asia." rishaad: stocks on the way up. jumbo-sized interest rate hikes. the dollar meanwhile just coming off record highs. china's inflation numbers expected to slow in august as covid closures slow growth. and the end of an era. queen elizabeth's death prompting tributes from around the world. we will be live in london. haslinda: a great loss not just for the u.k. but the world. in the market, though, some stability in asia. perhaps investors saying the market could be close to pricing in the rate rises that we are seeing at this point in time. we had the ecb raising 75%.

take a look at where we are in terms of benchmarks. the ecb up despite disappointing data. in the asset space, it is a weaker dollar giving a lift to asian currencies. we are seeing the strongest indication yet from japan officials that they could be mulling direct intervention. oil shrugging off higher inventories we are seeing and in the bond space, asian bonds tracking treasuries and we are seeing a rise in yields.

rishaad: the dollar off by .5% against its thai counterpart. much of this really down to the tourism and the hopes of a rebound in tourism. we just got a report out showing that hotels had higher occupancy rates than anticipated in august. that is a look at that. an fte -- the ruby stronger against the dollar with the dollar off by about .2% -- the rupee stronger against the dollar. it is a day where the dollar is just easing off from those record highs.

we will cut against this backdrop of central rate hikes. we have the european central bank walking right through it. let's start with what the european central bank said, what christine lagarde said because it was hawkish, and it was also very gloomy looking into next year. kathleen: it is not a pretty picture. it is tough medicine, but more and more central bankers, including christine lagarde, are realizing that this is what it's going to take to start getting inflation under control. granted, it is a lot of supply-side pressures, but they have to do something, and she made it clear they are ready to. >> the governing council today decided to raise the three key ecb interest rates five 75 basis

points. this moves us toward levels that will ensure the timely movement of inflation. kathleen: as important as her and the ecb signaling they are ready to do more hikes, potentially even 75 basis point rate hikes. the jumbo size, in fact, she said they will do more hi hikes as needed. also interesting -- yes, they are forecasting much lower growth for the euro area. it is a realistic assessment. they have war in ukraine. that was already a big worry before the gas got cut off. look at germany. just down the line, france from

2.5% to 0.9 percent. these are big reductions. also interesting that bloomberg news reports that it was not just the hawks dragging the doves kicking and screaming behind them. doves right now on board with, as christine lagarde said, having to front load make it clear that you are serious, as one of our earlier guests said, restore your credibility after you got so far behind the curve. investors pricing in a 40% chance of another 75-basis-point rate hike in october. haslinda: we also heard from powell who said the fed will not split until the job is done. kathleen: so many are seriously considering it, just waiting for a little more data.

let's listen to what jay powell said. >> we need to act now, forthrightly, strongly, and keep at it until the job is done. we think we can avoid the kind of very high social cost that paul volcker and the fed had to bring into play in order to get inflation back down and set us up for a long period of price stability. kathleen cullinan let's remember, when he talked about paul volcker and that period when paul volcker had to work so hard to get inflation down, he also had to realize that he stopped hiking rates to quickly. jay powell particularly mentioned not moving prematurely, so don't be looking for a pivot any time soon, investors. also important to look at the totality of data. charlie evans from the chicago fed, who is known as more of a

dove, said that he can see his way clear to a 75-basis-point rate hike. he has not made up his mind yet, but one thing for certain, he said, i know rates have to go a lot higher from here. the question is -- what is a lot for europe? what is a lot for the u.s.? definitely the economies are in a much different situation, but the path policymakers is the same and they are making it clear that this is what they intend to do and probably will not stop any time soon. haslinda: don't look for a pivot any time soon. kathleen hays in new york, thank you. let's bring in the cio of maybank wealth group management. the big question is if the fed will keep hiking. >> i think when the markets rally in july and the early part of august, we thought that investors were premature, and i

think powell's jackson hole speech has reinforced that view, right? i think the fed is likely to go with a 75-basis-point rate hike. i think expectations are now more reasonably priced in. what is not is growth expectations, and that could be another trigger for the market. haslinda: suggesting the selloff in august takes us closer to the bottom, you are suggesting perhaps that is not the case? >> know, we don't think so. the s&p has actually pulled back about 10%. that is an adjustment of rate hike expectations, but you look at the consensus for s&p 500 earnings, we are looking at 9% for this year, 8% for next year,

and we are talking about increasing probability for recession. the kind of high single digit earnings growth seems to be a bit optimistic. haslinda: how are you positioning your portfolio? >> we are still optimistic. underweight equities, very selective, overweight, but we are incrementally positive. haslinda: are you overweight cash or not? >> still, very overweight cash. rishaad: having a look at these lines coming through from the tokyo governor -- from the governor saying the rapid weakening of the yen, but i want to get a sense of what part the

yen fall -- does that present you with investment opportunities because you are getting that discount now? >> i think it depends on if you are a dollar-based investor or a yen currency investor. on the yen side, the boj may intervene, but my guess is it is still about policy and there is no urgency for the bank of japan to tighten policy aggressively given the fact that inflation is much more benign for the likes of the u.s. and europe. in terms of dollar returns, it is equally bad because of the depreciation of the yen. if you want to get involved in japanese stocks, you would probably have to do well to have currency exposure.

rishaad: you are neutral on asia and japan as well. what would make you become positive and overweight on them? >> on asia equities, if you look at historical performance, stronger dollar historically does not bode well. within asia itself, china is still a very big component of asia next japan. we currently set up a neutral fund from china. policy-wise, we have seen stimulus, and there are some measures, but you still have that very stringent covid policy and therefore asian markets as well. haslinda: dollar strength easing a little today. what might, i guess, stand in

the way of that? >> i think all eyes in the near term would be on upcoming cpi data. still hovering slightly above 8% . i don't think that is enough for the fed to pause or ease. i think 75 basis points is very likely. we do anticipate growth becoming more apparent and the potential between the fed and other central banks narrowing. haslinda: thank you. let's go to first word news with su keenan in new york. su: we start with china's consumer inflation unexpectedly moderating in august while producer price slowed more than

expected. cpi rose 2.5% from a year earlier and ppi gained 2.3% last month compared to 4.2% back in july. bloomberg economics says the data gives policymakers more room to stimulate the economy. eu energy ministers meanwhile are holding in -- holding emergency talks to thrash out common measures in the hopes of countering a looming gas and electricity price crisis. the european commission president has set out a five-point plan that is likely to -- likely to draw strong opposition from some member states. japan's top foreign affairs can -- official says he is keeping all options open if the recent moves in the yen continued. he sent the country's strongest morning at on the currency's

recent slide. he says fundamentals alone cannot justify the moves he says are pretty excessive in recent days. and janet yellen wants to see tax prices on the rich and companies to help pay for social spending. less than two months out from midterm elections, yelling highlights what she sees as the biden administration's economic policies. health officials in china are telling people to minimize traveling to other cities during the national holiday to prevent the spread of covid. they hope the government may relax restrictions after a party conference in october. in a reversal of its guidance in june, the national health committee is requiring all regions to conduct regular pcr testing. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700

journalists and analysts. i'm su keenan. this is bloomberg. rishaad: we have an exclusive interview with the chief executive of a group looking to make property ownership easier. haslinda: and we take a look at the global impact of queen elizabeth's death. this is bloomberg. ♪

haslinda: we are taking you to london where flags are lying at half-mast and condolences pouring in for queen elizabeth ii -- flags are flying at

half-mast. the u.k. will mark 10 days of morning. we have our london reporter and chief north asia correspondent. >> as long as many of us remember here. the feeling on the ground, we just saw those pictures. people gathering with candles to pay tribute to queen elizabeth ii, who passed away in fell more -- balmoral yesterday. her elder son charles will now be king charles iii.

he took over from his mother as soon as she had died, and the feeling on the ground is people will be waking up this morning after hearing that news yesterday and still digesting exactly how they feel. this will be a time for people to reflect. we do know that from midday today, the house of commons will reconvene, and ministers and mp's will pay tribute to the queen and that will happen tomorrow, too, but we do know that they are going to try to push through this energy plan that was announced by the new prime minister, liz truss, who only has literally been in office for 48 hours, and she did meet the queen on tuesday, so we expect to see those events unfold.

rishaad: stephen here in hong kong before 1997 and the return of hong kong to china, she was the head of state here. stephen: yeah, she is deeply ingrained in hong kong society and the psyche. my wife grew up here, went to british schools, as many people did. she texted me essentially saying that most people have respect and admiration for queen elizabeth ii. she was our queen. which makes it all the more interesting and poignant that we have not gotten any sort of statement yet from the hong kong government. we have not gotten a statement, that i have seen, from beijing yet. i would assume we might get a statement from power at least a response to a question at the afternoon ministry foreign affairs press conference, but still nothing.

we have heard from the prime minister of australia. he will be heading to london for the funeral as well as meeting king charles iii. it is an interesting time. this building sits on cream -- queens world central, which is for queen victoria, but still, the memories and vestiges of queen elizabeth are here. haslinda: queen elizabeth venerated around the world. there's a lot of legacy. stephen: absolutely, including where you are in singapore. singapore was part of the british commonwealth until it gained self-governing in 1959, but we did hear from the prime minister of singapore, saying he is deeply saddened, that her majesty left a lasting legacy

and her passing is greatly mourned by everyone in singapore. king charles iii will be the head of state of four asian nations as part of the commonwealth, including australia, new zealand, papua new guinea, and the solomon islands, so there is still the presence of the monarchy in this part of the world. obviously, it dwindled over the 70 years that queen elizabeth reigned, but again, her legacy has had a strong impact on this part of the world for sure. rishaad: you already touched on what happens next, but give us a sense of what we expect monday. >> we do know that senior officials remain at balmoral. king charles will be traveling to london later today and is expected to be giving an announcement this evening, and

we will find out more plans about the state funeral that has been planned for the queen. we also know that her body will make its way to london on saturday and will lay in state in westminster hall, and her funeral will happen on the 10th day -- that's what we expect to happen, and when that does, markets will be closed, and it will be a national holiday here. as i did say, the house of commons reconvenes today, and they will be paying tribute to the queen, as many of the country really do mourn the loss of someone who has reigned over us for 70 years with an absolutely great legacy, internationally, too, as stephen was touching on. rishaad: thank you. this is bloomberg. we've got a lot more coming up. ♪

haslinda: let's do a quick check of the latest business flash headlines. elon musk made comments today after apple announced -- [indiscernible] persuaded a u.s. federal appeals court to force a group to return more than $500,000, a major victory for citigroup's thanking effort. the accidental transfer forced the bank to look into how it made the mistake.

rishaad: we are seeing the hang seng index at the moment in hong kong moving up, over 2%, but was leading the charge. this is really down to more support coming through jumping off reports from at least an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards.

an xfinity rewards ecl offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards.

rishaad: 11:29 in shanghai. we had offer that 90-minute-long lunch break and we look at the news coming.

chinese properties stock gauge now seeing gains in excess of 4%, the biggest gains we have seen since june or thereabouts. we have been looking at inflation out of china as well. that came in way more than expected. meanwhile also we had factory gate numbers. the growth in those prices slowing way less than anticipated, giving policymakers more room to support the economy , but to give a sense of where we are with inflation in china, only eight countries have lower inflation then mainland china among the 130 economies we track right here at bloomberg.

haslinda: the nikkei coming back from lunch in positive territory. asian markets could be getting a lift from that weaker dollar. remember the level we are looking at is 1.46 78. taking a look at where we are in terms of other currencies, the weakening of the yen undesirable according to governor kuroda. we have heard strong rumblings from the ground suggesting that perhaps japan may be mulling direct intervention. japanese officials expressing concern over the weekend, but we

have heard that depreciation may be good for tourism. >> tourism is a big industry in tokyo and for all of japan, so this is a time to greet more foreign tourists by using this advantage. rishaad: we bring in our senior reporter for fx and rates. japanese officials coming together for the first time since june, did that yesterday to look at discussing the currency's incline. why has that not had a stronger impact? >> the yen is still not reacting in a way that boosted investor confidence.

it all comes down to the fact that the boj is maintaining its ultra-dovish monetary policy step at a time when even the ecb is raising interest rates aggressively. traders are not really buying the message of intervention. some have set officials have been reluctant to act unilaterally and prefer to just talk up the currency. haslinda: it is not just a yen story, is it? it is also the yuan.

>> absolutely. the yen story can be told almost in parallel to other currencies around the world. yen is down today, but we will see if that clings on or if it is more of an after effect the hawkish ecb. the yuan for example is trading ever closer to the seven mark. it is about investors realigning how they trade currencies in the face of overwhelming dollar strength. you got brokers saying it is the easiest trade in town, but it is really a story about a hawkish fed.

rishaad: it is not just the federal reserve getting hawkish. let's find out who else is with su keenan in new york. su: bloomberg has learned ecb officials are prepared to deliver another jumbo rate hike in october. both hawks and doves are open to the potential of another 75-basis-point hike. in the u.s., fed chair jay powell says the fomc will not flinch in the battle to curb inflation, hardening market expectations of a third straight jumbo rate hike later this month. speaking at eight monetary policy conference in washington, powell said the fed accepts responsibility for price stability and also cautioned against prematurely loosening

policy. >> we need to act forthrightly, strongly, as we have been doing and keep at it into the job is done to avoid that. we think we can avoid the kind of very high social cost at paul volcker and the fed had to bring into play in order to get inflation back down. su: the u.s. government meanwhile weakening restrictions that were put in place to curb technology sharing with blacklisted companies. officials were concerned that the curbs were allowing china to take a bigger role in determining the way technology is designed and supplied globally. australia has passed its biggest climate legislation in more than a decade. the prime and is's bill legislates 43% -- the prime

minister's bill legislates a 43% reduction in emissions by 2030. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. haslinda: coming up, we will discuss the challenges and opportunities in india's insurance sector. that exclusive coming right up. keep it with us. ♪

haslinda: it is risk on in asia. he stories investors are watching in india today, the rv i will be holding options for government bonds. a ban has been slapped on experts -- exports of chips of some varieties, which could threaten to rattle global crop

markets. rishaad: our next guest works at one of india's youngest life insurance companies. their goal is to make insurance easily available. the managing director and ceo of india first life insurance joins us. thank you so much for joining us. how did you get to that goal? >> thank you for having me for discussion. [indiscernible]

it is that combination of factors coming together which will play the biggest role. rishaad: how did covid-19 perhaps change the insurance landscape? did it encourage more people to take out policies here? and have you seen many people involved in the pandemic perhaps surrendering their old ones? >> we are actually starting to move toward a national product

and having seen covid-19 drop for the first time throughout asia, [indiscernible] i think the industry really rallied around creating a good, positive experience for the customer. haslinda: what is the outlook for growth for you? we know you have grown faster than the industry for eight consecutive years. is that sustainable? >> the industry is growing.

[no audio] rishaad: the thing is the industry has been growing. how has your pie of that industry increased? >> we have been growing at 2.3 times value. [indiscernible] haslinda: talk to us about digitization. how are you investing in that? how does that change the landscape for you? >> thanks so much for asking me that question.

it is a strong area of rochus. -- of focus. [indiscernible] they are trying to make sure the entire customer journey is excellent. rishaad: how are you using things like ai in order to get to individuals and formulate

central policies for them and to find out what the risk profile is of said individuals? how does that figure into your expansion plans as well? and what about m&a this year and next? >> i'm going to steer well clear of any m&a questions. your entire view of technology is to get to the end product. [indiscernible]

rishaad: thank you so much for joining us, the ceo of india first joining us to get through the nuts and bolts of her industry. looking at what is going on, thanks helping the advance, the and fte -- the nifty -- the nfte moving. the dollar coming off its record highs, and we are seeing the indian repeat -- the indian ruby -- the indian rupee stable now.

haslinda: after amassing 43 billion dollars, asia's richest man wants to move to greener pastures. what are the challenges? >> it is challenging, but one cannot stay away from that type of responsibility. kind of grain targets -- kind of green targets, so he is quick to jump in the area before his arrival. he is now trying to be a green

champion. he would want to be a green champion and already told the world he would be the largest green energy producer in the world, so targets are pretty clear. he laid out the plan that the company plans to meet the nation's goals. rishaad: some are questioning what this fortune is all built upon, too. >> not really. it is not about just proximity but also about linking company goes to the nation's goals, and he has also built a strong

position. he had a mission and always claimed [indiscernible] he has already denied those allegations. he has clearly indicated that his cooperation is guaranteed. rishaad: thank you for joining us. stay with us, we will have a look at what is going on with property sales. they are absolutely surging.

find out why. this is bloomberg. ♪

haslinda: there you have it. developers index on the hang seng index among the biggest

gainers. at least 24 cities have allowed parents to fund their children's home purchases to expand housing demand. the idea of support lifting those stocks right now. huge move for property stocks right now. tell us more. >> if the report is true, that means parents in china can use their pension funds to pay for their children's mortgages. that is the latest effort to loosen the grip on the sector, and it is taken quite well by investors, as you can see. the bloomberg intelligence gauge of robert he developers in china is up more than 4%. if you look at individual stocks, it seems that bigger ones have more to gain from this policy. the nation's number one developer is up 13%.

rishaad: the thing is -- how long can this last? the property market has had huge issues. you're going to need more than this. is this lower-than-expected cpi print affecting what is going on with developers in the property market? >> yes, you are seeing very volatile sessions quite often. the cpi print, yes, i think traders are interpreting it as pboc may have more room to continue to ease because inflation is really not a problem in china right now. you can see that being translated into shared gains in not just property stocks but also financial stocks. they are both leading the gains right now. one thing to point out, though, is that the long weekend is coming up, so some traders are actually taking some bets off the table. the move upward that we are seeing right now could also be

driven by short covering. haslinda: to be sure, though, there is still a property crisis -- there is still a crisis in the property sector in china. >> this is definitely true. people are saying this could be a bit too late to reverse the distressed situation by chinese developers. i think a lot more needs to be done, including some specific measures to support those developers that are facing a cash crunch right now. haslinda: thank you. let's do a check on the way stocks are trading right now. u.s. futures on the back of that weaker dollar, also expectations for housing markets, but markets are pretty much priced in when it comes to tightening monetary policy. we are seeing the hsi off by

2.5%, supported by text doctors -- supported by tech sectors. asian currencies getting a lift on the slightly weaker u.s. dollar. we have the yen in focus, the yuan in focus as well. remember asian currencies at multiyear lows. right now as of this friday, it is risk on. rishaad: we have treasuries holding onto that retreat. the two-year near the highest since 2007, have a look at the bond picture, a bit of a weakness for aussie and new zealand bonds. we do have at the moment a dollar which has come off its record highs and is adding a bit of support. equity wise. we are looking at a rain-select buckingham palace. it is coming up to four minutes after five 8 -- four minutes to

5:00 a.m. on a day after the world lost an icon, a country lost their queen, three princes lost their mother, and 11 others will never see their grandmother again. queen elizabeth ii has died. ♪ ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow.

an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. hey've tlots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working.

i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you.

>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >>