yvonne: it's almost 11:00 a.m. in singapore and shanghai. welcome to bloomberg markets: asia. here are the top stories. equity markets in asia failed to join in on the optimism around the fed that drove the s&p 500 to another record high. regional central banks are watching the fed's plans closely. we speak exclusively to the assistant governor of the thai central bank on their outlook. in india, a key opposition leader has been arrested by the federal anti-money laundering agency just weeks before the national elections. indonesian stocks have been on a stellar run but can the new president's spending plans dent that rally? the ceo will be joining us to discuss that. let's do a check in on how markets are faring today. s&p posting the 20th time of

record highs. avril: this was always going to be a pivotal week for central banks and markets. half of the world's economy setting monetary policy. we thought through -- we got through the boj and fed. in the past 24 hours, we got the surprises from the swiss, taiwan central banks. we had the pboc setting the fix above 710 for the first time in two weeks. that is spooking and traders as well. here, we hear about the geopolitics of it all. smic also potentially in the crosshairs of u.s. authorities. couple that with speedier inflation print out of japan, raising the question, are we going to see another hike from the boj? u.s. economic data strolling -- showing us a strong economy. where do we go from here on the fed? there's not a lot of risk appetite coming through today. haslinda: where do we go for the

csi 300? it seems like that gloomy sentiment is persisting. avril: we saw it rebounding since the latter part of last month. this was from a five year low. traders more or less looking past what was a really uninspiring nbc. it's failing to breach that key resistance 200 day moving average level now. for that to happen, it either has to see strong stimulus coming out of beijing or sustained inflows for the market. neither of which looked to be likely. to answer your question, doesn't look like we will see that rebound so soon. haslinda: thank you. it's been a busy week for global central banks. the bank of japan started off by exiting its negative rate strategy. dovish holds at the fed and the bank of england. the swiss central bank with a surprise rate cut, suggesting the world might have turned the

corner in the fight against inflation. zooming in on southeast asia. bank indonesia earlier this week repeating its plan for an extended pause to maintain stability after malaysia also helped rates. we get rate decisions from thailand in the coming weeks. the bank of thailand contending with not just a shrieking economy but also intense political pressure from the prime minister for an urgent rate cut. for more on the bank of thailand's plans, joining us now exclusively is the assistant governor of the bank of thailand. good to have you with us. we know that core inflation is easing and we have an economy that is lackluster. growth was about 1.9% last year. you have every reason to be cutting rates. >> good morning. thank you for having me back. yes actually. we've had a slower recovery last

year than many people including us expected. we pretty much had back in february, we anticipated the softness in the last quarter of last year already. the numbers came out roughly in line. since then, i would say that the incoming data the last couple of months has actually been in line with what we had expected back in february. so consumption continues to grow at a more moderate pace. tourists, in the numbers and spending, has been a bit higher than we anticipated. the manufacturing sector has actually flattened out. the decline that we've seen for a long time has actually seemed to have leveled off, which is a good sign. on the export front, it is still sluggish i would say. but we are recovering. the big cap is actually the fiscal spending from the delayed

budget. this has been a rather big drab in the last quarter of last year and the first quarter of this year. together, the drag is about 0.8% of gdp compared to normal. so it's quite a significant drag. overall, the economic picture is what we had anticipated back in february. haslinda: can that pave the way for you to cut rates in april? the markets are pricing in big bets that you will be cutting rates. 10-year gilts down 80 basis points since october. the sentiment out there is that you will be cutting. what do you make of that? piti: actually, our reading is that the market is split. it's not completely unanimous. actually, i would say the context is important. in the broad context, we went through with -- through a soft

patch. that was partly due to cyclical factors. for example, the delayed recovery in the global cycle. also, partisan and structural factors that mean that we didn't benefit as much as we could have from the uptick in external demand. but looking forward, we expect that softness has passed. in the near term, there's actually a cyclical pickup and growth. if you look at the guidance that we gave for this year, 2.5 to 3% of growth. behind that number, if you look at the quarter on quarter momentum, it's around 1% on average for the whole year. even if you come in the bottom range of that. so that's an annualized rate around 4% for the year. the momentum that we and most others expect is not that bad. the year-end figures may come in low because of the base effect from last year.

what the npc will be doing at the next meeting will be assessing the durability of this pickup in near-term growth momentum. that depends on how strong the drivers are and how big the structural drags are going to be. that's the main question in terms of the policy decision. haslinda: given what you are seeing right now and given the growth you are talking about, is it reasonable to think that you can maintain the neutral rate of 2.5%? does anything change that target? piti: yeah. the committee aims to be broadly neutral, given where we are in the overall macro picture. you know, broadly neutral is not an exact estimation to have. it's true that there seems to be

slower trend growth than we had anticipated, looking back a year or two years ago. that would figure in whether there's a need or not to recalibrate the neutral stance. that depends on the strength of the cyclical recovery that we are seeing coming in the first half of the year. the first question is to decide whether there's a need to recalibrate neutral. if there is one, the timing is the second issue. what would be the appropriate timing of the recalibration? i would say it's hard to prejudge the decision right now. whatever is being considered is more a recalibration rather than anything cycle to support the economy. the economy is actually recovering, as i said. especially in the first half of the year. haslinda: the prime minister

wants you to cut rates. in fact, he says you should call for an emergency meeting. how are you responding to that pressure from the prime minister? piti: as i said, we've had a constructive dialogue with all parties, including the prime minister, all the parties and the government. we do listen to other inputs. appreciate those inputs. it's a judgment that needs to consider quite a big set of factors. both in the short run and long-run, as well as disparate -- the distribution consequences of our decisions. i think that input is useful and valued. we've been talking about that. i think everybody understands that we just want to deliver on our mandate for price stability, sustainable growth. everybody respects the operational independence that we have in terms of the monetary policy setting.

haslinda: second worst performer in asia year to date. that's mainly because of the outflow of funds. how are you looking? are you concerned about the weakness? piti: it's been a very short your so far. we've had some weakness. we are roughly at the level that we had been in september of last year. it goes up and down. in the last couple of months, the dollar had strengthened a little bit. that made us weaker. we also had some domestic factors. gdp numbers for example came in soft. that's part of the reason why we had more softness than other countries. as you are looking forward, it's important to note that for us and for many countries in asia, the current level of policy interest rates are closer to neutral then and many advanced

economies including the fed. so if you look forward, the likelihood of policy adjustment for the fed would be a lot better than countries in asia including thailand. i think on that front, given the recovery that's projected, there is some support going forward. the fund flows have been negative. quite substantial. so far, the first couple of months have also been negative outflows. now we have to take a more medium-term in fuel -- medium-term view in terms of the currency. haslinda: are you done waiting for the fed? movements by the fed later and they year would perhaps because weakness in the dollar and hence support your currency. is that what you are waiting for? piti: not waiting for that. just saying in terms of looking forward, it's an important point

in terms of policy. it's quite different. being closer to neutral means rates are unlikely to stay here. not far off from where they are right now. the differential will be a bit less. that would be a supporting factor. that's not the main consideration for us. it didn't pose a problem in terms of stability or growth. i would say, there's no big policy issue in terms of the currency level right now. haslinda: what's the biggest risk to all the projections you've made today? piti: one big risk is actually, we hope that the budget displacement -- the budget has been delayed for around two quarters. it's expected to come in line in

april. there will be some makeup, particularly in public investment. the risk is that the execution of having to make up spending on the scale that is required, whether that can be implemented as much as forecasted. that's one big factor. it seems a bit more positive the last meeting. i would say that that would be the main factor. haslinda: always a pleasure to have you on the show. bank of thailand assistant governor joining us from bangkok. let's get a quick reaction on the outlook with head of asia strategy. what do you think, can it be

well supported at the end of the year? >> considering that the fed is still likely to cut, it is still going to cut. that's going to allow currencies to recover. really at this point, we are looking at the lack of tourist flows. the assistant governor has said that there's been a disappointment in the tourist flows. that's really the one that's dampening the recovery in the thai baht. having said that, we expected to recover towards 34, assuming that the fed does deliver on the cuts. haslinda: that's a big question. standpat please. we will have more to discuss with her including her views on the fed and the outlook for china. keep it here with us. this is bloomberg. ♪

so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. >> my sense is still that the

fed has itchy fingers to start cutting rates. i don't fully get it. we've got unemployment if anything below what they think is full capacity. we've got inflation clearly even in their forecast for the next two years above target. you've got gdp growth rising. if anything, faster than potential. we have financial conditions, the holistic measure of monetary policy, at a very loose level. i don't know why we are in such a hurry to be talking about moving towards the accelerator. haslinda: former u.s. treasury secretary larry summers on the fed. let's bring back johann ne-yo victory no. she thinks market pricing for fed cuts is close in line with fed forecasts for now. first up, reaction.

no itchy fingers. don't be in a hurry to cut rates. >> there's a reason not to be hurried. at the end of the day, that's what the fed is saying. they are not in a hurry. it's only three cuts. even if they do cut by three times this year, it is still higher than where we started. but i think what we are looking at is, where is the potential growth in the u.s.? how much lower can the interest rates go from here? at this point, the market can only focus on the cuts this year. after all, we are in an election year. haslinda: it is higher for longer. three cuts this year. in 2025, they factored in fewer the -- fear cuts. >> exactly. when you talk about the geopolitical risks that could model the conversation later on, they may not be able to cut further in 2025. there could be new drivers of

inflation. that would really be driven by u.s. industrial policy or maybe even trade policy. nobody is talking about that now because the focus is on the fed cutting three times. haslinda: usd exceptionalism. that is set to persist. >> i think that's already at its last legs. it's only a question of which central bank will be cutting first. yesterday's surprise move from switzerland has already told us that the page has turned as far as the inflation story goes for the developed markets, at least for most of the developed markets. it's a question of which one would be next. it's possible the rbnz. maybe the fed will be able to hold off until june or july. whether it's june or july, it's three cuts. the others, will the market be changing their expectation of the timing of the cuts for the

ecb? that's where the strength of the dollar becomes murky. at this point, nothing is changing the narrative. the u.s. economy is resilient. therefore even with the cuts, the dollar is still outperforming. haslinda: how do you play fx? piti: -- >> take out the dollar from the equation. the timing really makes it difficult. as i mentioned, the rbnz is the clear line to cut. if you play the policy divergence, i would go for going long aussie kiwi because while it is marginally less hawkish, it is out hawking the rbnz. that's a very clear policy divergence in my view. haslinda: it wasn't long ago that you on played a part. it has been pretty stable. the pboc has supported it in a huge way. does it play any part it all?

what are the guiding factors for asian currencies? >> as you mention, the volatility has been dampened so much. the traders get excited to go from 721 to 722. in reality, that's very little volatility. so the asian currencies are not able to take their cue from the yuan. that's why any changes from the dollar leads to an outsized reaction in the asian currencies as we have seen just today. we have seen again in the dollar. we've seen outsized reaction from the juan and the tieback even though the yuan is still historically stable. haslinda: we have to talk about the yen. 151. closed to 152 which is on the cusp of the 1990 levels that we saw. and yet nothing from anyone.

that's exactly the interesting part. >> everyone is talking about, when will they intervene? but we are not seeing that. we are seeing some jawboning about them looking with urgency. but that's about it. at the end of the day, it's not yen depreciation. it's really dollar strength. but i think when we are looking at three cuts from the fed and the boj will be hiking one more, i think in july, it is still a fed driven narrative. in the near term, we are going to be driven by dollar moves rather than yen moves. 152 may be. we will be hearing more from the policymakers. haslinda: now that the boj has make a negative -- an exit, is there a new threshold? piti: -- >> right now, we are

seeing an extended rally in the dollar which has been unexpected. for most of the central banks in the region, they are seeing more acceptance of another leg of dollar strength. at the end of the day, the fed will cut. i think if the yen were to continue to remain week until the end of the year even with fed cuts, boj may actually start thinking about qt. haslinda: 151 and change. thank you. still to come, the world's most lucrative cricket tournament kicks off in india today, giving investors another chance to cash in on the game. we have more details just ahead. keep it here with us. this is bloomberg. ♪

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[applause] haslinda: pictures from yesterday of apples ceo opening the company's new store in shanghai. also with him is apples senior vice president of retail. the visit signals the tech giants commitments to china even as iphone sales in the country slumped 24% over the first six weeks of the year. meanwhile, apple shares dropping sharply overnight amidst scrutiny from regulators on both sides of the atlantic. in the u.s., the justice department is suing the iphone maker for violating antitrust laws. in europe, the company facing investigations about whether it is complying with the region's markets act. apple erased $113 billion in value overnight. apple suppliers staying in asia.

it's a mix. upon high down 1%. tmm c, negative territory. a massive 9.5% down right now. china of course, a big market for apple. it contributes to 20% of its revenue. today overall, the broad picture is a down day despite the s&p closing at yet another record high. hsi down 2.7%. plenty more ahead. keep it here with us. this is bloomberg. ♪

haslinda: welcome back. china markets heading to lunch. we are seeing the csi 300 index under pressure. it's trading at the lowest level today, down 1.5%. china shares hitting a critical juncture. csi 300 index down more than 50% from the five year lows. you are seeing fund reduction. some correction recently but not enough for the rally to continue. we are keeping an eye on the chinese currency, down three tense of 1% versus the ust. it's at the lowest level in about four months. there's a sense that perhaps the pboc is comfortable with the weakness in the currency. again, csi down 1.5%. down to a four-month low. as we come down to the open in japan which is coming back from lunch, let's take a check on how the nikkei to 25 is doing at this point in time.

just slightly in the positive on a day that asian benchmarks are under a lot of pressure. the nikkei 225 a negative territory as it comes back from lunch. front and center, the yen at 151 versus the ust. it did come close to that 152 level, the lowest since 1990 despite what we saw the boj do which is exit negative rates. nikkei to 25 slightly in negative territory. topics up by three tents of 1%. currency concern for indonesia central bank. let's do a check in on how it's doing. avril: let's take a look at how the rupee at has been faring. for bank indonesia, policy moves have been in defense of the currency. we saw it hold this week as expected, opting instead to ease access to creditors just for the economy.

we saw the fed signals helping the rupiah strengthen. today, given what we are seeing on the dollar and and risk off, the rupiah is back to weakness. we also saw the jacada composite for -- pull further away from the record highs that it reached earlier in the month. let's flip the board and take a look at indonesia bonds as well. we are in the midst of a political transition. there are concerns about the fiscal outlook, given those election pledges, given what could turn out to be a spending spree. if you take a look at how indonesia bond flows have been faring since the election, there have been more foreign outflows than inflows. it looks like international investors are a bit spooked by what could turn out to be a concerning fiscal outlook for the country. haslinda: our next guest believes indonesia's fixed income fundamentals remain sound.

they manage funds, aggregating $5 billion. good to see you again. we have confirmation of the next president. most suddenly, there will be people up in arms, likely to be contested. do you think that will weigh on sentiment? >> yes. that will bring some sentiment but i don't think it is fundamental or structural. that won't bring too much impact to the market. it's been quite obvious. quite significant. we don't think there will be changes in the result. there will be some profits here and there. it won't be anything significant. haslinda: you can consider the risks as well from his cabinet. we've yet to see how that may look. we don't know yet who the finance minister is likely to be. we don't know for sure what his policies will look like as well.

are there risks to that optimism you are expressing? >> that's true. that's why it's very important. there's a lot of expectation coming from investors, locally and foreign. that the new cabinet will be maintained more coming from the professionals. those are very important. we are still waiting, whether the new finance minister is the one that will be very in the market. it's the key coming from the new cabinet, that they show that the lineup will be coming from professional credits. haslinda: how is that guiding your portfolio? how is that guiding where you will put your money? >> it's clear regardless of the cabinet or policy that the new government policy will be more progrowth. that's why there's an expectation that they will revisit the fiscal deficit and most likely it will be higher.

that implies that there's more optimism in the equity market rather than the fixed income. as the previous government has been opting more towards stability overgrowth. we are expecting that they will focus more on growth rather than stability. that's why if you look at the foreign inflows and outflows, we are seeing outflows from the -- the fixed income market. on the contrary, we are seeing a significant inflow going into our equity market this year. we expect this will continue. the trend will continue going forward. we are all waiting whether the fiscal deficit will be lifted going forward. haslinda: so if you are expecting the trend to continue, do you take money out of indonesia's bond market and put it into the equity market? is that the strategy to adopt right now? >> is not necessarily so. we think that the current

valuation of government bond yields remains to be favorable. if you look at the 10 year bond reeled, -- yield, it is all most 4%. it is still one of the highest across the emerging-market fence income bonds. on the valuation side, yes there's a downside risk if the government decided to pivot on the growth policy. valuation wise, we are still one of the most effective compared to the other emerging-market baskets. haslinda: when it comes to the bond market, people say there are better alternatives like korea, like india. why put money in indonesia when there is a lot of uncertainty and the risk is higher? >> if you look at the government debt to gdp ratio, we are still one of the lowest. my thinking is, even though we are lifting our fiscal deficit, it doesn't mean that our fiscal macro ballis is going to

deteriorate. we are one of the lowest with gdp growth. it is fair to expect that the government will do a rational spending and lift up the fiscal deficit to a very risky level. we are still on the expectation that the fiscal deficit will be lifted slightly compared to the current level. it is still very premature to expect that the government will do aggressive spending policy going forward. i think government spending is the key. if government spends to a productive spending, if the government can be accountable, then it's actually a good story for indonesia markets going forward. haslinda: just one final question on the rupiah. where do you see it had a? bank indonesia is waiting on the fed. what do you see the rupiah doing? >> unfortunately, it's more of a

u.s. dollar strength right now. i don't think they will do any action before the fed is confirmed that they will cut rates. our base case scenario is that they want do anything until pi stops cutting rates. that will be during the second half of the year. if you look at the recent trajectory of inflation, there's a little bit of pressure coming back. the disinflation has been quite delayed. i don't think pi will do anything until they are sure that the global deflation will come down and the fed will be cutting rates. that won't be until the second half of the year. haslinda: thank you so much for being with us today. here's a look at where -- where the major banks stand in southeast asia. malaysia and indonesia holding onto rate moves this month. we are set to get decision from the philippines as well as

thailand in the coming weeks. earlier, we heard from the bank of thailand deputy governor. >> looking forward, we -- we expect that softness has passed. in the near term, there's actually a cyclical pickup and growth. the momentum that most expect is actually not that bad. what they will be doing at the next meeting will be assessing the durability of this pickup in near-term growth momentum. haslinda: meantime, blackrock thinks that switzerland's surprised rate cut is a signal that the world has turned a corner in the battle against inflation. speaking excessively with bloomberg, the former s&p president explains why this with central bank decided to move now. >> we've been waiting for this for a long time. the market has been pricing it.

basically, the first one is out of the gates. not surprisingly that it's the s&p. switzerland had by far the best inflation record through this difficult time of the pandemic. so it's a courageous step perfectly justifiable when you look at the inflation forecast and the inflation data the last couple years. >> what does a policy mistake look like? is there a danger that if you cut too quickly, then inflation actually makes your job double hard? >> the main challenge they face effectively, goods inflation continues to come down. that's the post-pandemic adjustment. that will settle at zero. that's where goods inflation is. it's not -- what's not going to happen is service inflation coming down. we have very strong labor markets. wages are strong. so my guess is that service

inflation is going to turn out to be sticky when it settles. in combination between goods at sero-and service inflation somewhere around 3%, that suggests to me that what we are going to end up with is a rate that's going to be higher. what you are going to see is a higher for longer story that will ultimately feedthrough the short-term adjustment of rates now beginning to ease. >> we are looking at live pictures. he has said he will step down. what's the intricacies, the complexities of managing the swiss economy right now? >> i think just keeping the track record of the s&p, the legacy of thomas is that he has the best inflation track record of any central bank. i think that's the principle

challenge going forward, to make sure that there's no question that that credibility on inflation will be maintained. on the longer term, how do you deal with the bank that's going to be very large compared to gdp? that's the legacy of the failure of credit suisse. those will be the main challenges going forward. >> would he be worried about market reaction right now? >> they know how to surprise markets. they've done that before. he could have also waited. there's not much point in waiting here. why not go ahead? i don't anticipate any problems. if it gets a little bit of currency weakness out of this, that's perfectly fine.

this is not going to create any kind of major market reactions. it does signal to the world that we've turned a corner. central bank's or easing. the question will be, where does this all settle in the long term? haslinda: that was the black product -- blackrock vice-chairman speaking exclusively with a colleague francine lacqua. let's get back to markets. a check on asia tech in particular. tech stocks getting a hit in hong kong. the hung sang tech index down more than 4% on u.s. sanctions risk. reports suggesting that the u.s. is probing smic for its trip in huawei funds. u.s. has also said it is mulling blacklisting a number of chip companies linked to huawei. that's impacting sentiment. hstech down by more than 4%. hung sang index also lower. property back being a risk to

the market. still to come, an indian opposition leader has been arrested weeks before national elections. we have the details. stick around. this is bloomberg. ♪ [sfx: wind, rain and rolling thunder] nobody's born with grit. british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: stop it! ...only you can see. american announcer: rose, back in the winner's circle. [crowd cheers]

[music out] haslinda: welcome back.

india is just starting its trading day. it's off to a redstart. negative in line with the rest of the region. losses for the nifty 100, also down by 3/10 of 1%. we saw a recent correction. how long that will last, that's the question. some say you want to buy the dip. india will continue to grind higher but not today. down to tense of 1%. it's a dollar strength story. indian opposition leader has been arrested just weeks before national elections. no details have been given about the arrest. our india government reporter joins us from new delhi. what can you tell us about this arrest? >> yeah. it came in last night.

the party has been expecting it for a while. the chief minister of the capital new delhi, also the leader of an opposition party that is gaining supporters. it is slowly increasing its influence in delhi. like i said, they were expecting arrest for the last few months because the party has seen some of its senior leaders arrested. the deputy chief minister was arrested about a year ago and he is still in prison. he's been denied repeatedly. this is expected to lead to protests in delhi. the party has called for its supporters and its workers to come out and protest on the streets. they've also said that they have appealed the arrest in the supreme court, which is going to come up to there.

haslinda: the optics are not great. congress says now that modi is trying to cripple it before the elections. >> a. just as before the arrest, the main opposition party in india held a press conference and it had all its senior leaders who, one after the other, spoke about how the modi government is trying to cripple the opposition. the congress party had its bank accounts frozen a few weeks ago. they are alleging that they financially don't have the wherewithal to actually fight the elections. it does raise questions from opposition parties. if they are provided with a level playing field for the upcoming elections. haslinda: will it dent modi in

any way? >> at the moment, the prime minister enjoys immense support in india. he is writing hi on a growing economy. at this point, it seems likely that he will get a third consecutive term. haslinda: thank you. still to come, the world's most lucrative cricket tournament in india could bowl investors over. this is bloomberg. ♪ hey you, with the small busin ...whoa... you've got all kinds of bright ideas,

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haslinda: the 17th season of the india premier league starts this friday and prevents investors with big opportunities to cash in on the sport, months after india hosted the cricket world cup. well, we can expect a spending boom. >> yeah. as usual, cricket is a huge

sport in india. the indian premier league is once again going to present investors, consumers with a huge opportunity. the cricket world cup this time also coincides with the indian elections. ceos, investors, analysts all expect a huge spending boom during the next couple of months. haslinda: so talk to us about the kind of money we are looking at. >> right. yeah. recently, the data group spent almost 300 million securing the sponsorship rights over the next five years. we also have advertisers and sponsors and investors putting in huge amounts of money into the ad slots. so expecting a lot of money to come in for the advertisements. we have big indian conglomerates.

we have the reliance is jailed summer a -- reliance geo cinema. so we had them by the rights last year for $2.7 billion. we are expecting more money to come in as the season rolls on. haslinda: you can only imagine that that will have a trickle-down effect on the economy, which is already growing at an out -- at an elevated level. >> right. yeah. as consumer spending grows, people expect that the next few months will add to the economy. consumption is going to go high. a lot of companies, especially food and beverage giants, are going to see a lot of benefit from the next few months of the ipl along with elections. haslinda: thank you for that. now to some top stories out of the u.s..

reddit shares 48% as ai pitch gets a warm reception from investors. the social media platform has a deal with google which allows the tech giant to use reddit content for training ai models. the reddit ceo -- coo says she expects the platforms data licensing business to continue to grow. >> the reddit corpus of data is incredibly valuable and it gets more valuable. as there is more content that's generated by ai or computers, original human thoughts and ideas increase in value. we think about it. a new car comes out. who is going to review it? a real-life family of six can tell you what it's like to drive that car. that's always going to be valuable. so whether that shows up in data licensing or in the products that reddit builds, it's valuable. haslinda: nike tumbled in

after-hours trading in new york after posting a disappointing sales forecast. the sportswear retailer expects revenue in the first half of next fiscal year to be down low single digits. nike expects sales and earnings to grow for the full year, minus the impact of restructuring. let's get back to markets and see how bitcoin is doing. the recent rally looks to be losing steam. the largest crypto may post its worst weekly decline so far this year. bitcoin down 10% from its record high. the demand for etf's cooling. we are tracking some of the movers. we are expecting alibaba sales of its stake. we are seeing losses for cloud computing on the back of that. in the broader markets, we are seeing weakness in chinese tech

in particular. thus on reports saying that the u.s. is probing smic for its chips in huawei funds. also molding blacklisting a number of chip companies listed, linked to huawei. take a look at where we are in terms of the age aside. down as much as 4% now. we are seeing csi 300 index lower by 1.5%. it's a strong dollar story. weakness in asian currencies. the -- the rupiah down to tulsa 1%. that's it from bloomberg markets asia. daybreak middle east and africa is next. keep it here with us. this is bloomberg. ♪

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