This is Bloomberg Daybreak Weekend, our global look at the top stories in the coming week from our daybreak anchors all around the world. Straight ahead on the program, A look at what we can expect for US mortgage rates in twenty twenty six. I'm Alexis Christophers in New York.
I'm Calain Hepkeahey in London, where we discussed the snap election in Denmark shaped by the standoff with President Trump over Greenland.
I'm Doug Krisner looking at earnings in the coming week for the Chinese ev Maker byd.
That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg eleven three to zero, New York, Bloomberg ninety nine to one, Washington, DC, Bloomberg ninety two nine, Boston, dav Digital Radio, London, Sirius XM one twenty one, and around the world on Bloomberg Radio, dot Com and the Bloomberg Business app.
This is Bloomberg Daybreak Weekend, our global look at the top stories in the coming week from our day break anchors all around the world. Straight ahead on the program, A look at what we can expect for US mortgage rates in twenty twenty six. I'm Alexis Christophers in New York. Good day to you. I'm Alexis Christophers. We begin today's program with a look at US mortgage rates for more
on what we can expect this year. We're joined by Erica Aidelberg, Bloomberg Intelligence Chief mortgage backed securities strategist.
Erica.
Great to have you here, So glad you're on the show because this is a hot topic right now. Mortgage rates. We saw them rise last week to the highest level so far this year. Big drop in refinancings as well. What's going on in the mortgage market.
Hi, thank you for having me on. A Good morning to you. Yeah, mortgages, mortgage rates in particular, are right at that interesting cusp where there's been so many barbers who had to take out mortgage at a higher rates over the past four years that we're told to we like to say, date the rate, marry the house. So a lot of these borrowers really had to stretched to
take out these mortgage rates. And at the same time, since these were the highest mortgage rates in about twenty years, they were acutely aware that they were locking in relatively high mortgage rates, were hoping to be able to refinance, and in fact, some of them were really hoping because
they'd really stretch to take out these mortgage rates. We saw a thirty percent drop in refinancing applications just based on this very small shift back upwards and rates, and we could talk about what caused that as well, and that what that really highlights is just the huge percentage of borrowers who are right on that cuspoer refinancing, and a thirty percent drop one way or or increase one way or the other could really make or break a year for like a mortgage banker.
For instance.
Sure, so what we're also saying is that mortgage bankers themselves are really intent in getting as many of these refinancings through the pipeline as quickly as possible as they can.
Before rates going before rates go higher for us, what about fifteen year? Where is that sitting at the moment? Which I know that's more popular with refinancers.
Yeah, it is more popular with a lot of refinancers. However, it encurs quite a bit of higher payment. You know, a lot of times when that is in fact a popular item, it's because there's been enough home price appreciation or enough seasoning in the mortgage loans that it makes
that it makes sense. You know. For instance, I even refinanced into a fifteen year a few years ago because we had a thirty year mortgage and if we'd refinanced into another thirty year mortgage, our whole stream, but our whole interest stream, would have been higher.
Sure, is this really all about the war with Iran, what it's doing to the oil markets and how that can be inflationary And we've seen how that has impacted the ten year treasury, and the thirty year is very closely tied to the ten year treasury, more so than what the Federal Reserve does, of course with its overnight interest rate. So is that what's behind this this rise, this re rise in mortgage rates.
That's an excellent question. And just for the fun of it, recently I was working on a note where I was looking at the correlation between say, mortgage rates or mortgage spreads and oil rates. Pretty much no correlation, ok, you know, I mean, you know, you can see times, but what
really is driving this? As you said, the key here is what it's doing to inflation expectations, and more importantly, it's also creating a lot of uncertainty about what the fen's going to be able to do, what direction rates are going to be able to go. What does uncertainty mean.
Uncertainty means increases in volatility, both implied in actual rate volatility. Now, volatility is a huge driver of mortgage spreads because mortgage borrowers have the option is what it's called an option to refinance or just not move any time they want. So as a result, the higher volatility is, the harder it is to hedge that borrower option, and the more expense of the wider spreads need to be to both in tract investors, but also for the rate the lenders
are willing to offer the primary rate. And on top of that, you have added to that the fact that if inflation is expected to increase, mortgage rates are probably going to follow as quickly, which means long term rates have also risen, as you pointed out, which includes ten
your treasury. So you have the actual base case rate, the ten your Treasury rate rising, and you have mortgage spreads widening because of this increase in volatility generated by the uncertainty of what's going to have with oil and the war in general.
Are you thinking we might see a thirty year back at seven percent again sometime soon, especially if the war drags on.
You know that that would be a really tough question. I actually didn't see the beginning above seven percent in the first place. You know, I don't think that's certainly the long term equilibrium. I don't have a crystal ball, but it does seem to me that the widening of mortgage breads that we saw that contributed to how high mortgage rates got in twenty two twenty three was mostly because the Fed had just started running off its portfolio.
It was still in tightening mode, which is certainly not my base case expectation.
Oh thanks to Erica Aidelberg, Bloomberg Intelligence Chief Mortgage backed security strategist. Let's take a look now at some stocks making news in the week ahead. I'm Alexis Christoffers with Tatiana dari a Bloomberg strategist for Markets Live. Tatiana, you brought three names with you. Let's begin with if you're a pet owner, you know them well.
Chewy Chewey exactly. Chewey will report fourth quarter earnings and next week, and analysts are expecting a solid profit increase versus the year ahead. And that may come to how the stock revive some of that momentum because it has come under pressure this year on concerns over growth and
the profitability outlook for this year and next year. And analysted Morgan Stanley expect this print to set the tone for the year ahead, and they expect full year guidance of about seven to seven and a half of revenue growth. So remember that number because anything less than that could come to pressure the stock again. The company you know has named the new CFO in February reaffirmed its financial outlook,
so it has tailwinds in place. Its revenue has been steadily climbing through the years, even as we've seen consumers come under pressure from all prices rising elsewhere. Basically, so it has it has a momentum there. It's just that when people are looking ahead, they're concerned about consumers pulling back now with high oil prices, So we sort of need to see revenue outlook and that guidance be lifted so that the stock investors feel more reassured.
That was interesting when you talk about consumer spending, because sometimes we'll pull back on things for ourselves, but I think history has shown people don't necessarily pull back for their pets. They're still going to pay for their pets. Also, they have their Chewy Vet clinics that I guess are in stores. I understand that's going to be a bigger part of the Chewy story, I guess in twenty twenty six.
Yes, exactly a push there. And they also have their sort of revenue or their online platform or you can schedule deliveries, and that's also been a big focus for the company and for the stock. But yet again, as those growth concerns have been battering the stock, it will be very important for them to go back to what analysts have been saying to a beat and raise cadence right,
which they have not had in recent quarters. We have a great function on the terminal where you could see how results have been coming in pitted against expectations, and five or four of the past five have not really been great. The last one was better, which sets up hopes that this one will come in also better than expiring.
And just want to add Morgan Stanley kept its overweight rating on Chewy, trimming its price target to fifty dollars from fifty one, saying the stock is offering a quote compelling entry point following its recent decline, So Chewy on the move here in the coming week. Also beyond Meat, which I know is dropping the name meat from its from its official title, right, tell us what we can expect there.
Well, the maker of alternative meat product is also did to report, but expectations here are much lower because they've already reported preliminary revenue and it came below expectations. With that, they also said that they will delay the filing of their ten K annual report because the company requires additional time to complete a review and analysis related to its inventory balances. And you know when you get messages like that,
that always books the market. And this is something that this company did not need because if you look at the long term chart, the stock has fallen dramatically since it's much talked IPO in twenty nineteen. It's lost more than ninety percent of its value since then. So it really doesn't have a good story. It keeps getting worse, and it doesn't have a good track record when it
comes to earnings either. Four of the past five quarters have seen earnings really disappoint expectations and shares fall as a result. So the bar is pretty high here for a surprise.
Yeah, and you know, I know they're trying to expand beyond fake meat. They're rebranding as Beyond the Plant Protein Company. They're introducing these new products like high protein sparkling drinks and what they call simplified plant protein foods. We'll see if it's you know, that's what it takes to turn things around. All right, let's squeeze Carnival in here, the cruise line. How are they doing or how are they expected to do?
Carnival of reports before the ball in March twenty seven. What the street wants to know here is how much will higher oil prices impact it's your head outlook. This is sort of the big question when it comes to
earning forecasts just overall. In the S and P. Five hundred, but specifically to Carnival, Morgan Stanley identified the name as the most exposed among cruise liners to oil prices because it does not hedge, which they reckon that this would translate into about a forty five hit hit to its EPs outlook, or that's about a twenty percent hit to its overall guidance if you want to think in percentage terms. Okay, well, if you look at the stock, that's about how much
it has fallen since the war has started. So basically you could argue that the market has baked that in already. Okay, But although this is an estimate, not a confirmation from the company, so we'll have to see if that comes in a sort of a higher or lower than expected. But the point is that the market has already baked in some bad news. Now we have to see how bad will the news actually be.
And Carnival will have to see whether or not they pass those higher fuel costs on to consumers in the way that some of the airlines are doing that. I know some international airlines are charging fuel surcharges, but some American airlines, US based airlines, i should say, are adding it to the ticket price, to higher ticket prices. And whether or not that's going to i mean, a slower summer travel season. Right now, it doesn't look like it's going to be lots to look forward to on the
earnings front in the weeks ahead. We're going to leave it there are thanks to Tatiana Darier, Bloomberg strategist for Markets Live. Coming up on Bloomberg Daybreak weekend, there is an election in Denmark. This week we bring you a preview. I'm Alexis CHRISTOPHERUS and this is Bloomberg. This is Bloomberg Daybreak weekend, our global look ahead at the top stories
for investors in the coming week. I'm Alexis CHRISTOPHERUS. This week brings us an election in Denmark, and Daybreak Europe anchor Caroline Hepger is here with a preview.
Caroline Alexis Metafriedrickson's party was polling at historically low numbers, but barely a month ago the Danish Prime Minister called a general election.
Now.
Proportional representation means that there are more than a dozen political parties running in this vote, with governments in Denmark usually formed from parties within two main blocks, either the blue block on the right or the red block on the left. Denmark also faces many of the same issues in this election as in many other European countries, from housing costs to food prices, welfare inequality and immigration. But it is President Trump's efforts to control Greenland that have
created a major foreign polity crisis. As we head into Denmark's twenty twenty six election, and joining me now to discuss is our reporter in Copenhagen, sanah Vas great to speak to you, Sanna. I just want to ask you how important you think these elections are now for Denmark.
They're very important. Denmark is in the middle.
Of a diplomatic conflict with Donald Trump over Greenland, which is part of the Danish Kingdom. Denmark is currently negotiating with the US to find a solution to Trump's desire for more control over this island, and the next government in Denmark will have to deal with the next steps.
So our Prime Minister Matiflis and she's framed.
This vote as a decisive election because Danes in the next election term will have to define the relationship with the US but also the future of.
The Danish Kingdom. So it's a very important election.
Yes indeed. But then why was the election called quite a few months early?
Yes, that's right.
I mean in Denmark it's the prime minister who decides when to call an election. There is a four year constitutional deadline, but it is quite comment to call the election early when the.
Prime minister sees that the timing.
Looks politically favorable. And that is the case right now for metaphy X now Prime Minister, and it's all tied to Trump, and she performed very poorly in the polls in December, and then she got this massive boost when Trump he started making new threats over Greenland in early January, and this spat it just really reinforced her image as a disciplined and steady leader during periods of national crisis, and that is something that she's hoping to capsulize on with this vote.
So then the US and President Trump looming over this election. What are people saying in Denmark and also in Greenland? And you might explain also that there are some seats in the parliament in Denmark, correct for Greenlandic representatives.
Yeah, Greenland elects two representatives for the Danish parliament and and and they could definitely play a very important role in defining uh the future Danish government and and.
For sure the future relationship with the US.
And and the future of Greenland will play it an important will be an important question in those negotiations generally for for both Denmark and Greenland, it's the first time and in their modern history where geopolitics, geopolitics is really top of mind for voters. And we've seen the topic feature and national party.
Leader debates and and that's quite unusual.
We also saw a poll earlier in the campaign that found that foreign and defense policy that was the number one concern for Danes and and and and so in a way, Trump, he really turned.
Foreign policy into a domestic issue.
And and voters are they're likely to assess politicians on their leadership skills and and their capacity to handle the areknown, and that is favoring especially the governing parties and the Prime minister.
So then tell me a bit more about who is favored to win. According to the polls.
The Prime Minister Medphals and.
Her Social Democratic Party looks set to become the biggest party by far and that will give her the first shot at forming at government. And looking at the polls, she is the most likely candidate to secure my majority backing to make her Prime Minister again. The biggest outstanding question, I'd say is whether she will return to a traditional left leaning red block government or look to renew the or expand the quite unusual centrist kind of cross block coalition that we have.
At the moment.
And one of the biggest challenges for going with renewal of this government is that if midflex And has proposed to introduce a wealth tax, and it's something that's drawn sharp criticism and especially from wealthy people in Denmark.
Some are threatening to leave the country.
But also from the liberal parties who will really struggle to enter a coalition on those terms.
But remember Denmark has.
A very fragmented political system or political landscape, and there's twelve parties.
In the running.
That leaves the outcome very open to kind of late shifts and alliances and policies once coalition negotiations start, and that could really reshape the balance of power. So we are preparing ourselves for potential surprises once talks begin.
Hm.
Hm, that'll be interesting. What about other issues? Though the Danish Prime Minister is known for her tough stance on immigration, how could the outcome of this election shape Denmark's directional mats front?
Yeah, that's right if Felexon she originally in twenty nineteen rose to power in Denmark because she managed to steer her Social Democratic Party towards a tougher stance on immigration, and she in that way reclaimed working class voters who had drifted to the right.
She's also been very outspoken.
In the EU pushing for stricter border controls and tougher immigration policies, and the election could really shape Denmark's direction on this topic in the future, especially if Felexon were to pivot to the left to create a more kind of left leaning majority, it could complicate her ability to maintain this stract approach to immigration. So that's definitely something that not just the Danes of following, but for sure also across Europe.
So then what role do you think that Denmark wants to play then or will all want to play in conversations around the EU and the US.
I think it striking comment that Prime Minister Metaphlags made in a debate on TV quite recently was that the US is no longer Denmark's closest ally. Instead, she's called for closer collaboration in the EU but also with other like minded nations such as Canada for example. And we are seeing also various ways in which sentiment in Denmark, especially on defense and EU collaboration, it's really changing as Denmark is adapting to new global order, I mean Denmark.
It's a very good example is the Denmark earlier this month entered into an agreement with France and nuclear deterrence, and that is quite a dramatic move for a country that has long been opposed to atomic weapons. But it's also an example of the changes that Denmark is now seeing necessary as it realizes it can't rely on the US for security and it needs to build deeper alliances elsewhere.
Whoever leads Denmark next though, yes they'll be thinking about the EU, but surely front and center will be any possibility of a clash with the US. You've been reporting about the idea that there were actually deeper preparations by Copenhagen for some kind of the possibility of some kind of military confrontation with America.
We've seen new information come out this week. A Danish broadcast that R reported quite extensively on some of the preparations that Copenhagen had been undertaking earlier this year. In the event of a potential US attack on Greenland, for example, Denmark deployed troops with live and ammunition. They were prepared to blow up airport runways in Greenland to prevent US forces from landing if Trump chose to take the island
by force. Dr also reported that Denmark dispatched blood supplies to treat the wounded if if fighting were to break out. It really shows how worried Copenhagen were back in January, when Trump was most vocal in his threats. Denmark was extremely worried, and as Danish Prime Minister made flags and said just this week, negotiations underway. We hope for an agreement.
But Trump's desire to take over Greenland remains intact, so clearly that nervousness has not gone away, and a future government may well have to have to deal with the outcome of no deal or potential deal with Trump.
So then finally, this vote is also going to be very into seeing tests about whether campaigning on an anti TARP message can work. Perhaps a lot of other countries will be watching this. What do you think that they're going to be thinking about and looking at when it comes to the Danish example, Yeah.
I think the Danish example is very interesting because even though foreign security policy has taken on greater urgency, it's unclear whether it will move votes really to swing the election. I think in Denmark generally parties are very aligned on foreign policy, and so it leaves little opportunity for candidates to differentiate themselves. So parties are still they are instead directing their energy towards more domestic issues like taxes and
pension reform and agriculture. That's where party device are clearer. But so far Pole suggests the vote preferences have not shifted very much during the campaign. Of course, there is also another element of unpredictability still, and that is that the election is very vulnerable to outside attempts to influence it. Denmark's intelligence service warn recently that foreign powers, including Russia but even also the US, may seek to interfere in
the vote. And there is especially a worry amongst lawmakers running for election in Denmark that Donald Trump at any time could post something on social media and that could really shape the election more than he already has. So that's for sure something that we are watching for and that across Europe will be looking at.
Okay, Sanah, thank you so much for being with us. Yes, well, we look forward to hearing more from you and understanding the outcome of the Danish vote in the next few days. That is Sannah vas Our, reporter in Copenhagen. My thanks. I'm Kline Hebger here in London. Catch us every weekday morning for BlueBag Daybreak Cube. That's beginning at six Am in London. That's one Am or Wall Street Alexis.
Thanks Caroline, and coming up on Bloomberg Daybreak weekend, we preview Chinese ev maker BYD's earnings. I'm Alexis Christophers and this is Bloomberg. I'm Alexis Kristophers with your global look ahead at the top stories for investors. In the coming week, Chinese ev maker BYD will report earnings. For a preview, let's go to Bloomberg's Doug Chrisner, host of the Daybreak Asia podcast.
Thanks Alexis. Last month mark the first time BYD sold more cars abroad than in China, and the company is now the world's top seller of evs. Its manufacturing operations have expanded outside of China. BYD has a new facility in Brazil and a joint venture in Uzbekistan. For a closer look at BYD and what we're likely to see when the company delivers earnings, I'm joined by Bloomberg's Linda Liu. Linda is China Car's reporter. She joins us from our
studios in Hong Kong. Thank you for being here. Can we start with the domestic side of BYD's business. Most brands in China have been facing struggles, and I know weak domestic demand on the mainland has obviously been a major factor for quite some time. Give me your sense of BYD's business in China.
BYD and other Chinese EV brands in China have been facing a number of challenges. To start with, the Chinese economy has been slowing, so you have a weak demand. The government has been trying to stimulate retail sales in the form of subsidies and cars had a trade in subsidy that really promoted EV purchases, but that has started
to be scale back starting from this year. A tax break that previously exempted about ten percent in sales taxes has slowly to come back, starting with five percent this year. And subsidies that had previously gone to a lot of mass market models affordable models that which BID is really strong and has also been reduced. So demand has really been hard hits. In the first two months of this year in China, you're seeing sales falling compared to last year,
so BID has a really tough time. Not to mention competition, You've got rivals like Jili that is really chasing its tail, essentially coming up with models that's exactly targeted at the models that BID has offered. So I think BID is really trying to shake off this stalemate with a launch of new technologies such as innovations and charging as well as battery technology.
Over the last few years, I know there have been some pretty intense price wars among the ev makers on the mainland. What is the situation with that right now?
The price will has been raging now for a number of years, coming into its third year. It's a really tough situation in China because there's an over capacity. Essentially, the country's carmakers are producing more cost than customers can buy, so they really need to get sales rolling by slashing prices keep the factories operating. But in the long term they are really hurting themselves in margins and revenues, so
financially it's not sustainable. And actually you've seen a number of effects on China's auto supply chain where carmakers demand really heavy price cuts, essentially slashing prices of components from its suppliers, so in turn they can pass some of that price cuts onto customers. But that really is just a lot of pressure on the entire supply chain. So the government really is trying to reign in the price war. They've told carmakers they need to pay their suppliers on time.
They really shouldn't be selling vehicles at a price that's below the cost to make them, and we're starting to see some of the carmakers start to raise prices. But I think we're still waiting to see exactly how that's going to play out, because the overcapacity situation hasn't changed.
And BYD has been using foreign markets as a way to deal with that excess inventory stemming obviously from the over capacity issue. I'm thinking of Europe in particular. Is that still the case?
Yes, and Europe is a very attractive market for BID as well as Chinese EV makers because the European market, they will be able to afford more expensive Emmy models, and the EV adoption rates in Europe, especially when you look at countries like Norway, is very high. So Europe is a very to market for Chinese evs. But at the same time, Europe has its own domestic industries that
it needs to protect. So that's why you see the European Union levying this tariff against Chinese evs to try to slow this wave of EV exports to Europe so far, actually it hasn't really slowed down the Chinese EV exports that much because we're still seeing a very healthy growth. But I think the thinking for the European Union is that they hope the Chinese companies will consider investing and
forming joint ventures with local European partners. So the jobs at least will you remain in Europe and maybe there'll be job creation and technology know how transfer to really help Europe's domestic EV making industry.
So speaking of joint ventures, as I mentioned earlier, there is a JV in Uzbekistan, and we know that by ideas expanding manufacturing to include Brazil. What's it work here in terms of the strategy.
Localizing production is quite an important step for automakers as they expand globally. We've seen that with the Japanese automakers like Toyota, Honda, Nissan, as well as the Korean So I think it's very natural for the Chinese automakers like BID to start bringing production overseas to markets where they can see a very sizeable volumes. That would make sense to have localized production, And in a sense it's also one way for these brands to really build local recognition
and goodwill. You know, if you're bringing a lot of jobs with the factory you're building in the new market, I think that will build you know, that would really help propel your brand, not just among the local consumers, but with the local governments.
Whereas b ID when it comes to autonomous driving.
Autonomous driving is a technology that automakers are really trying to stay on top of, especially when you look at Tesla and Elon Musk's vision for robotaxis and autonomous driving, because if this technology manages to reach a mass adoption stage, that's going to change the entire consumption pattern when it comes to cars. You know, if the vehicles can drive themselves, does it even still make sense for an individual to
own cars anymore? Maybe you can just have a robotaxi fleet that serves the community or that serves a city. So the automakers, I think are also you know, trying to have their own autonomous driving technology and thinking about what the business model is going to look like in the future. And now they're doing a lot of exploration. BID is the valid ping its own smart driving technology in house, but it's also working with external suppliers such
as Momenta. This week, we've also seen a number of Chinese EV makers join up with Nvidia onto Invidia's latest smart driving platform. So they trying different routes and hoping that in the future that they will be part of this transport disruption and won't be left behind.
You mentioned Tesla. I'm curious when you look at the rivalry between Tesla and BYD and China, how do they compare.
The dynamics just keep changing all the time. Tesla, for a very long time was seen as the pioneer for the EV industry. It was really the brand that kick started, you know, everyday consumers kind of acceptance of EV's with these really technological Leyden evs, you know that actually drive for arrange without charging. You know, that's more useful for
daily lives. BYD for quite a what, for quite a number of years was playing catch up to Tesla, but last year it finally became the world's biggest brand in selling EV's and Tesla, as we know, was hit by a backlash against Elon Musk's uh you know, political views and activities. And now I think going forward, the competition dynamics is going to change again. Because we're seeing by D bringing out all of these new EV charging and EV battery technology that we I have to be honest,
I haven't really seen from Tesla so far. It seems like Tesla and Elon Musk's priorities have shifted to robotics. They're trying to really get their humanoid robot off the ground as well as robot taxis. Uh So, the focus has changed so much for Tesla that I'm not sure if their heart is really in the game anymore. Just to be an EV company.
It seems like you're describing the rate at which you can charge a Chinese EV and how that compares with other manufacturers.
Right.
Yes, So BYD had a product launch recently in which they claim the latest generation of their EV platform and EV batteries allows you to charge from ten percent to seventy percent, from ten percent to seventy percent in five minutes and nearly full charge in just under ten minutes. Now, with a charging time like that, it really changes the whole paradigm when you come when you're thinking about EV's
as well as petrol powered cars. Essentially, now you probably will be able to get get rid of range anxiety if you can power up in ev in the same amount of time you would have been able to fill up your car with petrol. So that's BYD's goal is to essentially make evs as easy and convenient to use as petrol cars.
So we have earnings from BYD in the week ahead. Give me your sense of what the market is expecting, what to look for and when we view the stock, how has the stock been performing and what is it reflecting right now?
Earnings is going to be tough for BYD. They've had a couple of quarters of falls in their net income, so looking forward to the four year results, they may actually have a first annual decline in profits, probably since the pandemic days. This is largely due to this whole erosion of margins and profits in China's ultra competitive market where you've had this price will go on, as well as regularly scrutiny that basically forced BYD to really clean
up its balance sheets. These sales growth has also slowed a lot, so it's facing all of these pressures for its upcoming earnings, and in terms of stock price, it's come down from a high, but it's still actually doing a lot better than its rivals. Such as Julie. I think people still see BYD as the technology pioneer in
the EV industry. But in the short term, I think there's going to be pressures on the stock price as the whole autos and EV industry in China is facing a lot of challenges with demand in the near future.
Linda, thank you so very much for helping us preview earnings in the week ahead from Chinese EV Maker byd Bloomberg's Linda lu. She is China Carr's reporter, joining from our studios in Hong Kong. I'm Doug Krisner. You can catch us weekdays for the Daybreak Asia podcast. It's available wherever you get your podcast. Alexis.
Thanks Doug, and that does it for this edition of Bloomberg Daybreak Weekend. Join us again Monday morning at five am Wall Street Time for the latest on markets overseas and the news you need to start your day. I'm Alexis Kristoffers. Stay with us. Top stories and global business headlines are coming up right now.