kathleen: you are watching

daybreak asia. annabelle: we are counting down to that market open in tokyo and seoul. haidi: asian stocks are said to follow wall street, robust jobs numbers saying hopes of the fed pivoting in tomorrow's meeting. an acid surge that -- an surge on the back of estimations of that china will. singapore monetary authority's fintech chief. we are getting inflation numbers, the cpi numbers coming

through, four point 8%, harder than expected year on year against an -- 4.8%, hotter than expected year on year. the gain was expected and when it comes to the your on your number for october, the headline number was 5.7%. this is coming as we know that there is significant headwinds facing the water -- broader south korean economy. one of the clear signals yet that the economy as well as the broader global economy in terms of trade is softening in the face of increasing pressures. inflation is starting to heat up and that boosts the case for further tightening from the bank of korea. they will be reviewing the latest reading in the consideration if we see another half percentage point hike or whether they go back to 25 basis points.

annabelle: it is a headache for policymakers over in korea who have been looking to predict the small moves ahead. the aussie stocks are coming online, flat today, that is to be expected given we are in a wait and see mode. a lot of anticipation around what jerome powell say in his presser later on today or rather wednesday in the the u.s.. . we are seeing that in the shorter duration yields, we have seen the aussie three year, more sensitive to one tracking what we have seen in treasury and the treasury is pricing for the interest rate hike for later. given we did have a lot of anticipation in the previous session, china could relax its covid zero policies and we start a big rally in energy, metals as well or energy, oil, metals, also in stocks, china listed

stocks in china and asia. we do see the china futures pointing to a weaker start, otherwise, we are continuing to look for a fairly muted trade today, a smaller trading volumes and tracking what is happening in the bond space given what we do see in the unemployment remaining steady but wages are rising by the most on record. we are watching what happens with the fed later today. kathleen: 75 to 50, for other countries it is 25 back to 50. we look at the market, we do see a little bit of negativity, this is about flat. the 10-year note was 4.0 5%, pretty much all day today and all day yesterday. making own day moves ahead of the all-important fed meeting tomorrow. there is a bounce back in the

s&p futures and in the nasdaq they both fell, they had a lot to do with the jobs report, solid jobs. why the fed would need to signal or even think about tilting towards pausing at this point anyway. some of the rebound from that, everybody is waiting for the fed meeting. you have to wait and see what happens next. crudest up, adding on to the game today. they are hoping that they chinese government will move more quickly to end the covid zero strategy. that is a strategy that keeps on giving. let us bring in the chief correspondent for asia garfield reynolds. garfield, i love the china story , unsourced social media post gets everybody going. people responded to the jolt. let us start with china?

>> trying to raise questions about asian markets, they put up a lot here. such strong expectations, they date back to early 2021, china would lead the way out of the covid pandemic, they had been responding so well in the initial outbreaks that were set up to have the first mover advantage. they struggled to shake off the impact of covid on the economy because of the political decision to stick with covid zero. also because of some of the underlying tensions in the chinese economy, it disconnects between the capitalistic economy and common prosperity and some of the moves made there. the fact that trump added

tensions with the u.s.. that is hanging over this, it is a little bit perplexing at times, how rapidly people are willing to dive back in to the idea that we are going to get a sudden big turnaround just because there is room, committees. relief rallies in china are outsized but also short-lived. haidi: we had the cpi numbers out of korea and they are pretty firm still, it seems like another central bank that will be struggling along with the fed , along with so many others to try and find a way to downshift when the pressures come from both the cpi and the fed, the labor market is still still strong. -- still so strong. >> new zealand reported the strongest wages growth, near record low unemployment.

the general global picture does not encourage the idea that inflation will slow down rapidly . the other thing is you are seeing the pivot everywhere is because the central bank is so fast and they are getting into what most of the most restrict of territories and that brings in the potential that they have done enough because it takes a while to actually help the slow of inflation unless you get a fresh supply shock driver which the market has got and secondly, you have the risk of creating recession of doing economic damage. you are taking rates from 0-1 -- zero to 1. getting it to where the fed is looking to go out out the best case scenario is the fed has a

total of 4.5 percentage points during the year 2022. that would be the biggest single year move upward in the fed rate , there has got to be a constituency for halting to see where they are going from here, where the economy is going from here. they do not want investors to jump on that as though that is it, that is a pivot, the fed will go back. haidi: that was garfield reynolds speaking about and vespers -- investors jumping on a piece of news. the chinese premier says they will strive for a better economic outcome with a stable and sustainable development. we go to john, what do we take away as a potential economic

direction, take away for the market out of this? john: he has been the most outspoken senior leader in china when it comes to economic growth. he has been going around calling for tax cuts and governments to spend more, calling for more action to stabilize the economy growth, jobs, it is not out of character he would be talking about the need to do more. the pressures on the economy are large and you have talked about covid and obviously the outlook for trade is looking dimmer by the day and property is still a big headache for the government. i think we will see more action taken as we get to the end of the year. in december we should have the economic work conference, senior leadership plans with they are going to do in 2023. i have that are during that i think we could see more stake in it as well. kathleen: people were divided,

the majority is saying let us get over the congress and xi jinping has his third term, then he can more quickly move to doing away with covid zero. some people said no he will be there and they will hold on as long as cases keep popping up. this will not end quickly and it may not end until later this year. what are you picking up? john: i think xi jinping and other leaders want to try and move away from covid zero except i do not think they can at the moment because there is such a concern that if they do, there will be a large number of deaths. there was a study that showed if china adopted a position like the u.s. has when it comes to covid we would see 1.6 million deaths in china. that is really boring officials. as long as we do not see a pickup in vaccination rates for the elderly, we do not have widespread use of viral's, as long as there is concerns about

the health care system and whether it can take a huge spike in infections, i do not think the leadership is going to have the appetite to test or risk that kind of catastrophe. kathleen: that is john, a hail of two asian cities with hong kong and singapore competing to be the top financial hubs. we are to from singapore, excuse me, i am losing my voice. what are the concerns in hong kong? [laughter] >> i guess we are here, that is one way to describe it and finally we are here. i heard you mention that you are losing your voice, it is actually day two where we have a lot of the talks taking place in this global financial leader summit. the theme is navigating beyond uncertainty and the precise meeting eludes me, beyond uncertainty at this point of

time. in a lot of ways, much of the summit like this one, the timelines of the reopening of the economy, we are pretty much tied to the summit. is being used to relaunch hong kong as an international finance center and inventions it is day two because there was a welcome dinner that took place, to give you a sense of who is in town right now. essence of the private jets coming in and out of the city, 128 financial institutions, over 40 ceos and chairpersons among the attendees, goldman sachs, morgan stanley, jp morgan, some of whom will be joining us on shows here on that later today. we will be hearing from hong kong government officials and the financial secretary those also scheduled to speak.

we also hear from mainland chinese banking regulators as well as well as a security regulator. haidi: as a one-time resident of both singapore and hong kong i can be neutral on this, the rivalry between the two will be a major topic. [laughter] >> to be fair, it is always been hong kong versus singapore. a tale of two financial hearts, two crypto hubs. singapore is taking a different approach, it is looking to ban mom-and-pop crypto activities. it is understandable why singapore is doing that approach. we have seen the fallout from the grip, remember, the

eradication and the wiping out of some of the crypto lenders, crypto hedge funds, we have the three arrows, they have gone back and disappeared. causing a lot of problems and financial difficulties for a lot of those crypto retail investors. singapore says it is regulating the cup, we have to do what is right for us and this is the right step. that does not mean that they do not want to be a crypto hub, and wants to concentrate on the business side of it, the blockchain side of this. this comes on the back of how it wants to be the financial hub we are talking about. there has been a lot of pushback, singapore is way behind hong kong when it comes to the size of financial services. hong kong is pushing back, they are up there when it comes to wealth management, look at assets under management, does in

the past year, it is 16% up versus the global average of 12% . most of the money, new money, coming from asia and singapore. he likes them with agent when it comes to effects, we are pretty big. the third, the largest player behind the u.k. and u.s.. it is not too bad, it is competition and there is space for the two financial hubs to coexist. i do not know we are hearing by singapore is 100% open. we have been open for the past year. haidi: oho! [laughter] >> i love the thinly veiled reference to hong kong or asia as the source of the on flows, along those lines, we can make those comparisons, one of the areas is wealth management.

obviously you are right to say 16% up, we had a look at the data here, in terms of assets under management in hong kong, only 2% last year. look at the very high end of private wealth, that is down 16%. that is one area of the conversation. will we be able to get that back? it is simply because he was aware -- it is where people have moved from and to singapore, i have had conversations with many executives and it is not people moving, it is posts moving over to singapore. a little bit of a job from my end, as far as compensation is concerned, hong kong is the multiple move higher -- as multiple moves higher. [laughter] haidi: hong kong versus

singapore, an internal rivalry. we will be getting more from the both of you, let us get you to vonnie quinn with the first word headlines. >> hong kong may raise its storm warning due to topical cycles as many gather for a banking some. it will consider wasting the number eight signal between noon and 2:00 p.m. -- raising the number eight signal between noon and 2:00. the summit organizers say the summit will proceed as planned. the resilient president has promised to respect the constitution but did not formally concede. his chief of staff acknowledged the defeat saying the president authorized him to begin the transition process. bolsonaro broke his silence after losing. and yahoo! looks poised to

return to power. -- netanyahu looks poised to return to form a government if he has when the allies from the far right. his allies have been deadlocked between two factions divided for their for or against netanyahu. global news 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. kathleen: breaking news from amazon, this is according to a person familiar with the matter, the world largest -- world's largest online retailer is trying to match profits to slowing sales. it was announced internally, in fact, it will continue to fill vacancies in its advertising

business but will not create any new positions. that person said that amazon continues to have a significant number of open roles available across the company, a spokesperson said in a statement we have many different businesses at various stages of evolution, expect to keep adjusting or hiring strategies in each of these. dismisses. they are not denying about this freeze -- strategies in each of these areas. there are not denying the phrase. we have the monetary settlement with eddie. this is bloomberg. ♪

kathleen: credit suisse chairman spoke to us about the lender's plan for china and the region.

>> we have a strong market, a leading franchise, asia, pacific, middle east, latin america, those are the great growth opportunities that we have. when i look at this region in particular, hong kong, china, singapore, this is our major growth opportunities. alongside this, a great franchise. >> how do you look at the increased tensions between the u.s. and china? does it change how you view growth? >> i think the region has inherent growth, look at the amount of millionaires in china, they grow by 100% over the next five years to $.5 million. there is inherent growth. there is potential geopolitical tensions between this, if european and swiss-based

company, we are well-positioned to navigate, challenging future issues. >> there is a question about the sea be planning for banks like quite a suisse and other financial institutions. if and when china does heat up tensions with taiwan and we see new u.s. sanctions, how does that impact the operations in china for quite a suisse? -- for quite a suisse? >> we put our businesses into a shape that it can continue and making sure that in any case of this happening, it complies with whatever we need to comply with. >> the bank is thinking about this right now on how to potentially ring fence it? >> we do not discuss about ring fencing. the way you invest and value

invest that you take into consideration, potential future fallouts or tensions. >> are you considering redirecting your resources to other parts of the region? like vietnam or indonesia? one markets can you increase your presence in -- what markets can you increase your presence in? >> whatever is happening from my geopolitical perspective, there will be inherent growth in china. hong kong will continue to play an preeminent role as a kind of global financial center. i think we will stay connected to that. >> the covid zero strategies have not changed at all how you approach hong kong or china? >> you cannot react to things that happen for one or two years. we take a long-term perspective and we will see that we will

observe how things are developing. >> you are trying to launch your onshore wealth business? what is your timeline for that? given the fact that you have seen quite a few bankers leave, does that delay the launch in any way? >> this is the future economic development of china. we have some investments, and we will gradually continue to invest and build it up. ♪

haidi: we are waiting for them midweek session across asia and the count on to the effect, the rba is out of the way, sidney stocks are trading higher and new zealand is under pressure. questions about what the rbnz can do about the record low and can do- [announcer] imagine and having fuller, thicker,

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vonnie: this is "daybreak: asia." china's government will strive for a better economic outcome with stable, healthy, and sustainable development. the state broadcaster said china is rebounding thanks to supportive policies. factory and services activity contracted in october with signs that things could worsen in the coming months as beijing sticks with strict covid controls. u.s. job openings unexpectedly rebounded amid low unemployment in september. likely to fuel further wage gains and that pressure on the fed to extend its aggressive campaign to curb inflation. the number of available positions increased to 10.7 one million in september, exceeding the median estimate in the bloomberg survey, forecast to drop to about 1.8 one million -- 9.8 one million. north korea is threatening the u.s. with a powerful -- with powerful measures if they don't end exercises in the region. the u.s. and south korea are conducting joint air drills

after exercises on land, sea, and air in recent weeks. warning the north could soon raise the stakes even higher with a nuclear test, with its first in five years and seventh overall. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. im vonnie quinn -- i'm vonnie quinn. this is bloomberg. ♪ haidi. haidi: single port's central bank chief says they can support record and close. they spoke exclusively to us. we asked him where the money is coming from. >> i think -- >> more notes asia -- north asia, perhaps? >> north asia, i would think. if i recall correctly. >> the party congress in china seems to be a bit of a disappointment with policies announced or lack thereof.

is there a sense the flow of capital from china in particular could accelerate given the disappointment and concerns about policies? >> there's already some happening. some of it has come to singapore. i'm not sure we are looking at any march pickup and outflow. >> any concerns about hot money perhaps that could fuel property prices in singapore? >> that, we've got under control. we have measures in place to address that. we have not seen a pickup and prices. every time there's an incipient and flow , we put in place measures. that sends a clear signal. we want to make sure the property market grows in line with fundamental. -- with fundamentals. that is a manageable problem. if you have any doubts about the authenticity of where the money is coming from what. is the source of wealth, don't touch that money. better to play it safe. >> let's bring in haslinda amin,

standing by with our first guest from the singapore fintech festival. >> let's put it in perspective. this is the first year that singapore's fintech festival is fully physical. the first time in three years. we are pretty excited. let's bring in the chief fintech officer for singapore's de facto central bank. you must be pretty excited. the first in three years. >> yes, it's good to reflect back. we are back in full force today. it reflects how we have come back strongly. >> against the backdrop of a competitive hong kong. i mean, how are you looking at it? it seems like everybody wants to be a fintech hub, including the likes of korea as well. >> just happens because of

events before and after us. we are starting today. it is a lovely switch from hong kong to singapore. both countries benefit. >> what would you make of this competition to be a fintech hub? it's not just hong kong, but the like of australia, japan, korea. >> more and more, the hub is a -- as a construct is getting questioned. you look at any product, you need multiple licenses to operate. you cannot have a hub just from one center everything is happening. to scale, you need to work with other markets. we can talk talents and other things as part of the hub strategy. >> regulation is key. singapore seemed to be clamping down on regulation especially when it comes to retail investors. hong kong, taking a different

approach, looking to legalize activities by retail investors. why is singapore adopting that approach? does that have to do with the crypto blowup we have seen in recent months? >> we are taking a more long-term view. you asked the question, why do i care? if i have to hold the cryptocurrency for what purpose, beyond speculation, which you don't want, it has to have a marketplace that is useful. we are predicting in the future, the way you buy assets are going to change. you need a new form of money. so we are focusing on designing that new form of money. facilitating that money. we want to avoid the speculation. we want to avoid this whole lack of intent to a intent driven approach whether through programmable purposes, money,

the useless room that. >> retail remains a key part of the crypto ecosystem. >> yes, indeed. >> has there been an estimated cost in terms of what is costing singapore when people move out -- what it's costing singapore when people move out? >> it does not affect us, people are getting more comfortable with the idea of the space protecting retail consumers more and the whole shift has to happen to reactivated. >> how do you respond to people who say singapore's u-turn is making it less attractive? >> whenever he moved -- we never moved in a u-turn. we want to understand the

format of a currency so that it is useful to us. we are learning as we move along, we have experiments. we are experimenting in the right direction. on the market infrastructure side, we are way ahead in terms of the projects, moving faster that space. never a u-turn in that sense from our perspective. maybe there's a market perception we have moved away from cryptocurrencys. >> how do you involve singapore in conversations with collective regulations? >> the initial reaction was, some were very happy with that. we can focus on real issues. some thought it was excessive. in the last three days, we had roundtables, private discussions during the conference.

so a lot will reflect on it, as we go through the process. largely, i've got much feedback. the whole sincerity and getting it right has been highly appreciated. >> cbdc's have been looked at since 2016, 2017. quite a long time realistically. when will we see a cbdc in operation, especially given that central banks can agree on whether they want it or not or how useful it is? >> no doubt. every central bank has come back and said this is something useful. retail cbdc has been a huge question mark. some markets have developed use cases. in singapore, we will look at experiments. many markets find a real purpose for a cbdc.

especially issuing a new form of payment instrument. we are discovering use cases. there are experiments ongoing. cbdc will have a very purpose limited deployment. >> give us a sense of i guess the mood in terms of regulation and cbd's -- cbdc's in asia versus the u.s. and versus europe. >> i think the regulation here is evolving. more exponent driven. there has been progress, but i think you're missing the point, this is unprecedented in many ways. singapore is very open about making stablecoin something well-regulated as a class. that is something a lot of people are picking up. >> to be backed by the local currency and g10 currencies, to be sure? >> yes. that is such a huge thing.

we are openly talking about regulating stablecoin. which is very unique in many senses. is a clear signal that the -- that is a clear signal that the space is exciting for us. >> so we did not miss that point. >> you did not ask for it. [laughter] >> so there's confidence in that sense going forward. >> no doubt. there's confidence in that market. just looking at the stablecoin part of the consultation. that people should pick up on and give us good feedback. >> we have to leave it there. singapore's chief fintech officer. kathleen, back to you. just the first of many guests ahead. haidi: that chief fintech officer at mas. -- still ahead-- we have two big guests joining us from the fintech festival. mike fitzpatrick, discussing their business outlook and plans to expand in china. plus we are joined by mastercard's ari sarker,

telling us how inflation is impacting the business and efforts to expand the platform to a 15 million strong remote population. coming up next, we are drawn from the financial leaders investment summit to talk about the city's challenges and opportunities with eddie yue. you don't want to miss that conversation. this is bloomberg. ♪ nning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

>> we didn't really reallocate resources to singapore. singapore is also in formidable shape. i see that as two competing financial hubs. >> the price is to find success on her own terms. >> we should look at hong kong and singapore moving in parallel from the perspective of, they are both building up a framework for better guardrails. i don't necessarily see that as a competition per se. >> i do expect and hope that hong kong will recover its momentum. because it helps. there is so much to do and asia for two financial centers. haidi: some of our tv guests on the top financial hubs in asia.

hsbc cfo stephen stephenson wanted to be the next bank ceo before his departure. stephenson found the board unwilling to assure him that he would get the role. the ceo said the recent reshuffle was about broadening the experience of the bank's senior managers. bloomberg has learned they may cut up to 20% of its workforce at galaxy digital, with 375 employees. while the industry faces microeconomic headwinds, galaxy remains focused on building for the future. the firm reports third quarter earnings november 9. hong kong's long-awaited summit for global bankers has begun. with the global financial leaders investment summit aiming to show the city is back in business. let's crossover to the event. david engels a standing by with

the head of hong kong's defective central bank. dave? >> absolutely. good morning from hong kong. hong kong is back. that's the framing, and how this summit is being framed. we are joined by a very special guest. the host of the summit joining me here on the set at the four seasons here in hong kong. eddie yue. hma chief executive. how are you? >> very good. very nice. >> the welcome dinner was less nice. >> less nice at the museum across the harbor. it was great. people were connected with each other. the energy that you see when people find friends that they have not seen for a long time, the vibe and energy is really what defines the character of hong kong. it is very lively. >> was there -- >> who was there? >> we had more than 250 participants coming to the summit. all of them were there. they come from more than 100

global financial institutions, with about 140 coming from overseas. for many of them, it is the first time they are back to hong kong. they are very excited. to really see and feel hong kong. to see the energy and dynamism of the city. come in here, we hope that after this few days, they will live with a clear signal from hong kong that hong kong is open, we are back to business. and hong kong remains the premier financial international center in asia. looking global financial markets. >> in what ways do you think there have been setbacks in terms of the international finance center status? i'm not saying it went away. but the last years have been difficult. in what ways do you think we have to improve? >> if you look back into the last two or three years, hong kong has had a number of challenges. if you look at the financial sector, it is extremely vibrant. one, it is very stable.

the financial system has been very stable with the exchange rate being very stable. but you look at the financial sector, and has actually been growing despite the challenges. in the last few years, the asset under management in hong kong grew by 15%. the aum grew by 40%. capital markets are strong. yes, it is slowing down a bit in the equities market, but in 2019, 2020, even 2021, the equity market was strong. bond issuance, hong kong is actually the largest bond issuance center for international fundraisers. i think the development has not stopped. of course going forward, we see more opportunities. we are talking about china related opportunities for finte ch and green and sustainable finance. >> apart from simply reopening,

the city physically to visitors, what else do you think, what was the next immediate ask from all the bankers? what did they ask you, of what do we need? >> they are really looking forward to what they can do when the city and how they can expend their business -- expand their business here. where are you going, in terms of opportunities? which areas are you focusing on? my answer to them is simple, china related opportunities, fintech, and green finance. the various schemes have been successful and growing. in just 12 months, the last 12 months, we've added four schemes to this family, including wealth connect, the etf connect, and going forward, we will expand many of these connect schemes, which are still in a very initial stage. we will try to find whether there are other opportunities

for expansion. for fintech, hong kong has been one of the most progressive cities in the world in pursuing technology, like how to use data, developing central-bank digital currency, how to think about the future role of virtual assets in a financial system. hong kong is the largest bond center for international issuance. brain bond issuance and -- the green bond issuance and hong kong has been like four times a year before. even though the market is slowing, we are seeing continuing momentum in green bond issuance. our role is to link the need of china with the global financial market. >> he open up a lot of doors that we need to address -- >> the "of doors that we need to address there. hong kong is being framed

like singapore, do you think singapore is doing a good job also? >> if you look at the global fintech developments, i have to say that asia is actually probably going a bit faster. as such as hong kong and singapore, if you look around korea, china, they are going fast and fintech. when bis started establishing their innovation hubs in different places, hong kong was the first, singapore was the second. so you can see the significance of asia. we are renovating along similar trucks with a bit of differences. for that i think there's a lot of room for collaboration. is not really about competition. it's about collaboration and finding a way to jointly push the boundaries of technology and finance. >> you probably know where i'm

going, i want to pivot to the currency -- the fed is on its most aggressive tightening cycle since the peg was put in place in the early 80's. is there any reason to believe that they will not be able to limit and manage the consequences? >> well, for the record, we have no plan and no intention at all to change the pack. it's been serving well through different cycles and prices. we've got plenty of challenges. but the financial system especially, the exchange rate system has been resilient and remarkably stable. the confidence of the market is very strong -- of the market on the peg is very strong. having a stable exchange rate is very important to us.

of course there are trade-offss. when the u.s. raised their rates, we -- because we operate the peg, we have to follow. the peg is backed by very strong buffers and hong kong. we have a strong foreign-exchange reserve with billions of u.s. dollars. we've got a very strong banking system that can withstand shocks. i'm not worried the least bit about whether there could be any impact of the intert e on hong kong. >> this is probably a longer term question, not so much the need for a peg, but what it is pegged to -- you probably know where i'm going with this -- if the chinese currency becomes fully comfortable, is that an option that you are looking to explore long-term -- fully

convertible, is that an option that you are looking to explore long-term? >> we are a very sternly oriented economy. we trade and invest in different parts of the world. currently, the main currency the global system is using remains the u.s. dollar. again the peg has served us for a while. there's no reason at all to have any change to it. >> one of the other side effects, second-order effects, with the fed's policy end, home prices, which are not really in the most healthy state right now, the property market, there's been some concern that we might either see a soft ending -- a softening property market. are you concerned about the housing market? do you think the banks will be ok? >> it is actually related. we are seeing housing prices softening a little bit from the

peak of september last year. it's come down by about 10% so far, up to now. the turnover has been coming down. the raising interest rate and the economic conditions globally and and hong kong have got some impact on the housing crisis. but we are not concerned about the impact on banks at all. because after many rounds of measures, the buffer they have on their mortgages is actually very big. if you look at mortgages here, the average is only 50% ratios. the ratio is very low. meaning the repayment ability of borrowers is very strong. >> very recently, he raised some mortgages up to 90%. people who took advantage of that, or you not worried about negative equity? >> for people who can pick up mortgages at 90%, either they

have special rates or they take out mortgage insurance program -- the bank's exposure remains 50%, 60%. even if there should be any corrections, the banks what we affected. -- won't be affected. they have to be homeowners, they have to have strong repayment abilities. so the neck that i would -- so the negative equity does not mean that they cannot service our mortgage. >> thank you so much, eddie yue. back to you guys in the studio. kathleen: david ingles with eddie yue. chief executive of the hong kong monetary authority. breaking news from the boj, we will have more on that next. this is bloomberg. ♪

kathleen: this is "daybreak: asia." counting down to asia's major market open. no big news, but they are seeing some signs that may be the yen is harding services firm after they got lou correa cpi still looking pretty hot -- the korea cpi still looking pretty hot. haidi: there are wage indicators out of new zealand and ordinary which is growing since records began in 1993, all of this as we are heading into the fed decision painting a global picture of how these iconic indicators are really frustrating potentially. adding to the challenges for the central banks, as they try to find an offramp and a soft landing. annabelle: we do have the start

of trading here for japan and korea. taking a look at how the two year yield is coming online for cash treasuries here, we really are getting this global backdrop here pointing to further tightening. the fed really and focus given we have the decision later today. the latest jobs data indicating we could need further fed tightening for even longer. in terms of the backdrop here, how is playing into the session today, we are seeing a bit of a risk on tone across the session. we are seeing dollar strength. some investors, going back into the yen. the downside, limited by the risk of further tightening, officials stepping in and intervening in the markets. we understand the yen could have boosted economic activity over the longer term. but in terms of the set up for stocks, we are looking risk off in the session. the nikkei down half a percent at the start here. turning to korea, you did mention the inflation figures

coming out. accelerating again in october coming in at 5.7% on the year. core inflation also really want to watch because that came in well above forecast there. in terms of stocks, we're seeing the cause deck the kosdq outpacing at the start of trade. something that weighed on big tech even though we are seeing nasdaq futures trading mostly flat. we are watching how the moves are moving higher still. brent crude, continuing its advance here. we had seen an industry report pointing to a further decline in u.s. crude stockpiles. signs of supply tightness in the market. we do have the energy index leading the asx 200, higher at the start of trade. the big question is, what will happen with china opening in the

next couple of hours? given the optimism around reopening. haidi: we could also see geopolitical tensions weighing on sentiment regionally as well. we are hearing there is an air raid alarm issued and south korea, according to reports. -- in south korea, according to reports. north korea fired an unidentified ballistic missiles. we did hear the japanese coast guard saying in a statement that north korea have launched what may be a ballistic missile. we have seen north korea threatened to unleash powerful action, if the u.s. does not halt military drills with partner south korea. we have seen this as an effort by kim jong-un to lay some of the groundwork for his first nuclear test in five years. we have seen since the end of september north korea fired off one of its biggest barrages of missiles under kim, the to short range ballistic missiles tested

just on friday. let's get more on what we are seeing across markets with our mlive strategist and enda curran. mark, this is an adjustment of fed expectations. a number of central banks potentially having their work complicated in finding opportunity for the downshift. >> yes, it's really all about what reason they used to make a so-called pivot. there's been quite a lot of talk this week. jerome powell watches an indicator, the indication of short-term rates. apparently he likes to watch the relationship between the 90 day bills amd the forward -- and the forward-looking 100 add bills. the fed has not finished raising

rates. there are signs that on a forward basis, the recession risks are much higher than they were a few weeks ago. people will be watching closely particularly during the press conference, will jerome powell use this indicator as a reason to forecast the fed is getting much closer to a peak? possibly even saying he could see the neutral rate becoming near enough that it could happen the first quarter of next year. that's what traders are watching for. are we going to get some kind of concrete explanation for why and why is it likely to happen? >> that's the key question. we had carmen reinhart on, kennedy school economist -- herbert school economist. it is typical for central banks

to lose their will and get cold feet. she says they must not do that. she points out as many do that when you have the funds rate so far below the inflation rate, let's just one more reason to say you've got to stay aggressive. at least a on the path and be consistent. >> this seems to be the big debate. at one point to central banks make a private are not -- or not ? anyone suggested the fed should be slowing down now or making mistakes, inflation being where it is, we do have the data point on jobs. that will be crucial. we had the job openings indicators out of the u.s. overnight. they were very strong. not hinting at any reason for the fed -- for a fed slow down. even if the fed does signal they will go ahead with 75, they

might adjust the pace from here. know the rate hiking cycle is over yet. -- no one is saying the rate hiking cycle is over yet. they are still going to keep going up. there is economic debate -- there is an economic debate, but it will be a question of will they have to slow down what they are doing or do they say, no, growth is secondary at the moment, we do everything we can. it does feel like we are nearing a crucial moment in the debate now. >> we have a little bit of optimism coming through from these social media reports on the planet of covid zero. -- plan out of covid zero. it is possible that they are working on the lifting of some restrictions and looking at the data from other countries. >> there have certainly been

incremental easings of the measures and china. -- in china. broadly speaking, also people point toward the easing dramatically. what we do know in terms of open source, right here, right now, china is not lying flat on the virus. you only have to look at the commentary and the state press sensor congress. you only have to look at the actions happening around china next door. in shenzhen, schools are still closed. we have seen stories of the apple plans and china's aggressive lockdowns and rolling restrictions. there might be a conversation, but one china will prove it -- of when china will pivot.

a quarter of those age over 80 are not vaccinated. i think at the very least we probably have to the nbc before we start to see a major pivot on that front. >> the reaction in asian markets overnight, the china golden dragon index today showed investors and traders are hungry to buy chinese stocks. do you get that sense? will any small step in the right direction from the government open the door to a nice rally? >> you can see from the response and the greater china markets yesterday as the news came through during the asian time that there was this potential committee that had been formed. it was massive buying across hong kong stocks, china stocks, anything related to the whole story that an end. no doubt traders are ready.

and might be the number one reason to get back into china stocks. people are probably very short and very underweight of anything to do with greater china. the decline over the past year or so has been so severe, there will be a lot of people who are not involved. that's partly why you get such the balances that we saw. china stocks actually look cheap compared to the rest of the world, i need to be in there. there's a long line of people waiting to get back into the china market. but we have had a lot of false starts. a lot of reasons why covid may still be -- why covid zero may still be in place. what we saw yesterday could unravel very quickly if they deny the committee has ever been formed and covid zero continues

into next year. all the gains made yesterday could reverse very quickly. kathleen: bloomberg's mark cranfield and enda curran. let's get to the market movers. you're looking at korea defense stocks. annabelle: just coming in on the red head that crossed at the top of the hour, south korea is saying pyongyang has fired an unidentified missile into the sea, east of the korean peninsula. this is information coming from south korea's joint chiefs of staff. local media, also adding the launch is probably some sort of retaliation against the u.s. and south korea pursuing joint air drill exercises. we are seeing defense stocks moving higher. the question is whether we will see optimism around china's reopening extending into the session today. we are seeing at least metals companies moving high at the

open for japan. we saw a huge move yesterday in nickel, it jumped 8% on the london exchange. copper up as much as 3%. the contracts to open up at the top of the next hour. let's also change on now. earnings season is underway in tokyo. we are checking how sony has opened here with a near 10% jump at the start. it's moved its profit outlook high here. two reasons for this -- the weekend boosted -- the weak yen. the forecast was for 1.1 trillion yen -- 1.11 trillion yen. >> the brazilian president bolsonaro has agreed to abolish

the constitution must stop short -- but stopped short of concession. he broke his silence two days after losing to lula by about 2 million votes. the narrowest margin brazil's history. the former is really prime minister looks poised to return to power after the fifth election since 2019. exit polls suggest benjamin netanyahu's party is likely to have the majority needed to form a government, if it is joined by allies from the far right. israeli politics have been deadlocked between two factions divided by their support for and opposition to netanyahu. surging interest rates discouraged buyers in new zealand. prices fell .6% from a year earlier. the first year on year drop since june of 2011. values fell for a seventh consecutive month.

sliding from september. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ kathleen? kathleen: still ahead -- a bloomberg explosive with the credit suisse chairman. hear what he is bullish on asia-pacific while staying committed to hong kong. >> and we are back live at the singapore fintech festival. ari sakar joins us later this hour. but first, another exclusive with prudential group chief executive mark fitzpatrick, on their outlook amid the uncertainties right now. keep it with us. this is bloomberg. ♪ ♪♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you.

haidi: the singapore fintech festival is underway. let's get back to the event. we are standing by with the head of one of the world's biggest insurers. haslinda? >> we are talking about prudential. with us is mark fitzpatrick. good to have you with us. what kind of opportunities are you seeing? what kind of demand are you looking at, in terms of insurance demand? >> we are seeing a real uptick

in demand for health care products. i think covid has made people far more aware of their personal vulnerabilities, in terms of health matters. that's the first thing. with all the volatility in the market, we are seeing people look at different ways to save. what insurance companies can provide. the market is always going up. everybody thinks they are warren buffett. when the market is highly volatile, everybody wants a little bit of certainty and comfort. that's when they start pivoting towards insurance companies. we see it as an opportunity for both health. >> 20%, 30%, in terms of numbers? >> last year we saw 41% increase in the number of health policy protections being sold. partly due to the element of the uncertainty in the economy and people's uncertainties and lack of appetite to connect for a

five to 10 year policy, so they are having slightly shorter duration policies but everybody is saying i want to get some cover. with increasing inflation and with uncertainty in the economies, we have adjusted our products to be able to provide more bite sized, more minimal cost affordable covers. in vietnam you can get cover for cancer for under one dollar -- one u.s. dollar a month. these are some of the products we have started to roll out to adjust to the environment. >> this is a highly competitive industry that's been disrupted heavily by fintechs. how are you responding to that? >> one of the key things that we found is the pandemic over the last few years has accelerated all the players' digital agendas. it's enabled us as an organization and people and enabled our agents and customers to engage with us in a very different way. the organization is transformed

in a far greater fashion then we probably thought we were going to be able to achieve ourselves, left to our own devices. we have transformed more quickly and in a more extensive fashion on a digital basis, so that we sell more products. we are doing more underwriting. that is all fully automated. and if we don't, the nimble fintech players are going to eat our lunch. it is important we are agile and our response. >> give us a sense of the manpower. are you shifting perhaps the workforce from the u.k. to asia? what do you have in mind? what is the strategy there? >> last year we finished our financial restructuring in terms of spinning off our u.s. business. now we are a peer asia/africa play. we have about 14.5 thousand employees in asia. we have over half a million in

asia and africa. we are reducing sizes and scales of our london operation and bringing more people to asia. more roles to asia. we've got additional people in hong kong, in singapore, and all that is reflecting that as a stakeholders for more and more towards asia, we what the right expertise and asia to be able to deal with it, in the right time zone. most importantly, with the right context of the market, was happening in the market. >> china is a big part of the asian market. there are talks about a joint venture. a jv. wealth management. can you confirm if there are such plans or such talks? >> we have an existing jv with -- with citic. to do a transaction with a willing seller, at this stage

we are looking to grow the business so when an opportunity arises, we will be able to buy a bigger, more successful business in the future. china is very exciting market for us. the level of penetration of insurance is very low. is about 3.5%. there is so much more we can do. on health care and savings products. pension is a huge opportunity in china. the best majority of the population have a very low level of pension. with the asian demographic, it makes it a real opportunity for us and others in the market. >> we have to leave it there, mike fitzpatrick. we are coming to you live from the singapore fintech festival. more to come. kathleen: another great interview with mark fitzpatrick, group ceo at prudential. plenty more to come on "daybreak: asia." this is bloomberg. ♪

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>> he remains bullish on growth prospects for asia-pacific despite geopolitical concerns. he spoke to us exclusively about the plans for the region. >> when i look to the group, we have a very strong home market. we are a leading franchise. the asia-pacific middle east or latin america, these are the great growth opportunities that we have. when i look here to this region, it is in particular hong kong, china, singapore, india. these are probably are major growth opportunities. >> how do you look at increased tensions in the u.s. and china? how you approach the china market. does it change how you view growth in the region? >> i think the region has really inherent growth.

there's inherent growth of course. we think as a european company, we are well-positioned to navigate some of the challenging future years. >> there's a question about ecp planning for banks i credit suisse and other financial institutions, where if and when china does heat up tensions with taiwan, and we see new u.s. sanctions, how does that impact the operations in china and hong kong for credit suisse? >> this is very difficult now to forecast. obviously we are making sure that we put our businesses into shape and continue making sure that in any case of this

happening, that we comply with whatever we need to comply. >> does this mean the bank is thinking right on how to potentially reef fence it? >> we don't discuss about ring fencing, but we are you invest, you obviously take it into consideration, potential future follow -- future follows. >> are you looking at other parts of the region like vietnam and indonesia for example? what markets do you think you can actually increase your presence in? >> i think we have key growth opportunities. whatever is happening from a geopolitical perspective, there will be inherent growth, in particular in china. certainly hong kong will continue to play a preeminent role as a kind of really global financial center. so we are and we will stay

committed to that. >> so the covid zero strategies we see and china have not changed at all how you approach hong kong and china? >> you cannot react just to things that happen for one or two years. we really take a long-term perspective. we will see and we will closely observe how things are developing. >> you are also trying to launch your china on shore wealth business. what timeline do you have for that right now? given the fact that we have seen quite a few private bankers leave, those that delay the launch in any way? >> we look to the future economic development of china. we have done some investments. we have our licenses and we will continue to invest and build it up. xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime.

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>> we didn't really reallocate resources to singapore, but singapore is also in formidable shape. i see that as two competing financial hubs. it is great for us to be present in both. >> the prize is not to overtake hong kong, the prize is to find success in our own terms. >> we should look at hong kong and singapore moving in parallel from the perspective of the are both building up a framework for better guardrails. i don't necessarily see that as a competition per se. >> i expect and hope that hong kong will recover its momentum. because it helps. there is so much to do in asia for two financial centers. kathleen: you've got to love these bloomberg tv guests on the battle between singapore and

hong kong to be the top financial hub in asia. we discussed the city's challenges and opportunities. >> we have got more than 250 participants coming to the summit. they come from more than 100 global financial institutions, with about 140 coming from overseas. for many of them, it is the first time they are back to hong kong. they are very excited. to really see and feel hong kong, to see the energy and dynamism of the city. coming here we hope that after these few days, they will leave with a clear signal from hong kong that hong kong is open, we are back to business. and hong kong remains the premier international financial center in asia. and that we are the bridge linking china and the global financial markets. >> in what ways do you think there have been setbacks in terms of the international

finance center status? the last years have been difficult. where do you think we have to improve? >> if you look back at the last 2-3 years, if you look at the financial sector, it's been extremely vibrant. one, it's been very stable. the financial system has been very stable with the exchange rate being very stable. >> apart from simply reopening, the city physically to visitors, what else do you think? what else was the next immediate ask from other bankers? what did they ask you, what do they need? >> they are looking forward to what they can do in the city and how they can expend their business here. the main thing they ask is, where are you going, in terms of opportunities, which areas are you focusing on? my answer to them is there are three, china related opportunities, fintech, and green finance.

if you look at the china related opportunities, the various connect schemes have been successful and growing. in the last 12 months, we have added four connect schemes to the family, the wealth connect, the etf connect, and going forward, we will expend many of these connect schemes which are still in a very initial stage. we will try to find whether there are other opportunities for expansion. for fintech, hong kong has been one of the most progressive cities in the world, and pursuing technology like developing central-bank digital currency, how to think about the future role of virtual assets in a financial system. hong kong is the largest green bond center for international

issuance. just last year, the green bond issuance and hong kong -- in hong kong has been four times a year before. we are seeing continuing momentum in green bond issuance. our role is to link the need of china and transition financing with the global financial markets. haidi: that was chief executive eddie yue speaking to us earlier. let's bring in bloomberg's chief china markets correspondent. i suppose the question is whether the enthusiasm and that rebound continues given that we have essentially had those unverified reports about reopening being refuted. >> you can see just how much money is on the sidelines. what was circulating was an unverified, unconfirmed rumor. the document itself was specific

enough for traders to really buy into the story that the chinese government is preparing to exit, or at least have a plan for a covid zero exit. the foreign ministry spokesman has said that he is not aware of any such committee be informed. but the foreign ministry would not be the body that would know this. traders are incredibly excited about this. yesterday the volume was almost twice the three-month average in the enterprises index, an index that closed very recently at the lowest since 2005. sentiment is so one-sided, at the moment traders are telling me if you are short the market, you could get burned. >> how does the currency enter into this? i know it's not so -- moving on this whole covid story, this is certainly a big issue hanging over investors. >> it is. you saw the currency, the yuan strength in a little

bit yesterday as well, it was a big move intraday that did pair some of the gains. obviously the currency is impacted by what central banks around the world are doing, especially central banks -- the central bank in the u.s.. it is not just a china story. the yuan remains relatively strong versus a basket of its trading partner, the basket that policymakers care about because it impacts trade relationships and china's growth story for next year. but it is a huge overhang. you saw the impacts even just a rumor can have on the markets. the yuan would strengthen on the back of this. but it is still very much a dollars story. as is the case for most em currencies and asia. -- in asia. kathleen: let's get to vonnie quinn with the first word headlines. >> u.s. job openings unexpectedly rebounded amid low unemployment in september,

likely to fuel further wage gains and add pressure on the fed to extend its aggressive campaign to curb inflation. the number of available positions increased to 10.7 million in september, exceeding the median estimate in the bloomberg survey which forecasted a drop to about 9.8 million. the brazilian president has promised to respect the constitution but stopped short of formally conceding. his chief of staff acknowledged sunday's election defeat, saying the president authorized him to formally begin the transition process. bolsonaro broke his silence two days after losing to lula by about 2 million votes, the narrowest margin and brazil's history. spacex launched as falcon heavy rocket launched from the kennedy space center for the u.s. space force. the launch comes after a three year hiatus for the falcon heavy. the bulk of launches are handled by the more powerful falcon9. the heavy has a few thousand launch is bent over the next several years -- thousand

launches plans over the next several years. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: coming up next -- our exclusive with the mastercard president, ari sakar, live from the singapore fintech festival. this is bloomberg. ♪

annabelle: this is "daybreak: asia." we are 40 minutes into the session for japan and korea. trading in asia is looking fairly subdued in the session today. this is a little bit of a wait and see mode. we do have the key fed rate decision coming up later today. a 75 basis point move basically all but assured. the question is what jay powell will indicate in terms of the pace and size of hikes in months ahead. there are other indicators we are getting a decision today that central banks globally will need to stay aggressive. we had new zealand wages rising by the fastest pace on record. south korea's inflation also came in harder than estimated. all of this is telling us central banks will need to stay aggressive.

that is also playing out in the currency space. we did see that move and shorter duration and stronger dollar off the back. we are seeing most asian currencies looking a little bit weaker. the exception here, the japanese yen, also telling us a story of risk aversion in the markets today. in the commodity space, we are continuing to see gains for a lot of these contracts, driven by this optimism that china could end its covid zero policies. that appears largely unfounded. we will have the reaction to see of the rally extends into the session, one mainland china opens in about 45 minutes from now. in terms of commodity prices globally, they could actually hold the key to the fed being able to ease its rate hiking cycle. the bottom panel shows us the run-up in commodity prices we had in the first half of 2022. that really accelerated the pace of fed rate hikes as well. we i going to need to see commodity prices start to ease further before we can start to

see any sort of end to the fed hiking cycle. kathleen: lots of bridges we have to cross. let's get right back to singapore's fintech festival, with haslinda amin standing by with our next guest. >> a lot of optimism, the first physical event in three years. let's get inside perspectives with ari sakar. >> great to be with you. great to be back at a physical event. i'm delighted to be kicking off with you this morning. >> how has that reflected in your business, as asia opens up? in terms of credit cuts, spending, where's growth coming from? >> asia is rebounding really well. we have had two years of lockdowns, starts and stops, closures from different points in time. if you look at the overall

story, e-commerce has seen a massive step up in the covid period. we have seen what i call a shift which i think will sustain for the longer-term. about 180% of where we were and 2019. cross-border in terms of one people travel, get out and dining, we see a really strong recovery in overall domestic spending across asia pacific. that is also leading to cross-border travel. at the outbound level, even without north asia coming into full force, we are seeing a recovery which is now at a 2019 level. inbound into asia is three ports of what it was and 2019. but i'm really optimistic that we will see a real step up. we are seeing month on month. we are continuing to see the rise of inbound travel into asia. the most recent ones, japan,

hong kong has opened up. there a lot of ground for optimism. >> this is against a backdrop of a global slow down, high inflation. surely there are concerns about perhaps people being highly leveraged. >> there is some concern, but i do want to delineate the new cycle coming out of europe, blee ding into the narrative of the rest of the world. asia-pacific seems to be much more resilient. you've got to keep in mind, one talks about low interest rates. asia and general has been a slightly higher interest rate environment. the last decade might've been the anomaly. therefore my general sense is, there is some concern, but employment levels are high, consumer balance sheets are clean, small business balance sheets are relatively clean, although the consumer is more resilient than the small businesses today. i am generally optimistic

even with interest rates moved up, the good story of asia remains a stronger sight. are >> you positioning for that >> -- >> how are you positioning for that? >> india is rebounding really strongly. although some growth rate projections have been taken down, in line with global slow down. growing at about a 5%, 5.2%. the commodity cycle remains strong. it used to grow at around 6.5%. it is not a huge decline. australia is rebounding really well, helped by the commodities cycle. if you just look at the overall landscape, the only wildcard if i may, if china starts to slow down, there's some concern around that. it could have an implication. if the western world starts to have a prolonged recession that leads to much more restrictive consumer spending in that world, keep in mind they

are a big buyer of asia, and that might have a longer-term implication. but at the current time, there does not seem to be any real fear. bank balance sheets are clean, delinquencies are well under control. overall it is a more positive thing than what was perceived to be a negative story. >> they have set additional -- they have said they are looking to be more inclusive. they launched this farm pause, targeting the farmers in india. what other growth opportunities? what is the pickup rate going forward? >> we are really excited about the farm past platform. -- pass platform. i'm a big believer that there has been such development in technology that has helped what i call the affluent and the have-nots of the world -- sorry, the haves of the world, and they have been helping the commodities left behind, and the

farmers are a very significant part of our economic value chain. you have to keep my mind there are about 600 million small farmers and asia. they produce about a third of the world's produce and food security is going to be the next big challenge i believe for the world. now, how does technology come in to help farmers? we are seeing that with the farm pass platform, essentially bringing farmers onto the platform, which allows them to buy imports, so produce, seek buyers, and the middlemen that they were beholden to on the physical world of trade as farm produce was sold, that is not getting a little bit -- i won't say eliminated, but certainly pushed to the sidelines. that is leading to a price realization. and the data that it brings together on farmers' ability to buy and sell should actually lead to credit access. as you well know, if we can get

credits to the bottom of the pyramid, it becomes a force multiplier for economic growth. >> technology also has a downside. we have what, 3 billion mester cards in circulation in the world today? how are you protecting that? what are you doing? >> haslinda, at the time today, we've got we better technology today than ever before, in order to provide higher order security, at the same time, reduce friction and consumer journeys. account organization, what we call credentials organization, we talk about credentials. how does credentials are getting stored in devices, how those credentials are going to be stored in your mobile device, in your watch, those are things of much higher order security, where your personal credentials are being stored and all you are getting is an authenticated

token -- that is a massive step in what we call security. there's also security and what we call the network level. we are driving security with tremendous artificial intelligence capabilities that ensure that we are able to develop frictionless experience and higher order of safety and security. this is a big interest for governments as well. as countries look at their own digital agendas, cyber and being able to provide -- seibel security -- cybersecurity and being able to provide that is going to be the growth of digital payments. >> thank you for your insights today. there you have it, ari sakar. haidi, it is not about cards anymore, it is about credentials. get with the program. [laughter] haidi: haslinda amin, helping us get with the program. all right. you can also tune into bloomberg radio to hear more from the

day's big newsmakers and get in-depth analysis from the team, broadcasting live from our studio in hong kong, listen on the app, or on bloomberg.com. more ahead. this is bloomberg. ♪

kathleen: hong kong's

long-awaited summit for global bankers was already and roiled in drama -- and broiled and drama. we are joined live from the global leaders investment summit. have to say there may be a lot of drama there, but i have also seen so much energy. eddie told you how great it was to be at a live event again, seeing people. the energy is tremendous. >> we are certainly feeling it, kathleen. we have been talking about it, it's been 2-3 years that we have been waiting for an event like this. it really is a time to see, if hong kong can put itself back on the map as an asian financial hub. you talked about the drama, there was so much talk today about who is here, who has pulled out, that list, increasing as well, the people not showing up. but here are the black rocks,

hsbc, goldman, j.p. morgan, the list goes on today, dave. >> if you are part of the hashtag "finance community" -- [laughter] even before we went on air, we have been glancing, we have seen james gorman walk by, all these big bank ceo's. we have to see the extent to which hong kong can pull this off. there is a satellite pcr testing center just behind the camera. really in a lot of ways, this is being used to relaunch hong kong as a financial center. haidi: what markets really want to know is where china goes from here, the chinese economic recovery, the pathway forward for covid zero. we are getting a panel discussion, we will be hearing from some of the heaviest headers when it comes to regulators on the central bank -- in the central bank there. >> yes. that was a bit of a surprise.

there was always this talk of some sort of policy panel. we got the confirmation yesterday, that the pboc governor, the securities and insurance regulators, he also had the securities regulator, all speaking in the policy panel in a few minutes' time. the first time we will hear in english as well about china policy and governance here after the party congress. >> it is the first time going into really the theme of the summit, navigating beyond the uncertainty, what it exactly means is still beyond me, but we will find out the next few hours. this is the first time we will be hearing from the economic czars and china, the central bank governor come all the way to the markets regulator, to really get a sense and given the rally we had yesterday, we will see what happens here. >> by the way, there's a typhoon

coming. [laughter] just to make it more dramatic. joining us is hsbc's noel q uinn. >> stay tuned. haidi: a huge lineup there. david and yvonne will be there every step of the way. we are looking ahead to the start of trading in hong kong, will we see the continuation of that enthusiasm? the hope, you can see how much money is on the sidelines in terms of waiting for any optimism about reopening of mainland china, away from covid zero. we had those unverified social media reports, really setting that rally underway overnight, as well as in the day session in hong kong and china as well. we will see whether the refuting of those reports will have any impact. this is bloomberg. ♪

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