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tv   Bloomberg Markets Asia  Bloomberg  August 1, 2017 9:00pm-10:00pm EDT

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♪ 9:00 a.m. in hong kong and singapore. a look at our top stories. tackett leading the asia-pacific up. apple assuaging fears with a confident prediction for its new iphone in autumn. of united states, gm and ford hitting the brakes. i am haidi lun in sydney. back, up, the brics are inward fund flows the highest in
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two years. this is "bloomberg markets: asia." rishaad: right, records for the dow and onwards and upwards. the dow jones industrials up so far this year, 10% up, adding to the gains in the session on tuesday, we do have a move to gains toe, taking what? something in the region of 10.5%. 11%, in fact. that sounds good, but let me pull up this chart. btv 175 is telling you what is going on with the dow, u.s. equities, and how they are doing compared to the rest of the
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world. you could argue they have a huge waiting when it comes to global indices, perhaps reflecting the the blue line is showing u.s. stocks are ever so slightly lagging globally has we keep on striving towards global high records. haidi: that is almost unbelievable, really putting things in perspective. you do have the emerging markets inching higher. we see these renewed gains towards record highs despite the dysfunction that plays out in washington. earnings season has been impressive. when it comesmp to apple, the market believed to be hearing more details about the new iphone and the start of this new iphone super cycle with the iphone eight, so we are watching apple suppliers when it
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comes to the asian session. open ines away from the china and hong kong, but singapore, malaysia, and taiwan, i sensitive apple market there, coming online. let's get it over to sophie. sophie: asian tech playing follow the leader after the pop in apple shares. tax sensitive gaining .7% out the gate. i.t. stocks and telcos leading gains in korea, the kospi up .1%. when it comes to the kospi, a backdrop of surging exports and eps growth could beckon investors to that market. we are seeing the drag in energy and material stocks weighing in sydney, down .5% as metals and oil drift lower. currenciesheck in on given the greenback. the yen above 110, and weakness
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for the singaporean dollar ahead of pmi data out of the lion city tonight. recoveringwon losses, marginal gains. the kiwi about .5%, a drop triggered by the miss on the jobs report and wellington. taking a look elsewhere. check this out. venezuelan bond deal spiked after arrests of two opposition leaders and bets on a default are climbing. citibank recommending five-year credit default swaps to protect against the potential risk. going back to our tech story, i want to show you some taiwan listed companies with exposure to the apple story. , whilesemble the iphone another up over 2% has a hand in turning out the apple watch. with the shift and technologies to things like the homepod and other new developments, one has
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to wonder what that can mean for apple suppliers. foxconn, trump said it may boost its investment in wisconsin to $30 billion, up 1.2% on the taiex today. rishaad: we are looking at the effect of the world's most valuable company as well. reasons why it's boss tim cook is happy. let's get to paul allen. thanks. apple shares hit a record high in after-hours trade after the fears the calledmed new iphone would be delayed. seen at $49 billion to $52 billion through september, and the new phone is scheduled to appear. it had been concerned it would be delayed until october. u.s. auto sales falling, a drag
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on the economy. gm deliveries plunge 15% last month. ford reported its biggest sales declined since october. fiat chrysler saw it second worst skid for the year. projections still saw fewer sales, while toyota was the only company with the sales gain. honda's first-quarter earnings beat estimate with net income rising more than 18% to $1.8 billion, the full-year operating profit forecast was raised to $6.6 billion, but analysts were looking for $7 billion. honda saw a record sales in america declined. deliveries in china jump 19% in the first half. u.s. auto market has been declining throughout 2017, and our overall sales were down 3% to just over 4.4 million units. is passenger sector
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particularly struggling with the slow down and growing inventory and incentives. honda share has expanded despite having to adjust output in our u.s. factories. paul: over to washington, the fbi has a new director. the senate confirmed the new director in a bipartisan vote 92-5. he has vowed to defend the independence of the bureau after donald trump fired his predecessor james comey. during hearings, he disputed trump's description of the russiaan the investigation is a witchhunt. planning to raise $2.5 billion to repurchase rio tinto's call assets, contributing $1 billion. al will contribute $300 million, while to chinese investment groups will commit a further $1 billion.
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global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: thanks for that. faced with the drop in inflation, the reserve bank of in india is expected to cut its key rate on wednesday. kathleen hays is here with a preview. it is not just today, the bond a move, butaked in we are looking at future signals. >> absolutely. if you are a bond trader, you are ready to buy more. if you don't get the signal, that could put a lid on the rally. if you look at a bloomberg , looking for a 25 basis point cut. inflation in india is falling steadily. btv 5079, the
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reserve bank of india's reverse repo rate, almost their key rate. is 6%, cut by 25 basis points at the last meeting. it has been holding steady. inflation has been steadily falling, and not just the headline. there has been a steady drop in signale cpi, seen as a not just of fluctuations in food prices or feel prices, but actual demand. also, a wider output gap. cpi's in 48, 3 core energy, food and energy, light prices, another food, fuel, gold, and silver. they all tell the same story, falling from 5%, so quite a move. the question isn't just will the
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reserve bank of india cut its but will itr sig,, signal more rate hikes ahead? >> there will team more forward-looking and ford looking -- forwardorecast is looking inflation forecast is about 7%. in light of that, we believe they will deliver a cut today, but maintained a neutral stance, giving flexible it he to move, if necessary. >> n/a monetary policy report, wording on inflation and the outlook will be key for people jumping to a conclusion one way or the other about how soon a rate hike will -- rate cut will or won't be coming. something,ll me leaning towards tighter policy globally right now, how would that affect the thinking of the rbi. a different point
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in its monetary policy cycle. they have been fighting inflation. other banks when they went through the recession and financial crisis cut rates a lot , and are now trying to boost inflation. the rbi is at another point. polling inflation is boosting real rates in india. btv 3300, the lower inflation goes, the reserve key rate steady, real inflation and adjusted terms is getting higher. what does it mean? it can curve credit expansion, investment capacity, industrial production output, a drag on gdp and reduces incentives to invest. india past a goods and services tax and it is now a drag on growth. india's july manufacturing purchasing managers index fell to a nine-year low of 47.9, another reason why the rates are
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a done deal now and people are betting the rbi will move from neutral to a, date of and leave the door open to another rate cut this year. rishaad: nice one. coming up, deeper into the with ubsg of apec wealth management. haidi: plus, dancing to a new tune. sony steps up its revenue forecast on music and games. we will break down the latest numbers. this is bloomberg. ♪
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♪ rishaad: you are back with bloomberg markets. i am rishaad salamat in hong kong. haidi: a quick check of the business flash headlines. first quarter profit at mitsubishi ufj search 53% as trading income and share sales made up for a drop in lending. net income increased 2.6 billion dollars, 30% of its full-year
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goal. fg was the last megabanks to higher earnings despite the boj negative rate policy. sony's turnaround on track with quarterly profit topping estimates, revenue jumping 15%. sales helping to lift operating profit to $1.4 billion. sony putting up its full-year sales forecast by 3.8%, giving profit guidance at $4.5 billion. to maintain the crisis mentality no matter how much are profit recovers. that profit was not sustainable ago, earnings 10-20 years and we should not repeat such a situation. the market is volatile and we would need to be flexible to adjust to changes. haidi: hello kitty parent's all
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last quarter profit fall 37% to $12 million, while sales fell 11% from a year ago. the company put the blame of lower revenue on license products in europe and the u.s. and rising competition amongst characters in the media. full-yearntained its guidance. shares down by the most in nine months. right, g-10 central banks normalizing and tightening, but asian peers standing pat as in the case of the rbi, looking to cut rates amid falling inflation. well, let's discuss policy diversions with ubs wealth management. thank you for joining us. does it make a difference if they do cut? what difference does it make to inflation? inflation is looking benign for
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a country like india. in the case of india, we are not sure. it seems like a done deal we will get a rate cut, but we are not so sure. it is mathematically straightforward that inflation half rebound in the second -- will rebound in the second half. one of the drivers his salary increases, especially on the state level for civil servants from the so that should bring inflation numbers. especially -- there was a quid pro quo, government puts in inflation dampening and capacity enhancing measures, and with the central government 20 months from the national election, we are noticing maybe not all out, but there is a tilt , minimumopulism
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support prices for agricultural producers the government buys or the hikes higher than they used to be, so we are seeing a couple of measures where it is not so clear inflation will remain as low, also whether the central bank sees the actions of the government has inflation dampening as in the past. so slightly more populist tilt. i think the rbi will take that into consideration. rishaad: what about the fact that the indian rupee has appreciated by 6% since the start of the year? they may be concerned about it becoming too valuable. know the export figures are quite robust for the indian economy, so that does not seem to have caused a major track on exports. you lean against the
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wind, most central banks in the world, especially g-10, either are tightening or will do it next year, so if you are the one then it could cause a currency weakness beyond what you expect and bring inflation up much from you than be in act, so you might position six months down the road where you have to reverse those measures. i don't think they want to be in that position. haidi: are you suggesting if we have a more hawkish face, fed tightening, and you see the rbi seeing a weak patch of inflation transitory, do you see the risk of a taper tantrum-style route when it comes to the indian rupee? >> not necessarily. the centralook at banks around the world, especially g-10. everything is very gradual.
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for example, the european went on the, it wires and try to calm things down. yes, globally rates are backing up, especially the long end, but modestly, not in a way that would cause a panic in the bond markets in general. essentially what we have going into the second half of boe,ear is the fed, ecb, can you share your views on what you expect, perhaps more hawkish mark carney this week, but in more divergence as opposed to convergence when it comes to central-bank policy. >> we don't expect anyone in the region to loosen anymore, including the rbi. curve. ahead of the
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for example, bank of indonesia may be the end of this year, but starting to hike. then we have countries like australia, india, where they will remain flat. so relative to others, you could a loser, but we don't see them losing policies further than they are. rishaad: what would be there main concern, if anything? >> the main concern, especially for the region, remains the debt side. not only china, several countries, the private side debt level has seen that rising, so if we get a strong back up in yields, that could cause a problem. the other more stock market related indicators we are watching closely, we have had
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capex discipline, and they have pretty much washed out and that is why industrial prices are going up, so we went like to see this overcapacity and over investment is not resuming too soon. that would be a risk to the stock market if that were to happen. rishaad: great talking to you. coming up, the return of the rebound in macau casino revenue is impacting stocks when it comes to premarket trading. this is bloomberg. ♪
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♪ haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. inhaad: i am rishaad salamat hong kong. we count to down to the start of the trading day. having a look premarket, the
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session looking like this, .4% up as we get that tailwind from the street of dreams in new york. fresh recordng a high, also futures contracts to the upside as well. i want to draw your attention to a beleaguered part of the index in hong kong, gaming stocks like galaxy, sands, and wynn. we have had a comeback when it comes to the fortunes of these companies. this is gross revenue from a cow going up, 29% in july from year ago. things were getting better at that stage last july. the estimates were 26%. the gaming moves we are seeing in macau are also strangely enough correlated with what has been going on with the msci
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world index as well, so that is what we are seeing. on the upside, indeed an outperformance, as we saw gaming revenues do likewise, go down. the turnaround continues. in stark contrast, grupo shares seeing downward pressure. chineseof these major steel makers are privately held. china's fx related later is looking at some of these to mastichaving used assets as collateral to get overseas loans. they are reviewing loan guarantees for the big five. it follows a separate investigation from the banking clamping, looking at down on capital outflows, their debt as part of the deleveraging process, and anbang being told
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back money coming up, the slowdown in the u.s. car market and problems when it comes to asian carmakers. this is bloomberg. ♪
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♪ victoria harbour, 9:29 in hong kong and singapore, looking at the premarket, .4% up , the hang seng likely to move higher. looking at technology on the way up, the apple affect, blow away numbers, similarly sony to the upside. company earnings indicating strong nominal growth globally. rbian look for to the boe, decisions and the all-important data point at the end of the week, nonfarm payrolls in the u.s..
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i am haidi lun in sydney. rish, what is remarkable is the fact that the markets are ignoring the political goings-on the it comes to the u.s., lack of fiscal stimulus and policy when it comes to the trump administration, pushing markets higher and higher. australia,data from month on month building approvals at 10.9% for june. we were expect thing 1% and follows a decline of 5.6% in the previous month. aat drop was mainly due to drop in approvals for high-rise developments in the but more than made up for it. we were expecting a slight bounce, but 10.9% month on month. year on year, a decline of 2.3%, much better than that decline of
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11% we were expecting, and easing from that decline of close to 20% we saw in june for that year on your number. this follows the rba decision to hold policy steady yesterday. the heated property market at the top of the balancing act the governor is juggling. shanghai and hong kong joining , an up session, the apple affect, markets pretty robust earnings. chinese stocks on the mainland not joining the party so far. losing .1%, slipping after a two day rise come is so the hans saying extending gains for a third day, up .5%. the taiex leading gainers, flirting with the strongest level in 27 years. i want to focus on the forex space.
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dollar strength feeding through, weighing on asian currencies. a slightly weaker fix from the pboc on the yuan. was on thedollar back foot, down .2% as we got the lines out around coming approvals, but those losses have eased come now down .8%. in the spirit of tech am i want to check tencent, trading higher this morning. by greaten driven expectations behind the tech company. it is due to report earnings on august 16. this week, its share price, the line on white in this chart, surpassed the 12 month target for the first time in two years. revenue for june
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thanks to sales at its games unit and we check. the hang seng, the apple supplier gaining 4% this morning . galaxy and entertainment and sands china after that rebound in macau gaming revenue 29%lerate in july, rising to top estimates, rising for a 12th straight month. so far today, it looks like tech is in pole position, not only hong kong, but elsewhere in the region. rishaad: right, lots to digest. first word news with paul allen. u.s. secretary of state rex tillerson has tried to assure north korea that washington is not looking to make a regime change. during his review of international policy come he said the u.s. is no threat to korea isun, but north a threat to others.
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remarks come as tensions run high after the latest test of an icbm last week. >> we do not seek an exhilarated reunification of the peninsula or an excuse to send our military north of the 38th parallel. we are not your enemy. we are not your threat, but you are presenting an unacceptable threat to us. paul: the united nations is calling for calm after forces loyal to president maduro arrested the opposition in venezuela, including the former mayor of caracas, detained 24 hours after the controversial constitutional boat. the crackdown shook markets into international condemnation and brought the threat of new sanctions from the u.s. the value of treasuries owned by foreign central banks and held at the new york fed topped $3 trillion last week, the highest since december 2015. not show which
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countries are buying, but treasury department numbers indicate china and japan are among those increasing ownership this year. it is giving bond traders another reason to bet on a steeper u.s. yield curve. an increasing number of economists think japan's consumer prices will peak this autumn. theoomberg survey found median forecast was inflation peaking at 0.8% in the fourth quarter or earlier due to flatlining energy prices. that is in stark contrast from the boj view, which maintains inflation will hit its 2% target. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: honda has raised its full-year operatg for quest after first-arr earnings beat estimates, a mixed bag come a record sales in china, but a fall back in the united states. , doingarmakers, well
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pretty well in a contracting u.s. market, or a falling one at least. who is most affected? these companies depend on american sales, the second largest car market in the world. it can be up to 30% of their annual sales. carmakers are affected by a america are subaru, honda, nissan, toyota, the top four companies. subaru get 70% of its sales from america. you know this market is a falling knife and that it is coming down. eventually it will revert to the mean of 15 million annual cars, and what is that mean for asian carmakers who have relied on this market? investors are attuned to this. they are notsk
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pricing in this weakness and continued weakness when it comes to the u.s. market? >> earlier this week, we wrote a column saying maybe they are not pricing it in enough. a lot of folks thought this will be a gradual decline. it was a seven-year upswing, so a lot of people inc. it will not just fall at once. it is sinking quicker than people were expecting, and so the question is how fast does it from 17 million cars he year to 15 million cars he year, and how to set impact quarter on quarter? you don't know how quickly it will affect these companies and which ones they will hit first, so i think we will have to see month after month, quarter after quarter, some pretty choppy results where we can't trust the estimates and you have to go on faith or believe in one thing or another or one car company or another.
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they are not sure how quickly it will come down. you look at what happened to gm and the market reaction, is that eight oh weather for anyone interested in the likes of honda for example? we see that split, right? >> the interesting thing is that a lot of the asian carmakers did do better than people were expecting, but almost all of them are down. is this a matter of a choppy incentive structure? , notmericans cutting back cutting back, but pausing on incentives they have been offering to dealers? are the asian companies continuing to all those out? so far, it looks like it is. one thing clear for all is the american car boom is over and it will come down, so the best bet is to look at companies that have other
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exposure into southeast asia and china and their home markets. , atre seeing some growth least not sinking quite so much. haidi: diversify, diversify, diversified. shelley, thank you for that. saysa's economy minister his country's improving growth trajectory will not be derailed by additional u.s. sanctions. tom mackenzie is covering the brics in shanghai. rushing off the latest sanctions? -- and brushing off the latest sanctions? tom: that's right, remaining bullish for russian growth, saying sanctions approved by the u.s. congress on july 25 and sitting on the president's desk would not hobble the growth trajectory for russia. he said it was more about trying europeanhe wings of
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companies trying to do business with his country and said it was a u.s. ploy. take a listen. >> the u.s. sanctions do not involve russia. european business and u.s. business. relations are becoming worse .fter the announcement made the u.s. is trying to win competition against european companies in different markets. divisioning up the have seen over sanctions, not just between the white house and congress, but the u.s. and the eu because of course we heard from france and germany, their disappointment at the u.s. congress stance because they see french and german business is being targeted, trying to curtail their relations with
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russia. picture, it is positive. he expects full-year gdp above 2% for russia and says the credit cycle is supporting growth and the countries oil and gas producers are now more competitive. he also made the point when i asked him whether or not the russian government was looking at retaliatory measures to push , foragainst u.s. sanctions example, american consumer goods companies. theade the point of saying russian economy is growing and remains open to foreign business and is a good environment to invest. rishaad: nice one. right, when looking at one of the big stories of the day in more detail, profit topping estimates, the company's turnaround on track. look at the performance the us far. ♪ -- thus far. ♪
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haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. rishaad: i am rishaad salamat in hong kong. we are taking stock of the business flash headlines. bp combing investor concerns after debt reached a record. funds from asset sales will help to ease the burden. net income better than thought. oil and gas output 10% of. breakeven at $50 a barrel, prices that year between $45 and $55. haidi: rio tinto do report profit forecast to search for billion dollars from 1.5 billion from year ago. stronger commodity prices underpinned that result.
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rio tinto is the world's second biggest iron ore exporter. rishaad: india's biggest steel producer reporting a drop, blaming higher costs and de-stocking by customers. -- jsw dropping 44%. a year ago, record profits, $175 million. low,howed an eight year and that was down to the new sales tax. sony's first-quarter has music as to men's and the playstation 4 leading growth, but declined to raise full-year forecast. let's get the view from seniorre, jeffries
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analyst covering sony. topline looks really good, across a number of segments, quite a bit of strength, the turnaround intact, but what of the criticism that gains were from one off elements or they came off a low base from the previous year? >> not exactly. excluding the one offs, operating profits were ¥120 billion, and not many people are aware that in the 71 year donery they have never more than ¥100 billion and operating profit in the first quarter, so not only was this the biggest first-quarter number in history, but stripping out the one offs from the last highest was ¥99 billion 10 years back. to ¥90 billionet
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and operating profits, the stock price used to be ¥10,000 plus. now it is ¥4500, so cheaper than what it used to be. profits are at a record high, and most are not driven by consumer electronics. they are driven by businesses in which they have a strong position, and often a duopoly or monopoly as well, so very good. haidi: and yet the conservative guidance? >> yes. just to put things in perspective. 3-4 years back when the cfo came on board, he talked about profit in the midterm target was ¥500 billion. company used to lose ¥300 billion annually. they have reached a stage where they will hit ¥500 billion. we are at six under ¥60 billion now.
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billion.0 we believe they have a massive buffered, but believe there is no reason to raise guidance at a time when their compensation per management is tied to how far they exceed those benchmarks they set for themselves. since they have done that three years back and not likely to the hit, there is no reason they should risk everything down, no matter how remote the risk is. this is why they are not raising the guidance. rishaad: it is a classic trick, isn't it? a corporate trick to some extent. this is a company that has entirely changed. it is almost a different company than it was four years ago, isn't it? >> yes, that is the key. the previous company used to focus on growing the consumer electronics products, tv, pc, mobile phones, cameras, and what not. pc, strunky exited
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the tv and mobile business drastically and started focusing from the movies, music three main business where they are focusing, yet very different. even going back to steve jobs, he always used to lowball the numbers. analysts new what he was doing, yet the stock would always react negatively after his guidance, and then they would consistently beat those numbers. they do want to leave some jobs for the sell side and buy side analyst. rishaad: absolutely. the stock is down today. what do they need to do next, if anything? vr is a huge opportunity for them. in game viewing as well, a huge business, not just people who play playstation, it is people gathering to watch two teams
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play playstation together. >> you are right. key-sport opportunities for them in the content business, games business, as they take aims to cloud. they are investing in that side as well, but the real opportunity to unlock value would come in places where they can partner with someone in three places and build those three m's, music, mobile, and movies. the fendi is looking to do an group, aroundusic $20 billion for the ipo. if that happens, sony does not need to do anything. china they need patent protection come and sony ericsson does have a basket of patents which can help, therefore a partnership could help other companies grow and there would be value those
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companies would be willing to give to sony. lastly, movies, a very difficult business. they do have businesses doing well, but motion pictures not just difficult for sony, but everyone his name is not disney, so they need to partner in the process. they are trying to work out. they have a new management and are trying to expand their existing franchise with spiderman itself. they are trying to unlock more value. rishaad: to be fair, they had a couple of good hits recently. i want to talk about the tech rally does far, asia joining the party. sony is more than a tech company, isn't it? it has its hands on movies and other businesses which are not traditional technology. can this rally be sustained? >> i think there is a good ining that there is a bubble
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the number of people calling for a bubble in tech. 2000 whenfferent from people were saying there was a bubble. yes, back then sony was ¥10,000 plus. every company was at a higher multiple. now that is not the case. if you have a facebook at an all-time high, you have snapped and twitter at all-time lows. the market is different trading. it is about monopolies and duopoly's. so what you are seeing -- year, go ahead. rishaad: we have run out of time. it was great talking to you as ever. coursech, apple of banking on its new iphones to drive revenue next month, but how long will its core product key delivering? we will discuss that, next. this is bloomberg. ♪
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haidi: apple shares hit a record .igh in extended trade projected revenue topped estimates, signaling strong sales of the new device. there had been concerns that supply line glitches might delay it until october. investors like third-quarter sales growth. all things considered, apple had a great quarter, $45.4 billion, 7% growth year over year from q3 2016. the iphone, ipad, and the mack received big boost in revenue and units sold. success,was a smash growing 15% year-over-year. that has to do with the new ipad pro introduced in the past
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quarter in june. the company also saw strong growth in terms of revenue for services and other products. the products category showed strong growth for the apple watch, air pods, and apple tv. in home pod will likely join december. forerms of revenue services, the app store group revenue by over 20%. apple said revenue for services will grow by 2020 or 2021. altogether, apple had a solid q3 quarter ahead of high volume quarters ahead of high sales. coming up, a market check, dollar coming back a fraction. also, goal declining, down a bit.
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oil below $50 a barrel mark. should be good news for sri lankan airlines as it tries to charter a different course. ♪
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♪ announcer: from our studios in new york city, this is "charlie rose." charlie: we begin with new set of the white house. anthony scaramucci has been removed from his role as communications director after just 11 days, which he had widespread media attention. his exit comes on the same day general john kelly was sworn in as president trump's new chief of staff. john kelly is someone who is seen as someone to bring order to a chaotic west wing. ca


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