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Speaker 1: Good morning. I'm Doug Prisner, I'm Brian Curtis. Here are

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Speaker 1: the stories we're following today.

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Speaker 2: President Biden has responded to the charges in the Special

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Speaker 2: Council's report. Ed Baxter has more from the Bloomberg News remedic.

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Speaker 3: Yeah Council Robert Hurd. Doug released a four hundred page report,

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Speaker 3: taking it from the top, that says President Biden knowingly

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Speaker 3: stored and disclosed classified information KEPTA in unsecured locations at

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Speaker 3: his home and Virginia and Delaware, but did not rise

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Speaker 3: to the bar of any kind of prosecution because he

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Speaker 3: did not try to obstruct, he did not try to

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Speaker 3: cover it up. President Biden has held a news conference,

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Speaker 3: which we carried here on Bloomberg Daybreak Asian says he

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Speaker 3: did not share classified information.

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Speaker 4: Thank you everyone.

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Speaker 5: I did not share classified information. I did not share

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Speaker 5: it with your ghost ride, with my ghost ride. I

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Speaker 5: did not guarantee you did not.

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Speaker 6: But the Council said, well.

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Speaker 5: No, I did not say that.

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Speaker 2: Okay, oh he did say that, mister President.

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Speaker 4: What about me?

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Speaker 7: Answered?

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Speaker 5: The fact of the matter is what I didn't want repeated.

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Speaker 5: I didn't want him to not and I didn't read

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Speaker 5: it to him. Was I had written a long memorandum

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Speaker 5: to President Obama why we should not be in Afghanistan.

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Speaker 3: Now, he says he wished he'd paid more attention to

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Speaker 3: what his staff was doing. He says that he has

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Speaker 3: on another subject. His mental acuity is fine, and look

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Speaker 3: at the job he has been doing, he says. In

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Speaker 3: the yelling of questions, he was asked whether he was

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Speaker 3: up to the job of president well politically. Bloomberg's Balance

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Speaker 3: of Power co host Joe Matthews says, this is going

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Speaker 3: to take some sorting out.

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Speaker 4: It's going to be a difficult message for him to

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Speaker 4: sell in this campaign when Donald Trump can make an

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Speaker 4: advertisement with a Department of Justice statements saying that this

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Speaker 4: is an elderly man who is forgetful and has trouble

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Speaker 4: remembering what he's talking about. Here, We're going to have

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Speaker 4: to give this a minute. There are a lot of

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Speaker 4: folks in Washington today who thought this was a scary,

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Speaker 4: major event on the campaign. There are others who think

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Speaker 4: that Joe Biden has been exonerated here and has a

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Speaker 4: good story to tell in contrasting himself to Donald Trump.

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Speaker 4: So this might take some time.

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Speaker 3: So as Joe very well says this may take a

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Speaker 3: minute down the road we go. Senators advanced a procedural

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Speaker 3: motion to begin debate on a ninety five billion dollar

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Speaker 3: package to fund aid to Ukraine, Israel, and Taiwan. That

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Speaker 3: debate well. Senator Lindsay Graham says detaching is definitely a mistake.

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Speaker 2: Our border is a bigger national security threat to us

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Speaker 2: in the short term than Ukraine.

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Speaker 4: We have not even begun to do what we could.

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Speaker 3: Do to secure the border, and Senator Dick Durbin says,

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Speaker 3: though it's time we need to do something now. We

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Speaker 3: had a bipartisan approach to it, the President was on board,

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Speaker 3: we were ready to pass it, and the Republicans walked

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Speaker 3: away from their own plan. I says GOP can't keep

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Speaker 3: backing away from responsibility because of Donald Trump's politics. Members

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Speaker 3: of the Senate and House have said they're willing to

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Speaker 3: work into and or through the weekend to get it done.

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Speaker 3: Global News twenty four hours a day, what ever you

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Speaker 3: want it with Bloomberg News now in San Francisco. I'm

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Speaker 3: Had Baxter and this is Bloomberg A right, guys, back.

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Speaker 1: To you, all right, thanks very much. You had six

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Speaker 1: minutes here past the hour Brian Curtis and Doug Chrisner

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Speaker 1: at Baxter. Of course, looking at news, well, let's take

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Speaker 1: a look at the top business stories of the hour.

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Speaker 1: US regulators are monitoring risks from non bank mortgage lenders.

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Speaker 1: I think companies like Quickened Loans and Rocket Mortgage Well today,

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Speaker 1: Treasury Secretary Jannet Yellen said, non bank lenders don't have

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Speaker 1: the same resources to tap when markets strain is yelling.

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Speaker 1: Speaking before the Senate Banking Committee.

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Speaker 8: Non bank mortgage companies lack access to the deposits which

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Speaker 8: banks have. Their short term their reliant on short term

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Speaker 8: financing that may be a lot less stable than deposits,

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Speaker 8: and in stressful times, their credit line can be pulled.

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Speaker 8: They don't have access to the kinds of liquidity backstops

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Speaker 8: that banks have as well, such as the Fed's discount window.

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Speaker 1: Treasury Secretary Jennet Yellen there non banks like Quicken and

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Speaker 1: Rocket have become a major presence in the mortgage market.

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Speaker 1: They rely on short term funding instruments to back their operations,

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Speaker 1: and credit lines can be pulled in times of stressed So.

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Speaker 2: Much of the conversation these days has been around the

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Speaker 2: macro and FED policy. Well, Today we learned that initial

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Speaker 2: jobless claims here in the States were down last week

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Speaker 2: for the first time in three weeks. The numbers support

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Speaker 2: the cautious rhetoric we have heard recently from a number

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Speaker 2: of FED members. Today it was the head of the

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Speaker 2: Richmond Fed, Tom Barkin, saying that policymakers have time to

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Speaker 2: be patient. He'd like to see a few more months

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Speaker 2: of disinflation before cutting rates.

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Speaker 9: I have said, you don't have to be in any

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Speaker 9: particular hurry. You've got a dual mandate with employment and inflation,

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Speaker 9: and the employment side of the mandate, I mean it's

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Speaker 9: actually operating at historic levels three point seven percent on employment,

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Speaker 9: job gains. We talked about initial claims, job openings. It's

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Speaker 9: a very strong labor market still, and so gratified to

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Speaker 9: see inflation coming down. Hoping it continues to come down,

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Speaker 9: and I think we've got some time to be patient.

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Speaker 2: Tom Barkin there, the head of the Richmond Fed. Now

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Speaker 2: tomorrow will be getting the government's annual revision to the

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Speaker 2: Consumer Price Index. Seasonal adjustment factors are removed from these data.

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Speaker 2: They're usually relatively minor and pretty much ignored by markets. However,

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Speaker 2: last year's revisions large enough to cast a lot of

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Speaker 2: doubt on the Fed's progress toward lowering inflation.

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Speaker 1: Brian Huawei says its office in France has been searched

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Speaker 1: by investigators. Bloomberg's Joan Wong has the story.

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Speaker 6: The France Justice Ministry says APPROBE was launched over suspicions

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Speaker 6: of impropriety that could mean alleged corruption, misuse of public funds,

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Speaker 6: or influence peddling, among other infractions. Authorities have declined to

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Speaker 6: provide further details. Huawei said is cooperating fully with the investigations.

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Speaker 6: The news comes as Huawei builds a production factory in

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Speaker 6: eastern France near Strasbourg, is scheduled to open at the

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Speaker 6: end of twenty twenty five. France has kept a company

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Speaker 6: out of some key parts of its wireless infrastructure that

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Speaker 6: has weighed on Huawei's revenue in the country. In Hong Kong,

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Speaker 6: Juan Wang Bloomberg Radio.

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Speaker 1: Chinese President Shijin Ping has told Russian President Vladimir Putin

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Speaker 1: in a telephone call that the two nations need to

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Speaker 1: work closely together to defend security and oppose foreign interference.

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Speaker 1: Joining US now is Rebecca Cheong Wilkins Bloomberg Asia Government

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Speaker 1: and Politics corresponded to discuss more do we know which

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Speaker 1: foreign countries the president is referring to.

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Speaker 7: We don't have a great deal of details specifically, but

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Speaker 7: I think we can make a good and educated guest.

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Speaker 7: We increasingly have seen sort of as Russia and China

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Speaker 7: have become closer, the visions of course with the US

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Speaker 7: and with other Western democracies have become somewhat more pronounced,

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Speaker 7: and we have had more broadly, I would say, in

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Speaker 7: China the Ministry of Security has been much more vocal about,

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Speaker 7: for example, surveillance and sort of those kinds of national

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Speaker 7: security threats that it faces from other nations and spies

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Speaker 7: from other countries.

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Speaker 2: So kind of a multi polar, fairer world order, right.

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Speaker 7: Absolutely, yes, this is certainly a sort of more defensive taker,

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Speaker 7: I would say, of that idea of a multipolar world

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Speaker 7: one that is implied here implicitly here does pit them

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Speaker 7: against you know, other forces that are challenging both China

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Speaker 7: and Russia.

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Speaker 1: I mentioned in the context of a couple of other

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Speaker 1: issues that have been making news. For instance, Lionel Messi

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Speaker 1: is one, and also difficulties with management of the country's

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Speaker 1: brokerages and handling of securities in China, that there's a

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Speaker 1: tendency here of late, in particular to blame foreigners or

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Speaker 1: to blame others rather than policymakers for the issues. Your

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Speaker 1: thoughts on that.

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Speaker 10: Yeah, I do think that's right.

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Speaker 7: Sometimes when we see these sort of somewhat embarrassing affairs,

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Speaker 7: you know, embarrassing events, messy being a sort of particularly

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Speaker 7: obvious one here and something of a known goal, one

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Speaker 7: could argue, so much attention has been drawn to this

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Speaker 7: now there is a sort of a tendency and a

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Speaker 7: desire to blame outside forces, and in Hong Kong we

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Speaker 7: often hear this phrase of the black hand of interference,

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Speaker 7: essentially inferring that the US and other countries have caused

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Speaker 7: strife and somewhat in China too, I do think with

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Speaker 7: the stock route though, although there has been some sort

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Speaker 7: of criticism directed outside, there is also attention focus more domestically.

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Speaker 7: If we think back to twenty fifteen and twenty sixteen,

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Speaker 7: it was this big push to try and clean up

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Speaker 7: wrongdoing and those who engaged in criminality and illegal types

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Speaker 7: of short selling and so on, and we are starting

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Speaker 7: to see a little bit of that too, So I

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Speaker 7: think there will be a call when it comes to

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Speaker 7: that case, in particular for some accountability at home as well.

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Speaker 2: We were talking back in twenty twenty two during the

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Speaker 2: China Winter Olympics, she agreeing to a no limits friendship

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Speaker 2: with Vladimir Putin. Are the two aligned now? Is they

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Speaker 2: look to expand their global influence? Do they have the

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Speaker 2: same goals or is there a bit of competition here

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Speaker 2: that would be kind of worth watching.

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Speaker 7: Well, this has always somewhat been a marriage of convenience,

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Speaker 7: but the relationship has entailed risks for both of them.

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Speaker 7: And though while we have seen China stepping in to

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Speaker 7: sort of make up that shortfall that the financial pain

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Speaker 7: inflicted by sanctions. So you know, China is the main

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Speaker 7: buyer of discounted Russian energy for example. It's also some

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Speaker 7: big supplier of sort of cars, lots of white goods, mobiles.

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Speaker 10: Things like that.

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Speaker 7: There are certainly tensions in the relationship and it hasn't

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Speaker 7: been the cases.

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Speaker 10: You know, some have said.

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Speaker 7: That Putin is simply sort of a puppet, or it

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Speaker 7: is simply just you know, she is able to exert

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Speaker 7: a great deal of influence over him, and even in

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Speaker 7: terms of sort of some of the energy deals.

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Speaker 10: They flick at this briefly in.

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Speaker 7: The call, that there's this desire for both of them

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Speaker 7: to work on energy deals. But when you look at

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Speaker 7: the specific big examples, think about the proposed natural gas

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Speaker 7: pipeline power of Siberia too, for example, Beijing has sort

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Speaker 7: of appeared to hold out for a more favorable deal

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Speaker 7: from Moscow there. So it's really sort of, I guess,

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Speaker 7: an oversimplification to say that even since that no limits relationship,

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Speaker 7: we've seen sort of all smooth sailing. I think what

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Speaker 7: we have seen, in fact, is that the relationship does

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Speaker 7: have plenty of limits.

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Speaker 1: When President She went to Moscow last year year, President

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Speaker 1: Putin told him that Russia was ready to discuss China's

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Speaker 1: proposal and the war in Ukraine. Has there been any

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Speaker 1: traction on that?

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Speaker 7: Yeah, we haven't seen a great deal on that, and

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Speaker 7: particularly even that the proposal itself from China hasn't been

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Speaker 7: particularly at the four of discussions. It was interesting to

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Speaker 7: me that they didn't appear, at least according to the

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Speaker 7: state broadcast CCTV. He reported on this phone call, they

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Speaker 7: didn't seem to be a great deal about much.

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Speaker 10: Sort of much made of.

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Speaker 2: That right now. I mean, we've talked to every day

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Speaker 2: about the challenges facing the Chinese economy. Is president She's

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Speaker 2: focused squarely on trying to get China to recover, and

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Speaker 2: maybe the relationship with Russia, although it's important, kind of

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Speaker 2: is going to take very much of a backseat. That

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Speaker 2: domestic policy is front and center for him right now.

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Speaker 10: I think that is the case.

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Speaker 7: Yes, domestic policy certainly is very very pressing right now

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Speaker 7: because of the economic challenges excuse me sorry, but also

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Speaker 7: because the urgency with which the.

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Speaker 10: Stock market route is presenting problems.

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Speaker 7: I mean, we've also sort of coming up to the

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Speaker 7: lunar New Year holidays where we see this pause in

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Speaker 7: trading for six days. So it has been we have

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Speaker 7: been sort of in the last week or so during

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Speaker 7: this essential period where policymakers have this fixed window of

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Speaker 7: time to try and stop the stock route. The swift

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Speaker 7: removal of the head of the CSRC that came much

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Speaker 7: much faster than we saw the equivalent move back in

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Speaker 7: twenty sixteen, by the way, So I think we are

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Speaker 7: seeing these sort of indicators that for policymakers and for

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Speaker 7: She presumably himself, this is a really sort of a

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Speaker 7: top issue. I recall back in twenty fifteen as well,

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Speaker 7: there was a meeting where she himself had scribbled on

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Speaker 7: the note of other report going to some of the

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Speaker 7: regulators that to make sure that they looked after these

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Speaker 7: small and mid level investors.

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Speaker 10: And I think that focus on protecting.

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Speaker 7: MUMU and pub investors' retail investors again going to be

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Speaker 7: a top priority.

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Speaker 1: Fishie, Rebecca, you mentioned black hands here in Hong Kong

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Speaker 1: comes up all the time, fearing the interference of foreign countries.

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Speaker 1: We had the Hong Kong Immigration Authorities yesterday introducing a

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Speaker 1: new national security risk test for visa applicants. Now, this

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Speaker 1: is to prevent people who are deemed a risk from

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Speaker 1: being able to enter Hong Kong. This is not something

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Speaker 1: that we've seen a lot of in the past. There

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Speaker 1: have been people in the past that were on a

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Speaker 1: blacklist that were denied entry, but this seems to be

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Speaker 1: expanding in this area. I'm also curious on whether or

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Speaker 1: not you think that this will extend to lawyers and

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Speaker 1: to academics and two journalists.

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Speaker 10: Yes, this is interesting.

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Speaker 7: I mean the government has said, you know, and in

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Speaker 7: light of sort of oars called twenty three, it's security

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Speaker 7: a national security legislation too, that it's very much business

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Speaker 7: as usual in the city. That's the image that they

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Speaker 7: want to project. But of course, at the same time,

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Speaker 7: this news legislation and this new nationaltecurity test is immigration

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Speaker 7: and test.

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Speaker 10: Sort of does suggest otherwise.

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Speaker 7: It is certainly an you know, a significant development, I

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Speaker 7: would say, but we already have seen visa denials for

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Speaker 7: people such as academics and.

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Speaker 10: Journalists as well as lawyers.

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Speaker 7: So we are already seeing all three of those sort

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Speaker 7: of industries somewhat being targeted by visa denials. I think

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Speaker 7: quite recently a Japanese freelance reporter, for example, was denied

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Speaker 7: entry at the border at Hong Kong's airport, and so

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Speaker 7: in some ways, perhaps this is more of a formalization

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Speaker 7: of that process that we already, unfortunately are starting to

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Speaker 7: see underway.

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