Transcripts For BLOOMBERG Whatd You Miss 20240714 : vimarsan

BLOOMBERG Whatd You Miss July 14, 2024

He also gave a timeline of yesterdays deadly accident. Of the information we know so far, that the helicopter departed with the pilot and one passenger from Westchester County yesterday about 11 30 a. M. It landed in manhattan about 11 45 a. M. The passenger disembarked, the pilot waited at the 34th street helipad until about 1 30 when he departed for his destination in new jersey. The helicopter crashed on the roof about 1 40 p. M. Mark the pilot was the sole occupant of the helicopter and was killed when it hit the roof of 787 7th avenue in fog and rain. Investigations top concerns will be to determine why the pilot was flying in low visibility conditions. Even though the Supreme Court has yet to decide whether a Citizenship Question should be included index years census questionnaire, the u. S. Census bureau is preparing for either outcome. Bureau officials said today they are beginning a test to see how people respond to the questionnaire, depending on whether the Citizenship Question is included. Public and have been pushing to at the question but opponents say it would scare off immigrants and skew population counts. Iran is looking for u. S. Concessions before it agrees to have talks on missiles and intervening in the middle east. Irans foreign minister u. S. Can expect to stay safe while it wages an economic war against iran. The u. S. Is considering more economic sanctions. According to a senior administers an official, the next move would be aimed at an iranian financial body used for humanitarian trade with europe. Scotlands first minister says brexit and the horror show the British Government leadership contest are signs that scotland needs to chart a different future path, probably outside the united kingdom. In brussels today, sturgeon said increasingly scotland and the u. K. Are on different political paths. She accuse the u. K. Government of being immature and failing to provide to provide support to her trip to meet with european officials. Apparently, they decided they are not providing any support to my visit in brussels. We have our own team here in scotland and the rest of it, but it says something pretty depressing. I dont know the details, so they would have to speak for themselves. The peopleon added of scotland have to have a choice before it is too late to stop the damage of brexit being done. Global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Scarlet from bloomberg World Headquarters in new york, this is Bloomberg Markets the close. Im scarlet fu. Caroline im caroline hyde. We are about 30 minutes from the end of the trading day. It has been a bit of a roller coaster trading day. In some ways, risk aversion, but now risk on just slightly when we look at what is happening in terms of nasdaq. Get toseem to be able to a 60 day. Sixth day. Concerns about what is happening with the chinese trade deal. It is Trump Holding up the deal, so he says. Scarlet we will not get any indication of movement until President Trump and president xi meet at g20 at the end of this month. If you look at treasuries, they have been all over the place. Right now, they are barely moving. Up just barely. The dollar also little changed. Wti has stabilized. Support around 53 a barrel. It had a short selloff the end of may and early june at seems to have halted. New jerseys plan to slash 2 billion of Hedge Fund Investments on simple. You pick the top managers, ask for reductions from others. But they can look across the country to see how long that can take. Five years after californias biggest Retirement Plan decided to pull out of all hedge funds, its managers are still waiting to retrieve 150 million in asset management. For more on this exclusive report, we are joined by our guest. Why is it taking so long . It was 2014 when the largest Pension System in the u. S. Decided to dump hedge funds altogether. Now we are in june 2019 and still waiting for the separation to take effect. A lot of it goes to a decent chunk of cash that still is and waiting for that to come back. The reason we are paying attention is it is one of the Biggest Pension Funds. It is the Biggest Pension Fund player in the u. S. So their experience trying to get out of hedge funds is in some ways instructive to the kind of experience others might face when they try to carry out this move. Caroline how much of this delay lies at the feet of it itself . Sridhar good question. Already gotten criticism for the investments being made. For example, the investment in American Media, the longtime owner of tablets like the national enquirer. In fact, they have been saying we have been encouraging the funds to sell for several years but they say they are not distressed sellers and do not want to accept a haircut. As a result, we end up waiting and remain in this limbo. One week a back to 2014, they said we will be out of hedge funds within the year. It has not quite panned out that way. Scarlet not exactly. What can you tell us about it . Not one of the Biggest Hedge Fund out there. Sridhar founded by a former Morgan Stanley and Goldman Sachs trader. Set up shop in new jersey. In hedge fund is 4 billion size and a lot of it is on the back of bigmoney miniatures like Pension Funds from california and new jersey and other places. They have drawn quite a bit of praise. In some online legacy media names, for instance. There was a little bit of scrutiny cast on them. More of a spotlight on them ever since American Media association came to light, the jeff bezos situation. That has led people to ask questions because it is the money behind American Media. Caroline talking more broadly, why are Pension Funds actually exiting the Hedge Fund Holdings anyways . Sridhar the x factor. The hope they will be able to outperform markets, but they are not doing that like they used to. Hi sees high seas. Too much complicity. Hedge funds used to be this mythical, magical source of supersized returns. That does not seem to be the case anymore. It went from next to nothing to almost 3 trillion in assets into decades on the back of money from Pension Funds. When that starts to reverse, we have to see there could be a cause of concern in the industry. It is happening quite yet . Not in the way we should be concerned about. But at least it started extended. Not seeing the drop we have been seeing the last couple of years. Caroline putting it all into perspective for us. We thank you. Great story. Coming up, better graphics, cloud gaming, and new titles all on the menu at the electronic entertainment conference in los angeles. That is up next. This is bloomberg. Caroline gamers are gathering in los angeles at this years electronic entertainment expo or e3 kicks off her but it kicked off on saturday, setting a state of play for what video gamers can expect. Better graphics, more gaming, fresh titles. Joining us now on the phone is ted. Good to happy you with us. So far, but as the number one thing that caught your attention . The number one thing that caught my attention are things that affect the larger market. These things often go undetected by the major media. Because they are not flashy, not a game, but it is the advance of Processing Power by the Semi Conductor companies that allow the games to play. For example, the last few days, i have been at an amd analyst summit, and they are releasing cpus that do not need graphics cards to process esports type games. It creates the potential market for gamers that have lower budgets to expand by hundreds of millions of players. Scarlet what the major media doesnt focus on and we will confess to being one of the major Media Outlets is whether there will be hardware or not. Sony will not be at the event. Microsoft and nintendo have both said they are not planning to release any new consoles. There is a lot of focus on streaming. It is that point im interested in because you have sony and microsoft getting ready to team up to announced a new initiative together. Talk us through what that means for the industry at large because that sounds like a game changer. Ted absolutely. Car gaming is a game changer. The reason it is a game changer is because it lowers the barriers to entry, i like to call it, for someone to try gaming. Once people tried gaming, they generally stick with it. With cloud gaming, you have so many opportunities for Companies Like google, microsoft, sony, perhaps cable providers, and other companies that have not announced yet to almost send controllers for free that will work with a sufficient service and just another thing in addition to these graphical lower the will barriers and expand the address of the marketable gamers. Caroline what about the gaming companies, the makers of the games . How does it change their economics . They still have the huge went out must have buys that cost a lot when you buy them online or in the shop . Ted i did not catch that completely, but i think i see where you are going at. The game companies, this is a win win win. Their Addressable Market expands. The people that have the right Processing Power to play their highquality graphics games expands, and also with cloud gaming, there is the potential to get people to try games with new Business Models where they may be paid by the hour or demo the game and then go into a normal transaction for the game. The Cloud Gaming Technology really opens up a whole bunch of different Business Models from paper graphics, paid by time, pay for the entire game, a number of games, and it opens up a huge door for the Business People at these games to maximize the profitability and revenue. Scarlet which game are you most excited about . If you had to narrow it down to one game. Cyberpunky the game. That has the most excitement. Zelda 2 was announced. It is hard to pick one. So many awesome games out there but the cyberpunk game looks amazing. Caroline we thank you. We will look out for it. For more, do not miss our interview with taketwos ceo tonight at 5 00 p. M. Eastern on bluebird technology. Bloomberg technology. Emerging markets are on a tear. So is the South African rand. Good economic news. This is bloomberg. Caroline this is countdown to the close. Im caroline hyde. Scarlet im scarlet fu. Joe weisenthal joins us at this hour as he does every day but from d. C. This time. You are watching inflation data. Joe this morning, President Trump once again going after the Federal Reserve and saying, look, inflation is really low. That is great. The thing is he is right. There is no evidence. We got the wholesale inflation and it was pretty mild. Caroline i thought it was interesting. Talking down the dollar or talking up the euro because we certainly got a take on the fx markets once again coming from trump. Scarlet he always comes back to his original theme, which is he wants the Federal Reserve to lower rates. If we look at how the industry itups have performed today, is pretty mixed in terms of such a performance. Telecoms also doing better, gaining 0. 9 . On the flipside, capital goods, utilities down about 1 were so. Health care as well lower by 0. 6 . With that, lets get a check of how the index looks overall. Let me move there because we have a move up at the open. Since then, me entering lower. Week me entering lower mea ndering lower. Losses,urn to modest searching for direction. Moments away from the coast, lets take a closer look at the action with the markets reporters. Abigail or luke . Luke i will take it. Looking at small caps. Readingthe strong fip and it did not mention tariffs at all, the report, small caps underperforming once again today. This is the norm, not the exception since the trade war restarted on may 3. This may surprise people considering last year, march 1, small caps proceeded to outperform the index for the next four months but they certainly have this time. Barclays downgraded small caps, cut its price target to of0 from 1560, a downside 3. 5 from current levels. The interesting thesis is the trade war effects u. S. Small caps more. We know they dont have as many export sales. Is three times their import exposure is three times larger. They are small so they do not have the pricing permit to negotiate so the suppliers eat some of the cost and they dont have the Pricing Power to build up the cost along to consumers. Abigail as u. S. Stocks shuffle in the u. S. Around even, a big rally in china. Some of the big chinese internet names really are performing. These are tops for the nasdaq 100. Perhaps on some relief around trade, despite the war of words between President Trump and president xis officials but we see the strength. Lots of the stocks bumpy. Standing up is a winner, considering the uptrend out of 2000 continues to be in play, up more than 6000 over that time period. We see lots of strength. The stock is up 2. 7 . Take a look at this very close to its 52week high. Street. On the we move over here to valuation, trading at 22. 4 times. A small premium to the group. Considering they are expected to put up nearly 78 with a profit this year growing at 65 yearoveryear, this might be the one chinese internet stock to take a look at of concerns about a trade war ease a little bit. Emma exactly 24 hours ago i was talking to you about the today frenzy we had seen in the stock of beyond meet following its better than expected Earnings Report on friday morning. Today, cutting that gain in half. Now just about 26 . The reason, a bit of profittaking after yesterday but it lost one of its remaining bowls. The analyst at jp morgan cutting to neutral from buy. He says the stock is too expensive. The today frenzy that we saw friday and monday just too much. He says 10 billion enterprise value that we are seeing is now 27 times estimated 2020 earnings. Really a valuation call, saying any hiccups in the stock can lead to a meaningful correction. 400 from thethan ipo at the beginning of last month. Analyst action looking at one buy, 8 holds, no cells. Sells. Scarlet a remarkable story. Now for analysis, lets bring in gina, chief equity strategist for bloomberg. When we look at the market today, everyone is looking ahead to the catalyst, whether the Federal Reserve or some kind of headline on trade. When it comes to the Federal Reserve, pricing and 75 odds of a rate cut on the july 31 meeting. Pretty remarkable. It is a matter of when, not if. Yes. I think there are a number of economists starting to question that notion an assumption. I would jersey has been talking about it all day, suggesting maybe we are getting a little aggressive, saying the fed will be able to cut by july. The data is not that bad. Inflation is relatively minimal but will they be in such a rush . Also, rapid recovery just over the last week to within a few ticks of alltime highs would suggest maybe the situation is not that dire. Obviously, a lot of moving parts you have to track. Joe as you point every recovery. What does that say about the degree to which investors are concerned about china trade which have been one of the main stories behind the may fall . Gina they are still concerned about it and also concerns that we may not get a rate cut. It is not clear what the equity market is really thinking. Obviously as of the begin to last week, the equity market was taken off guard by the prospect you may have a rate cut. Our models suggest if you get a rate cut, you have upwards potential for the pe multiple closer to 20 times the earnings on the s p 500, which is remarkably higher from where we are today. The offset is of course trade and no one knows how to price trade because we do not know where things are headed. You can make a lot of onerous assumptions with the guts to the , but china isk instituting policies to support those so a lot of mixed news right now. The trade overwhelmingly is something of a headwind because it is starting to provide a little bit of downside support. Caroline just 2 15 to go. Now lets go to the senior portfolio manager. Your take first on the fed. One or two cuts this year . Yes, i think one to two cuts is likely in the second half of the year. Scarlet one to two cuts is likely at the end of this year. What would prompt the fed to make that move as opposed to just sounding sufficiently dovish for investors . I think they will look at the data, and there are many straws that would suggest we are seeing decelerating growth and also that the Financial Market is really a little bit too tight even though rates are very low. They are struggling for the real rate of interest, and that will be lower. Joe what do you expect to see at the june meeting . Most people dont think there will likely be any policy move, but there is a press conference. What can powell say tooretically at the meeting give investors some insurance concerns are being taken seriously. Margaret observe and evaluate the economy and also i think from a theoretical viewpoint where should Interest Rates really be . They have abandoned the track they had last year and say, where should they really be at a minimum right . I think that will tend to suggest rates should be lower than todays low rate. Caroline interesting calls there. Your take on where mon

© 2025 Vimarsana