What Goes Up

On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a silent tsunami of catastrophic proportions. We travel to countries on the frontline of the crisis, and explore how hospitals and doctors around the world are fighting back. Prognosis’ new season launches Sept. 5.

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Near record-low, and even negative, interest rates have captivated investors around the world. But are they here to stay? Chad Morganlander and Kevin Caron, portfolio managers at Washington Crossing Advisers, discuss how imbalances between China and other major economies have helped lead to a savings glut that’s depressed rates, and how the nation’s gradual shift to a more consumer-oriented economy could unwind this dynamic.

Mentioned in this podcast:

China Hits Back at Trump With Higher Tariffs on Soy, Autos

 Powell Speaks, Trump Tweets, China Reacts, Markets Freak. Repeat

How China Trade Policies Lead to U.S. Debt

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Chaos in Hong Kong. A cross-asset market shock in Argentina. And that dreaded yield-curve inversion—a fleeting drop in 10-year U.S yields below 2-year rates—goes viral by creating panic-selling in the stock market. It was quite a week. JPMorgan Chase & Co. Global Markets Strategist Gabriela Santos joins this week's podcast to make sense of it all. Also joining hosts Sarah Ponczek and Mike Regan is Bloomberg cross-asset reporter Luke Kawa, who gives his take on the market volatility of August.

Mentioned in this podcast:

Countdown to Catastrophe? What the Yield Curve Means for Stock Bull Markets

Equities Are on ‘Borrowed Time’ as Recession Signal Nears Inversion

The Weekly Fix: Recession or Japanification. Which Is Worse?

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On Monday, China let its currency depreciate by the most since 2015, then later in the week President Donald Trump put more pressure on the Federal Reserve to cut interest rates to weaken the U.S. dollar. Has the trade war morphed into a currency war? And what are the implications for global markets? Bloomberg's Emily Barrett fills in as co-host on this week's “What Goes Up” podcast for Sarah Ponczek, while Bloomberg’s macro strategist Cameron Crise and currencies reporter Katherine Greifeld also join the conversation.

Mentioned in this podcast:

U.S. Intervention Odds Rise as Yuan Plunge Fuels Trump’s FX Fury

What Exactly Does Trump Want for the Dollar?

The Fate of the World’s Largest ETF Is Tied to 11 Random Millennials

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The Federal Reserve has the stock market’s back, right? That’s what a lot of investors have come to believe. The so-called “Yellen put” (after former Fed Chair Janet Yellen) has rolled over into the “Powell put” (after current Fed Chair Jerome Powell) in trader parlance that likens central bank policy to options contracts protecting against losses in equities.

But what if the Powell put doesn’t do the trick this time, and economic data and corporate earnings continue to deteriorate despite interest rate cuts? What if it isn’t enough to counteract U.S. President Donald Trump’s trade war?

That’s one of the topics guest Alec Young, managing director for global markets research at FTSE Russell, explores on this week's show. Also joining the podcast is Romaine Bostick, a reporter and anchor on Bloomberg Television, to give his take on the state of play in markets, and what he’s hearing from sources on Wall Street. 

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The stock market is trading near record highs yet concern about a potential recession continues to linger in the air, and that’s a tough dichotomy for investors to wrap their heads around, says Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. He joins the podcast to discuss how to position investments amid an uncertain outlook for the economy. Also joining the podcast is Brad Olesen, leader of Bloomberg’s U.S. stocks team, to discuss the highlights of the second-quarter earnings season.

Mentioned in this podcast:

S&P 500’s Earnings Miracle Is Failing to Take Hold in the Second Half

Boeing Warns It May Halt 737 Output If Max Grounding Drags On

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Second quarter earnings season has officially begun. This week, the biggest banks set the stage for what could mark the S&P 500’s first quarterly profit decline in three years. Will underwhelming results be enough to spur further gains in equities this year? Evan Brown, head of multi-asset strategy at UBS Asset Management, and Bloomberg finance reporter Lananh Nguyen, join Sarah Ponczek and guest co-host Chris Nagi this week. Also on the episode, a look at U.S. dollar policy with the possibility of intervention in the headlines.

Mentioned in this podcast:

Banks' Record Earnings Show Fed Is Key to Whether Fun Continues

BofA Counters Trading Slump With Gains in Consumer Banking

Mnuchin Currency Remark Seen Raising Risk of FX Intervention

White House Knows It Needs the Fed to Make a Dent in the Dollar

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With apologies to Bruce Springsteen, as the Fed prepares to cut interest rates for the first time in a decade, it looks like There Is No Alternative (again!) to U.S. equities. Is the S&P 500's rally to a fresh record a new lease on life or the last gasp before it succumbs to a corporate earnings slide? Two of Bloomberg’s finest, senior markets editor and columnist John Authers and cross-asset reporter Vildana Hajric, join Mike Regan and guest co-host Emily Barrett on this week’s What Goes Up podcast to discuss.

It's a sober view from these stock market highs. Authers walks us through the signals he’s seeing in Shiller’s CAPE measure, which suggest that current valuations are "utterly, utterly dependent at this point on low interest rates." Hajric prepares us for a less-than-stellar quarterly earnings season but, as a special bonus, she catches us up with what’s going down in the world of Bitcoin billionaires, the Winklevoss twins.

Mentioned in this podcast:

Shiller's CAPE Reveals Dangers Lurking in Stocks: John Authers

Maybe $5 Trillion Is All That Can Be Wrung From Stocks This Year

Grim Earnings Forecasts Are Getting Worse by the Week in S&P 500

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The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record. Joining the latest episode of the “What Goes Up” podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team.

Mentioned in this podcast:

Be ‘Prepared for Anything’ as Trump Slams Europe, China on FX

One Look at Passive Flows Explains the Story of Markets in 2019

Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His Job

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All eyes are on the Group of 20 nations meeting in Japan this weekend, with investors on the edge of their seats for news of progress in trade talks between the U.S. and China. News reports suggest that expectations are low. But what are markets signaling? Mark Hackett, chief of investment research at Nationwide Funds Group, weighs in. Also joining the podcast is Bloomberg Markets Live blogger Ye Xie with insights on what China needs to get a trade deal done.

Mentioned in this podcast:

A Scary View on What the G-20 Means for Stocks and a Calming One

Record highs on Fed dovishness and trade optimism

Buy Low-Tops, Sell High Tops: StockX Sneaker Exchange Is Worth $1 Billion

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