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haidi: hello and good morning. welcome to "daybreak: australia." i am haidi stroud-watts in sydney. annabelle: i am annabelle droulers in hong kong. we are counting down to asia's major market opens. shery: good evening from bloomberg's world headquarters in new york, i am shery ahn. the top stories this hour. turkey may face a runoff election as red zip tie up erdogan's share votes in national elections falls below the 50% level needed to win. haidi: pro-democracy groups much a victory, putting up the biggest challenge to the establishment since the military seized power more than a decade ago. shery: and this u.s.-made know looks to cement its position as the world's biggest gold producer. u.s. futures under pressure in the asian open after a week of losses for the s&p 500. we had concerns about the debt ceiling, not to mention more-hawkish fed comments. perhaps justified given the university of michigan survey

showing inflation expectations still exceeded the forecasts when it comes to the outlook for the one year and longer-term as well. not surprisingly had treasury yields rally in and the 10-year yield headed towards a 3.5 level. the fed because that market had expected up until early last week, perhaps not a given for next month. we also saw will prices under pressure for a fourth consecutive week, given the concerns over demand. seeing an absent asian session, bell -- seeing a little bit of an upside in the asian session, belle. annabelle: when you combine that with the outlook for recession, we can see that in asia we have equities looking to trade fairly rangebound. but the risks are tilted to the downside. we already have is a futures looking for a flat often.

currencies rangebound. another big factor, what is happening in china. given equity valuations are looking fairly cheap compared to historical levels. also when you compare that to what we see in the rest of asia. equities have been sliding as investors question whether the economic recovery is looking even. what we are looking forward to now is whether we will see any policy report coming through and that could come today when we have the pboc putting out its decision later. analysts are expecting a cart of 10 basis points in order to estimate growth. they're also pointing to reports last week that the banks were asked to cut deposit rates. certainly one of the emerging markets that we are watching. but there are other ones -- thailand and turkiye in focus.

haidi: yes, such a big start to the week when it comes to emerging markets. focusing on thailand, on turkiye. at least in thailand it looks like a resounding surge of support when it comes to opposition pro-democracy parties. thai pro-democracy groups dominating the vote in what is seen as a rebuke of the military. move forward party in particularly outperformed expectations as the vote takes place. even the house majority doesn't necessarily guarantee an easy path to power. the leader of the move forward party has been speaking about options for an government moving forward. we had a chance to speak to them earlier. >> fully democratic through demilitarization, de- monopolization and decentralization i think is the way out for the country to move forward so that we have the right momentum to contribute to asean as well as the rest of the world going forward.

shery: hopes for change are also high in turkiye. those elections are ongoing and president erdogan's share of votes falling to 48.6 percent with 96% of ballot boxes open, according to state broadcasts. significant historic change for turkey, president erdogan is the longest running leader who has molded the nato member into a regional power, playing a growing role from ukraine to syria. he still remained turkiye's most popular politician, but we know the country has suffered from inflation crisis in the last couple of days, and we have heard from his rivals vowing to improve relations with turkiye's traditional allies in the west. what does that mean when it comes to turkiye's position in the world stage? that is a key question. let's cross over to istanbul where bloomberg's correspondent is standing by. we are hearing from the opposition rival speaking right

now, what is the latest on the ground? simin: in a crucial presidential and parliament reelections in turkiye, the votes are still being counted and right now it looks like neither of the two main candidates have managed to secure more than 50% of the vote . this could mean that we have a runoff two weeks later which would be may 28. of course the main two contenders -- the incumbent president versus chemically sterile who is -- versus a candidate who is the main candidate of six coalition parties gathered together. a surprise run-up is a third candidate who actually managed to get more than 5% of the vote. this was surprising and is a key factor in keeping the two front runners from an outright

majority. the third candidate also spoke earlier today, and actually refrained from throwing his support for either erdogan or kemal, and he actually criticized both parties for aligning themselves with smaller parties that had association with terrorist affiliates. he also criticized president erdogan, saying that his unconventional policies have created an economic crisis here in turkey. haidi: it is officially high-stakes when it comes to the outlook for the economy going forward. are there differences in how this could play out depending on how the eventual election and potentially the runoff vote seeds? simin: yes, that's right, many turks blame president erdogan for creating a cost-of-living crisis.

of course late last year, inflation surged as much as 85%. it was a 24 year-high and this created a crisis as well. kim mulkey lee sterile blue would undo erdogan's unorthodox policies should he went. inflation is such a huge issue that many turks are struggling to afford staple items such as red meat and even onions. so this runoff in turkey two weeks later will actually paralyze the country for two weeks, especially when it comes to market sentiment as investors hate uncertainty. haidi: bloombergs simin demokan in istanbul. the world's wealthy nations provide -- presented a

united front for ukraine. our chief north asia correspondent stephen engle joins us now. enormous challenges for g-7 leaders as they met. was progress made? stephen: it is very different than the g20 were finance ministers met in india or three months ago, there was a bit of discord in the language on what would be communicated to condemn russia's were in ukraine. they were not able to agree on any terminology at the g20 because of course, russia and china are in the g20 and some other members as well, perhaps showing a bit of hesitancy to condemn it outright. but the g7 really wanted to show it much more united front. the term i kept hearing was "recommended countries,

recommended economies." the g7 putting out a statement offering more support for ukraine and also a plan to diversify supply chains, that is basically code word for relying less on china for the supply chains. also vowing to fill the gaps in financial regulation globally in light of those bank collapses that we saw. however, their assessment of the global economy is resilient but warned against complacency. it sets the table for later this week when the leaders of the g7 nations, including president biden, will be in hiroshima. for the leaders summit that begins at the end of this week. all these issues will be front and center. we are also hearing that there could be a trilateral meeting on the sidelines of the g7 leaders summit between kishida of japan, yoon of south korea, and joe

biden, where they will discuss a number of dishes. this is what the japanese finance minister had to say as they wrapped out the weekend. >> over the three-day period, we had a very candid exchange of views. we think we were able to agree on the many results linked to the upcoming hiroshima leaders summit. stephen: obviously there will be much more geopolitics discussed behind closed doors at the g7. korea will be front and center as well as supply chain issues. again, the export controls the united states is pushing for with key partners like south korea and japan, trying to get them fully on board. shery: bloomberg chief north asia correspondent stephen engle joining us. we are continuously watching what is happening with the debt ceiling discussions in the u.s.. top white house officials say progress is being made in talks to boost the nation's that limit

as the clock takes down to the crunch point but could potentially lead to a u.s. default. our global economics and policy editor kathleen hays is here with the latest. he is optimistic on the budget deal because republicans want one as well. where are we at? kathleen: well, that is where we are. we are getting a lot of optimistic talk from the administration that things are moving forward and that progress is being made. we hear braden saying that the that limit talks moving along over the weekend, adding, we want one and so does the gop. that is a good thing. lael brainard, head of the national economic council, biden's chief economic advisor, saying the same thing, that dogs are serious and constructive and if they don't do it, the rates will go up on your mortgage and your car loan, your small business. this is a perspective of where we have been to get an

understanding of where we are now and where we have to move forward. last tuesday biden and house majority leader mccarthy kicked off. it was a budget deal they were first talking about. biden said it had to be separate from boosting the debt ceiling. mccarthy and the republicans are saying, we want a budget deal that we have to know that we have a budget deal in place first where you will cut back on spending before we raise the debt ceiling. they delayed talks. we are also hearing now that the white house is saying that it looks like talks will resume again on tuesday. so where are we now? janet yellen talked a lot about this over the weekend, the g7 meetings. right now the treasury has said that as of may 10, they have 88 billion dollars of extraordinary measures to pay bills and extraordinary measures. people call it accounting mimicry to get that kind of

result. janet yellen said recently that cash could run out by june 1. she says in a couple of weeks she will set the rate for default. she has said it in many different ways, even over the weekend, that not raising the debt limit, having a debt default would be unthinkable. let's listen to what she said. >> a default on u.s. obligations would produce economic and financial catastrophe. millions of americans could lose their jobs. household incomes would be reduced. american businesses would see credit markets deteriorate. and millions of american families who receive government payments would likely be left without the resources that they were promised. kathleen: janet yellen also said that bottom line, congress has to do its job. the white house can't do it, congress has to do it.

so the pressure is on both sides. we can assume neither of them wants to default. two and a half weeks left until what we assume is the initial first x date when you could run out of cash and raise questions about social security payments and things like that. no one is expecting that, no one is counting it out. haidi: our bloomberg economics and policy editor kathleen hays there. let's get you to vonnie quinn with the first word headlines. vonnie: vonnie: the trade ministers of australia and china have their first in person toxins 2019 -- talks since 2010. the australian trade minister described the talks as warm and candid. china is pushing for better access for investment in australia. india's prime minister narendra modi's party considered a loss in a southern swing state, a

rare victory for the congress party as it looks to build momentum ahead of national elections next year. the congress party had its biggest victory against the bjp since 2019. the ruling party's premises include cash benefits for women. wildfires in canada's oil heartland are on the rise as conditions turned hot and dry over the weekend. 83 active fires were recorded in alberto on saturday, up from 76 on friday. recent rain" weather have allowed oil and gas producers to restore some output, but analysts say more wildfires will mean higher canadian oil prices this year. global news, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn, and this is bloomberg. shery: still ahead, main street research tells us why we believe u.s. stocks are in the bear

market. . more on their investment strategy in just a moment. this is bloomberg. ♪

shery: u.s. futures under pressure and extending losses from last week. there are still concerns about the debt ceiling, not to mention more-hawkish fed comments. the university of michigan's outlook on inflation expectations not helping. our next guest thinks a bull market awaits in the u.s. in the second half of this year. james, great to have you been a studio with us. how much will it have to do with valuations, given how much we have rallied so far? james: it has a lot to do with valuations. this bear market is 16 months old. on average it lasts 14, sometimes 20 months.

so we have made a lot of progress. but bull market we envisioned, which we are excited about, and we think again is in the second half of this year -- the biggest piece is the valuation part. shery: where are you seeing bargains? james: interestingly, in the last 12 months we have seen valuations in the health care space, consumer staples, recession proof businesses, that is the only place we have seen growth at a reasonable price and where we are committed. but if you look at the recent earnings reports, they are very much. tell about where the next bull market might go. particularly there is the fact that valuations have gotten crushed in the technology sector. not everywhere, but companies like companies like microsoft and google reported well, getting through this tough environment with valuations where lower than where they were a year ago. investors, as they start to

think about where is the next bull market going to be -- of course it is not here yet, but i think that is a tell as to where we might go. shery: are you looking just within the u.s. were also into foreign, especially when it comes with the optimism over china, for example? . >> we have always been global investors. investors should always remember 50% of the market capitalization is outside the u.s.. so we look all over the world. even in the last 12 or 18 months when we have been in health care, companies in -- companies like novo nordisk. outside the u.s. investors need to diversify outside the u.s. an important fact is the last three quarters, forward have outperformed the u.s.. not sure this is a 1990's phenomenon, it could go on for 20 years if you remember that,

but it certainly is exciting and it may be a tell about the bull market outlook. shery: do you look at where the dollar is right now? we saw the incredible rotation into the u.s. dollar last week, i wonder how that will affect u.s. multinationals. james: it is very important to figure out currencies and the dollar particularly. the dollar is clear related to rates. that is why last year the u.s. dollar was a great trade. if you think rates have peaked, you will look at dollar valuations being where they are or lower going forward, which makes for a great call for being outside the u.s. and owning great companies. i would start with the more developed parts of the overseas market because that is where the beginning of the bull usually starts. then eventually as people take on more risks, figuratively skip parts of overseas markets. shery: in terms of sector allocation, the two that jump out to me, one is financials,

and also tech which has seen a really big bounceback. what do you like within those two spaces? james: i love those questions. technology is -- i think one has to be very selective there. there are companies that have really been able to report great revenue, profit growth, but not a lot. there is a lot of companies in the tech space still very overvalued and not demonstrating that ability to grow market share. so in the tech space, we do think that ai is going to be a very important secular change for tech in driving companies. that is where the googles and microsofts in the tech sector come from. it's not just a tech at any price type of market by any means. in the financial space, we have been fans of insurers like chu

bb. we used stop losses, so that got us so it from regionals before it got completely catastrophic. i would stay away from those. that big money-centered banks like j.p. morgan, there is value there. insurance companies tell us that they are the safer part of the financials. haidi: the ai boom has been incredible, socgen saying that without the ai rally, the s&p 500 would be down 2% from the year, so basically all the gains are coming from one space, one narrative. how do you get exposure to it question mark is it buying chip stocks? the big market leaders at this point, knowing that there probably will be some consolidation? james: that is a very good point. the narrowness of the leadership, that is where the crux of the problem is.

a lot of stocks don't look great. that tells us that market valuations, this level probably needs to come down. aside from that in the ai space, investors would be wise to not buy all the shares they want to eventually own but maybe, one-third or half the shares and then in weakness, say we have weakness in the next month or two, add to those positions. i think the semiconductor business, for sure, is going to be a tremendous recipient of revenue growth from ai. then you have big leaders like microsoft and google's announcement last week that have very big leadership sessions. shery: main street research chief investment officer james demmert, great to have you in studio with us here in new york. breaking news, we are hearing that pneok will be purchasing

magellan midstream for 18 point $8 million. it will dollar offering -- it will be an offer in cash. this is the latest on this energy company news. plenty more to come. this is bloomberg. ♪

taking you live to ankara, turkiye in front of the ruling party headquarters as cardigans fate is hanging in the balance, looking like he is headed towards a run-up two weeks from now, his lead narrowing took 49.6% compared with

vonnie: you're watching "daybreak: australia."

g-7 finance chiefs presented a united front with more support for ukraine, and a plan for diversifying supply chains. in their statement, condemnation for russia's war against ukraine was front and center. and although china didn't, get a direct mention there were thoroughly veined plans to counter its growing sway over the so-called global south. australian treasurer says their plan income tax cuts next year, and says they are a worthy objective. he told abc that the administer should has always backed even tax relief low and middle income tax earners. . some economists say it could cause cost-of-living pressures and put the government at odds with the central bank. new zealand announced a $619 million recovery package following a string of devastating floods and a cyclone. the treasury estimates the damage on -- from flooding earlier this year could range to

14 billion dollars. the package covers infrastructure repair and investment in flood protection measures. a brutal heat wave continues to scorch parts of southeast asia. singapore last week posted its highest temperature in 40 years. malaysia recorded more than a dozen heat stroke cases. iraq later this year could drive up put prices. palm places are also being watched with nearly all the worlds palm grown in the region. the poll powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: let's get back to those elections in turkey as our next guest says the country could become a critical partner for a rest that is driven to recalibrate its dependence on china and diversify supply chains. joining us now is our next guest, a visiting fellow at brookings institution and a senior policy fellow at the

european council on foreign relations. great to have you with us. as we speak, this approach is under knife edge and at the location, -- at the moment it looks like president argan is headed for a runoff in two weeks time. what do you make of the direction that the vote is headed. what could eventually happen in a fortnight and what it tells you about the populace and how they're feeling about the key drivers for this boat? asli: i think it tells you that while the opposition thought it was time for change, they put forth a candidate that was a uniter, but not necessarily charismatic. it was an idea against president argan who has some charisma, macho, strong leader figure, et cetera. it was not a tough match.

it did not work. there was no blue wave for the opposition, i have to say. the counting is still going on and the opposition says many of their strongholds are not counted so these results might change in favor of the opposition, but the blue wave that they thought they would have does not seem to be there. that is -- it has geopolitical consequences, domestic consequences. but it does look like there will be a runoff, which means an even bigger contest that in this very divided society, president erdogan and his rival kemal kilicdaroglu of the opposition are offering two different things, two different worldviews. erdogan's vision is a rising turkey, very much a campaign that focuses on nationalism,

accusing his rivals of terrorism. but also strong emphasis on positioning turkiye as a country that has a zone of influence, that is a regional power, has a homegrown defense industry. his campaign was actually about turkiye's first homemade aircraft, different types of drones, first tank -- et cetera. the opposition candidate essentially promote democracy and as a way of addressing turkiye's deep economic problems, which is not only inflation, he said, we need legacy in order to return to a rules-based management of the economy. he made a compelling enough case. he came from sort of 30%, up to 40 per -- 46% perhaps in

this whole counting process, but he has not made 50%. so the idea versus the leader that promises to make turkey great again -- i think is what the contest was about. shery: we did see forward investors buying into that narrative in the first decade of oregon's government. haidi: that has since reversed. is there a sense that regardless of who wins, there needs to be a focus on the economy, and are there adequate policies in preparation to be able to reverse or start to fix an economic crisis? asli: the markets are favoring the opposition. both domestic markets and international finance. that is because president argan has -- president erdogan, yes in his first decade he was great

and there was phenomenal growth. but particularly in 2016 and 2017 as he consolidated more and more power, his management of the economy became more erratic. micromanaging all aspects. and also gradually doing away with economic institutions, institutions of economic governance. not just central banks, but other independent boards that actually do give investors confidence. so a favor to the idea of an opposition. shery: you don't sound too convinced that the opposition will actually take office, the runoff in two weeks because of the lack of charisma from who they rallied behind, but how historic is it that in a country that has really coordinated in terms of opposition, that they have come this far? what could it mean for the

future of turkey? asli: it is really impressive. but you are right note a bit of skepticism at this point, particularly tonight, because i expected the opposition to do better than this. majority of turks say that they want to change. and the campaign is still not over, there will be a runoff. also, the counting is not over, so i should not overstate my case. but i think that with such high inflation levels, and the fact that erdogan has been in power for 20 years, opposition members themselves -- because i have been talking to them and interviewing them, expected something that was over 50% in the first round. so they are certainly disappointed tonight. turkey is also a rather illiberal place.

to the opposition's credit, they ran a campaign under very difficult circumstances, this is a country that has very strong and securitized system and authoritarian system. shery: does this make it more politically uncertain for turkiye no matter who wins? either way it will be a strong showing for the opposite side. regardless of who wins, if we get to that runoff election, does just mean more political uncertainty and more opposition to whomever comes into power? asli: exactly. this is a very divided country, very divided. the polarized ends thinking that they are an existential threat to each other. it's also a country in economic downturn, we have been talking about an economic downturn in turkey for a number of years. but things have gotten to a point which i think it would be

very difficult for the next government, whether it is an opposition government or an erdogan government to protect the currency. the turkish lira, and also perhaps a balance-of-payments crisis. but -- i wrote an article for the washington post and i made a case that if there was a return to a rules-based economy, more predictable orthodox economy instead of some of the ideas president erdogan has been testing out, that is more likely to happen under an opposition government. if it was return to a more predictable economy, turkey has huge potential. huge potential because it has a free-trade agreement with europe. in fact, a custom union. it is right next to europe. it has a big industrial base

compared to many countries in its own region. turkey is a country that actually produces goods. a shery: strategic position for turkiye. asli: strategic position. i was just in berlin and before that in washington as countries are discussing how to diversify their supply chains. there will be a long-term interest in turkiye is the first in class to get its finances right. we shery: will be watching. asli aydintasbas thank you so much for visiting us, joining us from his temple, visiting fellow at the brookings institute. thailand's democracy party notching a surprise victory in sunday's vote. let's get more from our chief correspondent for southeast asia, haslinda amin in bangkok. it's been a long day for you. but what a day.

haslinda: [laughs] what a day, what a night. a clear shift in the political landscape in thailand. we had the two leading political parties garnering about 280 seats out of the 500 at stake, a clear victory. a clear majority. but it remains to be seen what alliances will be forged in the days and weeks ahead. what is clear, though, is the performance of the move forward party led by pita limjaroenrat he is the leader of 42 years old, trained in harvard and m.i.t.. very charismatic speaker. of course he and the move forward party campaign aren't very bold ideas of reforms. reforms of the military, of the monarchy, something which has been a taboo in thailand for years. but it has resonated with the younger population, the youth, including the 3.3 million

first-time voters. they have had the backing of these young people and in recent weeks, that backing has spread to those beyond. i caught up with pita as he wrapped up his campaign over the weekend. take a look at his vision of the thailand ahead. how confident are you about the election? >> extremely confident as we approach the very end. i am working until the last minute just to make sure that we have the right momentum for the swing vote districts like this one. haslinda: how concerned are you about the integrity of the election process, there are concerns. >> concerned as always. usually it is three or four things in this region, first, gerrymandering. in the past two months, people are confused. in terms of numbers, it is a two ballot system, so people get confused. real-time reporting, that is something that is also very

concerning. but i think because of the technology, and the participation of the people, they want the election to be free and fair and hopefully. haslinda: a lot of momentum for your party in the last few weeks. how confident are you about exceeding expectations in terms of the seats you can get? >> already above expectations for me. we have tried our best. we want to make sure we reach three digits and i think we should be able to do that, especially in terms of leaders. in terms of districts, there is a lot of swing vote districts in various regions where if we win, it will be by a margin and if we lose, we will lose by a small margin as well. that is why in the last four or five hours, we want to make sure that we materialize. capitalize those districts. haslinda: to be prime minister will be a herculean task because of the senate.

what are your plans for alliances? >> the question is a big assumption. it used to be that way four or five years ago, but this is the last year that has th prime y minister. society has changed a lot in the past four years. i think it will be a high price to pay for the appointed senators to go against elected members of parliament. i think if we were able to secure more than half, 250, 260, 280-ish, maybe we be able to secure who the next prime minister should be from the people, by the people, and of the people. haslinda: you are mainly backed by the youth. what is your message? >> that is not entirely true. it is a lot of new-generation politics, but a lot of our policies are focused on those

people in the silent generation and baby boomers. pension funds. we are trying to improve -- people have been fighting for land. we are pushing for that happened. liquor licensing. a lot of thai liquor has been forgotten in the last few years and we want to bring it back to the world stage as well. haslinda: the dream for the future of thailand? >> fully democratic through de- militarization, de- monopolization and decentralization, that is the way for this country to move forward so we can have the momentum to contribute to asean as well as the rest of the world moving forward. haslinda: a vision that officially resonated, especially in urban areas including in bangkok, is that move forward won almost all the seats here in the city. also in other cities.

that message resonating with the people here. haidi: era chief international correspondent for south east asia, in bangkok, haslinda amin. do keep it here in bloomberg for more interviews in the next few hours, including an exclusive conversation with the bank of thailand governor. you can also turn to your bloomberg on more on thailand's election, that is at tliv , to get commentary and analysis from our team of expert editors. this is bloomberg. ♪

haidi: australian gold miner new crest has accepted it takeover offer from newmont. the company board is recommended the deal unanimously to shareholders and it is expected to be implemented this year. paul allen has more. we have seen the earlier rejection. what is different this time question mark paul: more money always helps. in february newmont offered 17 billion. they came back with it 18.5 billion in april. that it went to due diligence. we knew something was cooking this weekend when their due diligence got accepted and then an hour ago the news broke that the deal is off. $19.2 billion is the final price

there. it implies new quest shares are worth $.27 a share. so shareholders will get 0.4% of the newmont share for every new crest share that they hold, $1.10 at completion. it cements the company of the world's biggest gold producer by some distance. it gives five of new crest's mine and a lot of copper as wells, which newmont was anxious to get into. a quarter of newmont process revenue. shery: consolidation in the overall gold space. paul: it has been going on for about five years now. the gold price is close to near records. gold deposits are becoming harder to mined. we have seen a lot of consolidation in the.

there was a merger back in 2018 worth $18 billion. then last year we had the kirkman lake purchase which segmented its buyer as the world's third biggest gold producer. this deal equips as the mall, $19.2 billion. things slowed down during the pandemic. but as we saw this morning, consolidation in the space is not over. the deal is likely to be complete by the end of this year. shery: paul allen there joining us from sydney. let's now turn to an indian conglomerate, at downey, pushing ahead with fundraising plans months after a scathing short-seller report forced it into damage control. annabelle droulers joins us from hong kong with the details. bele, its a sign the group is focusing on growth? annabelle: yes, trying to put the hindenburg report behind it.

it was at the end of january that we came and in the time since, we have seen a number of measures coming through from adani, bringing down its debt burden, scrapping out a share sale. ways that adani has tried to reassure the market and a sign that it is trying to move away from the crisis. the key takeaway is the amount, $2.6 billion. and who is raising two raise what -- adani enterprises you can see. the flagship. . considered an incubator for the business. . it is looking to raise up to $1.5 billion. the remainder would be from adani transmission's, $1.1 billion. they would be looking at this through share placement haidi: . what are the next steps, then? annabelle: the big one will be seeking shareholder approval for both of these share sales to take place. we will also be looking for fundraising plans from another adani business unit, the green energy arm.

it was scheduled to hold a board meeting but was deferred until later this month. the timing is not clear, that these companies' boards usually sign off pretty quickly. the big question is whether investors are convinced that we have seen the worst of the rout. nearly all the adani companies have struggled to recover the highs they had reached before the hindenburg report was released at the end of january. haidi: annabel in hong kong. be sure to tune in to bloomberg radio for more on that story, and more from the day big newsmakers and you can get more analysis from the databricks team broadcasting live from our studio in hong kong. much more ahead. this is bloomberg. ♪

haidi: a quick check of the latest business flash headlines. this company reportedly considers uploading hundreds of millions of dollars worth of private companies into a secondary market. the vast majority of assets at tiger global is in startups. it has hired an advisor to explore options to sell a portion of that. venture investors are turning to the secondary market to fund exit as fewer companies go

public. samsung executive chairman and the tesla ceo elon musk met in the u.s. last week, this is apparently their first private meeting. they are reportedly looking to joining forces and developing chips for fully autonomous vehicles. the samsung executive chairman wrapped up his visit new york which included other meetings with the google ceo sunder pichai. shery: we are taking you live to turkiye's ruling party headquarters. you can see people outside of president erdogan, as his share of votes fall below 50. we may be headed towards a runoff vote in two weeks. this is bloomberg. at do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory.

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shery: