Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea, what a great Monday, an eclectic
Speaker 2: set of conversations, really interesting. I want to single out
Speaker 2: Michael Purvis of Tallbecken who just flat out said mag
Speaker 2: six is your friend. He said into earnings here and
Speaker 2: into the end of the year. He says, you can't
Speaker 2: ignore the might of that revenue, that cash generation and
Speaker 2: all the I guess excitement over AI. Thank you Michael
Speaker 2: Purvis for that Stephen England are in with us, and
Speaker 2: it was wrapped around the headlines on Argentina. That's not
Speaker 2: his area. We thank him at Standard Charter for their
Speaker 2: perspective on a US Argentina swap. But much more was
Speaker 2: his arch call for a res resilient and stronger dollar
Speaker 2: and a weaker Euro. Here Englander of Standard Charter.
Speaker 3: We like our euroview euro weakness, and we think and
Speaker 3: dollar strength. We think it will play out over that
Speaker 3: time horizon, and we think that it's you know, we
Speaker 3: think that the market consensus is still very dollar bearish.
Speaker 3: You mentioned dollar strength, So if the US is overstating
Speaker 3: it's labor growth and market growth strength, then is the
Speaker 3: US dollar miss price? The dollar is mispriced but not
Speaker 3: for that reason. I think, I think what you know,
Speaker 3: what we're seeing. I mean, if you think of it,
Speaker 3: the GDP now before the shutdown was running three eight
Speaker 3: three nine, it looks like labor input and correctly measured
Speaker 3: was probably down one percent. So productivity is booming. Historically,
Speaker 3: that's been a very dollar positive development.
Speaker 2: Stephen Englander the Standard Charter bank, Michael Green got us
Speaker 2: started this morning simplify Michael Green with a really eclectic view.
Speaker 2: We didn't do enough on this today, I promise folks,
Speaker 2: into the coming days, we'll spend much more time on
Speaker 2: the upset in the credit and derivative and what are
Speaker 2: called colo credit loan obligations markets. Michael Green on the
Speaker 2: private moment.
Speaker 1: This is actually indicative of a much broader problem we've
Speaker 1: been seeing. Bankruptcies themselves have actually been elevated in the
Speaker 1: corporate space those with assets above fifty million dollars. Bankruptcies
Speaker 1: for assets above fifty million dollars have actually been surging,
Speaker 1: and our levels that are consistent with a much higher
Speaker 1: level of credit spreads. The biggest story in credit spreads
Speaker 1: continues to be exactly what you guys were referring earlier
Speaker 1: to from the soft gen observation, people are piling money in.
Speaker 1: There's not a lot of issues, particularly in high yield,
Speaker 1: because they resist the higher yields. That means they're chasing
Speaker 1: the secondary of securities and pressuring credit spreads.
Speaker 2: Michael Green, there are so many different ways to go
Speaker 2: on this, and of course with the leadership of Bloomberg
Speaker 2: News looking at many of the different smaller angles in
Speaker 2: the bigger story of the ankst that we're seeing in
Speaker 2: the derivative space. We're out on podcasts on Apple, on Spotify,
Speaker 2: at YouTube podcasts. Single best idea