here are the top stories -- asian stocks struggling for traction as markets await a fresh catalyst with results coming up from a poster child nvidia. the kiwi jumping with government bond yields as the rbnz signals rate cuts may be delayed until later in 2025. and the fourth-quarter loss that too wide and after the rv i cracked down on its banking affiliate. the stock is down more than 60% in six months. let's check on how markets are faring. markets down for a second day in asia. it is about nvidia, and traders bracing for perhaps more volume depending on how nvidia performs . >> yeah, it is all about this marquee earnings event of the week. ahead of that, you can see equities struggle for traction.

the anticipation builds for what we could see from the poster child of artificial intelligence is really high. ahead of all that, what we have for markets is the digestion of a bit of the fed speak. we are seeing japanese equities underperforming because we did get some trade data. it shows the trade deficit in the country and shows how the week yen is weighing on the value of imports, perhaps, -- perhaps obligating things further. the bank of taiwan is outperforming, but it's really about nvidia, which tracks the question, the extent in which we see in earnings upward supplies, if this will impact the broader market. we heard from morgan stanley's chief u.s. equity strategist weighing in on this. take a listen. >> ai is everywhere except in the numbers. nvidia has been the big winner so far. there have not been another -- a

lot of big winners. a lot of spending going on, but it has not trickled down in a way that is rising the whole tide. there's a lot of ai dollars out there, and they are being captured at various businesses, but what has been surprising to me is that overall i.t. spending is flattish to down. >> we are seeing asia chipmakers mostly in the green. perhaps that optimism that we will see that lift coming through from nvidia. the other big thing we are watching today in terms of monetary policy is the rbnz, which came through with a hole that would surprise some corners of the market that they are more -- that are more hawkish than anticipated signaling showing how the rbnz is focused on fighting inflation after that upward surprise in the first quarter. the rbnz's forecasts now show this only in the third quarter,

not the second quarter of next year, and even discusses rate hikes at its most recent meeting. more hawkish messaging than anticipated by markets. you can see the impact on bonds already. the kiwi is also jumping against the aussie dollar as well as the greenback. haslinda: that's right, the kiwi up 3.5% this month alone. thank you so much that. let's put it all in perspective. our next guest believes a cooling economy would be able to see inflation moderating in the coming months. let's bring in the chief investment advisor at np well management in hong kong. good to have you with us. are you in line with what the rbnz is saying, that cuts could come only in late 2025? >> i think for the rbnz, the mandate is subtly focused on inflation. the sticky inflation, especially in the first quarter, has made them very hawkish.

today, i think they already hinted rate cut will be delayed until next year because they need more time to see inflation go down. obviously, with the economy already in a technical recession, we do also see a chance for cooling economies to see moderate inflation in coming months if not quarters. haslinda: we have the rbnz governor giving a press conference as we speak. what does it all mean for the kiwi dollar versus the usd versus the aussie up 3.5% this month alone? how much more upside is there to the currency? >> the minutes also revealed

what they discussed about the chance of a rate hike. i think for both central banks, for now, they are on a hawkish hold, and obviously, i think investors will focus on the potential interest rate differentials, especially versus the fed, and for the fed, we think for now, the base case is to start cutting in september, so -- but for the reserve bank of australia and also the reserve bank of new zealand, it's likely they will delay until next year, so i think this could be supportive for the aussie and also the kiwi in the short-term, given the fact we

are still cutting rates before the boom of asia-pacific central banks. haslinda: we heard fed waller say there's likely to be one cut this year. with the fed pushing back on rate cuts, might several other asian banks do the same? apart from the rbnz, which pushed back to 2025, who else might do the same? >> i think for now, especially when you look at other asian central banks, for example, like bank of indonesia, they even hike interest rates last time, given the concerns of the weakening in terms of the currencies. i think for all the asia central banks, they will be pretty cautious. even they have been seeing inflation could be turning down, but i think they are still

cautious of the delay in terms of fed rate cuts, that it could see more outflows for their local currencies. i believe they will be pretty cautious, for example, like, for the bank of korea for the upcoming meetings, we actually expect they will put on hold, despite we also forecast they may be able to raise the gdp forecast, but i think they will be really cautious in terms of the tone. haslinda: we have seen such a fantastic run in terms of the stock market. the s&p rising for more than 300 days. i'm just wondering, when will higher for longer start impacting market sentiment? >> i think for now, even for a lot of fed speakers coming out

talking about higher for longer, i think the broad message is still -- like, the rate cut is still on cuts this year, but the timing is certain because everything is data-dependent. i think with these expectations, where we have been seeing, for example, the u.s. treasury 10-year yields actually sit range bound right from 4.3% to, like, 4.7%, so i think for now, given the yields and this kind of range-bound trading range, it is actually for the equity markets. unless there is risk that invasion is getting back out of control and there's a chance for the fed to hike rates, i think this is the scenario that the market has now priced in, but

this is also not our base case scenario for now. haslinda: in terms of how your portfolio should be looking like, how should it be? take a look at bonds for instance. not long ago, longer dated treasuries were pretty appealing, but not so at the moment. how are you playing the bond market? >> i think we still prefer the short duration investment grade bonds, given there is still a chance for the yields to go up because it really depends on the inflation numbers or the labor market numbers, so we kind of expect range bound for yields, and that's why four now, we are still thinking prefer the short duration investment grade bond. haslinda: of course, for the stock market, it is about nvidia

. mag seven have pretty much been driving the rally we have seen so far. what are you anticipating, and can nvidia sustain the rally we have seen so far? >> yeah, and of course, for now, the market consensus for the sales growth of nvidia is actually really high. it's, like, over 240%. a lot of expectations actually are already pricing in given the share price on the data results. the bar, of course, is very high. if the party can go on really depends on how the results can fit consensus expectations. it's not easy because there's already high expectation, but in terms of playing the theme of

ai, we still think of ai as a multiyear, structural theme, and it's more than just the magnificent seven. there are, like, software, cybersecurity, cloud computing. they are all actually related to the ai themes. we prefer to play the ai themes from a more diversified approach. haslinda: have you been gaining exposure in these ai themes? what caused some of your latest moves in that space? >> yeah, we still like the related sectors. for example, software, and we like cybersecurity, and we also like semiconductors in asia. haslinda: before i let you go, commodities having quite a run as well. we have copper, gold, silver paul surging ahead, hovering at record highs. can those gains be sustained?

>> yeah, i think, especially with the sharp rise recently, because of the concerns especially in the middle east, the tensions, etc., but there could be consolidation in the near-term, but i mean, for a term, we actually still like gold, silver, and other commodities. in terms of copper, we still like copper in the near-term, but it also depends on the recovery in china. recently, there may be more momentum, more stimulus measures coming through, but there is also disappointment that the measures, for example, in the property sector, is falling short of excitations, so i think for copper prices, maybe in the near term, we could see some

volatility. haslinda: we thank you so much joining us. still ahead this hour, our exclusive conversation with the cfo of property group. we discuss what is next for the company after their net loss narrowed in the first quarter, but first, investigations begin after severe turbulence hits a singapore airlines flight, killing one passenger and injuring dozens more. an update slightly later. of course, in new zealand, we have an rbnz governor saying he is confident the rbnz will get to its inflation target. we will get you the latest lines from that press conference. keep it here with us. this is bloomberg. ♪

haslinda: welcome back. singapore's transport ministry is investigating after a person was killed and dozens of others injured on a singapore airlines flight when it hit severe turbulence. what do we know? >> it's a really unfortunate incident. we heard how singapore's

transport authorities are in touch with their thai counterparts, sending investigators to bangkok, which is where the flight made an emergency landing. the civil aviation authority of thailand is also investigating. singapore airlines says it is working with authorities. this was a flight that had more than 200 people on board, and it came from -- they came from multiple nationalities -- the u.k., australia, singapore, india -- and it was supposed to be a routine, uneventful flight. it was over the irrawaddy basin, singapore airlines says, where it hit severe turbulence. items were strewn, as you can see if you look at some of the social media videos, all over the cabin, so a really unfortunate and traumatic experience. i think we have heard how one british national was confirmed dead. he is a man in his 70's, and it

is suspected that he suffered a heart attack. haslinda: we know that turbulence is pretty common when you fly, but the extent of this turbulence was pretty rare. what caused it? >> it's unclear what sort of turbulence this was exactly, but we know that in general, turbulence can be caused by rising pockets of hot air clouds via gusts and storms, but the more extreme cases can come to the form of what is known as clear air turbulence. this tends to occur at higher altitudes when you have a difference in speed between two air masses and the flight is thought to have been traveling at an altitude of about 37,000 feet when the incident occurred, which is really high up in the air. that's what we know so far in terms of what sort of turbulence might have caused this incident. haslinda: we know that climate change is increasingly impacting this space as well. do we know how this might have

played out? >> it is difficult to pinpoint when it comes to if there was direct impact from climate change and this particular incident just because the data is not very cohesive out there. a lot of times, it's highly dependent on the records from pilots, but atmospheric scientists already flagged that if they are looking at data from the 1970's until now in the north atlantic, for example, there has been a surge of about 50% in terms of clear air turbulence incidents, and they think that going forward into the decades ahead, this could double, triple severe turbulence, but even without the direct links or not knowing for sure if it's climate change-related, we are already seeing how this is potentially affecting things on the ground, even before takeoff. you think about how extreme heat in instances where that is

affecting if the plane can even take off, much less stay afloat as it intended because you think about how hot air is less dense than cold air, these molecules really bouncing about. that complicates things, so even then, air travel has been disrupted in a way by extreme heat. haslinda: get ready for delays, i guess, when we travel. thank you for that update. still to come, china's economic miracle leaving president xi jinping with a challenge none of his predecessors faced. more next. keep it here with us. this is bloomberg. ♪

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china has been hit by a series of blows, including a real estate collapse in a trade war with the u.s. this is presenting a unique problem for president xi jinping, who unlike his predecessors, cannot rely on economic strength to underpin support. i know it's hard for mn like xi jinping to govern a country at the end of an economic boom. what are some of the key takeaways? >> yes, this great reporting by our reporters, they expose a wide variety of people, everyone from stockbrokers to window washers. what we are seeing is people are feeling less secure about their futures. this is a new reality for many chinese that they have never felt before. obviously, what you have said, this is unparalleled in that we are seeing president xi jinping rule post-boom. it's obvious. it is evident china has been an economic miracle of big huge

gains that now are over. so how do you govern post-boom? for people on the ground, even though you could say your income gains are actually fairly healthy by worldwide standards, tell that to a chinese family on the ground. they are not feeling optimistic about the future. haslinda: you are talking about on the ground. is it stirring discontent? what are we seeing on the ground? >> that's right. one of the stories that resonated with me is the story of a businessman who sells contracts to factories. he said in the last few years, that has been really difficult. in the last 10 years, he has been helpful. he led a cushy life. he had a great business that allowed him to buy nice apartments, a brand-new tesla, and now he is saying his apartment is lost, his car lost its value, and he is seeing friends not even having kids because they have lost so much. he is saying these factories want to nickel and dime them,

negotiate rates on his properties, and that has been difficult. they don't even want to commit to longer-term contracts anymore. the result is he has had to layoff workers, so that story really resonates, and i think that is a story being repeated across china, and people just are not feeling very hopeful. haslinda: and that is impacting consumption. we know lots of chinese are saving money more than spending it. i'm just wondering, how does xi jinping overcome this problem. how is leadership dealing with it? >> those are really good questions. the biggest question, of course, is what this means for that unspoken social contract that xi jinping and the communist party has had with the chinese people for so many years, right? the contract essentially is you give us control, and you give up political and social freedom and in exchange, we give you prosperity. now of course, that contract is frayed. what we see as a result is more

control. this much more surveillance in china, lots of cctv cameras everywhere. you have police trolling on we chat and controlling that. people are feeling -- obviously very difficult situation, and they are feeling not as comfortable, certainly less optimistic. haslinda: for more on how china is navigating the slowdown in its economy, read blumer's big take on the terminal, and big take is your function. the intake asia podcast is out today on iheart radio, apple podcast, and spotify. new episodes drop every wednesday. governor or in the rbnz is having a press conference right now, and one of the lines coming out of it is that raising rates was a real consideration for this particular meeting.

he kept rates unchanged today. raising rates was a real consideration. the question is if tax cuts are physically needed at this point in time as well. still ahead, property group reporting a narrower net loss in the first quarter thanks to strong results from singapore. the cfo will be joining us for an exclusive interview in just a moment. keep it here with us. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock.

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haslinda: welcome back. china markets just had a plunge.

csr index just managed to eek out some gains on a day when asia is in negative territory, adding to what has been a rally since january. we know we are seeing the mst i china index surging by 29% in that period. about 50% of its members trading about the 200 dma. talk about a reversal of fortune . in terms of where we are, in terms of the yuan, 723.92 is the level we are looking at. traders say the rally is pretty much broadening with greater investor confidence in chinese shares. hsbc, goldman among those that say gains may continue in the coming months. csi 300 just managing to eek out some gains to be in the positive at this point. the question is -- can it maintain that game today? bloomberg has learned that

taiwan's tsmc is among companies that have ways to disable the world's top chip-making machines in an emergency scenario such as china invading the island. tell us more. >> what are your story yesterday said was that asml, a company that makes these lithography machines that tsmc and other chipmakers used to make semiconductors, has ways to disable them remotely, so some kind of kill switch which allows them to turn off the machine, make them inoperable from a distance. obviously, this is a topic because there's growing u.s. concerns about an invasion of taiwan, and of taiwan was invaded by china, theoretically, the chinese couldn't take over tsmc's chip factories and use those to make the most high-tech semiconductors.

stepping back a little bit, if you think about in what kind of scenario this would actually become reality, if china was to invade taiwan, i think who has control of tsmc's factories would be quite far down the pecking order of things we would be worried about at that time, but more broadly for the global economy, that would be such a massive shock to the global economy leading to massive upheaval, and also it would be massively disruptive to people's lives in taiwan. thinking about what would happen to the factories enter voting machines and those factories in taiwan, so it seems a little bit less important than how many people in taiwan would die in such a scenario, how this factories would even exist after hundreds of thousands of missiles and bombs have been flung over the island. i guess this is allaying some of the concerns of the u.s. government that if necessary,

asml would have shutdown access to those machines. haslinda: what do we make of the possibility of government intervention to prevent the technology getting into the wrong hands? >> i think if you look at the global supply chain for the semiconductor, there's a lot of different points of failure, and i think this kill switch in the machines is one of those points of failure. if china was to take over taiwan, all of the supplies -- suppliers are going to stop supplying tsmc, amc, and the other chip companies in taiwan with equipment and chemicals necessary to make semiconductors. they are not going to send engineers to maintain those machines. they are not going to send the chemicals and silicon wafer's to

be turned into semiconductors, so there are many different points of failure where significant -- where berlitz could intervene in the process of making semiconductors if they thought it necessary, and if china was to invade taiwan, i don't think any japanese company or korean company or u.s. comp and he will be sending their engineers or products to taiwan, even if the chinese or the companies that took over tsmc's factories in taiwan wanted that. there are points with governments around the world could or would intervene if a nightmare scenario like this happened. i think this kill switch is one of those. haslinda: fascinating story and a great scoop. thank you so much for that. southeast asian property tech firm property guru narrowed its loss projection in the first quarter on the back of strong growth in its singapore market place segment. market place revenue increased

13%. it upset a slower -- singapore offset slower growth in vietnam. not a great set of numbers. i qualify that because we saw a drop in the stock price. can we expect better numbers ahead, better quarters ahead? >> thank you for having me on. we are pleased with our results. for us, double-digit revenue growth, we saw flat costs. we also oversaw double digits and even do margin. we are seeing really good performance from our singapore business. we are seeing recovery in vietnam and in malaysia where we have had some challenges. good product adoption, so we are pretty pleased. haslinda: but it is about profitability in the end. quickly depends which metric you pick. internally, we tend to use adjusted ebit. -- >> it depends

which metric you pick. internally, we tend to use adjusted ebitda, as do our peers. i think corporate costs are decreasing as a percentage of revenue. revenues are rising. we are managing costs well. i think we will see adjusted ebitda continue to rise and reach the high marks of some of our global peers. haslinda: singapore was an outperformer. thank goodness for that because it did not manage to counter the slowdown in other markets. cannot be sustained? and given the high rate environment? >> absolutely. singapore is different coming off a high. you see a huge increase in the number of transactions and a huge increase in price at the time. that is not something that can be sustained in the long term. at the moment, we are in an environment where the number of leads out there is a bit lower. that is a sweet spot for us. it's hard to convince asians to

spend more money on our side and deliver more leads. right now, the agents are investing in our side, the one that delivers all their leads, so we are seeing it doing well. in terms of long-term outlook, i think singapore is an attractive place for people to live and work. it is an island, so property itself is in short supply. demand will always be in excess of supply, and we think the market will stabilize now, increase, and will keep adding multiple value and hopefully be rewarded for that. haslinda: which pocket is driving demand in a singapore? >> i think the luxe sector is a little more depressed. i think what we find is that most demand is really domestic. it's not really international people coming in to buy.

i think it's domestic. i think every singaporean feels relatively good at the moment. prosperity is quite strong. singaporeans in my experience -- i won't say they are obsessed, but they are focused on property ownership as part of their life journey, so i think they will continue to buy property and invest. hustling to: increasingly, singapore ends up feeling squeezed because costs are high. the same situation in malaysia where there is a property overhang. how do you see that playing out for the rest of 2024? >> malaysia had its own interesting set of problems. there has been instability from the government and government policy point of view. there's that oversupply. there was probably too much building on the high end and not enough on the lower end, but the oversupply is edging down now, which is encouraging for us, and i think we do see some positives. there's a lot of investment in infrastructure. that is really encouraging as

well. we are seeing interest rates drop. we did a recent customer sentiment survey. i think one in three malaysians were expecting to buy or move operative in the next two years, despite changes in price, so i think we see a much more positive outlook for the malaysian economy and the property industry going forward. haslinda: does it change the picture that most people think property is unaffordable? are you seeing more people renting versus buying in property? >> that has been a trend we have noticed across many of our markets, so in singapore as well. we have noticed more into listings going up over time, and for some people who are unsure about the stat of the property market and for people sitting on the fence at the moment, i think it is quite a good option to rent to see how prices are moving, and when interest rates drop, they can jump in and be more aggressive on that side. we definitely see more interest in renting generally. haslinda: you are a regional player. however these markets doing in

comparison? >> i would say vietnam is our most exciting market. i hope as it recovers from some challenges, it will really prove that. we had a lot of government intervention, which was definitely a headwind for us. it pushed interest rates up, made it hard for people to get a loan. there were issues around developers. since then, government policy has totally reversed. developers are doing better. interest rates are reaching lows not seen for a long time, so we are starting to see a lot more consumer interest. we are forecasting a recovery. i don't have a crystal ball to know quite quickly -- quite how quickly that will happen. in the longer term, vietnam really benefiting from the decoupling between china and the u.s.. it's a strong economy, really digital, very young, so we are excited about that. has: overall positive for 2024.

thank you so much for your time today. staying with south east asia, philippine telecom's company globe is looking at opportunities in other businesses such as health care as its core telecom service matures. the ceo spoke to us exclusively about the company's business strategy. >> it has a lot to do with our concern about the maturing business. growth all over the world as far as telco revenues have been challenged, i think it's no secret, although we did do well on our mobile business. we have done case take a look at different assets we have built. if it's the consumer base, our marketing capabilities, and of course, our human and financial capital. and building that into new

businesses. one of which we have been successful at is in the fintech area. our objective overall is to bring about a two-fold benefit for our shareholders in the form of stakeholder value and also benefiting in the case of g cash, driving financial inclusion. we continue to do that and continue to tell different self -- different health care sectors that we continue to affect this. stephen: let me jump in and let's talk about your financial services. you mentioned g cash, which is your e-commerce wallet. and i know you're fintech side of the business. it's income contribution going from 4% up to 11%, so clearly arius that transition, but because this is "the china show," i would like to know how that partnership that you inked

i think in 2017 -- is there a scope? is your g cash services built out and need more emphasis? what kind of relationship you see growing with ant financial? >> we are not deemphasizing the telco business, let's make that clear. it is our main business. it is a very healthy business. it's just that the potential that was sort of promised in the 5g era has not really come about, not for most operators today. the use cases have been limited, and the hope is that somewhere, somehow that they need for low latency high-speed mobile conductivity will come about. as far as revenue size, our

fintech business, while profitable and growing tremendously is still far behind in terms of revenue. we think it is quickly approaching because the multiples in that sector are far greater than what we experienced today. haslinda: that was globe's ceo speaking exclusively to david inglis as well as stephen engle. a covenant in india out with numbers, net loss amounting to 5.5 billion rupees. the estimate was for a loss of 3.1 billion rupees. so it is worse than anticipated. shares in india's pay tm among the worst performing. widening loss on the payments platform. pay tm coming up with fourth-quarter net loss of 5.5 billion rupees, versus an

estimate of 3.3 billion rupees loss, so worse than estimated. we will have more a little bit later. plenty more ahead. keep it here with us. there's plenty more ahead. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment...

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tm, fourth-quarter net loss coming in at 5.5 billion rupees, which is worse than anticipated. the estimate was for a loss of 4.30 one billion rupees. shares in india's pay tm are among the worst performing globally currently. as india stocks trade, it is down by about 1%. it has been down about 61% over the past six months. the second-worst drop over that period in bloomberg's world index. let's get more on results with our reporter. good to have you with us. yet another turbulent time for the company. >> yeah, i mean, it has been quite a roller coaster ride over the past four or five months. these earnings are the first since those restrictions were imposed on this affiliate pay tm payments bank. you can see it has clearly had

an impact on the earnings. the market was going in anticipating a little over 4 billion rupees in net losses. they have come in at more than 5 billion rupees. even revenues have weakened and are much below what the market were expecting. reported revenues lower than expected revenues, and now, i think, going ahead of what really matters in the outlook that the company gives, as a reminder, losses are being driven by almost 2 billion rupees related to its affiliate thanks. clearly, the arbery action -- the action the arbery i took earlier in the air having a very clear impact on the earnings of the company. haslinda: speaking of that

payment bank investment, its impairment revision amounted to 22.7 billion indian ruby on the back of that. what are analysts looking for after the earnings call? they say there is a further 16% downside from here. >> yeah, i mean, absolutely. sell side analysts right now are quite negative, and that largely stems from the fact that there is a lot of uncertainty with respect to market share, with respect to redemption of customers. will existing customers that were using the current handles of pay tm migrate to the you -- migrate to the new handles? let's not forget they have lined up with a number of banks to keep its merchandise business, and other payments or services keep growing, so what really matters next is the amount of customers that have lost over the past few months and also a number of merchandise outlets

that they have lost. these were some of the key drivers and let's not forget the lending, which was supposed to be one of the key drivers for earnings in the coming years. that has also taken a knock, and it will be interesting to see what management has to say as to what will be the future course of action for the company. how will they return to a growth path, and how will they ensure that customers do not abandon them and go off to their competitors? haslinda: to your point, how might the company address it? what are the options? >> the option is to spend money. let's not forget they did raise close to $1 billion in an ipo a few years ago, and the management had indicated last year as well that they retain a lot of that cash, so going ahead, it is likely they can

throw down a lot of that cash and provide a lot of incentives and other discounts to customers to keep them on their platform instead of losing them to their rivals. i think they are going to have to be very aggressive going ahead to retain customers, to win back the trust of many of the small businesses and merchandisers that they had on their platform, and i think it remains to be seen will bybee outlook. there have been many top management exits from the company, so it does give a feeling of a sinking ship, but at this point, i think management seems quite resilient in the sense that they are still hoping they can get a hold on this crisis going ahead. haslinda: thank you so much for that. the very latest from pay tm, just to recap, some numbers,

fourth-quarter net loss of 5.5 billion repeat. the loss was for an estimate of 3.30 one billion rupees. when it comes to impairment provisions, coming in at 2.20 7 billion rupees on the back of this payments. in the broader indian market, let's get a check and how they are doing at this point in time. trade index pretty flat but inching into positive territory when it comes to the and fte bank index. it is in negative territory, down .3%. the indian ruby -- rupee trading against the u.s. dollar, the dollar a had lower today. economists are expecting india's bank to pay up to one billion rupees as a payment to the government, about $12 billion, and it could be the highest in five years. the rv i makes an annual payout to the government on the surplus

income it earns from investments. valuation changes on dollar holdings and fees from renting currency. and bloomberg has learned that india may consider cutting bond sales this year, aided by a higher cash balance. the government is looking at multiple options to utilize its cash surplus and may cut if the response to bond buybacks does not improve. and there are warnings of even hotter conditions ahead as deadly heat scorches parts of the nation's north. heatstroke risk is high in several areas, and people should avoid spending time outside. deli notched its hottest temperature on record at 47.4 degrees celsius -- delhi notched its hottest temperature on record. keep it here. this is bloomberg.♪ boring is the unsung catalyst for bold.

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haslinda: things to be looking out for -- indonesia do to make its decision later this afternoon after hacking at the last meeting to the surprise of many traders. this time, though, it is expected to stand pat, leave its key rate unchanged at 6.25% since its surprise at hike up 25

basis points last month. not under tremendous pressure to raise rates again. of course, we are also keeping an eye on nvidia, chip stocks in particular. in video front and center. it is expected to report a 243% gain in revenue according to wall street estimates, but projections for the future pretty much more important for the street. tsmc also in the positive right now. in the broader market, we are having a down day for a second day in a row. that is it from bloomberg markets: asia. ♪ (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man!

i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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