Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea and a Friday, and we got through
Speaker 2: the week, maybe even got through the month of July.
Speaker 2: Remember that long ago and far away an economics, finance investment,
Speaker 2: indeed on international relations. Maybe this weekend we survive into
Speaker 2: the end of August and dash into the autumn. We
Speaker 2: did it today with good conversations. Ben Ammonds was just
Speaker 2: wonderful about what to look for at Jackson Hall all
Speaker 2: of a sudden, important speech by Chairman Powell to reset
Speaker 2: his vision, his belief. I think that'll be a huge
Speaker 2: topic for us next week. Steven Englander I asked for
Speaker 2: four or five days ago. In his busy schedule at
Speaker 2: Standard Charter, the giant of cross rate analysis, Steven England
Speaker 2: joined us. We talked about the discreetness of the Japan
Speaker 2: events versus the Western events of slowing economies. Here is
Speaker 2: Stephen Englander of Standard Charter Bank.
Speaker 3: I think that the you know, the big markets trade
Speaker 3: we saw in the West was basically a recession trade
Speaker 3: that the you know, anybody looking at the unemployment trade
Speaker 3: chart on Friday said, wow, this looks like every other
Speaker 3: downturn in the US. And you know, the enterployment rate's
Speaker 3: going to go up another two percentage points. You know.
Speaker 3: I think the Japanese carry trade was a big deal
Speaker 3: for Asia currencies because the weakness of the end had
Speaker 3: dragged down CNH, had dragged down Korean One all its neighbors.
Speaker 3: And I think that the unwinding of that trade sort of,
Speaker 3: you know, unwound a lot of popular trades in the
Speaker 3: FX market. But you know, I don't think it was
Speaker 3: like a systemic force. I think it was just you know,
Speaker 3: people realizing that, you know, the the end moving means
Speaker 3: that they were wrong in.
Speaker 2: Shorting you the broader economics from the PhD for me
Speaker 2: ol Steven England, their standard charter bank, lots of good
Speaker 2: equity voices this week. Let's take the optimistic view. Brian
Speaker 2: Belski demo capital markets yesterday just on fire. Where's the bottom?
Speaker 2: He doesn't know, he says, climb on board. And then
Speaker 2: you've got a lot of others cautious or reaffirmation from
Speaker 2: JP Morgan on their caution. Others measured all sorts of
Speaker 2: nuances in between, and then they have to write and
Speaker 2: this is something I want to talk about here. I
Speaker 2: think it's important. One of the great great fictions is
Speaker 2: that on Wall Street people worry about what people say,
Speaker 2: and what global Wall Street knows is far more important
Speaker 2: is what people write. I can't say this enough, which
Speaker 2: is gospel is and blah blah blah like I'm Bloomberg's surveillance.
Speaker 2: Gospel is a six page note on a Tuesday, written
Speaker 2: after a four hour layover at O'Hare in Chicago. So
Speaker 2: we really worry about what people write. Julian Emmanuel at
Speaker 2: evercore Isi writes during earning season a brilliant two page
Speaker 2: note with a one paragraph summary at the bottom of
Speaker 2: what revenue dynamics and earning dynamics are doing. It is
Speaker 2: absolutely must read on Wall Street. After this week, Julian
Speaker 2: Emmanuel evercore Isi.
Speaker 1: When you have volatility and it wasn't just the equity markets,
Speaker 1: and it was you know, Japan's equity market was down
Speaker 1: ten percent, FX went crazy, interest rates when crazy. That
Speaker 1: kind of you know, sort of cumulative within the context
Speaker 1: of thinking about all the events in July that transpired politically,
Speaker 1: if nothing else, such that we got to a point
Speaker 1: where earlier this week everything we were thinking about virtually
Speaker 1: everything was called into question. But you put it all
Speaker 1: together and I think you know, the reason the market
Speaker 1: responded so positively to the weekly jobless claims, you know,
Speaker 1: the most on the ground statistic is because the recession
Speaker 1: is not in sight. And frankly, what this does is
Speaker 1: what it typically does when conditions get this tight. We
Speaker 1: all know the Bloomberg Financial Conditions Index is it resets
Speaker 1: that wall of worry, and that's very important for bull
Speaker 1: markets to be feeding on.
Speaker 2: Julian Emmanuel ever Corei on Bloomberg Financial Conditions in next
Speaker 2: something to watch there and the pros are watching the
Speaker 2: incredible dynamics between accommodative and restrictive. One of the things
Speaker 2: we've learned in the recent months with this wonderful rollout
Speaker 2: of YouTube, we've completely under not we excuse me, I
Speaker 2: have completely underestimated the international reach of YouTube. We're absolutely
Speaker 2: humbled by the statistics of the granularity that we see.
Speaker 2: We're rolling out a whole campaign to take the Pacific
Speaker 2: rim from Jakarta and Singapore, up north to Japan and
Speaker 2: all the way over to the huge YouTube community known
Speaker 2: as India. That'll be something you'll see here in the
Speaker 2: coming week's not so much conversations. The conversations will still
Speaker 2: be very much American and Wall Street based, but we're
Speaker 2: very cognizant of the reach of YouTube. To get there, subscribe,
Speaker 2: go search rather to YouTube, Bloomberg podcasts. Everything's under Bloomberg
Speaker 2: podcasts and search and subscribe to Bloomberg Podcasts to pick
Speaker 2: up all the great work that we're doing. We're on
Speaker 2: Apple CarPlay, Android Auto as well on Apple Podcasts. This
Speaker 2: is single best idea