(Bloomberg Markets) -- When Carmen Reinhart and Kenneth Rogoff published their heavyweight history of financial crises in late 2009, the title was ironic. This Time Is Different: Eight Centuries of Financial Folly reminded readers that the catastrophic 2008-09 credit crisis was far from unique. The authors became the go-to experts on the history of government defaults, recessions, bank runs, currency sell-offs, and inflationary spikes. Everything seemed to be part of a predictable pattern.And yet a little more than a decade later, we’re experiencing what appears to be a one-of-a-kind crisis. The Covid-19 pandemic has catapulted the world into its deepest recession since the Great Depression, provoking an unprecedented fiscal and monetary response. To figure out what might be next, Bloomberg Markets spoke to Reinhart, a former deputy director at the International Monetary Fund who’s now a professor at the Harvard Kennedy School, and Rogoff, a former IMF chief economist who’s now...
(Bloomberg) -- Since its founding more than three decades ago, Taiwan Semiconductor Manufacturing Co. has built its business by working behind the scenes to make customers like Apple Inc. and Qualcomm Inc. shine. Now the low-profile chipmaker has landed squarely in the middle of the U.S.-China trade war, an incalculably valuable asset that both sides are vying to control.The Trump administration opened up a new front in the conflict on Friday by barring any chipmaker using American equipment from supplying China’s Huawei Technologies Co. without U.S. government approval. That means TSMC and rivals will have to cut off Huawei unless they get waivers from the U.S. Commerce Dept.The move threatens to wreak havoc throughout the complex ecosystem that produces technology for consumers and companies around the world. An attack on Huawei threatens not just its workers and its standing as a world leader in making smartphones and telecom equipment, but also...
May.17 -- Phillip Zhong, Asia senior equity analyst at Morningstar Investment Management, discusses China’s property market and when he thinks it will recover from the coronavirus pandemic. He speaks on “Bloomberg Markets: China Open.”...
May.17 -- Federal Reserve Chairman Jerome Powell says the U.S. recovery could take a while and stretch through the end of next year, even as he downplays the risk of a second great depression. Powell’s remarks follow a warning that asset prices could see a significant decline should the Covid-19 crisis continue to deepen. Bloomberg’s Chris Anstey reports on “Bloomberg Markets: China Open.”...
May.17 -- Tim Moe, chief Asia-Pacific equity strategist, talks about the outlook for the region's stocks, gold and oil. He speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."...
(Bloomberg) -- A top U.S. official suggested Beijing sent airline passengers to spread the coronavirus worldwide, as the Trump administration stepped up its campaign of blaming China for the pandemic.Japan’s economy sank into a recession, while Thailand’s economy contracted for the first time since 2014 due to the virus. Federal Reserve Chairman Jerome Powell said a U.S. recovery could stretch through the end of next year and depend on the delivery of a vaccine.India extended its nationwide lockdown to the end of the month while easing some curbs. The U.K. and Italy reported the fewest deaths since March, while France saw the most fatalities in three weeks.Key Developments:Virus Tracker: Cases top 4.7 million; deaths exceed 315,000Pandemic shatters world order, sowing anger and mistrustChina faces angry world seeking virus answers at key WHO meetingMore Chinese dine out, schools reopen as normalcy resumesNew Zealand plans safe haven as Arden charts rapid rebuildSubscribe to...
(Bloomberg) -- U.S. and European stock futures advanced along with Asian equities as investors took some encouragement from signs of businesses reopening across major economies. Crude oil and commodity-currencies advanced.Futures on the S&P 500 climbed more than 1% after the index rose on Friday, trimming a weekly loss. Stock indexes in Japan, Hong Kong and South Korea all saw modest gains, while Treasuries were flat. The Australia dollar advanced and oil began the week on a positive note on supply cutbacks. California’s economy is now 75% open, its governor said, while upstate New York is also set to reopen. Apple Inc. said nearly 100 of its stores have opened. Even so, the Federal Reserve has warned of potential asset-price declines if the pandemic worsens.Further moves by the U.S. against China’s tech champion Huawei Technologies Co. had little immediate impact on markets Monday. The pound recovered losses to trade flat, having dipped...
