>> good morning and welcome. i am paul allen in sydney. >> we are counting down to asia's major market opens. >> good evening. i am shery ahn. shery: u.s. stocks fall for a third straight day as a global bond selloff crimps enthusiasm for big tech. sovereign yields extending declines to levels less than during the global financial crisis. >> beijing saying stepped up intervention, but the pboc chiming in to stop the yuan slide. shery: addressing regulatory concerns from authorities including the fed. u.s. futures under pressure early in the asian session as stocks led lower by tech giants like apple, microsoft, all down

in global bond yields rising. the fomc minutes looks like tighter policy from here in jobless claims numbers showing a healthy labor market. the bloomberg dollar index took a breather today after five sessions of gains but stayed above the 200-day moving average on the only sector that gained ground today on the s&p 500 was energy with crude prices above $80 per barrel but now in the asian session pressure despite optimism over tighter supplies around the world. take a look at the bond space at this global bond selloff that continued through the u.s. session but more of a mix finish as we had the u.k. 10-year g ilts raveling to that high in bond yields around the u.s. higher. the 10-year yield at a high, the

two-year since a 2011 hi, and when you look at the 30 year real yield tips at that level for the first time since 2011. the two-year level under pressure heading towards up level, so we will see this trend as it continues into the asian session. annabelle: yeah, the moves have been swift and sharp at this weekend now the one standing out is the kiwi 10 year yield about that 5% mark yesterday for the first time since 2011 and we had the interview with the rbnz governors saying recession is the bare minimum what is needed to quell inflation. that is standing out, even though we are seeing muted moves throughout the session and investor angst and the vix as we touched the 18 mark for the first time in seven sessions but 30 is usually the level indicated with heightened volatility.

vix features coming on by now. we are looking towards that range-bound start tilted towards a downside with the aussie contract and the level just below 146, but china and focused throughout the session. we have steve to talk about the moves to intervene in the chinese yuan but in terms of the moves in stocks it has been that record streak of nuts selling by foreign investors so even though we sold volatility yesterday, international investors are leaving the market now hitting that level. paul: bloomberg has learned the chinese authorities told state on banks to escalate intervention in the currency market this week and push to prevent a surge in yuan volatility as it has been falling to its lowest level since 2007 i meet -- amid weak

sentiment. let's get to stephen engle in hong kong. what do we know about this shadow of intervention? stephen: yeah sources are telling bloomberg news they are not at liberty to speak on record but saying they are close to the situation, saying authorities in beijing are concerned by the continual weakness and strong moves to the weak side and the currency and have instructed state banks to intervene in the fx markets. they are said to be probing investigating whether local firms have been placing speculative bets to the downside on the yuan that helps to further the decline. as you can see right now the onshore yuan is 7.28 but yesterday thursday, it was 7.3175 at its weakest and the sources are telling us top leadership in beijing is looking

at 7.35 as the magic number they are concerned about, whether we inch towards that, the offshore is considerably weaker at 7.30 right now and annabelle talked about that weaker sentiment from foreign investors that has driven the offshore yuan down, but on short right now authorities trying to talk up jawbone and use policy tools including the last week or so to try to boost sentiment. they had the surprise rate cut and have done short-term injections into the economy to provide liquidity to the economy, and they have done stronger-than-expected daily fixings. keep in mind the daily fixing rate has been play stronger for quite some time now on a daily basis. it allows the currency to move to present on either side of the davie fixing but becoming less useful as traders -- daily

fixing but becomes less useful to traders. so what further tools beyond the data fixing to guide the currency in the direction it wants? again, what further tools? help further deeper into that toolbox can they go? well, perhaps, cutting the fx reserve requirements of the banks, bank deposits could be one way as well, so that is where we stand right now with the sea ny at 7.2815 come strengthening after some of this chatter came out from bloomberg. shery: what clues did we get from the monetary policy report? stephen: yeah, well, bet it is not deviating from the fundamentals but obviously in this monetary policy report on a quarterly basis published yesterday thursday, there is obviously some concern and they vowed to step up macroeconomic

policy adjustments while largely reaffirming its current policy stance. in its own words it will "resolutely" prevent over adjustment in the yuan but says it does not feel the renminbi has deviated from fundamentals. they have ample policy tools and also the experience to safeguard a stable fx market. that being said they did acknowledge and they were not sticking their head in the sand like an ostrich, they did acknowledge and highlight the challenges to the chinese economy at this time and cited in particular household week income outlook and the insufficient private investment confidence and growing pressure on local government finances. so, the last thing i want to bring up, bring up the 20-year onshore see ny and you can see the concerned why we are getting back there to 7.3 which it did pass that yesterday. on the left side of your screen is the revaluation of the yuan

in 2005 and it has been a steady strengthening of it but now with a weak economy we are getting back up there and that is what the top authorities are concerned by this number out in the sky, 7.35. watch that. shery: our chief north asian correspondent stephen engle. the meeting showed more great rate hikes may lie ahead but there is strength in the market remains. we have the latest. kathleen? kathleen: no matter how much the fed's hiking rates now or at least we have seen the lags out there, it would do better for now. the labor market saying the fed may have to do more and that is what the fed july meeting said in that started the selloff in bonds and led to that selloff today, and claims her weekly numbers,. they are not as important as the

weekly monthly numbers on jobs that we get first friday of every month, but when you see this was traders and investors are going gee, i thought they were done hiking rates but there signaling the door was open. that was a drop to the lowest nelson supply, so not a big -- lowest now since july, it's big move. we also got jobless claims pointing to a resilient economy, the philadelphia fed manufacturing business activity and decks went from a -10 to a plus 12. not the biggest most important report, however another one that said gee, we thought it was going to weaken and this number shows it is not yet so the bets on the pause are turning more to the yes, maybe one more hike. and for now, it all seemed to be

going in a pattern, at least for now. paul: the spotlight is shining brighter on the friday inflation report. the yen continuing to weaken and markets are watching out for government intervention, so what are we expecting from july cpi? kathleen: something strong and well above the 2% target because the national cpi the headline is supposed to be steady at 3.3% year-over-year. now the core is expected to ease up a little bit 3.3 23.1 and not moving much in the direction they have been expecting. lower energy prices, better year-over-year based effects is supposed to take some of the steam out of inflation in this number however at the same time japanese people want to go out

and do stuff. the cost for hotels and related things are higher, so that is the story there. sticky inflation. that is what people are wondering. is this what we have in japan? does this mean the bank will have to look soon then later doing something with yield curve control, tweeting it or doing away with it or are they getting more and more convinced that about 2% inflation is here to stay? so meanwhile of course we have the yen has weakened to what, 1.46 and change against the dollar and in it is the weakest and nine months. and remember, when the bank of japan did its first tweak it was proceeded in that rise to 1.45 or so, and this move in the yen, the move and the dollar getting stronger, which is making currencies look weaker has to do with the fact that the

fed in those minutes confirmed that at least a couple of weeks ago they were still ready to do more rate hikes. it -- it has not change the picture but it has shifted things for now. paul: kathleen hays there. still to come, the u.s. to hold a trilateral meeting with japan and south korea to discuss shared security concerns. we will get analysis from the council on foreign relations. first, grady investment shares their market strategy as they expect the fed higher for longer. more on that next. this is bloomberg. ♪

paul: let's take a look at u.s. futures and how they are trading at the moment. the s&p softer after we saw another down day for u.s. stocks, three in a row, and nasdaq futures in weaker territory. joining us now is the portfolio management consultant at grady investments. there are three days in a pro now we have seen u.s. indexes go backwards, do you feel markets are accurately pricing in the fed's next move? and with this idea that cuts on the horizon looking increasingly

fanciful? mariann: well, here is our point of view and that is rates will stay higher for longer, but we are not focused on any rate hikes at the september meeting, and the reason being is they have succeeded in lowering the rate of inflation not to its 2% goal, but the fed has been successful lowering prices. in fact, in the last read for cpi, one of the only things that went up was shelter and we are seeing shelter, rent prices that is, so we don't see the need for another rate hike in september. paul: we also have an environment of rising yields with the tenure you're touching that level before pulling back. with yields this strong, why even look at risk assets at the

moment when you can go elsewhere? mariann: true, that is very true. i would say that it is really in the investment-grade corporate bonds that we are seeing very attractive rates, the most attractive, and that is with the spider etf where you can get a 5.6% yield with maturity on average of four and if you back out the rate of inflation, the most recent run rate, you would find that your real rate of return is about 3.4%. now compare that to negative returns out of the bond markets the last couple of years and especially when inflation was at a 9% rate, the bond market is looking very attractive. shery: and given her macro economic outlook, how invested are you in financials?

mariann: well we are overweight financials. that is our contrarian source portfolio -- choice portfolio particular where we have a set of names that include regional banks and fintech, so we are more positive on the financials right now in those areas. shery: what about the fact that consumer spending could take a hit if everything you have told us about what the fed doesn't where inflation goes from here actually plays out? mariann: yeah, so, we think that prices will continue to uh be flat on the decline, because first of all you are entering a period when those borrowers for student loans or from the going to have to return to making payments, and that starts in october, so that puts a crimp on their spending power over the near term. they know that those payments are coming. i think it will affect back-to-school sales as well as

the holiday selling season, and if you look at the continuing claims for unemployment, the last three months we were showing on average a decline of about 55,000 people in the continuing claims category. and we believe that will switch to plus 16,000 for the month of august, so that is another pushback against any type of inflation, and then the vast majority of job growth i want to point out is in the government sector. so you have a government spending an awful lot of money these days, driving up the deficit, and this is not going unnoticed. paul: just before we started this conversation of course, and you probably heard is doing it, we are promoting the upcoming jackson hole get-together of central bankers.

what are you anticipating out that that in terms of rhetoric and are we approaching perhaps the most delicate days of the tightening cycle? mariann: i think again based on the cpi last month and where prices were down in almost every category, and we were seeing up until today a decline in energy prices, oil prices, i would think the rhetoric coming out of jackson hole would be more neutral that it probably has been in the past. i know people were scared off by reading the minutes from the last fed meeting, but we have had more data come out and tells us that inflation is not roaring . it is subdued and in fact, declining in most categories. shery: before we let you go in terms of sectors of the stock market here in the u.s., we have seen optimism in tech of course, but also pharmaceutical companies. are there any good opportunities in those sectors?

mariann: yes. we like amgen. they reported not only strong growth in core categories, but also strong pipeline they talked about phase 3 studies that are coming out and both oncology/hematology, and also bio-similars, so they have a strong outlook and have raised their guidance for a year -- the year and we think this is an attractive name. shery: thank you. good to have you with us. if you missed any part of this conversation, you can watch us live and dive into any securities or bloomberg functions we talk about and become part of the conversation. do send us your messages during the shows. this for terminal subscribers only. check it out. this is bloomberg. ♪

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paul: some stories on chinese companies we are tracking. china evergrande group has filed for bankruptcy in york. it protects its assets while it works on a restriction deal elsewhere. the court filing refers to hong kong, cayman islands and they have been working to finalize an offshore debt restructuring plan. sino ocean has approval from creditors to extend three coupon payments. the company was seeking two months to pay $50 million worth of interest on notes due in 2024, 2027 and 2029. the approval allows sino ocean to focus on and know that mature september 1. ukraine has added alibaba to its list of international sponsors

of the war, as it continues to do business in russia. kyiv says the company facilitates the sale of copper from occupied ukrainian territory and accuses alibaba of censoring ukrainian content while refusing to take the impression pose. shery: look at currencies. some weakness when it comes to the dollar. taking a breather after the five-day climb but still above that average. on the other side of the trade, the japanese yen unchanged holding at that 1.45 level after touching that fresh nine-month low past the 146 level against the u.s. dollar. we are listening to anything that could come from the government and currency officials in terms of intervention. when it comes to the aussie dollar, we saw it under pressure already with australian an opponent rising more in july, and the economy surprisingly losing those jobs and signaling

the labor market could be returning to a turning point. when it comes to the kiwi dollar , below that $.60 level after we heard from the rbnz governor talking about the nation's economy needing a mild recession at least to slow activity. we saw the rbnz holding cash raites steady, but were watching the offshore yuan very weak at that level against the u.s. dollar, 7.30. paul: let's take a quick look at commodities with the oil price nudging above $80 a barrel. $80.09 at the moment for wti, supply tightness having an effect with natural gas also pushing higher. we have very warm weather in the united states and showing temperatures extending through

the end of next week and combined with that obviously the threat of industrial action in australia. talks did not go well this week. it will be another go on august 23, but on august 24, chevron workers will hold the ballot as to whether or not take strike action. note futures in the backdrop pushing higher. $1919.50 at the moment. jobless claims pushing the gold price higher. still to come, goldman sachs, the bank is seeking to enlist hundreds of new staff to address concerns from regulators. details next. this is bloomberg. ♪

it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. shery: bloomberg has learned that goldman sachs has gone on a

hiring spree to address concerns from regulatory authorities including the fed. su keenan has the latest. this extra compliance being brought in at the same time they are cutting bankers. su: yes. the most important thing to understand is it is not good the had the fed in your business and looking at your industry, and that is apparently what is happening at goldman sachs. for the past year, we have been hearing there has been heightened regulatory scrutiny, and now sources are telling us hundreds of new staffers are being brought on board specifically to address concerns from regulatory authorities, including the federal reserve. this is coming even as it has been cutting executives from the moneymaking ranks due to a slump in the business. bloomberg news shows there are more openings for compliance

staff at goldman sachs and bankers, and while it is not unusual to have questions from investigators, there has been growing pressure from the fed described over the past year, a situation not ideal for any bank because banking supervisors can impose increasingly formal and potentially onerous measures. one source is telling bloomberg bet they have been dealing with the confidential measure imposed by the fed that predates the current increased scrutiny. goldman sachs makes it a practice not to comment on any quickly trade issue and they are not commenting here. paul: how does this add to challenges the bank is already facing? su: well there has been a lot of scrutiny on goldman as of late. we talk this week about help many newspapers and magazines and bloomberg reporting on the frustration of senior management.

david solomon. the bank has not been able to keep up with peers in the botched move into banking is one of the sore points for goldman, and while some may blame david solomon, the ceo has told colleagues that this current scrutiny is bank and others are under is generally large. and after the implosion of the investment firm in 2021, it is just a first example of a long look by regulators. then you had the regional bank failures, and what the big banks new or did not know ahead of time, about his also a heightened area of scrutiny and we should point out it can take a while to a regulator's satisfaction, so observers take the situation at goldman in terms of back office staff to

help address these issues, that it could be a lengthy process. shery: su keenan with the latest on goldman. you can find that story in today's edition of daybreak and terminal subscribers can customize your settings so you only get the news on the industries and assets you care about. and we are following the global bond so love and treasuries leading that with a longer dated treasury yields rising in the 30-year yield around that high and the 10-year around a 2007 height but we did see a mixed picture with two-year yields falling to the level, but a lot to do with the resilient economy in the u.s. the labor market remains solid so we had the latest increase in u.s. yields led by tips, inflation protected treasuries in the real yield on the 30-year above to present for the first time since 2011.

let's look at the cross asset reaction to this with annabelle. tech has been a key area to watch. annabelle: yeah absolutely. we know this is not a corner of the market that likes moves higher yields generally, but this chart taking a look at the s&p 500 nasdaq, and this is the worst re-day drop we have seen for the sector since february. we have the nasdaq slipping below its moving average, as has the s&p 500. you just mentioned some of the economic data telling us there is no reason for the fed to go back from that to possibly lift rates once again. and given those fomc minutes this week, that put pressure on investors to rethink, do we need to see another rate hike and how long do rates need to stay elevated? some of the investors and traders bloomberg has been speaking to our cautioning to

put these moves into perspective given when you compare the slump in the tech sector over this week, it is more muted to other periods when we have seen similarly high rate environments. the sector has pulled back 7% to 15% in those times. it is something that has been discussed with the vix touching but 18 level for the first time in seven sessions, but 30 is a level we would associate with heightened volatility, and we saw that in march with the banking crisis and regional banks in the u.s. paul: yes, we have been talking about higher bond yields is winning as well putting pressure on bitcoin? annabelle: absolutely. yes. this is another asset we are watching closely because actually it hit that 26,000 level. that is a two-month low for the asset class. we are at that period around

june, but what that tells us is essentially is this bike is the period when we saw that slew of filings for bitcoin etf's. we have now erased a lot of optimism from those filings, so essentially the outlook for bitcoin, a lot of investors talking about this. we are in a low liquidity environment that can exacerbate moves, so that really puts this into more significance because we have not seen such gyrations in the markets for the past few weeks. let's change on. how traders are reacting. a quant fund says people are moving to safer assets and you have that higher environment with the lower risk appetite and there is not enough good news stories, good headlines out of the crypto space to tempt people back in. paul: all right. thanks. coming up japan and south korea prepared to meet the u.s. as

ties continue to improve. we will get analysis from the council on foreign relations. this is bloomberg. ♪

shery: the leaders of japan and south korea are set to meet in the u.s. for a trilateral summit friday that comes as the biden administration seeks to boost ties to face challenges from north korea and china. our next guest does not expect china to loom large in the statement from the summit. let's bring her in. sheila, great to have you with us. beijing of course will be looming large on the background. how will the relationship with china shaped the conversations at the summit? sheila: as you know, these two

alliances have been focused on korea or the korean peninsula, but you cap live in this world or in the end of pacific region without thinking about china and its future role. both japan and south korea have deep economic ties with china, but also have concerns about how the chinese military have been operating in the region. shery: our relations between japan and south korea on more solid ground in order to be able to push back against his influence from china, not to mention the threats from north korea? sheila: as you noted, the relationship has had its ups and downs, largely due to historical legacy issues from the colonial period in world war ii, but i think they have made a concerted effort to cope with some of the immediate questions that both countries have about that

relationship, and moving beyond to think strategically about their ability to cooperate in the region. we should always know that japan and south korea should always have slightly different takes on how to cope with china. that is only natural come up at the trilateral framing including united states brings this into an endo-specific framing, what can these three countries do to address the common security concerns in the region. paul: in terms of domestic politics, how difficult has it been for the leaders of japan and south korea to sell these closer ties to their unpaid, and is there a risk that this moments could pass? sheila: yeah, it has been quite difficult, especially for the south korean president. there was a poll in 2020 that only 20% of south koreans but japan is a good partner. to date that is up almost 25

points. i think we always have to keep in mind this is a difficult relationship for both countries and yet you see japanese and koreans working together in the private sector and students willingly travel and teach in each other's countries, but we have to take seriously the diplomatic challenges of the legacy issues. that being said, everybody is looking to a region where the rules-based order may no longer prevail, and that is the security area and also economic as they have been a focus of beijing's economic coercion, so the public also understands we are in a tricky period. paul: this is the first time these three leaders have met for a trilateral get-together that is not on the sidelines of another event. at the end, our we can get a statement, china unlikely to be mentioned, but what is likely to

be the content of that statement? sheila: three things. one is always north korea, and that will certainly be as part of those principles. the second will be as i noted earlier the places where these three countries feel they have shared goals in the end of pacific, so -- in the pacific, so you're seeing them enter cooperation with the u.s. and japan. and finally, the rules-based order is being challenged and president biden and the other leaders have made an emphatic statement they support and want to work together to sustain the rules-based order. this will of course influence their cooperation on the russian invasion of ukraine but also today where the indo-pacific and

china and the philippines that loggerhead over that issue. so this idea of a rules-based order has practical significance when you look at the way the regions and countries around the globe are beginning to challenge some of our basic norms, that peaceful resolution should be the primary way of solving our problems. shery: to that point, we are seeing more and more groupings these days, including the quad where you have japan and the united states but not south korea. you have australia and india, for example. how would this security grouping compared to the trilateral ties between japan, south korea and the u.s.? sheila: so it is interesting and nice you mentioned this with the quad, which is a relatively new grouping in the indo-pacific. they have gone a long way to identifying working groups,

problem-solving, and exercising capacities they can bring together. south korea and japan have been the longest allies of the u.s. in the postwar period going all the way back to the 1950's, so these bilateral relationships with the united states are critical for north east asia stability and security. what will be now is they will be built in as i noted in the camp david principles will be the indo-pacific dimensions, where you will hear some of the ideas you have heard in the quad statements and even the nato summit so you're starting to hear that broader strategic goals and the trilateral will be focus beyond the korean peninsula and to this broader global effort between the united states and its allies. shery: how concrete is it at this point, the framework? sheila: we look ahead looking at the apec meeting hosted by the

u.s. later this year. i think it is one of the strongest efforts by the united states, the biden administration strongest efforts to identify an economic agenda for the united states and its partners in the region. south korea and japan entered into that very quickly, so they were one of the original countries that signed on when it was announced in tokyo by president biden. i do think there is a lot of negotiating to be done with southeast asian countries, so we will wait to see what comes to fruition between now and the apec meeting later this year in november. it is important largely because it connects the united states to the aspirations of the region. paul: and the traditions of diplomacy, do you anticipate a state out of china after the summit concludes and what might be the content of that?

sheila: yeah, we have heard the chinese government saying this trilateral meeting is just another example of that thinking. they like to use the word containment for china. it is something the chinese look at with concern. they don't want to see the countries surrounding them come together in this way, however, it is also important that the chinese people understand that the region is worried about their behavior and their country's military in particular, but also this economic coercion, using economic dependence to achieve strategic aims, so i suspect yes, we will hear firm statements out of china, especially if the three start talking about the south china sea, or may mention taiwan, areas that are central to chinese interest.

i do expect not behavioral response, but certainly an effort to point out that this trilateral relationship is aimed at china and the china does not appreciate it. paul: all right. sheila smith. thank you for joining us. now be sure to tune into bloomberg radio to get more from the days big newsmakers and in-depth analysis from the daybreak team. we are broadcasting live from our studio in hong kong. you can listen with the app, radio plus, or bloomberg.com. nt more to come. stay with us. -- plenty more to come. ♪

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paul: microsoft's ceo says ai is as big as the internet revolution of the 1990's that transform the way the world works and he talked about his goals for the technology in an exclusive conversation with emily chang. emily: how transformative of a change will this be and how we work? >> the biggest difference maker will be business chat. the most important database is the database underneath all of

your productivity software except the data is all cyber today but now i can say i'm going to meet this customer, can you tell me the last time i met them and bring up all the documents and summarize it so i am current on what i need to be prepped for. emily: how do you make sure it's not clipy 2.0 and does not make me want to click out. >> once i have it under control the world will be subject to my whims. go away paperclip. no one likes you! emily: you are laughing. satya: our industry is full of examples of clipy to the current generation. i think we are also going to have to learn that these are tools, just like any time sends me a draft, i view the draft but i don't accept the draft. emily: bill gates called the

internet of tidal wave in a memo that would change that the rules and would be crucial to every part of the business. is ai that big? satya: yeah, chatgpt when it first came out was like when mosaic came out in 1993, so it does feel like the bill gates memo in 1995, it feels like that to me. emily: so it is as big as the internet? satya: all these experts are overhyping everything but at least i hope what motivates me is i want to use this technology to truly do what i think all of us art and technology for, democratizing access to it. emily: how much market share can you take from google? satya: look, we are thrilled to be in search. we are a very small player in search and i look forward to every gain we gain.

shery: you can watch more from the conversation with satya nadella on the circuit with emily chang on bloomberg television and bloomberg originals. and here are the latest headlines from global chipmakers , broadcom has secured $28.4 billion in new funding for its planned acquisition of vmware. the debt commitments replace a bridge loan it entered into last year were $32 billion. the potential $61 billion acquisition could be one of the biggest technology deals in history. broadcom is waiting for the ftc whether to litigate the transaction. bloomberg has learned that arm is splitting underwriter fees for its planned ipo equally among four bankers. sources say barclays, goldman sachs, j.p. morgan, and mitsuko will be listed in the prospectus later this month. arm's approach is a departure from the common practice of having banks compete for the

lead spots that would give him a bigger share of the fees. applied materials posted a stronger fourth quarter forecasts and the latest sign but the chip industry slump may be easing. the largest u.s. maker of chipmaking machine, sees sales in the fourth quarter of about $6.5 billion, which is ahead of analyst estimates. it says adjusted profit will also come in ahead of expectations. the ceo gary dickerson says the ai boom and rise of internet-linked devices are creating the rises. paul: let's look at markets. one market open, new zealand. off by .3% right now. some losses for u.s. equities at the thursday session as well. i look to the open in australia, asx futures off by about .4% right now.

the aussie dollar took a beating yesterday on the weaker than expected employment numbers. since recovering $.64 versus the greenback. we are standing by for inflation data from japan for july, expected at 3.3%. the yen meanwhile, got stronger, , emphasis on a bit stronger, still floating around those levels,, watching the ministry of finance. 145.72 at the moment. do state with those. that is it for daybreak australia. daybreak asia is next. this is bloomberg. ♪

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