we have equity moves and then also what is happening in the fx space, watching the levels of the japanese yen closely given a have the likes of bank of america saying 152, 150 five could be available to watch for intervention. haidi: we had some pretty stern verbal warnings in the previous session and that seems to be continuing today as well. suzuki talking about the undesirability of really strong fx moves in either direction. of course, this will feed through into potentially what we see longer-term for japan equities given a helping hand to have seen from the weaker currency. annabelle: that's right, we have definitely seen a weaker yen helping exporters. the question is whether we still see the weaker yen having a negative impact given that it does hurt consumers inside japan, and which one is more important for the equity driver. still, we have stocks coming online, the nikkei 225 and the

topix both a bit under pressure . we saw a bit of weakness keeping through, traders very much looking ahead to the fed's preferred inflation gauge that is due on friday. it could tell us price pressures are still two uncomfortably high for policymakers in the u.s. so a bit of a drop in the prior session. the japanese yen as we said, is very much the want to be tracking this morning, suzuki saying excessive moves are undesirable. taking a look at the korean market landscape, we have the kospi pushing a bit higher so far today. we have really been monitoring the inflows or outflows, but actually a lot of investors are turning net sellers on the market. one of the more interesting dynamics. questions around inheritance taxes, the slow pace of market reform. perhaps that could challenge

korean equities in the near term. korean won is a little bit weaker, but rather stronger against the u.s. dollar. definitely fx moves are the ones to watch today, haidi. haidi: let's look at the trading action, one hour or so into trading in sydney a bit of downside there. pretty muted losses for the asx 200 -- property and financial sectors. really following the pullback we saw in u.s. equities from multiple record highs for the s&p 500. we also had consumer confidence numbers falling in australia for the month of march, households remain concerned about finances in the near term prospects for the economy. that is potentially adding more interest when it comes to rate cut prospects when it is taken in combination with the strong labor market numbers we saw friday. crude is holding steady at

$86.78. australian bonds, several bonds in australia starting the session this morning a bit lower. treasuries fell as markets priced in significant five and seven year offerings that are due today and in the next session as well. that three year rising a little bit. then-year bond yield claiming above -- the 10 year bond yield claiming above four basis. joining is mark matthews, head of asia research at julius baer. i know you have billeted at a welcome berth course markets not just in the u.s., but across international opportunities. do you think that will continue in light of not only a good excuse to see any reversal, really? mark: i don't think it continues. i think the rally broadens out to other sectors in the rest of the world.

, in fact, it looks like we are starting to see that. having said that, i don't want to sound negative on the u.s., because i am not. think back to what the market was looking for in terms of fourth-quarter earnings growth from the s&p in january, it was looking for 2.5. that ended up being 6.5. . if we start looking forward into the first quarter results that will come out in a few weeks from now, the consensus is only looking for 2.1%. i think we could easily see a lift in that, at the same time that the federal reserve is committed to cutting rates this year. so that kind of environment, i think, is good for u.s. stocks. but the rest of the world, if you look at global manufacturing pmi's, they are raising. i think we will have the continuation of a good market, but it does broaden out. haidi: it also feels at the moment that maybe with a little pulldown in risk aversion, that

emerging markets could have some opportunities. do you see that for china and across other parts of the e.m. complex? mark: yes, in fact, some technical analysts have pointed out that the emerging markets, which have been in a downtrend for several years, have broken that downward resistance. to it is largely driven by china given its sites. there is a tradable rally in china. it reminds me of greece in 2012, or the u.s. at the end of the global financial crisis. or even the asian stock markets around 1988 and 1980 nine. once you realized the worst was past us, you had very sizable rallies in the s&p -- 70% in 2008 and 2009. greece and thailand both close to two hundred percent. the gradient is turning positive

in almost all chinese data series. i don't mean to say they are all registering positive growth, but the ones registering negative growth, that negative growth is becoming less negative. so i think as markets realize the worst has passed on china's economy, we will get a very nice rally there. annabelle: do you think the worst has passed for china's economy -- i know that you say there are two data points that have been picking up, but there is also the property sector and that malaise could extend for a few years perhaps. and there are structural problems, as well, in terms of an aging population. mark: all of those things exist. but i would say the property data series is one of them where the gradient is turning positive. the month-on-month deceleration in property prices. it is becoming less negative. this is a market which is just abnormally cheap.

i could give you so many statistics to illustrate that, but the one i like to use the most is the discount net asset value of the property landlords in hong kong which is currently 60% compared to their long-term average since 1988 of 27%. i noticed both weloc land and henderson land have had recent sales where they all sold out within a matter of hours, and launches in hong kong. maybe they offer discounts, say 10% or 15%, but it wasn't 20%, which is the way the stocks were trading. annabelle: so which sectors are you liking in china in particular? we have seen some in the renewable space, growth names or tech moving into bull market territory. which names stand out to you? mark: i am sector-agnostic. if you have a dividend, it

offers a nice cushion and a good thing with china they have so many dividends so you could easily put together a basket of stocks that have dividends in the high single digits or even the low teens. there is an etf called the global x hang seng high dividend yield etf that it has a dividend yield of 10%. so i wouldn't worry about the sectors. i think the market is going to go up, and if you have some yield on top of that, it's even better. haidi: it is so interesting, the bank of japan hikes for the first time in 25 years, and the reaction from fx and equity traders is kind of a collective shrug. do you think that narrative just continues? mark: well, i think that is a sign that the boj did a very good job of communicating that it didn't cause shock incarceration in the market, and indicated that it tends to be very careful. i would say our own forecast was for 140 for the dollar-yen 12

months from now, so we expect a mild depreciation, 5% or 6%. but the thing that i am sure you are very well aware of, is to have accident deflation. that is incredibly meaningful in a country where over half of households and corporate balance sheets are basically bank deposits. there were those massive cash towards the working through two decades of deflation, but if we are exiting at that deflation, which i think a vertically we can say, yes we are, that movie will -- money will be moving into assets like equities. good news with japan is with over 4000 publicly listed companies, there is very many to choose from. there are companies in japan that have been outperformers, even versus the s&p over the last 20 years. the topix, of course, looks blowsy over that time, period but you can find lots of companies that had shares that

have done well because they have four easily in the midteens. haidi: you like robotics and automation is one of your conviction themes. is that a good and opportunistic way to play ai. a way that is perhaps a bit more applied? mark: yes, i think you are playing it i sure robotics and automation -- playing ai, for sure, in robotics and automation because of the upcycle in the sector driven by ai, but you're also playing the transition of the automotive market tv vehicles because those factories need to be retooled. and you are playing generally, what i mentioned earlier it's we are starting to see the global manufacturing pmi's turn up led by new orders. so contrary to all academic predictions, we are at the beginning of quite a nice upcycle in the world economy, i think.

and that feeds through into automation and robotics as well. so -- i mean, i don't want to flog japan too much, but there are several good japanese companies that do that kind of thing. fanok would be one, for example. annabelle: annabelle: that was mark matthews julius baer, thank you so much for your time this morning. we are 10 minutes into the session for trading in tokyo and seoul, but we are tracking crypto-linked stocks, that move higher. bitcoin is a fraction below the $70,000 mark that we have seen in the past week. 70,000 has been a record high. we are seeing some of those names moving to the upside. somewhere else we are looking, and other stock rising at the start is nissan, the japanese automaker just got a three year plan for the company on monday

that was unveiled, and as part of the plan, nissan is targeting an additional one million vehicle sales over the next three years. it really seeking to regain market momentum, boost profitability as well. nissan off the back of that is moving to the downside. it is certainly one to be tracking as we head through the session, haidi. haidi: coming up next, a deep dive into markets with mizuho, with an outlook for the yuan, particularly what we're seeing across em's. before that, boeing announces a leadership shakeup after a customer revolt over its spiraling safety crisis. we will have the details next. this is bloomberg. ♪

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annabelle: boeing shares closed just a bit higher after the playmakerwe leadership overhaul. ceo -- after the playmaker leadership overhaul. -- after the plane maker announced a sweeping leadership overhaul. the ceo dave calhoun be stepping down at the end of the year. katrina nicholas leads asia

transport coverage. given the size and the scope of the issues facing boeing, do you think that this shakeup was inevitable? katrina: i think boeing's customers finale got what they have been after for quite some months now, is leadership shakeup at the lien maker. we are hearing that this was after the ceo of boeings three largest customers, united airlines and others, first boeing directors last week for a meeting where they could air their concerns with the ceo dave calhoun present, and that is according to people familiar with the campaign. pretty chilling that their largest customers wanted to meet with at top man of the job there. these leadership changes were formalized over the weekend. but really, these things have been in the works and been discussed hiding the scenes for

months after this catastrophic incident on the alaska airlines jet in early january that really pushed boeing into a trash crisis that has been ongoing. the directors wanted the overhaul before the company issued its annual profit statements, which is a few weeks later than originally planned. so dave calhoun is stepping down , chairman of the board larry kellner also not running for election at the board. stan deal, the ceo is also departing and he will be replaced by the chief operating office or stephanie pope. so how complete this overhaul has been is quite heartening to investors. the shares are up and it is seen as a knee-jerk change, but it is really a wholesale, concrete step i think towards changing boeing's culture and really trying to rebuild that investor

confidence. haidi: david calhoun, dennis muilenburg, they were both internal candidates who had spent a lot of time at the company. is there more pressure now that they need a fresh pair of eyes to reset? katrina: i think that is the thinking. dave calhoun had been at boeing -- he had steered the company through the first real crisis after the two 737 max crashes. but whoever takes over now is taking over a company that has been playing defense for quite some time now, as one bank of america analyst said. it could be the first chance in a long time that boeing has had to sort of clean their house and reset the narrative. potential candidates for the top job, i think that is what everyone is looking for right now. we are hearing they include, stephanie pope, who is stepping in now to replace stan deal.

she remains in the running despite changing roles in the most recent reshuffle. we are hearing other considerations could include general electric ceo larry culp, the boeing director and ceo of carrier global, patrick shanahan who is the ceo of one of boeing's biggest suppliers, their aerosystems, and also the current chairman of american airlines, also boeing's former finance chief. whoever gets the top job, they will have to work to reestablish the quality controls and win back trust from customers. haidi: katrina nicholas who leads our asia transport coverage with big changes at the top for boeing. other top stories we are today, the israeli government has called off a trip by city officials to the u.s., after the

united states decided not to veto a un security council resolution demanding an immediate cease-fire in gaza for the month of ramadan. it marks the first time the security council has openly endorsed a cease-fire since israel began its campaign to wipe out hamas. 14-16 members voted in favor of the measure, with the u.s. abstaining. beijing says the philippines is building a military outpost on the shore of the south china sea that he claims is chinese territory. china's vice foreign minister launched a protest with manila. earlier that philippines somewhat beijing envoy to formally complain about aggressive actions by chinese vessels after a clash over the weekend in disputed waterway. australia is adding its voice to international concerns about malicious cyber activities it says are being conducted by china. new zealand, the u.s. and u.k. are accusing state-backed chinese hackers of targeting

politicians. our guest joins us with more on this. has austria been targeted as well? paul: no, australia's systems have not been compromised, but there are implications for australia and that is why she is speaking up. she says this sort of behavior is despicable and must stop she's talking about a couple of incidents that happened in the u.k., the u.k. saying politicians and democratic institutions were targeted, china accused of accessing the details of 40 million voters. the u.s. says seven chinese nationals targeted members of congress and other officials in other government departments as part of the state-sponsored group known as apt 31. china has responded and disputes the claims, the foreign ministry says the u.k. accusations are disinformation and the chinese embassy in washington, d.c. says "this is groundless." annabelle: and paul, new zealand also says it has been targeted by china, which puts it in a

pretty precarious situation given it is dependent on china as well for trade. paul: exactly, it took a bit of courage to bring this up, but new zealand is adding its voice to the chorus, the administrator for new zealand's spy agency says new zealand was targeted in 2021. there were links found to another chinese state-sponsored hacking group known as abt 40, there was a breach of that parliamentary network. but she says shortly after the activity was discovered, it was contained and the hackers got removed. collins is calling the behavior and acceptable. but to your point, there is a bit of risk involved for new zealand, because it's a smaller economy, very trade-dependent, china is its biggest trading partner. so calling out this kind of behavior carries a degree of risk. haidi: paul allen in sydney. more to come here on "daybreak: asia." this is bloo ♪

annabelle: space x's starlink tutsi its high-speed internet as being available anywhere on earth. but a bloomberg investigation has found it is being used in territories it has no agreements with, including some ruled by oppressive regimes. for more on today's big take, let's talk with bruce einhorn prude you're talking about places like uganda, yemen, venezuela, russia, so many different countries using this. so how is starlink in a situation where it has been put perhaps into the wrong hands? bruce: starlink is by far the most successful of the new satellite networks that are out there using satellites in low-

earth orbit to provide internet access. there are about 5500 or more starlink satellites and they keep launching more every few weeks. so they have the widest coverage . they have agreements with some countries to have this service authorized in those countries. for instance, in japan, there is an authorization to have starlink. in the united states and a lot of european countries. but there are countries where either they haven't yet reached an agreement, they are in negotiations, or they are just off limits. the question is what can people still do, because the satellites up there in space beaming signals down, if you can get the equipment and find some workarounds, there is potential in some of those countries you mentioned to access the satellites even though the company has not authorized you to do that.

haidi: there are some extraordinary facts within this "big take," right, in yemen, you can find starlink satellites for sale on social media. is there anything the company can do about this? bruce: the company has said that when there have been accusations , say, of starlink terminals being used in places in unauthorized ways, most notably by, say, russian forces in an occupied, the company has said, we have not authorized to this, isn't something we permit. the company does have the ability to take down specific terminals, dishes that could disable. but it is a widespread problem and it is unclear just how much starlink is able to do in order to address the unauthorized use in some of these places. annabelle: how much do you think

that spacex is going to want to cooperate here? bruce: they do want to have good relations with various governments, space x has very close ties with the united states government, has big contracts with the pentagon, with nasa. so it is in space x's interest to be working with governments to try to address these issues. haidi: bruce einhorn there. that "big take" is on the terminal at

constant contact delivers all the tools you need to help your business grow. if billy can do it so can you. get started today at constantcontact.com. helping the small stand tall. annabelle: taking a look at how markets are faring this morning, a slight turn of risk aversion, with the clear exception to the narrative really being korea. more than 1% of the upside. but broadly, traders are a bit

cautious. we saw a pullback in u.s. equities overnight given that investors really on the countdown to the fed's preferred inflation gauge, and any signaling or expectations around the narrative for fed rate cuts over the course of 2024. that is also playing into dynamics around the currency space. if we change our now -- -- despite that boj cut last week, -- the hike, that trend has been weaker for the local currency. and you are seeing the japanese yen holding steady but above 150 one. more joe barton coming from japanese government officials, -- more job owning coming from japanese government officials, suzuki saying they will be alleviating the effects of a bad yen as soon as possible, adding to the chorus of jawboning on the currency. the question is if we start to see more intervention coming through. bank of america say we have to

get to 152 or even up to 155 before we see that. the results of the focus we see on the onshore and offshore yuan because we saw a rebound in both of those yesterday, raising the most since january on a closing basis, after we heard the pboc setting that daily reference rate for monday at stronger than expected levels. it helps to alleviate some concerns of further depreciation. let's bring in our next guest, he is a chief fs strategist at mizuho bank, ken cheung. seems like the pboc is she shaking expectations for stable fixing. ken: it looks a bit contradictory, because on friday, the pboc signaled further depreciation would be allowed. but then on monday, they kept the cny fixing a bit steady.

so the objective from the central bank's perspective maybe just to try to introduce some volatility into the market because before friday's session, we'll the renminbi, the yuan was steady and the volatility was very low. i think it is not enough for the central bank to exceed this policy because right now the market is better. the fed may lower the interest rate in the summer. and then what the pboc wants to to be at this moment is try to introduce some volatility into the market. it can introduce some volatility to reduce the shock when they eventually exceed policy in the summer. annabelle: annabelle: how much volatility do you think they want to inject here? ken: maybe it is already done at

this moment, because they want to allow the yuan to fluctuate more around 7.02 level. but cny fixing at 7.1 is a pretty important signal because according to the 2% trading rules, it means they would allow the onshore yuan and the cny they want to see a trading at the 7.24 level. as long as they keep the cny fixing at this level, it will not allow much fluctuation. on the offshore market, they are tolerating more fluctuation in the market because it may not incur so much on their own corporate businesses. haidi: the downward pull of the yuan and a couple of years past has been a dragging factor for regional ndm currencies. at this point you see the yuan is the biggest driver, or the dollar? ken: i think the fed remains the

most important factor because even asian central banks, they are really concerned with the fed's rate cut cycle this year. we saw the fed -- they tried to just keep their currency stable. and will not stop the rate -- start the rate cut cycle before the fed rate cuts this year. i think the u.s. securities and the strong performance in the equities market is also a driver for the asian currency because we saw asian investors quite keen to do overseas investment. they look at the u.s., europe,

and this kind of major market, equities have been outperforming. so there is still pressure for the asia region. we saw asian currencies remain quite suppressed before the summer. haidi: the resilience in the dollar, it continues to be one of the factors that will weigh on an, or is it as long as the bank of japan doesn't do anything extremely, in fact it may not do something for some time years after last week. ken: i think for the yen year, they are concerned about the depreciation level. i think 152 remains the key level to watch because a few years ago, we saw authorities justify intervention to limit the downside for the japanese yen. at this moment, i think the

research still is quite large because if they lost ground from this level, we may see some sharp depreciation pressure for the year here, especially markets are foreseeing monetary diversion see between the fed and the boj to just continue until year-end. even though the boj has raised its interest rate, the interest rate difference will remain quite large and it is favorable for the carry trade here. it broke the 150 level, i think there will be a trend of even further carry trade's coming into long dollar-yen here. it will create a lot of depreciation pressure on the currency. annabelle: two other currencies in north asia that are very sensitive for the taiwanese dollar. you also have the korean won.

what is your outlook for those currencies? ken: we expect those currencies will remain under pressure until the fed is likely to keep interest rates unchanged at that level. so the interest rate difference will remain as a -- for this currency. also the semiconductor recovery story i think is quite disappointing this year because we saw the taiwan dollar, korean won remain quite under pressure. so it is partly attributable to the pressure because as i mentioned, u.s. equities are doing pretty well this year. we are seeing outflows especially from taiwan investors, we have a story that they are trying to invest in u.s. equities or other major markets. so even if we saw some capital

inflows in this market, the outflow pressure to overseas investment remains quite strong. it keeps the currency on the back foot in q1 and q2. haidi: over is good to have you with us, ken cheung, from mizuho bank. if you look at the energy patch, oil holding its biggest gains in the week over the policy of production cuts and geopolitical tensions in the middle east and russia. for more, let's bring in andrew janes. we are seeing quite a bit of resilience, albeit rangebound trading in the last few weeks or so. are we maintaining the status will in terms of market settings? andrew: hi. bloomberg reporters have been talking to opec+ delegates in the last few days, some national oil officials and what they have intelligence is their meeting coming up next week is likely to be no change in opec+'s output

policy and that is to keep the 2 million barrels a day of oil cuts in place through june. in fact, next week's meeting is apparently going to focus more on getting some members who have been pumping above the quotas, getting them back down to the quotas -- iraq and kazakhstan. we have also got various geopolitical factors which are boosting oil. we have the ukrainian drone attacks starting to have a significant impact on russian production. we also have the houthis working this out is not to join in the u.s.-led strikes. houthis have attacked saudi arabia oil facilities in the past and possibly could again if the saudis enjoyed the u.s. strikes. and that we also got sort of peak summer travel and driving

season coming up in a few months. all of those factors are supporting oil prices. i would say that we've got a couple of things in the background that will probably prevent prices from going too high. that is of course, china, the biggest importer with its ongoing problems that the economy. the other thing is that not open producers, particularly the u.s. -- non-opec producers, brazil and the u.s., still pumping a lot. so still looking reasonably bullish for oil, but i wouldn't expect it to make major gains. haidi: you mentioned china in all three of the oil and gas giants who felt the declines last year. petrochina is standing out. andrew: yes, that's right, trea turner did have a good result. i think that is because they are less exposed to falls in oil

prices than the other chinese oil majors. annabelle: andrew, sort of related to china demand, what we see with iron or prices, they were around $100 a ton a few days ago. now we are buying $110 -- eye ying $110. andrew: oil is very volatile -- iron ore is very volatile and tied to in china. we had a big run-up in prices last year, it was the best- performing commodities. it has been crashed down to earth and the first few months of this year, driven by a more negativity around what was happening around china. last week or so, we have seen a bit of a rebound. it bounced off the $100 a ton level and has come back up. the big issue for iron ore is cost support and at what level

it kicks in. what i mean is the level at which some producers find it un-economic to keep him riding iron ore. rio tinto and others can produce iron ore profitably at really low prices. the more marginal producers in places like china and india will find it un-economic at a certain level and we may have been getting near those levels week or two ago when iron ore was down to $100 a ton. also we have had a very inflationary environment in the last couple of years that the cost-support level, i think, has gone up. for instance in the second half of the last decade, iron ore traded well below $100 a ton for most of that period and was even lower than $50 a ton briefly. but because of that real inflationary environment, cost-support level is higher

meaning, i am not sure exactly where, but at some level, between $80 to $100 a time, it becomes an economic for a little producers to keep producing. that acts as a floor for the price. but iron ore is very tied to what is going on with china's economy. annabelle: that was our energy and commodities editor, andrew janes. thank you for your time. coming the founder of china's well beating factory maker is downplaying a slowdown in global ev sales growth. we will talk to the chairman and ceo next. this is bloomberg. ♪

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annabelle: the founder of the world's biggest battery maker, catl, says the company is pressing ahead with expansion, despite a global slowdown in ev sales growth. in his first interview with international outlets since 2020, robert desiring -- robin zhang said he will crank up the output of more technologically advanced products. for more let's bring in our asia transport reporter, linda lew. we talk so much about the slowdown in the ev sector. how could he be so positive about growth in the space? linda: the way he sees it is

that over the long term, evs will keep growing. demand might be flagging slightly, but he says evs are a good product, sustainable and good for the environment and so everybody will probably eventually move towards evs. the other factor is that in china right now, their growth may be moving towards market condition, by the rest of the world is probably hinging on government mandates and policies to drive ev demand, which he thinks will prop up the growth for the foreseeable future. haidi: hell is catl navigating geopolitical tensions -- how is catl navigating geopolitical tensions? linda: geopolitics is a thing that even robyn himself says is very complicated quite a headache for catl. they are going with that interesting model in the u.s. where, a lot of their clients are based such as tesla. they have a plan going forward,

which uses a model that catl will license its battery making technology to ford and in return are they will charge a licensing fee. catl will also help train ford engineers by either bringing them into catl's headquarters in china or to germany where they also have a plan to help them get up to speed in production. so that is a model that will hopefully get around u.s. restrictions on input from chinese companies. annabelle: and we have byd, of course, reporting earnings later today, and we already have this side of perhaps record profits in 2023. there is always that focus on the forecast as well. linda: yes, 2025 is shaping up to be at intensely competitive year. actually byd probably kicked the latest round of intense price wars. so the forecast for the year is still going to beat off for a

lot of players in the market. byd is on track to report record profits. their margins may be taking a hit due to the discounts they have had to do on evs. haidi: the price war has been going for two years now. are we seeing even more aggressive, now from byd in the latest round? linda: yes, the latest round from byd is different in that now they are clearly targeting competition from traditional gasoline cars so that would be companies like toyota and volkswagen. and trying to edge out the sedans, entry-level sedans and compact cars were these traditional carmakers have long had a really strong market share. now that byd is slashing the prices on its sedan as well as its entry-level siegel model, you're starting to see the

market share being eroded from these legacy automakers. haidi: our asia transportation reporter linda lew there. you can watch us live and catch up on past interviews on our interactive tv function, tightens tv and also dive into any of the securities and bloomberg functions we talk about. plus, become part of the conversation by sitting as instant messages during our shows. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

haidi: some other corporate stories were are watching at this hour, petrochina's profit surged as a rebound in natural gas demand helped offset oil prices. the producer earned $22 billion last year, topping its 2022 record. . natural gas consumption in china rose almost 8% last year. it's a boost to petrochina which supplies most of the nation's gas. wework co-founder adam neumann has reportedly offered to buy the company for more than $500 million, according to the wall street journal, who sources say it is unclear how he would finance the deal. we wework is undergoing restructuring efforts to emerge from bankruptcy in the second quarter. apple, alphabet, google and meta risk potentially heavy fines as

the e.u. launches investigations into their compliance with strict new digital laws. the bloc is looking into instagramming facebook fees. the firms face potential fines of up to 20% of their global revenues for repeated breaches. annabelle: senior executives in finance, technology, health care are gathering in hong kong for the milken institute's global investor symposium. coanchor of bloomberg's the china show," david ingles is there for us. you have a big lineup today. david: we do. we have actually curated the specific people who will be speaking with here today in fact on that very point the timing of u.k.'s coming to me here could not have been more perfect. if you squint your eyes and pay attention a bit further, the

pied piper of gathering people at this business conference with the proverbial chime is coming around right now which goes to show we will get started in a couple of minutes or so. in fact, our first guest, jane s un, will be joining us in a couple of minutes. this is sandwiched between lunar new year and the next long chinese holiday which is in early may, we'll get a sense of what tourism bookings are looking like. china lifted visit requirements for a good number of countries. we will see it whether that actually translated into bookings coming into china, as well. we will have a good conversation around private capital, private debt. the industry is at $1.7 trillion, quite a bit of aum at this specific class. will be speaking with our guests. and also, we will be talking to

one of the canadian pension funds really talking about whether or not -- -- people are here, but are they opening up their checkbooks as it pertains to allegations to china? so, lots of good conversations coming up. stay tuned for all of those. back to you guys. haidi: great conversations coming up, bloomberg's debbie dingell s there. taking a look at how features are tracking, some concerns as we saw the pullback from multiple record highs on the s&p 500 overnight that perhaps beverly could afford to take a bit of a breather. we are seeing that caution in the asian session. s&p futures are a bit more positive. taiwan futures potentially seeing some upside as we get to the start of cash trading for that market. also watching dollar-china. perhaps a reminder for policymakers that they are still very much in control.

the yen and the yuan still firmly in focus, despite the policy pushback we are hearing from both china and japan on their respective currencies as well. offshore yuan -- dollar-yuan ben is off 0.1%. that is it for coverage of asia. we look ahead for the start of trading in hong kong, shanghai and shenzhen. "the china show" is next. this is bloomberg. ♪

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david: we're half an hour from the open of hong kong, shanghai and shenzhen. you are watching the china show. we are at the first-ever global inve