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tv   Bloomberg Markets Asia  Bloomberg  March 22, 2021 10:00pm-11:00pm EDT

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$3 trillion in long-term economic release. >> after making the mark, global drug makers are preparing for a new wave of vaccines including some with no needles. >> and there may be a peace plan with the e.u.a. acting as the middle man. and we have a bit more risk appetites. and .6 of % and u.k. and u.s. and joining the e.u. in sanctions against alleged against the uighurs. and in peoples and jerome powell
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and kick off two days of congressional hearings in response to the covid-19 crisis as well. hooking at the dollar and the oil prices. edging lower, 1.1%. concerns about the near term demand it is bus of this uneasy return of the pandemic. and and according to experts and end of the year or even later than that. and congress very much in the sight of bond traders on the yield is edging down. u.s. dollar. >> big homecoming and $3 billion
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. perhaps that sizzling market in hong kong is not the way it was up ..7 of 1% and what are we making of its debut in hong kong? >> a mod rate modeft for the stock here. and the depray market was suggesting we might see 3%. but still in the gene. halfway at $3 billion and hopes this is going to turbo charge something of a comeback story and slipped its peers what used to be its peers and trying to focus on things that like artificial intelligence and autonomous driving and eying
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acquisition and listen to the c.e.o. why he has chosen hong kong as the listing venue. >> it is quite forward. and same time zone -- [indiscernible]
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>> and there is a choice. and the options and evaluating all the possibilities and for listing, it turns out that hong kong is the best for us at this time. >> are you happy with the a.d.r. and delistings from the u.s.? >> we always thought there was a
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very small possibility but we fully understand the investors who are concerned. >> you raised $3 billion. what is the priority of putting that money to work? >> i do it pretty much based in china. our revenue not in u.s. dollars. when we do investments or acquisitions and we need to use u.s. dollars and raising money could help us to expand us quickly either through acquisition or investment and a lot of cases with that kind of flexibility. >> what are the prospects for the broader prospects. >> you know, this year, -- last year because of covid -- [indiscernible]
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>> and starts toll feel -- >> and the growth rate becomes higher. i think people were impressed by that, although it was not a surprise to me. it is always been designed like that. >> 70% of all receive news. clearly increased and we just touched on. what point do you see nonadvertising revenue and if so, what time frame? >> it will happen.
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i cannot predict but it is quite clear. . if you look at other large interim companies, advertising is that revenue. it's like a monopoly. we just started online marketing and that is a large platform. and people come to us every day. and besides the ad, we can do it and help them and charge membership fees, we can do live streaming and online games and transactions with e commerce. we just got started on that. >> c.e.o. telling me he hopes to
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take advantage of the queeze and going to the lateist nine millimeter chips and hoping to get there their driving unit within the next three years. i talked to him about regulation and he said he is not too concerned and doesn't think the target is on their back and longer term is going to create more innovation here in china.
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impose 10 individuals on the european side. michael on spying charges has ended in beijing and a verdict will be issued at a later date. cooverage and shortly after cappeda's arrest. herl they are facing life in prison. and allegations of the government shared imieges of sex acts over two years. approval the low ♪
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>> more sanctions on china. the u.s. and e.u. have joined over abuse of human rights. president biden's team is have a plan that are is on the country's top earners.
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>> this is going to dwarf that. >> almost double depending how you add it up. president biden said it coming into the white house, build back better. $1.9 trillion. build a bridge, support people until you get the economy on stronger footing and $3 trillion is supposed to do not in the short run but boost long-term economic growth.
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it could be presented to biden as soon as this week and some of the things we are sure. key things, infrastructure, climate change, there is going to be a lot of spending, investing, tuition cuts and the g.o.p. would like traditional infrastructure. and one thing they agree is spend money or competitiveness of america and mitch mcconnell that the leading that biden's may be a trojan horse for massive tax hikes. >> and it has been a rallying cry. and what do we know there? >> the theme is there, look. the wind falls generated for the
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rich by the pandemic. if you own stocks, you see the price of your house went up. biden said last week in an interview people earning more than $400 will earn -- $400,000 will pay more. the higher income tax rates will be raised again, corporate tax cuts may be reversed and income and and capital gains and step-up basis for estates. and that is going down the drain, maybe a minimum tax for large companies. so it's this idea of recovery. some people are benefiting. the richest of 1% of american
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about 80% of the job losses and wage earners, those are the numbers we are looking at. that's behind us. >> along side and janet yellen. they have a face down and a lot of critics than the republicans. >> criticism from republicans. the democrats are pushing yellen very hard. first on the house financial services, the senate banking committee. we know that janet yellen is full tilt behind biden's plans and we will hear her. powell is going to say something he doesn't want. powell, his prepared remarks are out.
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he said fed stimulus is going to say and janet yellen say full employment could be back. is she the idea that people from prominent economist and high praise in 2022 not in 2023? it's interesting to hear her that the economy is going to be so strong and going to be interesting testimony regardless. >> kathleen hays there. and breaking news out of germany. the e.u. should not have an export ban and five-day lockdown over easter and because of the situation and coming on the leaders agreeing on an expanded period.
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markets are expected to open. germany a five-day lockdown . >> u.s. japan and emerging markets. the strategy, global markets. ♪
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>> weakend dollars. >> if you look at this what we have been seeing and looks back to march. and easily what we have, the boston is indicating what could be the earning predictions and the yellow is the s&p 500 and in the red and in green and you can see how so far itself is way way superseding in terms of what people are expecting regarding
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earnings. and i should see it here as well. >> joining us live is head of asian-pacific global markets. first off. pretty well. and the way is up. >> you mentioned the testimony of j. powell and janet yellen and what you are going to see from powell and global central bankers in general is a continuation of the accommodated policy and that is going to be the point of markets for the next couple of years ago.
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and do equities rise fromier here? we are in the beginning of the recovery. and the continuation of very accommodated policies with liquid in the markets that money had to be put to work and that is in equity. >> all eyes on you. and what would it be like the fed? >> we need to see more evidence -- this is a little of a copout. and they argue if they found inflation anywhere but of course a longer trend is built. so there has to be some some
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sense of central banks and here to say. what we are seeing is a short-term spike in inflation. and the statistics as it were. the truth is, though, given the weakness of the labor market and gaps and given the fact that they will reverse in the second half, and without that, you may be rising the expectation of recovery but not rising on the expectations. asset can deal with higher yields but not a continuation without performance because of the spike. we are not there yet. we are in the beginning in the business cycle.
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>> when the checks start landing on people's mats in the u.s., that may engender a pent-up demand and money. it demands if they push inflation because one is more essential than the other. >> very true. the velocity of money is collapsing and pent-up demand. until we see a more consistent pickup in velocity we are unlikely to see it on a consistent basis. the pent-up demand will be there. and will push inflation but not enough confidence and short-term shift in prices and will be
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muted in terps of the length of this pent-up demand and how much impact on the economy. and this is the velocity of money. in terms of the longer term trend. >> we don't have much more time. we are heading towards the key movers. and looking ahead to what is happening with anyone tendo, 2% and this partnership taking place with another company in order in the second cycle and augmented reality and the index and .8 of 1% and still realing
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and just production across north american operations. j and j. those are the benchmarks and yen looks like. this is bloomberg. ♪.
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haslinda: we are in hong kong, 9:29 p.m. in new york. sources say the biden administration is continuing -- considering as much as $3 trillion in spending in the next stimulus from -- next stimulus bill, with infrastructure and climate change two of the key pillars. the proposal is expected to be presented to president joe biden this week. jay powell says the u.s. economy is still far from a full recovery, but seems to be gathering steam.
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he told the house financial services committee millions of americans are still hurting and that measures would continue for as long as the recovery takes. janet yellen will also face the committee this week. the ecb has finally delivered on a promise to boost the pace of emergency bond buying to combat rising yields. net purchases climbed higher than 21 billion euros last week, the most since december of 2020. policy have vowed to significantly increase buying earlier this month, data has shown little pick up until now. figures later on tuesday. new york is lowering his vaccination age to 50 from 60 as the pace gathers. andrew cuomo tweeted the news. high schools will also reopen for in person attendance. new jersey has pulled its reopening -- 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.
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i am vonnie quinn. this is bloomberg. haslinda: taking a look at markets, asia some losses, investors looking for a catalyst. we have tech and health care among the biggest gainers, some relief as bond yields stabilizing out these for now. the csi 300 index in negative territory, extending his losses by a tense of 1%. we are embracing for an earnings lump. here are the stocks we are watching. baidu making its debut in hong kong, up 9/10 of 1%. not much of a sizzle. smoore international down. e-cigarette makers down, china
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state regulation for the cigarette industry will be applicable to e-cigarettes. walmart down by about 1%, it says no assurance that an ipo will proceed. rishaad: let's move to another story. they u.s. and the u.k. and canada joining the european union by imposing sanctions against china's alleged human rights abuses against the weaker ethnic group. -- the weaker ethnic group. beijing immediately retaliated. let's get to our chief north asian correspondent stephen engle. what do we know here? what it really move the dial? >> it's a symbolic move. it's unlikely to have much
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material impact on china or the economy, but they clearly wanted to show a unified front. it comes on top of other sanctions like the u.s. has imposed on chinese officials, 24 chinese officials before the big alaska powwow. that over hong kong. it comes over the hills of yesterday, more than 20 western diplomats in a show of unity outside of bashan court -- beijing court, and a show of solidarity for one of the two canadians who is being tried there on spying charges. it is adding up to this united front against china. as you said, china is firing back on those allegations. i will get to that statement from the chinese in a minute. but the eu has done, they began by imposing sanctions the target for chinese nationals as well as one entity, and then the u.s., canada and the u.k. largely mirrored the eu's actions.
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dominic, the u.k. foreign secretary put out a statement saying we are sending the clearest message to the chinese government that the international community will not turn a blind eye to such serious and systematic violations of human rights. we also have the u.s. treasury director putting out a statement, chinese authorities will continue to face consequences as long as atrocities occur. as you can see, these are kind of trying to collect a united front to tackle china on some serious issues. haslinda: what has been china's response? it does appear like they may be ganging up against china. >> i think that is what some in beijing probably feel. china shot back immediately after the sanctions were announced and even upped the ante, saying they would sanction 10 individuals in the eu, as well as for entities, and put at
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a very sharply worded statement, basically saying this move by the eu, they singled out the eu because it came first, is based on nothing but lies and disinformation according to the ministry of foreign affairs. it disregards and distorts facts, closely interferes with china's internal affairs which is a common message from beijing, and flagrantly breaches the international law. and severely undermines china, eu relations. you kind of get very clearly how beijing is responding to this. rishaad: our chief asian correspondent. let's tell you what we have coming up. vaccines being rolled out. the new wave also on the rise. we have a look at all of them, quite a lot of them. this is bloomberg. ♪
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rishaad: this is bloomberg markets. as for zeneca did better than expected in a u.s. trial, the shot showed 79% efficacy venting covid, and an independent board found no safety concerns. one of their top executives spoke with bloomberg on those latest results.
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>> it's clear that we have a vaccine which is highly effective, shoving an unprecedented high efficacy against severe disease and hospitalization, and that is important of course for the united states, for your, but let's not forget this virus is everywhere in the world. we are thrilled with the data, and hopefully it is the next step for all of us to combat this terrible pandemic. >> you mentioned your, some doubts were raised and the risk in europe. specifically on the risk around blood clotting. what have you learned in america about that specific issue? >> as you can imagine, the safety monitoring boards went with a magnifying glass through every case. the very good news, and also in our press release, is they did not see any imbalance.
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that is a great signal, and built on the strong feedback we got last week from the mhr rate in the u.k., saying that the vaccine is highly effective and safe for use. it does not mean, as always for every product, every vaccine, we will clearly monitor every case. suffice to say, based on the current date of the vaccine is highly effective and very safe. >> i think there has been a difficult time recovering. in december there was that study out of the astrazeneca vaccine that was somewhat confusing. there were two different groups, one should a 90% efficacy rate and another was 60 something percent efficacy rate. how much you think that has color the view of people versus some other policy error on behalf of politicians who have not come out and endorse the vaccine perhaps as much as he would have liked? >> i think that is always the
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case. the speed in which we are developing vaccines is impressive -- unprecedented. we are learning, like we are doing for our other products as well. the importance of today is that this trial has been done in a phenomenal weight, more than 30,000 participants of the united states, peru and chili, shoving unprecedented efficacy by the safety profile is extremely strong. hopefully, what happened in the past is gone. but this will further boost the confidence. . in the vaccine we are very confident, many regulators are very confident and the vaccine has been approved and more than 70 countries in the world. the next priority is to get this vaccine approved by an emergency use authorization in the united states. we are going to apply for that
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in the first half of april, and then of course it is in the hands of the fda to make the final decision. >> do you have any sense of how widespread this rare blood clotting development has become in the european union? there have been a number of cases that are reported. we have a handle on the scope of that? >> but we know is that it is very rare. of course, we are looking into it. the mhra is looking into it. at this stage it is very clear that there is no clear relationship between the vaccine and those events. those events are also there in people without any vaccination. having said that, patient safety is always the number one priority for us, like it is for other manufacturers. we take it very seriously. but let's not speculate, let's wait for the data. we will do a lot of studies in order to get a better review on it as well as other regulators
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in the world. of course, we also need to see the data from the other vaccines to get a very balanced view. but is far too early to speculate about how many times it's occurring in the normal population. haslinda: rudd talking with bloomberg. the coronavirus outbreak make household names of companies like moderna. now a new wave of vaccines is on the horizon that make it the world over the finish line of inoculation. our health care reporter joins us now. michelle, how many vaccines are in development? we have a dozen approved already. do we really need more? reporter: we do have 200 50 different vaccines that are currently in development -- 250 vaccines are currently in development.
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normally when we talk about vaccines there is only one or two, at most a handful for things like measles and working cough. when it comes to coronavirus, we are trying to vaccinate the entire world in one fell swoop, so all of the different vaccines we can get, we need every of them at this point. rishaad: what benefits to these new vaccines have over the once at the moment that are being used? tell me something, this is a personal question. is there one that you would want to take for instance? i do not know if you have been inoculated get. reporter: i have not been inoculated get. the thing that is great about all of these vaccines, if there are a variety of different approaches for different people. there are some people who have other health conditions and they are afraid to get anything that might increase the risk. they want the safest thing available.
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i personally but i to have one of the one shot wonders. something like the johnson & johnson vaccine, where you just need one shot and then two weeks later you are protected. i am in the middle of trying to move to hong kong, i would like to get the vaccine done before the move happens. i do not want to have to wait six weeks to get two different shots and have the efficacy taken. everyone has something different. some people might not want a needle at all. some vaccines will be inhaled or a nasal spray. there is something different for everyone here. haslinda: the one shot wonders sounds good. what are the answered questions? how long will we need is vaccines? reporter: we did not used to have a lot of companies working in vaccine development, that is why we only have a handful of
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vaccines for most of these conditions. honestly, most of them don't generate very high sales. they don't generate a lot of revenue. it is something companies have not really worked on. we have seen that turnaround in the last few years, weather have been other vaccines developed for hpv, cervical cancer, shingles. certainly with the coronavirus, this explosion of vaccines. the question is, how long is the protection -- protection going to last? are we going to need them every single year? or is this something where everybody rushed in, we vaccinate the world and then there is nothing left for all of these companies that have spent so much time and effort and all of these governments that have spent billions and billions of dollars. we just don't know how much need there is going to be going forward. rishaad: with the development of
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these vaccines, vaccine nationalism. you have seen the spat between the european union and the u.k.. but this is something that is global. reporter: absolutely, we are seeing this over and over again. who gets access to the vaccines, who gets them first, which ones are safest. we are seeing china state they will make it easier for people to come into china if they get one of the china vaccines. we have seen sputnik out of russia, they are offering it to other people. some places in the european union are saying no thank you we are good, by the way we are going to stop astrazeneca from exporting any of the vaccines that is made in the eu, to the u.k., there are all kinds of different problems happening with these vaccines. there are some folks in india are trying to do vaccine diplomacy. it is just like everything else,
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politics and health wrapped up together. haslinda: our blowback health care reporter. still to come, details of a secret roadmap. could this be the making of a more lasting truce? more on that, next. this is bloomberg. ♪
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rishaad: this is bloomberg markets. turning to politics in south asia. india and pakistan had a rare joint commitment to request a cease-fire agreement. bloomberg has learned the cease-fire talks began months earlier, brokered by the united arab emirates, according to officials who have asked not to be identified. let's get more to this group. i thought a peace deal, it's a cease-fire deal. give us an idea how it came about. >> absolutely, it is a cease-fire deal where the two sides have agreed to maintain or abide by the previous agreement. how did it come about? after very bad relations between the two countries starting in 2019, what we are starting to
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hear, but sources are telling us, is that it was facilitated by the united arab emirates, which has good relations with both countries. what we learned is they were the main country or people who brokered, if you can use that word, to get the two sides on the table, talking, and to decide, let us abide by the cease-fire agreement. haslinda: why is this piece initiative so important? give us the context of the india/pakistan relations. >> india and pakistan have fought three wars since both countries became independent in 1947. apart from that, relations have been hostile for most of the time in the last 70 odd years. the hostilities, so to say,
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increased and the relationships became even more bitter and the last two years. the two countries literally went to war in 2019 after a suicide attack which killed 14 indian soldiers. there were extracts carried out by both sides. to give a context, both countries are pulling back from the brink or the edge. both sides have reduced each other's diplomatic missions, clearly signaling they are not interested in talking to each other or maintaining good relations. it is from there that the two countries are coming back to say fair enough, let us first stop firing at each other, let's maintain the cease-fire agreement along the disputed border of india and pakistan. that is why it is very important. rishaad: we have to see diplomatic relations restored,
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wouldn't week? on top of that i want to get to the notion, what about a broader peace deal? we're talking china the same time. they are using diplomacy to try and handle the border disputes both on the northern side of china and on the western side with pakistan, that is a very interesting context that we see in this current cease-fire deal that we see. how far this goes and what is the roadmap likely to be, what we are being told is the next step is to restore the high commissions back to the level, sending back the ambassadors, getting the high commissions functioning.
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and therefore, normal talks and away, no matter how cold or difficult it is. after that, we get to hear. they will also talk trade, which has completely stopped between india and pakistan. rishaad: there was not much to begin with. thank you so much for joining us. looking at the fx markets, the new zealand, the kiwi sliding about 1%. this is under 70.88, the lowest level we have seen since december. let's behind it? certainly speculators getting into the housing market has breached the key support level. on top we have the credit card spending, that was showing a decline of 12.4%, when previously it was a decline of
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10.6%. down by much more than they were in january. that is a look at what is going on with the new zealand dollar. let's have a look at what else is happening. haslinda: that's to a quick check of the latest business flash headlines. one company is gaining on its trade though not as much as suggested. it raised more than $3 billion and its secondary listing growing heavy demand from retail investors. the ceo says in comes from the offering will help with acquisitions, and to maintain its lead in artificial intelligence where it is starting to pay off. >> we will continue to invest for the next 10, 20 years, and our pace of investment will not slow down. we will continue to add more to our r&d budget, so that we will maintain this kind of lead.
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haslinda: a chinese video streaming platform is looking to raise as much as 3.2 billion u.s. dollars and a second relisting and hong kong. the nasdaq listed company is selling 25 billion shares at a maximum price of 988 hong kong dollars. that's a premium of just over 12%. shares are expected to start trading next monday. rishaad: let's have a look at what is going on with commodities. we are seeing some pressure on the base metal companies in china. these are some of the other stocks and focus, one company is up over 13%. copper seeing a bit to the downside, quick look at what is happening overall for these benchmark indices. let's have a look at the deal
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here with regards to them. there we have it. the hang seng increasing and extending the losses that we had, 1.1% down. there we go. singapore into green compared to what else is happening in east asia. this is bloomberg. ♪
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