WEBVTT - Goldman Sachs Hiring Spree, Yuan Support

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<v Speaker 1>Good morning. I'm Brian Curtis.

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<v Speaker 2>And I'm Doug Prisner. Here are the stories we're following today.

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<v Speaker 1>Now In the top stories, China has told its state

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<v Speaker 1>owned banks to boost support for the yuan, the Chinese currency.

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<v Speaker 1>Bloomberg's Joan Wong has the story from Hong Kong.

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<v Speaker 3>The request came as the yuan fell towards seven point

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<v Speaker 3>three five per dollar. China is now in a push

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<v Speaker 3>to prevent a search in yuon volatility. Senior officials are

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<v Speaker 3>also considering cutting banks forign exchange reserve requirements, and they're

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<v Speaker 3>checking whether domestic companies helped accelerate yuan declines by conducting

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<v Speaker 3>speculative trades against it. A sense of gloom has descended

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<v Speaker 3>on China's markets, even though Beijing sawt to bolster sentiment

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<v Speaker 3>was an interest rate cut. The banks will release their

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<v Speaker 3>lone prime rates on Monday next week. In Hong Kong,

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<v Speaker 3>I'm joined Wang Bloomberg Day Brigasia Well China.

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<v Speaker 2>Evergrand Group is seeking Chapter fifteen bankruptcy protection in New

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<v Speaker 2>York now. Chapter fifteen protects a company's US assets while

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<v Speaker 2>restructuring arrangements are worked out in foreign jurisdictions. This type

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<v Speaker 2>of filing is routine in cases involving a restructuring of

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<v Speaker 2>debt held internationally. Now, Evergrand has been working for months

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<v Speaker 2>to finalize an offshore debt restructuring plan. Back in April,

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<v Speaker 2>you may recall Evergrand disclosed it did not yet have

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<v Speaker 2>the level of credit or support needed to implement the plan.

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<v Speaker 1>Now.

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<v Speaker 2>Today's petition here in New York references proceedings being carried

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<v Speaker 2>out by Evergrand in both Hong Kong and the Cayman Islands.

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<v Speaker 1>Right Hines's police officers went to the homes of people

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<v Speaker 1>who invested in Jongjur's trust unit and told them to

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<v Speaker 1>avoid public protests. People all the way from from Beijing

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<v Speaker 1>to Sichuan to jung Su received these visits, which they

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<v Speaker 1>did refer to as cordial. But it's the latest sign

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<v Speaker 1>that authorities are worried about unrest. Fears of financial contagion

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<v Speaker 1>have grown since the company Jongrong International Trust, which is

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<v Speaker 1>not Jongjur Unit, missed dozens of high yield products. This week,

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<v Speaker 1>group gathered briefly at the Beijing offices of General to

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<v Speaker 1>demand payment on these financial products.

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<v Speaker 2>Well back here in the States, President Biden will host

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<v Speaker 2>the leaders of Japan and South Korea. This will happen

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<v Speaker 2>at the Camp David Presidential Retreat. It's in rural Maryland,

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<v Speaker 2>and that will get underway tomorrow. The president is looking

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<v Speaker 2>to strengthen ties and open up lines of communications with

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<v Speaker 2>both countries. We spoke earlier with Bloomberg's Jack Fitzpatrick.

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<v Speaker 4>North Korea will be on the dock at Nuclear non

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<v Speaker 4>proliferation is something they have said they're going to talk about,

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<v Speaker 4>and the latest there is that South Korean experts have

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<v Speaker 4>told our colleagues that North Korea may actually time the

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<v Speaker 4>test launch of a missile that can deliver a nuclear

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<v Speaker 4>warhead to the US mainland to coincide with that summit.

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<v Speaker 2>That is Bloomberg's Jack Fitzpatrick, by the way, was back

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<v Speaker 2>in June that the US, Japan, and South Korea all

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<v Speaker 2>agreed to share real time information on North Korean missile launches,

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<v Speaker 2>and they have since conducted several joint anti submarine and

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<v Speaker 2>missile defense exercises.

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<v Speaker 1>Right we hear Goldman Sachs Doug is planning to hire

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<v Speaker 1>several hundred new staffers to help address concerns raised by

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<v Speaker 1>banking supervisors. We get more from Bloomberg's Studhart Notrogen.

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<v Speaker 5>Over the past year. We understand that there has been

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<v Speaker 5>ramped up FED scrutiny from their banking supervisors that are

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<v Speaker 5>trying to remediate what they see as lapses. We of

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<v Speaker 5>course know that their consumer business, their credit card practices

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<v Speaker 5>have been looked at by the CFPB and other government agencies,

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<v Speaker 5>and we know that the FED had been asking questions

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<v Speaker 5>on that.

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<v Speaker 1>Goldman's hiring spree is notable in a year in which

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<v Speaker 1>the firm has been shrinking headcount because of a market slowdown.

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<v Speaker 1>Unclear is what deficiencies Goldman is seeking to address with this.

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<v Speaker 1>The firm largely abandoned an effort to build out a

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<v Speaker 1>consumer bank that may have set off some questions from

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<v Speaker 1>the FED.

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<v Speaker 2>Last year, well after the bell here in the States,

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<v Speaker 2>Applied Materials gave a bullish forecast for the current quarter.

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<v Speaker 2>We have that story from Bloomberg's Charlie Pellett.

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<v Speaker 6>Applied is the largest American maker of chip making machinery,

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<v Speaker 6>and its forecast indicates that an industry slump maybe fading.

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<v Speaker 6>CEO Gary Dickerson says a shift toward artificial intelligence computing

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<v Speaker 6>and the rise of Internet connected devices are helping bolster results.

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<v Speaker 6>Applied Materials said fiscal fourth quarter sales will be about

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<v Speaker 6>six point five one billion dollars. That compares with an

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<v Speaker 6>average analyst estimate of five point eight eight billion in

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<v Speaker 6>New York Charlie Pellett, Bloomberg Daybreak as and shares in

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<v Speaker 6>Applied Materials right now higher by more than two percent

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<v Speaker 6>in late US trading, Brian, So what.

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<v Speaker 1>Struck me is interesting about that? Hence my tongue in

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<v Speaker 1>cheek comment about dazzling you with some brilliant So is this?

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<v Speaker 1>You know, We've had a lot of companies actually who've

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<v Speaker 1>had pretty solid earnings in the stocks have traded down.

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<v Speaker 1>But it's different with Applied Materials. I think simply because

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<v Speaker 1>the time went on and this stock sold down from

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<v Speaker 1>the one fifties down to the one thirties, to the

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<v Speaker 1>point where the valuation was at a point where when

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<v Speaker 1>investors got a beat right across the board, they decided

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<v Speaker 1>to go in there.

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<v Speaker 6>And buy it.

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<v Speaker 1>So you had that move up, as you just mentioned,

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<v Speaker 1>two point one percent. So it's interesting if you think

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<v Speaker 1>that a lot of the correction that we're seeing at

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<v Speaker 1>the moment is really due to valuation.

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<v Speaker 2>Very interesting day in the bond market, and I wanted

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<v Speaker 2>to talk a little bit more about one of the

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<v Speaker 2>things that may have been functioning today as it relates

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<v Speaker 2>to week foreign currencies, particularly the Chinese You won, as

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<v Speaker 2>we heard earlier, the U one weekend over nine two

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<v Speaker 2>seven spot three five against the greenback. That's when we

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<v Speaker 2>were told Chinese authorities gave instruction to some state owned

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<v Speaker 2>banks to step up their intervention. Now it's reasonable to

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<v Speaker 2>assume that a few of those banks sold some US

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<v Speaker 2>dollar assets, long dated US treasuries as an example, to

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<v Speaker 2>raise funds in order to buy the Chinese currency, and that, Brian,

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<v Speaker 2>I think may have been one of the reasons that

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<v Speaker 2>we see a little bit of weakness at the long

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<v Speaker 2>end today.

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<v Speaker 1>Yeah, and it's interesting that China would be selling US treasurers.

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<v Speaker 1>We had reported that that had been the case in

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<v Speaker 1>this latest round, and that Japan had upped its amount

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<v Speaker 1>of treasures, but China had sold. So there's definitely a

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<v Speaker 1>lot of nervousness there. And I think, as you mentioned

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<v Speaker 1>right now, we've got the offshore Chinese currency at seven

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<v Speaker 1>thirty forty, so strengthening considerably. Very interesting stories out of China.

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<v Speaker 1>I mean, we mentioned that people said that police officers

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<v Speaker 1>came to their homes and paid a cordial visit visit,

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<v Speaker 1>but we know in China, when police officers go to

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<v Speaker 1>your home and tell you don't go out to public protests,

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<v Speaker 1>people get the message, whether or not they consider the

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<v Speaker 1>visit cordial or not. Another interesting point, sources telling us

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<v Speaker 1>that Tyson Foods, the biggest US meat company, is looking

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<v Speaker 1>at options, including selling its China business. Interesting process.

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<v Speaker 2>Looking forward to next week, right with those loone prime

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<v Speaker 2>rate cuts.

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<v Speaker 1>Yep on Monday. Very interesting. Indeed, we'll see most likely

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<v Speaker 1>they'll follow what we saw from the PBOC earlier. It's

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<v Speaker 1>not always slam dunk, but I think that's what we expect.

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<v Speaker 1>Now it's time for Global news. Questions mounting here over

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<v Speaker 1>why Maui's warning sirens system did not sound when the

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<v Speaker 1>Maui wildfires broke out. A batched with Global News in

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<v Speaker 1>the nine to sixty News from San Francisco.

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<v Speaker 7>Ed, Yeah, that's right. Brian officials are saying that they

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<v Speaker 7>were not designed for fires, but for tsunamis, and that

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<v Speaker 7>instructions are to flee to higher ground. They say, the

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<v Speaker 7>officials do that that would have had people running toward

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<v Speaker 7>the flames. The Attorney General is dubious and investigating, as

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<v Speaker 7>well as accounts that some of the alarms are broken. Anyway,

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<v Speaker 7>It's been no official cause released for those fires, but

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<v Speaker 7>from the beginning there's been concern that it could have

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<v Speaker 7>been down power lines. Bob Marshall's CEO of Whisker Lobs

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<v Speaker 7>power Monitoring System, says that new video shows little doubt

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<v Speaker 7>about what happened. There is didn't meddle and sparks falling

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<v Speaker 7>down to the ground, So if you've got dry grass

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<v Speaker 7>and fuel underneath, that's what sparks the fire. Hawaiian Electric

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<v Speaker 7>is not commenting. There are now thirty FEMA canine teams

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<v Speaker 7>searching through the rubble of the Hina Town fire, and

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<v Speaker 7>Governor Josh Green says a slow, painful process, one.

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<v Speaker 8>Individual by one individual.

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<v Speaker 2>It makes us, like I said, heartbroken.

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<v Speaker 7>And President Biden has made his most visible comments about

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<v Speaker 7>the fires today.

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<v Speaker 9>Already from the darkness and the smoke and the ash,

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<v Speaker 9>we've seen the light of hope and strength, first responders

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<v Speaker 9>working around the clock. Many of those first responders in

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<v Speaker 9>fact impacted by the fires themselves, losing their own homes.

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<v Speaker 9>Volunteers delivery made by fishing boat on jet skis.

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<v Speaker 7>He is going to be there on Monday, with President

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<v Speaker 7>Biden hosting the leaders of Japan and South Korea tomorrow

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<v Speaker 7>and North Korea being a prime topic for conversation. It

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<v Speaker 7>is one of the major topics and was the topic

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<v Speaker 7>of conversation today at the UN Security Council, Human Rights

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<v Speaker 7>Chief Vulgar Turk telling the Council human rights are very

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<v Speaker 7>much being abused.

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<v Speaker 10>The people of the DPRK have endured periods of severe

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<v Speaker 10>economic difficulty and at other times severe repression of their rights.

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<v Speaker 10>Currently they appear to be suffering both.

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<v Speaker 7>Turk says people are becoming increasingly desperate. Los Angeles Area

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<v Speaker 7>has put together a task force made up of Los

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<v Speaker 7>Angeles Police, La County Sheriff's Office, Burbank and Glendale police

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<v Speaker 7>departments to crack down on retail theft. The flash mobs

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<v Speaker 7>hit luxury stores, they're in and out. LA Mayor Karen vass.

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<v Speaker 8>To Angelino's our message is clear, those who commit these

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<v Speaker 8>crimes will be caught, they will be held accountable, and

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<v Speaker 8>we will work to address this issue.

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<v Speaker 7>And La County Sheriff Robert Luna says it will be multifaceted.

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<v Speaker 11>We're not only focused on the individuals who are walking

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<v Speaker 11>into these stores and committing the crimes that we see

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<v Speaker 11>on video. But if you are supporting them logistically, either

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<v Speaker 11>by being a driver, harboring them, buying merchandise, selling merchandise,

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<v Speaker 11>you're in this chain.

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<v Speaker 7>Yeah. The task Force says it has to stop global

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<v Speaker 7>news powered by more than twenty seven hundred journalists and

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<v Speaker 7>analysts in over one hundred and twenty countries. In San Francisco,

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<v Speaker 7>I'm Ed Baxter, and this is Bloomberg.

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<v Speaker 1>This is Bloomberg Daybreak Asia. I'm Brian Curtis in Hong Kong,

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<v Speaker 1>along with Vonni Quinn in New York. A guest is

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<v Speaker 1>Joy Young, head of product management Market Vector Indexes. Joy,

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<v Speaker 1>thank you for taking out the time to be with us.

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<v Speaker 1>So we've seen this repricing in the bond market, but

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<v Speaker 1>yields have gone up a lot more at the long

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<v Speaker 1>end than they have at the short end, which might

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<v Speaker 1>suggest that investors don't really see a lot of big

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<v Speaker 1>changes coming to FED policy. Hence, is this correction that

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<v Speaker 1>we're seeing in the stock market Is that more about

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<v Speaker 1>valuations than perhaps fears about sharply high interest rates from the.

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<v Speaker 12>FAT I mean interesting question because we look across markets

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<v Speaker 12>and we see equity markets are also down, so I think,

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<v Speaker 12>you know, it could be that people are just now sensitive.

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<v Speaker 12>We thought August was going to be quiet, but it

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<v Speaker 12>hasn't turned out that way. You know, when we look

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<v Speaker 12>at where we came from at the beginning of the year,

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<v Speaker 12>you know, we were looking at very diversient opinions with

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<v Speaker 12>the market trying to price them both rate hikes and

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<v Speaker 12>rate cuts, and the VIX the measure of fear and

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<v Speaker 12>uncertainty in the markets was quite high above twenty five.

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<v Speaker 12>We got to July and we thought we were getting

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<v Speaker 12>confident building consensus. Everybody thought rate hikes were nearing the end.

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<v Speaker 12>Markets were optimistics, and then we're here in August reading

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<v Speaker 12>the Fed minutes, and now we've had kind of a

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<v Speaker 12>reversal of opinion because the Fed is saying that, you know,

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<v Speaker 12>inflation is not over. There is still a risk of inflation,

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<v Speaker 12>so we're we may be looking at more interest rate hike.

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<v Speaker 12>So I don't think this is just repricing. I think

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<v Speaker 12>there is you know, gener you know, kind of fear

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<v Speaker 12>again back in the markets, with the vicks crawling back up,

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<v Speaker 12>equity markets down, the bond market is still inverted. Yields,

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<v Speaker 12>so I think that's looking quite fragile still.

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<v Speaker 13>Joy are we shaving up for some kind of perfect

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<v Speaker 13>storm with everything that's happening in China as well? It

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<v Speaker 13>seems like everything is coming to a head right now.

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<v Speaker 12>It's interesting because I think we do need to look

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<v Speaker 12>around the world, not just focused on the US market.

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<v Speaker 12>We're seeing this fragility in the Chinese market. The you know,

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<v Speaker 12>kind of reawakening hasn't happened, and we're looking at really

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<v Speaker 12>like numbers coming out every day that don't look good.

0:12:51.120 --> 0:12:53.760
<v Speaker 12>And we look across to the UK markets, you know,

0:12:53.840 --> 0:12:57.240
<v Speaker 12>we're seeing inflation has weird its head again, Labor markets

0:12:57.280 --> 0:13:00.640
<v Speaker 12>are quite strong. So those are indicators of what maybe

0:13:00.800 --> 0:13:03.079
<v Speaker 12>happening or spreading across the world.

0:13:03.720 --> 0:13:08.240
<v Speaker 1>Well, the vicset seventeen isn't all that high historically, and

0:13:08.640 --> 0:13:12.640
<v Speaker 1>five percent correction in stocks is not a huge amount,

0:13:12.960 --> 0:13:15.839
<v Speaker 1>but it seems like, you know, for a lot of investors,

0:13:15.840 --> 0:13:18.480
<v Speaker 1>they see the kind of growth that you get from

0:13:18.520 --> 0:13:21.160
<v Speaker 1>the Atlanta GDP now, and you know, seeing some of

0:13:21.200 --> 0:13:25.840
<v Speaker 1>the data well supported for the economy, they they're not

0:13:26.040 --> 0:13:28.280
<v Speaker 1>that nervous you say they should be.

0:13:28.240 --> 0:13:30.560
<v Speaker 12>So, you know, but I think, you know, this is

0:13:30.600 --> 0:13:33.560
<v Speaker 12>where I think we also need to look beyond the headlines,

0:13:33.679 --> 0:13:37.880
<v Speaker 12>beyond aggregate market numbers and look, you know, kind of below,

0:13:38.480 --> 0:13:40.760
<v Speaker 12>you know, look into the details. And we know that

0:13:40.800 --> 0:13:43.360
<v Speaker 12>this is a market that's been led by just a

0:13:43.400 --> 0:13:48.200
<v Speaker 12>few you know, big macro tech stocks. You know, we've

0:13:48.240 --> 0:13:51.600
<v Speaker 12>been calling them the Magnificent seven and they've been slowly

0:13:51.640 --> 0:13:56.000
<v Speaker 12>reducing to maybe just the Magnificent one with Nvidia. But

0:13:56.280 --> 0:13:59.000
<v Speaker 12>you know, if you look at what's happened since me,

0:13:59.760 --> 0:14:02.880
<v Speaker 12>some conductors have been flat. Oil, you know, is up

0:14:03.000 --> 0:14:07.439
<v Speaker 12>thirty percent oil service companies, whereas you know, at the

0:14:07.520 --> 0:14:11.079
<v Speaker 12>beginning of the year, oil service companies were down and

0:14:11.480 --> 0:14:14.360
<v Speaker 12>semiconductors were up almost fifty percent. So I think we're

0:14:14.360 --> 0:14:17.600
<v Speaker 12>seeing this rotation and it may be masked on a

0:14:17.720 --> 0:14:20.320
<v Speaker 12>high level aggregate number.

0:14:20.960 --> 0:14:23.400
<v Speaker 13>So joy at Market Vector, you published once a month

0:14:23.600 --> 0:14:27.760
<v Speaker 13>the best performing indexes, and you know, perhaps unsurprisingly, in July,

0:14:27.880 --> 0:14:31.120
<v Speaker 13>it was things like bond indexes and digital assets indexes.

0:14:32.160 --> 0:14:34.440
<v Speaker 13>How does that flip for August and September, given that

0:14:34.480 --> 0:14:37.040
<v Speaker 13>we saw bitcoin in the twenty five thousand dollars range.

0:14:36.840 --> 0:14:40.240
<v Speaker 12>Today, Yeah, so I mean bitcoin has you know, kind

0:14:40.280 --> 0:14:42.840
<v Speaker 12>of fallen back again, but I think, you know, we

0:14:42.960 --> 0:14:47.400
<v Speaker 12>still have this application process, which spot bitcoin ETF in

0:14:47.440 --> 0:14:50.480
<v Speaker 12>the filing, and you know, that's a big that's going

0:14:50.560 --> 0:14:55.480
<v Speaker 12>to be you know, big opening for bitcoin should it

0:14:55.520 --> 0:14:59.400
<v Speaker 12>be passed. And I think just being filed, you know,

0:14:59.840 --> 0:15:03.560
<v Speaker 12>is an indication that institutions are looking at this space

0:15:03.600 --> 0:15:04.440
<v Speaker 12>and that so.

0:15:04.440 --> 0:15:06.800
<v Speaker 13>Many have been rejected on so many are still file.

0:15:07.320 --> 0:15:10.600
<v Speaker 12>But I think this is you know, this may be

0:15:11.200 --> 0:15:14.400
<v Speaker 12>you know, a long term process, but I think it's

0:15:14.480 --> 0:15:16.520
<v Speaker 12>showing that we're you know, people are looking at the

0:15:16.560 --> 0:15:19.480
<v Speaker 12>space and that they're giving it credibility and that there

0:15:19.480 --> 0:15:23.160
<v Speaker 12>are different investors coming in to give it a diverse

0:15:23.360 --> 0:15:24.600
<v Speaker 12>you know kind of market.

0:15:25.320 --> 0:15:28.360
<v Speaker 1>Joey, you're sounding pretty cautious here. So are you somewhere

0:15:28.400 --> 0:15:30.920
<v Speaker 1>between a soft landing and hard landing or do you

0:15:30.960 --> 0:15:34.360
<v Speaker 1>actually believe we will get that sort of full blown recession.

0:15:34.800 --> 0:15:38.440
<v Speaker 12>I think investors should be cautious, always cautious. So I

0:15:38.480 --> 0:15:41.160
<v Speaker 12>think if you look at what's happening with banks, you know,

0:15:41.200 --> 0:15:44.680
<v Speaker 12>we also do follow top ten banks. You know, should

0:15:44.760 --> 0:15:50.200
<v Speaker 12>rates hold for longer higher, then that's going to spill

0:15:50.240 --> 0:15:52.520
<v Speaker 12>over to credit risk. It's going to spill over to

0:15:53.200 --> 0:15:56.160
<v Speaker 12>default risk, it's going to spill over to refinancing. Risks.

0:15:56.200 --> 0:15:58.600
<v Speaker 12>So we're looking at banks, we're looking at reeds, you know,

0:15:58.680 --> 0:16:03.120
<v Speaker 12>and those haven't been moving up at all, and they've

0:16:03.160 --> 0:16:03.880
<v Speaker 12>been moving down.

0:16:04.520 --> 0:16:07.560
<v Speaker 13>So where are the flows into your indexes?

0:16:08.520 --> 0:16:14.720
<v Speaker 12>Well, semiconductors here to date are still strong. But you know,

0:16:14.760 --> 0:16:19.000
<v Speaker 12>I think investors shouldn't be chasing flows. They should really

0:16:19.000 --> 0:16:22.920
<v Speaker 12>be thinking about their macro views and really either being

0:16:23.360 --> 0:16:27.480
<v Speaker 12>diversified or being nimble. And ETFs are a good structure,

0:16:27.600 --> 0:16:30.800
<v Speaker 12>but some of those flows may be moving very quickly,

0:16:30.840 --> 0:16:33.360
<v Speaker 12>and that's the point. They're liquid instruments, so they are

0:16:33.440 --> 0:16:37.640
<v Speaker 12>good tools for investors to use in this in this environment.

0:16:38.120 --> 0:16:40.960
<v Speaker 1>How about emerging Marcus, it seems like with China all

0:16:40.960 --> 0:16:43.600
<v Speaker 1>that's going on there that that would be dragging them down.

0:16:44.000 --> 0:16:47.400
<v Speaker 1>And I note that EEM has been down pretty solidly

0:16:47.440 --> 0:16:50.440
<v Speaker 1>here for the past two weeks overall. What's your thoughts on.

0:16:50.520 --> 0:16:55.000
<v Speaker 12>Emergency interesting because we have a Vietnam index as well

0:16:55.040 --> 0:16:58.680
<v Speaker 12>as India index and those have been pretty strong as

0:16:58.720 --> 0:17:02.640
<v Speaker 12>well as Brazil. Seeing that, you know, you know, although

0:17:02.840 --> 0:17:06.280
<v Speaker 12>China will have a significant impact on emerging markets overall,

0:17:06.440 --> 0:17:12.119
<v Speaker 12>that these individual markets have been quite resilient and maybe

0:17:12.160 --> 0:17:14.879
<v Speaker 12>prepared for divergent performance.

0:17:15.880 --> 0:17:18.280
<v Speaker 13>What's the number one question you get asked by clients

0:17:18.320 --> 0:17:18.800
<v Speaker 13>these days.

0:17:21.040 --> 0:17:23.159
<v Speaker 12>Good question, but you know, we're getting a lot of

0:17:23.200 --> 0:17:28.679
<v Speaker 12>digital asset interests, so people are asking about how to

0:17:28.720 --> 0:17:31.320
<v Speaker 12>think about price in this market. And you know, that's

0:17:31.359 --> 0:17:35.399
<v Speaker 12>one of the big concerns for the SEC filings is,

0:17:35.440 --> 0:17:40.600
<v Speaker 12>you know, how do we think about rigorous pricing with

0:17:40.760 --> 0:17:43.800
<v Speaker 12>a market that's so fragmented with so many exchanges.

0:17:43.960 --> 0:17:47.880
<v Speaker 1>You know, you know, we've only got about forty seconds left.

0:17:47.920 --> 0:17:50.600
<v Speaker 1>So perhaps the final question about where yields are heading,

0:17:51.080 --> 0:17:53.479
<v Speaker 1>particularly at the short end. We haven't seen you know,

0:17:53.560 --> 0:17:55.920
<v Speaker 1>such a big balance in the two year yield. Where

0:17:55.920 --> 0:17:57.760
<v Speaker 1>do you see that, say, over the next six months.

0:17:58.000 --> 0:18:00.600
<v Speaker 12>Yeah, so I don't have a crystal ball here that

0:18:00.920 --> 0:18:04.480
<v Speaker 12>you know. I think investors should be prepared for more

0:18:04.600 --> 0:18:10.440
<v Speaker 12>volatility in both the bond market and the equity market.

0:18:11.560 --> 0:18:14.399
<v Speaker 1>This is Bloomberg Daybreak Asia, your morning brief on the

0:18:14.520 --> 0:18:18.159
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<v Speaker 4>Mhmm