december. the regional benchmark set for his first decline in five weeks. bloomberg learns of redemption request before starting to shut the hedge fund down after an insider in hong kong. and the outlook for india's property sector, speaking exclusively with the country's biggest listed developer. we check in on markets and see how they faring. stocks and bonds getting sold off, swaps now factoring in a 25 basis point cut, only in december. avril: it's all about the fed, and this is on a day when markets are digesting that u.s. services manufacturing pmi's which surprised to the upside, amid expectations of fed rate cuts this year. some even see it on hold for the

rest of 2024, so it is risk off, no matter where you look in the region, stocks are down. the nikkei was 1% off, declines in the kospi, taiex, hang seng, and were keeping an especially close i on chinese equities and geopolitical tensions amid china's drills around taiwan. i'll talk further back to pet but let's split -- i'll talk further about japan, but let's flip the board. i want to show the extent of the risk aversion today. not benefiting from invidious rally yesterday, samsung let tronics -- electronics added pressure after a failure of an nvidia test due to heat issues. let's flip the board again and take a closer look at what were seeing in japan. it's really the focus on the fed today and how we see higher u.s. yields prompting dollar-yen above the 157 level.

the level that is thought to have latched on the first of two interventions earlier this month, and also the japanese currency depreciation drawing in the bears because the boj rate hikes, the yield on the 10 year still sitting above the 1% level. japan cpi data show cooling for a second straight month. haslinda: that's right, and now the boj meeting next month is probably live. our next guest sees two fed rate cuts this year, starting in the third quarter. the chief investment strategist at bank of singapore joins us here in the studio. we talk about a swaps market, now repricing, expecting a cut only in december. we've gone from seven to one. perhaps david solomon of goldman may be right, maybe we could have none. >> he could well be.

but we are little cautious about how fast expectations are moving and we would not put too much weight on it. we look at the data where it runs a little hotter in the first quarter of the year, that's not surprising. we think disinflation will feature much more prominently for the rest of the year. a couple of weeks ago, the less cpi print we did see some encouraging signs in that respect. overall we think two cuts would be the most likely scenario. haslinda: inflation has remained sticky, not just in the u.s., but elsewhere. it is a phenomenon among banks right now. >> i think the resting heart rate for inflation is going to be higher than where we were before the pandemic. let's not forget inflation is no longer at the heady levels of

5%, we are now between 2% and 4%, and inflation at this level, the fed now has to turn inside on growth and the labor market. the labor market is still gradually easing, and we said -- powell has said a few times he would be agreeable to cutting very quickly. this means that we think the fed would likely take a balanced approach and in our view that is a best case of two cuts. haslinda: how does your playbook look now? is it different from just months ago? >> think the proposition for equities, we moved our tenure forecast from 3.25 to 3.75. i think you pointed out that inflation is stickier, growth is likely to be higher. fairly subdued prospects for deep rate cuts at this point in time. on the flipside, but this likely to be strong, inflation is

fairly healthy in the sense that companies have pricing power now. haslinda: so overweight averages, but where in equities? before the results came out for nvidia, selling down stakes in nvidia, would you be doing the same? with that still drive the rally going forward? >> historically, when you see all markets reit's the stage, it tends to broaden out. so i think that mid smaller cap companies would look interesting as we mature, as the bull market matures. there will be some near-term setbacks, we could see some over the next few month, but by and large if there's no recession, the bull market is likely to remain intact. haslinda: is the ai theme intact? >> we think that theme is likely

very real. but it's important for investors to be white diversified. early leaders tend to lose momentum over time. think it is a relief that nvidia's results were strong yesterday. it speaks to strong demand from that leaders, in our view. haslinda: nvidia market cap in countries like australia or even germany, what do you make of the prospects of nvidia going forward? some say it is time to take money off the table. so much has been made already that you're just being greedy and you just keep at it. >> i think a diversified exposure would make much more sense. i think historically it's hard for nvidia to stay competitive, and you mentioned other names that would make sense right now. haslinda: i want to move to

japan, the stories about the weekend, 157 and change right now. some say the next boj meeting next month is like, do you expect action from the boj? >> i think we cannot rule out a hike at that meeting, but likely we think that a hike should come much later in the year if it does. this opportunity for japan to kickstart its economy and to kickstart inflation again, we thank the last number that came this morning is going to help relieve the pressure for a hike. haslinda: the thing is, how much pressure is the boj and japan under, given the fact that metal prices have increased and that adds to the cost of japanese importers and companies? that may weigh on growth eventually. >> you are absolutely right. that is the other part of the equation. a very weak yen does weigh on the economy.

that's going to hurt consumption and growth as well. i think the boj is probably watching the u.s. inflation numbers as closely as everybody else. that is what is driving the yen weekly right now. haslinda: will begin be as attractive as the depending currency, especially among g10 countries? >> we think so. given our base case of two cuts and gradually declining inflation in the u.s., we think the in probably has some scope of depreciation. haslinda: how might the emphasis of the yuan play out? >> we actually expect china on a relative basis because of how much negative pessimism and negative expectations or break them right now, that we could see positive equity surprises in china over the next 3-6 months. haslinda: what kind of surprises are you hinting at?

>> we think that given what has been priced in right now, the market is not really thinking of china hitting his 5% growth. the central government is using its balance sheet to issue bonds right now, that is a lot of dry powder and we think they have a lot of moves to make. haslinda: when and how do you play china? yes, he needs more stimulus, but the worst could be over. there is greater interest in the stock right now. how are you looking at the property market and how that may guide your investment in china? >> we think the game plan for fixing the property market is in place. the demand side, the supply side, buying unsold inventory, they might not of done enough, we don't rule out them doing more than they need to. but essentially, the game plan

is in place. usually with major bottoms in the market, that becomes good news. we are sort of reaching that point where news from the u.s. hasn't affected china that much. by and large the risk reward in china -- we are walking -- watching the market very closely. property names are performing well but we think they are better placed outside chinese markets. haslinda: what is the biggest risk for the markets right now? there has been so much uncertainty, all the assumptions made early in the year. what keeps you up at night? >> oil price. we've seen tensions in the middle east come and go. there is not as much attention on it now.

if we see tensions flare up again, and oil prices are spiking, that could affect the whole picture and markets could react very negative. haslinda: how about gold, there has been a surprise surging gold prices. you're looking at when he 500 for the yellow metal. what would dry go to that level? >> gold is breaking from the historic -- what would drive gold to that level? >> central banks are buying pboc , the gcc countries. we think that will drive gold on the long-term. haslinda: so this is gold being bought as a haven play? >> it's going away from u.s. dollar denominated assets. we think diversification makes

sense. haslinda: eli lee, bank of singapore, we thank you so much for being with us today. still had this hour, our conversation with india's biggest listed real estate developer. we will discuss why they're expecting demand for luxury property to surge. but first, the latest on hong kong hedge funds. against the decision to shut down in the face of insider traded -- trading charges and a billion-dollar in redemption requests. keep it here with us. this is bloomberg. ♪

haslinda: asian markets under pressure, that includes a hang seng as well as the csi 300 index. hong kong stocks extending losses into a fourth straight day. traders tracking a selloff on wall street, fueled by worries the fed will put off that rate cut is officials aim to get control of inflation. the hang seng down about 1% right now. the csi 300 index down .4%. lou mark has learned the hong kong-based hedge fund segantii pays nearly a billion dollars of withdrawal request before's decision to shut down.

the company is facing an insider trading investigation in the city. what do we know, what are the deals here? >> it is an evolving situation, definitely very impactful here in the community in hong kong, a well-known hedge fund in asia, particularly because they were able to carry out very complex block trades, they were able to help broker some of these transactions. so it is a situation involving some insider trading charges, the case is with the courts at this point in time. as we were real, they are reporting the hedge fund was

pace -- faced with a billion dollars in redemption from clients in the last few days. due to the announcement that it is winding down the firm. it will be an interesting situation that has a broad impact in the community here in hong kong. haslinda: it is an abrupt in two segantii, the hedge fund. what is likely to happen next? >> it remains to be seen how the banks that used to work with segantii are now involved in strategy and finding new ways to execute these block trades. the implications for the firm and the employees are still to be seen. the firm announced they were shutting down and all this will

have a direct impact on the roughly 140 employees that the firm has. investors will have to see how their money is returned, in an orderly fashion as the story that we are running now suggest, they were faced by one billion in redemptions, but obviously how and when that capital is returned to the investors remains to be seen. segantii will try i'm sure to do it in an orderly manner so everybody can get access to the capital, but there is a big question mark around the future of the firm, and also those involved in this insider trading allegations. so we will see over the coming weeks and months how the whole case plays out. haslinda: you also have to wonder if there's any broader

impact from segantii getting shut down. >> i think the impact remains to be seen. it has definitely become the hottest topic among financiers here in the city, and probably broadly speaking, in the region, because it was really a well-known name. they were working very closely with some of the major investment banks, on particularly lock trades, but also they were quite sizable, they were managing around $5 billion in assets. so definitely it will have an impact, but i'm sure older firms will try to grab market share and adapt. i've seen many such situations in the past. haslinda: that's right. we thank you so much for your

insights. still ahead, leaders of china, japan, and south korea are preparing to hold her first summit in nearly five years. we will tell you what is on the agenda. this is bloomberg. ♪

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these growing ties with the u.s. the fact that these countries have held their own trilateral summit in camp david with the u.s. in august of last year, and that really set alarm bells ringing in beijing because those three countries are pledging to increase cooperation on the economic and security front. so the premier will be using this trip to shore up china's security, and talking about economic and military security because we know washington has been courting korea and japan to expand those limitations on chipmaking equipment exports to china, at a time when china already faces this wall of restrictions from the u.s., the dutch, and korea is now the largest supplier of chips to china. japan the largest supplier of silicon wafer's to china.

so a lot is at stake as well as for korea and japan. they have big companies with a presence in china so they will be worried about retaliation from beijing as well. haslinda: north korea, put that in perspective for us. what is likely to come out of the discussions? >> is not just north korea, security issues in the east china sea and south china sea will be in focus because again, korea, the pen and the u.s. have been strengthening the security mechanisms and holding joint drills in the east china sea. taiwan also in focus because japan just said -- senate's largest delegation yet to the inauguration ceremony of the president on monday. beijing obviously very angered by that, and then north korea is a perennial issue with its nuclear missile program. and now allegations of eight

weapons for eight exchange with moscow that both pyongyang and moscow have denied. they will be pushing to rein in pyongyang's aggression. haslinda: there's a lot of hope here, that perhaps the summit can be a turning point to fully restore three-way cooperation systems. i'm just wondering how likely is that? >> there is a lot of hope riding on this summit, but also over the last four years, you seem really a lot of things change with korea and japan inching closer toward the u.s.. there has been is almost fundamental shift in the geopolitical dynamics. if you look at the trade number, china is still the largest trading partner for korea and japan, but if you look at new investment numbers, that has declined in recent years, and korean exports to the u.s. had

overtaken its export to china for the first time in over two decades. so that is huge. so beijing has a lot to navigate here in terms of the relationship. the good news is there seems to be tengion from all sides to really stabilize relations. they are set to adopt a joint statement out of the summit detailing some of the outcomes and we can look at perhaps increasing people to people exchanges as well as collaboration in science and tech in dealing with climate change and infectious diseases and boosting investment as well. haslinda: definitely a great starting point. thank you so much for that. let's do a check on how samsung shares are doing, declining as much as 2% earlier today, the most since april 25th. that's after reuters reported its latest chips had yet to pass invidious test, and that's due to heat and power consumption.

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haslinda: welcome back to bloomberg "markets: asia." the csi 300 index under pressure, currently down about .4%. chinese stocks in the mainland as well is in hong kong under pressure, on course for weekly underperformance relative to

other peers, investors betting that the rally has run out of steam. the csi 300 down .4%. the yuan trading at 724.53 as we speak. a recent selloff, and pressure from the fed as well, uncertainty on when the rate cut might kind. we have china going to lunch, japan coming back from the lunch break. avril: it's been quite a week for japanese equities. we talked at the start about material stocks surged, along with commodity prices rising. we got nvidia earnings and now ultimately at the end of the week, it's about the fed and how the tick up in u.s. business activity, that acceleration is

causing traders to pair back expectations of a fed rate cut. so it's really risk off in japan today. tech is not doing well. we are also keeping an eye on the 10-year yield, still sitting above that 1% level, very bearish among bond traders. let's take a closer look at what we are seeing on dollar-yen. amid those higher u.s. yields, we seen it popping above the 157 levels. 157.52 is thought to be the level that last through the first of two interventions from the japanese authorities earlier this month. that is what we are really keeping an eye on, so some market participants think the japanese authorities might face some resistance and intervening this time around, it might not be so straightforward because we did get the u.s. treasury secretary not so long ago voicing discomfort about government intervention and currency markets. that is among the things we have

to keep an i on. on japan inflation, we did get those cpi numbers showing cooling for the second straight month, but the core number at 2.2%, still well above the boj's 2% target. haslinda: let's dig deeper. let's bring in our asia economy and government senior editor in tokyo. inflation calling for second month, how is the boj likely to respond? >> i think there are two ways to look at today's figures. on the downside you could say the main gauge slowed for a second straight month, and drilling down to the figures, the service price inflation slowed below 1.7%. that hints at weakness in the underlying trend. on the other hand, at 2.2%, the main gauge has now been at or above the boj 2% target for 25 straight months. on top of that, there are at

least three factors that could point to rising upward pressure on prices in coming months. those are the wage hikes that we saw agreed upon in march, those will start to kick in in a couple of months. those are the biggest wage hikes in more than three decades. we also have the week yen, that could put minuscule upper pressure on prices through imports. then we also have utility subsidies, they took about .5% off the headline cpi figure in the latest data. those subsidies will be phased out starting in may. not sure if we will see that impact right away because may is not exactly the hottest month so people don't need to turn on their air conditioners. what we will start to see that impact hit in june and july. haslinda: what might that mean for the boj? will it derail the boj from rolling back its easing policy? >> it is a mixed bag of opinions

out in the world of economists, but most people expecting the boj to stay on track toward normalizing policy that least another hike, as many as two or three, some parts of the industry are saying as many as three hikes this year. at this point the governor was asked about some signs of weakness in the economy in the first quarter and he said the gdp figures don't change the picture. japan's economy continues to recover, so rather an upbeat message which implies that he still looks to hike interest rates at the next opportunity. haslinda: of course we've been talking about the weak yen. some are saying the next boj meeting is a live one. can we expect intervention to

support the currency? it is impacting companies with their import costs. >> it's an interesting problem for japan. traditionally japan kind of like the weak yen because it helps exporters. on the other hand, a growing number of companies, more than 60% say that on balance it's actually problem because they're having trouble passing on the cost of rising materials, imported materials on to customers. so it's not a good thing for japan overall. we seen the governor changes tone a little bit. a couple of months ago he sounded a little bit sanguine about the end. he didn't seem to be all that worried, but last month he's -- or earlier this month he cited the problems of the yen and saying it is looking to make things difficult for businesses to make their business plans and

also hitting households. so it is a factor that makes june a live month. most economists are saying it will be more like july before they moved, but june will definitely be a live event. haslinda: thanks so much for that. brian fowler in tokyo. let's pivot to cryptocurrencies. the u.s. sec has approved proposals from key values to this products tied to either, paving the way for etf's and hong kong is now set to be allowed staking funds. let's get more details with our senior crypto editor in asia. what are the differences between spot either etf's in hong kong and propose products in the u.s.? >> it's important to state that the u.s. either etf's are not yet live, but there is considerable optimism around an

approval now. that began on monday of this week after the issuers of these propose products removed plans for staking services from their proposals. seemingly to appease u.s. regulators. that optimism grew further yesterday after listing proposal was also approved by the sec. but we still need a separate approval before anything ashley goes live. what you are seeing in hong kong is that issuers are now in discussions about potentially adding staking services to the products they already have live and that have been live for a couple of weeks. haslinda: talk to us about staking services. why do people care about whether these etf's offer staking services. >> by staking either to the ethereum network, issuers could potentially earn rewards for helping to validate

transactions. those rewards could be equal to about 4% per annum, perhaps. issuers could pass that back in the form of passive income. in hong kong, that could help to boost the appeal of these products because i've had a fairly lukewarm reception so far . in the u.s. it's quite for it. staking is a bit of a hot button issue in the debates around whether or not either should be considered a security. last year the sec accused coinbase, the crypto exchange, reaching its rules exactly because it was offering staking services through the platform. haslinda: what is the size of the opportunity for ether etf issuers? >> it's too early to tell right now, but i think analysts expect it will be significantly smaller than the 58 going dollars in assets that the bitcoin spot etf issuers have already amassed in

the u.s., just a few months removed from launch. that's because bitcoin is just far better known as an asset among the investing public. but it is too early to tell, the products are not even approved yet in the u.s. and they've only been trading for a couple of weeks in hong kong. so it will be sometime before we can gauge how successful those launches have been. haslinda: think is so much for that. still ahead, property developer dlf expects demand in india's real estate sector to remain strong. we will have an exclusive interview. this is bloomberg. ♪

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probable double bottom pattern. today pointing to lower session, in line with the rest of the region. futures down about .2%. let's say with india, dlf is india's biggest publicly traded real estate developer. dlf is now testing the market for luxury condominiums in dubai. joining me is the chief business officer. good to have you with us. we talk about how hot the market is. how long will it stay hot, though? >> markets are pretty hot in india today. sales last year have been almost 7 -- 7 billion, so it has been very good. the trend is that the new india, which is young india, is coming into investing in real estate in

a big way. that trend is what i feel will keep it long. also what is happening is that people are wanting better and bigger homes. post-covid i think what people realize is that since life is finite, they want to live it up. i think real estate has also become, residential real estate is no more something they can put off, it has become a priority. haslinda: we're talking about million-dollar homes. what is the risk that we could reach a saturation point? >> as i said, what is happening is million-dollar homes or just the beginning of what you are seeing actually in india. we've got almost 15 million homes that are apartments, i think what is happening right now is that, as i said earlier,

young india and people are wanting better homes, they want to live in better homes and bigger homes. this is a priority, and with the economy booming with india macon all -- as the growth potential is concerned, really said investments are growing. what is happening also, investments have grown almost three times, almost 35% of our top line today. so i think the saturation point can only be limited to geographies. if you look at is a global perspective and massive investment coming into the country today, i think there's enough market for everybody. haslinda: so how are you capitalizing on the growth you are anticipating?

what are your plans for dlf, what is your investment plan? >> as far as dlf is concerned, as you mentioned, the potential this year is almost about $4 billion u.s.. we are entering mumbai, apart from our hub, so there is a lot of investment we are doing this year. potential is also looking good, investments are looking good. as far as we are concerned,

especially construction as well as sales and revenue and making sure they are tightly controlled and focused. haslinda: in terms of commercial real estate, how's it looking, and what is the potential there? what opportunities do you see? >> are commercial portfolios have been pretty good, the whole concept of a hybrid model in india, is completely different. most organizations prefer employees to work from the offices, which is good, and that is leading to an increase in the revenue as well as annual renters as well. the commercial office business is looking good too. all i can say is today, our businesses are doing pretty well. haslinda: given the rosy picture

you are looking at, any plans to go to market? >> right now, if you're referring to other markets, not at the moment. as far as we are concerned, we will wait that out for a bit. looking at the kind of growth potential we have today, there is a lot happening in india, a lot of companies are coming to india, and a lot of investments. in fact, as i mentioned earlier, whether it's domestic demand or demand from nonresident indians all over the world, they are looking at india today. haslinda: we are counting down to the results of the national elections. i'm wondering what policies would you like to see from the modi government when it wins that election? >> as far as we are concerned, i

think the real estate industry is going to be contributing to almost 13% of the indian economy in 2025. so the government has been pretty proactive already. the regulations are in place. the banking systems are pretty robust and tight. as far as support is concerned, there's enough that the industry has today, and i think we are on our way to a lot of things. i say this with caution, again. all the planning is done with the perspective of future development. we are keeping our eyes to the ground and making sure we take one step at a day and also make sure the visibility for the next three years is planned well. as far as the government is concerned, i feel there is enough potential the industry brings with ploy meant and what

it's adding to the economy. as far as we're concerned, the government is supportive, and i think everybody is cognizant of the fact that it's going to be a major contributor to the economy in the next three years. haslinda: is a higher for longer varmint, rates are likely to stay high for quite some time. how might that play out in terms of the property sector? >> are you talking about investments or residential property rates? haslinda: residential property rates. >> what is happening is, as i said, it's more of a priority than anything else today. if people are wanting to buy better homes, like they've always done with watches or travel in business class, or buying expensive clothes or whatever else, i think real

estate, residential real said has now become a priority for them. so i feel that they are putting away that money on a regular basis, and has become a priority, so therefore for them, this is something they spend a lot of time, home is where you rejuvenate, it gets you ready for the next day. what people are doing right now is prioritizing it, and i see that once you do that, you generally get money where you need to. i see this as a trend. this is not an aberration. i've been seeing this for the last four years. i hope this is going to continue. there are no signs for it not to. the builders and industry is also making sure they are providing for this demand. haslinda: thank you so much for

that. something to alert you to, japan's 10 year bond yields surging beyond 1%. early touching one point 005%, the highest level since 2012. that's as investors fully by senate to an basis point hike at the july meeting. 10 year yields reaching the 1% level, the highest since 2012. india's biggest airline is planning to launch a new premium product to attract first-time business flyers. the ceo told us about the low-cost carriers ambitions to move beyond its no-frills offerings up to posting a profit beat in its latest quarter. >> the basis of what indigo is today will not change, but we introduce this new product, and we know for a fact that not all

cities in india today are developing in the same way. so it will be domestic only, in the first part of august we will furnish details on what routes precisely and what the exact configurations are. it will be live and operational before the end of the year. >> does this at all confuse your positioning? i get the market reason why you are introducing a business class. >> i would say it reinforces our position. our position today already has the opportunity to add more space in the aircraft and we have seen a growing need. if you take some of the nation's busiest routes, there is so much demand for this space that we felt it was absolutely the right moment, in addition to the product where having, to start catering for the needs of the indian consumers.

we see more and more corporate travelers who wish to have that product, and they fly with us all over the country. they fly the ocean pacific routes more frequently, and therefore we felt this was reinforcing our proposition and her image in the markets and are offering to our consumers, rather than confusion. >> how does this change profitability over the mid to long period? have you marveled that out? >> you can rest assured that the steps indigo is taking, the same goes for this proposition that it is based on solid financial analysis. haslinda: that was the indigo ceo. plenty more head. keep it here with u s is bloomberg. ♪

haslinda: the private equity firm is considering buying shopping all properties, according to people familiar with the matter. we're talking about nearly 500 shopping malls. the main value of the real estate assets is as much as 100 billion one, that's $13.8 billion. once again, pag set to buy

nearly 500 shopping malls. let's a good where we are in terms of how the indexes are performing right now. asia pretty much dragging wall street lower after u.s. pmi came in stronger than anticipated, suggesting the fed may keep rates on hold for most of the year. that is it from bloomberg "markets: asia." horizons middle east and africa is next. this is bloomberg. ♪ to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh

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