paul: welcome, here are the top stories. asian stocks rise after wall street hits a fresh record high fueled by a rally in chipmakers. nvidia surging past microsoft to become the world's most valuable company. the u.s. ramping up efforts to restrict china staff -- assets to chip technology with a new bill in congress and a new senior official sent to enlist allies help. our big take from looks at the $40 billion rush into indian bonds fueled by upcoming inclusion in the jp morgan index. those stories coming up later. let's check in how markets are faring with avril hong in singapore. avril: we see their rally among asia-pacific stocks. this is after another record-setting session in wall street heart -- helping with nvidia. we are going any more evidence

that inflation is cooling in order to ease rates, but that doesn't seem to be stopping investors and latching on more to the disappointing u.s. retail sales, and those concerns that they are raising about strains among the u.s. consumer, may be that causes problems down the road in terms of her earnings, but for now that doesn't seem to be top of mind, we are seeing chip related stocks really running higher today. but i want to highlight a couple of other things before we talk about them, japanese government bonds coming under pressure. the april meeting shows at least one board members sounding pretty hawkish. chinese government bonds are also in focus. if you flip the board we will take you to the market reaction we are seeing. we are seeing this bond buying frenzy in china, the pboc has come through with some warnings, but today, with really interesting is how the governor of the pboc says they are

studying the implementation of government bond buying and it's also saying that this idea of the practice equates to quantitative easing. it's rejecting the idea about what we are seeing some of the gains from earlier on to the session. let's take a look at the chip names because many of these are the biggest boost on the asian stocks again today. it's not just about nvidia for them. apple suppliers stand to benefit as the iphone maker ramps up its ai plans, so these are the names that are lifting the stock benchmark. for nvidia, let's take a closer look because overnight we saw it topping microsoft and apple in terms of microsoft. the most valuable coming in with a chips race coming on. companies are ramping up their investment to boost their computing power. this is what we see in the stock

overnight, paul. paul: thank you very much. the biden administration is sending an envoy to japan in the netherlands, ramping up the pressure to help in limiting china's ai chip ambitions. for more, let's bring our chief north asia correspondent stephen engle. what do we know? stephen: what we know from sources is that alan estevez, the under secretary of commerce for industry and trade will likely hit the hall and as well as japan and enlist their support, the government support to, i guess you could say, pressure the big chip equipment makers, talking asml in holland and tokyo electron in japan to tighten their export controls. they have enlisted the support of those companies on the big

extreme ultraviolet lithography -- lithography machines and exports to china. one thing japan and the netherlands have been less stringent is on the servicing of those multimillion dollar machines, which need constant servicing to operate. in particular, this sources telling us that the focus will be on hbm memory chips, high-bandwidth memory chips, which the machinery is made by asml, tokyo electron as well. they are the memory chips bundled with the ai accelerators from the likes of nvidia. those ai accelerators do not work without hbm memory. he gets a little bit technical, but this is a big geopolitical issue with the united states trying to enlist the support of allies like the netherlands and japan on those further curbs of access by china to advance machinery.

paul: there will be new legislation that could further the semiconductor industry, what are the details? stephen: this is a bipartisan deal that was basically unveiled tuesday in washington, d.c. it would require, if passed into law, would require any chipmakers in the united states that are taking money -- federal money from the chips in science act of 20 22 to build. they could not have any gear in those facilities that were made in china or by companies that are affiliated with china. there are loopholes to limit china's access to the plans like we know tsmc's building plants in arizona, but this would impact companies like intel that are having facilities in the united states and are potentially taking money under the chips and signs zach from

federal grants. it would not include plants with these companies overseas, so in taiwan, japan or elsewhere. another step of the controls by the biden administration. paul: chief north asian correspondent stephen engle. our next guest growth stocks is one of her top conviction calls. let's bring in stephanie, apex eil at deutsche bank private bank. if we are going to talk about growth stocks, talking about nvidia, the world's biggest company. shares cheaper than apple, cheaper than microsoft. how much more upside is there? do have a price target for nvidia? kwuex good morning, paul. i would surprised not to get that question as this the talk of the town the whole morning already. in terms of a specific price target, i'm not here to talk

about single stocks, but i could tell you that we have just updated higher our u.s. equities forecast for more upside to really reflect the theme that is lifting up the u.s. equities will remain in place. so, nvidia is obviously a part of the ai theme, the demand on the semiconductor side because of it. you want to be invested in growth stocks going forward as well. paul: so, when it comes to the ai story, we've gotta fuel very richly valued companies, do you feel there are distortions in the market and what are the risks around that? also, are there parts of the story where there still can be opportunity for other investment, for example, they still need to be powered with energy, then there is the applications of the ai side. are you looking at other opportunities within this world?

>> absolutely. as you point out, we are ready for a while in valuations that are not as attractive as they should be. it is very key to diversify your portfolio. geographical diversification could be one way of doing it. today in asia we have this immense rally and all the tech heavy indices out here. so you geographically diversify one next step in terms of the application for ai. these are all long-term investment themes that have been with us in our portfolios that we have been advising around for a while. look at next phase technology that has obviously been found, electric vehicles, we talk about health care and health tech, which is very much a theme in the population support that we see. so lots of these themes are

second derivatives of ai, but they are also a way of combining a few more things that are not just writing on that single ai story. paul: we are seeing some of the markets that have those ai players reaching fresh record highs constantly. the s&p has touched a record 30 times this year. and we have a bank of america poll as well suggesting more and more cash is piling into stock markets. as rights eventually decline, do you see that exhilarating when cash from money markets starts pouring into equities? >> i don't think we will be leaving the territory of relatively higher for longer too soon, to be honest. it has been a theme that we had from last year on. last year, when people were looking at cuts, we saw there won't be any rate cuts. we entered this year looking at a shallow, small cutting cycle by the fed, so we have just come

out of our new revised forecast at the beginning of this week, and re-remain of the opinion we will see rate cuts to be employed. in total, over the next time before it's just one year, but only one of those cuts happening during the remainder of this year. so, you look at the plane cash in the equity space, i don't think that would be the main driver because that meeting where we see the 25 basis points cut could be like september or something that is after the election, like a december meeting. i don't see that correlation happening too fast because rates remain attractive for a while longer. paul: it's an interesting point because we had strong industrial production data of the u.s. we have this environment where markets keep testing fresh eyes. consumers was a little weak in the u.s., that plays into the stickiness of inflation stories. do you think it could be a few quarters before we see it

supporting a cut? maybe there could be repricing around cut expectations. >> i think we are getting there already. we see that inflation is turning the other day. we had retail sales with disappointing expectations. look at the unemployment side of things. you have in an conclusive dataset because we have divergence opening up between household surveys. we are getting to the territory where the fed should have more conviction on going to take rates down. and i think we are getting to the point during this year. paul: do you find it interesting, this conversation around rate cuts. at least the central banks -- because the economy needed support. when you look at this

objectively, can he really say that it needs support? is that enough reason to get a cut? kwuex i think we are now on a different territory, that's why we see cutting cycle, we see it called a baby cycle. there are scenarios that have always been bad for markets. they will cut because they can. paul: stephanie sticking around, we will continue this conversation at the moment, but still to come this hour, joining us to discuss the output for india's economy and why they are expecting its investment growth story to continue. this is bloomberg. ♪

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paul: this take a look at how china bonds are doing, we see a strong rally in these assets and we did hear from china central bank a little bit earlier who is saying that the pboc is studying how to implement government bond trading together with the finance ministry. he's rejecting the idea for a quantitative easing. yields are being pulled back just a little bit on those remarks. for more on this story we are joined by our china correspondent. how significant are these words from the pboc government? kwuex it's very significant because the pboc as refrain from stepping into the secondary bond market for 17 years. the last time they bought bonds was in 2007 to create a

sovereign wealth fund. this suggests that the pboc is seeing a need to add to its monetary toolbox at a time when the economy really needs more liquidity to boost growth. there has been tacked that may be the pboc doesn't need bond trading as a tool because it still at two point 5%. there is still plenty of room for cut but then the pboc showed this unwillingness to cut rates amid this fear of downward pressure. so this would really add to the toolbox. it goes both ways. it could also sell bonds at a time when we see this bull run in the bond market and the pboc has been repeatedly wanting bond bubble. paul: it doesn't show signs of ending anytime soon. how does this look? kwuex if you look at the futures for the 10-year note it open at over 104.

thus the highest we have seen since going back as high as 2015. those sealed in the two decades low, some analysts say it could go down further to 2.1 8% was the end of the year down from the current 2.25%. this really points to the lack of confidence from investors around the macro economic outlook amid the mixed data that we have been seeing. you see speculative trading from retail investors and corporate's looking into yields higher than your regular bank deposits, traders betting on more stimulus that could weigh on yields. the pboc has repeatedly defied calls for more rate cuts amid the fears of depreciation. it could go on for a a while longer unless the pboc backs up their warning with stepping and divide to sell bonds. paul: bloomberg's china correspondent. let's continue discuss and

strategy with apex ceo at deutsche bank private bank. i would invite you to give your reaction to these remarks from the pboc government studying how to implement bond trading. was the significance of this you? quick say totally agree, this is a very significant step was probably two things. number one, you have a one way market trading going on at the moment where there's a possibility of speculation pelting up where there is only one way out for the bond side of things. pboc really never liked the speculative developments in the markets, so this is one way of implementing a two-way trading opportunity, but on the others, it's obviously adding to the monetary policy toolbox. right now, as we are in a week where we are hoping that maybe

we face the ability to take rates down a little bit, they are always treating this very carefully because once you take rates down at this moment in time where it is clear the fed stays higher for longer, then he really risk currency depreciation and that is a sign of no confidence to the market participation which could have a negative effect on the equity side. that's an interesting tool, absolutely an important one to have heard about today. paul: it's interesting also that the government is not quantitative easing but we've heard from the pboc governors saying maybe it's time china remove this taboo around cuties. perhaps a dose of qe's, exactly the medicine china needs right now. what do you think? kwuex i agree and i'm not surprised you don't want to go out right in labor link --

labeling yourself and projecting this rhetoric to start with. but i agree this the perception in the market. absolutely. paul: i would like to get your view on chinese equities, the csi 300 debate are joining in on this day i inspired everything rally that we have been seeing, but valuations are certainly attractive. are you looking at opportunities in china based on the appealing products? quakes absolutely we look at opportunities on a tactical basis, the second half of this year has always been when we were looking forward to in terms of a more sustained recovery in china. so now we have the high tech rally, which were just damp and because of the geopolitical rhetoric that is heating up. but, to be expected as we get closer to the u.s. election. there are other parts like industrials we like and also the

consumer side that is getting a lot of attention from the chinese government in terms of stimulus to restore consumer confidence in the ability for consumers to participate. paul: you mentioned currency depreciation in terms of the yuan. we see a bit of that with the yen, 15782. we saw a pretty strong export numbers out of japan for the month of may, but at what point does this yen weakness start to create other problems, other tensions in japanese economy? >> it's obviously a problem for the local consumer because it's also importing and it's making things expensive from that end. i don't think the bank of japan is too worried about this right now because you already have this as a second curtail win benefiting the export side

earnings and then your local stock market activity. for the time being i cannot see this trend where we were anytime soon. even if the bank of japan is able to move meaningfully on the right side, and we expect this to happen of the course of one year to go from 1.1 to 1.5%, which is still not big enough or large enough to close the gap that is there to the dollar yen number to the u.s. to really shift things around for the yen and the dynamic. paul: just before we let you go i would like to get your views. markets opening in about 25 minutes, do valuations look a little stretched to you? kwuex i am very impressed by india. we have always had this as a conviction call for all the right reasons. the infrastructure buildout in

the long-term demographics. but once we had the selloff after the exit polls we have this huge snap for her hand a wealth of indian equities. it just shows you how resilient the market is and how convinced they are that it's a long-term medium and long-term investment opportunity. every opportunity that we are getting in the lower price, we will be using. paul: stephanie of deutsche bank private bank. thank you for joining us with your views today. plenty more to come. this is bloomberg. ♪

paul: let's take a look now we are tracking around the region. most markets higher things to the everything rally perhaps inspired by what we saw happening with nvidia today. that stock gaining another 3.5 percent. it's now the world's biggest company surpassing apple and microsoft. the hang seng powering forward by 1.9 percent. hang seng tech doing well. kospi home to a lot of tech manufacturers as taiwan, both of those markets are performing strongly as well. keeping up with the pack in australia. the asx is off by a 10th of 1%. real estate stocks are doing pretty well. if we take a closer look at the other asian markets say you have at samsung electronics, sk hynix, tsmc all having a good day. taiwan seen up by 3% at the moment. now, a bit of a different story

as we go to the china mainland. that's what we were discussing with our guest, this everything rally. not expending to the csi 300. if you look at the china tech names, sunny optical is off by 3%. we have heard that the u.s. is sinking or is visiting japan in the netherlands asking those two countries to add fresh restrictions to china's semiconductor sector. u.s. lawmakers putting forward legislation to curb trends tech ambitions. coming up, we will hear why the boj shrinking bond portfolio could do less damage to portfolios than they think.

paul: welcome back, just heading to lunch, as i mentioned a

moment ago, csi 300 not taking part in this everything rally backing off. china tech stocks are not performing to well on the news that the u.s. is taking further measures to try to curb its tech ambitions. we have offshore yuan's slightly weaker. we are hearing from the pboc governor who saying that the pboc is studying for the in portland government bond trade. don't call quantitative easing, it's definitely not there. we had retailing on the retelling front. the 618 festival has been wrapping up. that was a bit underwhelming, so the chinese consumer is still a little bit weak. let's check in on how markets in japan are doing, avril hong takes a closer look. avril: we see japan from the

lunch break, the chip ai related names that surged in nvidia, it topped them market cap of microsoft and apple and its lifting the ai complex. among those that are well and in the green, also another stock we are keeping an eye on in japan, mitsubishi motors, it surging after the nikkei reported is looking for ways to further unlock shareholder values through share buybacks are raising dividends. a lot of greens and japanese equities and this is despite a recovery on the dollar on the yen against the dollar. markets are digesting what we got from the boj april meeting minutes. there was one particularly hawkish, coming through from a board member that suggest that

the japanese currency could prompt this. in theory we see the rate hikes from the boj. we could see further convergence when it comes to what you see versus the chinese government bond yields on the 30 year. today the big story was what you were alluding to earlier was how china is discussing the implementation of government bond trading. let's flip the board and take a look at some of the data out of japan. today we got those export numbers coming in nicely for a sixth straight month. this is helped along by the cheap japanese currency. that might be weighing why i'm paying more for the central banks to liberation. paul: the bank of japan announced plans to substantially cut its bond purchases. bloomberg's market strategists believe the move could cause damage to investors. the team sees three possible

scenarios. first off, the boj could keep on buying $6 trillion worth of bond every month. option two, trimmed those holdings incrementally or option three, go for a one-time cut in august to $3 trillion or ¥3 trillion. a bigger part in. let's dig into this a little bit more with bloomberg market mliv strategists mark cranfield. three scenarios there as outlined. what are the pros and cons of each approach and which one is most likely to be exercised? kwuex the reason we talk about it so much is that the bank of japan governor clearly stated that when it comes to the next meeting in july, the bank of japan will actively discuss by how much they are going to reduce their bond purchases, although they may not announcing immediately then, they probably would do a meeting after that or sometime in between. clearly it's something that will happen soon in the market is

trying to prepare itself. but this analysis is done by our calling in tokyo. what he is saying is that the market doesn't need to be too concerned because although the pace of purchases will be reduced, it will not disappear completely by any means, and the amount of bonds that the bank of japan holds will still be large. if you have the current holdings that are half than the entire japanese bond market. but by his projections, even in a worst-case scenario, over the next two years the holdings will still be above 40%, which is a pretty decent jump. there are not many central banks around the world that own 40% of their own domestic bond market. it would still continue to have a big bearing on what's happening in the market. investors and japanese bonds don't need to fear that yields will be rising too quickly.

paul: bond buying, leave it for the boj, another one was good old-fashioned tightening. we had the boj minutes today. one member saying we need to deepen discussion on tightening. one member saying raise rates in a timely manner. will we ever know, and are they saying the quiet part out loud? kwuex as you can see from the response of dollar-yen, you still would need 158 if the market was really taking this seriously, we would trade a lot lower than dollar-yen. these are the minutes of the april meeting. just last week we had a june meeting and they didn't achieve any of the things that were discussed. all those warnings are very much out of date. whoever was being hawkish in april did not turn up and become hawkish in the june meeting. they are concerned about what has happened just now or what is about to happen. they might as well stick him in

the bid because they look so out of place. it has no relevance at all for the market. people are waiting for the june meeting thinking the bank of japan would do something substantial in terms of preparing the market for another interest rate hike, from preparing the market for much level bond purchases, it got neither an outside why dollar-yen is sitting close to 158. paul: still very weak. we mentioned this with our last guest. to what degree is this weekend keeping inflation elevated and how will this help me to play into this gradual timing narrative? paul: japanese inflation data comes out this friday. it is forecast to be slight compared to the previous numbers. some is a year on year. there will be some distortions. if we see a jump in those cpi

numbers this friday morning, deputies are not doing enough. they are shifting towards the bank of japan. the authorities have already intervened a few weeks ago by a record amount, they were buying the japanese yen and it hasn't made a huge impact in the foreign exchange market. the people who are actively in the market clearly need to see that the bank of japan themselves steps up and tightens policy in a way which is above expectations. so really the onus has shifted back to the central bank. they need to increase interest rates and yet they are taking a long time to do it. until then, the japanese yen is likely to stay on the back foot. paul: mliv strategists mark cranfield. still to come, rbl banks as they are expecting india's investment led story to continue. jeff explains why, next. this is bloomberg. ♪

paul: welcome back to bloomberg markets: asia. you are watching the india focus just under six minutes away from the open of trade in india, here's a look at the premarket session. we are seeing upside on the

positive day. markets in the asia-pacific inspired by a lot of what we've seen in nvidia and the ai story pushing equities higher pretty much eric -- everywhere with a couple of exceptions. looks like we are headed for equity with a trading in five minutes 30 seconds. the sick you look at the rise of india's bond market. many investors now see it as an investment to russia and china. this is the subject of the big take today with the inclusion of indian sovereign debt into jp morgan's emerging-market bond index, leading to a $40 billion rush into the markets. let's get more with her senior effects and rates reporter in move by. what sort of impact do we expect to see on demand for indian debt going forward? kwuex i will just give you context, this brings bond so the global high table.

we are the second-biggest emerging-market, bond market after china. but if you look at foreign ownership, it's roughly around 2% of the total outstanding market, which is many skills if you consider asian markets like to. the -- is huge and jp morgan kicks in and goes live next week will mean that potentially between active and passive investors, we are looking at around $40 billion in flows over 18 month timeframe. but that substantial given what we have seen in the past. that would mean further positive impact on the demand side as demand supply getting much more favorable towards demand. and that's for the government

easily seen through its bond program. paul: how have global funds played into this index inclusion? kwuex since the announcement since jp morgan we have seen 10 billion worth of inflows in indian bonds. basically, the global funds are setting up onshore accounts in and coming directly, as well as other roads like -- or even going through picking indian exposure via supernatural bonds with them denominated settled with dollars offshore. the lgm's of the world having a dedicated india lts. paul: bloomberg's seeing effects and rates reporter in mumbai. let's get more perspective on this now from a challenge at rbl

bank. thank you so much for joining us. how attractive do you see indian bonds being to international investors? particularly to others like yourself, such as china and russia. >> the outlook looks favorable for the rates market, given its fresh demand we see will be coming through. we have already seen 10 billion to $12 billion worth of inlet -- inflows. quiet rates remain constructive going forward, given that we expect fiscal consolidation to continue. so the supply of paper would be at the same level with fresh demand coming through. the outlook for rates is looking far more constructive. paul: as you were speaking, we

see up chart of indian bond yields. 10 there at 6.9 73. what is your outlook for bond yields? kwuex we are not targeting the levels, but if you see the downward movements, the yields have come off 20 basis points over the last six to eight months. and with how inflation dynamics are playing out, the rate cut expectations continuing to flare up when it comes to india. we think further downward movement in the 10 year is more plausible from here on. paul: you have seen the rupee backing away from record lows. the rbi governors saying the rbi continues to build its stockpile to reduce volatility. what is the path for the rupee ahead given both the fed and the rbi are thinking about a easing,

but not really rather -- ready to pull the lever yet? kwuex on the currency, fundamentally speaking, there are factors that suggest the rupee should be depreciating from current levels. we look at the balance situation and the benign one just above 1% of gdp, with inflows expected to come through because jp morgan bond inclusion over the next 12 to 18 months. we are looking at rupee to appreciate and wait in the range of 82.5 to 84 kind of levels. we think there is more room for it to get better for the current levels. paul: we have a situation where inflation is remaining quite stubborn, quite sticky.

do you think we are going to see the market dialing back expectations for easing in india or will it support the rupee? kwuex the consensus is building that it could be moving to cut rates by october 2024. so the room to cut begins in the second half of fy 2025. we still think that the fourth quarter will march 2020 five quarter is when we could see the first rate cut come through. in terms of policy stance, we think that the npc would have much more elbow room to remain accommodative, even if they are not pulling the lever on policy dates as of yet. paul: we do have a budget coming up next month. a new coalition government. what are you anticipating in terms of expanding on infrastructure and social programs. into the government -- and can

the government avoid that from stoking inflation? >> there is a lot of concern around these expectations, whether the fiscal attitude and consolidation roadmap is something the government will be able to adhere to. these are our expectations as well as the dividend. there is quite a bit of room available to the government and to accommodate both. slightly higher spending which focuses more on a rule sector or agriculture sector. the infrastructure spending plan that targeted and budgeted for in february. paul: we have coalition government, do anticipate smaller partners putting a hand

break and having a hand on the steering will in terms of where that money flows? >> i think the budget would give more clarity on what the priorities are for the government and how the states, which is the coalition party states are from, set the ball rolling in terms of state specific demand to keep it forward. we have to wait for the budget to provide more clarity on that front. paul: the indian economy is sensitive to the seasonal monsoon the country receives. what are we expecting in terms of the seasonal rains and how is that going to dictate any changes of fiscal policy? kwuex i think that's one of the weather related concerns that would keep them vigilant on

inflation front. last year we did see the monsoon was subpar. this year began on a very strong and positive footing, but we see that the momentum and distribution is withering away. so we would really have to watch out for monsoon progress and from here on. if there is concern, we could see that monetary policy action is getting more delayed because concerns around food inflation are pretty high already and they would not want to risk it further and probably take a wait and watch approach. in terms of fiscal policy i think the government would have to focus on the sector for monsoons to turn out so favorable for the second consecutive year. so all eyes on the if the monsoon progresses. paul: we will be watching

closely. economist at rbl bank. thank you so much for joining us. more ahead. this is bloomberg. ♪

paul: the way to score

blockbuster weight loss drugs is pushing indians to greater length including braving markets. this as drugs like ozempic remain unavailable in the country. let's bring in our reporter. anti-obesity drugs are all the rage. any of those seem to be missing out, there's always a way, how are they dealing with that? kwuex thank you for having me. obesity drugs have created it globally are missing in india. this means that rich indians are trying to use these drugs and bring these drugs to india using odd means such as stashing the drugs and their suitcases while coming from the u.s. or europe, buying counterfeit formulas online. going to creative links to import these drugs from the u.s. where they are approved for sale. this has cost as much as five

times the price of the drug, which are sold in india. with the lack of obesity drugs in india, rich indians want to lose weight quickly and are trying all sorts of means to get these drugs in india. importing the drug intake is much as 10 days to come through. paul: it sounds like there was an appetite for ozempic and other drugs in india, how big is the market for indian obesity drugs? kwuex india seems to be a huge market waiting to be attacked by the global pharma companies. india has about 80 million of these people. to put into perspective, that's almost four times the population of australia and it also has 225 million overweight people.

increasing affordability and affluence of the middle class, there's a huge -- that waits for these drugs of approval in india will certainly buy these drugs as soon as they are approved. paul: would could -- one could indians expect these drugs to arrive legally in the country? >> it's going to take some time, eli lilly said earlier this year that it's planning on bringing it by 2025. as well as know who said it's planning on bringing -- but not ozempic with an undefined timeline. these drugs will take at least a year to hit the market. in the meanwhile, the patterns for both ozempic and dash are set to expire in 2026.

which means that india's -- which is the biggest generic exporter in the world, will start taking these drugs and pose a challenge to these companies. paul: our mumbai reporter on the gray market appetite for ozempic on the other drugs in india. let's take a quick look at 30 year yields for china. japan, this is an interesting one. now just 30 basis points apart. it will be a historical moment if japanese yields did end up overtaking china. of course we did hear from china's pboc governor with the pboc considering the implementation of government bond trading. this is one of the factors that is helping them push these two rates close together, the pboc governor pretty clear in stating that this practice does not equate to quantitative easing.

so strange to see rates converging, getting close to parity. let's take a look at how global markets are faring. you can almost call it in everything rally. we see each men in china bond yields as mentioned. in terms of global markets, it has been a pretty good day around the region, mostly inspired by what we saw happen with nvidia becoming the world's most valuable company. china really getting a pretty powerful boost. that is it from bloomberg markets: asia. horizons middle east & africa are up next. this is bloomberg. ♪ the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

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