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Speaker 1: Good morning.

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Speaker 2: I'm Richard Salamath and I'm Doug Krisner. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: As we talk about inflation.

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Speaker 3: We get that key CPI print and Wednesday morning, and

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Speaker 3: traders gearing up for that. It could, of course provide

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Speaker 3: more clues on what the Federal Reserve does do next,

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Speaker 3: But Mags Michael McKee, aw's a preview.

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Speaker 4: Investors have already priced for a rise in headline inflation,

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Speaker 4: largely led by energy prices. The FED can't affect those,

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Speaker 4: so there's no anticipation the CPI will lead to a

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Speaker 4: rate rise at next week's meeting. Instead, the focus will

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Speaker 4: be on the core inflation rate. It's forecast to drop,

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Speaker 4: suggesting the Central Bank is still making progress. Within the report,

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Speaker 4: analysts will be looking primarily at housing prices rents. After

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Speaker 4: a long period pushing inflation up, they are expected to decelerate.

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Speaker 4: Fed officials, of course, will also be looking at core

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Speaker 4: service prices x housing for signs that wage growth is slowing,

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Speaker 4: even though Wall Street commissions have pushed that category higher

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Speaker 4: in recent months. Michael McKee Bloomberg Radio.

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Speaker 2: We go next to Apple and the unveiling of four

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Speaker 2: new iPhone models. That happened today. These new models include

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Speaker 2: the iPhone fifteen, fifteen Plus, fifteen Pro, and fifteen Pro Max. Now,

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Speaker 2: Apple's new Promax model will have a hefty price tag

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Speaker 2: eleven hundred and ninety nine dollars. You know, that's up

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Speaker 2: one hundred bucks from last year. Apple is banking on

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Speaker 2: some new materials along with improved performance as a way

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Speaker 2: of trying to win over consumers in a market that

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Speaker 2: has been a little sluggish where a smartphone demand is concerned.

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Speaker 2: Here is bloomberg' ed Ludlow.

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Speaker 5: What we know is that, as expected, we have two

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Speaker 5: variants of the base model iPhone fifteen, a six point

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Speaker 5: one inch screen and a six point seven inch screen.

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Speaker 5: Both of them get the Dynamic Island, which is the

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Speaker 5: top sliver of the screen, a more interactive display that

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Speaker 5: displays more information. The big news so far on the

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Speaker 5: low end iPhone fifteen is the upgrades to the camera

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Speaker 5: forty eight megapixel. The iPhone fourteen non Pro versions a

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Speaker 5: year ago had twelve megapixel, so that's a pretty substantive

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Speaker 5: up great on the camera technology.

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Speaker 2: That is Bloomberg sed Ludlow. By the way, as of Friday,

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Speaker 2: Apple will begin taking pre orders for these latest iPhones

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Speaker 2: in more than forty countries.

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Speaker 1: Rashad, Right, Well, we've got to stay with tech ands.

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Speaker 3: We've got the first anti trust trial pitting the federal

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Speaker 3: government against a major tech company getting underway in Washington.

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Speaker 3: Bloomberg's Nathan Hager has more from DC.

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Speaker 6: The case is United States versus Google. The Justice Department

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Speaker 6: is accusing Alphabet's search Giant of paying more than ten

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Speaker 6: billion dollars a year to maintain its position as the

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Speaker 6: default search engine on the web and mobile devices. Federal

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Speaker 6: prosecutors say Google has been a monopoly for more than

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Speaker 6: a decade and controls more than eighty nine percent of

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Speaker 6: the online search market. Google denies the government's claims. US

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Speaker 6: District Judge Ahmed Meta is expected to issue a decision

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Speaker 6: next year in Washington. I'm Nathan Hager Bloomberg Radio.

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Speaker 2: We go to the oil market next, and the latest

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Speaker 2: data from OPEC plus showing global oil markets will face

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Speaker 2: a supply shortfall of more than three million barrels a

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Speaker 2: day in the next quarter. Now, this obviously comes after

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Speaker 2: both Saudi Arabia and Russia decided to extend their production

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Speaker 2: cuts until the end of twenty twenty three. Now, today's

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Speaker 2: news did send oil prices surging WTI. We talked about

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Speaker 2: it rising today by around one point eight percent. Brent

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Speaker 2: crude back above ninety two a barrel. We heard earlier

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Speaker 2: today from Francisco Blanche. He is the head of Global

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Speaker 2: Commodities and Derivatives at Bank of America. He thinks Saudi

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Speaker 2: Arabia and OPEC plus will become more cautious if prices

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Speaker 2: continue to rise.

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Speaker 7: Well, I think that the solvies have always been very

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Speaker 7: cautious about avoiding demand destruction episodes, and certainly I think

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Speaker 7: they will become cautious again if prices break through one

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Speaker 7: hundred dollars a barrel, because, as we saw last year

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Speaker 7: with gas, with nature gas, if prices do get out

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Speaker 7: of whack, you can loose all the demand European nature

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Speaker 7: gas demand from industry, remember is lowered today than it

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Speaker 7: was at this last year with a ninety percent declining

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Speaker 7: priceis so you have to be careful what you wish for.

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Speaker 2: Francisco Blanche there from Bank of America. By the way,

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Speaker 2: the International Energy will report its outlook on Wednesday.

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Speaker 3: All right, We're going to stay with oil companies and

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Speaker 3: have a look at BPCO Bernard Looney because he's resigned

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Speaker 3: effective immediately. The companies saying that the Luney didn't fully

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Speaker 3: disclose personal relationships. The surprise development leaving the oil and

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Speaker 3: gas giant leader is at a crucial juncture. BPS started

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Speaker 3: to persuade investors to stick with it through a costly

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Speaker 3: transition to low carbon energy.

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Speaker 1: We heard more from Bloomberg's Alex Steele.

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Speaker 8: Looney had made the point that they were going to

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Speaker 8: be investing less and less and less in oil and gas.

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Speaker 8: But as the returns for alternative energy got worse and

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Speaker 8: worse and worse, they cannot live up the returns that

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Speaker 8: you're going to get in an oil and gas field.

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Speaker 8: So we had to pair back some of that lack

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Speaker 8: of investment.

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Speaker 1: That is Bloomberg's Alex Steel.

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Speaker 3: Now, BP didn't name any potential successor to Luni, but

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Speaker 3: the chief financial officer will replace him on an interim basis.

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Speaker 3: That's some ochinlos BP typically has chosen CEOs from among

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Speaker 3: the ranks of its own top executives.

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Speaker 2: We go to China, next to where home sales in

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Speaker 2: the country seem to be losing momentum, even though authorities

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Speaker 2: recently loosened restrictions on mortgages. Bloomberg zivon Men has more

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Speaker 2: from Hong Kong.

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Speaker 9: Checks by industry watchers are saying that the rebound is

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Speaker 9: fading in China's Tier one cities. In Beijing, sales of

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Speaker 9: existing homes plunged thirty five percent in less than two weeks.

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Speaker 9: That's according to one of China's top property agencies, cent

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Speaker 9: A Line. Across China, transactions continue to drop follow more

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Speaker 9: than twenty percent by area. The Fatie rebound raises doubts

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Speaker 9: on whether the steps are enough to revive the market

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Speaker 9: before a crucial busy season, and kondomists say more aggressive

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Speaker 9: easing measures may be needed to ensure a strong recovery

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Speaker 9: in Hong Kong. I'm ivon Mann Bloomberg Radio.

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Speaker 2: The latest survey of global fund managers from Bank of

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Speaker 2: America was very interesting. It shows a dramatic shift in investors'

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Speaker 2: equity allocation, a rush toward the US and a huge

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Speaker 2: exodit from emerging markets. EM equity allocation down in the

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Speaker 2: month of September to net nine percent overweight. But here's

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Speaker 2: the thing. We were net thirty four percent overweight in August. Now,

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Speaker 2: this is largely a story about China and a lot

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Speaker 2: of the negative pessimism or the negative sentiment that we

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Speaker 2: have seen there. In fact, this a BFA survey also

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Speaker 2: shows the most likely source of any potential systemic credit

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Speaker 2: event will be in the China real estate market. Daybreak

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Speaker 2: Asia and an update on global news is next. We

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Speaker 2: begin with US House Speaker Kevin McCarthy launching an impeachment

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Speaker 2: probe in President Joe Biden at Baxter with more from

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Speaker 2: the Bloomberg newsroom.

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Speaker 10: Yeah, that's exactly where Douglas McCarthy calls a Biden administration

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Speaker 10: a culture of corruptions.

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Speaker 11: Else, Republicans have uncovered serious and credible allegations into President

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Speaker 11: Biden's conduct, and together these allegations paint a picture of

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Speaker 11: a culture of corruption.

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Speaker 10: Now, McCarthy says, we'll focus on sun Hunter.

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Speaker 11: I do not make this decision lightly, and regardless of

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Speaker 11: your party or who you voted for, these facts should

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Speaker 11: concern all Americans.

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Speaker 10: Center Majority of Leader Chuck Schumer says, while he feels

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Speaker 10: for the pressure McCarthy's feeling from the right wing of

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Speaker 10: his party, I.

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Speaker 1: Think the impeachment inquiry is absurd.

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Speaker 4: The American people want us to do something that will

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Speaker 4: make their lives better not go off on these chases

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Speaker 4: and witch hunts now.

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Speaker 10: Bloomberg's Wendy Benjaminson says, politically, his use of terms like witch.

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Speaker 12: Hunt Democrats who are saying this is a witch hunt

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Speaker 12: and that this is how dare they do the inquiry

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Speaker 12: without a full House vote ahead of time? And it's

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Speaker 12: funny to watch one party see the other party using

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Speaker 12: their own playbook against them.

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Speaker 13: No.

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Speaker 10: Republicans also have condemned Biden for what they call the

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Speaker 10: weaponization of the Justice Department. New COVID formulated shots in

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Speaker 10: the US have gotten a green light from the CDC

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Speaker 10: Advisory Panel. The panel, recommending the full CDC itself recommend

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Speaker 10: use for those six months and older, says it could

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Speaker 10: allow the shots to be administered as early as this week. Now,

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Speaker 10: of course, that will depend on individual healthcare providers getting

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Speaker 10: supply and scheduling appointments and those kinds of things. North

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Speaker 10: Korean leader Kim jonghan has been meeting with Russian officials,

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Speaker 10: presumably about an arms dealer, even though the US is

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Speaker 10: warning against it. Brigadier General Patrick Ryder, speaking for the

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Speaker 10: White House.

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Speaker 14: We would call on North Korea to meet its previous

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Speaker 14: stated public commitments not to supply weapons to Russia, which

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Speaker 14: will only end up prolonging the unnecessary war in Ukraine.

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Speaker 10: And Vladimir Putin is being quoted in Russian media saying

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Speaker 10: war will continue for a while. Republican Senator Tommy Tubberville

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Speaker 10: says he will continue to block the promotions of military

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Speaker 10: people until the Biden administration removes the executive policy regarding

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Speaker 10: DoD travel and reproductive rights. In an exclusive Bloomberg interview.

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Speaker 15: Twenty twenty three, they want to change it with a

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Speaker 15: memo from the White House. We're not a communist country.

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Speaker 15: Everything that's made policy and law goes through Congress. And

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Speaker 15: I told them that if you change it, and I'm

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Speaker 15: gonna block your admirals and generals. Well, at that time

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Speaker 15: there was one or two. Now we're up to three hundred.

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Speaker 15: I think they're starting to believe me that I meant

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Speaker 15: what I said.

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Speaker 10: And on balance of power assess a solution simple, let's.

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Speaker 15: Just vote on it and if it passes, it passes,

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Speaker 15: it doesn't.

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Speaker 1: It doesn't. Yeah.

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Speaker 10: Critics argue he's paralyzing The Pentagon Global News, powered by

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Speaker 10: more than twenty seven hundred journalists and analysts in over

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Speaker 10: one hundred and twenty countries in San Francisco. I'm Ed

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Speaker 10: Baxter and this is Bloomberg.

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Speaker 2: Let's get to our guest, Belita Onng is with us.

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Speaker 2: Belita is a chairman of Dalton Investments. She joins us

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Speaker 2: from Santa Barbara, California. Belita, it's always a pleasure. Thank

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Speaker 2: you for making time to chat with us. Maybe you

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Speaker 2: had a chance to look at the Bank of America

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Speaker 2: survey today of global fund managers. A big move away

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Speaker 2: from emerging market right now? Is is that a strategy

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Speaker 2: that you would adopt at the moment given the weakness

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Speaker 2: that we have been describing for the Chinese economy.

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Speaker 13: Hello Doug, thanks for having me back. The movement, as

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Speaker 13: you mentioned, has everything to do with China and the

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Speaker 13: reducing of exposure to China, which was for decades an

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Speaker 13: extremely profitable place to invest in. You know, from our

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Speaker 13: points of view, we've not invested since jack Ma was

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Speaker 13: hauled in to be re educated, which is now now

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Speaker 13: a few years ago, and simply because of the way

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Speaker 13: we invest, we look for value companies that are led

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Speaker 13: by entrepreneurs who's interests are aligned with ours, and in China,

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Speaker 13: the most successful entrepreneur was punished for being too successful,

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Speaker 13: and on top of that that was followed by the

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Speaker 13: whole private tutoring shutdown. So one day you had a

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Speaker 13: great business in the next day was gone. So given

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Speaker 13: those types of risks, it's just not a market that

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Speaker 13: we can invest in. That's not to say that you

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Speaker 13: can't make money in China. I don't believe that at all.

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Speaker 13: I think you can. It's just not the way we

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Speaker 13: do it because it doesn't fit with our investment criteria.

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Speaker 13: And if we don't invest in China, then there are

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Speaker 13: many other places to invest in. So it's not as

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Speaker 13: though being shout out of China is, you know, is

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Speaker 13: a death knell to our investment capabilities across Asia.

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Speaker 3: But that you know, So there has been a kind of,

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Speaker 3: I suppose, feeling that the regulatory clamp down has perhaps disappeared,

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Speaker 3: but it can come back in any stage. But it

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Speaker 3: cares you mentioned the other places you can invest and

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Speaker 3: make money to where are you looking well?

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Speaker 13: We are still very positive on being able to add

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Speaker 13: returns above the benchmark in both Japan as well as

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Speaker 13: in India. And in Japan's largely to do with the

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Speaker 13: fact that Japan's in there's a great spot right now

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Speaker 13: where finally the economy is growing. Finally the deflation they've

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Speaker 13: suffered for decades seems to be reversing. So we finally

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Speaker 13: saw a small increase in wages in the last and negotiations,

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Speaker 13: and the boj is inclined I believe to continue to

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Speaker 13: keep rates as low as possible through the next round

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Speaker 13: of negotiations so that they can keep wage increases, thereby

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Speaker 13: fueling consumer spending for the economy. So it's sort of

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Speaker 13: like opposite world in Japan, where with the rest of

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Speaker 13: world's concerned about inflation, but Japan's been fighting deflation for

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Speaker 13: so long that they won't give up that fight until

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Speaker 13: they see that it's really well ensconced.

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Speaker 2: You were talking about the entrepreneurial spirit, and I'm wondering

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Speaker 2: whether that applies to Vietnam. And the indication here is

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Speaker 2: that there is some opportunity to grow for the local

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Speaker 2: economy and technological terms, and I'm wondering whether that's a

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Speaker 2: market that you would consider.

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Speaker 13: Yes, so certainly a market we would consider. In fact,

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Speaker 13: we're in the process of getting access to that market now,

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Speaker 13: because you need special access to be able to invest

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Speaker 13: in the domestic market there, but it is a market

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Speaker 13: that we think is becoming more and more interesting. And

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Speaker 13: in the past when we have invested, we've done it

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Speaker 13: through closed end funds, which are run by people we

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Speaker 13: know well and which often traded a discount. But we're

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Speaker 13: actually taking steps to invest directly ourselves. So yes, it's

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Speaker 13: a market that we find interesting. But in Japan, if

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Speaker 13: I could go back to that, in addition to the

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Speaker 13: fact that the economy is doing well, the cheap n

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Speaker 13: makes car exports, for example, do extremely well. And you've

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Speaker 13: got a lot of foreign inflows that we haven't seen

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Speaker 13: in ages, which also helps with the domestic market. And

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Speaker 13: on top of all that, you've had this finally you're

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Speaker 13: seeing the results of eight nine years of corporate Governan's

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Speaker 13: reform lead to much better behavior by managements in Japan.

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Speaker 13: Increase in buybacks, dividends, more m and A and more

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Speaker 13: management buyouts. So you know, everything's going well for Japan

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Speaker 13: right now.

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Speaker 3: Belita very quickly, so you do also away from Japan

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Speaker 3: look at the I suppose de globalization d risking story.

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Speaker 13: Yes, absolutely, the de risking story is very good for

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Speaker 13: certain countries India, for example. She's the prettiest girl of

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Speaker 13: the dance. Everybody wants to work with her, Dance.

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Speaker 2: With her, the prettiest girl in the dance. We'll leave

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Speaker 2: it there. Balita, always a pleasure. Balita on, Chairman of

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