♪ haidi: good morning and 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 -- u.s. stocks slide bonds advanced as traders unwind bets on rate cuts this year. profit taking hits tech, while goldman turns less bullish on tesla. yvonne: bloomberg learns that the u.s. treasury secretary will visit beijing next month for her first talks with her new chinese counterpart. david: in a late-night speech, vladimir putin condemns wagner mercenary leaders as traders, while yevgeniy prigozhin denies attempting a coup. take a look at how u.s. futures are opening in the asian session. slight upside with gains of 0.1%. of course we had the s&p 500 falling, tech continuing to feed . those ai related names taking a hit, including nvidia. of course we are watching these markets trying to price in blood price out the possibility of fed

rate cuts this year and that is hitting the treasury space. we saw the rally receding later in the session. but the 10-year yield is still down for the 3.72 level. interesting market because we saw u.s. stocks retreating at the same time and the vix fear gauge. doesn't often happen. gives you a signal that perhaps equity exposure is not too large. we will continue discussing that in a moment. meantime, we are seeing an upside for oil prices, still below the $70 a barrel level, but of course we are watching for more repercussions coming from the department in russia as well. yvonne: let's get back to the bloomberg scoop, sources telling us that treasury secretary janet yellen is planning to visit beijing in july. this will be the first high-level economic talks with her chinese counterpart. all of this coming as president biden is putting through in

order aimed at regulating certain u.s. investments in china, that is set to be close to completion. let's get it from our washington correspondent annmarie hordern. high-stakes visit, and in terms of the timing as well, this has not always been the easiest diplomatic relationship, is in the lake of anthony blinken's recent trip. annmarie: certainly hasn't. we have been waiting to find out when the treasury secretary would go. she said even in an interview with me in japan that when their time was appropriate, she had plans to go. and of course we are on the heels of anthony blinken's trip and that opens the door to have more of these and to principal meetings between beijing and washington. the treasury secretary will finally make the trip, it will be in early july, so very very soon. and of course it will be the very first high-level economic

talks to china with her chinese counterpart. that is the vice premier, he is new to the job, appointed by xi jinping. he was very close to xi jinping in march. the treasury secretary did have meetings with liu he, his predecessor. so it will be important for them to have the dialogue. the issue is really walking this fine line. at the same time, what jenny and i are reporting is that the administration is really starting to ramp up the work about this outbound executive order, meaning that there could be restrictions or potential regulations and what the u.s. can invest in chinese sectors like quantum computing, semiconductors, and et cetera. potentially that executive order, what we are hearing is that it could be ready as soon as late july. so there is a lot happening this summer in regards to not just the meetings between beijing and

washington, but also the u.s., ramping up some of the penalties or restrictions that they want to place on the u.s. doing business in china. shery: shery: given those challenges, what are the low-hanging fruit can be from this meeting, and what could be feasibly achieved at this point? annmarie: it's a great question. i think the fact they are sitting down is the achievement. sitting down with the treasury secretary in china for the first time as treasury secretary. when you look at the secretary of state anthony blinken, when he asked for more dialogue, that was rejected. that would have been, i would assume, the low-hanging fruit the u.s. wanted out of that but did not get. what this does is at least open up this avenue for dialogue. shery: annmarie hordern joining us from washington.

and of course we have been watching the russia front, president vladimir putin has condemned the leaders of the wagner group traitors to russia. >> dear friends, today i have once again ordered -- and citizens, i thank you for your endurance, solidarity and patriotism. civil solidarity showed that any ransom, any attempts to organize internal unrest are doomed to fail. shery: for more, let's bring in the bloomberg political news director jodi schneider. we heard from president biden himself, what exactly did he say? jodi: we heard from president vladimir putin late in russia today, this evening in russia, and basically in the translation, he used words like me to meet and betrayal to talk about the wagner group leader prigozhin, and what happened

over the weekend. he did not say where he was. he did say that prigozhin would be allowed to go to belarus. he did not say anything about ending the relationship with him, but clearly, he used very strong language to talk about what had happened. and he also said he was still in charge, things were still being around the same way and that nothing had changed in terms of who is in power in russia. on the other hand we heard from president biden and the u.s. saying that the u.s. and its allies had nothing to do with this over the weekend. everyone is talking about their sides of it but nobody's indicating what any implications there could be for the war in ukraine or for putin's hold on power in russia. haidi: are we hearing anything from the wagner leader? what do we think happens there for that organization? jodi>> we did hear from him saying that they had retreated,

and somewhat of an apology, basically saying that they had gone back and that they were not going to attempt to make anymore -- that they would not attempt to do anything else at this point, but at the same time, it is, of course the real ques of where he is and what he is going. i think what we can take away from this is that this highlights some of the vulnerabilities with the russian army and the ability of russia to continue to press on in ukraine. certainly, vladimir putin's hold on power remains strong. but this did indicate some, perhaps cracks, in that, and i am sure the president putin did not want highlighted over the weekend. everyone is kind of retreating to their corners and saying that

this was not as, for the u.s., and a vladimir putin saying i have got this. but there was a betrayal over this past weekend. shery: really interesting the narrative that evolved over the weekend. as you said, this is showing a cracks in putin's chef wu read but other people say this only lasted 24 hours and didn't actually go anywhere, and that actually means putin has a very strong hold on this country. what is next for the president? jodi: jodi: that is a real question. he has had almost a quarter century of rule there and he does have an iron fist as everyone knows. i don't think anyone is thinking -- the experts we are thinking -- speak you to do nothing it was anywhere near a coup, but they said that this was able to occur and that the war in ukraine, this offensive and counter offensive, this is required a lot of capital

expended on this, and the question is how much -- how long will they be able to continue this war? and the wagner group which was supporting the war in ukraine, if it has cracks and its leader is we don't know where, what does that mean for the russian effort in ukraine and might this lead to some kind of talks? so we will have to see. but that is where everyone is looking at this point, what are the implications for that. the u.s. is saying that they stand by supporting zelenskyy, president biden said he spoke to zelenskyy. perhaps this will give more cover for support of ukraine in the u.s. congress, this may be a way to actually solidify more spending on defense in ukraine of russia. shery: bloomberg's political news director jodi schneider there, joining us from washington.

perhaps it was a short-lived nature of what happened in russia that we saw ted reaction in the markets. perhaps an upside when it came to the oil prices. it was really more about monetary policy, right, traitors unwinding bets that the fed would cut interest rates this year. government bonds advanced. let's get more from across asset reporter emily graffeo. we saw the sell-off in tech stocks again today as well. emily: it was interesting to see the tech selloff become more widespread because we saw market leaders actually leading the downside -- nvidia, microsoft where the biggest losers in the nasdaq 100. we really had not seen that over the last few weeks. we. . would see a few of those megacap tech names sell off and then we would see a few others rarely and that would offset the loss and that is where we would not such a large downturn in the nasdaq 100. but one analyst says it does not

bode well for the rest of the market to see all the megacaps fall. but he is pretty bearish. it's not exactly clear that the macro backdrop that propelled these names hide in the first half of the year is fading for the second half. we still have worries of growth holding up. and the earnings calls are still dominated by ai, so that good maybe help propel some of these market leaders haidi: . the 10 day correlation between the vix and the s&p 500 is at its most positive level since 1992. how do we interpret that. emily: that's right, it is rare to see both equities falling and also volatility falling, typically they have an inverse relationship. this is a mystery that has plagued a lot of the cross asset strategists that i speak to and the people on the volatility

side. for one, the equity exposure on the market is fairly light, according to my sources. if you don't have any stocks to hedge, the new would not be using the options the vix is cultivated with. we have already seen a very large rise in zero data exploration options, and the vix isn't calculated using those. so perhaps there is some speculation on whether the market will go up or down. that is acting to the speculative fervor on the market, but you are not seeing it reflected in the vix volatility index. we have seen it around 12. that is the lowest we have seen in multiple years even as stocks started foul off multiple year highs. haidi: bloomberg's cross asset reporter emily graffeo. let's look at how this is setting up for a potential downside in the asian session this tuesday. belle, what are you watching? annabelle: when you look at futures for asia, they look

mixed. we see sydney, for instance, pointing to a slightly higher start. new zealand is already online, in the red. but he read through today for investors will be perhaps rangebound activity and also perhaps a lack of higher trading volume. you get the sense that people are starting to switch off heading into the summer months, the holiday period. traitors starting to pull off a little bit. and that calibration around the outlooks for fred rate hikes, that is weighing on sentiment throughout the session as well as on the japanese yen. still looking weak on this currency. but traders expect we will get to 145 before we get any concrete action. so a bit more of a wait and see mood in the markets today. the other big catalyst is related to what happens in asia,

what comes through in the chinese session. as we change now, yesterday we had the csi 300 coming back from a 4-day break and it disappointed. we saw the csi 300 now moving well off its 200-day moving average. this is an extremely firm line of resistance. the csi 300 has really struggled in the past three years to break above that for a sustained period. so a bit of weight and see in the markets -- a bit of wait-and -see in the markets. haidi: coming up, we will be live in china as the world economic forum is gathering. details on the agenda just ahead. but first, ameriprise financial tells us why they are seeing red flags around the recent u.s. stock rally. we will get their market outlook next. this is bloomberg. ♪

haidi: take a look at u.s. futures. this, after a session we saw more stocks falling. traitors unwinding the bet that the fed will cut interest rates this year. futures are on the positive, 0.1 percent higher. even the nasdaq after we saw the selloff in tech names. the dow, also marginally positive. the nasdaq 100, dropping almost 1.5% in the monday session, second day of declines after the worst week since march. we continue to see profit-taking in the tech sector nvidia, facebook's meta platforms, tesla also falling 6% after goldman sachs joined a list of brokers

turning less bullish on the stock. let's get the views from our next guest who says it is time for investors to take a quick acid test of their risk appetite. ameriprise financial rabbit wealth advisor and ceo nancy daoud. great to have you with us. your advice is pretty well-timed in terms of the market dynamics we have seen recently. what does it tell you that we are starting to see this allocation away from some of the tech and ai darlings? nancy: we are seeing the market be very ambivalent. while some things are going well , some are not going well at all , so it ends up sort of in the middle. of course we are in unfamiliar territory here, we have never been through this kind of thing before where $9 trillion were printed. we are trying to overcome information and trying to come back from the after effects of the pandemic, so it is a very difficult thing to predict.

while the stock market was never really predictable, this is actually very difficult to assess. so i think our best advice is to stay well-balanced, to make sure that we are looking at some opportunities longer-term, but staying defensive in the shorter-term. haidi: longer-term, as you say, you can't avoid that ai will be the narrative for the longer-term. but when you look at companies that have doubled down just on ai, would you be looking for more diversification on revenue streams? nancy: i think the buzz word if you are entering or buying stocks now is quality. quality, quality, quality. just like location is to real estate. by quality, i mean good earnings, good cash flow, and low leverage, and unfortunately some of these ai stocks, their earnings to live up to valuations. that is a red flag right there.

the volatility that we are experiencing in that sector is very predictable. so you have got to be in it for the longer-term and you have to have that appetite for the volatility and the risk that comes along with it. shery: soap, staying -- so you staying defensive means and what sectors? nancy: the s&p 500 is led mainly by 50 stocks. so the question becomes, will the other 450 follow suit with the 50 stocks, or will the 50 stocks again to pull back? is actively looking like the 50 stocks will start to pull back. we also have some metrics that are going to come up very soon in the next month, which could have an effect on market sentiment as well. shery: does that include second-quarter earnings, and what are you expecting? nancy: i would expect declines,

obviously, because we have got to feel the pain of all of this at some point. [laughs] and i am not sure we have felt the full effect of the whole inflation circle. and, of -- although we have improved, we are not quite. . inflation may appear to be a lot stickier than anyone realizes and does rate hikes are very likely in july and in early fall, we believe anyway. shery: nancy daoud, great to have you bath, ameriprise financial private wealth advisor. we will be live at the world economic forum later with exclusive conversations. the circle ceo jeremy d'allaire joins us. and we will talk to the hong kong exchanges close chief operating office bonnie chan at 8:15 a.m. hong kong time. you can also get around up of other stories that you need to know to get your day going into today's edition of "daybreak."

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shery: now to a bloomberg scoop. we have learned goldman sachs is planning to add tom montag to its board this week. he rose to her secoand at bank of america after leaving rudman 15 years ago. su keenan joins us. this comes as frustrations within the firm are becoming public su: yeah. the stock is down. we are on the third round of job cuts. a lot of questions surrounding goldman's direction and its ceo,

so the timing is interesting as board meets in india. the board capping a permanent months, veteran who was also a close ally and some of ceo david solomon, according to people close to the matter. while it is routine for the board to make such changes, the appointment of someone who once worked closely with solomon likely signals that the ceo, who also serves as goldman-s chairman, is shoring up support at the time when there are a lot of actions. montag is a wall street heavyweight. he stepped down from bank of america in 2021 after working in goldman. many say he turned bank of america into a trading powerhouse. so this is his grand return to wall street, if you will. we talked about the frustrations within goldman. we are a couple of weeks out from a major article in the wall street journal that called

goldman sachs at war with itself. again, a lot of unhappiness inside that firm. so having the support for the ceo and chairman of goldman, pretty much answers questions about speculation, about what solomon's future might be. haidi: what are some of the major challenges ahead for goldman? su: so many are asking, can goldman get back to doing what it does best? it used to be called the gazillionaire maker in that people who work there end up becoming billionaires, many of the partners, they do very well. so it makes sense that the frustrations inside goldman have become increasingly public and escalated the pandemic even as the company had record profits, and they have intensified in recent months. this, despite the ceo david solomon publicly admitting his mistake in rapidly moving into consumer banking. .

it resulted in blown national goals for the bank, and that a folk -- that affected bonuses. shery: bloomberg's su keenan with the latest on goldman sachs. we have more to come. this is bloomberg. ♪

haidi: u.s. futures very flat. a little bit of upside after stocks fell in the intraday session led by the tictac and ai names. morgan stanley says the risks facing equities have rarely been

higher. annabelle, this is coming from wall street's -- one of the most bearish strategists in wall street. annabelle: he put out a call for the s&p 500 ending at 3900 by december. we are well at those levels at this time. he does see it reversing heading into next year, around 4200. that he is very bearish on the outlook. essentially what is driving that, he says quite simply the risks are outweighing the benefits of entering into stocks at these levels. he is saying that we could be facing a major correction and that could be due upon markets. let's talk about what is driving that. some of it comes down to his outlook for, because again, morgan stanley is much more bearish than the consensus. because when you look at the forward eps, it is still around the 220 mark. he is subject to hundred, well

below those levels. he is also concerned around iniquity risk and also what the central bank, the fed does as well. shery: given what the fed is doing and what the boj is doing at the same time, what about the outlook for the yen? annabelle: -- essentially, that has really been the key driver of the yen weakness, the divergence that we continue to see between the yen? boj. still sticking with the easy policies. this chart here takes a look at the dollar-yen spot. it has been that move higher that we have. we are now approaching the 150 mark. the lines in blue are the levels at which the boj acted at the end of last year. again, that brings us to what would be the point at which officials would step in more strongly? so far, it has been the

jawboning that we had. yesterday, japan's top currency chief said he was uncomfortable with the move in the yen. but a lot of traitors including t. rowe price, say that we have to get to 150 per dollar. that still seems to be the line in the sand. haidi: all right, belle. let's look at the other currency pairs we are watching. of course we had a choppy session more broadly when it comes to the bloomberg dollar index. choppy trading and ultimately a bit softer, although just pretty much flat at the moment. we saw the dollar trading lower against all but two of its g10 peers. the kiwi dollar was one of the outperformer's, along with the norwegian currency. the aussie dollar is holding up at 67 u.s. cents. watching dollar-china, it is falling after the 4-day weekend. that lack of economic stimulus,

regional peers are trading more mixed. dbs bank says asia currencies more broadly could see further softening on the challenging chinese growth outlook. and we continue to watch dollar-yen, just over 143. shery: and china is hosting the world economic forum summer gathering for the first time since pandemic. our chief north course and stephen engle is in tianjin. -- chief north asia correspondent stephen engle is in tianjin. at a time when the country's economic recoveries also struggling, what is on top of the agenda? stephen: obviously, china needs a shot in the arm as they opened up following the years of covid zero policies and the consumption trends have not picked up as many had predicted. the fti, foreign direct investment also plummeted in the second quarter. there are geopolitical chills of

joe biden, for one, starts weighing the executive order to potentially limit u.s. investment into key technologies in china like artificial intelligence and one-time computing and chips as well. the headline is going to be on entrepreneurship. the driving force of global growth. this comes at a time as well xi jinping and the chinese government launched the large and sweeping crackdown on some private sector platform companies like alibaba and the like. so, entrepreneurship will be key to the recovery in china. but what is that going to look like? ? this is the world economic forum. we will take a look at the issues faced here in china as well. we will be talking about fed policy, as well as li qiang. the new premier will address the foreign audience later this morning, fresh on the heels of his visit -- his first international visit to europe.

he went to germany, france. he will have a lot to say about trying to attract foreign direct investment into china. china is open, i am sure, will be the key theme when he speaks. we have some key interviews in the crypto space, coming up in the next hour or two as well, as the co-coo of the hong kong exchange. it has struggled, trying to play catch up to a mineral-rich economy like indonesia. how is hong kong stock exchange going to meet those challenges going forward? so a lot to talk about on day one of the annual meeting of "new champions," that is what it is called, the 14th annual, despite the three-year lip when we didn't have the meeting in person, but we are back here at the world economic forum. haidi: stephen engle, our chief north asia correspondent there. as you mentioned, we have some key conversations. we will be speaking with the

circle co-founder, chairman and ceo jeremy d'allaire, and the hong kong exchange co-coo bonnie chan. trying to boost trade and bilateral relations with new zealand. paul allen has been following this trip. what are we hearing from the commerce minister? paul: the commerce minister met the new zealand minister in beijing yesterday, part of this pretty non-strong delegation england by the prime minister. we received statements from the ministry saying that they see this as an opportunity to broaden and deep the trade relationship with new zealand. echoing what steve just said, new zealand is open for business, and he is emphasizing that they want to get tourism and students back to new zealand at the numbers we were seeing before the pandemic. there is also interesting, in this era where other countries are diversifying, trying to look at other relationships apart

from china, new zealand is broadening and opening its relationship with china. the minister calling for china to use whatever influence it has, to try to stop the working crane. shery: something interesting about this trip, the prime minister took a second backup clean? what is that about? paul: he did. the logic being that the first plain has a chance to breakdown. it has done that in the past. those planes do have a track record of breaking down. former prime minister in 2016 had to cut his trip to india short by a day because the plane broke down. more recently the former prime minister jacinda ardern had to fly commercial back from the united states when the 757 broke down in the u.s.

so the new minister is not taking any chances on this trip to china. but there has been a lot of blowback ab back -- in the zeeland it is an election year and a lot of opposition parties to it is just an embarrassment, not just for the defense force, but also flying two planes on a trip that really should require only one. haidi: bloomberg's paul allen there with the latest. let's get back to our top story, russian president vladimir putin has accused the wagner mercenaries leader of retrading russia -- betraying russia. we asked ian bremmer what the revolt means for the kremlin. ian: this is the most powerful, wrote regime on the world stage today by a very long margin. and putin, who is facing unprecedented pressure from a disastrous war on ukraine that

he has been fighting ineffectively for the last nearly year-and-a-half, now also faces unprecedented challenges domestically to his own power over the last 48 hours, by far the worst 48 hours since he became president of russia. this is a man who also controls the largest nuclear arsenal in the world. i don't think i need to spell out more clearly what an existential threat that poses all of us. and he is a war criminal. he is not to be a war criminal by the entirety of the g7, the u.s., nato, all that american allies. it is very hard to find a way back from that. when we talk about war criminals, we talk about people like bashir and qaddafi. those are people -- milosevich -- people who end up dead or imprisoned. the only way to get from here to there with putin involves an

enormous amount of danger. that is where the story with mr. prigozhin this weekend was so important. >> do you think russia is more or less risky with vladimir putin still at the helm of statehood? ian: ian: it would have been more risky under prigozhin. but this is a clear case -- a mean prigozhin is a former convict, massively, emotionally unstable, known torturer, first responsible for a lot of war crimes in ukraine and elsewhere. also emotionally dealing with being on the frontlines and facing the cessation of several close officers around him just in the past months -- facing the assassination of several close officers around him just in the past months. this is a clear case where the enemy of our enemy is our enemy. i don't think there was anyone in nato that was rooting for for goshen to take over -- for

prigozhin to take over in moscow. >> how do you read the interference or involvement of xi jinping's diplomats, the idea that they held discussions with russia, with vladimir putin's right hand men over the weekend, but did not seem to get involved. ian: that's right, the deputy foreign minister had a trip already scheduled. they certainly did not cancel it. china basically discussed this as an internal russian affair, which is pretty close to what nato had to say. putin facing the worst challenge of his career and his best friend on the global stage, xi jinping, offered no military support, offered no direct defense -- i mean, you don't usually talk about kazakhstan, but i will mention it, year-and-a-half ago before the invasion into ukraine, there was a coup in kazakhstan and putin sent 2000 paratroopers to help

keep the kazakhstan president out of the fire. then over the weekend, he said, hey, this is a russian matter. i have nothing to say. putin does not have any real friends of the global stage. a lot of people want to buy his oil for cheap. not a lot of people are prepared to take any domestic risk to help him. shery: the eurasia group president ian bremmer there with his views on the situation in russia. coming up, the bank for international settlements reminds emerging market policymakers, not to get complacent despite some success in taming inflation. our exclusive with general manager agustin carstens, coming up next. this is bloomberg. ♪

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shery: a. to market -- a pivot to market-friendly policies. we see the largest capital inflows into em's since november. the process of normalizing economic policy has boosted investor sentiment from egypt to turkey and argentina, but signs of fatigue beginning to show. wall street veterans say that reform agendas often end up stalling in the permissions. we spoke to the head of the bank for international settlements,

who says emerging markets have anticipated the cycle of high interest rates very well and they learned lessons from previous tightening episodes. however, he said earlier that softer growth in china is making life more difficult for ems. here is our collusive conversation with agustin carstens. agustin: i think that emerging markets dissipated the cycle of high interest rates relatively well -- anticipated the cycle of high interest rates relatively well. they learned the lessons of having previous accidents in previous episodes and therefore, they started their own tightening early, as a matter of fact, even before some advanced economies. some emerging market have already either paused increasing their interest rates, in some cases, even started decreasing the rates. inflation has shown already important progress. what is important is for that

progress in decreasing inflation to correct itself. they don't have to be -- they have to make sure that they get there as soon as possible. shery: inflation is easing, but it seems also that growth challenges are rising. china is a key emerging economy. what are the implications of its disappointing post-covid recovery? agustin: definitely, that

in the in the margins but it hasn't been that that that pronounced it at the end of the day. what i would say about the renminbi is through through all all the cycle it has been a relatively stable currency. it doesn't lend itself into wide variation as other currencies. the exchange rate is usually a key mechanism for transfer risk in the ems.

will it worsen some of those fiscal and debt sustainability issues in those economies? well, i would say that in many emerging markets they have very clear that a very important aspect to keep inflation under control. i mean, obviously, in some cases higher inflation, but but not completely out of control in inflation means that you need to have some control on your exchange rate. and something that i think we have seen through this episode of very high advanced economies, interest rates and also emerging market, high interest rates, is that the exchange rate of of emerging market currencies have behaved relatively well. as a matter of fact, something that 20, 30 years you would say would have been unimaginable. you see that the two two of the

main currencies that have appreciated against the dollar is the brazilian real and the mexican peso. so most of the emerging markets have been more resilient than many advanced economies. currencies general manager of the bank for international settlements, agustin carstens and if you missed any part of that conversation, go is your function. you can also watch us live. you can dive into any of the securities or bloomberg functions that we talk about and become part of the conversation by sending us instant messages during our shows. this is for terminal subscribers only. check it out

>> essentia says it is seeing unprecedented interest in generative ai among company executives. the ceo told us more about how the company and others could ensure the technology was used responsibly. >> most of the issue was not the jen ai itself. it is really about data. over half of our clients we talk to them say data is our biggest challenge. >> how do you use -- how do you do with the issue of ethics? i know you have been talking about this for some time now.

what are you saying to your clients for how to use this responsibly? that is a lot of concern particularly in government. >> technology -- companies and other technologies share the same goal to make ai and use it responsible. i ask one simple question. i say to every ceo if you can't walk out the door, pick up the phone. call someone in your organization and they can tell you exactly where ai is being used and what risk it is and what you are mitigating and what you are monitoring. we have a responsible ai program at accenture. it is overseen by our board and audit committee. we are very focused on equipping companies, moving from principles and commitment to action and protection around responsible ai. we are passionate about is not just because we are helping

clients and it is a way for us to make revenue but we believe it is the right thing for us to do. it is a big unlock for using ai for all of its potential. >> one of your great strengths as you can do something like ai and explain to clients what it will mean for their business. what does generative ai mean for accenture's business? does it mean you will not need as many people or if you have as many people will they be doing different things? >> besides the obvious, it is a big opportunity to help clients, it is a continuation of the journey we have already been on. we use a tremendous amount of ai today. predictive ai, diagnostic ai because our business requires us to be more and more productive every year. for example, over the last nine months, we have automated in our operations business almost 13,000 jobs and we rescaled those people to do other jobs. we had this continuous and it is one of a great strengths,

continuous ability to create talent. we are very excited is going to give us more levers to improve productivity and be able to upscale our people to do value things like help our clients use responsible ai. shery: the accenture ceo speaking to david westin. let's take a look at how the crypto space is looking because i'm watching bitcoin cash, one of the early offshoots of the original bitcoin more than doubling in value over the past week and we solve this surge beginning after a new crypto exchange backed by firms including citadel, fidelity and charles schwab said it has gone live. edf markets will offer training and a cryptocurrencies including bitcoin and you can see prices above the $30,000 given that blackrock will supply for a bitcoin etf adding to optimism on the sector. crypto exchange -- sedatives removing 10 trading payers

labeled as unregistered securities by the sec. most of the assets to be delisted on thursday were used in transactions from the u.s. ed stablecoin issued by the trento reserve. it has been a major marketplace for spot and derivatives trading for digital assets. that is it for daybreak australia. daybreak australia -- daybreak agent is next. this is bloombergtechtv -- daybreak: asia is next. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home.

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