Transcripts For BLOOMBERG Bloomberg 20240702

Haidi that u. S. Gdp print, it was offset by the weekly jobless claims surge that maybe means there are some cracks in the liberal market. It sent yields heading lower. You see that in austria and korea as well. Then we had the surprise. Emfthe set is for global stocks to end the week with losses. Thailand is coming online. Hong kong seeing gains of 1 . David seems like equity markets are capped at specific levels, specifically with yields at these levels, its not difficult to understand why the runway doesnt seem to be as clear. That being said, lets talk extremely shortterm. You are close lower. U. S. Closed higher. Foreclosing got supportive earnings and the green on the screen. When you look at euro, it looks like there will be continuing and extending those gains. Stoxx 50 futures are up 0. 3 , coming of the ecb. Just keep that in mind. 1. 0565 is the currency. Thailand is coming on. Indian futures at this hour. The off cycle hike out of the philippines, and the indonesians are chiming in on that and saying that the possibility for them is quite low. Yvonne they surprised us with the hike last week. No more surprises. And of course, what has been going on with the number when it comes to gdp in the u. S. Overnight as well, how sustainable is that growth . U. S. Treasury secretary jenna ellis has, she is optimistic inflation will ease without a recession, of course, on the back of the gdp growth. Fastest pace in the u. S. In nearly two years. Speaking of bloomberg in washington, secretary yellen says that surge in bond yields mirrors the strength of the economy. That shows the economy is doing very well, lets remember it is just one Quarters Number and i am not expecting growth at that pace to continue, but we do have good, solid growth. What we have looked like a soft landing with very good outcomes for the u. S. Economy. We are seeing yields go up and most advanced countries. Part of the increase in use, i think is simply a reflection of the strength of the economy and the notion that Interest Rates will be higherforlonger. David Eugenia Victorino is with us, out of singapore, ahead of a strategy of community skanska government can. Treasury secretary there outlining the strength of the economy from the start of your prescriptions. Is the economy Strong Enough that the feds need to find one more time . Eugenia the fed speakers that we have heard until the blackout have been singing the same corporate, suggesting that there is no need for further hikes, or at least for the next weeks policy meeting. But really at this point, the question is how long can they keep it there . Because we have already seen a number of Central Banks, and you have already mentioned them indonesia, the philippines, they have resumed their hiking cycles. I am not saying the fed cant resumed their hiking cycle, but the point here is that they would probably need to keep Interest Rates elevated, maybe even longer than what the market is expected. Yvonne there is one question the market is asking, we had 1 5 of the 10year yield. Can you go back to those levels . And how long can it stay there . Eugenia without a further increase from the fed at this point, the policy rate can stay there for six or nine more months. Unfortunately, historically, whenever the fed is steady at the peak of the tightening, there is a tendency that the long endyields tend to be volatile and that range of trading can be as big as 100 basis points. This week alone, we have seen some trading sessions where the 10year yield could draw or gain as much as 20 basis points. And thats just the problem, its the volatility in the 10year yield. That would limit any trend reversion for any of the equities or the currencies. David with all the big swings that you alluded to in u. S. Rates, this is hardly an environment that, when you are take the carry for example, lets not exactly an environment that one would thrive. What does this need for the carry trade, for example . Eugenia indeed, the carry trade is only attractive as long as you dont have volatility in the picture, and that is why the traditional carry trades in the region, or the currencies of these carry story has been hammered. We have seen the indonesians appear really taking indonesians were. Indonesia hundred rupiah taking the hit. Although the philippines have tried to cop the dollar pestle at 57, it is costing them and it has led them to an of cycle hike yesterday afternoon. Yvonne the doj meets next week. It could actually change next week since dollaryen is still at 150. Does the weakness of the yen move the needle at all for the boj . Eugenia indeed. Just this morning we had cpi which suggests inflation is indeed stickier than expected even for a country like japan. Tokyo cpi is typically seen as an advanced reading of the national cpi. So inflation, fresh food and energy is strongerthanexpected. That is putting on more pressure on the boj and that is already pressure that was there even before this will give cpi. Our expectation is that the boj will need to adjust their policy , but even with adjusting the policy, the fact is the difference, the rate differential between the u. S. Is too wide for the boj to be at ease at this point. But as long as we have dollaryen on a crawling rise, it didnt justify an intervention at this point. David how much upside anything we will still see on dollaryen . In other words, what is the next 15yen move, upper down . Eugenia . Eugenia if u. S. 10year yields state about 5 , 155 can be a possibility as long as that move is at a crawling pace. Yvonne ok, i got to switch gears and talk about china. The fact that they are adjusting the deficit and all of that, how significant is that and what does it tell you about fiscal policy moving forward . Eugenia clearly, the rear adjustment rare adjustment in the Central Government deficit is more to support the 2024 Growth Outlook. Because at this point, after the q3 print, the 5 growth target is already in the bag. The 2024 Growth Outlook is much more at risk at this point. Now that beijing is ready to share the burden, that is a definite change in the policy stance, and there is more hope that beijing would actually come up with the money to stop the decline in the sentiment. David ok, those are two really i guess in many ways contradictory forces, right, the u. S. Economy that might be slowing, in the chinese economy that might be recovering. If we take the latter and china recovers next year, what looks cheap right now . Eugenia well, the chinese equities have been cheap for months, yet, at this point, its too cheap to sell but also to uncertain to go along. But also too uncertain to go long. We need further signals from beijing to see that they are going long and providing the necessary support. After the policy shift, we have to see a change in the sentiment. And then we will see further increases in the earnings. Only then, conforming influence comebacks can foreign inflows comebacks. Yvonne coming up, the Global Market road is slowly driving investors away from indias middle cap firms to the bigger ones. Our next get share of their strategy later this. Our next guest shares their strategy later this hour. This is bloomberg. The chase ink business premier card is made for sam who makes, everyday products, designed smarter. Genius like 2. 5 cash back on purchases of 5,000 or more, so sam can make smart ideas, a brilliant reality chase for business. Make more of whats yours. One particular sector, the commercial real estate sector has been problematic not just for us, but for everybody. We have taken some charges in that regard. But we still think in the next four years, it is still very strong in the china region. David yeah, they are feeling the pinch, the weakness in the property sector on mainland china. That was standard chatter chief Financial Officer speaking with our colleagues. They reported earnings yesterday. Speaking of chinese property, a little bit of stability today, but a bit of a head scratching, certainly quite substantial. The drop in china bonds. Concerns over the overall property sector. Lets bring in our credit reporter with us. What was behind that . It was quite a big move. The company is chinas second largest developer. It would be closely monitored by the Investment Community. Seeing as there is no specific trigger to that slump, it just shows how fragile the Market Sentiment is an underlined what the chinese Property Market is going through. Last week there was a headline which is which downgraded this company and another of chinas Biggest Developers to bbb, citing your leverage ratios. So it is another chinese developer we are closely watching. Yvonne the cds panel ruling yesterday the Country Garden using that payment was a credit event. What does that mean overall . The failure to pay credit event occurred on october 18. The company has not offered first clement october 18 instead it will meet its offshore debt payments. One thing the Investment Community is interested in is to understand the size and amount of how many and how much Credit Credit default swap product are out there so they can judge the impact on the broader market. Looking ahead, some are getting with their own advisor ahead of a potential competitive restructuring. A massive restructuring would mean that this could undermine chinas stability, because, as we know, more than 3000 of Country Gardens department products are in the socalled second and third cities, which are smaller cities in china. David we have covered almost everything. China vanke the, Country Garden, we cant go without talking about evergrande. There is a hearing. What are we watching out for . People are working without the judge will issue an order on its an order issued, and evergrande could still appeal to the court that it doesnt stop the court from appointing a creditor to take over control of the company from its managers. But the thing is, within imagine the process would not be easy because a lot of evergrande units are controlled by little quote subsidiaries. It would be challenging for an offshore creditor to seize assets from local units. Yvonne ok, that hearing is next week, monday. Wei zhou , our credit reporter with the latest on all things property. One of our top stories this morning, sad news regarding china former foreign premier li keqiang, who has died less than a year from stepping down. According to state media, he suffered a sudden heart attack thursday, then passed away early friday in shanghai. He spent a decade of the communist partys second most powerful man. He retired in march and was replaced by li qiang. He also served as part of the politburos standing committee. J. P. Morgan Wealth Management knows its easy to get lost in investment research. Get help with j. P morgan personal advisors. Hey, david ready to get started . Work with advisors who create a plan with you, and help you find the right investments. So great getting to know you, lets take a look at your new investment plan. Ok, great this should have you moving in the right direction. Thanks jen. Get ongoing advice; and manage your investments in the chase mobile app. David alright, there we go. We are off highs of the day. Call eight games and we will take them anywhere. Hstech index is up 1 . We are looking at not a big Platform Companies leading percentagewise, of you are getting the legs of the semis xpeng is up, jd. Com, li auto and others leading gains. We are entering the last 10 minutes in the morning session on the mainland before they had off for a 90 minute lunch break. Yvonne as you say, anything this leak on a positive note fear, especially when it comes to tech shares we have lots of earnings to talk about the next days or so. We heard from Morgan Stanley as well, the incoming chief executive officer investment drinking will lead the next is this period, speaking with bloombergs sonali basak, Morgan Stanley Ceo James Gorman also said the u. S. May have dodged a recession. I personally think they have dodged a recession. The fed is very close to being final and probably 25 basis points. We are starting to see activity the chevron deal we Just Announced is phenomenal. Were seeing activity in different sectors you did is coming alive but what i care about is over the long run. When we set out on this journey from we werent focused on a quarter. If the stock takes a dip in the quarter, that is good news because we are buying that stock, and every sure that you buy back, you are retiring a dividend. Shareholders who stay are getting a bigger yield and we are buying back when the stock is cheap. Its kind of a good situation. In the mediumterm, no, i think the firm is going to do great. What are the Biggest Challenges as you navigate this environment . There is so much opportunity. We are definitely of a new paradigm. Thorold has one been smaller which means clients need advice in the growth and management space, in the institutional space, our corporate clients, and you have a lot of activity around those clients. I just want to make sure we are completely aligned in the Business Strategy we have in place, something james has basically put together for 14 years. I am incredibly optimistic over the next levere is. You have been the number one for a long time in equities trading. Recently Goldman Sachs supposed Morgan Stanley, while jp morgan and goldman have been faring better in various forms of Mergers Acquisitions underwriting. Do you have a plan to be number one again . We have some competitors in Global Investment bank, equities, fixed income and across Investment Banking. We are focused on being number one. We want the right people in place, investing in the right cycle and the next Investment Banking led, and that means we want to be 1 and 2 every quarter. Investment banking is going to lead the next cycle. There will be a lot of Mergers Acquisitions consolidation, it will be across industry groups. The world has gotten smaller. There is a new cost of capital. We want to be a Global Leader in all those spaces. James has hinted before to the possibility of more mergers and acquisitions. You have already done some transformative ones. Do you feel that it is a matter of time in the ceos seat before you can do a significant deal, or do you feel like you can jump right in . I think we have now done three major acquisitions over the last 15 minutes all of which were in jamess vision, smith barney, e trade at the dawn of the pandemic, and eaton vance. Those are three major integrations. Like what we have. Business strategy is in place that execute on what we have and keep the strategy in place. We talk about acquisition candidates, but that is off into the future. David james gorman, Morgan Stanley chairman and ceo, in the incoming ceo of the bank, ted pick, sticking with sonali basak. More corporate stories. We are onethird into earnings is and in the asiapacific and you can see where we have the data for estimates, it has been largely disappointing with 40 missing. Lets see what the 70 look like at this time. As far as revenues go, this is where things have cascaded number. Fun aggregates, if you add all the sales of companies that have come out with earnings before the aggregate number is 14 below estimates. As it pertains to earnings, where most companies missed earnings, on an aggregate level, we are actually flat and have come in in line with expectations. So we are still getting to the think of it, so obviously the sample size is not quite as represented yet of what the Third Quarter looked like for these companies. Yvonne and we have plenty more coming up. We talked about the ones coming from china that we are putting a focus on. China to free. Tsingtao breweries. Overseas travel permit how strong is the spending among consumers . And the big four, icbc kicking things off. Interest rate margin pressure continues to be a structural issue for these banks. But does the value from state backed funds, valuations at near record lows, are those enough to keep these stocks from going despite the fact that earnings are still quite bleak when it comes to some of the lenders there, dave . David we didnt get to go into detail on the scene singtel story tsin gtao story. I think you missed it. Yvonne what happened . David i think we will keep that offline, the stock has recovered quite a bit. Im of the pictures are not conducive to partaking some of their beleaguered dear, i have to say. In any case i said i would not talk about it and now i am. Yvonne i just looked it up. I need to catch up [laughs] eughh. [laughter] david black mold and liquid. Global market movers, we are on globa announcer vers, we are on enough with the calorie counting, carb cutting, diet fatigue, and stress. Just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. Release works with your body, not against it, so you can put dieting behind you and go live your life. Head to golo. Com now to join the over 2 Million People who have found the right way to lose weight and get healthier with golo. Yvonne alright so were heading into the lunch break in Greater China and shanghai is looking like this. Csi 300 gaining 0. 6 . We talked about bank earnings, consumption plays and worrisome plays and towards a place playing out in the next hour. Overall its looking to be a good day. Better off in shenzen than shanghai, i should say, we are seeing more of a former renminbi, stable, at 7. 31. David they have really been anchoring this. Perhaps it helps that yields have pulled back, taking the sting of south the dollar ever so slightly. Were looking at hong kong going into the last 30 minutes of trade, that is where markets have been tossed out over the place this week. 17,002 hundred. We are at 6000 on the hshares index. I reiterated my start of the year bet with the markets on the costume i would wear if the index opt the 2021 high of 31,000. So its awful on it is a full on bonobo costume. [laughter] yvonne its halloween next week. David surely we will see some bonobo behavior. [laughter] whether or not we get the costume. Coming up from the break, a busy earnings season in japan. Tech data is one. Big profit missed takeda is one. The boj is next week. We can talk about that at the point in time or we can talk about it now. Our next guest is our mliv strategist out of singapore. Should we talk about the boj, mary, or is Something Else top of mind for you today . Mary especially with cpi numbers that came out this morning, i think its very topical because the bets raising of whether the boj does something, and to be honest, its the easiest thing for them to do, is to tweak ycc. That way they are in your currency problem. And actually have a reason to do it because inflation is no longer transitory. If you recall a lot of the Central Banks previously were focusing on transitory inflation. Now that we have seen several months of inflation being a lot higher than expected or coming in at 3 consistently, its hard to call hard to hide behind this transitory narrative anymore. So the stakes are higher for the boj. Even if they come and intervene at 150, is going to prove to be quite less. Its going to prove to be fruitless. Yvonne treasury yields are heading back south. The markets heading south. Dollar taking a backseat. How long do you think that will last, mary . Mary temporary. You have the fed coming up next week. The fed, in order to turn market , will have to come in but they will not say anything different than what we heard from powell back in october 19. So they will be quite disappointed, and obviously yesterdays gdp numbers are showing resilience in the u. S. Economy still there. Then, of course, you have payroll numbers coming in next week. As long as the u. S. Economy continues to show its resilience, the dollar will remain quite strong, u. S. Treasuries will remain quite strong, and you will have be ts of every session coming down substantially. All of this field into a higher yield narrative and a stronger dollar narrative as well. Yvonne thank you, mary nicola, bloombergs mliv strategist joining us out of singapore. In the middle east, the u. S. Said it hit two facilities in Eastern Syria believed to be named to irans Islamic Revolutionary guard. That is after its all repeated attacks on u. S. Forces in the region. The skirmish has reignited concerns that the israelhamas war could spark a wider conflict. Some more, Bruce Einhorn joins us with the latest. Bruce, what do we know . Bring us up to speed in what is going on. Darius as he pointed out, the big concern here is that there could be an escalation of war not just between israel and hamas, but one eventually that leads to the u. S. And iran. The u. S. Said it hit two facilities in Eastern Syria used by revolutionary guards from iran and others, it called these selfdefense strikes, following what it said were 16 attacks in iraq and syria over the last 10 days. Defense secretary often said that further action could come is attacked by irans conflicts, if attacked by irans proxy continue. The pentagon spokesman said they are deploying 900 troops to the region, none of those going to israel. And janet yellen said the administration is weighing additional sanctions on hamas, to hamper its ability to access money. All of this comes at a time when the foreign minister from iran was in new york at the u. N. General assembly and gave a fiery speech there warning the u. S. That iran would respond if the attacks continue and the war widens. David get us up to speed, i think it was almost this time yesterday when there were certain lines coming through out of israel about them going into northern gaza and then pulling out. As we await this Ground Invasion that to some extent they are losing some support on from their allies, what do we know about what exactly took place in that operation . Bruce the Israel Defense force said overnight it conducted what it called unlimited ground raid into gaza with infantry and tanks. The idf also set it has killed the deputy head of intelligence of hamas, whom the israelis said was responsible for helping to plan the october 7 attacks. Hamas has not publicly commented on that claim. Israel also has updated the number of hostages it says are being held in gaza, that number now is 224. There have been a small number of humanitarian aid trucks that had gone into gaza. The u. N. , though, is concerned, saying that the lack of fuel may have hamper its ability to continue operations and it may have to hold relief operations if there isnt enough fuel supply in gaza. The aid trucks that went in yesterday, no indications that they include fuel. David thank you for getting us up to speed there, Bruce Einhorn, our bloomberg reporter. Lets talk more about this, geopolitics largely on feeding. The president of this nation says it will be asking troops there to leave. Speaking to coanchor haslinda amin, he says they want to stay away from the Regional Power rivalry taking place between india and china. Its nothing to do with india per se, we want our country to be definitely able to say that we are safe and independent. Right now we have in this current governments policies, question marks by the public to be entered and we dont want our country to be controlled by any other country, just like any independent country in the world. It needs to be fully sovereign. We should have the right to dictate our future and what is being done in our country. Are you alluding to the fact that india is controlling what is happening in the maldives . No, no, no, its the current government not answering policy. If the Foreign Policy of the current government. Its nothing to do with india per se, we are very close to india, our culture and very closely related. Haslinda you have detailed indian troops you have said again that you would want indian troops out of the maldives permit life . The people of the maldives do not want any Foreign Military presence in the country. It happens to be indian Foreign Military presence here. If it was any other country, the thoughts of the nation would be the same, we dont want any Foreign Military force here. And i have started negotiations already with the indian government. I led a few minutes already with the Indian High Commission and it is successful. Already we are making ground. Haslinda some have suggested that the recent election was a referendum perhaps on china and india. How do you respond . I dont think so. By asking india to remove the Indian Military personnel from here, it is in no way indicating that i will allow china or any other country to bring their troops here. It is not that way, i dont want any Foreign Military presence from any country here. We want mutual relationships, a relationship that is mutually beneficial to the countries that we are operating with in any project, china has helped us a lot. Especially during the previous governments time. I was one of the ministers involved in implementing some of the projects funded by china. And during that time, we didnt have the concern of military exercises or military personnel stationed here and so on. I think thats the way forward. We dont want any of the Foreign Military forces here. We went assistance and cooperation with other countries, and that is how i would like to go ahead. People have labeled me for chinese. I am not pro any country except for mondays, and that is i am not pro for any country except for the maldives. Haslinda if you believe the media, you would think you are pro china, but now you say you are not, how do you look at the relationship with china developing from here, considering china has expanded its presence in the indian ocean, causing anxiety to india . The maldives, we respect International Norms and laws and so on. We do all this working closely with other countries and we dont want to be entangled with geopolitical rivalries or whatever it is, between those nations. We are too small for that. Haslinda there is a big question on which country will visit first as resident, will it be india or china . I have not decided on that. But it is going to be i will make the decision based on the needs of the people and what is in their interest first. David there you go, the president elect Mohamed Muizzu speaking with haslinda amin. 90 morehead, including the approach of the opening bell in india. Futures there pointing higher, 19,000 flat on nifty features. This is bloomberg. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Its easy to get lost in investment research. Introducing j. P. Morgan personal advisors. Hey david. Connect with an advisor to create your personalized plan. Lets find the right investments for your goals okay, great. J. P. Morgan Wealth Management. Was also the first time you heard of a town named dinosaur, colorado. We just got an order from dinosaur, colorado. Start an easy to build, powerful website for free with a partner that always puts you first. Start for free at godaddy. Com yvonne in live shot of mumbai this morning. You are watching over indiafocused segment here right now and we are watching closely all things consolidation, m a and all that, given its the young population, rising Internet Penetration that is really driving indias consumption space and attracting global companies. Our next desko has a team focused on the Consumer Financial institutions and Business Services at avendus capital. Abha agarwal joins us from mumbai. Thank you for joining us. We have seen a lot of action when it comes to consolidation of Financial Services and the consumptions led by the likes of reliance industries. Are we likely to see more of these names driving consolidation in that area . Abha good morning. Thanks for having me here. We are seeing consolidation and more dealmaking, but it is led by the large corporate you mentioned, but not limited to them. If i look at consumer, a lot of Mergers Acquisitions is being driven other large indian conglomerate, Like International Financial Services, large corporate, as well as we are seeing buyouts happening in the last five years. That capital is becoming a large pool for eminis in india for m as in india. David are you still there . Abha yes. David i thought we had lost you for a moment. Go ahead, i think you were finishing your thought. Abha yeah, i was saying it is not limited to reliance industries. In consumer, have seen a lot of action from other large indian conglomerates and in Financial Services, too, besides large corporate, a lot of buyout activity in the last three to five years. They have become pretty aggressive. They have strong reasons to make their returns. David what is the sense you are getting from your clients . The corner offices of the world, in terms of the outlook for the economy next year . Because i guess in some ways, it informs you of the appetite for big deals moving forward on the very shortterm, there could be some variance in a growth here or there. But if i were to speak to any of them in the mediumterm, they are all very, very aggressive and all looking out for investing more behind india, whether it is organic or inorganic. In the indian market, the investment piece still remains very strong. Yvonne what about when it comes to just the survival, both offline and online lending businesses in india, what is your take on that . Abha one of the things which is very strong in india is our regulator and the regulations they come out with. They keep renewing it from time to time, in fact there are special regulations around online lending, around ppl, which is only starting the sector permit for now, we are seeing both of them coexist. They have their own target customers. The number of online spenders is only increasing. We see them both coexisting, with our regulator splitting a very active role in making sure we dont have any debacles. David that takes us into shadow banks. Im wondering as we try and figure out what this Competitive Landscape looks like in 12 months time the need for capital will certainly be consistent. How do you describe your ability to raise capital at this point in time . Abha for india, given the large unbanked, new to credit sector, that is a very large segment. Shadow banking will continue to play a role. Its almost becoming as important as the banks here, again, very overregulated by the r. B. I. From a capital fundraising perspective, my view this year for the shadow banks, i would say it has been very robust in this calendar year. More than 2 billion. Similarly on the private side, it has been around 3 billionplus. So we dont see any immediate challenge for fundraising for the shadow banks. In fact, the last two or three quarters have been very strong in terms of profitability postcovid . David final question is, a lot of the people we have spoken to here are just crazy over private credit and private debt. I am wondering if you can give us an update of what you are seeing in india, has it picked up this year, and does that, in some ways, continue . Abha there, i would say we still have a long way to go with the index. We should see a lot of action there, but we have seen the Capital Market group a lot. Were still making inroads. David thank you so much for making the time, happy friday. Abha agarwal from avendus capital. While having our conversation, we showed you how markets are doing, and why not do it again [laughter] there we go. Plenty more ahead. This is bloomberg. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . David there you go, this blowout growth number out of the u. S. Higher than estimates. 4. 9 is what we got. I think they were looking for Something Like 4. 5 . So not just an acceleration, its coming in at the highend forecast. Youve got to wonder why. [laughter] yvonne the economics said it, right, it shows this was the consumer. That was really in some ways overspending. And there was so much entertainment wise that happened in the Third Quarter i think i know where you are going with this. Yvonne is my favorite topic. Taylor swift, beyonce, oppenheimer, and the like. It will not last all that long. David she might wear again. Yvonne taylor swift is a phenomenon. This pops up. This big take today was remarkable. They have been crunching the numbers and it seems to be taylor swift proving that her version of doing things makes Better Business sense. She has entered a verified category of music billionaire that takes innovative takes innovative tapes on everything from record deals touring. Bloomberg originals has more on how she billed that 10 figure fortunes. Its official, taylor swift is a billionaire. [applause] welcome to the eras tour. Her torah law is a party generating hundreds of millions of dollars. Its a multinational conglomerate with the worlds most devoted Customer Base and an ultra charismatic ceo. Swift has made her fortune almost exclusively from her music. Bloomberg estimates swift has made 120 fred neumann dollars over the years from record sales 120 Million Dollars of the years from record sales. We estimate from streaming its 175 million. The biggest part of her earnings is undoubtedly her concert revenue. We estimate she nets about 35 of the ticket sales, profit, about 500 million from touring over the years. Her tours, her record sales and streaming royalties are all earnings, that she also has assets including her recording catalog. We estimate that her catalog is worth about 400 million. Then of course of their is her actual property. That includes a condo and an estate in nashville, an estate in los angele on pulp large apartment in tribeca and new york city a large apartment in tribeca, in new york city. The total value of her properties is around 110 million. Subtract her expenses, taxes, staff costs and so on, and you get a net worth of 1. 1 billion. David yeah. She now has a Bigger Network than the evergrande founder, this week actually fell out of billionaire status. Anyway, we arent comparing them. You can read all about that and watch it, the bloomberg original documentary online and on youtube. For subscribers, on the terminal. And also on the internet. Yvonne i mean, she performed in the ring for three hours. It pays off she performed in the rain for three hours. It pays off, i love the friendship bracelets. David travis kelce permit good on you. [laughter] yvonne taking a look at the markets permit we saw big moves when it comes to japan, hitachi is doing this right now. Takeda. The banks. The big news was china infecting some of these big banks globally, nomura, standard chartereds as well. We are watching those very closely. David yes, very closely. That was really one of the last things, i think that we were expecting to hear from stanchart. They started talking about commercial property. Then it was another bank. S p futures, 0. 5 . Nasdaq futures, 0. 7 to the upside. The gains will perhaps continue as we make our way into the friday session, including european futures which are pointing higher. Global yield means lower dollar. 1274 right on the bloomberg dollar index. We will leave you with a look at the market movers. There you go. Thats it from us here. Have a good friday. Daybreak middle east and africa is next. This is bloomberg. 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