# Daybreak Weekend: US Jobs, Wimbledon Tournament, Vietnam Eco

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 26 Jun 2026, 38 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/d15648c4-cee0-4e99-a5ca-af80014d921d/01950f68-3472-490a-b261-b47501456e6b/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

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 the U.S June jobs report with a focus on three stocks for the week ahead. • In the UK – a look ahead to this year’s Wimbledon tournament. • In Asia – a look ahead to key readings on growth and inflation for Vietnam's economy. See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
[0:10] Speaker 2: This is Bloomberg Daybreak Weekend, our global look at the
[0:13] Speaker 2: top stories in the coming week from our Daybreak anchors
[0:16] Speaker 2: all around the world. Straight Ahead on the program, we
[0:18] Speaker 2: look to some key jobs data in the US and
[0:21] Speaker 2: how they may affect FED policy moving forward. I'm Nathan
[0:24] Speaker 2: Hager in Washington.
[0:26] Speaker 3: I'm Caroline Hegger in London. Where we're asking if this
[0:28] Speaker 3: is Wimbledon tournament, can serve up an ace?
[0:31] Speaker 4: I'm Doug Chrisner looking at the balance of growth and
[0:34] Speaker 4: inflation for Vietnam's economy.
[0:38] Speaker 1: That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg
[0:42] Speaker 1: eleven three YEO New York, Bloomberg ninety nine to one, Washington, DC,
[0:46] Speaker 1: Bloomberg ninety two nine, Boston, DAB Digital Radio, London, Syrias,
[0:51] Speaker 1: XM one twenty one, and around the world on Bloomberg Radio,
[0:55] Speaker 1: dot Com and the Bloomberg Business App.
[1:02] Speaker 2: Good day to you. I'm Nathan Hager. We begin today's
[1:05] Speaker 2: program with some key economic data in the US. On Thursday,
[1:09] Speaker 2: we get non farm payroll numbers from the month of
[1:11] Speaker 2: June at eight thirty am Wall Street Time. The report
[1:14] Speaker 2: is coming a day earlier than usual due to the
[1:17] Speaker 2: Independence Day observance. Here for a look ahead to the
[1:19] Speaker 2: numbers is Edward Harrison, Bloomberg, senior strategist and author of
[1:23] Speaker 2: the Everything Risk newsletter. Good to have you with us
[1:26] Speaker 2: ahead of jobs Thursday, ed it seems like we've been
[1:29] Speaker 2: talking for so long about a low higher, low fire
[1:32] Speaker 2: labor market. Do you see that shifting ahead of what's
[1:35] Speaker 2: to come this week?
[1:37] Speaker 5: Hi, Nathan, I think yes, I do see that shifting,
[1:40] Speaker 5: this low fire, low higher market that we've seen. I
[1:45] Speaker 5: think last month's number broke that streak. We got a
[1:50] Speaker 5: one hundred and seventy two thousand jobs added to non
[1:53] Speaker 5: form payrolls. We also had upward revisions to the prior
[1:58] Speaker 5: month to the point where the three month average was
[2:01] Speaker 5: even higher at one hundred and eighty eight thousand. So
[2:03] Speaker 5: we're looking at almost two hundred thousand jobs per month
[2:07] Speaker 5: being added to non farm payrolls over the last three months.
[2:11] Speaker 2: So do you see that trajectory continuing? I mean, two
[2:14] Speaker 2: hundred thousand on average sounds like more of a steady
[2:18] Speaker 2: labor environment than we've seen lately.
[2:22] Speaker 5: It definitely does seem that way now, bloom the average
[2:26] Speaker 5: economist in Bloomberg Consents to survey says around one hundred
[2:30] Speaker 5: and thirty five added. But even if you have one
[2:33] Speaker 5: thirty five, that's you know, fifty thousand lower than the
[2:36] Speaker 5: average that we had before. You're really still looking if
[2:40] Speaker 5: we get that number at around one hundred and fifty
[2:43] Speaker 5: one hundred and sixty thousand jobs per month for the
[2:46] Speaker 5: last three months, and that's very good, and the unemployment
[2:51] Speaker 5: rate would be at a four point three percent. What
[2:53] Speaker 5: that says is we do have an improvement in the
[2:57] Speaker 5: labor market in the US.
[2:59] Speaker 2: What do you see pinning that improvement when you know
[3:02] Speaker 2: so many economists leading into these non farm payrolls reports
[3:06] Speaker 2: month in and month out of sort of been surprised
[3:09] Speaker 2: by the resilience in the labor market.
[3:12] Speaker 5: Well, you know, I think that the resilience in personal
[3:17] Speaker 5: income and spending has been a big part of that.
[3:20] Speaker 5: If you looked at the numbers that came in last week,
[3:23] Speaker 5: we saw that personal spending was up zero point seven
[3:27] Speaker 5: percent month on month, that was above expectations. Personal income
[3:31] Speaker 5: was also up zero point seven percent above expectations. Of course,
[3:35] Speaker 5: that brings inflation with it because the headline PCE Price
[3:40] Speaker 5: Index increased by four point one percent, you know, over
[3:43] Speaker 5: four percent. That's like double the fed's target in the
[3:48] Speaker 5: year to May. But irrespective, you know, you've got income
[3:54] Speaker 5: and spending underpinning the ability for jobs to contain.
[4:01] Speaker 2: Do you see wages keeping up with the pressures that
[4:04] Speaker 2: we continue to see in prices like that FED Preferred
[4:08] Speaker 2: inflation gage that you just mentioned.
[4:11] Speaker 5: Yeah, I think that the closer that we get to
[4:14] Speaker 5: full employment, the more chance that you're going to see
[4:18] Speaker 5: wages increasing. The number that we saw in the last month,
[4:24] Speaker 5: that is in May survey was three point four percent
[4:27] Speaker 5: for average hourly earnings year and year. Economists that are
[4:31] Speaker 5: expecting three point five percent, So they're expecting that to
[4:33] Speaker 5: go up, and that's going to give people the wherewithal
[4:38] Speaker 5: to a certain degree to deal with the inflation that
[4:43] Speaker 5: we've seen over the last year.
[4:45] Speaker 2: And you know, with all those factors in place, it
[4:48] Speaker 2: sounds as though the bias that we heard from FED
[4:51] Speaker 2: Chair Kevin Walsh earlier this month toward reigning in inflation
[4:56] Speaker 2: might be justified. Here, what's your expectation when it comes
[5:02] Speaker 2: to the FED potentially trying to rein in some of
[5:06] Speaker 2: these increases that we're talking about with a hike.
[5:11] Speaker 5: Yeah, I think that the FED is going to hike
[5:13] Speaker 5: this year. The market has sort of backed off what
[5:16] Speaker 5: it's thinking in terms of hikes. We have the market
[5:21] Speaker 5: expecting at least one hike this year, not two hikes.
[5:25] Speaker 5: The first date in which they expect to hike is
[5:27] Speaker 5: in October, so that's three FED meetings from now. We
[5:30] Speaker 5: have July, September, and October. I would say that the
[5:34] Speaker 5: likelihood that they do hike, given what we've seen in
[5:39] Speaker 5: the inflation picture, is sooner than the market expects. And
[5:45] Speaker 5: depending upon how this job's number comes out, we could
[5:48] Speaker 5: see then you know, jobs doing very well, inflation being high,
[5:54] Speaker 5: especially core inflation, and those two leading the market to
[5:57] Speaker 5: start pricing in an earlier rate hiking, potentially two hikes
[6:01] Speaker 5: in twenty twenty six.
[6:03] Speaker 2: Really appreciate this and again thanks for coming on with
[6:06] Speaker 2: us ahead of Jobs Thursday. That's Edward Harrison, Bloomberg Senior
[6:10] Speaker 2: strategist and author of the Everything Risk newsletter. Let's take
[6:14] Speaker 2: a look now at some stocks making news in the
[6:15] Speaker 2: week ahead. I'm Nathan Hager, joined by Christy to Kino,
[6:18] Speaker 2: Managing editor for Bloomberg Markets Live on a week where
[6:21] Speaker 2: we're going to hear from a few more companies reporting
[6:24] Speaker 2: earnings as we wind down the season. Christine a few
[6:27] Speaker 2: household names this week, including Nike on Tuesday. Our investors
[6:32] Speaker 2: finally going to hear the turnaround is swishing upward for
[6:36] Speaker 2: a change.
[6:36] Speaker 6: I see what you did there, Nathan, And yes, I
[6:38] Speaker 6: know that is definitely the hope. Very interesting though, because
[6:42] Speaker 6: Dan has a leadership change shortly before the earnings results,
[6:46] Speaker 6: which are due on the thirtieth of June. So apparently
[6:49] Speaker 6: David Denton will take over CFO in August. And interestingly,
[6:54] Speaker 6: he is not an insider. He hasn't been a career
[6:58] Speaker 6: employee at Nike. He's actually moving from Pfizer and has
[7:02] Speaker 6: done similar stints at Low's and CBS as well. So
[7:05] Speaker 6: that's quite interesting bringing in an outsider rather than someone
[7:08] Speaker 6: who's familiar with the business and familiar with the turnaround plan.
[7:12] Speaker 2: So obviously a pretty big change from bringing in a
[7:14] Speaker 2: former insider to be the CEO. So what kind of
[7:17] Speaker 2: fresh blood of fresh look at the company could we
[7:20] Speaker 2: expect once they report earnings this week?
[7:23] Speaker 6: Yeah, I mean that is the big question, isn't it, Nathan.
[7:25] Speaker 6: That's something that investors and analysts will definitely. Note I
[7:29] Speaker 6: mean City Group analysts noting that it is quite surprising
[7:32] Speaker 6: that they're doing this just ahead of those fourth quarter results,
[7:37] Speaker 6: especially because the company is still under immense pressure to
[7:40] Speaker 6: really show the results of this turnaround plan. The stock
[7:43] Speaker 6: price is still hovering at around the lowest since twenty fourteen,
[7:46] Speaker 6: and investor confidence is a little bit still at the lows.
[7:51] Speaker 6: But you know, maybe a fresh blood might be just
[7:55] Speaker 6: what the company needs for a bit of a turnaround here.
[7:58] Speaker 6: But we'll find out more when they give us the
[8:00] Speaker 6: details next week.
[8:02] Speaker 2: Absolutely, Also on Tuesday, we're going to get results from
[8:06] Speaker 2: Constellation Brands after the bell. It's been a tough time
[8:10] Speaker 2: for the beer and wine business. Are we gonna be
[8:13] Speaker 2: able to raise a glass to these results?
[8:14] Speaker 6: I mean, based on the assessment from Jeffrey's analysts, there's
[8:18] Speaker 6: still a lot of caution on that front, Nathan, I mean,
[8:21] Speaker 6: they're worried about just the overall trend of declining alcohol
[8:25] Speaker 6: consumption trends in the US because you know, the younger
[8:27] Speaker 6: generation don't drink as much anymore. I don't know what's
[8:30] Speaker 6: up with that, but that's definitely something that is a
[8:35] Speaker 6: bit of a negative for Constellation brands Jeffries in particular,
[8:39] Speaker 6: still expecting the company to reiterate those organic sales around
[8:43] Speaker 6: minus one percent to plus one percent. But one silver
[8:47] Speaker 6: lining is they do have strong ads spending for the
[8:49] Speaker 6: World Cup, but then that also cuts into their earnings margins,
[8:53] Speaker 6: So we'll see if that pays off when we get
[8:55] Speaker 6: those results. Might be a little bit early, but you know,
[8:58] Speaker 6: a little bit of positive momentum hint, hurt the brand
[9:01] Speaker 6: at this moment.
[9:02] Speaker 2: Yeah, so a lot of crosswinds. They're not just from
[9:05] Speaker 2: consumer changing habits and those advertising spending potential headwinds there,
[9:11] Speaker 2: but I mean the entire beverage industry has been dealing
[9:15] Speaker 2: with rising commodity costs from what's been happening in the
[9:18] Speaker 2: Middle East as well. I mean that could have an
[9:20] Speaker 2: impact on the results too, couldn't it.
[9:22] Speaker 6: Yeah, absolutely, I mean margins definitely something to wash for
[9:25] Speaker 6: Constellation brands. I mean, some of the costs for raw
[9:28] Speaker 6: materials aluminum cans, for instance, have gotten a lot more
[9:31] Speaker 6: expensive over the last few months. Of course, we know
[9:34] Speaker 6: that flows through the strait of hormones finally starting to flow.
[9:37] Speaker 6: We've been getting reports on that as well as US
[9:41] Speaker 6: and Iran make headway towards a striking a longer term deal.
[9:47] Speaker 6: But yeah, it takes a little bit of a time,
[9:49] Speaker 6: doesn't it. I mean, we've definitely seen a lag in
[9:51] Speaker 6: some of those prices when it comes to kind of
[9:54] Speaker 6: coming back down for the recent high. So that's something
[9:56] Speaker 6: that Constellation brands will definitely have to answer for when
[10:00] Speaker 6: we hear from them next week.
[10:01] Speaker 2: Yeah, I'll be interested to hear as well about how
[10:03] Speaker 2: they might be adapting to those changing consumer habits, because
[10:06] Speaker 2: it seems like there's been a lot more interest as
[10:08] Speaker 2: well in non alcoholic beer and wine, so we'll be
[10:12] Speaker 2: watching that too. On Wednesday, we're going to hear from
[10:15] Speaker 2: General Mills and correct me if I'm wrong, Christine, But
[10:17] Speaker 2: it seems like the last few months have been pretty
[10:19] Speaker 2: rough for name brands at the grocery aisle. Am I
[10:22] Speaker 2: remembering that, right?
[10:23] Speaker 6: Yeah, that's absolutely right.
[10:24] Speaker 3: It has been a tough period.
[10:26] Speaker 6: But we are seeing, for instance, Bloomberg Intelligence analyst saying
[10:29] Speaker 6: that perhaps actually the worst of it might be over
[10:32] Speaker 6: for some of the national food brands like General Mills.
[10:36] Speaker 6: They're projecting that some of the sales for these brands
[10:40] Speaker 6: could climb about three percent to four percent this year.
[10:43] Speaker 6: I mean, of course, house brands have an advantage, especially
[10:47] Speaker 6: when it comes to costs for consumers. But I think
[10:50] Speaker 6: there's a little bit of room now for some of
[10:53] Speaker 6: the brand names to gain back some of that ground.
[10:56] Speaker 6: And you know, another theme actually that could be going
[10:59] Speaker 6: well for General miss is the pet food business, because
[11:02] Speaker 6: we know that people love spending money on their pets.
[11:05] Speaker 2: Oh, and that.
[11:06] Speaker 6: Is something that could be a bright spot potentially.
[11:08] Speaker 2: Okay. I kind of wonder though whether a company like
[11:12] Speaker 2: General Mills and some of its competitors as well, might
[11:14] Speaker 2: be weathering some of these issues around price by doing
[11:20] Speaker 2: something that I've seen over the last few months, if
[11:23] Speaker 2: not years, packaging getting smaller. Is that something we could
[11:28] Speaker 2: hear about on the call.
[11:29] Speaker 6: Yeah, I mean, that's certainly one way to mitigate some
[11:31] Speaker 6: of the costs, right that we've been talking about in
[11:35] Speaker 6: relation to other companies. And certainly if you're spending less unpackaging,
[11:40] Speaker 6: especially given the current era of still high raw material prices,
[11:46] Speaker 6: that certainly helps for sure. And so yeah, maybe something
[11:50] Speaker 6: that could at the margin help General Mills kind of
[11:53] Speaker 6: gain more solid footing here. But yeah, we'll hear from
[11:57] Speaker 6: them on the first of July is when there are
[12:00] Speaker 6: things I do.
[12:00] Speaker 2: Yeah, a lot of big consumer names to look forward
[12:03] Speaker 2: to on the earnings front this week. Thanks for this, Christine,
[12:05] Speaker 2: really good to have you with us. That's Christina Kino,
[12:08] Speaker 2: Managing editor for Bloomberg Markets Live, and coming up on
[12:12] Speaker 2: Bloomberg day Break weekend, we will look ahead to this
[12:15] Speaker 2: year's Wimbledon tournament. I'm Nathan Hager, and this is Bloomberg.
[12:31] Speaker 2: This is Bloomberg day Break Weekend, our global look ahead
[12:34] Speaker 2: at the top stories for investors in the coming week.
[12:36] Speaker 2: I'm Nathan Hager in Washington. Later in the program, we'll
[12:39] Speaker 2: look to some key economic data coming up this week
[12:41] Speaker 2: in Vietnam. But in the coming days, London's All England
[12:45] Speaker 2: Club once again becomes home to the biggest stars in
[12:48] Speaker 2: tennis as they battle for one of the sport's most
[12:51] Speaker 2: prestigious titles. This year's edition of Wimbledon promises to be eventful.
[12:55] Speaker 2: Is one of the greatest ever living players makes her return,
[12:59] Speaker 2: and ticket resale prices sore for more. Let's go to
[13:02] Speaker 2: London and bring in Bloomberg Daybreak. You're a banker, Caroline Hepger, Nathan.
[13:07] Speaker 3: Wimbledon is a British institution in years gone by. It's
[13:11] Speaker 3: featured classic battles between greats like Federer and Nadal, many
[13:16] Speaker 3: a royal spectator, and even carried the hopes of a
[13:19] Speaker 3: nation as British players have pursued glory on home turf.
[13:23] Speaker 3: This year is set to be no exception, with the
[13:25] Speaker 3: competition already making headlines. Seven time champions Serena Williams, considered
[13:30] Speaker 3: by many to be one of the greatest players of
[13:33] Speaker 3: the Open era, will make her return to singles tennis
[13:36] Speaker 3: at Wimbledon after retiring in twenty twenty two. The forty
[13:39] Speaker 3: two year old received a controversial wildcard spot. How the
[13:43] Speaker 3: competition driving further interest in this year's event. Bloomberg's reporting, though,
[13:48] Speaker 3: has found that ticketing is more exclusive than ever. Debncher's,
[13:53] Speaker 3: a niche financial instrument that grants the hold of some
[13:56] Speaker 3: of the best seats at Wimbledon, are now changing hands
[13:59] Speaker 3: for more more than half a million dollars. Swing prices
[14:03] Speaker 3: for fans is a phenomenon taking hold of much of
[14:05] Speaker 3: the rest of the sporting world too. It's part of
[14:08] Speaker 3: the reason that investors are paying much more attention to
[14:11] Speaker 3: the profits from sports. Dave Days is global cohead of
[14:16] Speaker 3: Sports franchise and investment banking at Goldman Sachs. He says
[14:20] Speaker 3: growing interest in the sector is a big opportunity.
[14:24] Speaker 7: We're seeing a lot of interests across really three different
[14:27] Speaker 7: groups of three different groups of buyers, but you can
[14:30] Speaker 7: aggregate audience. Media rights are growing pretty dramatically given that
[14:36] Speaker 7: sense is something people want to be part of. And
[14:39] Speaker 7: so again it's back to this community pricing leverage your
[14:43] Speaker 7: ability to really grow and for the North American leagues
[14:46] Speaker 7: and the many leagues around the world, you do have
[14:49] Speaker 7: some level of governance in essence salary cap in place
[14:55] Speaker 7: where you have some level of control in terms of
[14:57] Speaker 7: the costs, but there are many, many different ways you
[15:00] Speaker 7: can grow from a revenue perspective.
[15:03] Speaker 3: That was Dave Days from Goldman Sachs speaking to Boomberg.
[15:06] Speaker 3: Zisa Brahmewitz and Anne Marie Haudn joining us now for
[15:09] Speaker 3: more on what to expect from this year's Wimbledon and
[15:12] Speaker 3: the intricacies of ticket pricing is Boomberg's UK Business editor
[15:15] Speaker 3: Jamie Nimmo and our reporter Aishaitiallo. Welcome to both of you.
[15:19] Speaker 3: Thanks for your time. Jamie, I want to start with
[15:21] Speaker 3: you because this is quite a niche little business, isn't
[15:26] Speaker 3: it that Wimbledon has in terms of the tickets for
[15:29] Speaker 3: Center Court and Court number one at Wimbledon. Explain how
[15:32] Speaker 3: it works. What are these debenchers.
[15:34] Speaker 8: Yeah, well, most people will enter the ballot and pay
[15:37] Speaker 8: a few hundred quid and if they're lucky, they can
[15:39] Speaker 8: get tickets to center court Court one. If you're not
[15:42] Speaker 8: one of those people, you might queue up for hours
[15:44] Speaker 8: overnight in a tent or whatever, and then you might
[15:47] Speaker 8: get a ticket for the outside courts. If you're one
[15:49] Speaker 8: of the lucky few, there are these debenchers. There's about
[15:52] Speaker 8: two and a half thousand in center Court one and
[15:55] Speaker 8: a half thousand in Court one or thirteen hundred caught
[15:58] Speaker 8: one and then you base have the tickets next to
[16:01] Speaker 8: the Royal Box. You can access the VIP areas, the restaurants,
[16:04] Speaker 8: all the fancy bits that go on slightly exactly now
[16:09] Speaker 8: the catches. You have to pay a lot of money
[16:11] Speaker 8: to get these tickets. So the center court, the benchers
[16:15] Speaker 8: that start this year went on sale two years ago
[16:17] Speaker 8: at one hundred and sixteen grand, so you need a
[16:20] Speaker 8: bit of money to spend on these things. But then
[16:23] Speaker 8: you're guaranteed ticket for you know, fourteen days every year
[16:26] Speaker 8: for five years, right, so you know it's a pretty
[16:30] Speaker 8: pretty nice nice gig if you can get it.
[16:31] Speaker 3: Yeah, and their class is transferable security to get some
[16:35] Speaker 3: kind of tax benefits in the UK as well, So yeah,
[16:38] Speaker 3: it is interesting. And you can sell the tickets as
[16:40] Speaker 3: well if you don't want to go on a certain
[16:42] Speaker 3: number of days.
[16:43] Speaker 8: That's the kind of quirky thing about these because you
[16:45] Speaker 8: can't sell any other Wimbledon tickets. If we bought a
[16:47] Speaker 8: ticket on the you know, via Wimbledon, you can't resell
[16:50] Speaker 8: that ticket, right, But these are the only tradeable tickets,
[16:53] Speaker 8: so you can make a load of money because the
[16:56] Speaker 8: demand from people from the US, India, China coming over
[17:01] Speaker 8: to visit London for the summer. They'll want to go
[17:03] Speaker 8: to one within and they'll pay thousands of pounds, so
[17:05] Speaker 8: you can make the money back on those days. You
[17:08] Speaker 8: can go whenever you want. You could. It might be
[17:09] Speaker 8: that you just want to go to the men's and
[17:11] Speaker 8: women's finals and the last weekend well for sure, and
[17:13] Speaker 8: sell all the other days and you can make you
[17:16] Speaker 8: more than your money back basically, which is fascinating.
[17:18] Speaker 3: I think, Yeah, that's really interesting. Isn't it. We'll get
[17:22] Speaker 3: into the kind of quirks and the traditions of wilmbledon
[17:25] Speaker 3: and so on in a moment. Eichha. You've been to
[17:29] Speaker 3: lots of the Grand Slams, not to s W nineteen,
[17:33] Speaker 3: but it is quite different, isn't it the way that
[17:35] Speaker 3: all of the Grand Slams around the world operate in
[17:38] Speaker 3: terms of the tennis traditions and what you see in
[17:42] Speaker 3: terms of sports.
[17:44] Speaker 9: Wimbledon is the most prestigious Grand Slam of the four.
[17:49] Speaker 9: If you ask many players, they'll tell you if they
[17:51] Speaker 9: could win one Slam, it's going to be Wimbledon. I
[17:53] Speaker 9: mean it's the first one. I begin in eighteen seventy seven.
[17:57] Speaker 9: You know, players are donned and all white. This was
[18:01] Speaker 9: from a tradition that started since it's beginning where they
[18:06] Speaker 9: didn't want to see the sweat of players through their
[18:08] Speaker 9: clothing because it wasn't you know, proper. So there are
[18:12] Speaker 9: many kind of quirks of the tournament, including the all
[18:15] Speaker 9: whites as well as the q As we mentioned briefly,
[18:21] Speaker 9: you know, this is maybe one of the few sworting
[18:23] Speaker 9: events where you can line up and get tickets day
[18:26] Speaker 9: of which is which is pretty interesting and even on court,
[18:30] Speaker 9: I think you'll also notice that you'll see minimal advertising
[18:33] Speaker 9: as opposed to the other Grand Slams. This is for
[18:37] Speaker 9: the clean look that that Wimbledon likes to likes to have,
[18:41] Speaker 9: and that's just one of many. When you think about Wimbledon,
[18:44] Speaker 9: you also think about strawberries and cream and kind of
[18:48] Speaker 9: these interesting things that attendees get to experience, who are
[18:52] Speaker 9: also addressed to the Nines compared to other Grand Slam
[18:55] Speaker 9: events as well.
[18:56] Speaker 3: Yeah, and this see it could be really exciting with
[18:58] Speaker 3: Serena back and whether she has a chance of winning.
[19:03] Speaker 3: I mean, who are the favorites this year? And for
[19:06] Speaker 3: that global audience, you know that as Jamie was saying,
[19:10] Speaker 3: sees so much appeal in Wimbledon and for kind of
[19:12] Speaker 3: diehard tennis fans obviously this is a major annual event.
[19:16] Speaker 3: So who do you think are the favorites this year?
[19:19] Speaker 9: When you look at the men's side, you know, this
[19:21] Speaker 9: is another tournament this year that we're not going to
[19:23] Speaker 9: see Carlos Alkarez, the number two player in the world.
[19:27] Speaker 9: I think the man to beat and like much of
[19:29] Speaker 9: the year, is going to be Onick Center, the number
[19:31] Speaker 9: one player, even though he hasn't won a Grand Slam
[19:34] Speaker 9: this year, He's won pretty much everything else. He is
[19:37] Speaker 9: the defending champion as well. I think, you know, you
[19:40] Speaker 9: could also say that Novak Djokovic, this might be his
[19:44] Speaker 9: last good shot at number twenty five for him. I
[19:47] Speaker 9: think Jack Draper hometown hero. He's coming off of injury.
[19:52] Speaker 9: He has Andy Murray on his coaching team this upcoming Wimbledon.
[19:56] Speaker 9: He's playing good and I think he he's going to
[20:00] Speaker 9: have the backing of the British British crowd of course,
[20:03] Speaker 9: so I wouldn't count Jack Draper out as well. On
[20:05] Speaker 9: the women's side, I think it's going to be a
[20:07] Speaker 9: bit of a toss up. Last year we saw kind
[20:09] Speaker 9: of a random winner in Egos Friantek. I think it's
[20:12] Speaker 9: going to be a toss up on the women's side.
[20:14] Speaker 9: I would say it's going to be a random winner.
[20:17] Speaker 9: I think Arena Sabalenka, the number one player, has been
[20:20] Speaker 9: a little bit shaky. She lost in Berlin a few
[20:23] Speaker 9: weeks ago to Jessica Pagoula, so we'll see. It's going
[20:27] Speaker 9: to be a toss up on the women's side.
[20:28] Speaker 3: I show Serena is back playing at Wimbledon, why do
[20:32] Speaker 3: you think she's coming back at this point in her career?
[20:35] Speaker 3: What do you think she's going to serve off at Wimbledon.
[20:37] Speaker 9: It's going to be a challenge for Serena. You know,
[20:40] Speaker 9: she's coming back without much match play at forty four
[20:43] Speaker 9: years old. It's going to be quite demanding physically to
[20:46] Speaker 9: play singles on the grass courts. We're going to see
[20:50] Speaker 9: she is one of the greatest competitors, if not the
[20:52] Speaker 9: greatest competitor of all time. But if I was a
[20:55] Speaker 9: betting woman, I wouldn't put my money on her.
[20:57] Speaker 10: To say that.
[20:58] Speaker 3: Okay, so those are all the runners riders then, and
[21:00] Speaker 3: what maybe possible on court? I mean also we're going
[21:03] Speaker 3: through a heat wave in the UK, so if that
[21:05] Speaker 3: continues is going to be quite interesting and maybe shake
[21:09] Speaker 3: things up. Certainly presents some difficulties for the grass courts,
[21:12] Speaker 3: of course, as sent to Court Jamie. The business side
[21:15] Speaker 3: of this, I mean, why are we seeing so much
[21:19] Speaker 3: demand though for these debenches tickets? I mean they've existed
[21:21] Speaker 3: for ages. The structure of them has kind of changed
[21:24] Speaker 3: over time, hasn't it the rights that it confers on people?
[21:28] Speaker 3: But you've written a really interesting story about the price
[21:32] Speaker 3: of these particular tickets in the sporting world has just
[21:35] Speaker 3: gone through the roof. It's astronomic. Why what is driving
[21:39] Speaker 3: that demand?
[21:40] Speaker 8: Yeah, right, you know when I mentioned earlier they went
[21:43] Speaker 8: on sale for one hundred and sixteen thousand pounds. That
[21:45] Speaker 8: sounds a lot. But in the two years since, you know,
[21:48] Speaker 8: recent trading prices are up at nearly four hundred thousand
[21:51] Speaker 8: for these So you're talking, you know, that's more than
[21:54] Speaker 8: you know made of in video stock in that time.
[21:56] Speaker 8: You know, it's pretty incredible. The demand is part of
[22:00] Speaker 8: in line the ticket prices as well, like the demand
[22:02] Speaker 8: generally to attend is driving up ticket prices, which is
[22:05] Speaker 8: then driving up the debenture to the values. But but
[22:08] Speaker 8: like you say, it's you know, it's it's interesting. It's
[22:11] Speaker 8: an interest from all around the world. You know, say,
[22:13] Speaker 8: if you're growing demand from India as well, which you
[22:16] Speaker 8: know that you're seeing. You know, younger people from India
[22:19] Speaker 8: travel around the world, especially to places like London in
[22:21] Speaker 8: the summer. They might go to the cricket this summer
[22:24] Speaker 8: and then they might think what else can I go to?
[22:25] Speaker 8: And they might think, oh, I can spend some money
[22:27] Speaker 8: and go to Wimbledon as well and other popular sport there.
[22:31] Speaker 8: US is really driving that demand. As I mentioned, still
[22:34] Speaker 8: they're the they're the main buyers of these on the
[22:37] Speaker 8: resale market and driving up the cost. But it's you know,
[22:41] Speaker 8: sport generally, valuations arising, whether it's teams, franchises or ticket prices,
[22:46] Speaker 8: it's all it's all going up.
[22:48] Speaker 3: Yeah, we've been talking about the World Cup and the
[22:51] Speaker 3: dynamic pricing there and all the controversies around that. I showed.
[22:54] Speaker 3: There's also been a lot of controversy recently about how
[22:58] Speaker 3: much of a share of tournament winnings is actually paid
[23:01] Speaker 3: out to the players, What has happened and how might
[23:05] Speaker 3: we see things actually play out at Wimbledon this year.
[23:10] Speaker 9: So over the last couple of years, there's been constant
[23:13] Speaker 9: discussions amongst between players and the four Grand Slams about
[23:18] Speaker 9: revenue share. The players are demanding a higher revenue share
[23:23] Speaker 9: coming from the tournaments. They're seeking about twenty two percent
[23:26] Speaker 9: by twenty thirty. Currently each Grand Slam has different percentages
[23:32] Speaker 9: I think, ranging from about twelve to sixteen percent, and
[23:35] Speaker 9: so they're arguing that compared to other sports, they're receiving
[23:40] Speaker 9: less of the revenue from these major tournaments as Jamie's
[23:45] Speaker 9: been saying, they've only been getting you know, they've only
[23:47] Speaker 9: been receiving more and more money, and so players want
[23:50] Speaker 9: a little bit more say and how much they're making.
[23:52] Speaker 9: They also want to they want a little bit more
[23:55] Speaker 9: say in how the scheduling is being implemented the season.
[24:00] Speaker 9: Tennis is one of the longest sports when you look
[24:03] Speaker 9: at their season starts in January and things kind of
[24:06] Speaker 9: wrap up in November, so it's all year long, and
[24:09] Speaker 9: they want to be they want to hire, they want
[24:13] Speaker 9: more of a voice in how the scheduling has been
[24:16] Speaker 9: going on. And so these discussions which has been happening
[24:19] Speaker 9: between the players and each each of the four Grand
[24:23] Speaker 9: Slams separately, has been a lot of backdoor over the
[24:26] Speaker 9: last you know, eighteen months to twenty four months.
[24:30] Speaker 3: Great stuff, lovely to speak to both of you. Thank
[24:32] Speaker 3: you so much for your time. That is big Bergs
[24:35] Speaker 3: Jamie Nimmo and Aishadiano talking about Wimbledon. Hope some of
[24:39] Speaker 3: you out there get to snapops and tickets for sw
[24:43] Speaker 3: nineteen of course and all the tennis action. I'm Caroline
[24:46] Speaker 3: Hepga hit in London. You can catch us every weekday
[24:49] Speaker 3: morning here for a blue big day break you at beginning
[24:50] Speaker 3: at six am in London. That's one Amma.
[24:52] Speaker 2: We'll seek Nathan, Thanks Caroline, and coming up on Bloomberg
[24:56] Speaker 2: day Break weekend, we'll look ahead to some key readings
[24:58] Speaker 2: on growth and inflation or Vietnam's economy. I'm Nathan Hagar,
[25:02] Speaker 2: and this is Bloomberg. This is Bloomberg Daybreak Weekend, our
[25:17] Speaker 2: global look ahead, the top stories for investors in the
[25:19] Speaker 2: coming week. I'm Nathan Hager in Washington. This week we'll
[25:22] Speaker 2: get some key readings on growth and inflation in Vietnam.
[25:26] Speaker 2: For a closer look, let's get to Doug Krisner, host
[25:28] Speaker 2: of the Bloomberg Daybreak Asia podcast.
[25:31] Speaker 4: Thanks Nathan. Vietnam is a key member of ASSION, the
[25:34] Speaker 4: Association of Southeast Asian Nations, and together these eleven countries
[25:39] Speaker 4: make up the world's fifth largest economy. Among the major players,
[25:43] Speaker 4: we've got Indonesia, Singapore, Malaysia and of course Vietnam. Now
[25:48] Speaker 4: on its own, Vietnam is one of the world's fastest
[25:51] Speaker 4: growing economies. In the first five months of the year,
[25:54] Speaker 4: industrial production rose at an annual rate of nine point
[25:58] Speaker 4: one percent, and retails sales grew at eleven percent, and
[26:02] Speaker 4: I think it's fair to say those numbers would be
[26:05] Speaker 4: the envy of any jurisdiction. Now, in the week ahead,
[26:08] Speaker 4: we'll get Vietnam's GDP figures along with the latest monthly
[26:12] Speaker 4: reading on inflation, and for a closer look at the
[26:15] Speaker 4: Vietnam growth story and what we are likely to see
[26:18] Speaker 4: in the data in the week ahead, let's bring in
[26:20] Speaker 4: Bloomberg's Francesca Stevens. Francesca is our Vietnam Bureau chief, and
[26:25] Speaker 4: she is on the line from Hanoi. Thank you so
[26:27] Speaker 4: much for being here. So I kind of laid out
[26:30] Speaker 4: some of the data points around the growth story. I'm
[26:33] Speaker 4: curious as to how you believe the government is going
[26:36] Speaker 4: to view these numbers and the degree to which it's
[26:39] Speaker 4: trying to shape economic growth.
[26:43] Speaker 10: So we get the latest imprint next week, when the
[26:48] Speaker 10: big thing we're watching here is to see just how
[26:50] Speaker 10: far off the ten percent growth target Vietnam is at
[26:54] Speaker 10: the moment. Last quarter it came into sunder eight percent.
[26:58] Speaker 10: Anything around eight percent would still be great for Vietnam
[27:01] Speaker 10: because of the last few months when we've seen the
[27:05] Speaker 10: Iran war having an impact across this region, with rising
[27:09] Speaker 10: energy costs feeding into higher costs for pretty much everything,
[27:15] Speaker 10: So we're really watching out to see if the government
[27:17] Speaker 10: here starts softening its language on the double digit target.
[27:21] Speaker 10: There hasn't been any sign of that yet, and in fact,
[27:24] Speaker 10: in the last few months, we've just seen imports from
[27:27] Speaker 10: China continuing to surge, as have exports to the US
[27:32] Speaker 10: in the latest In the most recent US data, actually
[27:36] Speaker 10: Vietnam posted the second largest deficit with the US, behind
[27:40] Speaker 10: Taiwan and ahead of Mexico and China. But as I said,
[27:44] Speaker 10: one of the bigger concerns here at the moment is inflation.
[27:49] Speaker 10: It ticked up to over five percent in May, which
[27:52] Speaker 10: is over the government targeted at the moment, as that
[27:56] Speaker 10: surge in global energy prices trickle through. The government actually
[28:01] Speaker 10: at the moment is looking at the average for this year,
[28:04] Speaker 10: which is around four point three percent. So as far
[28:07] Speaker 10: as it's concerned, I think there is a little bit
[28:11] Speaker 10: of wiggle room. We are watching out to see if
[28:14] Speaker 10: we're going to see any adjustment to the key policy
[28:17] Speaker 10: interest rates here. We haven't seen any adjustment since the
[28:21] Speaker 10: summer of twenty twenty three, so it's been quite a while.
[28:26] Speaker 10: But if the FED raises rates in the next few
[28:28] Speaker 10: months that might change things. But in the meantime, as
[28:31] Speaker 10: I say that, the government here is hammering hard on
[28:34] Speaker 10: the growth story. We've got massive construction going on across Vietnam,
[28:39] Speaker 10: including here in Hanoi, where there's a big two point
[28:43] Speaker 10: five trillion plan to overhaul the city. There's construction everywhere,
[28:49] Speaker 10: and the government's really pushing hard on that growth story.
[28:53] Speaker 4: So I think of manufacturing obviously when I think of
[28:56] Speaker 4: the Vietnamese economy. Also logistics talk to me a little
[28:59] Speaker 4: bit about how the economy is undergoing some sort of
[29:03] Speaker 4: digital transformation, and also where green energy fits in as
[29:08] Speaker 4: part of the growth story.
[29:10] Speaker 10: So there is a lot of messaging here around the
[29:13] Speaker 10: green transition, and it is really important for Vietnam because
[29:18] Speaker 10: it's on the frontline of climate change where its long coastline.
[29:21] Speaker 10: We saw really intense storms last year, and that's only
[29:25] Speaker 10: exacerbated the need for this push to green energy, and
[29:29] Speaker 10: particularly after the last few months when obviously we've seen
[29:33] Speaker 10: all the uncertainty because of what's been happening in the
[29:36] Speaker 10: Middle East. So the government has been pushing hard to
[29:42] Speaker 10: improve the renewable energy space here, but there are a
[29:46] Speaker 10: lot of complexities around how the grid operates how EVI
[29:52] Speaker 10: and the state owned utility manages its relations with renewable
[29:57] Speaker 10: energy companies that want to come in, and there are
[30:01] Speaker 10: there are there are a few ongoing issues around historic
[30:06] Speaker 10: feed in tariffs for energy companies. So there is a
[30:09] Speaker 10: big push to improve the renewable energy sector here, and
[30:13] Speaker 10: you know, solar power is obviously something that Vietnam could
[30:19] Speaker 10: be making the most of. In fact, some of the
[30:21] Speaker 10: industrial parks are now starting to install their own rooftop
[30:25] Speaker 10: solar systems. There has been a push to get offshore
[30:29] Speaker 10: wind up and running, but again there have been a
[30:31] Speaker 10: few challenges with that implementation. And also there's a there's
[30:38] Speaker 10: been a big push to integrate more LNG into the
[30:42] Speaker 10: energy mix, but Vietnam's coming from a slightly standing start,
[30:47] Speaker 10: I think when it comes to LNG. So there is
[30:50] Speaker 10: a lot of discussion about bringing more energy into the mix,
[30:53] Speaker 10: but the infrastructure isn't there yet. So at this point
[30:56] Speaker 10: they're still at the implementation stage of trying to figure
[30:59] Speaker 10: out how and where to build the necessary terminals, the
[31:03] Speaker 10: necessary infrastructure to get the L and G in. And
[31:07] Speaker 10: then in addition to that, there is a proposal to
[31:10] Speaker 10: revive nuclear power. There's two nuclear power plants down in Nintwan,
[31:16] Speaker 10: which the government is trying to revive on a very
[31:19] Speaker 10: quick timeline. There is Russian involvement in one of those
[31:22] Speaker 10: nuclear power projects, and South Korea has expressed an interest
[31:26] Speaker 10: in being involved in the second, but those are still
[31:29] Speaker 10: a little way off when it comes to coming on stream,
[31:32] Speaker 10: and health painted contribute to the energy mix.
[31:35] Speaker 4: So we know that the export economy is a very
[31:38] Speaker 4: important driver of growth. We also know that tariffs have
[31:42] Speaker 4: been a major instrument of trade policy from the Trump administration.
[31:47] Speaker 4: They were applied a while back on goods leaving Vietnam
[31:51] Speaker 4: for the US, and the reason this was done strategically
[31:54] Speaker 4: was to try to get an upper hand in negotiating
[31:57] Speaker 4: a trade agreement. So there was some sort of deal
[31:59] Speaker 4: that was agreed to. And I'm curious as to get
[32:04] Speaker 4: your take on where we stand right now in the
[32:06] Speaker 4: story of US Vietnam trade. Where are we now.
[32:11] Speaker 10: It's been a really long journey with the trade deal
[32:15] Speaker 10: and they're still at this stage, is still not a
[32:18] Speaker 10: final trade agreement between the US and Vietnam. They came
[32:21] Speaker 10: out with a framework last October, but since then we
[32:26] Speaker 10: haven't seen the final deal signed, and actually In the
[32:29] Speaker 10: last few weeks there's been more pressure from the US,
[32:32] Speaker 10: so Vietnam is now facing three separate Section three oh
[32:37] Speaker 10: one investigations alleged excess manufacturing capacity, forced labor, and the
[32:43] Speaker 10: most recent was into IP violations. In fact, in the
[32:49] Speaker 10: most recent report, Vietnam was the only country named as
[32:52] Speaker 10: a priority foreign country, as a sign of just how
[32:56] Speaker 10: seriously the US is targeting Vietnam under these these various
[33:01] Speaker 10: different investigations. So is this going to force Vietnam back
[33:05] Speaker 10: to the table to sign a trade deal soon? Quite possibly.
[33:09] Speaker 10: The deal got bogged down by discussions over what constituted transhipment,
[33:14] Speaker 10: which was one of the headline headline figures that came
[33:18] Speaker 10: out of the trade deal negotiations last year, with the
[33:22] Speaker 10: US threatening a forty percent tariff on good steam to
[33:26] Speaker 10: be transhipped. But there were very but there were many
[33:29] Speaker 10: questions around how that would be defined and how you
[33:33] Speaker 10: would monitor it, etc. And as far as we understand,
[33:37] Speaker 10: that is still one of the issues that is holding
[33:39] Speaker 10: things up, as well as the situation around intellectual property violations,
[33:45] Speaker 10: which the US has been coming down hard on Vietnam
[33:51] Speaker 10: on in recent weeks now, Vietnam has has been very
[33:55] Speaker 10: vocal about stepping up its campaigns against fake counterfeit goods,
[34:00] Speaker 10: shutting down piracy websites, etc. But at singstand at this moment,
[34:06] Speaker 10: it doesn't seem like that's been enough to convince US
[34:09] Speaker 10: investigators that it's doing enough. And in the meantime, Vietnam
[34:15] Speaker 10: is continuing to balance its relations with China. We're still
[34:18] Speaker 10: seeing a lot of Chinese involvement and investment in northern Vietnam.
[34:23] Speaker 10: They're working on three different rail link rail links together
[34:27] Speaker 10: to connect northern Vietnam to southern China. And we're also
[34:31] Speaker 10: waiting for an announcement at the moment about who will
[34:34] Speaker 10: win the contracts for a north south high high speed
[34:37] Speaker 10: rail project, which again could be Chinese involvement. So as always,
[34:43] Speaker 10: Vietnam making sure to balance its relations with the two
[34:47] Speaker 10: big superpowers as carefully as ever.
[34:49] Speaker 4: For the investment community, I'm curious about the way in
[34:51] Speaker 4: which Vietnam should be viewed. For such a long time,
[34:56] Speaker 4: it was viewed as a frontier market, and I would
[34:58] Speaker 4: imagine that there are still a diversity of opinions in
[35:02] Speaker 4: understanding the type of market that Vietnam represents in terms
[35:06] Speaker 4: of investment opportunities. Give me a sense of what we're
[35:11] Speaker 4: looking at in terms of scope and how Vietnam is
[35:14] Speaker 4: being viewed right now, and maybe a little bit of
[35:17] Speaker 4: the diversity of opinion that's that's out there.
[35:21] Speaker 10: Look, I would say on the whole, there is a
[35:23] Speaker 10: huge amount of optimism around the Vietnam market at the moment.
[35:29] Speaker 10: We've got the foot see Russell upgrade from from Tier
[35:32] Speaker 10: market to emerging market status that's going ahead in September,
[35:37] Speaker 10: but that's really seen as just one step on the
[35:40] Speaker 10: much bigger path that Vietnam wants to take, which is
[35:44] Speaker 10: getting upgraded by MSCI. There was a review last week
[35:49] Speaker 10: where there had been some hopes that Vietnam would be
[35:53] Speaker 10: placed on the watch list for the upgrade, but it
[35:56] Speaker 10: seems that it's too soon for MSCI. And there are
[35:59] Speaker 10: a few issues that they raised which are which you know,
[36:03] Speaker 10: reflect the broader concerns of the investment community, and that
[36:07] Speaker 10: is around low free float levels some firms. They also
[36:13] Speaker 10: raise continued limits on foreign ownership, which is really really
[36:17] Speaker 10: quite a big one for a lot of the investors
[36:19] Speaker 10: that we speak to. It also highlighted concerns about investability,
[36:24] Speaker 10: transparency and price discovery concerns as well as the absence
[36:30] Speaker 10: of an offshore currency market and onshore constraints. So there's
[36:35] Speaker 10: quite a few issues there that Vietnam knows it needs
[36:39] Speaker 10: to tackle if it wants to get onto that watch
[36:42] Speaker 10: list for MSCI. But having said that, it is also
[36:47] Speaker 10: taking some of the other reforms that have previously been
[36:50] Speaker 10: highlighted as necessary. So, for example, next year we're due
[36:55] Speaker 10: to see the establishment of a central counterparty clearing mechanism,
[36:58] Speaker 10: so that there was one of the that was one
[37:01] Speaker 10: of the big asks. And yeah, I think you know.
[37:06] Speaker 10: The perception is that the Vietnam is slowly making the
[37:11] Speaker 10: kind of steps of progress that the investors want to see,
[37:15] Speaker 10: but there still seems to be quite a way to go.
[37:18] Speaker 4: Super comprehensive report on what's happening these days with the
[37:22] Speaker 4: Vietnamese economy. Francesca, thank you so very much. Bloomberg's Francesca
[37:26] Speaker 4: stevens Our, Vietnam Bureau Chief, joining from Hanoi. I'm Doug Chrisner.
[37:31] Speaker 4: You can catch us weekdays for the Daybreak Asia podcast.
[37:34] Speaker 4: It's available wherever you get your podcast. Nathan.
[37:38] Speaker 2: Thanks Doug, and that does it for this edition of
[37:40] Speaker 2: Bloomberg Daybreak Weekend. Join us again. Monday morning, five am
[37:44] Speaker 2: Wall Street Time for the latest don markets, overseas, and
[37:47] Speaker 2: the news you need to start your day. I'm Nathan Hager.
[37:50] Speaker 5: Stay with US.
[37:50] Speaker 2: Top stories and global business headlines are coming up right
[37:53] Speaker 2: now

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