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Bloomberg


Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.




Bloomberg Daybreak: Asia Edition

Japan's Finance Minister Katsunobu Kato voiced serious concern over China's latest export controls on rare earths, stressing the importance of coordinated action from Group of Seven nations. "Japan is deeply concerned about these measures," Kato told reporters in Washington on Wednesday, referring to China's latest trade measures. "I called for G-7 nations to unite and respond," Kato said. Kato spoke following a G-7 meeting held on the sidelines of the International Monetary Fund and World Bank annual meetings. Also in Japan, ruling party leader Sanae Takaichi's chances of becoming prime minister strengthened after progress on policy talks with the Japan Innovation Party, with Monday emerging as a deadline for deciding whether the parties form a new coalition. The Liberal Democratic Party and the Osaka-based JIP, also known as Ishin, confirmed they are on the same page on major policy items. But one major sticking point remains in place: reforms on political funding rules. For more perspective, we speak to Shuntaro Takeuchi, Portfolio Manager at Matthews Asia.
 
Plus - Stocks slid, extending a weeklong stretch of volatility on Wall Street, as bad loans at two regional banks stirred concern about credit quality in the economy and further underscored the fragility of the $28 trillion bull market. Following an earlier advance driven by another solid outlook for artificial-intelligence demand, the S&P 500 turned lower as a pair of regional lenders disclosed problems with loans involving allegations of fraud, adding to concern that more cracks are emerging in borrowers' creditworthiness. We turn to Jeff Palma, Head of Multi Asset at Cohen & Steers.

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Japan's Concern Over China Rare Earth Curbs, Credit Woes Hit Wall Street

US Treasury Secretary Scott Bessent dangled the possibility of extending a pause of import duties on Chinese goods for longer than three months if China halts its plan for strict new export controls on rare-earth elements. The US and China have agreed to a series of 90-day truces since earlier this year, with the next deadline looming in November. 
 
Australian Prime Minister Anthony Albanese is set to have his first sit down in the White House with President Trump next week. The meeting comes as the Trump administration's interest in critical mineral resources has fueled speculation the US government may take stakes in Australian miners as part of a broader strategic relationship. Also key for Albanese is the fate of the Aukus security agreement that the US signed with Australia and the UK in 2021 to counter China's military expansion in the Indo-Pacific region. Central to the deal is a project — expected to cost hundreds of billions of dollars — to help Australia develop a fleet of nuclear-powered submarines. To help us preview the meeting, we speak to Bloomberg's Paul Allen.
 
Plus - Wall Street was lashed with volatility as investors struggled to gauge the scope of trade tensions between the world's two largest economies. Stocks rallied, plunged, then rose anew amid optimism over earnings. As the earnings season got under way, Morgan Stanley and Bank of America Corp. jumped on solid results. We speak to Keith Buchanan, Senior Portfolio Manager at Globalt Investments.

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Bessent Floats Longer-Term China Truce, Trump - Albanese Meeting Preview

US President Donald Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the relationship between the world's two largest economies. Trump on Tuesday cast the potential move as retaliation against Beijing for its refusal to buy American soybeans, which he said "is an Economically Hostile Act" that is purposefully "causing difficulty for our Soybean Farmers." The benchmark S&P 500 turned negative as Trump's comments re-escalated the conflict with China. Just hours earlier, both Trump and US Trade Representative Jamieson Greer expressed confidence that friction would ease through ongoing trade talks. We get perspective from Sandra Swirski, Founder & CEO of Integer.
 
Plus - Earnings season has just kicked off. A gauge of big banks jumped after solid results from financial giants. Also today, Federal Reserve Chair Jerome Powell signaled the US central bank is on track to deliver another quarter-point interest-rate cut later this month, even as a government shutdown significantly reduces its read on the economy. For more, we turn to Rob Williams, Managing Partner and Chief Investment Strategist at Sage Advisory Services.

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US-China Reignites Trade Tensions, Powell Signals Another Cut

US President Donald Trump and Chinese leader Xi Jinping's latest tit-for-tat showdown has both countries claiming the ball is now in the other's court, with the clock ticking toward another escalation in import tariffs. Meantime, Treasury Secretary Scott Bessent said Monday that he believes the Trump-Xi meeting "will still be on," noting there had been "substantial communication over the weekend." In the meantime, he expected US-China staff-level meetings this week, along with moves by the Trump administration to mobilize US allies to put pressure on Beijing, while also threatening "straight brute force countermeasures" if Beijing doesn't act. For more on how this impacted the markets, we heard from James Aitken, Aitken Advisors Founder & Managing Partner. He spoke to Bloomberg's Paul Allen at the Citi ANZ Investment Conference.
 

Plus - Wall Street traders lifted stocks as the US and China signaled willingness to keep trade negotiations alive, Middle East tensions cooled while the artificial-intelligence rally powered ahead. Following its worst rout in six months, the S&P 500 jumped 1.6% to extend a bull market that's already added $28 trillion to its value. The benchmark saw its best session since May. A key gauge of chipmakers surged nearly 5%. Broadcom Inc. soared about 10% as OpenAI agreed to buy its custom chips and networking equipment in a multiyear agreement. For more, we spoke to Matthew Tuttle, CEO and CIO of Tuttle Capital Management. 

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Trump and Xi Spark Another Standoff, OpenAI-Broadcom Deal

US equity-index futures jumped in early trading and oil rebounded as President Donald Trump's administration signaled openness Sunday to a deal with China to quell fresh trade tensions while also warning that recent export controls announced by Beijing were a major barrier to talks. Vice President JD Vance called on Beijing to "choose the path of reason" in the latest spiraling trade fight between the world's two leading economies, claiming that Trump has more leverage if the fight drags on. Trump later posted a statement that hinted at a possible off-ramp for Chinese President Xi Jinping while issuing a veiled threat that a full trade war would wound China. For more, we spoke to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.
 
Plus - The bull market in US stocks is having its third anniversary on Sunday, but if history is any guide it needs to broaden out soon to keep running. The S&P 500 Index began its current bull run on Oct. 12, 2022, soaring 83% in that time and adding about $28 trillion in market value. While the gain was 88% before Friday's selloff on President Donald Trump's threat of a "massive increase" in tariffs on goods from China, the benchmark's 13% jump over the past 12 months is still twice the average rise in the third year of a bull market, according to CFRA Research. We speak to Frances Stacey, Wealth Manager at Scarlet Oak Financial.

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US Opens Door to China Deal as Trade Spat Drags On

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
 
 • In the US – a look ahead to earnings for U.S banks.
 • In the UK – a look ahead to the annual New Energy Finance summit in London.
 • We also focus on a conversation with Citadel CEO Ken Griffin from Citadel’s securities conference on gold.
 
 

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Daybreak Weekend: US Bank Earnings, New Energy Summit, Gold’s Future

TSMC is poised to release its Q3 earnings report next week. The company is likely to excel, with both revenue and gross margins expected to defeat consensus supported by strong July-August sales data. TSMC is due to release its September sales data and the figures could offer some insight into wider semiconductor demand. We turn to Debby Wu, Team Leader for North Asia Technology at Bloomberg News.
 
Plus, US stocks closed at a record on Wednesday, thanks to shares benefiting from the artificial-intelligence boom as traders parsed minutes from the Federal Reserve’s September meeting that showed a willingness to lower interest rates further this year. For more, we turn to Chuck Lieberman, Co-Founder & Chief Investment Officer at Advisors Capital Management.

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TSMC Earnings Preview, Stocks Set Fresh Record on AI

Spot gold prices climbed above $4,000 an ounce for the first time, as concerns over the US economy and a government shutdown added fresh momentum to a scorching rally. Bullion climbed as much as 0.4% to $4,001.01 an ounce on Wednesday. It’s a milestone moment for the metal that traded below $2,000 just two years ago, with returns that now well outstrip those for equities this century. Gold has jumped more than 50% this year in the face of uncertainties over global trade, the Federal Reserve’s independence and fiscal stability in the US. At the same time, geopolitical tensions have boosted demand for haven assets, while central banks have continued to buy gold at an elevated pace. For more, we spoke to by Bill Adams, Chief Economist at Comerica Bank.
 
Plus, Bank of Japan Governor Kazuo Ueda will likely face a tougher political environment in the second half of his five-year term starting Thursday after the ruling party leadership victory of Sanae Takaichi, a critic of interest rate increases. Ueda already faces a dilemma. The central bank appeared to be laying the groundwork for its first interest rate hike since January later this month. Now, following Takaichi's win, if Ueda goes ahead with an increase he risks antagonizing a premier who might then seek more sway over the BOJ's decisions going forward. For more, we spoke to Bloomberg's Paul Jackson. 

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Gold Hits $4000, BOJ Rate Hike Dilemma After Takaichi Win

A rally in chipmakers sent stocks to all-time highs as Advanced Micro Devices Inc.'s deal with OpenAI added fuel to the artificial-intelligence frenzy that has powered Wall Street. Bonds fell. The dollar rose. OpenAI will deploy 6 gigawatts' worth of AMD graphics processing units over multiple years, according to the pact, which is just over half the size of an agreement the AI startup recently reached with Nvidia. It also sets the stage for OpenAI to acquire a large stake in the chipmaker. The deal represents a high-stakes test for AMD — one that could deliver tens of billions of dollars in new revenue and burnish its status as a serious contender in AI technology. There are also risks: It further ties AMD's prosperity to an AI market that some worry is in a bubble. For more on the markets, we turn to Ed Butowsky, managing partner of Chapwood Investments.
 
We turn to Japan, where they are set to have its first ever woman leader in Sanae Takaichi. Takaichi wants to become the country's version of her Idol, Margaret Tatcher. However, Bloomberg Opinion Columnist Gearoid Reidy writes that some might fear that she might be another Liz Truss. He joins us to explain.

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AMD-OpenAI Deal Sparks Rally in Equities

Japanese stocks rallied and the yen weakened after a ruling-party vote positioned pro-stimulus lawmaker Sanae Takaichi to become Japan's next leader. Takaichi is set to become Japan's first female prime minister after winning the Liberal Democratic Party leadership contest Saturday. Investors had expected the seat to go to political scion Shinjiro Koizumi, who was seen as taking a more fiscally cautious view and leaving the Bank of Japan to press ahead with normalization. While Takaichi's appointment has lifted growth expectations, it has also raised concern over increasing bond supply while reducing chances of a BOJ rate hike this month. 
 
Elsewhere, gold advanced above $3,900 an ounce to yet another record, extending a rally that's been a feature of commodity markets all year. Bitcoin also set another all-time high over the weekend. Oil advanced after OPEC+ agreed Sunday to revive just 137,000 barrels a day of halted supply — a slower pace than earlier this year. Equity-index futures for the US also rose in early Asian trading. For more, we turn to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.
 
And for more reaction on Sanae Takaichi's win, we hard from Christopher LaFleur, Chairman at the American Chamber of Commerce in Japan. He spoke to Bloomberg's Shery Ahn and Avril Hong on the Asia Trade. 

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Japanese Stocks Jump on Sanae Takaichi's Election Win

Wall Street closed out the highly anticipated Federal Reserve week with stocks notching fresh all-time highs as prospects for more rate cuts bolstered the outlook for corporate earnings. US President Donald Trump said Friday that he would meet Chinese President Xi Jinping on the sidelines of the upcoming Asia-Pacific Economic Cooperation summit and hailed progress toward finalizing a deal over TikTok, after a highly anticipated call on Friday. The in-person meeting would be the first between the leaders of the world's two largest economies since the US president returned to office, and settles an extended back-and-forth between Washington and Beijing around the venue and timing. The APEC summit is slated to be held in South Korea next month. We get perspective from Patrick Kennedy, Managing Partner at AllSource Investment Management.

Meantime, Asian shares edged higher at the open, led by Japan, after the central bank eased concerns over plans to offload its massive exchange-traded fund holdings. The Nikkei-225 Index jumped 1.3% as trading kicked off in a new week, bouncing back after the Bank of Japan's comments on ETF sales spooked the markets Friday. Shares in Australia and South Korea also rose at the open. We get more on the markets from Alicia Garcia Herrero, Chief APAC Economist at Natixis. She speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.

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Markets Higher as Trump, Xi Set to Meet at APEC

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