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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

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi held their first meeting since Donald Trump returned to power, with the longstanding Asian rivals pledging deeper cooperation as they deal with the economic fallout from the US trade war. Modi announced the resumption of direct flights between the two countries, and said ties in the past year have stabilized after soldiers pulled back from the friction points on the border. The two met at the port city of Tianjin on the sidelines of the Shanghai Cooperation Organisation summit, a security-focused bloc co-founded by China. Bloomberg's Stephen Engle reports from Tianjin.

Meantime, Indonesia President Prabowo Subianto moved to quell widespread protests across the country with parliament removing hefty lawmaker allowances that had sparked public outrage, while warning that firm action will be taken against violent demonstrators. For more, we hear from Faris Mokhtar, Bloomberg's Southeast Asia Global Business Reporter in Jakarta. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.

Asian investors may tread cautiously on Monday amid uncertainty following a US federal appeals court ruling that President Donald Trump's sweeping trade tariffs were illegal. Contracts for the S&P 500 rose 0.2% and those for the Nasdaq 100 index advanced 0.3% in early Asian trading after a selloff in technology shares Friday trimmed the gains for the month. Contracts indicated losses for Australian and Japanese shares at the open, and gains in Hong Kong. US bond futures nudged lower, with the cash market closed for the Labor Day holiday. We look at the market landscape with Ron Temple, Chief Market Strategist at Lazard.

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Xi and Modi Meet in Tianjin; Unrest in Jakarta; US Tariff Ruling

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week.
 
 • In the US – a look ahead to the August jobs report and earnings from Salesforce
 • In the UK – a look at the future of Europe's banking industry
 • In Asia – a look at how China is stepping up the technology battle with the US
 
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Daybreak Weekend: Jobs Report, European Banking, China's Technology Battle

The S&P 500 rose 0.3% to a record Thursday after data showed the US economy expanded faster than initially estimated, highlighting the resilience of consumer spending. While that soothed recession jitters, it raised doubts about the upcoming inflation report, which is expected to show core personal consumption expenditures prices rising 2.9% in July, the fastest pace in five months. We look ahead to the July PCE numbers - and what they could mean for Fed policy - with Alonso Munoz, Chief Investment Officer at Hamilton Capital Partners.

Meanwhile, shares opened lower in Japan and Australia while South Korea climbed. Oil fell 0.6% after gaining in the previous session on waning prospect of a peace agreement between Russia and Ukraine. The yen held steady against the dollar. We discuss the potential rollover effect of Friday's US inflation data on global markets with Raj Singh, Multi Asset Portfolio Manager at Principal Asset Management. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.
 
 

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S&P 500 Hits Record Ahead of PCE Data

US equity-index futures and shares of Nvidia retreated after the chipmaker's sales outlook missed lofty expectations, weighing on sentiment around the world's most valuable listed company. Nvidia said Wednesday that sales will be roughly $54 billion in the fiscal third quarter, which runs through October. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The outlook adds to concern that the pace of investment in AI systems is unsustainable. Difficulties in China also have clouded Nvidia's business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn't yet translated into a rebound in revenue. We get reaction from David Waddell, CEO and Chief Investment Strategist at Waddell & Associates.

Meantime, Bloomberg Opinion's Shuli Ren says a new China-buys-China narrative is taking shape as Beijing steps up its tech rivalry with the US. In her latest column, she writes that the world's second-largest economy not only wants to build generative AI models, but power them with its own hardware, redrawing a supply chain dominated by Nvidia. Shuli joins Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.

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US Futures, Nvidia Drop After Chipmaker's Tepid Outlook

Nvidia, the world’s most valuable publicly traded company, gave a tepid revenue forecast for the current period, fueling concerns that a massive run-up in artificial intelligence spending is slowing. Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The forecast excluded data center revenue from China, a market where it has struggled with US export restrictions and opposing pressure from Beijing.

The outlook adds to concern that pace of investment in artificial intelligence systems is unsustainable. The difficulties in China also have clouded Nvidia’s business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue.

For instant reaction and analysis, hosts Tim Stenovec and Isabelle Lee speak with:
 
 • Bloomberg Intelligence Global Head of Technology Research Mandeep Singh
 • Bloomberg News Big Tech Team Leader Sarah Frier
 • Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners
 
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Instant Reaction: Nvidia Gives Lukewarm Forecast, Stoking Fears of AI Slowdown

A gauge of the dollar and longer-dated Treasuries steadied in Asia after they declined Tuesday following President Donald Trump's push to oust Federal Reserve Governor Lisa Cook. The gap between five and 30-year yields is at its steepest since 2021. While political meddling in monetary policy after Trump's move drew much of the market's focus, traders face key risks this week with Nvidia's earnings and Friday's inflation report. Even with tariff and geopolitical headlines flaring, investors remain anchored to a bullish market script: a likely September rate cut, resilient economic growth, and corporate earnings strong enough to keep equity sentiment afloat. We look at the state of play with Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management.

Meantime, Asian equities struggled for direction at the open Wednesday as investors await Nvidia's earnings for guidance on where the markets head next after a strong rally since April. Shares edged up in Australia while gauges in Japan and South Korea were flat. We get more on the markets from Kerry Craig, Global Market Strategist at JPMorgan Asset Management. He speaks with Bloomberg's Paul Allen and Avril Hong on The Asia Trade.

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Nvidia Earnings, Inflation in Focus as Fed Drama Builds

The dollar dropped and gold gained after President Donald Trump removed Federal Reserve Governor Lisa Cook, raising concerns about the independence of the central bank. A gauge of the dollar retreated 0.3% as Cook will be removed from the position effective immediately, according to a letter Trump posted on his Truth Social account. The yen appreciated. Treasuries flipped after initially gaining on the news, sending yields on the benchmark 10-year higher by one basis point to 4.28%. Gold rose 0.5%. Asian stocks fell along with equity-index futures for US and Europe as Trump also threatened to place export curbs on chips. We get reaction from Peter McGuire, CEO at Trading.com Australia.

Meantime, stocks were already under pressure after initial optimism about the Fed lowering interest rates vanished and US stocks retreated Monday. Stocks rallied on Friday after Federal Reserve Chair Jerome Powell opened the door for a possible interest-rate cut. The sense of euphoria eased as doubts over the pace of those reductions lingered on Wall Street as traders braced for a not-so-friendly price reading later this week. We examine the path ahead for monetary policy and the markets with Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth.

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Dollar Drops, Gold Rises as Trump Ousts Fed's Cook

Asian equities gained at the open, tracking Wall Street's rally, after Federal Reserve Chairman Jerome Powell opened the door to resuming interest rate cuts. Shares in Japan and South Korea advanced with MSCI's gauge for the region gaining 0.2%. Australian stocks hit a fresh record. Treasuries opened lower, giving up some of the gains on Friday after Powell's speech. Traders see an 84% chance of a Fed rate cut next month after Powell signaled at Jackson Hole the central bank may ease before inflation fully returns to target amid a softening jobs market. Still, officials remain split on the outlook, warning of lingering price risks from US trade tariffs ahead of this week's key inflation data. We get reaction from Matt Orton, Head of Advisory Solutions and Market Strategy at Raymond James Investment Management.

Plus - Chinese stocks will be in focus with questions mounting over how much further the market can rally with concerns of trade tariffs and a deep-rooted property crisis weighing on the economy. While the market's steady advance may suggest less risk of a sudden correction, some analysts are warning that a bubble is in the making. The Nasdaq Golden Dragon China Index rose 2.7% Friday and futures indicated a stronger open for shares in Hong Kong and mainland China. We examine the week's market outlook with Qian Wang, Chief Asia Pacific Economist at The Vanguard Group. She speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.

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Fed's Jackson Hole Shift Fuels Gains in Asia

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week.
 
 • In the US – a look ahead to personal spending data and earnings from Nvidia.
 • In the UK – a look at the upcoming Medef Conference.
 • In Asia – a look at the next Bank of Korea decision and the HK IPO market.
 
 

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Daybreak Weekend: Nvidia Earnings, Medef Conference, BOK Decision

Asian equities traded within a narrow range after US stocks and bonds fell as traders pared back wagers on imminent Federal Reserve interest-rate cuts. Shares in Japan and Australia declined while South Korea advanced. Treasuries were little changed after falling across the curve in the US session, sending yields higher. The yen steadied after Japan's July core inflation came in at 3.1%, against an estimate for 3%. We look at the global inflation picture with Ian Samson, Multi Asset Portfolio Manager at Fidelity International.

Meantime, stronger US economic data and a more hawkish tone from Fed officials have led money markets to price a 70% chance of a September rate cut, down from 90% a week ago. While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index made traders trim their rate cut bets. A gauge of manufacturing grew at the fastest pace since 2022. Attention now turns to the central bank's annual Jackson Hole symposium, where Chair Jerome Powell is scheduled to speak Friday at 10 a.m. New York time. We hear from Austan Goolsbee, President of the Federal Reserve Bank of Chicago. He speaks with Bloomberg's Michael McKee and Michael Shepard from Jackson Hole, Wyoming.

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Global Inflation in Focus Ahead of Jackson Hole; Chicago Fed's Austan Goolsbee

Featuring:
George Maris, Chief Investment Officer and Global Head of Equities at Principal Asset Management
 
Jeff Kleintop, Chief Global Investment Strategist at Charles Schwab
 
Zerlina Zeng, Head of East Asia Corporates at CreditSights
 
Peter McGuire, Chief Executive Officer of XM Australia 

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APAC Stocks Advance After S&P Record, Powell Comments

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