Transcripts For BLOOMBERG Bloomberg Markets Middle East 20171212

Significantly. The latest on that story. Also, saudi arabias ambitious reforms. Movie theaters, yes, and so are fuel price hikes. It is 8 00 a. M. Across the emirates. This is Bloomberg Markets middle east. Inm yousef gamal eldin dubai. Ahead to Central Bank Decisions from the fed and ecb. That is determining the tone of a lot of trade at the moment. Jump into the bloomberg with me for the Global Markets map for the pulse in the session. Pressure, indices losing steam, especially the kos pi. The kiwi dollar, the spike we saw, resuming its charge, up. 25 . Overall an interesting picture developing ahead of key events. To some of over their Asset Classes as we warm up and prepare for these meetings. Gold up. 10 year paper steady at 2. 38 . Note on cable. That is holding on to lows. Hat is the lows of the month a lot of the energy from the weekend dissipated quite a bit. The one we complied volatility is the highest in two years. Looking ahead to the anc conference on sunday. A quick note on crude oil, big moves. It is because of damage to a north to see pipeline. The highest since 2015. The pipeline was shot after a , 400,000 discovered barrels a day. Repairs are likely to take two weeks. Data rent of the contract and helps to set half of the worlds physical oil prices. Fors crossover to debra mao a check on first word headlines. Pipe bomberpected has injured himself in three people in a blast in times square. The 27yearold man was seriously burned in what they call an attempted terror attack. He came to the u. S. From bangladesh six years ago and told police he is a follower of the socalled islamic state, but investigators say he was acting on his own. The premium for contracts to lock in a price for bitcoin next month, which soared 2000 on its first day of trading, has dropped below 1000. The closing of that gap was something the ceo of s boe predicted yesterday. Cboe predicted yesterday. Identicalce an trading relationship with the European Union to the one it has now. Speaking at a wto meeting, liam fox said keeping a similar arrangement would insure a smooth transition. Is warningegotiator that a canadastyle Free Trade Agreement is the best the u. K. Can hope for given theresa mays red lines. As Senior Advisor to president erdogan on turkey says it no longer needs stimulus. Gdp surged 11. 1 in the Third Quarter from it your beating estimates, while november inflation accelerated to the highest since 2003. The attempted coup in july 2016 push the economy into a quarterly contraction. Comeonomic growth will from by the improvement in confidence and investment. From china say the pboc is preparing a strategy to offset tax changes and the fed rate hike. Higherakers will use interest rates, tighter capital controls come and more currency intervention to support the yuan , but measures may not be needed if u. S. Policies have only a limited ou impact on outflows. There had been reports that the painting had been bought by the crown prince of says arabia, but abu dhabi it picked up the painting and is defending the price tag. We work closely with the broker on this piece, bid on it, and it was required, thank god, for the price we felt was right for it. Debra global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Fomc begins its today policy meeting later. Based on fed funds futures, the market sees a 100 chance of officials announcing a rate hike. Economists are telling investors to brace for the biggest tightening of policy in a decade. Citigroup and j. P. Morgan sees rates climbing to at least 1 next year, the largest increase since 2006. Wednesday marks the end of an era, janet yellen faces the worlds press for the last time following the policy announcement. Ends in february, but there will be no News Conference after that. Lets bring in an analyst at ubs Wealth Management for forex. Lets get into your expectations, the fed funds rate hike. for a what clues were get about future rate hikes here . Will we get about future rate hikes here . Are aure rate hikes foregone conclusion, so markets will be focusing on the seminary of economic rejections, and that is where interesting stuff the summary of economic projections, and that is where interesting stuff could emerge. They could not stand the unemployment forecast to come but should leave the inflation forecast unchanged. Lot fort leave the dot p three rate hikes unchanged, so plotisk is if the median shifts to four, then the markets could i the dollar in a kneejerk reaction. Could buy the dollar in a kneejerk reaction. Yousef we put up this chart to showcase what is going on. 3293. S yields and for hurting, morgan , morgan inverting stanley the latest to get behind that. That, how could that derail the plans of the fed for 2018 . How worried are you about that . We dont think the yield curve will invert. We expect the twoyear to reach 2 by the end of 2018 and the 10 year at 2. 5 , so there is still 50 basis point yield spread cap over that. Moree market were to be about the number of rate hikes to four, we think the differential should stay within 50 basis points actually. Where does that leave us with the tax cut plans from the donald trump administration, and ultimately tie it all together force in terms of the outlook for the dollar. I think we do acknowledge that tax reform plan is getting more traction than we expected. If it passes in its current form , Corporate Tax cuts 20 come at 22 , that should add a quarter or half a percentage point to 2019, and thatd could print in upside risks to the dollar. We are expecting the dollar to stay week, especially against the euro. If the tax reform gets through, it could pose some challenge to the euro euro dollaron the upside. We also have the story of a euro catchup in terms of the withdrawal of monetary stimulus. Dollar willhe euro be higher than where it is now netnet. Yousef you stay with us. We will have special coverage of wednesdays fed rate decision. Fascinating. 2 00 p. M. Newon, york time. A saudi comet for back. The kingdom will allow Movie Theaters for the first time in 35 years, and the modernization drive continues. Coming up next, concerns around stability or uncertainty. Managementsalth outlook when it comes to getging markets, should you additional exposure or not . Find out next. This is bloomberg. Yousef this is Bloomberg Markets middle east. We are live on bloomberg tv and radio. I am yousef gamal eldin. Lets go through the sentiment in the markets. Dubai higher. Abu dhabi higher as well. The budget announcement from dubai supported some of those traits. Tadawul down. 6 . Strong despitet the ongoing tensions around jerusalem. Put those aside for a second and check in on the business flash headlines. Amc are among the Movie Theater Companies Interested in expanding, wait for it, into saudi arabia come at which has announced it will allow commercial cinemas for the first time in 35 years. The first multiplexes are expected to open in march next year. The aim is for 2000 screens and 300 cinemas 2030. Boeing has raised its dividend an 18and announced billion buyback of shares to replace the program put in place when year ago. The Quarterly Dividend jumps 1. 71 a share. Strong and growing cash flow a less boeing to provide competitive returns to shareholders while continuing to invest in innovation and growth. A deal could be announced as soon as this week to acquire a large portion of 21st century fox by disney. That comes after comcast said it is no longer in the running. Foxs once to acquire movie and tv studio. It also wants to acquire 39 stake in Sky Satellite provider. To what will be happening in 2018. 2017 was the cure of uncertainty and relative stability according to ubs. There were rising geopolitical tensions in the middle east, north asia, and more u. S. Unilateralism. 2017 also saw the best Global Economic growth in six years and underpinned the momentum in equity markets, low levels of productivity as well, so what does 2018 have in store . Lets bring back in the forex analyst from ubs Wealth Management. Putting the u. S. Aside for a second and looking to europe and asia, where are the highlights in your book . I would think europe will be another year of strong growth momentum where the dollar does well. Euro went from 1052 118. To 118. Against asian currencies, Asian Central banks are playing catchup with the monetary tightening, so we are moderately positive on asian currencies as well, about 2 to 4 against the dollar as well. Yousef i was looking through your research. In terms of what is driving cable, mostly brexit. I was surprised i didnt not find the boe mentioned it all and what they may do. How do you expect this to get resolved . The pound to us is largely a politically driven currency. Was when they gave markets expectations they were going to hide brakes. Hike rates. It would be fading into the background from the boe side. The dominant driver would be phase two of the negotiations, and that should give trading volatility on the pound side. Of 1. 252 1. 40,ge and the would be quite interesting as a trading opportunity for the pound. Yousef lets put the majors on the side for a minute. One of the favorite functions of our clients. Emerging markets based on six months. Pressure onnside the rand and turkish lira, down 2. 6 . And the fedo 2018 normalizes its balance sheet, how do you position yourself to lock in some juicy, juicy returns . Within asian currencies, the Malaysian Ringgit has been a performer on the upside, surprising many. We continue to like the Malaysian Ringgit. This is one of few Central Banks in asia that favors a stronger currency, so we would like to be long the ringgit. We would also like to be long the korean won. We like on the other hand to be short the taiwan dollar because things have gotten a bit ahead of itself. We like the indian rupee against the indonesian rupee because the tailwind should bring in more inflows, so we see the indian rupee as better supported than which isesian rupee, more sensitive to u. S. Interest rate increases. Yousef thanks for coming on the program. We will see how those traits play out. Come, a huge is spending increase announced by dubai in its 2018 budget. . Here will that money be going we will discuss that and how you can position yourself to lock in returns. This is bloomberg. Landingsaudi arabia is to raise fuel prices in january. We are told it is part of a program to eliminate Energy Subsidies as the kingdom seeks to diversify its economy and balance the budget. Riyadh has said it will allow commercial cinemas back into the country for the first time in 35 years. Lets bring in the head of equities for us. Welcome to the program. A sensitive issue on fuel price hikes has been delayed. We understand this will take place in january. 80 is a substantial increase. Could that change your approach to investing in the kingdom or should there be additional considerations paid . Of the comes as part Reform Programs and lifting the uses and improving of resources, the liquidity of the government, and this was coming sooner or later, whether utilities, fuel among other subsidies, so it is not something that was started and they just forgot about it or it is complete. It is a multiyour program where you would see bits and pieces every little while, and that is how it should be. It should be staged. If you bring all the reforms at once, you could put the economy in shock and thats what the imf and some experts had pointed out, the easing of implementation of the Reform Programs. So this is coming. We have seen that happen in other parts of the gcc, and it has this comfort among users at the beginning. Yousef in terms of the market, weve put up this market relative i you wish in. Relative it all valuation. This gives it a valuation score. ,f we go over the saudi tadawul it is relative to its peers in the region and is expensive. Would you agree with this assessment and what sectors would you invest in in the kingdom . I would agree and disagree. We look at saudi has a longerterm story, extremely attractive. The reforms the government has rebarked on our a interesting and will generate a lot of business for the private sector and have a trickledown effect, which is something we have seen in other parts of the gcc. The difference and saudi arabia that needs to be quantified better is the social reform that comes on top of the economic reform, so whether the sentiments you mentioned earlier or the housing programs. The housing programs would not only just create demand on Building Materials and new houses, but you need to stock all those new refrigerators installed in these houses, so the social reform is just increases theand attractiveness of the opportunities inside saudi arabia. In the uae we had quite an expansionary budget announcement compared to the year before. There are multiple things betterthe uae and dubai going in the right direction. We continue to track them and like them. The expansionary budget is needed. 2020, that needs to happen in time for that to take place. Countless cranes around this building and the property story has been a softer story, downside pressure. Pulse if finger on the you will on the health of this particular sector and whether there is a turnaround anytime soon. Isthe real estate sector like any other sector go from supply and demand dynamics. Seeings a change we are in the divide market in are the moreich relaxed payment plans. By delaying customer payments, it means that banks will have to lend more, and there is a limit to how much they can lend, and the developer has to shell out more equity. That puts pressure on their r. O. E. And profitability. That is not my biggest concern. My biggest concern is the ability to bridge that gap. Yousef if i could make one trade in the middle east right now what would you be telling clients . Health caretrate on and education as we have done, and that is 30 of our portfolio today. We would also say there is a Good Opportunity with saudi lends the structure itself to dividend hikes and returning that over capitalization back to shareholders. Yousef always lovely having you on the program. Here is what is coming up on the show. A new boss and new strategy, we speak about changes in investment plans. We will stay across the Energy Complex with brent and wti higher. Dont go away. This is bloomberg. Yousef we are 90 minutes away from the market open in the emirates. Futures marginally higher. Lets cross over to debra mao handcheck in on the first word headlines. Pipe bomberpected has injured himself and three other people in a blast in times square subway station. New York City Police a the man was burned in what they call an attempted terror attack. He came to the u. S. From bangladesh six years ago and told police he is a follower of socalled islamic state, but investigators say he was acting on his own. A virtually identical trading relationship with the European Union to the one it has now. Theking at a wto Meeting International trade secretary a similaraid keeping arrangement would ensure a smooth transition. Negotiator is warning that a canadastyle Free Trade Agreement is the best the u. K. Can hope for given theresa mays redline. Reports from china say the pboc is preparing a strategy to offset u. S. Tax changes and the feds expected rate hike. Bank sources tell us policymakers week is higher interest rates, tighter capital controls, and more frequent currency intervention to support the yuan, but measures might not be needed if u. S. Policies have only a limited impact on chinese outflows. To president iser erdogan says the economy is back on its feet and no longer needs stimulus. The gdp surged 11. 1 in the Third Quarter from a year earlier, comfortably beating estimates, well november inflation accelerated to the highest since 2003. The attempted coup in 2016 push the economy into a quarterly contraction. The economy is back and the sustainability of Economic Growth will come by the improvement in confidence and investment. Has confirmedbi it was the buyer of a da vinci masterpiece last month. There had been reports it was bought by the crown prince of said arabia, but abu dhabi it picked up the painting and is defending the 400 million price tag. We worked very closely with the broker on this piece and bid on it and it was acquired, thank god, with the price we felt was right for it. Debra global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Lets get over to Juliette Saly in singapore for a look at asian markets. Julia you can see some weakness and some key markets. There has been a bit of a turnaround in some of the other markets. We have been focusing on brent crude pricing above 65. You can see in late trade and the Australian Share market has been higher like. 2 . New zealand flat. Japans market not doing badly considering that high yesterday. Still seeing movement in the commodities space. Brent up 1 . Wti holding on to 58. Copper in shanghai looking good, but there has been a switch out of metals, including aluminum. Showing space is something spunky in the korean market. The yield on the 2year note up 13. 8 basis points. We saw that huge fluctuation last week in the fiveyear and 10 year notes in korea as well. Region iss around the a switch out of tech players, but they did well yesterday. Tie ones index was supported by ai. Likes of hon h a switch out of some other insurance stocks in hong kong doing well over the past year. To the upside, Samsung Electronics is supported, even though we are we seeing weakness in seoul, korea, and bhp billiton in sydney up to present there. We cant go without talking the year,word of bitcoin. This is an interesting function for bloomberg subscribers. It shows you essentially the movement tween the cash and the cboe contracts. The premium to lock in the price next month is now below 1000. It is a topic that continues to divide analysts. Yesterday analysts still reiterating his call that he thinks it could go from 50,000 to 100,000 per bitcoin. Certainly you are starting to see the spread between the futures and the cash price come back just a little bit. Overall, a little fluctuation coming through in these markets with Consumer Staples off. As i mentioned, youre still sing that Energy Sector continue to rally, particular he on the back of brent. Yousef thank you for that. New managing director setting out strategy for an investing firm in dubai. Welcome back. Exciting times arguably, new strategy, new idea. Tell me what that strategy looks like and how much you have in your war chest to implement it. It has 10 three weeks since beend has elected me three weeks since the board elected me and i have taken over. We will continue to play an active role in two segments ripe for investment coming health care and education. Looking further into it and continuing with lands in the sectors of investment. Yousef where are you sourcing capital to fund your strategy, and how much are you looking to deploy and potential investments in 2018 . Has almostw amanat 1. 8 billion, and that has to be deployed in a timely manner. Yousef that is dirhams . Yes. We have to deploy and raise additional cash. Yousef the focus would be uae, or the wider region . The reform story out of saudi arabia, health care, education, a lot of investors are getting excited about it. Time is the most exciting to come to this region and look at these two segments, which is the talk of every government. Time for never been a investments into these two areas. Investments would be primarily the region, and then beyond. First we need to see how we can the play existing cash, then look at further regions as well. Yousef in terms of the portfolio of companies, are you open to exits, listing them as ipos . Talk to us beyond 2018 and the longerterm ideas. Will beongterm play more of a specialization play. Looking at the portfolios currently, we will maintain our interest in the existing portfolios and look at how we can add more by to the shareholders in terms of getting into a specialized play in the future. That is where the dynamics my change in the coming years. The next five years will be a consolidation play, a specialization play, and that is what governments want, good Quality Health care at an affordable cost, so education comes with the same tax. We need to look at a platform that can meet the needs for the governments of the region and come up with some smart solutions. Yousef what issue biggest concern as you go about your strategy, regulatory, competition . What keeps you up at night, the funding . It is a mix at this stage. You look at the geopolitics partly, sourcing and f talent his enough talent is a big nightmare for us. Especially the right talent is what we are looking at to explode further into health care and education, so a combination of things which keeps us on our toes. Yousef this is the chart of amanat year to date. You can see that little rally in the Third Quarter, so investors clearly approving of your recent plans. In terms of 2018, what kind of growth would you be targeting . We have not clearly defined that roadmap. Yousef that is why you are on the program. Definitely. We would look at exploring areas where we need to go. Yousef investors are keen to find out more. We will come up with a strategy in the coming days or weeks. We are working on it. We would definitely come up with clear plans. We dont want to say we are just going to do something big. We are concerned about the performance and the portfolios at this point, so we are making the plan and you will be the first person to know. Of the in terms environmental conditions, higher oil prices, geopolitical instability. Is the Reform Program playing into your cards . Maybe into the saudi story . Conditions these there are lots of opportunities. Toare fit and right on time reap the opportunities existing in saudi and the region. We think there is an opportunity coming out of all these opportunities going on. Yousef we look for to welcome you back once there is more meet to your ambitions meat to your ambitions. The managing director for amanat holdings. Lets talk about something that got a lot of investors excited, bitcoin. The premium for contracts to lock in a price next month soared to 2000 more than the spot rate on its first day of trading and has now dropped below 1000. That closing of the gap was something the ceo of as boe predicted when he cboe when he spoke to bloomberg. Open interest is building in these early days. Dedicated liquidity providers are getting comfortable trading a new commodity. It is business as usual from a large perspective. Is a lot of our participants getting ready and scaling up, so expect to see a little change in that in those transactions over time. Im curious when you talk about participants involved in this, who those participants are. Weve talked of to some of them talked to some of them. Im curious which are hearing from larger institutions, whether they are giving indications they might be moving into the market. At launch, we had 12 known participants, registered traders. We are up to 22, and they various end users. We wont see that clarity for we will see that build over the days and weeks to come. Saying commentators are the fact you price to gemini right the disadvantage given that cmd will take pricing from different exchanges. Any plans to expand that . Not at the moment. We are pleased with the transparency into the auction price, them knowing their users, and the information sharing was very important. Ours is a traitorfriendly contract. Indifferentt its whether youre holding futures or bitcoin. We like that construction of the contract. Plannedere any change to offer a physically settled contract . That was something that got a lot of attention. Did get attention. At this point, we will stick to the futures contract. I think you will see some buzz around the potential for etfs as a result. I think you will see that is next frontier and the evolution of bringing bitcoin to a broad base of users, but that has to get the sec ready and they have to be comfortable with that oversight. Tilly that was edward talking to bloomberg. If youre looking for more perspective on the bitcoin story , justin fox has just weighed in saying only 21 million of the coins can never be created and less something goes terribly wrong and that limit will be reached two decades from now. One timehonored way for investment levels to deflate is to create more supply of the asset that has gotten so expensive, and that is certainly happening these days in the cryptocurrency seen, but bitcoin itself remains care scarce. On russia,r guest their role in the region, and the recent terror attacks, the latest one in new york. This is bloomberg. Yousef this is Bloomberg Markets middle east. I am yousef gamal eldin. Lets cross over to the air of Strategy Forum in dubai. Manus cranny joins us with some special guest. Thank you very much. The president of the Eurasia Group this morning. Great to have you on bloomberg. ,utin claims figtree in syria the headline this morning. Is that your assessment. Is this a victory . Why is he pulling the troops out now . Unlike the americans, whose notion of victory has been tied up with overthrow of dictators building, putin was just trying to bolster one in keep one standing. He actually did. President obamas redline on syria and Bashar Alassad and sure alassad must go, well obama is gone and the sure alassad is still there and putin can say i intervened. The russians were significant there. We kept our man to agree have not spent much money. We have displayed all our weapons we can sell all over the world, and now we are gone. The russians look like winners here. If i look at the rollcall, he did three countries, a 30 billion deal with egypt, the , thecome of the king king. Is he feeling of vacuum as the u. S. Stands back a little bit . Definitely of vacuum in terms of the ability to tactically engage with leaders. The ability to work with iranians, ascendant in this region, has been very high. The americans cant work with the iranians. Given the nature of the relationship and sanctions. The russians also welcomed king salman and are coordinating with the saudis on Oil Production to keep prices comparatively high. For theabsolutely a win russians. On the russians longterm going to be seen as the most important player in the region . No, because it is a pretty light touch, but in terms of who is at a relevant external actor, the russian trajectory is the highest. You touch on iran. Your assessment of what trump wants to achieve with iran, will come or willd push he pull out of the Iran Nuclear Agreement . Beens policy so far has say this has been a horrible deal, but not pull out. Throw that the congress, refused to certify the deal. Having said that, the u. S. Iranian relationship is under a lot of pressure. The hardliners will see that as an opportunity to provoke the americans. Even if trump pulls out of the deal, he will be by himself. It is no good for the americans from her a National Security perspective. Lets talk about the position on jerusalem. Identifying jerusalem as the , this iscan the u. S. The argument that the u. S. Has lost any capacity to be the independent broker or arbiter of peace between israel and palestinian palestine. Implying that drew some decision is what made it went away, does that mean someone thought israelpalestine peace was plausible before the drew some announcement . It wasnt. Israel and palestine are not a top priority for anyone outside the region. And for very few in the region. ,he saudis, emiratis take her, they will top parties are iran, al qaeda, isis, yemen. Yes, it is true the americans are by themselves on the security council. No one else would support the symbolic recognition of jerusalem is the capital of israel, but ultimately it does not matter. Benjamin netanyahu went to europe and said i am a defender for all of the europe. The reason why isis is being kept in check. S that make sense to mark does that make sense . It is one of the reasons that the israelis have a better relationship with egypt, saudi, and the emirates because they have shown everyone they can defend their borders. Even in israel itself, the araeli left does not think two state solution is feasible anymore. Impact. t have much i know you have 30 minutes coming up, lets talk about the big geopolitical risks. You have 30 seconds with me. China will top your conversation. Why from a political point of view does china matter so much . Trumps presidency provide some much them to operate. They have enormously strong president , a Global Economic strategy. They are developing architecture in a world where no one else is able to do so, and that will have enormous impact. We are looking forward to what you have to say here in dubai today. We are looking forward to a cracking lineup today. Stiglitz,es and mr. So a big day. Yousef thank you for that. Some breaking lines hitting the bloomberg. Digital setwestern chip sho to settle their spite over chip sale. In september Western Digital had said the toshiba arbitration may take until 2019, so this would be earlier than Western Digital had planned. We will see how it affects trade for these companies, and suppliers as well. This goes across the value chain. Lets put that aside and cross over to the story out of abu dhabi, the emirate has confirmed it was one of the main buyers or the mystery buyer of a da vinci masterpiece last month. Itre had been reports that was bought by the crown prince of saudi arabia, but abu dhabi said it picked up the painting and is defending its 450 million price tag. We had an eye on this piece for quite some time. It was important for us to showcase the da vinci, especially after the da vinci on loan from our french partners. We have seen firsthand what a da vinci means for any museum. It is astonishing to see and know right now that there are 19 da vincis in europe, one in the u. S. , and now one in the arab world. It is an just anyone, important portrait that will rot cast our essence of acceptance and tolerance. It will be sitting sidebyside with some of the greatest art pieces and painters from all over the world. Over the lastget 10 years that we have continued to collect some fantastic art and we are not the type that goes out there and broadcast what we bought, whether monet, gauguin. We do it quietly and we do it for a reason, and the reason is case these fantastic pieces of art to the world. Theyre not to be put in a home and invested it it is being done to show beauty to the world. You have done it with a specific strategy in mind . Yes, we had a specific strategy in mind and work closely with the broker on this piece and this was acquired, thank god, with a price that we felt was right for it, an exceptional piece. A lot of us wait for something astonishing, astonishing doesnt happen every day. Fly has close as possible to the sun to get a glimpse of the sun. We see people wear glasses to get the closest view of an eclipse. We felt in our lifetime that we would not see another da vinci come on the market, so it was important to have a hand in this. Yousef lets also run you through some of key things to keep in mind as you head into the trading day. President putin has confirmed that russia will restore flights to carve wrote two years after it suspended air links after turkey shot down a jet. Ofot of additional sources foreign currency. Another key theme will be the reform story out of saudi arabia. Last time bloomberg reported on the news that there would be a fuel price hike and there was substantial selloff in the transportation sector. Ascould see Movement Investors get their head around this bullet train of reforms. As we look ahead to the day in europe and the u. S. , some key times, 2 00 p. M. Germany mario draghi speaking in frankfurt. Thats just him talking. Monthly Shortterm Energy Outlook and could give us additional perspective on the crude oil story. That is all we have now in terms of time for Bloomberg Markets middle east. This is bloomberg. It is 1 00 p. M. Narrowed on the second day of trade. Twoas sort about 2000 dollars. May be a criminal offense the pboc is said to be preparing a strategy to offset u. S. Tax changes and the rate hike. To support. Ntion that may not be needed if u. S. Policies have a limited impact on chinese outflows