WEBVTT - Australia Shooting Latest, Previewing China Data

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

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<v Speaker 2>Welcome to the Daybreak Asia podcast Time, Doug Krisner. We

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<v Speaker 2>begin in Australia, where the country is reeling after a

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<v Speaker 2>mass shooting at a Honka celebration on Sydney's Bandai Beach.

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<v Speaker 2>Sixteen people were killed and dozens more injured. This attack

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<v Speaker 2>has been officially designated as a terrorist attack. Bloomberg's Paul

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<v Speaker 2>Allen is on the scene.

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<v Speaker 3>At the moment.

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<v Speaker 4>The overwhelming sense is one of grief. The mood down

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<v Speaker 4>here very very somewhat. There was a floral tribute starting

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<v Speaker 4>to build up. An Israeli flag has been draped around

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<v Speaker 4>the flowers. An Australian flag visible in the background there

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<v Speaker 4>as well, and you'd expect that that tribute's probably going

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<v Speaker 4>to build up over the course of the day. Just

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<v Speaker 4>a steady stream of people coming here to lay wreaths

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<v Speaker 4>and pay their respects. Now, as to who was responsible

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<v Speaker 4>for this, two people, a father and son, neither of

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<v Speaker 4>whom are on any security watch. The father of fifty

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<v Speaker 4>year old as deceased. He was a licensed firearms holder.

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<v Speaker 4>He held licenses and legally owned six guns. Police say

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<v Speaker 4>all six of those weapons are now accounted for. There

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<v Speaker 4>were also two rudimentary IEDs improvised explosive devices found on

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<v Speaker 4>the scene. They were active but later disarmed by police

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<v Speaker 4>bomb disposal. Now the other gunman, twenty four year old

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<v Speaker 4>Navid Akram. His identity became known after it was widely

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<v Speaker 4>distributed on social media last night, so there was really

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<v Speaker 4>no point in trying to keep that a secret anymore.

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<v Speaker 4>He told his mother that he was headed down the coast.

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<v Speaker 4>In reality, he was with his father at an Airbnb

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<v Speaker 4>somewhere else in the city. That property now also the

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<v Speaker 4>target of heavy police presence. Amid all of the carnage

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<v Speaker 4>at that Harneko events also notable acts of heroism, not

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<v Speaker 4>the least of which from Armad al Amad, a forty

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<v Speaker 4>three year old fruit shop owner who an extraordinary video

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<v Speaker 4>jumped one of the gunmen from behind and disarmed him. Armad,

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<v Speaker 4>al Armed was later shot in the US and in

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<v Speaker 4>the hand. He's now recovering in the hospital. Like I said,

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<v Speaker 4>an uneasy sense of calm here today, police calling for

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<v Speaker 4>Kam saying that this is not a time to be

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<v Speaker 4>seeking retribution.

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<v Speaker 2>That is Bloomberg's Paul Allen in Sydney. We turn next

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<v Speaker 2>to markets. First in Japan, where the Bank of Japan

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<v Speaker 2>reported confidence among Japan's large manufacturers rose in the month

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<v Speaker 2>of November to its highest level in four years. This

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<v Speaker 2>is the boj's large manufacturer, a ton Khan. It came

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<v Speaker 2>in at a reading of fifteen, which was right in

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<v Speaker 2>line with estimates. Now, the boj does have a rate

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<v Speaker 2>decision later in the week, and money markets are betting

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<v Speaker 2>on a quarter point rate hike. Later this morning, we'll

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<v Speaker 2>get the monthly activity data for China, and that's where

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<v Speaker 2>we started the conversation with Sean Fenner. She is head

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<v Speaker 2>of Business and Industry Economics at Westpac. Shaan spoke earlier

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<v Speaker 2>with Bloomberg TV host Avril Hong and NML droolers, and

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<v Speaker 2>we got Shawn's view on what the China data may

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<v Speaker 2>indicate activity.

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<v Speaker 1>We know it's going to be soft. It's it's lost

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<v Speaker 1>meant from the beginning of the year. What's going to

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<v Speaker 1>be very important is that going forward, what kind of

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<v Speaker 1>policy that we actually see to try and support growth,

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<v Speaker 1>even if they go for a five percent but to

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<v Speaker 1>get that we will need more policy.

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<v Speaker 5>Yeah, I think you really see that in the fixed

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<v Speaker 5>asset investment numbers in particular that they're really showing that

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<v Speaker 5>sign of deterioration or at least not picking up. But

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<v Speaker 5>where do we go then for twenty twenty six and

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<v Speaker 5>what's the outlook? Do you see any sort of significant

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<v Speaker 5>changes around the inflation outlook?

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<v Speaker 1>For instance, I think inflation's going to remain sort of

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<v Speaker 1>quite soft. If we think about sort of the pressures

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<v Speaker 1>behind that domestic demand consumption, that's unlikely to pick up significantly.

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<v Speaker 1>But on the fixed asset investment side, I think things

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<v Speaker 1>are going to look a little bit brighter next year,

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<v Speaker 1>notably on manufacturing investment and infrastructure, and that's going to

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<v Speaker 1>be that big sort of fiscal push that we're expecting

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<v Speaker 1>to provide support.

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<v Speaker 6>Yeah, is that fiscal push going to be enough to

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<v Speaker 6>sort of fix the consumer sentiment to stir things in

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<v Speaker 6>the Chinese economy?

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<v Speaker 1>That's going to be the big question. I think at

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<v Speaker 1>the moment, the focus and the fiscal focus is very

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<v Speaker 1>much on that supply side, probably less directly going to consumers.

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<v Speaker 1>They're hoping that if they actually sort of boost the

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<v Speaker 1>manufacturing investment that will provide support for corporate earnings, investment,

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<v Speaker 1>and wages. That transmission looks a little bit sort of ify,

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<v Speaker 1>so we'll see actually how that sort of progresses. They

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<v Speaker 1>may need to provide more support try and arrest this

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<v Speaker 1>decline that we've been seeing in the property market.

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<v Speaker 2>Sean.

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<v Speaker 6>Has also been interesting is the rally we're seen in

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<v Speaker 6>the room and be talk to us about how that

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<v Speaker 6>is affecting maybe Chinese consumers being a bit more open

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<v Speaker 6>to spending. And then at the same time, how does

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<v Speaker 6>that affect the exports picture for the country.

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<v Speaker 1>Well, actually, if we think about the relative inflation for

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<v Speaker 1>China versus its peers, the fact that's actually been supporting

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<v Speaker 1>a real depreciation and effective turns so for export it's

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<v Speaker 1>been very good because that means there's you know, it's contained,

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<v Speaker 1>you know, continue to provide competition. It's very competitive for China.

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<v Speaker 1>For consumers, it very much that it depends on the

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<v Speaker 1>domestic front and that yes, it could see some important

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<v Speaker 1>price being being higher, but I think overall it's you know,

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<v Speaker 1>the domestic pure pressures, demand pool pressures there are just

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<v Speaker 1>still very very weak. Even if we have seen that

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<v Speaker 1>sort of uptick that we did see in November.

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<v Speaker 5>It's interesting and you know, I see, yes, we've got

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<v Speaker 5>that boj decision and most economists that we've surveyed are

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<v Speaker 5>expecting them to hike. You're still looking at the risk

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<v Speaker 5>though that are tilted perhaps in favor of them standing

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<v Speaker 5>pad again.

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<v Speaker 1>Yeah, I mean our baseline is for them to cut,

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<v Speaker 1>but it's the BOJ. We do know that they still

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<v Speaker 1>want to get a lot of confidence about that sort

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<v Speaker 1>of wage sustainability moving into inflation. I mean, positively, we

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<v Speaker 1>did see the RENGO wage negotiations. It's another five percent.

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<v Speaker 1>They're also looking for real wages to be up about

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<v Speaker 1>one percent. So that's pointing in the right direction, but

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<v Speaker 1>they may want to just wait a little bit more

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<v Speaker 1>for some more data.

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<v Speaker 5>All Right, We've got BOJ, We've got China. That other

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<v Speaker 5>one we're going to be watching is us RUNT as well,

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<v Speaker 5>because we've got a couple of different data points that

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<v Speaker 5>are out. Again, what are you expecting and how does

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<v Speaker 5>it also feed into the trajectory for the FED moving

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<v Speaker 5>into next year?

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<v Speaker 1>Yeah, so I think it's you know, I mean, this

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<v Speaker 1>is sort of a tough lot of data that we're

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<v Speaker 1>getting out in the sense that we know there's still

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<v Speaker 1>a lot of distortions going on because we haven't had

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<v Speaker 1>a full set you know, it's the first lot of

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<v Speaker 1>data that we're getting out post the shutdown. To be honest,

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<v Speaker 1>I don't think we're going to get a real clear

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<v Speaker 1>picture until we sort of move into January we get

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<v Speaker 1>the next lot of data, so it could be quite

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<v Speaker 1>you know, sort of a bit messy, if you like.

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<v Speaker 1>We're probably seeing an increase in the non farm pay

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<v Speaker 1>rolls with the unemployment rate about four point four. For

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<v Speaker 1>inflation though it's still looking at about sort of three

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<v Speaker 1>point one, so we're probably going to get a little

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<v Speaker 1>bit of a lift on the goods front. That's a

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<v Speaker 1>little bit on the tariffs for services. It's also going

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<v Speaker 1>to be sort of quite firm outside, particularly outside of

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<v Speaker 1>the shelter. So it's still that balancing act that the

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<v Speaker 1>Fed needs to undertake. Sort of this sort of overall

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<v Speaker 1>probably that ongoing softness in the labor market confronted with

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<v Speaker 1>the sort of upside a risk still to inflation, broader

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<v Speaker 1>risk to inflation.

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<v Speaker 5>Yes, certainly that risk that we see reacceleration in next

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<v Speaker 5>year as well. Sean, thanks so much for joining us

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<v Speaker 5>this morning. That was Sean Fenna, the head of Business

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<v Speaker 5>and Industry Economics at Westpac.

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<v Speaker 2>Welcome back to the Daybreak Asia podcast. I'm Doug Chrisner.

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<v Speaker 2>There are several key data points for the American economy

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<v Speaker 2>due in the coming week. On Tuesday, we will get

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<v Speaker 2>the delayed report on October and November employment. We'll also

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<v Speaker 2>have retail inflation data for the month of November and

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<v Speaker 2>on top of that October retail sales. So for a

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<v Speaker 2>closer look at market action, I'm joined by Eric Teel.

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<v Speaker 2>He is the chief investment officer at Comerica Wealth Management.

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<v Speaker 2>Eric joins from Charlotte, North Carolina. Thank you for being here.

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<v Speaker 2>I think we can agree there's been a lot of

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<v Speaker 2>volatility in markets lately, not just here in the US,

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<v Speaker 2>but globally as well. I'm curious as to how you're

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<v Speaker 2>reading the situation right now.

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<v Speaker 7>Well, we've seen I think a shift, Doug, from the

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<v Speaker 7>first eight months of the year where we are high momentum,

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<v Speaker 7>very concentrated in tech, which is a replay from the

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<v Speaker 7>last two years. And I think beginning about two or

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<v Speaker 7>three months ago, we saw a rotation of broadening out.

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<v Speaker 3>We anticipated that would begin.

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<v Speaker 7>In small cap and in the smallest companies like microcap stocks.

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<v Speaker 7>That's continued to unfold. With that, you've seen some other

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<v Speaker 7>sectors come back to life, like financials healthcare, which have

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<v Speaker 7>been laggered over the past two or three years. So

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<v Speaker 7>I think the conditions are ripe for markets to begin

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<v Speaker 7>to broaden more. A lot of that's due to valuations,

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<v Speaker 7>but some of the areas that we thinkcent some really

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<v Speaker 7>good opportunities for investers would be some of these value

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<v Speaker 7>areas that I think are lining up good as we

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<v Speaker 7>go into twenty twenty six.

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<v Speaker 2>So how much of that broadening would be due to

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<v Speaker 2>expectations for much more in the way of FED easing.

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<v Speaker 7>I think that's an important ingredient, certainly for the financial sector.

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<v Speaker 7>Getting lower rates steepening of the yield curve is important,

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<v Speaker 7>So I think a lot shouldn't hang just in the

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<v Speaker 7>balance of lower rates. It's important, but twenty five business

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<v Speaker 7>points here there should not guide consumer centiment should not

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<v Speaker 7>really pull the markets a lot further ahead. It's important backdrop,

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<v Speaker 7>but there's much more things like growing earnings, getting confidence

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<v Speaker 7>back up higher. So we'll see how the monetary picture

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<v Speaker 7>plays out, but we need some other things to improve,

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<v Speaker 7>and I think that broadening out is going to happen,

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<v Speaker 7>which will be good for overall sentiment.

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<v Speaker 2>So speaking, of consumer sentiment. At the end of the week,

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<v Speaker 2>we're going to hear from the University of Michigan. We'll

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<v Speaker 2>also get numbers this week on retail sales, and I'm curious, Eric,

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<v Speaker 2>how you're thinking about the American consumer and the extent

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<v Speaker 2>to which we've seen some bifurcation.

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<v Speaker 7>Yeah, I think there's a lot too that is certainly

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<v Speaker 7>showing up in the sentiment numbers. When you think about

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<v Speaker 7>the impact of tariffs that has been primarily felt on

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<v Speaker 7>lower incomes, and so we're going to have to improve centiment.

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<v Speaker 7>I think these readings that we're going to get later

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<v Speaker 7>this week and really into January, it's going to take

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<v Speaker 7>a while for that to begin to improve. There is

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<v Speaker 7>a relief on the horizon, particularly as you get into

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<v Speaker 7>tax cuts for next year, but it's going to take time.

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<v Speaker 7>But you know, some of the things like lower gas prices,

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<v Speaker 7>retail sales, they do point to some improvement. But this

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<v Speaker 7>is not something I think that's going to turn on

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<v Speaker 7>a dime. We need this some fiscal stimulus to kick

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<v Speaker 7>in here and I think will begin to shift those

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<v Speaker 7>But right now, there's a lot of truth that there

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<v Speaker 7>is this sort of K shaped economy. The wealth effect

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<v Speaker 7>primarily benefiting the top ten to twenty percent.

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<v Speaker 3>Of the market.

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<v Speaker 7>So we need to get this broadening out not only

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<v Speaker 7>of the stock market, but of the overall economy, and

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<v Speaker 7>that's really going to be important to drive markets.

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<v Speaker 2>I think that seems to be clear with affordability becoming

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<v Speaker 2>a hot button issue right now on the political front,

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<v Speaker 2>which then takes us to this week's CPI reading. How

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<v Speaker 2>do you view the US inflation story right now?

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<v Speaker 7>It's coming down and it's been I think a good

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<v Speaker 7>way to approach getting inflation down the way we've have

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<v Speaker 7>really tackled it. However, you look at historically there has

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<v Speaker 7>been a second wave of inflation happened in the seventies.

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<v Speaker 7>There's areas if you've seen, particularly those that have been

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<v Speaker 7>in acted by terrors, that I think temporarily are slow

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<v Speaker 7>and not passing along to higher prices to consumers. But

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<v Speaker 7>it's really a tight balancing act that we have right

0:12:14.800 --> 0:12:20.040
<v Speaker 7>now between the soltening in the jobs market, ongoing sort

0:12:20.080 --> 0:12:24.520
<v Speaker 7>of higher inflationary readings, not high, but higher, and so

0:12:25.080 --> 0:12:29.360
<v Speaker 7>this is really in balance right now and it can

0:12:29.400 --> 0:12:31.560
<v Speaker 7>tilt one way or the other. Again, done a good

0:12:31.640 --> 0:12:35.080
<v Speaker 7>job bringing it down. Still much more work to do

0:12:35.240 --> 0:12:37.000
<v Speaker 7>and can't take our eye out the ball as.

0:12:36.840 --> 0:12:37.480
<v Speaker 3>It comes into that.

0:12:37.679 --> 0:12:41.360
<v Speaker 2>So Eric, you can understand the Fed's dilemma and why

0:12:41.480 --> 0:12:45.600
<v Speaker 2>we have FED presidents like Beth Hammock of Cleveland and

0:12:45.760 --> 0:12:50.040
<v Speaker 2>Jeff Schmidt of Kansas City basically saying it's important to

0:12:50.280 --> 0:12:53.520
<v Speaker 2>just kind of hang in here right now, not make

0:12:53.559 --> 0:12:57.600
<v Speaker 2>another adjustment to the policy rate until the inflation story

0:12:57.640 --> 0:12:58.800
<v Speaker 2>becomes a little clearer.

0:13:00.120 --> 0:13:03.199
<v Speaker 7>The inflation story is not going away. It's going to

0:13:03.320 --> 0:13:06.200
<v Speaker 7>the back burner with the saltness that we've had in

0:13:06.280 --> 0:13:08.880
<v Speaker 7>the labor market. But if you look at what gold

0:13:08.960 --> 0:13:12.480
<v Speaker 7>is pointing to, and you look at some structural concerns

0:13:12.480 --> 0:13:16.880
<v Speaker 7>that we have with deficit spending, and we know the

0:13:17.480 --> 0:13:21.720
<v Speaker 7>ultimate impact of terrors is higher prices. Now, when you

0:13:21.760 --> 0:13:24.839
<v Speaker 7>think about how all of that eventually gets cycled through,

0:13:25.320 --> 0:13:28.400
<v Speaker 7>it could result in this second wave that we're talking about.

0:13:28.520 --> 0:13:33.839
<v Speaker 7>So we can't get too focused on unemployment at this point.

0:13:33.840 --> 0:13:36.760
<v Speaker 7>Their saltness, but we have to balance that and that's

0:13:36.800 --> 0:13:41.080
<v Speaker 7>the type that we're trying to deal with at this point.

0:13:41.200 --> 0:13:42.960
<v Speaker 2>We saw a little bit of a wabble in the

0:13:43.000 --> 0:13:46.400
<v Speaker 2>equity market in the month of November on concern over

0:13:46.440 --> 0:13:50.440
<v Speaker 2>some of these high valuations, particularly where big cap tech

0:13:50.600 --> 0:13:54.000
<v Speaker 2>was concerned. A lot of head scratching when it came

0:13:54.040 --> 0:13:56.800
<v Speaker 2>to the AI trade that seems to have, at least

0:13:56.800 --> 0:14:00.440
<v Speaker 2>for the moment subsided. Are you surprised that we have

0:14:00.920 --> 0:14:04.400
<v Speaker 2>not seen a meaningful pullback in the equity market?

0:14:05.360 --> 0:14:08.840
<v Speaker 7>Boy, it's been in fits and starts. I think we're

0:14:08.920 --> 0:14:12.080
<v Speaker 7>beginning to see some rotation, Doug. You spoke to some

0:14:12.160 --> 0:14:15.880
<v Speaker 7>of the things that have surfaced, certainly the amount of

0:14:15.920 --> 0:14:19.760
<v Speaker 7>debt and credit associated with many of the AI companies,

0:14:19.760 --> 0:14:23.960
<v Speaker 7>and then evaluations, So we've seen that rotation. I think

0:14:24.000 --> 0:14:27.640
<v Speaker 7>it's going to be renewed. I've said, let's pay attention

0:14:27.800 --> 0:14:31.440
<v Speaker 7>to a January effect when you have a momentum market

0:14:31.480 --> 0:14:36.359
<v Speaker 7>of this magnitude taking place, and that has.

0:14:35.960 --> 0:14:37.720
<v Speaker 3>Often led to a reversal.

0:14:37.800 --> 0:14:40.760
<v Speaker 7>That reversal often comes in the first three or four

0:14:40.800 --> 0:14:44.040
<v Speaker 7>trading days of January. I think it's being pulled forward

0:14:44.800 --> 0:14:47.000
<v Speaker 7>right now, and we're seeing it in some of this

0:14:47.120 --> 0:14:51.880
<v Speaker 7>rotation that's taking place. But a January effect has been

0:14:51.920 --> 0:14:56.120
<v Speaker 7>pronounced when you see this high momental market and a

0:14:56.200 --> 0:14:59.200
<v Speaker 7>high retail component to it like we have this time around.

0:14:59.360 --> 0:15:03.280
<v Speaker 7>So I think that story is something we're paying close

0:15:03.320 --> 0:15:06.680
<v Speaker 7>attention to certainly looking at all the parallels that have

0:15:06.760 --> 0:15:10.480
<v Speaker 7>taken place between the new Economy period and other sort

0:15:10.520 --> 0:15:13.920
<v Speaker 7>of boom cycles. And the key is to watch the

0:15:14.000 --> 0:15:17.720
<v Speaker 7>credit which tends to be the match that lights the fire,

0:15:17.960 --> 0:15:24.280
<v Speaker 7>and that can lead to some really sobering results for investors,

0:15:24.280 --> 0:15:26.600
<v Speaker 7>and so we have to be mindful of that as

0:15:26.600 --> 0:15:28.200
<v Speaker 7>it relates to market returns here.

0:15:28.440 --> 0:15:30.280
<v Speaker 2>So if you're looking at maybe a little bit of

0:15:30.400 --> 0:15:33.080
<v Speaker 2>risk at the early part of the year, are you

0:15:33.200 --> 0:15:36.600
<v Speaker 2>expecting things to calm down to the extent that you

0:15:36.680 --> 0:15:39.040
<v Speaker 2>would be bullish on twenty twenty six?

0:15:40.200 --> 0:15:44.560
<v Speaker 7>Cautiously optimistic and overused expression, but I don't think any

0:15:45.480 --> 0:15:49.680
<v Speaker 7>expression can capture how we feel better than cautious optimism

0:15:49.720 --> 0:15:52.560
<v Speaker 7>at this point. Is you look at markets now three

0:15:52.680 --> 0:15:56.040
<v Speaker 7>years of a strong recovery bull market, A lot of

0:15:56.080 --> 0:15:59.640
<v Speaker 7>fiscal and monetary stimulus has been put toward.

0:15:59.360 --> 0:16:01.080
<v Speaker 3>The markets right now.

0:16:01.120 --> 0:16:03.320
<v Speaker 7>As you look at twenty twenty six, you have to

0:16:03.360 --> 0:16:07.160
<v Speaker 7>have a lot of things continue to go right, which.

0:16:06.960 --> 0:16:07.800
<v Speaker 3>I think they can.

0:16:08.320 --> 0:16:13.160
<v Speaker 7>But boy, some of these markets, particularly technology, dug price

0:16:13.280 --> 0:16:17.240
<v Speaker 7>to perfection. So we need to be looked for opportunities

0:16:17.320 --> 0:16:19.680
<v Speaker 7>outside a handful of technology companies.

0:16:20.000 --> 0:16:21.960
<v Speaker 3>That's why we focus back on.

0:16:22.040 --> 0:16:25.640
<v Speaker 7>Value some of these areas that have really not participated

0:16:25.720 --> 0:16:28.440
<v Speaker 7>the last couple of years. You think about the small

0:16:28.440 --> 0:16:32.000
<v Speaker 7>cap premium, which has been dormant. So there are opportunities

0:16:32.040 --> 0:16:34.720
<v Speaker 7>in the market, but they're not going to be sort

0:16:34.760 --> 0:16:39.280
<v Speaker 7>of this high momentum, high retail flavor that's embraced the

0:16:39.320 --> 0:16:40.080
<v Speaker 7>market thus fall.

0:16:40.560 --> 0:16:43.280
<v Speaker 2>Well, I'm thinking about opportunities in fixed income. Are you

0:16:43.360 --> 0:16:44.880
<v Speaker 2>seeing any some.

0:16:45.280 --> 0:16:48.560
<v Speaker 7>We look at being able to clip the coupon there

0:16:48.720 --> 0:16:51.440
<v Speaker 7>where rates are as you get in this sort of

0:16:51.480 --> 0:16:55.480
<v Speaker 7>this intermediate range. I think there's opportunity in fixed income.

0:16:56.080 --> 0:17:01.320
<v Speaker 7>Sprints remain very tight, Doug, so I would look for

0:17:02.080 --> 0:17:06.760
<v Speaker 7>traditional fixed income, maybe municipals, which I think are in

0:17:06.800 --> 0:17:11.360
<v Speaker 7>good shape for taxable portfolios. So I'm not seeing it

0:17:11.640 --> 0:17:16.879
<v Speaker 7>in high yield and in credit in fixed income, looking

0:17:16.920 --> 0:17:20.480
<v Speaker 7>at more traditional areas, I think where you can earn

0:17:20.600 --> 0:17:24.080
<v Speaker 7>the five to six and a half percent return without

0:17:24.160 --> 0:17:27.040
<v Speaker 7>sort of chasing it in some of the lower quality

0:17:27.240 --> 0:17:30.520
<v Speaker 7>credit related issues because you're simply just not being paid

0:17:30.840 --> 0:17:32.440
<v Speaker 7>to take that sort of risk at this.

0:17:32.400 --> 0:17:34.800
<v Speaker 2>Point, Eric, believe it there. Thank you so very much.

0:17:34.920 --> 0:17:38.760
<v Speaker 2>Eric TiAl is the chief investment officer at Comerica Wealth Management,

0:17:39.240 --> 0:17:42.080
<v Speaker 2>joining us from Charlotte, North Carolina here on the Daybreak

0:17:42.119 --> 0:17:48.560
<v Speaker 2>Asia Podcast. Thanks for listening to today's episode of the

0:17:48.600 --> 0:17:52.800
<v Speaker 2>Bloomberg Daybreak Asia Edition podcast. Each weekday, we look at

0:17:52.800 --> 0:17:57.280
<v Speaker 2>the story shaping markets, finance, and geopolitics in the Asia Pacific.

0:17:57.520 --> 0:18:01.760
<v Speaker 2>You can find us on Apple, Spotify, THEMBERG podcast YouTube channel,

0:18:01.880 --> 0:18:04.879
<v Speaker 2>or anywhere else you listen. Join us again tomorrow for

0:18:05.000 --> 0:18:08.520
<v Speaker 2>insight on the market moves from Hong Kong to Singapore

0:18:08.920 --> 0:18:12.679
<v Speaker 2>and Australia. I'm Doug Prisoner and this is Bloomberg