WEBVTT - Bloomberg Surveillance TV: May 11th, 2026

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

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<v Speaker 2>with Lisa Bromwitz and Amrie Hordernt. Join us each day

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<v Speaker 2>for insight from the best in markets, economics, and geopolitics

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<v Speaker 2>from our global headquarters in New York City. We are

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<v Speaker 2>live on Bloomberg Television weekday mornings from six to nine

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<v Speaker 2>am Eastern. Subscribe to the podcast on Apple, Spotify or

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<v Speaker 2>anywhere else you listen, and as always on the Bloomberg

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<v Speaker 2>Terminal and the Bloomberg Business app. We begin this hour

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<v Speaker 2>with stocks just about holding on to all time highs.

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<v Speaker 2>Aaron Canada Clear harborass and Management, writing, this has been

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<v Speaker 2>an exceptional period for risk assets, and yet the composition

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<v Speaker 2>of that return should give investors pause.

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<v Speaker 3>Aaron joins us now for more. Aaron, good morning, Good morning.

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<v Speaker 2>What a move in Semi's five percent Friday, eleven percent

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<v Speaker 2>last week. What are we sixty percent off the lows

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<v Speaker 2>from the end of March, maybe more than that at

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<v Speaker 2>this point? Are we in bubble territory?

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<v Speaker 4>Now?

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<v Speaker 3>It's a good question. You know.

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<v Speaker 5>Semiconductors, like most cyclicals, tend to look really cheap when

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<v Speaker 5>you know, they tend to be expensive when PE multiples

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<v Speaker 5>are low, and they tend to be quite cheap when

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<v Speaker 5>P multiples are high. And you know right now, if

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<v Speaker 5>you take a look at some of the memory chip

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<v Speaker 5>names like Micron and skhig Nicks in Korea, you know

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<v Speaker 5>they're trading at mid to high single digit multiples. But

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<v Speaker 5>that's because earnings have absolutely shot the moon. If you

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<v Speaker 5>look at semiconductor exposure globally, you take a look at

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<v Speaker 5>emerging markets Skhimix, Samsung and Taiwan Semi. The top three

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<v Speaker 5>holdings in emerging markets are semiconductor companies.

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<v Speaker 3>Thirty seven percent of the emerging market index.

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<v Speaker 4>Is it?

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<v Speaker 5>You look at semiconductors in the United States eight and

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<v Speaker 5>a half percent return on the S and P five

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<v Speaker 5>hundred seven names consisting of seventy percent of that return,

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<v Speaker 5>All seven focused on semiconductors. Two are more diversified, Amazon

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<v Speaker 5>and Alphabet, but still they're making semiconductors. The other five

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<v Speaker 5>are pure semiconductor players. So this is a market globally,

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<v Speaker 5>both home and abroad, very focused on that move.

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<v Speaker 2>At some point you end up with sub coodea ofic capacity.

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<v Speaker 2>We just know that yet and you mentioned the innings,

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<v Speaker 2>the innings underpinned by fantastic spending coming from a number

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<v Speaker 2>of places. What would upend that spending?

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<v Speaker 5>Well, I think at the end of the day, the

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<v Speaker 5>return on investment question for the hyperscalers, for the Microsofts

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<v Speaker 5>of the world, for the alphabets of the world, may

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<v Speaker 5>force I wouldn't call a rapid adjustment and a capax

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<v Speaker 5>expectations or perhaps a modification of capex. If we're seven

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<v Speaker 5>hundred and fifty billion this year eight hundred and fifty

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<v Speaker 5>billion next year on semiconductor AI hyperscaler spend and that

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<v Speaker 5>adjustment moves from eight to fifty to eight or eight

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<v Speaker 5>fifty to seven to fifty, that could alter investment perceptions

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<v Speaker 5>of the slope of the spend that we would anticipate.

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<v Speaker 5>I think that could could bring some pause back into

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<v Speaker 5>the market, into the enthusiasm of the semiconductor trade, and

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<v Speaker 5>frankly could serve as a tailwind to the MICROSOFCE, to

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<v Speaker 5>the alphabets, to the hyper scale side of the equation.

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<v Speaker 5>A focus on ROI would be a welcome tailwind, I

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<v Speaker 5>think to those areas of technology.

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<v Speaker 1>So how much of the rally is being underpinned by

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<v Speaker 1>people who find it refreshing to talk about SEMy conductors

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<v Speaker 1>rather than the war in Iran.

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<v Speaker 5>Well, it's a good question. I mean, geopolitics historically, Lisa,

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<v Speaker 5>as we all know, have not really in the medium

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<v Speaker 5>to long term driven asset prices too significantly. It's always

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<v Speaker 5>been a sort of a temporary phenomenon, and I think

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<v Speaker 5>the eyes continue to be on earnings. We had seventeen

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<v Speaker 5>percent earnings growth on an annualized basis this past quarter,

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<v Speaker 5>and that's even maybe considered a bit low relative to

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<v Speaker 5>some of the headline growth numbers that we've seen. But

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<v Speaker 5>a lot of these big tech companies and hyperscales have

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<v Speaker 5>been buying private equity firms, and so you know that

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<v Speaker 5>twenty six percent headline number is probably closer to seventeen.

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<v Speaker 5>Growth has been really strong broadly as well, Media and

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<v Speaker 5>S and P five hundred growing at fourteen percent. So

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<v Speaker 5>this is a broad earnings growth story.

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<v Speaker 1>I guess what I'm trying to get it is when

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<v Speaker 1>does the real economy start to bleed into this semiconductor

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<v Speaker 1>hopes and dreams that are driving this incredible rally. Is

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<v Speaker 1>there some sort of trigger point where you get stiflationary

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<v Speaker 1>worries baked into the market. That starts to hamper this trade,

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<v Speaker 1>that starts to hamper how much people will tolerate the

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<v Speaker 1>increase in spending because prices are going up, not necessarily

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<v Speaker 1>because they're building more capacity.

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<v Speaker 3>Yeah, I mean it's a big question.

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<v Speaker 5>It's a big political question that under sort of the

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<v Speaker 5>undertone of that question speaks to some of the challenges

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<v Speaker 5>around you know, data center growth, utility growth, the regulatory

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<v Speaker 5>environment not in my backyard, high energy prices, the inflationary picture,

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<v Speaker 5>you know, running above trend. Right now, we're going to

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<v Speaker 5>see you know, CPI tomorrow, and you know, how does.

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<v Speaker 3>That feed into the sort of broader market.

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<v Speaker 5>But at the end of the day, you take a

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<v Speaker 5>look at you know, sort of that that the massive

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<v Speaker 5>thirty six percent of the S and P five hundred

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<v Speaker 5>is technology boom that we've been seeing across semis and

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<v Speaker 5>in a lot of the sectors of the economy that

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<v Speaker 5>are much more sort of consumer focused are just smaller

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<v Speaker 5>percentages of the overall index and have have have less.

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<v Speaker 3>Of a contribution to overall performance.

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<v Speaker 2>We've got consumer issues, without a doubt, But right now

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<v Speaker 2>that's saying political problem. You're going to see that in

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<v Speaker 2>the midterms. But potentially that is not a market problem.

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<v Speaker 1>Because the averages don't really show it. And this is

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<v Speaker 1>the reason why people are ignoring it. Even as things

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<v Speaker 1>get key shaped and increasingly so people say, well, that's

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<v Speaker 1>too bad, and hopefully that doesn't lead to policies that

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<v Speaker 1>are incredibly business negative. But until then, the music's playing,

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<v Speaker 1>We're going to dance, and that's essentially what you're feeling.

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<v Speaker 5>Yeah, energy is what three odd percent of the S

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<v Speaker 5>and P five hundred. Materials are less than two percent

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<v Speaker 5>of the S and P five hundred, and so there

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<v Speaker 5>you go. These are two big variables that are impacting consumers,

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<v Speaker 5>but they're not impacting prices in the market.

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<v Speaker 2>And this fed's not going to count anytime soon yields up.

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<v Speaker 2>So on the graphic, just that by full banks this

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<v Speaker 2>points this morning three ninety two, that's above the policy

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<v Speaker 2>right of the federates of unemployment close to full percent.

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<v Speaker 2>You might have sea pan close to full percent as well.

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<v Speaker 2>Lights of this week. How much pressure is on the

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<v Speaker 2>incoming feed chet It's going.

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<v Speaker 3>To be interesting. Of course, you have the.

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<v Speaker 5>Thought that maybe this energy price spike due to the

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<v Speaker 5>straight of horm moves in Iran is going to subside

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<v Speaker 5>in the weeks and months ahead. I mean it coupled

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<v Speaker 5>with this idea that not just an idea, or seeing

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<v Speaker 5>the data. Employment remains relatively strong, unemployments trended up just

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<v Speaker 5>a bit. If we were to see that soften a bit,

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<v Speaker 5>I think on the margin, it gives the Fed an

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<v Speaker 5>opportunity to cut again. But then you look at two

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<v Speaker 5>year treasure yields at what three ninety this morning, and

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<v Speaker 5>the upper end of the FED funds rates at three

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<v Speaker 5>seventy five. So the market's not saying, oh, maybe the

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<v Speaker 5>Fed's going to cut or hold. If anything, the market's

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<v Speaker 5>starting to think, well, maybe the Fed is going to

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<v Speaker 5>raise rates.

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<v Speaker 3>Our view is the Fed's going to stay on hold

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<v Speaker 3>for a while.

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<v Speaker 5>You're going to stay on hold as long as I can,

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<v Speaker 5>and when they see some easing light at the end

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<v Speaker 5>of the tunnel that comes, they're gonna be more poised

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<v Speaker 5>to cut than to raise.

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<v Speaker 2>Stay with us multile Impex Devan, it's coming up of

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<v Speaker 2>this with us around the table righteous the empire of

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<v Speaker 2>the Center for a New American Security, She writes the

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<v Speaker 2>following President Trump hopes to change the conversation from the

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<v Speaker 2>around war by visiting China and announcing some deals. Right,

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<v Speaker 2>you're joined us now for more Racha, good morning.

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<v Speaker 4>Thanks for having me.

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<v Speaker 3>Is it as simple as that. I don't think it is.

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<v Speaker 4>In fact, I had started to tell clients a couple

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<v Speaker 4>of weeks back that I wouldn't be surprised if the

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<v Speaker 4>meetings got pushed back again, but then you would really

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<v Speaker 4>run into the midterms and the like. You know, it's

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<v Speaker 4>interesting to me Treasure Secretary Vessant is meeting with his

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<v Speaker 4>Chinese counterpart earlier this week in South Korea. You know,

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<v Speaker 4>there still seem to be deliverable as being worked out right.

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<v Speaker 4>We're expecting you know, this new board of Trade, maybe

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<v Speaker 4>a board of investment. They're supposed to do non sensitive

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<v Speaker 4>investment between the two countries. I'm not sure what fits

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<v Speaker 4>in that basket of nonsensitive investment these days.

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<v Speaker 3>You know, as you say, there's still.

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<v Speaker 4>A war on and China is hurting now, but they

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<v Speaker 4>also are going to be a beneficiary of this trend

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<v Speaker 4>towards more coal, more renewables, more batteries, and so I

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<v Speaker 4>think there's a lot of different leverage going around.

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<v Speaker 2>This meeting was supposed to happen weeks ago because of

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<v Speaker 2>this war. It's happening and the war is ongoing. What changed, Well,

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<v Speaker 2>it's interesting.

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<v Speaker 4>So I think China actually wanted to have the meeting

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<v Speaker 4>around this time of year. They didn't want to have

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<v Speaker 4>it earlier in the year. So, you know, I think

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<v Speaker 4>part of what changed is, you know, things have to

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<v Speaker 4>you know, things have to go on.

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<v Speaker 3>Also, President Trump.

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<v Speaker 4>Is hoping that China, you know, China will see in

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<v Speaker 4>its own interest to bring the war to an end.

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<v Speaker 4>And as I say, he's trying to reset and focus

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<v Speaker 4>focus on trade and the like.

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<v Speaker 3>Now he's going in having.

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<v Speaker 4>Just received a blow again to his trade agenda and tariffs,

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<v Speaker 4>the one two sort of ruling on Friday. I think

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<v Speaker 4>it now, I do only that changes things a lot

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<v Speaker 4>because at the end of the day, the administration was

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<v Speaker 4>going to use Section three oh one tariffs to bring

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<v Speaker 4>them back up. But we're at a moment where tariffs

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<v Speaker 4>on China are the lowest rate they've been for most

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<v Speaker 4>of the second Trump administration.

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<v Speaker 1>Has anything changed in terms of the leverage that one

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<v Speaker 1>company had, that one country has over the other now

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<v Speaker 1>versus when they were previously going to be meeting.

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<v Speaker 4>I think the main area is probably one of almost

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<v Speaker 4>the political and strategic elements. I think what it was

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<v Speaker 4>economist or others who have said that this, you know,

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<v Speaker 4>don't get involved with your enemy when they're doing something

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<v Speaker 4>that undermines them. And I do think that was China's

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<v Speaker 4>original focus there. What's changed now is that the economic costs,

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<v Speaker 4>the real economic costs are mounting.

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<v Speaker 2>Right.

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<v Speaker 4>I was talking just before I came on to chat

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<v Speaker 4>with you guys about how plastics and the downstream effects

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<v Speaker 4>of this crisis are really increasing. You're right, list So

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<v Speaker 4>the oil in the water, we don't know exactly what

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<v Speaker 4>those volumes are, but what we do know is that

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<v Speaker 4>today we have countries ranging from India to Australia, big

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<v Speaker 4>allies of the United States at times, are preparing for

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<v Speaker 4>even more rationing. So I think the industrial impacts are

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<v Speaker 4>mounting in terms of leverage. If anything, China is trying

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<v Speaker 4>to exert more leverage over critical minerals, critical supply chains,

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<v Speaker 4>you know, and that's something that the US, you know,

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<v Speaker 4>we have a time and consistency problem about how to

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<v Speaker 4>address those issues.

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<v Speaker 1>To both countries have the same approach of trying to

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<v Speaker 1>stave off any kind of political pain in the form

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<v Speaker 1>of consumer displeasure. About higher prices. In other words, is

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<v Speaker 1>a response from both sides to subsidize different things and

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<v Speaker 1>potentially increase fiscal spending.

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<v Speaker 4>Yeah, I think that's right China, I mean both sides,

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<v Speaker 4>and many countries around the world have that instinct. The

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<v Speaker 4>problem is, if you subsidize, then will continue to consume,

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<v Speaker 4>and then you might end up with real shortages. So

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<v Speaker 4>that's only maybe a short term solution. I mean here

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<v Speaker 4>in the United States, I think the instinct is to subsidize,

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<v Speaker 4>but we actually haven't.

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<v Speaker 3>Done much of it yet.

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<v Speaker 4>The gas tax could be you know, could be reduced.

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<v Speaker 4>You know, there are some different ideas of floating around there.

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<v Speaker 4>In China, they reset prices every month, so there can

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<v Speaker 4>be some delays in passing that on. The other issue

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<v Speaker 4>is China has made more strides than the United States

0:11:29.800 --> 0:11:33.560
<v Speaker 4>to electrify as many things as possible, and so that

0:11:33.679 --> 0:11:38.800
<v Speaker 4>electrification using coal, using renewables, and you know, we you know,

0:11:39.480 --> 0:11:41.959
<v Speaker 4>the US government would like us to be using more coal,

0:11:42.000 --> 0:11:44.840
<v Speaker 4>would like to convert more plants. But the challenge is

0:11:44.880 --> 0:11:48.080
<v Speaker 4>also you look at electricity costs, and China has been

0:11:48.080 --> 0:11:50.480
<v Speaker 4>building out a lot more electricity capacity than.

0:11:50.400 --> 0:11:51.680
<v Speaker 3>We have in the United States.

0:11:51.840 --> 0:11:56.200
<v Speaker 4>So I think the political sensitivities are different. And of

0:11:56.200 --> 0:11:59.640
<v Speaker 4>course we got the midterms coming up, right, and China

0:11:59.720 --> 0:12:03.560
<v Speaker 4>does and I mean what the population thinks does matter,

0:12:03.720 --> 0:12:06.880
<v Speaker 4>but they're not going to the polls and having to

0:12:07.040 --> 0:12:10.079
<v Speaker 4>face the electorate and having to face the electorate with

0:12:10.559 --> 0:12:15.280
<v Speaker 4>another round of you know, supply chain restrictions and inflation.

0:12:15.920 --> 0:12:19.439
<v Speaker 2>Stay with us. More Bloomberg surveillance coming up after this.

0:12:28.679 --> 0:12:31.040
<v Speaker 2>Let's turn back to our top story, crude rising as

0:12:31.080 --> 0:12:33.400
<v Speaker 2>the US and around remain at a stalemate on a

0:12:33.440 --> 0:12:36.080
<v Speaker 2>deal to end the war and reopen the stratiformers kai

0:12:36.120 --> 0:12:39.040
<v Speaker 2>Ibraheim of BCA Research writing the following, If the strait

0:12:39.120 --> 0:12:42.840
<v Speaker 2>is not reopened, Marcus will grow desensitized to the positive headlines,

0:12:43.080 --> 0:12:46.720
<v Speaker 2>and prices will increase to reflect a tightening oil market.

0:12:46.840 --> 0:12:48.959
<v Speaker 2>Rakaia joins us now for more. Rakaia, welcome back to

0:12:49.040 --> 0:12:51.440
<v Speaker 2>the program. That quote, of course, was true last month

0:12:51.520 --> 0:12:54.880
<v Speaker 2>and a month before, and we haven't seen crude explode higher.

0:12:55.080 --> 0:12:57.160
<v Speaker 2>Why do you think we might be closer to that moment?

0:12:58.520 --> 0:13:01.200
<v Speaker 6>Good morning, Jonathan, Thanks for having me on. So I

0:13:01.200 --> 0:13:04.320
<v Speaker 6>think as we move further out and the strait of

0:13:04.320 --> 0:13:07.719
<v Speaker 6>hormones remains closed for longer, what we're seeing now is

0:13:07.800 --> 0:13:11.319
<v Speaker 6>that there is this buffer of massive inventories that are

0:13:11.360 --> 0:13:15.480
<v Speaker 6>shielding the oil market temporarily, but ultimately these are stocks

0:13:15.679 --> 0:13:19.240
<v Speaker 6>and their ability to shield the market is not infinite.

0:13:19.800 --> 0:13:22.640
<v Speaker 6>And as the strait remains closed for longer, you know,

0:13:22.720 --> 0:13:26.720
<v Speaker 6>these inventories will continue to draw down and that buffer

0:13:26.760 --> 0:13:29.480
<v Speaker 6>is removed. And so I think that as we move

0:13:29.520 --> 0:13:32.840
<v Speaker 6>into you know, further weeks and months ahead, if the

0:13:32.880 --> 0:13:36.120
<v Speaker 6>strait is not reopened, you know, the path of these

0:13:36.200 --> 0:13:38.040
<v Speaker 6>resistance for oil prices will be higher.

0:13:38.160 --> 0:13:41.520
<v Speaker 2>I'd really appreciate your best guess. So the block out continues,

0:13:41.720 --> 0:13:44.240
<v Speaker 2>and the administration wants to put more and more pressure

0:13:44.520 --> 0:13:46.640
<v Speaker 2>on Iran to hopefully get to a moment where they

0:13:46.640 --> 0:13:50.880
<v Speaker 2>breach storage capacity and compromise their weals. Meanwhile, Iran's trying

0:13:50.880 --> 0:13:53.280
<v Speaker 2>to sit this out. The blinking contest from their side

0:13:53.280 --> 0:13:55.800
<v Speaker 2>looks like this. You've got all these inventories and we're

0:13:55.840 --> 0:13:58.520
<v Speaker 2>waiting for you to drive down your inventory, so you

0:13:58.880 --> 0:14:01.800
<v Speaker 2>feel the pressure. Who do you think gets wet first?

0:14:02.960 --> 0:14:05.840
<v Speaker 6>That's a great question. So I think that you know,

0:14:06.120 --> 0:14:10.040
<v Speaker 6>what we're going to see is that you know, Iran

0:14:10.120 --> 0:14:12.719
<v Speaker 6>has proved to be quite resilient in terms of their

0:14:12.720 --> 0:14:16.120
<v Speaker 6>pain threshold, and I think that, you know, going forward,

0:14:16.679 --> 0:14:19.640
<v Speaker 6>I would not count on them blinking in the face

0:14:19.760 --> 0:14:22.480
<v Speaker 6>of greater pain. So I think what we're going to

0:14:22.480 --> 0:14:25.160
<v Speaker 6>see is that the oil market is going to eventually

0:14:25.200 --> 0:14:28.080
<v Speaker 6>bear the brunt of this. We've actually have seen quite

0:14:28.080 --> 0:14:30.720
<v Speaker 6>a stable oil market for the past month or so,

0:14:31.400 --> 0:14:34.240
<v Speaker 6>and you know, as I mentioned earlier, that just reflects,

0:14:34.480 --> 0:14:36.760
<v Speaker 6>you know, the buffer that we've had from the inventories,

0:14:36.840 --> 0:14:42.040
<v Speaker 6>things like US exports surging, China cutting back on their imports.

0:14:42.920 --> 0:14:46.360
<v Speaker 6>But as this prolongs, these buffers are going to sort

0:14:46.360 --> 0:14:50.120
<v Speaker 6>of wear thin, and you know, their ability to shield

0:14:50.120 --> 0:14:51.920
<v Speaker 6>the oil market is ultimately going to weaken.

0:14:52.520 --> 0:14:55.800
<v Speaker 1>Kaya Which of the golf countries are most exposed financially

0:14:55.960 --> 0:14:58.880
<v Speaker 1>to the prolonged conflict should it go on for a

0:14:58.880 --> 0:14:59.880
<v Speaker 1>longer period of time.

0:15:01.080 --> 0:15:05.000
<v Speaker 6>Yeah, so Iraq is definitely exposed here. You know, their

0:15:05.800 --> 0:15:09.400
<v Speaker 6>inventories were the first to be filled, and so they've

0:15:09.440 --> 0:15:13.400
<v Speaker 6>had to shut down their production you know, quite a

0:15:13.400 --> 0:15:16.480
<v Speaker 6>bit very early on in the conflict. You know, the

0:15:16.560 --> 0:15:20.880
<v Speaker 6>other golf producers, so for example, Kuwait has also shut

0:15:20.920 --> 0:15:25.480
<v Speaker 6>down a big share of their production. Bahrain similar situation there,

0:15:25.640 --> 0:15:27.600
<v Speaker 6>and then the ones that have been able to sort

0:15:27.640 --> 0:15:30.680
<v Speaker 6>of weather the storm better. Are the ones that have

0:15:30.840 --> 0:15:35.000
<v Speaker 6>the pipeline bypassed capacity, So that's Saudi Arabia and the UAE,

0:15:35.120 --> 0:15:38.840
<v Speaker 6>which are still able to get crude out of their

0:15:38.880 --> 0:15:43.120
<v Speaker 6>countries bypassing the Strait of Pourmouth through either the East

0:15:43.120 --> 0:15:46.000
<v Speaker 6>West Pipeline or the port of Fujaira.

0:15:45.760 --> 0:15:46.720
<v Speaker 3>In the UAE.

0:15:46.920 --> 0:15:49.200
<v Speaker 1>Are there similar offsets not just for crude, but for

0:15:49.280 --> 0:15:51.400
<v Speaker 1>other commodities as well, because we point to the fact

0:15:51.400 --> 0:15:54.440
<v Speaker 1>that we are focusing on crude, but we're seeing, for example,

0:15:54.520 --> 0:15:57.520
<v Speaker 1>cooking oil prices rise five point six percent.

0:15:57.520 --> 0:15:58.120
<v Speaker 3>In a month.

0:15:58.400 --> 0:16:01.160
<v Speaker 1>This is affecting many other commodity these what's your sense

0:16:01.240 --> 0:16:03.160
<v Speaker 1>of what else is getting through and how.

0:16:04.200 --> 0:16:06.840
<v Speaker 6>Yeah, that's perfectly correct. I mean, what we're seeing also

0:16:07.000 --> 0:16:09.640
<v Speaker 6>is that there's a massive disruption to fertilizer, which of

0:16:09.640 --> 0:16:12.680
<v Speaker 6>course is also a byproduct of the energy sector, and

0:16:12.760 --> 0:16:18.680
<v Speaker 6>so that's translating into upside pressure on agricultural commodities. And

0:16:18.760 --> 0:16:23.000
<v Speaker 6>also you know, things like the closure of the cuts

0:16:23.000 --> 0:16:27.520
<v Speaker 6>our Energies rass Tanura plant sorry Rasla fan plant is

0:16:27.560 --> 0:16:30.200
<v Speaker 6>also a disruption to the fertilizer industry, and so you know,

0:16:30.320 --> 0:16:33.600
<v Speaker 6>as this closure of this of the strait of Hormuz prolongs.

0:16:34.080 --> 0:16:37.160
<v Speaker 6>You know, that also buffer where you know, you have

0:16:37.480 --> 0:16:40.760
<v Speaker 6>sort of the planting season that's taking place in the

0:16:40.760 --> 0:16:43.400
<v Speaker 6>spring planting season, and as the props, you know, sort

0:16:43.440 --> 0:16:46.320
<v Speaker 6>of progress and the harvest season comes and that fertilizer

0:16:46.360 --> 0:16:49.440
<v Speaker 6>is insufficient. That also poses a massive upside risk to

0:16:49.640 --> 0:16:52.240
<v Speaker 6>agricultural prices and all those byproducts that.

0:16:52.160 --> 0:16:52.560
<v Speaker 5>Come from that.

0:16:53.600 --> 0:16:57.160
<v Speaker 2>This is the Bloomberg's Events podcast, bringing you the best

0:16:57.160 --> 0:17:00.760
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0:17:00.840 --> 0:17:03.840
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0:17:03.880 --> 0:17:07.600
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0:17:07.640 --> 0:17:10.240
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