WEBVTT - Barclays Cuts, China Developer Loans

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<v Speaker 1>Good morning. I'm Brian Curtis and I'm Doug Prisner. Here

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<v Speaker 1>are the stories we're following today.

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<v Speaker 2>Officials in Kanters say that a short truce in the

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<v Speaker 2>war between Israel and Hamas will begin on Friday morning.

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<v Speaker 2>Let's get to Doug prisoner in New York with Global News.

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<v Speaker 1>Doug Brian at the beginning of this truth is it

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<v Speaker 1>actually a day later than initially expected. Hamas is set

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<v Speaker 1>to free fifty hostages, while Israel intends to release one

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<v Speaker 1>hundred and fifty jailed Palestinians. All two hundred will be

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<v Speaker 1>women and children. Now, Israeli Prime Minister Benjaminette Yahoo was

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<v Speaker 1>saying he's still confident on freeing all of the roughly

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<v Speaker 1>two hundred and forty people abducted by Hamas last month.

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<v Speaker 1>Bloomberg's owner Aunt says the possibility of releasing more prisoners

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<v Speaker 1>is already part of the agreement.

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<v Speaker 3>That idea has already been built in to the current

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<v Speaker 3>truce agreement. So if after the release of fifty Israelis hostages,

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<v Speaker 3>Hamas decides to release or agrees to releasing more for

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<v Speaker 3>ten hostages, it gets another day of extension to the

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<v Speaker 3>truth so that idea is also already there and obviously

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<v Speaker 3>it was one of the main driving forces when Katar

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<v Speaker 3>and others mediated the seal.

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<v Speaker 1>That is Bloomberg's owner Aunt. We go to the Netherlands,

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<v Speaker 1>where politics is shifting to the far right. Populist Girt

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<v Speaker 1>Wilders have won a huge election victory. Now he is

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<v Speaker 1>in line to lead talks in the formation of a

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<v Speaker 1>coalition government and the possibility of becoming the next Prime minister.

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<v Speaker 1>Wilders as champion policies against immigration and Islam. Meantime, the

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<v Speaker 1>most valuable company in the Netherlands ASML is calling for

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<v Speaker 1>a reliable government and a consistent long term policy to

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<v Speaker 1>ensure an attractive business climate. ASML said, the availability of

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<v Speaker 1>Dutch talent is not sufficient to meet current demand, and

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<v Speaker 1>any restrictions on the amount of knowledge workers or international

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<v Speaker 1>students relative or relevant, I should say for the tech

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<v Speaker 1>industry is undesirable. New York City Mayor Eric Adams is

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<v Speaker 1>being accused of sexually assaulting a woman back in nineteen

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<v Speaker 1>ninety three. A legal summons filed Wednesday is listing the

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<v Speaker 1>defendants as Adams, the NYPDS Transit Bureau, and the department's

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<v Speaker 1>Guardians Association. Adams was a police captain when the alleged

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<v Speaker 1>assault took place. Speaking to reporters earlier today, the mayor

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<v Speaker 1>said he's never met the woman who made the claim.

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<v Speaker 4>It's absolutely not true, you know, I would, I would

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<v Speaker 4>never do anything to harm anyone. My career speaks for itself,

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<v Speaker 4>and just really is something absolutely that has never happened in.

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<v Speaker 1>That is a New York City Mayor Eric Adams. Now,

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<v Speaker 1>the summons was filed under the New York Adult Survivors Act,

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<v Speaker 1>if temporarily suspended the statute of limitations for sexual assault cases. Now,

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<v Speaker 1>the accusation does come during the FBI's investigation into the

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<v Speaker 1>mayor's twenty twenty one campaign financing. The World Health Organization

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<v Speaker 1>is asking China for detailed information about a surge in

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<v Speaker 1>respiratory illnesses among children, including pneumonia. Top pediatric medical centers

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<v Speaker 1>across China are being overwhelmed with patients. The resurgence comes

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<v Speaker 1>as China heads into its first winter after easing COVID restrictions,

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<v Speaker 1>and it appears children have been particularly hard hit. Global

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<v Speaker 1>news twenty four hours a day and whenever you wanted

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<v Speaker 1>with Bloomberg News. Now, I'm Doug Prisner in New York.

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<v Speaker 2>Brian Curtis and Paul Allen. Let's take a look at

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<v Speaker 2>some of the top business stories now of the hour.

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<v Speaker 2>Barklay's is said to be planning one point three billion

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<v Speaker 2>dollars in cost cutting over the next several years. Bloomberg

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<v Speaker 2>Sarah Livesey has details.

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<v Speaker 5>Reuter's reports as many as two thousand jobs are on

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<v Speaker 5>the line. That's about two percent of the bank's workforce.

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<v Speaker 5>Any job cuts are expected to come from Barclay's Execution Services,

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<v Speaker 5>the unit that encompasses the group's back office. However, the

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<v Speaker 5>lender could prioritize layoffs in other areas as well. Blays

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<v Speaker 5>said it will provide an update alongside four year results

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<v Speaker 5>in February. The bank's latest quarterly results were disappointing, prompting

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<v Speaker 5>a slide in its stock price. So far this year,

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<v Speaker 5>Barclay's shares are down eleven and a half percent in

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<v Speaker 5>New York. I'm Sarah Livesey Bloomberg Radio.

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<v Speaker 6>Germany will suspend the constitutional limits on new borrowing for

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<v Speaker 6>a fourth consecutive year. This comes after Chancellor Left Schulz's

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<v Speaker 6>government was forced into a radical budget overhaul by a

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<v Speaker 6>ruling last week from the nation's top court. We've got

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<v Speaker 6>more from Bloomberg's Zoe Schenevis Kristin Linnet.

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<v Speaker 7>The Finance Minister is a fiscal hawk, and he had

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<v Speaker 7>said in twenty twenty three we're going back to the

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<v Speaker 7>death break now that all would have been fine if

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<v Speaker 7>it hadn't been that the way Germany was spending that

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<v Speaker 7>money wasn't a way that was outside of the normal budget.

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<v Speaker 7>That Constitutional court decision last week said that is not okay.

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<v Speaker 7>That's that you can't function like this. It's unconstitutional. So

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<v Speaker 7>that means that they've spent all this money for twenty

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<v Speaker 7>twenty three and it's late November at this stage, you

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<v Speaker 7>can't get that money back in any other way.

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<v Speaker 6>It's Bloomberg's Zoe shanews. The emergency move to lift the

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<v Speaker 6>so called debt break will be part of a revised

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<v Speaker 6>twenty twenty three budget that will be presented next week.

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<v Speaker 6>Brian Well.

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<v Speaker 2>Chinese regulators are eyeing unprecedented aid to developers to ease

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<v Speaker 2>the property crisis. Bloomberg's David and Glace has more from

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<v Speaker 2>Hong Kong we Here.

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<v Speaker 8>China may allow banks to offer unsecured short term loans

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<v Speaker 8>to qualified developers for the first time. These so called

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<v Speaker 8>working capital loans would offer funds for day to day operations.

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<v Speaker 8>The loans are different from other types of debt that

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<v Speaker 8>require land or assets as collateral. Earlier, we reported that

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<v Speaker 8>authorities are finalizing this list of developers eligible for that aid.

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<v Speaker 8>Sources say the list includes Country Garden and Sino Ocean Group.

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<v Speaker 8>Country Garden shares jump twenty four percent yesterday on word

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<v Speaker 8>that it was included in that list. In Hong Kong,

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<v Speaker 8>I'm David ingless.

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<v Speaker 6>Bloomberg Radio Openaie reinstated CEO Sam Altman this week after

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<v Speaker 6>hunters of workers threatened to quit over the chet GPT

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<v Speaker 6>creator's ouster. The move highlights just how much leverage the

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<v Speaker 6>tech industry's most valued workers hold right now. With more

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<v Speaker 6>on just how much they're valued is Bloomberg's Charlie Palette.

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<v Speaker 9>The most common salary range for an engineering job listed

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<v Speaker 9>on OpenAI's website is between two hundred thousand and three

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<v Speaker 9>hundred seventy thousand dollars, and Roger Lee, co founder of

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<v Speaker 9>compensation benchmarking firm Comprehensive dot Io, says a handful of

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<v Speaker 9>more specialized roles advertised ranges between three hundred thousand and

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<v Speaker 9>four hundred and fifty thousand dollars and according to levels

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<v Speaker 9>dot Fyi salary ranges do not include bonuses or stock awards,

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<v Speaker 9>which can bring an annual salary of three hundred thousand

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<v Speaker 9>dollars closer to eight hundred thousand dollars in total compensation.

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<v Speaker 9>In New York, Charlie Pellet Bloomberg Radio.

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<v Speaker 2>Well we've reached the unofficial start of the holiday shopping season.

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<v Speaker 2>Bloomberg's Nancy Lyons has a preview of what we can

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<v Speaker 2>expect on the retail front.

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<v Speaker 10>The National Retail Federation expects holiday spending in November and

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<v Speaker 10>December to grow three to four percent compared to the

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<v Speaker 10>same time last year.

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<v Speaker 7>J C.

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<v Speaker 10>Penny CEO Mark Rosen says consumers are spending more, but

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<v Speaker 10>they're doing it wisely.

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<v Speaker 11>I think what you are going to see is that

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<v Speaker 11>consumers are much more focused on value than they've ever

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<v Speaker 11>been before, and we're seeing that in shopping behavior this year.

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<v Speaker 10>JC Penny CEO Mark Rosen, speaking on Bloomberg Television. The

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<v Speaker 10>National Retail Federation estimates a record one hundred and eighty

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<v Speaker 10>two million people plan to shop in store and online

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<v Speaker 10>from Thanksgiving Day through Cyber Monday. I'm Nancy Lyons Bloomberg Radio.

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<v Speaker 2>Joining us live on the show is Barbara and Bernard,

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<v Speaker 2>founder and CIO of Windcrest Capital, for a look at market. Sappy, thanksgiving, Barbara,

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<v Speaker 2>and thanks for joining us. Well, we have a number

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<v Speaker 2>of stories, as you probably heard there across the terminal

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<v Speaker 2>this morning, looking at central banks, particularly in Asia, looking

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<v Speaker 2>at starting to cut interest rates next year. Will the

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<v Speaker 2>Fed join that party in the first half?

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<v Speaker 11>Well's certainly what the markets are pricing in, right and

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<v Speaker 11>you know, the US market is pretty euphoric right now

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<v Speaker 11>in anticipation of that. And I would just like to

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<v Speaker 11>caution that if central banks are cutting rates, it's because

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<v Speaker 11>inflation has fallen, and that's because demand has and that

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<v Speaker 11>also means unemployment goes up, which hurts corporate profitability. So

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<v Speaker 11>being giddy that we're getting lower rates and being and

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<v Speaker 11>forgetting to be mindful of lower earnings seems it seems

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<v Speaker 11>a bit foolhardy to me. And so I think, I

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<v Speaker 11>see I want to be cautious here and not joining

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<v Speaker 11>the momentum trade.

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<v Speaker 6>Wow, does that mean bad news? Actually means bad news?

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<v Speaker 11>I think you have lower growth globally, right, and that's

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<v Speaker 11>the whole point of raising rates was exactly that, and

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<v Speaker 11>you're seeing it come through in earnings. You know, their

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<v Speaker 11>long and variable lags. You look at a company like

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<v Speaker 11>Deer who reported this week, and that's a stock that

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<v Speaker 11>stay on this year, and they cited a weaker outlook

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<v Speaker 11>on the back of lower crop prices, right, and higher

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<v Speaker 11>interest rates impacting demand for tractors. And that's what you

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<v Speaker 11>would expect out of this environment. And so if the

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<v Speaker 11>lags when we raised rates were long and variable, they

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<v Speaker 11>will be when we cut rates too. So I think,

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<v Speaker 11>you know, getting overly excited too soon and assuming that

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<v Speaker 11>we'll just land this plane perfectly is really giving the

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<v Speaker 11>FED a lot of credit.

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<v Speaker 2>You mentioned a little bit of euphoria in equity markets.

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<v Speaker 2>If you look back over two years, though the S

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<v Speaker 2>and P five hundred, and really most stocks in the

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<v Speaker 2>S and P five hundred are actually lower than where

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<v Speaker 2>they were at the end of twenty twenty one. So

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<v Speaker 2>the euphoria, I suppose, is just here of late, but

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<v Speaker 2>not necessarily if you take it back during that entire period.

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<v Speaker 11>I think it's an excellent point. You are absolutely right,

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<v Speaker 11>since the index is no higher than it was at

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<v Speaker 11>the end of twenty twenty one, it's been within this

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<v Speaker 11>range of thirty five hundred to forty eight hundred, and

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<v Speaker 11>it's been a trader's market as opposed to a long

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<v Speaker 11>term value investors market right where you buy a compounder.

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<v Speaker 11>And what's done well is the megacaps, So an equally

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<v Speaker 11>weighted index you know has not done anywhere near as

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<v Speaker 11>well as as as the you know s and P

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<v Speaker 11>five hundred the more concentrated and diseased this year, and

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<v Speaker 11>that's a function that you're seeing globally. Small caps are

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<v Speaker 11>trading at a discount to large caps, and the US

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<v Speaker 11>small caps trade for eight point one times ev day,

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<v Speaker 11>Badawar's large caps are at thirteen point six times, and

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<v Speaker 11>you're similar eight versus eleven, Japan six point eight versus ten.

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<v Speaker 11>So what's happening is these big companies and these big

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<v Speaker 11>indue keep getting bigger, and where you're finding more value

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<v Speaker 11>is in these smaller cap companies that get forgotten and

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<v Speaker 11>an orphaned if you will. But then you have to

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<v Speaker 11>ask if what drives valuation these days as fun flows,

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<v Speaker 11>what finds them? So it's a super tricky time.

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<v Speaker 6>At the same time, though we do have really high rates,

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<v Speaker 6>is it just appealing to stay in cash and fixed.

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<v Speaker 11>Income against formidable headwinds. That's never a bad idea, right

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<v Speaker 11>I would have some cash here. I like a five

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<v Speaker 11>percent risk free rate. I also like private credit where

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<v Speaker 11>I can, you know, develop infrastructure projects with twenty year

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<v Speaker 11>PPAs where I don't have to worry about growth rates

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<v Speaker 11>and interest rates next year. And so I think people

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<v Speaker 11>are getting creative. And you know, if you want the index,

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<v Speaker 11>great by it. But if you want alpha, you're gonna

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<v Speaker 11>have to do something different, and that's either you know,

0:11:57.280 --> 0:12:01.000
<v Speaker 11>fallen angel stocks or creating alpha via private credit.

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<v Speaker 2>In my personal experience, private credit, by its very nature

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<v Speaker 2>obviously is private. It's more difficult to access. I suppose

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<v Speaker 2>for the average investor, can you give them a couple

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<v Speaker 2>of ways to play that.

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<v Speaker 11>Well? In my case, I went and took a stake

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<v Speaker 11>in a project developer so that I could develop my

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<v Speaker 11>own projects. And what I like about this is I

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<v Speaker 11>have more control over the outcome. And it's a really

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<v Speaker 11>interesting arbitrage right now because you're talking about a higher

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<v Speaker 11>rate environment. And the other thing that's emblematic of this

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<v Speaker 11>time right now is people are saying it's really hard

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<v Speaker 11>to raise equity it's not if you have a project

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<v Speaker 11>that's in demand. If you have a grain hydrogen project

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<v Speaker 11>that is a double digit IRR for an investor. There

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<v Speaker 11>are tons of large infrastructure funds who have raised capital

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<v Speaker 11>looking for projects like that, and equally on the debt side,

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<v Speaker 11>and these project perry up to eighty percent debt. There

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<v Speaker 11>are a lot of banks that have allocated funds towards

0:12:59.480 --> 0:13:01.640
<v Speaker 11>green product Jackson. They find can't find great ones to

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<v Speaker 11>invest in. So if you can get concessionary debt rates

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<v Speaker 11>in a higher rate environment, that's an arbitrage that'll take

0:13:08.960 --> 0:13:13.360
<v Speaker 11>all day long. And and I just this is you know,

0:13:13.480 --> 0:13:15.719
<v Speaker 11>you have to get creative. There's always something to do,

0:13:15.960 --> 0:13:18.600
<v Speaker 11>but it's typically not what the rest of the market

0:13:18.720 --> 0:13:19.120
<v Speaker 11>is doing.

0:13:20.920 --> 0:13:22.679
<v Speaker 2>Barbara, and I just wanted to ask you kind of

0:13:22.720 --> 0:13:26.319
<v Speaker 2>a quick follow. We've seen M and A and IPO

0:13:26.520 --> 0:13:30.120
<v Speaker 2>activity be rather more of it this year. Do you

0:13:30.200 --> 0:13:32.600
<v Speaker 2>expect yeah, opportunities coming next year.

0:13:33.840 --> 0:13:36.400
<v Speaker 11>I certainly hope. So. I have a number of pre

0:13:36.559 --> 0:13:39.800
<v Speaker 11>IPO opportunities that have not come to market this year.

0:13:39.920 --> 0:13:43.199
<v Speaker 11>And you know, the sign of a healthy capital market

0:13:43.320 --> 0:13:46.559
<v Speaker 11>is a healthy IPO market. And you know, if you

0:13:46.640 --> 0:13:48.880
<v Speaker 11>say market has done so well, in the rally, Well,

0:13:50.040 --> 0:13:52.839
<v Speaker 11>why all these companies afraid to come to market? So

0:13:53.120 --> 0:13:56.160
<v Speaker 11>I personally would come to market if I were them,

0:13:57.320 --> 0:14:00.600
<v Speaker 11>And so I am hopeful for everyone in our industry

0:14:00.720 --> 0:14:04.200
<v Speaker 11>that we will see a resurgence of IPO activity into

0:14:04.200 --> 0:14:07.079
<v Speaker 11>twenty twenty four. I noticed on your terminals today everyone's

0:14:07.160 --> 0:14:09.240
<v Speaker 11>very excited about this, Goose sidebo.

0:14:11.160 --> 0:14:14.000
<v Speaker 2>This is Bloomberg Daybreak Asia, your morning brief on this

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<v Speaker 11>Four