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tv   Bloomberg Markets Asia  Bloomberg  January 4, 2022 9:00pm-11:00pm EST

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>> and the korean markets, earlier on, we had unidentified projectile. let's have a look at this. the philippine markets are coming back online after the switch yesterday. and the reflation story where you are seeing yield pushing higher. as you can see here, under pressure to hong kong. also chinese mainland markets. we will click that up there. just to give you a sense of the
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move right now. at these levels, at about 5400, that takes us below the low. that takes you alloy back to 2020 levels as far as this index is concerned. he will see substantial losses across a lot of these big tech names. >> are they going to be next in line? we are looking at the big movers like far wrong. all of this after resuming trade after that halt we have seen for nine months now allowed these shareholders -- will they feel more pain to come after this bailout? we will look at these shares after that announcement on that buyback of the shanghai listing. we are looking at tencent falling. >> it will be a great many.
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looking elsewhere, we have sony up over 4% right now. we have an ev mobility unit saying that this will be rather sedentary, equates though. >> look at me. >> investors are paying the price for what was a horrible year for water wrong as there was a crackdown on corruption and over leveraging across corporate china. while wrong was the poster child
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. if you look at a tenure chart of boron, you can see this company that started off in the late 90's, buying bad debt from the banks. it grew beyond this financial mandate. and got into trouble. the foreman chairman -- former chairman convicted of bribery. they kind of have come full circle on the copy. they posted that record thus. shares were suspended in april. they are suspended in april because they did not post the results. the results were a record $16 billion loss. they have returned to profitability in large part
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because of the capitalization led by other state bank -- state backed entities. the number one shareholder is the ministry of finance. this is a key cornerstone of the debt restructuring. they may need some asset sales in an environment like this. they can't issue bonds at a reasonable price anyway. >> they were among the four big bad as it managers. they were one of the more aggressive buyers of debt through the bond market and it got them in trouble. they have a number of stakes that are still up on the chopping block. the selling block.
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>> what are you hearing? is it more pain to come for shareholders of this stock? >> they will lay out their plans. they said the priority will be on downsizing and streamlining on their core business. essentially for the government initiatives. as they want to not only still growth but they want to continue deleveraging and de-risking the economies. we will have to see if this reflection president all of the troubles at our own.
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chinese policymakers have made it clear what policy directives will be. how long before the economy responds and how long before the market responds? >> it takes around six months for the economy to show signs of a response following using. so far what we have seen from the authorities, it is very marginal easing. or signaling than anything else. we had a cut in the lending rate. there is still quaint a lot more to be done. if marketable believe we are entering a phase of fiscal and monetary support. >> what you need to see to restore some confidence? you had this kind of shift. does it need something like on
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the target to stoke sentiment? do you need something a little bit more broad-based to get excited about it? >> i think they're looking at china as a possibility for reallocation but there is still so much uncertainty both in terms of its ability to contain the virus and its commitment to deleveraging the economy. in the midst of that, significant top-down policy changes that are affecting some of the big names that investors have been supporting over a number of years. if you put all that together, there is quiet a lot of fog that needs to clear. i suspect some investors will take notice of continued signaling of easing and support and the early initiators of coming back in.
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for the bulk of international investors, it will take some time. >> a question on covid strategy, it does seem to be under serious question right now. how big of a headwind is it container -- compared to the tailwind it was a year and a half ago? how does that affect what you might invest in? >> let's not forget that the global economies are still set to grow significantly above trend. not as strongly as 2021. the external sector is in good shape. china has taken his policy of securing its borders and trying to manage the system to magically. i suspect they are awaiting additional innovation that will produce vaccines that will take
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some time to roll out. we have seen commentary around 2022 another year of sealed borders in china. that is likely to be the case. they can cope. they are producing a huge amount of manufacturers. they have access to global markets. it is a very top-down driven financial system. they have time. they have perhaps more breathing space than those with more open economies globally. we don't see any urgency to move away from that policy. as a result, there is this difficult downturn that we have passed the bottom of that we will take time to emerge from. >> we are still seeing in terms of reglet tory crackdown, the line yesterday about how they will be undergoing security reviews for tech companies abroad. a lot of people say that hong kong will be a beneficiary of all this. does hong kong have a liquidity?
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is it enough to actually support the market caps of some of these adrs? >> adding the jury is still out in terms of that aspect. -- i think that the jury is still out in terms of that aspect. there are also emerging listings. hong kong clearly was to be the destination of choice for those. as we have seen, it is a mixed picture. this is primarily in shanghai. the liquidity pool is deep enough but whether or not they can get the listing requirement remains to be seen. we have seen hong kong establish some framework around specs that we don't expect to be very significant. that perhaps provides a route going forward for new listings but this is still an unclear
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picture and i think investors are responding to that by being quiet cautious. >> stick around with us. moving out to some of this first word news. all of that according to the south korean military. japan's coast guard says that the object appeared to be a ballistic missile. the nhk is reporting that it is still outside. it does come days after kim jong-un urged his state to contain covid. this eaves he has reclassified the travel advisory, telling americas to avoid traveling to the city because covid numbers are unknown. singapore joins the same classification category as north korea and syria. the weekly infection growth rate has increased at the fastest rate in nearly two months with
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over 800 cases reported on tuesday. new research suggesting delivery times in semiconductors lengthening again in december. we are talking about sus, investment group. compared with november. that marks the longest wait time since the cover to tracking the way time in 2017. there are some major ship supplies including broadcom. opec and its allies agreeing to increase delegates. they improve their $400,000 -- 4000 barrel a day increase. all of this after analyst predicted more due to weaker supply. that is a look at the first word. >> just an update on the hang
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seng tech index. we are now down about 200 points. that translates to 3.8 or 3.9. a 4% drop on this index. >> we can't -- we can look at the tax base. we will look at those announcements we got. they are launching a mobility unit and they want to commercialize their ev's. the stocks are up about 3% or more. you have to expanded in the 30 year timeframe here. we are talking about 32-year highs. still head on bloomberg markets agent. china's divorce rates have soared 75% in the past decade. we will get a breakdown on what that means. from the china europe into national business school, this is bloomberg. ♪
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>> welcome back to the show. we are barely into 2022. some clear themes have emerged. we will see if that persists. one is yen weakness on the back of this diversions. we have now retraced. we have topped a key retracement level. that takes us back to 2017. just a massive move down in price. you had volume spikes. can we get the chart up? if we can? let's click that. thank you. volumes and massive outflow. really leaning into that massive yield we have seen since monday. rishaad: mark, are we at the
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dawn of realization that this whole tapering is here and there is quiet a lot of -- there is quiet a big ripple effect when it comes to the bond market? >> i would not read too much into the moves that we saw. i think a lot of traders were positioning early as the year was coming to a close. what we are seeing now is as traders get back to their desks, started to factor in the reality. we are starting to see rate increases in the u.s.. that is the central bank that leads the world. we are seeing upward pressure now from this inflation outlook. >> is this whole short duration trade getting a bit crowded? it is very crowded i think and it will continue to be so. i think there are bouts of
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volatility that we will see. this is a very significant move. we will see them as traders come back to their desks. we will see days of release that are revised. we see significant revisions on jobs data at the end of december. i think we will continue to see that because of the covid situation. data caution is much more difficult than it has been in normal circumstances. we will continue to see volatility as desks and banks react to the news flow. overall, i think what we're looking at is a realization that we are reaching the peak in terms of the inflation outlook. all of this and the peak price increase in 20 to anyone. that will reach that point around the midyear. at that point, hopefully as the supply side chains get relaxed, we will see a relaxation. rishaad: with the way the
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unemployment rate continues to go down, we have more and more pressure on wages. perhaps we had cost push. could we have demand paul -- pull? >> that is the big one. that is what investors are trying to get to the bottom of. i don't think there is a real clarity on that issue. we have seen signs in the service sector as they move away from that demand, we saw a significant move into goods purchases during a significant time of lockdown. that created a demand shock. the supply side will really exacerbate it. since we moved away from that critical moment, we have seen services come back online. we have seen wages pushed up.
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so far we have not seen that pushed through into enterprises. we have not seen prices return to companies. they are working off fairly soon evident margins at the moment. they have some opportunity to absorb. the position of whether or not it is clear that this could be contained largely rests on whether or not productivity can improve. >> the fed needs to raise rates four times. inflation comes off and then we get there earlier. do you think that will get positive real rates? >> negative real rates is the conundrum. despite all the concern we have seen of inflation. they are not proactive enough. the markets are telling you despite what they are saying verbally, they are telling you
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what they really think. it may well be the case as it has been in the past that the fed won't reach that target that has been indicated on the dot plot. it is unlikely that we will see real rates turn positive through most of this year. there may be a possibility as we get toward the end of 2022. rishaad: have a great when he 22 -- 2022. china mobile kicking off shanghai trading. not as high as earlier. let's get you the details right after this. this is bloomberg. ♪
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>> let's check china mobile shares after that debut in
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shanghai. they are announcing that buyback. they are doing much better in hong kong. much better for china mobile there. a pretty warm welcome back from chinese investors. >> very good. we saw this dog jumping as much as 9.4% as soon as trading started in shanghai. it retreated a bit to this level that we saw just now. 3.5% up. it is curious that we are seeing a good reaction in hong kong. this company traits here in hong kong and the company announced yesterday that they are buying back around 10 billion shares that are the equivalent to 10% of the outstanding shares here in hong kong. let's say there is a crumble of good news. they said they will use the cash to exit -- execute this buyback.
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this was one of three chinese telecom companies banned from trading in the u.s. three years ago. i think it is a pretty interesting moment to look ahead and say that this is the scenario as it is right now. the stock will be trading right here in hong kong. you will have the option to trade in the mainland. you can come up with some sort of strategy between the two stocks. let's see the scenario of uncertainty that a lot of these chinese companies are still going through because of the giller tour demand in the u.s. and also china. -- the regulatory demand going on in the u.s. and also china. >> since we are talking ipo's,
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they changed the ipo rules. rishaad: they are not counting hong kong as foreign. >> that is correct. we know that everyone is paying very close attention to every single word and every detail coming from those chinese regulators right now. what we knew yesterday is that the internet regulator took off the word overseas and actually added foreign to. it is different than what we saw in november. it gives an indication that hong kong would be exempt from scrutiny. this would be very good news from the hong kong markets and companies still looking for foreign exchange listing. >> have a look at some of the vid movers.
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evergrande is down about 2%. we are looking at sony over in tokyo. i will leave you with a look at the benchmark over in japan. here we go. the lunch break is just ahead. every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities.
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yvonne: we continue on on this wednesday morning, we continue to seek a bit of concern from investors about this investment from tencent. last time it was what does it mean for their other backed companies as well? close to 50% drop for huarong. david: let's talk more about tencent. obviously a big mover down, hs tech.
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the e-commerce giant selling 3 billion worth of stock. it is doing some gymnastics here. let's bring in nathan from bloomberg intelligence to talk us through this. what does this mean, this divestment of tencent? any bearing on the company and what they plan to do moving forward? reporter: we think the development has nothing to do with future growth prospects because businesses are pretty much supported by growth in new business such as fintech and new geographies like latin america and europe. for tencent, it probably doesn't mean much as well. from time to time, monetizing and investing in the portfolio is a good way to make the market that reflects the full value of these assets. we know there may be regulatory pressure behind the sale earlier. given that ceiling in southeast
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asia, the cell is probably purely financially motivated. yvonne: what do you think are the factors driving the evaluation trend in the next few months? reporter: that's a great question given that the shares actually lost more than 40% off its value in the last two months. i think to a large extent, it's by investors concerned over the future profitability. the profitability, it has three businesses. gaming, e-commerce and fintech. gaming is the only profit generating segment. e-commerce and fintech remain in the red. other factors like rising competition from rivals going to market either through ipo or rules like -- and many more digital platforms, and also
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concerns over the two factors that would impact these profitability's in the future. these other factors we think will impact sea's future valuation. rishaad: and also, do they wait? does tencent wait to see if these things bear fruit, or do they continue to sell more of their stake, or do they will wait for the fruit to come out? reporter: that is a great question. we know sea is trying to extend into india. they have had conflicts with china. based on our sources, india -- bringing ownership by tencent which is a chinese company down to below 10% will help sea's extension strategy in india. rishaad: good stuff. nathan naidu, the bloomberg
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intelligence equity research analyst. we will look at opec, the big story, oil prices reversing some early gains. they did start the day higher. wti finishing tuesday's session with gains of more than 1%. that's all down to the opec-plus decision to keep the production schedule next month. stephen is our energies reporter and he has details. give us a sense of the nuts and bolts of this. reporter: i think what you look at is yes, they are adding 400,000 barrels a day to the market in february, and as analysts had signaled would likely happen. we have to look at the fine details of what opec-plus said. they said that they don't see omicron having a large impact on global oil demand. that is something the market has been really worried about. i see these headlines of record cases in the united states and as it is spreading in europe as well as asia. opec is still quite bullish actually on oil demand.
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they decreased their stockpile estimates for the first quarter. that shows quite a bullish signal. that is why we saw prices rise despite the additional supply into the market. yvonne: and we did see a brief touch of $80 for brent. i'm wondering, it seems like there are many analysts out there that see opec less as confident -- opec-plus as confident and can go higher from here. reporter: absolutely. you talk to some of the big banks and you are seeing the upper range of $80 to $90 as possible for this year for brent. a lot of it depends on new variants. a lot of it depends on what opec-plus decides to do. there are a lot of things that can change how the market reacts. we saw that even last year with joe biden saying they would release oil from strategic
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reserves. it doesn't have a large material impact on the market, but you saw prices go down about $10. while we are in an upward trend and while analysts are becoming more bullish on oil prices for 2022, there are a lot of downward factors and surprises that could hit prices going forward. rishaad: steve, good stuff. our energy reporter joining us from singapore. moving to some of the first word news headlines. . a look at japan as it will ring forward booster shots for elderly people, and in the meantime order controls as they slow down the speed of the omicron variant. the prime minister kishida telling a new conference that 9 million vaccine doses are available. less than 1% of the japanese population has received a third shot. >> in order to guard against the rapid spread of community infections, our omicron measures will shift to domestic focus. while maintaining border measures, we will further strengthen the framework for prevention and treatment.
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as for vaccines, we will work to bring forward third doses for healthy workers and elderly. rishaad: leo's government has agreed to buy an additional 10 million doses of the covid-19 vaccine. the u.s. agreed to purchase pfizer's covid pill and it was cleared for emergency use by the fda last month and has shown in clinical trials to sharply reduce hospitalizations and deaths from covid-19. goldman sachs says bitcoin could hypothetically reach $100,000 as it continues to take market share from gold as part of a broader adoption of digital assets. gold fx and the em strategy cohead wrote in a note that even the digital consumption of resources won't curb demand, bitcoin climbing about 60% last year. and would you believe in 2016 -- since 2016 it has surged 4700% acyclic? dropping the charges against new
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york governor -- former new york governor andrew cuomo, that he groped a woman in the executive mansion a year ago, that it was credible but there was not enough evidence to proceed. last month, there were also endings to the investigations without charges. that is the first word headlines. david: just ahead, divorce rates in china are up by more than half in the past decade. we will break down the numbers and what it means for the country and society, businesses, the economy. we have a professor who looks into the issue of a lot of love lost that is next. this is bloomberg. ♪
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yvonne: china is facing a surging divorce rate, with recent statistics showing the number of registered divorces is increasing over 60% in the last 10 years. david: let's look at the in click collation's -- implications of that with michael kwan, associate professor of management at ceibs in shanghai. happy new year and thank you for joining us. let's talk about the reality and
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start with what the statistics look like to you. >> yes, the situation of china is not so good. the number increased 62% from 2010 to 2020. second, the number of marriages, 53 percent was -- for 2020. at the same time when one couple got divorced, another two couples got married. for example in beijing, it was 67% and in shanghai, it was 65%. yvonne: so what do you think is driving this? there are some studies to suggest that as the more developed a nation is, the more income growth using in families, that divorce rates will go up. do you think that is justified? >> yes, it's a very good
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question. i think that women nowadays have better education, and actually the percentage of females who get a special degree or phd degree is higher than that of males, so that females nowadays can live very well and independently. they may not want to tolerate, if they are not happy with marriages. in shanghai, they buy their own properties before marriage. if they get divorced in the future, they still can have wealth and live independently. so maybe that is a part of the high divorce rates. rishaad: it is quite a stark choice that women face in china, isn't it? just hearing about one woman who says that the trouble is there's confusion as to what a woman should be. should she be a career woman?
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on top of that should she also have a family? the two are seen as perhaps not being compatible. or on top of that, and i hate to bring this up, put up with a man as concubine? >> yes, and the organization, female applicants, if they have children, the job interview is after whether she's planning to have the second or third child. so for females nowadays in shanghai or china, there is difficulty. david: my understanding is that china is looking to legislate that, i guess try to avoid the discriminatory practices essentially asking women if they are or if they are planning to get pregnant, to encourage more of them to join the workforce. that being said, do you think in
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its current form that the legislation will work? if you have to add incentives to that, what do you think they need to do to achieve that objective? >> i think nowadays the government now can do more to help young people to get married. nowadays, there is difficulty in getting marriage during covid-19. young people have less chance of matchmaking or dating and they have a hard time with high unemployment. and next, the cost of a child is high. in shanghai, it can costs one million rmb for one child. females have more chance of suffering miscarriage. i think the government can do more, for example the government can organize a website to let teenagers register with a chance to date and have safety and
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organization for parents. the other issue of housing for young couples would be beneficial if teenagers have property to live, they would like to get married. finally, many young people are planning to have babies but they might have difficulty -- rishaad: michael, it is all very well legislating, it is a top down approach, but there's a bottom up approach needed where you have to change hearts and minds. the whole sort of societal norms. how do you get to that? that is key here. >> yes. i think that the government can do more to encourage more people , and actually the young people have difficulty so that the
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government can help teenagers to provide medical treatment for people planning to have babies. yvonne: what do you make of the mixed messages you are hearing from the government? yes, they have implemented this landmark change in women's rights laws, the first in decades. on the other hand, they are also trying to control this so called in china as well. what sort of -- #metoo movement in china as well. what sort of message is this? > the first is the extension of maternity leave and the government can encourage females to enjoy maternity leave. for example in shanghai, a female nowadays would enjoy one more month for maternity leave,
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but on the other hand, organizations might not employ females because the government can do more to subsidize organizations. for example, organizations, it is the key person to bear the responsibility of maternity leave extension. so in this way, if the government can subsidize organizations, for example like in european comfrey's -- countries, the organizations can get more benefits from the government and employ. yvonne: we have to leave it there but thank you so much. michael kwan from china europe international business school in shanghai. yes, it is difficult being a mother and a career woman. i have personal experience on that one.
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you can catch up with all of our interviews by using our interactive function, and send us messages to the team or questions to the guests throughout live programming. check it out. this is bloomberg. ♪
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yvonne: you are watching "bloomberg markets asia." we are tracking the fallout of the global supply chain crunch. these are the top stories today.
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the bigger than usual rush to stockpile ahead of the holidays in the u.s. might give way to win economic hangover of sorts. that's one of the interpretations from the latest logistics managers index. the data usually drops in december, but in 2021, it stayed pretty elevated, which could cloud the outlook for prices and growth. the ism manufacturing gauge in the u.s. fell more than expected, but bloomberg intelligence those indications of reduced supply strains are emerging. orders in production down slightly while employment growth broadened. speaking of jobs, the -- another roller coaster year. labor strains persist throughout the sector and the latest data shows a record 4.5 million americans quit their jobs in november. that is a record here as well. rishaad: chips rising in december, signaling persistent shortages, slammed for months in
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interest -- industries. a gap between when a semiconductor is ordered and when it is delivered rose by six days to about 26 weeks last month compared to november. bloomberg terminal users can read more about this story and supply lines. david: semiannual delivery there. half a year wait. let's look at what happens with the car industry. 20 year high, after doubling factory capacity for battery part f-150 lightning pickup in the president of the americas international markets group spoke with us about the demand and pricing for these new models. >> the price is one factor i would say, but i think it is the compelling nature of the product that is really important here. this product has, when we were doing research with customers, they loved the acceleration of it, they love the torque it
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brings, they love the payload of 2000 pounds. it is great driving the truck. it is incredibly fast. you know truck owners love torque. torque is what this vehicle brings. it's more than 770 pounds of torque. all of that capability, it is one of the vehicles that has been the leading high selling vehicle for us for more than five years in a row -- 45 years in a road leading the segment. you combine that into a compelling product proposition with a starting price of under $40,000. that is what has made it such a compelling proposition for customers. reporter: if the issue here is selling it to consumers, or is it actually producing enough to sell to consumers? that has been the real hang up when it comes to auto sales over the past 24 months. >> yes, between the covid crisis, the chip crisis, the
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entire industry has struggled to produce at the levels we were producing. so you take that, those twin crises, and then as we are transforming the company to go from internal combustion engines to battery electric vehicles, changing the demand has been a real trick. we thought we were setting up our factories appropriately for the demand, but i soon as we revealed the vehicle, we had to nearly double the capacity. that's why today's announcement is so important. even after we increase capacity to 80,000 lightning trucks, the reservations continue to come in at record pace. today that's why we are announcing we will now increase capacity in this plant to 150,000 lightnings. that involves all the entire supply chain, the batteries, the controllers. reporter: given the fact that you have increased production, you have seen such robust
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demand, and the potential of additional stimulus from the federal government and the broader base of electric vehicle manufacturers, do you think electric vehicles could reach 10% of the american market by the end of this year? >> that's difficult to say, like you said, because it will be both not only demand -- based on the demand we are seeing for our vehicles, and the rest of the industry is seeing, it feels like the demand is certainly there. but the question will be how quickly can all of us execute to build capacity to meet that demand? that's what we are very busy doing for the next 24 months. we expect to get to about 600,000 battery electric units globally. that is before our bigger investments that we are making in kentucky and tennessee, both for batteries as well as assembly a coming online.
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they don't come online until about 2025. david: that was the president of the americas and international markets at forward, speaking with our colleagues in the u.s. as we look at the markets, the bad and then we get to the good. a lot of markets under pressure including korea, down 1.4%. the big platform date -- names are down substantially. the other side to the story in southeast asia and a lesser extent taiwan, we are still seeing tsmc holding the fort, but still holding down 1/10 of 1%. yvonne: that performance against tencent is winding now. take a look at some movers. 50% losses for the stock price after resuming trade after that nine-month halt. they are trying to restore confidence. there's a briefing going on about how they want to stick to the core business. shown -- china mobile a-shares data debut up 4.5% in shanghai
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announcing a buyback for shares as well. and tencent continues with that divestment news s onea. sea felt erratically. this is bloomberg. ♪
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>> almost 11:00 a.m., welcome to bloomberg markets: asia, i'm haslinda amin. rishaad: i'm rishaad salamat. let's look at chinese tech stocks, down for a third day. tencent further peers back investment in the sector. haslinda: huarong plunging on
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its return to trade, investors not impressed. rishaad: amazon scoring a legal win as an indian court refuses to intervene in its arbitration with future retail. haslinda: in the markets, we are seeing the same story. asia looked pretty steady until china and hong kong stopped the trading day, putting a drag on sentiment. of course, tech flunked and soda did chinese tech in particular, tencent selling down its stake in sea, and e-commerce company, hot on the heels of spooking investors amid the tech went. haurong also making an appearance after nine months after its bailout of $6.6 billion. investors are pretty spooked by that and not impressed by plans
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to focus on its core business. tencent back from the biggest drop of the stake in singapore. e-commerce giant sea selling $3 billion in sayre -- there's -- shares. it does seem like the pain for the tech sector is not over. reporter: there are kind of two things hitting hong kong stocks. the chinese tech stocks listed in hong kong, obviously we had a bad telephone overnight in u.s. tech, one of the biggest reversals in decades with that yield steepening, really forcing investors to sell essentially the biggest performers in their portfolios of the past few months. specifically in china, that's across from the u.s., but the
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fact that tencent is disposing of a stake up one its portfolio investments, the second time it does that in two weeks suggests the pressure from changing is for big companies like tencent and alibaba to divest of their investments. these companies control most of china's internet or platform companies. really pressuring the likes of other companies traded in hong kong. the suggestion here is that tencent and alibaba will be forced to direct whatever cost and essentially contribute to the equality close in china. rishaad: we are seeing it down with alibaba bucking the trend. reporter: exactly, increasing the stakes. it's not the first time he's done this. obviously a very famous investor. these shares are completely, they are so cheap.
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very very depressed. if you own alibaba and your purple you and you think it is going to recover -- in your portfolio and you think it is going to recover -- rishaad: you think it is in for the long haul. reporter: yes. the shares are lower than they were years ago. we careful with these rebounds. there's kind of overhang for chinese tech shares, kind of new news almost every single day. the sentiment here is very much still cautious. by on the dip is i don't think a very consensus trade right now. rishaad: buyer beware. let's move to another company, which is really feeling it today, down 50% the last time i checked on it. it is haurong, after a nine-month trading suspension.
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investors unhappy with the $6.6 billion bailout with this troubled bad asset management. troubled by perhaps is an understatement. stephen is here. reporter: i'm not sure this is a reflection, the 50% drop, that investors are unhappy with the recapitalization. they got a bailout. they got the $6.6 billion bailout, that's pretty good for a company that subsequently posted a $16 billion loss. remember back in april, this company suspended its shares because they delayed the posting of their full-year earnings which turned out to be that walloping number of $16 billion. they have turned things around. they were scaling back, they are streamlining they have the banking, financial, leasing and securities units on the selling block. they are focused on the core business. but unlike evergrande, which is a private company, not state backed, it got the bailout. the ministry of finance is the
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number one shareholder. in this 6.6 billion dollar recapitalization, citigroup and other big state backed asset managers are coming in. it is trading again. this is a reflection of the pain of the last nine months, not being able to have that reflection of what was a very terrible 2021 that began a year ago with the conviction and execution of their chairman. haslinda: going forward, what are the prospects for haurong? investors obviously not buying into its story. stephen: i think they just have to play this one out. this is the culmination of nine months of not being traded after what was a horrible year. you look at a 10 year chart, you can see how this company, it started off as a bad asset manager for the state-owned
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banks. they bought up all those bad assets in the wake of the asian financial crisis in the late 1990's. as that was weeded out, they branched into many other businesses including getting heavily indebted through the bond market of the big state bad asset managers, they were the most aggressive in the bond market. they are being pared back down to size right now and it will be a painful process. investors will have to take the lump if they held onto it. many of them are not able to divest and sell during the nine-month freeze, but those were not believing in the path forward as a downside bad asset manager are getting out. we have to see as they have other asset sales on the table right now. rishaad: steve, good stuff. stephen engle, chief north asia correspondent. in north asia, certainly some saber rattling.
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pyongyang doing it. let's get to first word news with vonnie quinn in new york. vonnie: north korea has fired an unidentified projectile into waters on the east coast. japan's coast guard says the object appeared to be a ballistic missile and nhk reports it fell outside japan's exclusive economic zones. lunches north korea's first of the year, days after their leader kim jong-un urged to focus on easing food shortages and containing covid. the u.s. cdc has recast the travel advisory for singapore, telling americans to avoid traveling to the cd because the covid levels are unknown. they are now in the same category as afghanistan, north korea, and syria. the weekly infection growth rate has increased at its fastest hasten more than two months with more than 800 cases reported today. new research suggests the delivery times for semiconductors lengthened again in december.
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susquehanna financial says lead times increased by six days to about 25.8 weeks last month compared with november. . that is the longest time since they began tracking the data in 2017. however, some major chip suppliers including broadcom buck the trend and were able to reduce the time. opec and allies have agreed to increase oil outputs. the 23 nation alliance led by saudi arabia and russia approved a $400,000 a day increase. the group is sticking to plans to gradually restore output halted during the pandemic after analysts predicted a smaller than expected importer due to weaker supplies. a record 4.5 million americans quit their jobs in november, highlighting persistent turn in the labor market. the unprecedented level of resignations including a record
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one million in leisure and hospitality alone suggests lingering struggles for employers to retain talent. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haslinda: still to come, indian stocks continue to stretch, a strong return. securities gives its outlook for the year ahead. rishaad: next, talking investment strategy with united over saiz bank -- overseas bank, koon how heng. we will ask him why he thinks it will continue. this is bloomberg. ♪
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>> wants the covid shock passes and we start to go back to normal, and workers fully
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returned, i don't see any reason why the economy would it reverse back to the low-inflation used to be that we had been in for. 20 years rishaad: rishaad: many appellees -- rishaad: minneapolis fed president talking to bloomberg. haslinda: when it starts, whether march or may, let's bring in koon how heng, head of market strategy united overseas bank. it's not about the dot plot, it's about the strategy. how quickly it tightens. your thoughts about that. >> good morning. i think the market is still very complacent and sanguine about how quick the fed tightens. we all know that they are tapering right now as we speak and they should finish.
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the question is in the second half of the year, how quick will the rate hikes come? our review shows we get three hikes in the second half, june, september, december and of course, after that, the question is we have to look forward to 2023. how aggressive the fed will continue to tighten. these markets are very orderly and i think it is a good thing that markets are still not accepting this commentary. haslinda: right. you talk about complacency. it does feel like the market is complacent about omicron, unlikely to cause hospitalizations, but if you take a look, already implementing partial lockdown. we could see the same supply chain concerns and it may impact growth going forward.
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is there an underestimation of risk? >> i think it tends to be a little more hopeful at the start of the year. for example, the expectations for the first quarter is built on a extension of the fourth quarter recovery. the chart going around these few days is that omicron cases that jumped and went ballistic, the death rates have still been low. i think that is what is driving record snow in terms of optimism. you are right to say supply chain disruption will still be there. economies are still being harmed but life still goes on. rishaad: of course, this will all play out with the greenback here.
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it is notoriously difficult to predict fx movements. you are a dollar bull for the time being. it is essentially based on yield differentials in some parts and the haven flows and attraction of equity markets in the u.s. >> yes, so we are very clearly and firmly a dollar bull. that is our current view. the key so-called driver is that the fed is very clearly tightening language whereas the ecb is still very dovish. the rba, no offense to them, is just nowhere to be found in terms of their communication as well. so that is driving the dollar. the other thing of constant asia is that china continues its growth slowdown. that's also flipping back to dollar strength as well. our view is that the renminbi is just too strong given the week
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ago dynamics. the message is we should not fight and investors should hedge the upcoming dollar strength. rishaad: talk about dollar strength more. it is actually not the best place to look for it right now, against the yen. why is that the case? the yen at several year lows right now against its american counterpart. what is it now, it was over 115.92 yen right now. what gives? >> it has been very stressed in the past few days. like 114, 115. now we are at 116. we were expecting dollar-yen to pop above 116 by the middle of the year. i think again, this is purely interest rate differential. this coincides with the pop in 10 year treasuries, and of
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course the boj is still very easy about policy. i think the market is trying to look for events, for lack of better word, dollar strength and dollar-yen is one of those easy ones where you have one key driver, the 10 year treasury and that is driving dollar-yen higher. haslinda:haslinda: you are betting on a strong dollar. how is that impacting demand for oil? oil has the same bed rally, but can it get to $100 that some predict because of dollar strength? >> we think it is pretty much talked about, 90 or even 100. if you look at our forecast, we see oil consolidating, brent crude consolidating be $80 a barrel. -- below $80 a barrel. although opec is reasonably
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optimistic in its tone, it is still uncertain to see how fast global oil demand will recover back above the magic 100 billion -- 100 million barrels a day, the pre-covid level. there hopeful for this year, but until that materializes, opec continues and don't forget you have the u.s. pr release the background. rishaad: thank you for joining us, koon how heng, from united overseas bank. you can check out the bloomberg terminal and get a market run down in one click. and as ever, there is commentary and analysis from bloomberg's expert editors. ♪
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haslinda: it is 11:20 a.m. here in the lion city. in line with the rest of the region, down 2/10 of 1%. like the rest of the region, singapore grappling with omicron , the covid infection rate jumping is omicron cases rise. infection rates are rising above one for the first time since november 12. the ratio is a key indicator used to decide covid measures. as you know already, they tightened measures and that is prompting reaction from the u.s. saying it's not a good idea to travel to my city. rishaad: yes. it has, i suppose, been demoted down to the likes of syria and north korea. haslinda: [laughter] rishaad: trying to get into hong
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kong is, let's say, a challenge to put it mildly. the territory banning five more flight routes because of omicron. that includes those from seoul, delhi, bangkok, manila, after discovering infected passengers. u.s. hospitals also at the moment seeing significantly fewer hospitalization outcomes. how are the case numbers shaping up in the u.s. so far? how was it really at the moment playing out? it is not like delta or the strains before that were crowding icus. reporter: yes, this is a full different animal. to start with the case numbers themselves, it is not good. the u.s. is reporting a weekly average of more than 485,000 cases. that's about twice the pace of last winter. the true prevalence is projected
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to be far higher. of course there was also a whopping one million cases monday. but the thing to note and something we've all been watching closely is the rate of hospitalization. on that front, american hospitals are seeing significantly fewer severe outcomes from omicron then they have with past covid spikes and something near the expanse of south africa in the u.k. just 64% of adults in intensive care occupying beds from the winter peak. possible bids from cobit are just 50% of last piece -- covid are just 50% of last winter's worst period. haslinda: how about new york in particular? it is seeing one of the worst u.s. outbreaks. reporter: it is interesting. even new york, which is our ghibli the densest -- arguably the densest city, has not seen an outbreak of severe cases.
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in total adult and pediatric cases have slightly eclipsed last winter but that includes people admitted to the hospital for other causes and then tested positive. cases are surging in new york and we are reading about lives being disrupted again, including broadway forced to cancel performances, but still, nate silver said the wave could be cresting. some symptoms like cough, fever and sore throat are declining, so there could be some more good news for the city as well. haslinda: thank you, bloomberg global business did are caringly -- karen leigh. business flash headlines. goldman sachs is in a deal to take over space that housed blackrock of 400 thousand square feet at park avenue plaza. it is among the largest property deals in new york for since the
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pandemic began. american express has delayed its return to office plans as covid-19 cases surge. the company says it will give its u.s. employees two weeks' notice before it starts planning to bring a large number of staffers back. they are aiming for a january 24 return and requiring all employees to be fully vaccinated against covid-19 before they can work from the office. tencent with its stake in the e-commerce giant sea, selling $10 million in shares. the shares tumbled as much as 13%. tencent sold shares at $208 apiece, it is come of almost 7% on the previous close. traders and speculators say tencent may be planning to withhold from a range of companies as it focuses on new areas. rishaad: we've got chinese
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markets coming back from the lunch break. china haurong, nine months of it being suspended on market, that suspension lifted era that was . that was after a bailout of what was a troubled, bad asset manager. share price, 53% down today. china mobile getting off to a good one. it was up 9% at the start of the session. tencent, more woes here. the development program going ahead with sea, with some of the stake in sea at the moment affecting sentiment. tech down, led by the u.s. as we saw the big fall back in technology. there we go, tencent, shanghai off to lunch. this is what it is looking like as we go to lunch break. it is at the moment a day where we are seeing a broad-based move
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to the downside for chinese equities. this is what it looks like overall. new zealand one of the few markets moving to the upside, but is playing catch-up. the biggest decliner so far is south korea, down 1.4%. ♪ and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 30 bucks. sweet, but mine has 5g included. relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds.
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vonnie: from new york, i am vonnie quinn with the first word news. the u.s. cdc has reclassified travel advisory from singapore, telling americans to avoid traveling to the city because of its corporate infections. the city state infection rate has increased, with more than 800 new cases reported today. japan will bring forward. stress that's for elderly people
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and maintain tight border controls as it tries to slow the omicron variant. the prime minister told a news conference that 9 million vaccine doses are available now across the country. less than 1% of the population has received a third shot? >> to guard against the rapid spread of community infections, our omicron measures will shift into focus. while maintaining current border measures, we will further strengthen the framework for prevention and treatment. as for vaccines, we will work to bring forward toward doses or essential workers in the elderly. vonnie: the u.s. has agreed to by 10 million dollars of pfizer 's covid pill. it has been shown in clinical trials to sharply reduce hospitalizations and that due to
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covid-19. prosecutors dropped their criminal case against former new york governor andrew cuomo. albany's district attorney says that the allegation he groped a woman in the executive mansion is credible but there isn't enough evidence to proceed. last month two other counties also ended their investigations into a without bringing charges. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haslinda. haslinda: thank you so much. let's look at the markets as that make -- that nikkei comes back from lunch. toyota is in focus, topping 2% of its top sales in the u.s. overtaking gm. gm direct by sentiment by its pocket -- about its prospects in china and hong kong. and taiwan is getting by tech
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stocks. sticking to where we are in terms of those hong kong tech stocks, that index is currently down, under pressure from the hang seng. taking its holdings to 18% viewed as you can see from the screen, hang seng-related stocks were dragging down. meituan is lower by 8%. rishaad: turning to geopolitics, north korea appears to have launched its first ballistic missile in two months, just days after its leader kim jong-un signaled that returning to stalled nuclear talks with the u.s. would be a low priority this year. let's bring in our guest. john, they normally want something in return after a missile ballistic test. what is the game here? john:>> we are still trying to figure out what has been lost. to keep pressure on the biden administration, it comes as north korea is really bolstering its arsenal with new weapons.
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and we still have to see what this weapon was. initial indications were that it was a short range listed missile, but we don't have that much data yet. haslinda: we have yet to see a reaction from the u.s., what's to say what it can do? john: the u.s. usually doesn't give much reaction to these launches, it keeps an eye on its allies. biden administration keeps repeating that it wants north korea to return to the nuclear disarmament talks that have been installed for two years. and pyongyang has shown little interest in returning to these discussions. rishaad: we have already had the prime minister of japan say this was --, we have a country here which is a hermit, i suppose, it
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has got its own demons to fight, and that is priority the kim jong-un said he is prioritizing? jon: exactly, he mentioned his country is in crisis. his decision to shut the borders because of covid years ago really slammed the brakes on the trade it has, and some of the black market stock that are essential to pyongyang. things are difficult at home. these types of tests help really the nation, and they come as he told a major party meeting at the end of the year that the focus is on domestic issues. it is on covid prevention, and i think this will maybe send a message to people at home that they are still a strong country, and it is also every vendor to the biden administration that north korea's nuclear arsenal is only getting stronger, as
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nuclear talks are stalled . rishaad: john herskovitz, our nuclear editor joining us. we just got news, there is a deal on the table, offering subsidies in order to boost home purchases, which perhaps shows more cracks in the housing market. this company is offering subsidies of up to 10,000 yuan for home purchases, that is about 1500 u.s. dollars, haslinda. haslinda: and in thailand, where we have the data for consumer price index in december consumer prices, rising 2.17% year on year. the estimate was 2.5 percent, falling short of the estimate. inflation not really a big issue in thailand. still to come, indian stocks tumbled after a sell-off. we will get more from this ceo
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next. keep it here with us. this is bloomberg.
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haslinda is here watching stocks in india today. mumbai is facing a lockdown as cases daily exceeded 20,000.
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bloomberg reported almost 11,000 new cases on tuesday. meanwhile, a sugar rush for sugar stocks. this company led the rally on data showing increasing output. the outlook also remains pretty stable. we will be watching for india's market pmi readings coming in just over one hour. haslinda: premarket we are looking at one stock, indian court rejected a plea to quash arbitration proceedings initiated against it by amazon. rishaad: in singapore the share price is down 3%. india had suspended the indian retailer's 2019 deal with the u.s. e-commerce giant. our guest joins us now. give us a sense of what happened here and why the court ruled against them.
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guest: future retail had petitioned the new delhi court after its application was not favored. future said that after the antitrust battle against amazon that was given in december, arbitration did not determine whether it would be illegal. they disagreed with future retail and said the singapore arbitration proved that -- had to decide what it would do. however, it did note that futures application would be heard after the main curse is heard.
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-- after the main case is heard. haslinda: what does this all mean for the disputes and what is next? guest: we can expect future to challenge the decision in a higher court as soon as today. whether they will get relief or not will be received later in the day. meanwhile, arbitration will begin, an arbitration hearing will begin in singapore today against the indian court intervenes. we can expect the legal saga to continue a bit further. haslinda: bloomberg legal reporter in new delhi, thank you. as far as the indian markets, they have had a pretty fantastic start. we will discuss it with jaideep
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hunt scratch, ceo of kotak securities, one of india's stock broking firms. india has seen a fatigue in recent days. what are the prospects for indian stocks in 2022. jaideep: happy new year to your viewers. we actually came up with a market outlook a few months back where we put our expectations of what we expect the market to do, and we put out numbers for what we think the nifty should do in calendar 22. that looks still pretty decent, even considering what happened in indian markets for the last two or three days, the last three calendar days.
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haslinda: we have seen 15% to 20% returns in the last three years. is that a sustainable going forward? goldman is already cutting its forecast for india. jaideep: i think we will still continue to see an update, not the same numbers, but our sense is maybe a 10% increase at the nifty level. rishaad: historically, india does have this -- they are highly valued, they look expensive on the surface, indian stocks. you think they are getting a bit toppy right now? we're looking at perhaps here in hong kong, a bar gained by that metric. from what prism you look at valuations of indian stocks?
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jaideep: at a gdp level, clearly one is looking at growth expected in the next couple of years from fy 22, 23, and 24. our sense is that the fy 24 earnings should add -- to the nifty. you can look at whatever number you want. if you put it back at 18, you are looking at 915-918. 17,000 is where we are. if you look at a multiple, you are looking at something north
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of 9000. if you look at the multiples currently there, they are way off. i think what is happening on the street is that the economy is bouncing back. after a very long time, i am seeing corporate india talking of kickbacks. growth will definitely come back. that is visible for all to see and i think the investors -- it has clearly the best emerging market play in the last year. rishaad: you mentioned the mood on the street. the thing is it is the street now, not the market, the amount
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of retail investment coming in has really changed the game, hasn't it? jaideep: you now, it is still not more than 5% to 7% of the adult indian population which is still in the market, so i think it is still a long way to go. they have been a lot of new entrants to the market, but it is still 70% of adult india which is in the market -- 17% of adult india which is in the market. retail investment will continue. the good part is a majority of them are coming through mutual funds. at the same point of time, one has seen a reasonable rush for direct equity listings. haslinda: you recently made two investments. dr. s about the thinking behind them -- talk to us about the thinking behind them? jaideep: we invested into
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companies, and we have done at investments, one of them is predominantly focused on the education with content for retail investors. the other is a newsletter platform which we have invested in. there is a lot of excitement in that space of tech-led investment stories floating around. whether it is on gaming or on the platform, one is looking at a large number of --. rishaad: what about politics going into 2022 and 2023, is it
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going to be the alpha for markets? jaideep: i never assume what will happen in politics, but politics will lay a role in the markets, no doubt about that. it will make an impact. but it is not my forte to take a swipe at what one can expect to happen. haslinda: thank you so much for joining us today. let's look at indian markets. we are seeing some resilience among indian benchmarks despite the pressure across asia. currently flat for the sensex and the nifty. india stocks have had a fantastic run in the last two years, doubling since the slump in march 20, 2020. plenty more ahead.
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keep with us. this is bloomberg. ♪
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rishaad: we are looking at the automotive world now. ford motors stocks surging to a 20 year high after doubling capacity for its battery-powered
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f-150. the president of this market group spoke about demand and pricing for its new models. >> i think it is the compelling nature of the products, that is really important here. this product, when we were doing research, they loved the acceleration of it, they loved the torque, they loved the payload of 2000 pounds, it is a great driving truck, incredibly fast. truck owners love torque and torque is what this vehicle brings, more than 750 pound of pork. all of that capability. it is one of the leading, high selling vehicles for us for more than 45 years in a row. leading its segment. combining that into a
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price under 40,000, it is such a compelling proposition for our customers. >> are you selling it to consumers or is it actually producing enough for consumers question mark that has in the real hang up when it comes to auto sales in the last 24 months. >> between the covid crisis, the chip crisis, the entire industry has struggled to produce at the levels that we were producing. so you take that price, and -- you take those two crisis and as we are encouraging the company to go to battery electric vehicles from combustion engines, changing the demand has been a real trick. we thought we were setting up our factories appropriately for demand but we had to nearly double capacity to 80,000. that is why today it is so important, because even after we increase capacity to 80,000,
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reservations continue to occur in at record pace. today that is why we are announcing that we will now increase capacity in this plant to 150,000, and that involves the entire supply chain, the berries, the motors, the controllers. >> given the fact that you have increased production and you had seen such a robust demand, and that the potential of additional stimulus from the federal government on the broader waste electric vehicle manufacturers, do you think electric vehicles could reach 10% of the american market by the end of the year? >> that is difficult to say. like you said, it is both demand, based on the demand we are seeing for our vehicles and the rest of the industry is seeing, it feels like demand is certainly there. the question will be how quickly
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can we execute and build capacity for that demand? that is what we are busy doing. within the next 24 months, we expect to get her 600,000 electric units globally and that is before our bigger investments that we are making in kentucky and tennessee both for batteries as well as assembly. haslinda: that was ford's president of the american and international markets. speaking of evs, sony group is also exploring the commercial launch of its own e.v., joining tech rivals like xiaomi and foxconn in a rush into the red-hot industry. it came up with a prototype at the ce, it is an suv, and it is already --. it is just taking it a step farther.
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and the stock did jump almost 5% after that announcement from the ceo. so red-hot, and now sony wants to make a go at it. rishaad: i would not say it is generation, it is a long time coming, they are really late in the game. the pace they have decided to go into this market with really begs the question of, how fast will this cargo? if it is a slow one, will it be called a walkman, haslinda? haslinda: [laughter] good one. let's look at your business flash headlines. strong gains in tokyo after the top-selling automaker in the u.s., gm. toyota lost it -- gm lost its crown to its japanese rival with two point 3 million units sold in the u.s. in 2021. your outpaced gm, which blamed
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chip shortages. economists said outselling gm is not likely to be sustainable. an $8 billion public offering was the second-largest in 2021 for this company. it is planning to buy 10% of its hong kong shares. it says it will repurchase 2 billion shares using its available cash. how is the market looking? rishaad is looking into the hong kong, another bad day with three days of losses in tech shares. tencent is 3.5% down. it divested some of its stake. we also have the chinese watchdog, the state administration for market regulation fining
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tencent. each case that they have, the fine is 10,000 yuan, about 80000 u.s. dollars. hong kong is out for lunch. this is bloomberg. "daybreak: middle east" is next.
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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i'm emily chang in san francisco. coming up in the next hour, the verdict is in. elizabeth holmes found guilty of fraud and facing up to 20 years in prison. where the theranos case goes


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