>> it's almost 11:00 in singapore and shanghai. welcome to bloomberg markets: asia. here are the top stories. >> solid growth in continued strengthening in the labor market. also a lack of further progress on returning to our 2% inflation goal. haslinda: hawkish comments by fed chair powell, hitting equities. he signaled that the weight for a rate cut could get longer. new zealand's inflation slows but price pressures persist. we hear from the prime minister who is touting physical restraint terrain and prices. -- to rein in prices. >> get inflation below 3% again. we have a single-minded focus on doing that. haslinda: we meet the man helping indian billionaire -- build a media empire that could

dominate the $28 billion industry in india. after five days of losses, asia looking pretty flat. still set to a race all gains for the year. traders recalibrating expectations after powell set higher for longer, given three sets of hotter than expected eco-data. msci asia index trying to be in the positive but not really. the dollar index, 1264. yields surging in asia. new highs for 2024. tuesday fives, tens. the move index expected treasury volatility at the highest level this year. it's about the strong dollar story. it's taking a breather today. a relief for asian currencies. ust remains elevated. you on fix steady but it has room to head lower. paso falling past 57. that's the lowest level since

november 2022. we talk about jerome powell. this is what he had to say. take a listen. >> we need greater confidence that inflation is moving sustainably toward 2%. the recent data has clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence. right now given the strength of the labor market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work. the performance of the u.s. economy over the past year has been quite strong. come what may, we return -- remain strongly committed to returning inflation to 2%. haslinda: let's put it all in perspective and see how markets have digested this. let's bring in the cio of dis bank. let's start with you. mark says no lending, no rate cut this year. you say still two.

>> we will gravitate towards what the fed is guiding us. to rate cuts. growth has been pretty strong. but we think the full impact of the 500 basis points of rate hikes from a year or two ago, i think the full impact will be felt later this year. that would guide the fed to relax somewhat. haslinda: what would it take to price out them -- the rate cuts? lucy: -- >> marquez of the view that there will be rate hikes. >> we will get to a world where we start considering the idea of rate hikes. at the moment, there is no sign of inflation. powell is the biggest of and the world. the economy is strong. the labor market is strong. i think we will get to a sarah narrow -- a scenario where we consider rate cuts. it's not even near close to the time where you start fighting

this. do you think to cuts still this year? windows the first cut come? what is going to justify it by then? where is this magical disinflation coming from? >> it would be the second half. there should be signs of slowdown. if you look at the u.s., you look at it in isolation. as part of the whole ecosystem of the world economy. if japan and european central bank rates are coming down, it's hard to see the fed go all in in terms of more rate hikes. having already done 500 basis points. mark: why a cut? it doesn't have an international mandate. it doesn't have to worry about the rest of the world. it's the most important central bank in terms of monetary policy. its economy is still strong. i get your point that alternately a strong dollar is deflationary. we are seeing no sign of that

yet. the fed is repeatedly wrong. so, can it risked making this error the third time again? >> the fed controls the short end of the market through its fed fund policy. but it could be a situation where the dollar becomes a lot stronger. because of the reassessment of the trajectory of rate cuts as well as long-term use may go up. that could be a deflationary force. given that inflation hopefully is not going to rear its head and go above 3%, i think there's room for the fed to ease off somewhat. haslinda: no agreement when it comes to cuts or not. there's agreement that yields are trending higher. you say that there's room, a lot of room for yields to go up. mark: i think the long and will go higher. 10-year gilts above 5%. the neutral rate is higher than people have considered the last three years. we are going into a world of higher yields at some point. whether we get hikes next or

cuts, i don't know. there's no justification for cuts anytime soon. the only way is if we see some severe slowdown in the economy. none of the risks we are talking about at the moment are going to provide that. they are not systemic enough. commercial real estate, not systemic. it needs to be something that's going to derail that. or it will take time. a stronger dollar will timidly be deflationary. we are nowhere close to that scenario right now. i think yields are going higher first. haslinda: where are yields headed? >> we think the slower the cut rates, the more the long and will go up. this is due to a lot of supply in treasuries. that will put upward pressure on long-term use. they will start to cut slowly. from a portfolio construction

perspective, we are comfortable. we are quite happy that is higher for longer. the way we guide our clients is really to deploy excess cash today. the way we do it is, income generation part of the portfolio, three to five year investment grade bonds is giving you north of 6% yield. there's an anchor for your portfolio. really, even if the fed were to raise rates as mark would contend, it's ok. locking in 6% plus. haslinda: in terms of stocks, where do you deploy your money? higher yields hurts stocks. that's to be expected. how do you deploy your money? >> we think what we've seen in the stock market last year was really driven by technology. we think there's going to be a broadening of the rally. technology will still be are structural will wait because the

secular growth trends. ai and what have you. we think other sectors are really very reasonable. the talk mark -- stock market is not in a bubble. financials are trading at 10 times the price of earnings. energy. haslinda: you are liking stocks. you say, stocks are the way to go. mark: i'm completely with you. haslinda: finally/mark: it's no fun talking about what we agree on. i agree within the broader rally. i want to know about how far it's going to run. i thought it would go to emerging markets at some point. i've been wrong on the going to the hong kong stocks. that's clearly not work. i think things like brazilian stocks looked exceptionally discounted now. they have the whole commodities story. yet they are seeing no benefits to the narrative that's trading around the develop market world.

when do you think the emerging-market story works? >> we've been waiting for a long time for emerging markets to come back. the strong dollar, high interest rates in the u.s.. once that tapers off, there should be some sort of outflow from the u.s. market into emerging markets. china is the biggest one within the market. in the case of china, valuations are supercheap. we think the downside is fairly limited. for china to rise, including asia, we need to see really strong policy response. sustained policy response on the physical side. we've yet to see that. once that unfolds, at the same time the u.s. dollar picks up. i think that will be a good time. haslinda: there's a lot of optimism between the two of you. what might break if yields

continue to climb higher? >> if it was to climb a lot higher, it has to be the result of inflation rearing its ugly head. if that were to happen, we would reassess the bullish outlook that we are adopting today. but to see inflation going back up before 5%, probably not going to come to pass. there was supply chain disruptions. today, there isn't. so i don't think we will go back there. that's the main reason. basically inflation. haslinda: also ust exceptionalism. you can understand if asia -- asian policymakers break out in hives if the dollar remains elevated. we saw how the philippines peso is also at record levels. mark: i think dollar strength is a concern over time.

the thing that might be interesting, it sounds like you are open to the idea that these rate cuts will come. that will be problematic in the longer term. one of the reasons i have this view is that i don't think higher yields breaks anything this year. ultimately, this no landing will mean a hard landing at some point in the future. that is something way down the line. i think the tail risk that i'm watching for might shock you. this idea that, maybe the fed won't be the exceptional one. maybe what we need to change our narrative on his other central banks cutting is much as we think. i wonder whether our pessimism around growth might be reaching the bottom. we know european growth has been terrible. maybe european and chinese growth starts picking up as well and we get a general tailwind and we go, no one will cut much. in that world, dollar stops strengthening. as people broaden out the risk investments, that's deleveraging

from the world's reserve currency. in that world, without rate cuts, we see the dollar start to weaken. that's where we extend the bond market even further. haslinda: perspective to consider. thank you. still ahead, we discuss spending priorities with the new zealand prime minister as he tries to tame inflation. an exclusive chat with the incoming viacom vice chair about efforts to build a media giant in india. keep it here with us. this is bloomberg. ♪

haslinda: welcome back.

pmi f inched up its expectations for global economic growth this year to 3.2%. it points to strength in the u.s. and some emerging markets while warning the outlook remains cautious amid persistent inflation and geopolitical risks. urging china to find ways to offset headwinds from its property crisis. >> we have an economy that has potentially still relatively weak domestic demand but is growing. it would be an increased reliance on the export sector. that is something, in the context of very tight trade tensions, could be complicated. so certainly in the interest of the chinese economy to develop ways of sustaining domestic demand. haslinda: the u.s. has repeated its concerns about what it sees as industrial overcapacity in

the world's second largest economy. chinese officials have pushed back against washington's claims. jail, it's hard to imagine that china will change its policies because of the u.s.. >> no. it isn't. they've been forceful in pushback of a lot of these claims recently on industrial overcapacity. we've seen this push both from the u.s. last week during the treasury secretary's visit to beijing. we've also seen the german chancellor bring this up as he met with china's leader just this week. it's really that pushback in terms of xi jinping saying, actually exports particularly in the green space have actually helped drag down global inflation. you are seeing a lot of pushback from china on these efforts. haslinda: so what exactly did she shipping say about the benefits of chinese exports?

he did say it was all due to demand. >> what he is saying is that we still have all of this developed infrastructure to push out the products that the world wants. he pointed to it in his meeting with the german chancellor specifically. things like solar panels, electric vehicles, how that has ultimately been beneficial for the world. it's all combining to show you that really china is prepared to be forceful about this pushback on claims over industrial overcapacity that the u.s. and europe are pushing right now. haslinda: thank you for that perspective. let's bring in the cio of dbs. he says recent policy meetings in china provide room for optimism. the question is whether it's time to perhaps ramp up investment in the market. >> very disappointing. stockmarkets in china hong kong. but valuations are really at

trump levels. we do see minimal downside. now for markets to really go back up, we need to see a catalyst. personal consumption is the key. we think china has the means to really bring about a fiscal policy that is strong, sustained, and that will shift the consumer into a more confident consumer. so we need to see that before we would add more exposure into china hong kong. haslinda: what's the place or how best to play china in terms of exposure to the market? >> in china, there are income generating stocks. large banks. they pay you pretty decent dividend yield. in fact, very attractive yield. we do like the technology platform companies. they are in a very weak space now.

that's the way to be positioned in china. haslinda: reckless framework, we saw how the csi 2000 took a hit. down 11% over the course of two days because of concerns of ipos. how are you looking at such? do you read deeper into that? >> if you look across the world, it's not just china. it's the bigger companies, the profitable companies. companies that demonstrate what we call more quality. they are doing well. even in the u.s., small-cap stocks have been lagging big time. so it's quite a universal. the way we are guiding our clients is, by into profitable companies. those with deep modes. strong brands. these are the kind of companies we think will hold up much better in a downtrend. but it will do very well on the

uptrend. haslinda: why play china when there are better alternatives like india, korea? >> valuations is one main reason why you want to be in china. i know all of us got it wrong two years ago when we said, china will come back. but the fact is that it has not really been falling in terms of valuations. it's really rough today. we are not going to add exposure until we see some really strong physical response. as it stands today, you have to hold onto the best in class companies and hold onto that. haslinda: we are seeing continued weakness in the chinese on. some suggesting you will see 7.3. what are you looking at that -- what are you looking at? we are getting mixed signals. >> is not a china currency in isolation.

it's really dollar strength. the dollar is strong against the euro, the asian block in particularly. so that's really -- all the other currencies in asia were also weakening on the back of this. not necessarily a china specific issue. haslinda: even as we are speaking right now, the offshore yuan rising to the highest since 2019. what do you make of these movements in the market? >> 5% is still subdued. i don't think we are that constant in this point in time, of interest rates in asia for example spiking up. haslinda: in terms of chinese growth, you are still at 5%? ubs downgraded that projection. what makes you optimistic? >> if you look at the long-term

drivers of china, personal consumption should come back. savings remains very high. when we see policy response from the government down the road, i think that that will help growth be sustained. haslinda: we hit even more if trump were to come back to power with that 60% tax on chinese products. >> it's not pretty. haslinda: we've been there before, trump in power. >> both sides are in agreement that they want to make it more difficult for china. as you can see from the export sector, it's very competitive on the green energy thing. electric vehicles, solar panels. china has an edge in these sectors. haslinda: we shall see. plenty more ahead. keep it here with us.

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haslinda: welcome back. bitcoin bulls say the crypto token could hit the $70,000 level before the so-called event scheduled for april 19. how it might affect prices. >> the olympics, sporting world cups, leap years. bitcoin halving happens every four years. in the crypto world, it means a boon for prices. in a nutshell, bitcoin halving means fewer new tokens are issued. that's because bitcoin minors receive 50% less of a reward for doing so. at bitcoins launch, miners receive 50 new coins per box. past 2024, that will be cut to

3.125 bitcoin instead. in the past, we've seen prices spike following the event. in 2012, the token jumped by 8000%. this time around, the prospects for further gains are unclear. some analysts say it could trickle -- trigger upside of 80%. others argue the event is already baked in as bitcoin has risen to press records this year. that brings to mind a familiar phrase. past performance does not guarantee future results. haslinda: that was bloomberg's annabelle droulers. a check on our right now. pretty much green across the board. bitcoin, 6437 right now. ether up i seven tons of 1%. bitcoin reached new highs after previous halvings mitigated the periodic drop in mining rewards and the increase in the cost of doing business. the event this month coming after bitcoin more than

quadrupled since november 2022. we are also keeping an eye on chinese banks on the back of fitch revising its outlook for chinese state banks to negative. securities down by more than 4%. that drop dropping the most since 2021 after the csrc said that it is probing the company. still to come, the new zealand prime minister says he's determined to get his country's books in order. more on his spending priorities, next. keep it here with us. this is bloomberg. ♪

haslinda: welcome back. china markets heading to lunch.

chinese stocks recovery stalling so much. csi 2000 index recovering about 5% right now after slumping 11% over a two day time. take a look at where we are good chinese yuan. the fix said it was stable after the pboc loosened its grip on the currency just yesterday. bloomberg has learned that morgan stanley is planning to start cutting about 50 investment banking jobs in the asia-pacific region this week with 80% of the reductions in hong kong. let's get more from jonas bergman. what do we know about this? jonas: as you said, they are planning to cut about 50 jobs in the asia-pacific region. most of them were 80% focused in hong kong, mainland china.

this is a continuation. we've seen cuts from morgan stanley and other big banks over the past three years. this is of course due to the geopolitical concerns. the protracted housing crisis in china and the sluggish economy. the deal spigots have been shut off both from mainland china and in hong kong as well as the expected business of taking chinese companies public in new york which was always the big cash cow. so it's a grim time to be a china focused investment banker right now. haslinda: you have to wonder when we will see the end of it. are we expecting more? jonas: it's hard to tell. it's right after the first quarter now. so the latest results aren't in from any of those big banks. morgan stanley saw a 12% drop in

revenue from the asia-pacific region. so they are getting down to fairly low levels in terms of staffing these tasks. so we will see. they all still maintain their focus on maintaining a presence in mainland china as well as hong kong. so they will need to keep staff up, should these markets eventually turn around. we've looked at that for a long time now. everybody says that the type -- deal pipelines are healthy. but the deals are just not coming through. obviously they will need some sort of staffing to take care of the deals. should they eventually start to materialize. haslinda: thank you so much for that. in the markets, asian stocks trading in tight ranges after powell's hawkish comments. let's do a check in on how currencies are faring with averill hong back in the lion

city. avril: very interesting picture emerging. the dollar rally after five sessions is stalling despite those hawkish comments from the fed chair. in many ways, this is because it's more or less a confirmation of what we got from the red hot uscp i print last week. causing traders to dial back their expectations of rate cuts this year. that being said, we are still seeing the japanese yen at multi-year lows. that prompted comments from south korean officials, discussing what they call serious concerns with their japanese counterparts. many say that for the yen, 160 is next. for the chinese currency, 730 could be the next level we are watching after today where the pboc fix the yuan above 710 for another day. haslinda: we are also keeping our eye on the keyway -- kiwi this morning. avril: the kiwi has been a

currency that's been sliding with its g10 peers since that print last week from the u.s.. it's interesting to see it rebounding today. let's take a look at why. it's to do with the inflation print out of the country. take a look at how the inflation on the headline number actually came in in line with expectations. easing from the last quarter. if you take a look at the nontradable's inflation, that shows you the domestic price pressures. those are persisting. that's prompting more analysts to push back what they are seeing on the rbnz until next year. haslinda: thank you. speaking of new zealand. taming inflation by cutting government spending. a key part of the new zealand prime minister's upcoming budget. it has caused his spending priorities to send a trade delegation to china. >> i think new zealand has

fantastic potential. i personally think it's the best country on earth. you would expect me to say that. >> it is beautiful. >> we have a fantastic future ahead of us. we have two things we have to do. in terms of rebuilding the economy, making sure to get the cost of living crisis under control. you see a huge amount of government spending slumming the economy up. putting pressure on unemployment. we are working incredibly hard to bring inflation down. we've made good progress already since i've been in power. you've seen no further rise in interest rates, inflation trending down. we hope to have it back within our band by the end of the year. that will make a huge difference for new zealanders struggling with the cost of living crisis. inflation under control, interest rates coming down, the economy growing. the really exciting work is, how do we turbocharge growth in new zealand? making sure that we invest in a world-class education system,

embracing science and technology, getting rid of red tape and having smart regulation. importantly have international connections to the world in a trade and investment cents. that's why i'm here this week. just to underscore how important southeast asia is to new zealand moving forward. haslinda: can inflation continue to decline and ease, given what's happening in the u.s.? inflation remaining elevated and sticky. >> in new zealand, we are focused as a government. we have a budget coming up at the end of may. it's a chance for us to make sure we are generating good financial discipline and a good culture of financial discipline. we will repair everything that happened previously. but we are very determined to have a consistent approach to managing our finances and getting our fiscal books in order. we have a major exercise with respect to our government spending. aching sure we are getting rid of wasteful spending.

that's the way to support. lowering inflation which brings interest rates down, gets economic growth happening as well. it's important that we are able to offer relief to middle income new zealanders as well. we think that's an important thing as well. haslinda: you talked about wanting to boost growth. yet you are considering cutting spending at the upcoming budget. how does that help to revive growth? how does that help the economy? >> we've had an 84% increase in government spending in the previous six years. what we've identified is that there's a lot of inefficient and wasteful government spending. we want to prioritize and protect our frontline public services. we expect every taxpayer dollar to generate a return on investment and delivers for the new zealand people. what we've identified as inefficiencies and wasteful

programs, making sure that we direct that money into repairing our books but also protecting our citizens. haslinda: that was the new zealand prime minister. new zealand's never surrender approach to inflation has come to a great cost, its economy suffering a rare double-dip recession. the rbnz still doesn't want to talk about rate cuts. our guest joins us for more. you wonder whether it's all worth it. the rbnz government pretty stubborn and wanting to fight inflation. >> i give him a lot of credit for being totally upfront. saying, when confronted with evidence of a recession or a looming recession, his response would be along the lines of, that's exactly what we want to see. not because we desire it because we are satirists but we need to get inflation down. few central bankers will speak as candidly as that. so what he wants is what they've got. not just one but two. plenty of countries outside the

united states have had some degree of economic weakness in the past year. as a result of rapid monetary tightening. i can't think of another that suffered a double-dip recession. haslinda: that's right. you have to wonder how much longer he can hold off cutting rates. dan: son economists are skeptical. they have seen, prior to today's cpi numbers, interest rate cuts coming in the second half of the year. benjamin from jp morgan wasn't really expecting much nuance from the rbnz. they have a preference to be silent, then strike hard and fast. it has historically been a bit of a roller coaster ride. even by that standard, what's going on now does stand out. haslinda: say what you want, new zealand has become a gold standard for other central banks

as well. yes it's a small country but when it comes to policy, it does punch above its weight and size. dan: there's a lot of history here. the 90's into thousands were characterized by a shift in many economies toward central-bank independence and buttressing that independence was a formal inflation policy, generally with a two minute somewhere. new zealand was the first. they liked to remind people of that. they are very proud of that. all through the 90's, you couldn't go to any conference or listen to any speech by a central banker without some reference to inflation targeting which drew in a comparison with new zealand. when that trend was in place, it was the gold standard. it's become a little bit squishy or. chris larson has talked about making it harder again. we will see. it's a coalition government.

there will be horsetrading there. new zealand is really standing out right now. i don't want to talk about talking about cuts. haslinda: his government has talked about perhaps cutting spending in the upcoming budget. that got -- can't be good for the economy when the economy needs stimulus to drive growth. dan: if you withdraw some degree of fiscal stimulus or some degree of fiscal support, it's going to dampen demand. what i will say is, we are hearing pretty much standard conservative fiscal economics here. he said a lot of that during the campaign to be fair. it's early days. he hasn't been in government very long. once governments become entrenched, regardless of their political persuasion, they tend to like fiscal stimulus when it comes to election time. haslinda: what is the sentiment on the ground? how are the kiwis feeling? dan: been a while since i've

been there. if you look at the string of indicators even in the past week, it's bleak. we've had pretty downbeat numbers on manufacturing. downbeat numbers on sales area we've had business confidence deteriorating. these numbers today do show headline inflation retreating noticeably. on a more underlying level, there's not a lot of evidence of price pressures budging substantially. there's a lot of tension right now. we will have to see how this plays out. for now, this looks like an inflation first central bank. haslinda: thanks for that perspective. a record vietnam ipo for its consumer business. that could take place in the early 2025 according to sources familiar with the matter. it aims to raise up to $1.5 billion per year and that noodle

unit ipo. considering a record vietnam ipo for its consumer business. still to come exclusive interview with incoming viacom vice chair. here is outlook on india's entertainment landscape, next. keep it here with us. this is bloomberg. ♪

haslinda: now to the big changes underway in india's $28 billion media and entertainment sector. once seen as an underdog, viacom 18 is poised to be a pair that power player with its largest shareholder planning to merge the business with walt disney's indian operations. we spoke exclusively with the viacom 18 incoming vice chair and started with his bullish outlook for one of the country's top broadcast assets, the indian premier league cricket. >> on consumption, we think this year will be even bigger than

last year. because both mobile devices and connected tv's have grown in population in india. last year, we had to get people familiar with the idea that it was available on geo cinema and it was available for free. this year, that message has already gone. the market has expanded the number of devices. so we are targeting over 600 million people to come and watch on geo cinema. this will certainly be the single biggest watched event in one country and even in the world. >> so obviously, live sports streaming services becoming a new norm among global players. but it comes with an expensive deal, like the multibillion dollar deals to get the exclusive streaming rights. what's your plan to monetize it or turn this into a cash cow? >> if 600 million people are watching something in an economy like india and the kind of

growth we are seeing in towns and villages in this country, there's an advertising opportunity. the problem is that traditionally, sports has been offered to only a small set of premium advertisers who can pay a lot of money. it's been used as a reach advocate her. that model needs to change. if you need to monetize live sports and pay top dollar. you must make money. you need to make sure that digital offerings are made available to really small advertisers. that's a model that we believe in. >> will it ever be profitable? >> yes. >> when? >> these rights are with you for a short time. we need to make our recoveries in five years. >> are you planning fundraising? >> we will see how it goes. for now, there's no need for it.

the company is well-capitalized. the partners have big pockets and huge commitments. i think we are doing ok. >> how do you see the competition landscape in india changing at the moment? >> india is still underserved. there's headroom for everyone to coexist. the successful ones will have to make sure that you plug into the different segments of indian society. it's not going to be easy for anyone, especially people coming from outside. many people have come in and found it difficult to build a big business. for us, we are from india. we are businesses that have leverage the power of the indian diversity and richness. that's what we think is our biggest competitive advantage. >> do you see the competition to get advertisements to secure more advertisement? >> that's the big challenge. right now, google has a monopoly

situation in india. when it comes to digital advertising. it's already at about $10 billion and they take more than 50% of it. so it's already much bigger. the question is, can you mount an effective challenge to these two companies? it's important for the country, for society, for the people. otherwise, they will not have choices. so it's important for us to put up capabilities and technology that allows us to compete effectively with these giants. haslinda: that was the incoming viacom 18 vice chair. subscribers can get more from that exclusive interview on the terminal and on bloomberg.com. plenty more ahead.

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haslinda: you're watching bloomberg markets: asia. elon musk is expected to meet with a group of indian space

startups on his visit to the country next week. companies including -- say they've had requests from the government to keep their calendars open next monday for meeting with musk in new delhi. his visit may help pave the way for starlink and tesla to break into the indian market. our colleague spoke with the cofounder about his expected meeting with the spacex chief. >> you are meeting elon musk this month when he comes to india. suppose he said, i want to invest in your company. what would you say? >> we would be happy to have a person like that to invest in us. >> with that amount to an emotional takeover? >> no. i don't think so. he's an entrepreneur for sure. he has his big space company to launch already. i feel like he would encourage

us but if he invested, that would be very good. >> is it too much to ask to collaborate with us or invite me to your facility at space x? >> we will introduce what we are doing. say -- >> you are playing the modest game now. you are the largest entrepreneurs in your sector, a sector that you've dreamed of being in since you were young kid. what would you say to him? >> we are inspired by you to build this. he's a big proponent. he knows how difficult it is to get going. i'm sure we will have his appreciation for getting where we are today. and then if you want to participate, help us through and we will be glad to have you. he has his own wonderful large company out there. >> will you tell him, be

careful, we are coming to get you 10 years from now? would that be the conversation as well? >> could be. i don't want to pitch that to elon. >> no you don't. >> we are just getting into it. we have to do a lot of things to prove ourselves. i think that's wonderful. take his insights and his journey and his help if possible. haslinda: all excited about the possible meeting with elon musk. let's take you to markets. it's about the strong dollar story. strong dollar easing somewhat today. taking a breather for asian currencies. ust still elevated. yan traders now talking about 160 as the next level. the yuan fix, pretty steady after the pboc relaxed its grip on the currency. the paso falling past 57.

that's the lowest since november 2022. when it comes to the korean won, losses overdone says the bok governor. bank indonesia intervened after the indonesian rupiah breached 16,000 just yesterday. asian policymakers struggling to put a lid on the losses of the currency because of the dollar strength. in terms of the msci asia index, flat right now. after five days of losses, still set to a race all gains for the year. traders recalibrating expectations after powell set higher for longer. take a look at where we are in terms of gmm. a broad look at how the markets are doing at this point in time. yields searching in line with the u.s.. treasury yields overnight touched new highs for the year. two years touched 5%. take a look at where we are in terms of the indonesian rupiah, down three tons of 1%. that's it from bloomberg markets: asia.

daybreak middle east and africa is next. looks like a sunny day in dubai. torrential rains and heavy flooding, prompting flight cancellations, school platters -- closures. more than 30 flights were canceled for 25 minutes at dubai international airport. by the way, one of the busiest tubs in the world. all that stemming from operations that were meant to encourage rainfall in the uae. when it rains, it pours. this is bloomberg. ♪

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