the world of politics to the world of business, this is "balance of power" with david westin.
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♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." -- joe: from bloomberg's washington bureau i am joe mathieu with emily wilkins for david westin on "balance of our -- balance of power." emily, it is great to see you on what is an important week in washington as the president agenda seems to be moving or were. the debt ceiling is looming and we have foreign policy landing on the residence doorstep. emily: there is a lot going on and we heard from nancy pelosi that it may be possible the house will take the boat today to move or it that plan that is so critical for president biden. joe: if we. -- if we do not get a vote tonight maybe tomorrow.

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