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shery: you're watching daybreak asia live from new york, sydney and hong kong. >> we're counting down to asia's major market opens. >> let's hop stories, revival -- the top stories, a revival in a bull market. a jump in jobless claims numbers showing signs of cooling in the labor market. push for china to find financial support for their middle class. the latest from the top financial forum. plus ai may be fueling a stock boom up but it is driving racial and gender bias. a closer look later this hour. breaking news when it comes to south korea. a deficit of 792 point $6 million. we had already heard from the finance minister saying earlier this week that the country may post a deficit for the month of april but that it would turn to a surplus in may.

we did of course see falling chip exports in particular as a key issue as we saw imports slowing in the month of april. asia's supply lines when it comes to semi conductors still being adjusted. when it comes to the goods trade, a surplus coming in at over half a billion dollars in april versus the 1.2 3 billion deficit for march. the march current account surplus of 100 58.1 million. last year the april surplus was just over 130 million as well. this of course as we get increasing headwinds when it comes to the south korean economy. we heard from the finance minister recently that they may have to lower their 2023 growth forecast overall. shery: it seems to be a broader global picture. economic growth being challenged. when it comes to peru, we are getting breaking news. the central bank leading that

the reference rate at 7.5% as expected. economic concerns and local risks, some of those concerns and challenges in the peruvian economy. this as we have now seen perhaps a little bit of decelerating inflation and also weak domestic demand, leading the central bank to hold rates steady for a fifth consecutive meeting. the inflation rate falling a little bit year on year in the month of may to 7.89%. it's an interesting picture playing out in latin america because we have seen cpi numbers slowing more than expected in places like mexico last month. at the same time, we are seeing other parts of more advanced economies not seeing inflationary concerns of eight which is why treasury yields jumped earlier in the week. take a look at how u.s. markets have fared. future markets holding steady.

treasury yields were down after some disappointing data when it came to the u.s. jobless claims numbers surging by more than expected last week to the highest since october 2021. now this pressure in yields, as i mentioned earlier, it's a preoccupation over where inflation is going and it had investors betting we will see a rate hike from the federal reserve until a july meeting. a mixed picture when it comes to futures trading asked her the s&p 500 entered the bull market territory gaining more than 20% from its october low. we continue see the pressure in prices, given that we had speculation that the u.s. and iran were nearing a deal that could pave the way for more crude exports. let's get more insight from paul

dobson. with yields down at least for today's session. the tech rally resumed. is this sustainable or are we going to see rotation out of tech likely seen in the past few days? >> that's a good question the cliche springs to mind about the market remaining solvent. that's the kind of thing where the market rallies and even if it is an unloved rally from investors, we are getting more follow-through each time with ai stocks leading the starch. people looking at the evaluations thinking it looks like it's gone too far and yet it continues to rumble higher. more of a follow-through in small-cap stocks in the whole economy. stocks helping to lift gains. we are not into meltdown territory. the moves are not extreme.

and yet, we continue to press on higher and higher despite that headwinds that we talk about every morning. it would take something surprising. the market suddenly if we get inflation data in the u.s. and there is a jolt, maybe that realigns expectations. it really feels like this rally has momentum behind it and can keep on going. haidi: when it comes to asia, particularly as we look to potentially a catalyst for the china rally? >> china is so cheap investors are finding it hard to ignore and all these hints that

incremental measures are building towards the market being hopeful. it's been disappointed in the past as well. it seems like china is a dangerous place to be short at this moment in time, so it's hard to overlook the valuations. at the same time, risk of disappointment is tangible. the authorities know they are on track to meet low gdp targets. to flex their muscles and suing the economy. on the flipside, loan demand is weak and there is not a lot of buoyancy from the consumer side. that is what needs to pick up which is more than anything else, a question of confidence. and that comes with a patient waiting game. that remains to be seen. friday is a time when we get stimulus things, everyone is tired and ready to go home, so

keep glued to your screens at the end of the session today. haidi: bloomberg's paul dobson in singapore. staying on china and whether we could see regulatory catalyst for upside in chinese equities, one of beijing's economic advisors says the government needs to provide better financial support to its middle to address inequality. for more on the economic policy forum in shanghai let's bring in bloomberg's shanghai bureau chief. tell us about what we are hearing from the forum? we've seen a market reaction. what are we expecting? >> ok, the foreign started yesterday at the opening ceremony yesterday morning. the chief of china's top financial right chelators including the regulatory administration, pboc gave a speech at the opening ceremony. so most of what they said was

kind of a reiteration. but they still such as the efforts to continue opening china's financial markets and reform. they vowed to continue to limit risks in the system. but some of what they said is still interesting, for example the head of the newly established financial regulator and national financial regulator administration said china wants to tackle financial risk in its early stage and they will take a more proactive stance in terms of dealing with these kind of risks. especially hidden risks. and that also the head of csrc said something like china will like to increase ask france to increase allocation to equities class.

that's where they rally in the market. the head of the pboc talked about financing. nothing earth shadowing -- shattering but he shared his view of the outlook for u.s. dollar strength, which is interesting. he said the u.s. dollar strength is nearing its end. it's unsustainable because the u.s. hiking cycle is almost over. and citing third-party heading into a match. that offers a rare glimpse into the chinese regulatory thinking. and that will signal -- the current level. shery: does that mean they will not intervene to support the yuan when it has fallen? what does that mean because the divergence has pressured the chinese currency. >> that's a good question.

people are expecting china to lower the interest rates in the near term because it's not in good shape. the export numbers released earlier this week was horrible. china's exports to major markets including europe, the u.s. and japan and southeast asia, they fell more than 20%. inflation data to be announced showing week price power. that is based on the estimates of economists. so anyway, people are expecting the property to be lower. this weekend, they may lower cut china's bank reserve requirement ratio. earlier this week chinese banks cut deposit rates to lower the funding costs and that is a part of efforts, preparation to

prepare for the upcoming rate cut because the net interest margin has been shrinking as a result of a lending binge. china, though the the the rate cuts in the past two years. shery: charlie with the latest on china and of course the weakness that we've seen in the yuan and other emerging market currency. the lira. annabelle, what have we seen so far and what can we expect given the reshuffling of the economic team? annabelle: this has been one of the most read stories on the bloomberg terminal this morning. essentially the turkish leader there, announcing fears. that does really complete as you say this possible transition back to more conventional approaches to governing markets. in the economy broadly. it's made through the official gazette this morning and it comes after we saw erdogan

appointing med bit as treasury secretary. he is someone who has ousted predecessors for what he considered rising rates to aggressively. he has held an unorthodox policy that taming inflation, one way to do that would be cutting interest rates. we've seen inflation running rampant in turkey and up nearly 40% mark with the turkish central bank refusing to raise the key rate. that is the path ahead for her as she takes the governor role. you mentioned moves in the turkish lira this morning. in terms of what we have got in the electronic pricing, we are seeing further weakness there down 1.8%. this is a record low for the turkish lira. it has been fighting quite substantially. we saw it stabilizing somewhat, given central bank interventions around the point of the election but again the appointment is

indicating to us that there will be a policy pitted to letting it slide gradually without spooking markets. morgan stanley is one of those who said around the time of the election that it could reach 28 against tn of the year. shery:comes to growth slowing dd the inflation really continuing to spike. sort of a global concern at this point. this is what we are seeing in the u.s.. when you have mixed economic data, u.s. jobless claims for example in today's data surging to levels we have not seen since 2021. the thing with the economy is it is not slowing down fast enough and inflation is not cooling fast enough. take a listen to what the goldman sachs president john waldron had to say. >> there is likewise a lot of positive impulses. the fact that there is cross current, this is the best

predictive recession that has not happened and may not happen. so we are dealing with a lot of crosscurrents. >> there are a lot of predictions as to if there is a u.s. recession, what shape does it take? we heard from bridgewater associates. talking about yes, there is strength to be propped up when it comes to the household sector in the u.s., so it could be a more nuanced balance sheet recession if you will. take a listen. >> interest rates are at a level that they are probably going to stay at but they're not going to rise much. and the consequences of that are going to be a weaker economy going forward. it does not have to be a big downturn. because of the house hold sector but it is a balance sheet recession. shery: let's get more stories with the first word headlines. >> thank you. at some of the world's largest investment banks are distancing themselves from hedge fund

manager kristin after fresh allegations of sexual assault. morgan stanley is cutting ties but jp morgan goldman sachs are reviewing. a law firm representing them told the financial times it disputes the allegations published in their report. the biden administration is set to be proposing to trade allies that they extended the planned freeze on digital service taxes. the pause was part of the 2021 global tax agreement but has not been implemented or endorsed by congress. u.s. treasury officials tell bloomberg the administration does not see that happening for beyond the year end deadline. an air india relief flight has ended its 56 hour journey from new delhi. it's 216 passengers and 16 crew had set off from the capital tuesday morning. the original aircraft was diverted to the far east after trouble with general electric engines. they spent the night in makeshift accommodation before another aircraft could get to

the remote location. a blanket of polluted air covering the eastern u.s. is likely to last until tuesday as the impact of canadian wildfires ripples south. washington remains under a healthy air-quality alert. fires are active in canada. the shroud has sent solar power generation in the u.s. plunging by more than 50%. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn this is new york. -- this is bloomberg. >> still ahead, a study reveals the jobs most at risk from ai are mainly held by women. a closer look at the bias risks of new technology, next. the first our next guest says instead of making macro calls, investors should be selective with stocks and do bottom-up work. affinity investment shares there market strategy just ahead. this is bloomberg. ♪

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>> we are at the precipice of the economic landscape changing and people really wondering whether we will have a recession and what type of lending we will have. i think it is when we get more certainty that we should continue the backdrop of investing. haidi: kd speaking at the bloomberg invest forum. it's time to be more selective and do bottom-up work when it comes to identifying what drives stock moves. joining us is portfolio manager and investment specialist at how affinity investment. i'm got to throughout this chart when it comes to the s&p 500 bull market because there's so much heavy lifting being done by the cohort.

the rest of the s&p 500 excluding tech not been able market. when you look at this do you find opportunities outside of the ai story or do you look for further exposure to the one narrative that has driven the rally? >> it's important to have a diverse exposure in markets like the current environment, stocks giving you the whole performance year to date. what we do is we look at this. it's important to have that sort of pie chart with a lot of different slices and sectors. currenai and a number of differt companies. we look across all the sectors and finding opportunities as well. haidi: your conviction calls are quite interesting. microsoft, mcdonald's. there is a maker of surgical

equipment. how does that in a snapshot present a diversified portfolio for you? >> what we really look at is to find a high-quality companies trading at reasonable valuations. so we like to refer to them as earnings leaders. and the important thing for us is to find those companies regardless of sector or style that are in an earnings upgrade cycle. then we can see action and have some runway to go through from here. so for us if you look at those examples that i've given you, it is a high-growth company. a tech company and also defenses. so in the current macro environment, despite the record highs, we think it is important to maintain the defensive exposure in addition to one we see growth. what anchors us most of all is the earnings upgrade cycle and

the companies that we believe have capacity to grow not just grow, but meet market expectations. shery: are any of those companies in the cyclical sectors? we are hearing that a recession in the u.s. might be pretty mild and we are seeing price city, bank of america, saying artificial intelligence hype may be fading. >> i do think there is a lot in ai. a lot of stocks have run really hard. for us, it is important to be selective and not just buy any stock with exposure to ai. particularly those stocks that will not cai benefits flow through in the short term. for us, we think it is a little early to go into cyclicals. we have some cyclical exposure in some of the mining companies. if we look at banking exposure for example, it is early.

we do not see those companies for us. not seen earnings downgrades. we are concerned about higher costs weighing on margins and we are not really out of the woods from an economic slowdown perspective. we would want to see evidence of a earnings really coming through strong and that sort of growth profile looking better before we enter into cyclical exposures. shery: how much caution comes from the fact that we have not seen the rebound that we were expecting from china? >> yes, i think a lot of that is centered on china. the concern is we need to get use to china growing at 324% rather than what we have seen of late. the demand that that drives not just for commodities but goods in general and what that really means from an export and import

perspective across various countries, that is countries are going elsewhere. it's something that we need to keep in mind that we might not have an environment. we have that growth out of china in the future. so that's definitely a concern. and then also, we are very uncertain around which way the fed is going to go and what is going to happen to the rates going forward. from that perspective, you need to be selective through the bottom up to ensure you select companies with solid business cases and a solid fundamental backing before you go into a company, particularly trading at higher valuations like tech stocks. haidi: great to have you with us. client portfolio manager and investment specialist. here in sydney with us. more to come on daybreak asia,

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♪ shery: take a look at how u.s. futures are trading. not a lot of movement after the s&p 500 entered the bull market territory it had been flirting with for a while. finally we crossed the 20% plus from the october low. it was really the rally in tech that had resumed that helped. treasury yields were down across the board. that helped after jobless surged more than expected to the highest since october 2021. we have bullishness hi, i'm lauren, i lost 67 pounds in 12 months on golo. golo and the release has been phenomenal in my life. it's all natural. it's not something that gives you the jitters. it makes you go through your days with energy,

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>> this is daybreak: asia.

i'm vonnie quinn with first word headlines. chinese regulars asked asset managers to stop dispelling -- displaying real-time pricing. they will stop their mutual funds by june 16. a rolling fund will be adopted for those with larger client bases. the move which has been planned for month is meant to prevent a trading as stocks continue to sink. south african president plans to hold talks with his chinese counterpart, xi jinping, over the possibility of a new venue for the upcoming summit. he is seeking to avoid executing and unrest warrant for vladimir putin in case he attends the event in johannesburg. they will hold calls with the rest of the leaders. brazil and india. the european union has approved eight point $6 million in public funds for trip research projects. the proposals across 19 countries are backed by $15 million in private funding. the chips act sets an ambitious goal for the blockre the backbo.

of europe's industrial competitiveness in a digital world. the green and digital transition requires new advanced technological solutions. and this is why we must increase europe's own it chips research, development, production capabilities. >> major lng buyer tokyo gas warns gas supplies could tighten this winter due to extreme weather or production problems. it's ceo told bloomberg the situation is unpredictable and prices have remained stable due to a warm winter. cheap prices surged but have plummeted to the lowest level since 2021. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: we have breaking news.

former president donald trump saying on truth social that his attorneys have been told that he has been indicted over documents. he is now saying he was summoned to appear in a miami court on tuesday. investigators have been examining whether president trump improperly removed classified documents from the white house at the end of the term. he is saying on truth social his attorneys told him that he has been indicted over documents. >> we will bring you more details on the developing stories as we get them but in the meantime, taking a look at japan. japanese politics and prime minister may head into early election despite the rift in his 24-year-old coalition. putting off the vote may lead to a more difficult political climate for the governor. and john joins us from tokyo. despite the current difficulties

in the climate, this is potentially about getting ahead of deterioration. >> that's right. he is seeing the window opening in july or the autumn for an election. we have the stock market at three decade highs. the support rate is running well. the economy is expanding at a pace faster than expected. this may push him to an early election. he does not have to hold one until 2025 but holding one now would solidify his grip on the party, on power and it would help him as he looks to renew his party leadership presidency in september of 2024. shery: japan faces many issues including rising inflation for the japanese population and more geopolitical tensions and assertiveness coming from china. what are we expecting to be the

top issues? >> of course, the geopolitical part of the equation is always there. but for voters in japan or any other country, domestic issues are the ones that will be of the greatest concern. we are seeing perhaps tax increases coming at the end-of-the-year to fund his plans to expand population and for defense spending. this works into the equation for the early poll. if you can have the election before he goes and says he needs these tax hikes, it will help. that is one of the reasons why he may do the election sooner rather than later. shery: john herskovitz joining us from tokyo. tsmc spins in japan will start making semi conductors for next year. it took could go piece of japan's $14 billion push to become a superpower.

stephen engle went to the city to find out how the plant will play a big role in the global supply chain as tensions escalate between the west and china. >> the global supply chain soon take a significant turn to a sleepy yet suddenly revitalized southwestern japan. the world's largest chipmaker, taiwan semi conductor, next year will open its latest high end chip behemoth. strategic really located not only because of where it sits geographically but because it is not in taiwan. warren buffett's berkshire hathaway divested its entire stake in tsmc because of the threat of china taking over taiwan as u.s. and china ties deteriorate. >> we are not looking to decouple from china, we are looking to de-risk and diversify. >> that is where japan steps in. when a world leader -- once a

world leader, japan has lost market share to regional rivals south korea, taiwan and china. the japanese government wants to reverse that, aiming to triple made in japan semi conductors and related materials to $113 billion by 2030. >> it was once called silicon island, home to many silicon -- semi conductor companies. the japanese government hopes that this silicon island can be reborn in the future and they want it to be the center of that. >> taiwan semi conductor is not the only chipmaker to consider expanding capacity in japan. the prime minister of japan invited the heads of major chip companies, including tsmc but also ibm, intel, applied materials, samsung, micron to the g7 meetings to try to lure them to invest more in japan. shoring the global supply chain

what americans call it. >> it is about deepening relationships and diversifying our supply chains. with a greater number of trusted trading partners. >> hence tsmc is building in the united states and plans another possibly in germany. >> i do think this is an attempt by japan to bring in the semi conductor industry from around the world. it is significant. in terms of not only the economy but in terms of strengthening economic security. >> regional economies and the flood of new investment feels like a much-needed transition. >> recent population growth and rising prices in industrial areas are among the highest in japan. >> near the construction site, major companies are renting rooms for ¥200,000. an unheard-of amount in that area. >> adding to concerns about research shortages and worsening

traffic. yet after decades of diminished global supply chain relevance, these are problems and new jobs that japan may welcome. stephen engle, bloomberg news, hiroshima. haidi: let's take a look at how we are setting up in asia this friday. annabelle: picking up on the chips theme in the package from stephen, it is chips tech that has power to the s&p 500 into bull market territory. the expectation for investors and anything tech related, particularly anything linked to ai will generate good returns. then you can take a look at this chart here. it shows risk asset divergence. you have the s&p 500. copper is in yellow, these two generally do tend to move in tandem. we've had a split, a divergence taking place over the last couple of months. we know the reasons we just said

for tech and stocks in particular. copper on the other hand is really reflecting the manufacturing recession we have seen. fears of a slowdown in china and affects of central bank monetary tightening. we're seeing that really slipping and commodities are lower over the course of this year. that is something we are watching over the coming months but let's change over. risk assets, another class we are watching, cryptocurrencies. this has been one of the most read and track stories this week. fcc delivering notices to binance u.s. and also coinbase intern. in terms of what we're watching this morning, that is fcc looking for alternative means to try to serve papers. their whereabouts are quite closely guarded by the company. shery: south korean authorities say they have funneled tens of

millions of dollars out of an entity linked to his blockchain projects. we spoke to the prosecutor leading the investigation who told us more about the money trail they are following. >> i think it is safe to say do kwon and co-conspirators have $13 million in addition to the $100 million. to be fair, crypto does not go straight there. the bitcoin in lft accounts are transferred to a third-party wallet and then goes to the account through an otc company. then it is cashed out. what i can tell you is there is currently over $13 million in at the signum account. on top of that, there are $29 million going out of lft's wallet. even after do kwon was arrested. >> is this all in the same

wallet? between $9 million in the $13 million. are we talking about the same wallet? >> so we can say the source is the same. the bitcoin in the lft account, went to the signum account as the fcc said back then. there's over $13 million that has been transferred, so the $13 million remains there. then there's additional crypto withdrawn out of lft since kwon was arrested. we are assuming that he or someone under his direction took out the amount and moved it to another wallet, not to signum. they cash it out somewhere else. >> in april, you said that you had frozen $200 million worth of assets from kwon and his coworkers. is there any additional amount that you have frozen?

>> we have identified quite a bit of additional assets. we are in the process of seizing 30 billion yuan. 31 .6 billion to be exact. haidi: that was a south korean prosecutor and bloomberg. a lawyer for kwon could not be reached for comment. he has denied wrongdoing, saying on twitter in february that he has stolen no money and never had secret cash outs. a spokesperson for signum which not has -- has not been accused of wrongdoing has declined to comment. still to come, a study finds ai threatens jobs mostly held by women. the risks to equality and the rise of machine learning. this is bloomberg. ♪ it can happen to the people who teach us and rescue us, the people on our team and in our family.

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use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. haidi: you are watching daybreak: asia. as adoption of generative ai moves at breakneck speed a new study found jobs held by women will be disproportionately affected. bloomberg's caroline hyde it tells us more. caroline: women. we will be hit harder by ai. here's why. we've heard that artificial intelligence can flyby us due to the dangers. it may amplify bias.

one hr firm identified the jobs most likely to be replaced by ai and did a gender breakdown of the jobs. that's what? they are generally held by women. payroll clerks, executive assistance. we've seen it hit home. ibm is slowing hiring in back office functions where ai can replace roles like hr. guess what gender dominates that? ibm says this can it 8000 jobs. scaling, training. shery: we speak to the company behind the study. joining us now is an economist and hr analytics firm. great to have you with us. what does your study show? is their inherent bias with ai technology itself or is it reflective of broader society? hakki: i would not say there is

inherent bias in generative ai. that will make it inclined to replace a certain demographic. but we have to take into account factors that contributed to the distribution of jobs across genders today. so we have for example, representation of women in stem jobs and technology jobs. we have more representation of them in support roles like secretaries and assistance. and the way that ai interacts with these jobs is the real reason why women will be possibly impacted more by generative ai. shery: so how will this story unfold? are we talking about all of these women being replaced or could we see them being re-trained and skilled to actually work with ai? hakki: sure.

so first thing, remember there is automated technology coming into play. you rarely see the job disappearing altogether. on top of that, surely some jobs will be replaced. but this also means that these jobs will be freed up from repetitive tasks. that they can delegate to ai, so that they can focus on fulfilling careers, fulfilling tasks and projects. so the key is going to be making sure that we are able to make this transition and not just letting this talent basically be unemployed for a long time and detached from the labor force. haidi: does that also -- the positive take that you free up employees to take on more meaningful roles.

does that place the owners on more education, more training, to try to navigate this labor market shift? hakki: absolutely. retraining and upscaling will be the key. i think that firms should be proactive about that they are implementing ai tools. they should look into how to make the best of the talent that they already have, but also is the question as a general society and government policy, how we are going to approach this issue and how we are going to make sure that the employees will have the necessary skills that will help them get into jobs that are more fulfilling. haidi: what then the role of governments and policymakers right? this is not just about retraining people. it is about training girls and women straight out of school, right?

to make sure that they have the additional education, qualifications, and skills that many of them may not have when they are entering the workforce. hakki: absolutely. so retraining is a transitory solution. it is for people who are already advanced in their careers, but what you would like to make sure for the long run is to have the women who are entering the job market for the first time already have the skills that are safe from destructive technologies like ai. shery: what are we going to see in terms of hiring trends, given the ai assistants of that different workplaces are going to get now? hakki: we are seeing evidence from companies investing in these tools for hr and

administrative jobs. but it is very early to see significant changes in hiring practices. especially because the timeline of these large language models like chatgpt also overlaps with the tech. therefore, it is very hard to say when and hr employee loses their job if it is because of the disruption by generative ai or is it just the market forces? the markets were down for example for some tech jobs. haidi: what is the research when it comes to the impact of generative ai on high wage occupations? it does not sound like highly skilled, highly paid workers can be comfortable with this. hakki: absolutely. it was the case before that technologies were impacting what is called a routine and manual jobs, which were low-paying.

but we do have jobs here that are potentially high-paying in finance or in legal. so it is not necessarily how much they are being paid about the nature of the job you are doing. so if chatgpt is good at what you are doing, it does not matter what your salary is, it will be impacted by that. haidi: really great to have you with us, hakki really appreciate you joining us at a late hour. economist at revelio labs. twitter cofounder evan williams opens up about elon musk's takeover with emily chang. that episode premieres at 10 p.m. in new york, 12 noon in sydney. ♪ what do you get from the morgan sta client ? listening more than talking, and a personalized plan

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without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. haidi: quick check of the latest business fashion lines. citigroup's mental bits team that provides commentary on foreign exchange markets. all jobs within the global fx strategy team are affected. they made the change because the research division is offering similar services. bank of america has announced several leadership changes in

its investment banking unit including shifting responsibility for its global transaction services business. my no coat will -- they will lead enterprise payments. the former head of gts will become the head of global capital markets. general motors has become the latest auto giant to join tesla's ev charging network. ceo says the a deal will allow electric vehicles to get access to 12,000 tesla supercharger ports beginning next year. ford made a similar announcement last month, moving the u.s. auto industry toward a single charging standard. bloomberg has learned that the holders of 1.2 billion dollars term loan and and visors are weighing options after the company missed an interest payment on the debt. this includes negotiating with the company for an amendment, mitigating or attempt to seize collateral. byju's billion-dollar obligation

is the largest loan by a startup ever. shery: taking a look at how futures are trading at the moment, we are seeing upside when it comes to the asx 200 futures up 2/10 of 1%. this of course as we have a more positive set up when it comes to wall street trading. we saw the s&p 500 entering finally bull market territory after flirting with 20% plus level from its october low for quite a while. we saw the rally in tech resuming so we will be watching on the text bases in japan and south korea at the open as well. kiwi stocks are not really doing that well and the nikkei could also hold steady, given how futures are trading. market opens our next. this is bloomberg. ♪

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shery: this is "bloomberg daybreak asia." we are counting down to asia's major market opens as the s&p 500 in the u.s. entered bull market territory, finally rising more than 20% from its october low. we had a tech rally resuming as yields fell on jobless claims rising more than expected. haidi: this is a really interesting bull market. if you strip out the names, the rest of the s&p 500 not so bullish. let's look at how this is setting up in asia this friday. >> we are looking ahead to the opens here in japan, korea, and australia. we are watching the two year yield quite closely at the open here. we did see a move in the price session that dropped. those u.s. jobless numbers telling us we are seeing coolness coming into the labor

market, and that can be a reason the fed may keep its rates on hold in the next meeting tuesday. in terms of the direction for stocks, it is something else that aided the s&p 500 into bull market territory. tech stocks in particular benefit when we do see lower yields. they rose in the prior session. the outset of trading in japan today will be led by the wall street session. we are seeing the nikkei 225 coming online 9/10 of a percent to the upside and we are on track for a ninth straight week of gains. we are seeing investor inflows, particularly from investors who are abroad. in terms of the direction of currencies, we did see dollar weakness in the u.s. dollar touching a three week low. we are seeing the japanese yen holding flat but off the 140 level we've been hovering around over the past couple weeks. let's change and we are looking

at the opening in korea this morning. we are seeing the kospi coming to the upside, moves a little outstanding -- outpacing the tech heavy index. it does benefit from the moves we see with u.s. and korea stockmarkets heavily correlated. we are watching the direction of the korean won in particular. perhaps there's a signal of more of the risk on appetite fading -- feeding into the market today. we are below the key 1300 level. we do have the current account deficit data coming in and we saw it reaching 792 $.6 million in april. that followed a surplus in the month prior. what it does tell us according to our team of bloomberg economists, it adds pressure on the won to keep elevating. that gives the brink of career reason to keep its monetary

policy settings tight. australia also coming online here, focusing on what is happening in tech this morning. we are seeing it in line with the s&p 500. of course, a staggered start so it takes a few minutes to get underway. also keeping our eyes on brent crude this morning, tracking what we saw in wti. we had regional media reports igniting speculation the u.s. and iran are nearing a deal for more rainy in exports. that is sending weakness into the commodities. shery: we want to bring in david wong, senior investor's -- investment strategist at alliancebernstein. we saw that tech rally resuming in the u.s. and it will be positive for the tech heavy indices across northeast asia. i do wonder how long this would

last when the kospi is already in bull market territory and we know the japanese stocks are at multi-decade highs. >> that is quite fair. thank you for having me again on the show. we do think that while markets take their cue from bond yields, and we can see correlations, one of the reasons why tech has performed so well is actually if you look at large-cap cap tech names in the u.s., they have been the ones that have enjoyed the largest positive revisions to their earnings. there is actually an earnings story here that we really need to understand. when we think about why the u.s. equity market in general has seen greater relative appeal in recent times, perhaps also a broadening of performance, it is

because there is greater confidence now that the u.s., regardless of what happens economically, may still be able to avoid an earnings recession. shery: could we say the same thing about some other parts of asia, especially china? just the valuation story is so attractive. >> yes. absolutely china is very attractive today. we have been judging the u.s. equity market on bond yields and the equity risk premium. very frankly, if we were to judge china by the same metrics, we would be looking at a very attractive equity risk premium for investors to dive into, relative to where chinese bonds are trading today, offering half the yield essentially of what

u.s. paper would be offering. i think the issue is that although we still are expecting earnings growth for china's onshore and offshore markets, the speed and rapidity of the earnings downward revisions have given a lot of investors pause. we do think if we look at the underlying dynamics of the chinese economy, four out of the five major drivers of growth are weaker than people expected, whether it is property, infrastructure, manufacturing, or good sales. it is only in services that we are stealing -- seeing still a very healthy demand. we do think there's an opportunity here for investors to buy china from a value angle,

but one has to be selective. we really think one needs to combine that value framework with an eye to buying companies that have positive earnings this year and perhaps have positive earnings revisions. haidi: and in that space, services are the only major part of the economy that has momentum at the moment. are you looking at consumer companies? are you playing into the tourism and traveling revival? >> that is certainly part of the story. we like the hotel's for instance and some travel, as well as consumer names. as i mentioned, even on the good side, we are not seeing a uniform pickup in demand.

i think one can speculate on a lot of different reasons for this. one hypothesis we have is that perhaps a lot of the expected benefits or tailwinds from the chinese consumer that have been forecast for the long-term have to some degree been mitigated by the amount of disposable income that chinese households have to spend on the property market. i think that is also why we think it is sensible not to expect a lot of huge additional stimulus by the government to really move the economy and the older part of china's economic growth model upwards. given already high leverage levels across households as well

as the government. please go ahead. haidi:haidi: i was just going to jump in with energy transition, whether that is something you are compelled to invest in. i know that zero in china is something that you thought was overlooked this year. >> i think certainly in the first quarter, a lot of the names related to the net zero transition, whether it is solar, wind, electric vehicles, and grid upgrades were really left on the back burner because people were much more focused on the can for reopening plays. what we really like about these names is that not only are these companies going to be long-term

beneficiaries of china's strategic interests in making itself more energy independent and greener, but it's also where china has a significant global competitive advantage. when you put those things together and the fact that you can own these companies at pretty attractive prices, we think that does provide an opportunity, especially when as we've seen in the second quarter, when the tide goes out in chinese equity markets, we've noted some of these companies provide some amount of side -- downside mitigation. when you put all of that together, we actually think a china net zero oriented equity strategy may in fact be a way of capturing returns longer-term with some downtime -- downside offsets. shery: david wong, always great

to have you with us. senior investment strategist at alliancebernstein. let's go to vonnie quinn with first word headlines. >> turkish president recep ed royce -- president erdogan. he's a former u.s. banking executive and will be the fifth person to hold the job since 2019. the lire is trading near a record low as turkey goes through an overhaul of the economics team. chinese regulators have asked vendors and asset managers to stop displaying real-time pricing. a source tells us some companies will stop off estimates as the value is the 19th. the move which has been planned for months is meant to prevent a trading as stocks continue to sink. a blanket of heavily polluted air covering much of the eastern u.s. is likely to last until tuesday as the impact of

canadian wildfires ripple south. washington remains under a very unhealthy quality -- air-quality alert. almost 450 fires arsenal active in canada. the smoke stroud has sent air-quality in the eastern u.s. plunging by more than 50%. some large investment banks are distancing themselves from christian oh day after sexual else -- allegations of sexual assault. a law firm representing him told the financial times he strenuously disputes allegations published in the report. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn and this is bloomberg. shery: we are 12 minutes into trading in japan, korea, and australia. let's see what is moving in the markets. annabelle: just taking a look at what we are seeing in terms of iron ore linked stocks. the big miners and australia are mostly to the upside.

that is as we see expectation continuing to build in markets that we will see for their support and stimulus measures given the economic weakness broadly. singapore and iron ore contracts trading at highest since april 19, but we have seen a rally in the last two weeks. about 15% gains, a signal that we will perhaps see more efforts to revive a stalled economy. we are getting further details in the last hour. the cpi and ppi data expecting to come and deflation further entrenched in ppi. that is expected to contract 4.2% on the year. aussie minors moving a little higher at the start of trading here. haidi: still ahead, china's financial watchdog vows to further open up the markets. this is opening up to foreign banks and investment firms. we get more details and analysis

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haidi: turkish president erdogan has picked a new central bank governor. it is a move that may signal a return to more conventional monetary policy. let's get to bloomberg's fx and rates strategist. what are the implications? there has been a lot of worry and also a lot of hope in terms of how we could see changes made when it comes to policy and central bank independence is being handled. >> certainly, i think it is a positive, definitely. if you look in history, turkeys central bank governors have not

convened to president erdogan's stance of unorthodox policies and they tended to go. the last recent one slashed rates to 18.5%. now the markets are looking for more orthodox policies. she also has a good reputation because she was former goldman and worked at first republic. she has worked markets a lot better. the idea of orthodox policies is good the question is, will they actually be enacted? that's what the market is looking for. it sounds good on paper, but in reality, what will happen? a central bank meeting coming up will be a high focus. shery: many central-bank decisions actually coming up next week. what are you focusing on as we continue to see ray divergence play out around the world? -- great divergence play out across the world? >> you have u.s. cpi coming out.

the headlines are supposed to come down. inflation is supposed to be sticky above 5%. the fed will focus on that. if you look at the core personal consumption expenditure index, the preferred measure of inflation, there is an uptick in the most recent measure. so while the fed may pause, the question is what does the dot plot do, how many rate hikes does it say? the markets aren't really looking for one. that is more hawkish than expected, that is one thing to look out for. when it comes to turkey, the central bank decision in basically two weeks becomes extremely important. the question is, given the reserves are draining quickly and there is an account deficit, given surges in inflation, how long can you keep defending the lire? at some point, interest rates go up. how high, how high is high

enough in the market? it has to be very highly indeed. if it is not high enough, you could still see pressure on the lire. everyone is focusing on the meeting in two weeks time to see if rates are raised and if they are, but how much. shery: david finnerty joining us from singapore. here in the u.s., sources say former president donald trump has been indicted over his refusal to return classified documents found on his florida home. for more, let's bring in wendy benjamin's and in washington. what have we learned? reporter: we have learned that from donald trump himself, who put something up on his truth social post, that he was asked to appear in federal court in miami at 3:00 p.m. on tuesday because he has been charged with a number of crimes related to

his refusal to return classified documents that he took from his home in mar-a-lago, that he took from the white house to his home in mar-a-lago. haidi: this is unprecedented, in terms of a president never being charged with federal crimes. how does it play into what we see when it comes to the election? reporter: well, it is certainly giving his republican opponents for the republican nomination a lot of material to work with, because they will have -- they will be running against the only president who has ever been charged with a crime after leaving office, or before or during. that gives them plenty of campaign material. whether it persuades trump's loyal fan base is a whole other question.

he may still, despite the indictment and despite being on trial during the primary season next year, he may still be able to pull off the nomination. whether he can win the general election which involves everyone, democrats, republicans, independence, it will be a longer shot. haidi: this is coming on the back of already a civil lawsuit as well as ongoing probes from the doj and state level investigation as well? reporter: yes, he has already been charged in new york in manhattan court for various fraud related charges, related to his payments, stormy daniels who was a porn star he allegedly had an affair with and he paid her off to not speak about it. he's already been charged with that. then there's the special counsel

charge over the documents we are seeing now. and then coming -- that's coming tuesday. then you have the district attorney in atlanta who will charge him with a crime for his efforts to overturn the election. and he has a civil judgment against him for sexual battery for an alleged assault on author e. e. jean carroll in a department store dressing room. haidi: our senior editor wendy benjamin's and in washington with the latest. you can get the roundabout the stories you need to know going into today's edition of daybreak. find that at dayb on your terminals and it is available on the mobile in the bloomberg anywhere app you can customize the settings and get news from industries. . this is bloomberg. ♪

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shery: south korean authorities say fallen crypto mobile -- mogul has funneled tens of millions of dollars out of an entity linked to his blockchain since his march arrest. we spoke to the prosecutor leading the investigator -- investigation who talked about the money trail they are following. >> i think it is safe to say that do kwon and his co-conspirators still have $13 million in their account right now in addition to the $100 billion. to be fair, the crypto does not just go straight there. the lft account is transferred to another third-party wallet and then it goes to a signum account through an otc company, then it is cashed out. what i can tell you is that there is currently over $13 million in the signum account. on top of that, there's about 29 million dollars going out of lft's wallet, even after do kwon

was arrested. i think that's all i'm going to say at this point. >> is this all in the same wallet? the 29 million dollars and $13 million? >> we can say the sources the same. the bitcoin that was in the lft account, the $100 million, went to the signum account as the sec said back then. on top of that, there's over $13 million that has been transferred. so that $13 million still remains there. there is additional crypto withdrawn out of lfts since do kwon was arrested, which we know it is about $29 million worth of crypto. we are assuming that do kwon or someone under his direction took out the amount and moved it to another wallet, not to signum, and cashed it out somewhere else. >> in april, you had said that you had frozen about $200

million worth of assets from do kwon and his former coworkers. is there any additional amount that you had frozen? >> we have identified quite a bit of additional assets and we are in the process of seizing 30,000,000,001. 31.6 billion won to be exact. haidi: that was the prosecutor. a lawyer for do kwon could not be reached on the allegations. he has denied any wrongdoing saying on twitter that he has stolen no money and never had secret cash outs. a spokesperson for signum, who has not been accused of wrongdoing, has also declined to comment. a quick check of the business flash headlines, citigroup is said to have dismantled its global team providing commentary and analysis on foreign exchange markets. all jobs in the city affects global strategy team are affected.

citigroup made the change because of other parts of the banks are offering similar services. bank of america has announced several leadership changes in its investment banking unit including shifting responsibility for the global transaction services business to mark monaco. monica will assume responsibility for dts in addition to the current role on enterprise payments. the head of global dts will become cohead of global capital rackets alongside curry. more to come here on "bloomberg daybreak asia." this is bloomberg. ♪ when i was his age, we had to be inside to watch live sports. but with xfinity, we get the fastest mobile service and can stream down the street or around the block. hey, can you be less sister, more car? all right, let's get this over with.

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>> one of the most unloved

pieces of the emerging market space. they have all been taught by genuine concerns. >> you don't want your fixed income manager to be an optimist so i look forward to the risks in the marketplace. it tends to be one of more caution particularly in this part of the cycle where we see these indications about potential rolling recessions. >> the consumer remains relatively strong. we are not discounting the consumer. the down word yields curve -- the downward yields curve is not attractive. >> tail risk is on the rise in our portfolio thought processes. shery: that was the franklin

templeton fixed income investors speaking at the summit in new york. let's turn to what we are seeing in asia. we are looking at top performers. there are signals in the options market that there could be further room for the rallies to run. look at the cost of buying on taiwan's index. falling to its lowest level in year is. the spread for japan and india has also slumped. that tells us there is more room to run. it is a sign of investor confidence in these markets. there is a confluence of different factors leading to this. first, the bullishness that is local and global. but nine inflation in japan -- benign inflation in japan.

robust consumption in india. we are seeing it shift away from global funds in china into these markets. we are just about 30 minutes end of session for japan, korea and australia. we are seeing stocks moved to the upside. the s&p 500 moving into bull market territory overnight. part of that was driven by the rally in tech stocks. jobless claims rose to their highest level since october 2021. another data point that traders are looking at to confirm where the fed is likely to pause with its rates next week. shery: let's get a vonnie quinn in new york with the first word headlines. vonnie: president biden and the u.k. prime minister have agreed to start work on the critical materials agreement. it could help british automakers qualify for electric car subsidies.

they met at the white house and also discussed boosting supply chains and collaboration on ai, quantum computing and semiconductors. >> today we are initiating a new plan to equip our cooperation. we are going to enhance our cooperation in the clean energy transition. leading the development of emerging technologies that shape so much of our future. and protect technologies critical to our national security. vonnie: the biden administration is said to be proposing a eyes. the pause was part of the global tax agreement that has not yet been implemented or endorsed by congress. a treasury official tells bloomberg the administration does not see that happening beyond the urine deadline. the south african president plans to hold talks with his chinese counterpart over the possibility of a new venue for the upcoming brics summit.

they will also hold calls with the rest of the leaders. air india relief light -- relief flight. it's passengers and crew set off from the indian capital tuesday morning. the original aircraft was diverted to russians far eased after trouble with an engine. they spent the night in makeshift accommodation before another aircraft could get to the remote location. global news 24-hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. haidi: malaysia's ring get slipped against the dollar after central bank officials signaled higher chances of an extended rate pause. the governor told us exclusively that further rate hikes would --

would depend on how inflation behaves. >> i think if you look at the economics, they are roughly the same. we have a crisis. we have measures. we have inflation rising because of supply. and subsequently demand slips in. at the same time there are a lot of moving parts and sharks -- and shocks. in a way the central banks are forward-looking. but the crystal ball is still challenging in this moment. central banks have a chance to rio evaluate their measures -- central banks have a chance to reevaluate their measures. it is a conditional response. it depends on incoming data.

and we are seeing new shocks hit the economy. there is a degree of uncertainty in terms of how to read the economy. the markets were surprised because they were reading the economy in a certain way and the central banks. in terms of communicating the position central banks have been consistent. >> it is premature to be talking about cutting rates. a cut is not in the game plan. >> that is not in the cards for many. we are not entering specter of recession. the economy has recovered. it is back to pre-pandemic levels and it is chugging along

nicely. there are multiple sources of growth. >> is there a case for you to continue to hike rates? >> it depends on how inflation behaves. what we have seen so far, inflation was a function, supply and demand. we have seen demand driven inflation stay quite strong. we do not have a tight job market. but we have to be careful on how the path of inflation is going forward. >> why do you have to raise rates at an accelerated pace? could we see a situation where you have to move faster? >> we have said we are going to be measured. we don't see a departure from that stance. however, having said that, having said that, critical element we have to face is the removal of price controls going forward.

it is a great -- it is a good measure that has allowed our growth. at the moment we are still slightly accommodative. moving forward -- we don't know the speed or timing of the subsidy. what is important for us is what are the knock on effects of inflation to the economy? we have to watch that. >> in your own assessment how inflationary might that be? and bear in mind that head wave may go on until august. it will have an impact on food prices in particular. >> if it is food prices and supply shocks, we have ways to see our way through the shocks. what matters is how it impacts demand. haidi: malaysian central bank

governor speaking exclusively to bloomberg's reporter. orient capital research says why they expect new stimulus from china to be --. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie!

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shery: chinese authorities are responding to calls for more economic support fresh measures out of beijing. let's bring in bloomberg's market anchor. it has been a busy week. david: it has been. in many ways it has been an acknowledgment that this uneven recovery that has lost some pace, the data we have seen so far, are indicative that there is some need for aid. we talked about a lot of these things this week from the purported new basket of measures for the housing sector. some banks delivered -- which may be a precursor to the rate

cut people are expecting. and the latest one is perhaps this is more tangible. consumption. new measures were announced yesterday to help bolster car sales. that is one group we will be watching as far as stocks are concerned. encouraging some banks to extend credit. charging stations encouraging new energy vehicles. we will see if the market is receptive. haidi: inflation numbers are in in just under an hour. david: there is a possibility looking at forecasts that effectively there is no inflation in mainland china. .2% is the estimate. ppi is indicative of the deflation. that will come in at a 6-7 year

low. negative -- last time we had a negative number was back in 2015. the bond markets have been telling us that the market is in need of some sort of support. and the currency markets -- all of these lines coming out, the fx regulator talked about how the dollar strength is not sustainable and other things, talking up the markets. day two of the form is when we will be tracking this information. haidi: david and glaze. let's -- david ingles. let's bring in andrew kemp collier. andrew: the form in shanghai -- the forum in shanghai is

mostly discussing rising rates. the real issue for foreign investors is the state of the property market in china and regulatory reform. they are creating a new central commission that will be under the communist party in beijing and none of the subjects are on the table. china is sensitive about this so they prefer to focus on global issues. haidi: in a way we are seeing a holding pattern when it comes to the chinese economy. the property market, the same issues exist. we see some signs of potential monetary easing measures but no signs of major stimulus measures coming through. what are you watching out for as something that moves the market

or meaningfully changes investor sentiment? andrew: not much. what people are not understanding is xi jinping was convinced by the former financial guru that a japan style trap would be disastrous for china and the communist party. they started the deleveraging campaign for the property market and have not back away. xi is backing away from control of the economy. provincial governors, he is saying, you are in control of the mess you have created which is not really true. that is what i am watching. how many defaults will we see? can they quell opposition? that is -- the deleveraging

process is what i am watching. i don't expect stimulus. shery: we have seen crackdowns in different sectors of the chinese economy from the government. one reason they put forth was the idea of common prosperity. are we seeing any more equal distribution within the country? andrew: i love that phrase. it is meaningless. a great populist phrase. the tax structure is not good at distributing income. the system is geared towards feeding money towards the state corporations and not the consumer. there is no rebalancing. inequality has increased slightly under the reign of xi jinping. unless they make structural adjustments and the way capital flows, there will not be any change. and add financial was good at

distributing loans to small businesses which was helpful but they were squashed. haidi: we have seen global banks including j.p. morgan have renewed optimism about china and wanting to enter the market. now the top regulators say they do want to open up the financial sector. how long would that take? andrew: it is not going to happen. they are happy to bring in foreign money as long as there is no control attached to it. if you put a western bank in china and start amassing assets you will have 500 billion dollars of money controlled by foreign entities and they do not want that. the stock -- the securities industry made -- billion dollars in 2021 domestically. foreign companies made a handful of million. what they want is incoming investor flows but given the

state of the economy right now i'm hearing -- i heard last night from a big foreign firm in hong kong that they are moving people the singapore giving up on china for now. haidi: to be fair a lot of the messaging has been conflicting. we know xi jinping has long-term goals, ambitions we are not sure how they fit into the broader development. the crackdown on auditing for example, how does that square up with courting foreign investors? andrew: the accounting agreement between the u.s. and china was a step in the right direction to try to harmonize standards. i agree with you, the due diligence against minsk group and the others is not a good look for foreign investors. they are not comfortable with

the situation. there are opportunities. i was at a hedge fund conference last week where they were pitching stocks at high tech and pharmaceuticals but they are not macroeconomic in nature. they are one-off bets. i'm not seeing changes in the near term. haidi: you bring up ai, do you have a good grasp of the opportunities in ai will look like? andrew: that is a fascinating area. china does have access to massive amounts of data because they have a national platform with a huge number of people. ai should be perfect. i've been reading recently that because of the security controls, some of the ai data might get polluted which may slow the development going forward. we don't have information on this so i can't tell.

maybe they will find a way and it will be that important. shery: andrew collier, managing director of orient capital research with his insights into the chinese economy. if you missed a part of the conversation tv is your function. watch us live and you can watch past conversations. become part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

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♪♪ haidi: orlando bravo says it is time for private equities to shine. he told us exclusively why profitability should be the focus right now. >> i am a little frustrated the entire industry seems paralyzed right now. private equity is not about -- is not above making a short-term trade. private equity is about owning a business and building and operating a good business over a long period of time. i feel our industry is really stuck on the promise -- problems

of today which can be solved by the business owner. >> one of the toughest markets we have seen in vc. is the damage done? are you worried about the vc segment? >> i'm very bullish about private equity. this is the time when private equity managers shine. the economic problems, inflation, recession, stagflation, tight labor market, declining valuations, as the owner of a business you can deal with that. i'm very negative now on the vc world. i think that world is going to be shaken out. i think or i do see a lot of companies have "made it" that are now at 100 million plus in ar. unless they turn those businesses in real businesses with high margin, they are not

worth very much right now. and i don't see that community as a whole with seven or 10 shareholders in the room getting together and driving it that way. some of the greatest investors of all time are in the top vc firms. they know what they are doing. but as a whole, it is such a fragmented industry i don't think they've gotten the memo of why and growth is no longer a viable business option. you have to turn what you have into a profitable business and then start the business lines and continue to grow. >> practically, what does that look like? what will be the implication of that? >> it is hard to consolidate the vc industry. this is an apprenticeship business. i don't see that. what i see is a lot of companies and the vc world just stuck.

not able to go public. not able to sell. maybe i break even. shery: orlando bravo speaking exclusively to bloomberg in berlin. these are some of the stocks we are watching ahead of opening in hong kong and china. trip.com rowling. -- rallying. nio to report quarterly financials later on. and catl finalizing an agreement with arun plus. we look ahead to the start of trade in hong kong, shanghai and shenzhen. standby for "bloomberg markets: china open." this is bloomberg. ♪ fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool.

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