avril: i'm avril hong in singapore as the country's new prime minister prepares to take power, we look at the unprecedented challenges facing lawrence. haidi: we are seeing regional equities just extending that to your high going into cpi data in the u.s., which could continue to paint this picture of stickier inflation. we have the producer prices that really shaped on that set of expectations. even with jay powell bringing home that higher for longer narrative. we are seeing pretty decent sentiment here, big tech rally in the u.s. leading some of those stock sire in the region here in asia as well. it is a little bit of holiday session, hong kong as well of -- as well as curia close. the markets are online, we see decent gains. one of the big stories across the bloomberg, spotlight on china property is starting to see play through when it comes to these key assets like dollar china as well as the aussie dollar watching iron ore. this proposal that beijing is said to be considering to have local governments across the country by out millions of unsold homes. this is according to peopl

let's cross back to singapore where avril hong is standing by with our next guest. avril: yeah.ng a rare leadership transition. the prime minister handing over the reins after 20 years in power. singapore's success is the result of decades of planning. how will the new leader guide the economy, especially against the backdrop of the u.s. and china going toe to toe on tariffs? we have with us now pushan dutt, professor of economics and political science. professor, we are hearing how china is pledging resolute measures on biden's new tariffs. yet this is not a movie we have not already seen at the peak of the trade war. we have pandemics, we have got wars, all that, singapore has come out pretty resilient. but it is an evolving landscape. how will the new leader adapt and respond? pushan: we always have to think about the fundamentals and the fundamentals in singapore are very strong. they are a little bit independent of the leadership in the sense it has a very good legal system. there is no corruption. predictable infrastructure. all the fundamentals are in place. of course the

avril hong was referencing these. senior officials meeting in beijing from key regulators to address the property crisis. and here is the redhead crossing. china will be removing the mortgage rate floor for individual homebuyers. the context is that in recent years, up until two to three years ago, chinese officials have placed restrictions on homebuying because of what was once a red-hot property market. now they are doing those restrictions in the latest move removing them mortgage rate for individual homebuyers. there may be stress on the banking sector as a result of this, but the idea is that you can see lower mortgage rates encourage consumers and how buyers and prospective house buyers to buy up some of these houses. the prices continue to drop. we see that in the most recent data. we have also heard more recently that the cities have started to remove all curves on property purchases. let's get the details in the reaction with jill disis standing by who will be monitoring this for us. walk us through what we w

avril hong is hanging by with a check of the asian markets. avril: we are seeing a bit of a sideways trade and most of the equity benchmarks, with an eye on friday where we will get the fed's preferred gauge on inflation. we are seeing some positive news lines in the sense of the property sector, shanghai easing the homebuying curbs. the major state banks saying they will invest in their chip fund, account for a third of the $47 billion that are in play for some of these domestic chipmaking companies. so, it it is helping to outperform today. let's take you to what other stocks we are keeping a close eye on. it is those news lines that are the market movers. the chip making stocks in china are extending gains today, but we are seeing a bit of a diversion performance among the chinese property names. the ones that have operations in shanghai are benefiting, but the ones elsewhere not so much. it looks like more needs to be done to convince investors that these property sector woes are going to be solved somehow. let's take you to what we are se

let's get to avril in singapore. what is catching your eyes?: it's about china dater and how it is sending a sobering message of and balances in the asian economy and sapping optimism from earlier about policy support, solid earnings from big tech names and erasing gains from earlier on. dollar china moving chaya. we are seeing ultra long government bonds, expectation is solid damond. we are seeing a backdrop of a data dump causing concerns about china. i want to zero in on the hong kong markets of late and how fear of missing out is driving the rally up until today as investors were content to ignore uncertainty, focus on how sentiment turned positive and yesterday we saw hong kong markets go to the highest level since the reopening rallying, a sense of what is driving the markets. take a look at japan back from lunch. equities follow the wealth on a day when investors are rethinking the rate cut. yen weakening against the greenback. something to note kia, the bmj amount on after cutting back on mondays speculation that we will take the foot o

avril hong is on top of that.oss japanese assets, but slightly for different reasons than china. we got services ppi out of japan today and it shows higher-than-expected climb. that seems to suggest that inflation is broadening out, especially in light of comments from officials yesterday. investors are getting we will -- but we will get more hikes from the boj. it is being reflected in the growth names as well as stocks that benefit from a cheaper urine such as toyota. materials, bankia-related stocks are helping to offset the losses from some of these growth-sector stocks. so the nikkei is down, as is the topix. the yen is stronger. but keep in mind, that is really hard to fight the carry trade. still hovering at relatively weak levels against the greenback. the yield on the 10 year is still sitting above 1%. let's flip the board because this has implications if you look further along the curve at the 30-year. if you are seeing those expectations about japan to hike and china data ease, that is being reflected i

avril hong is on top of it. it seems that markets are looking for catalysts to go higher and finding none. avril: they are looking for something that will push the momentum as you well know. in the month of may asia stocks have done a pretty decent job in recouping that april route. this is thanks to fed optimism, as well as pretty solid earnings out of the u.s. as we saw overnight, u.s. stock string of gains has stalled. asia stocks, a struggle for direction and the clients are being led by japan where we are seeing strength is in the u.s. dollar. that's putting pressure on u.s. currencies. put the board. i wanted to show you some of the stocks we have been putting it -- keeping this is a repair firm in south korea, and it made its trading debut today and a splash. 45% gain at one point. this really helps to cement south korea's presented -- position as one of asia's busiest venues for fundraising, especially after a slew of reforms to unlock shareholder value. the other stock we have been watching, nintendo, w

avril hong, thank you. and we have been getting another rafter federal reserve speakers reiterating the banks wait and see approach on rates. >> i was on the record before saying the developments i've seen in the economy right now i would not think that that is still appropriate because inflation risks were moved up. >> higher than what people have known over the last decade. may be back to where we were in the 1990's and 2000's, but we will just have to see. haslinda: our next guest says it's not a question of how many fed rate cuts, but when. let's bring in the head of global market strategy, which handles more than $1 trillion in assets. good to have you with us and welcome to the city. we heard from the fed speakers, no change, no more clarity than before, so when do you expect the first cut to be? >> the best window for the fed to introduce and to announce inflation in their monetary policy could be september. and there are two key reasons for that. the first one is, the fed will have enough data to qu

earnings from toyota with avril hong. speak to a continental executive around the story, they were a key supplier to the auto industry that is facing challenges in growth and cost-cutting, competitive environment. tesla and others cutting costs. continental keeping full-year sales up 41 billion euros. that's the full year view. they still see full-year adjusted earnings. auto market in focus, bmw with a miss. what's go to toyota, avril standing by with details. run us through the earnings. >> yeah, if you are a toyota investor you experienced a choppy ride. share prices have evolved in the last 30 minutes. when they first dropped it was the second year of record profits. when investors focus on, full-year operating income was a miss versus estimates and declining 19% versus 5.3 trillion, profit outlook was affected from production cuts no thanks to safety scandals from daihatsu in december and january from toyota industries so we knew this would affect production and outlook. markets did not expect it to be this bad. inve

avril long, thank you. we may soon get some welcome support. department is preparing to launch a series of buybacks. the central bank begins to taper. mark joins us for more. let's start with fed speak. they are likely to be cautious. >> yes. i think they are well flagged, structural. the backdrop of this week is yields will continue to nudge higher. the narrative we are adjusting to is that inflation is still sticky. there's no justification for central banks. ecb will probably get away with one. i still don't see how the fed can be discussing rate cuts soon. >> we had a conversation with shane oliver who said it's likely to trend lower. what are the chances he could be right? >> that's been the narrative for a while, that yields will ultimately trend lower. the concern is the next move is lower. the idea of rate hikes has been rapidly dismissed so i don't think many people are thinking that way. that is a consensus view. the likelihood the consensus is right will be high. i'm saying the consensus is being overestimated and that there's a risk

let's get some details with avril in singapore.seeing a tailwind in the asia-pacific driven by corporate earnings and the big one is nvidia. in the options market it suggests trade might ease. the other deal has been as of last week, optimism surrounding authorities doing more for the real estate market with authorities scrapping the mortgage floor for individual homebuyers in the funding plan for bank loans and how they will mop up unsold homes. a lot of green, but something else is how we have seen the reality is it is low. haidi: part of the enthusiasm, is there any concern support measures are too little, too late? >> there are some parts of the market questioning whether they are coming in time, but also how they will be implemented if you think about the amount in terms of vacant homes and clearing up excess inventory, it is sung about trillions of yen, but the facility will only help so there is a gap and how will this be implemented is a key concern. seeing how stock market participants have been exuberant about trading vol

let's check in on how markets are faring with avril hong.a look at the markets as they go into the lunch break, but they have been reacting today a lot to do with the policy outcome from the politburo meeting, mostly read as a positive sign, signals of fiscal and monetary support and also the policy seem to be exploring more ways to support the real estate sector, so all in. there is a rebound in the mainland stocks, msci china running a little higher compared to what we saw the later parts of last week. it is not as pronounced, but to connecting we are watching up for is how this bull case for chinese equities appears to be more compelling is best to a look at the equities risk premium widening versus other peers. let's take a look at that yuan as well, because the offshore currency was enjoying a bit of a rebound last week, but on short today we are not seeing the catch of that pronounce. we started the day on dollar china at 720. let's take a look at the indian rupee. we sought more or less declines, but perhaps what we have seen from the

what are you watching, avril? >> a lot of upside in hong kong but in general a mixed bag across the asia-pacific. it seems like investors were bracing for a more hawkish fed. we got a fed that downplayed that the move would be imminently a rate hike. also the shrinking of the balance sheets to ease pressure on money markets. yet powell also signaled that while keeping the cuts on the table, they might not come so soon, especially given how he sees inflation in the country. have a listen. >> in recent months, inflation has shown a lack of further progress toward over 2% objective and we remain highly attentive to inflation risks. avril: lack of progress on inflation, that is the highlight. that's why perhaps we are not seeing that much convincing moves to the upside. the kospi is down. nikkei futures pointing to a slight gain when markets return to the lunch break. the focus has really been on the hong kong stocks. quite a rally. a well beating rally despite the crucial pillar of support today, mainland investors.

avril hong, those export numbers showing a recovery?re importantly, those import numbers that were much better than expected. seemingly showing that demand is coming back in china. finally, we're seeing that rebound potentially, and that is giving investors something to cheer as markets on the mainland ahead to the lunch break. we saw following the data the chinese stocks extending gains. we are seeing the dollar china pulling closer towards the 7.22 level, this is on the day when there is a lot to digest on the property front. let's take a closer look at what we're seeing out of hong kong stocks. we're seeing the chinese tech names doing quite well today. we did get an upgrade for the likes of meituan on the price target from citi. but the reminder coming through from country garden about how these distressed developers are still struggling. it says it won't make that interest payment on that state guaranteed yuan bond. another reminder of the real estate woes on a day where investors are also digesting hangzhou, the top-tier city, scr

that is avril hong in singapore. we can dig deeper into the treasury auction and another weak sale reinforcing concerns about the impact of higher yields just after the beige book pointed a modest growth with consumers pushing back against higher prices. jill jesus -- desis joins us now. however markets reacted to this lackluster demand for dead? i am wondering if we will see universal post pce tomorrow? >> as avril outlined, it is been something of a sour mood. this is the third straight sale where you have seen lackluster demand spilling over into markets and creating these concerns about yields trending higher. as you mentioned earlier, the yield on policy sensitive two year notes trending toward 4.9%, the highest since earlier this month, so kind of illustrates a lot of these concerns happening in the market right now. these concerns about swelling supply of sovereign debt. we will see whether the pce reading changes the picture tomorrow, but the results we have seen so far do indicate that we are still seeing mo

some tied to soft data, gold at 2354, let's cross over to asia where avril is standing by.hat is standing out to you russian mark avril: seeing a mixed bag as far as equities are concerned. ahead of that we got china data on credit, things pointing to the fact that chinese authorities are struggling. the focus shifted to china issuing sovereign bonds. the idea is to raise funds to support the chinese economy and this could be a way for china to raise funds without leading to a higher deficit, helping sentiment. csi is higher, hang seng moving up. asian equities are under pressure. take you to what we are seeing in china and japan. the yen is in focus. the data out of china weekends. expectation being policy easing and u.s. china tensions, i want to highlight bonds under pressure. the boj reduced bond purchases and it is testing the water before scaling back in debt markets. that's overseeing today. tom: the expectation is joe biden will announce those cuts in one component is quadrupling tariffs on sales. what is the market reaction to the increase in tariffs? avril: we are

avril: we are watching those currency moves, paul.eing that yen moving closer to that 153 handle against the greenback. it's quite a recovery after last week receiving no help at all from the boj. we saw those record short positions, those yen bears being brought back. i want to recap what we have seen this week as there is that help commenter from what is believed to be intervention on the currency but also the dollar slumping. the yen is also recouping ground. best gain since december 2022 and a week since then versus the pound, the euro, offshore yen as well. that's what we see in fx. let's take a look at what we are seeing in the e.m. space as well, because of course, the fed coming in less hawkish provided some relief to a lot of these em currencies. we are keeping an eye on on the inflation print that is due this hour. the rupee hovering near 83.4, but rendon be had been -- remember the -- rendon be had been --renimbi had been pushing towards highs. taking a look at the korean yuan as well amid those bond as well as stock market

let's get a check on how the markets are faring with avril hong in the lion city. are looking at japan just about to return from the large break and that's not all, they have been returning from a long holiday. of course they are playing catch-up today to that bout of fed optimism in the run-up in u.s. stocks overnight and of course today, a bit of bucking the trend from the likes of sony, start following the most in about three months after its proposal to buy paramount global is raising financing concerns. those are among the stocks we are watching today, we will keep an eye on the likes of tokyo, electron as well as toyota to see how the narratives of their weak yen and the ai boom for these respective companies are playing out and benefiting them. let's take a look at how the japanese currency is faring because it has returned to weakness as traders focus on those yield differentials and that's despite what was likely two rounds of intervention. we are moving back towards the 155 handle on dollar yen, that's despite that verbal intervention coming through from

tom: avril, a challenge day in that region. what's go to our fed speak and an fed president rafael double down on his mantra. loretta says three rate cuts in 2024 are no longer appropriate. loretta: i was on the record saying i was at the median, three. developments i have seen right now i would not think that is appropriate because inflation risks. >> anything can happen. inflation will fall into 2025 and i think it will take a wild for us to get to 2% but i think we will get there. tom: ok, let's bring in mark cranfield in singapore. we heard from loretta messner. expectations on the number of cuts. dot plots signaled three, what are traders looking for? mark: traders are looking for one and two rate cuts by the end of the year. probably in november. the fed meeting coming up is the one, giannis the next time and it will give us a new outlook. there is no way they can go to three. we've reached the end of the year and they were projecting this in january or march. data has not worked out in their favor. they had to dial back

avril: it was not just ocbc that beat. it has been a good quarter for the three of them. of the concerns because wealth trading fees surged. we are seeing the lending revenues be robust. where there is concern, speaking to how sustainable this is, is in the net interest margins. it has come down from the previous quarter at 2.2 7% now. as the funding costs rise, could come under further pressure. they might want to lock in the higher interest rates before the fed turns dovish. we are seeing potential pressure on its asset quality. the spike in the non-for -- and the nonperforming assets is something we are keeping an eye on. haslinda: how does it look for the next 12 months? it is a difficult environment for a lot of the countries. avril: a difficult environment but for the first quarter, they have been faring well so it shows how lending profits is still holding up despite the higher for longer interest rate environment. into the first half of this year, the demand from businesses might still be quite weak. if you look at the broader macro picture come in singapore you s

avril hong has a check of the markets.vril: we are looking at nvidia in anticipation of the earnings event and the struggle for direction, markets moving sideways, we are seeing clear direction. equities are down as we see a selling of bonds and yields climb, the central bank will normalize policy further. japan, we saw a deeper deficit than expected. this is showing how the japanese currency is paying out, how it is affecting important value and could complicate things. as we talk about central banks, we got interesting messaging today, pushing out a timeline for rate cuts third quarter of 25. even mild rate hikes, so more hawkish than anticipated. stocks are paring gains. we saw the kiwi dollar spiking against the aussie dollar. bonds are under pressure. there is a lot of optimism ahead of those earnings. taiwan semi conductor and tsmc rising to the highest on record. sk is a supplier for nvidia, highest since the year 2000. all eyes on nvidia. tom: avril with the check on asian markets, thank you. wall street betting on

avril hong standing by in singapore. avril: we are looking at china, japan on a day when asian stock benchmarks are mostly well into negative territory. csi 300 the standout performer, and this again we are seeing is following on from trade numbers out of the asian giant. exports return to growth that was better-than-expected, but the import numbers are also worth highlighting, because this gives us a sense that may be demand is coming back in china as the gain was more than markets had anticipated, so csi 300 well in the green, but it was already trading in positive territory. let's flip the board and take a closer look at why, because hong kong stocks were running ahead. a key to this, chinese tech names as they continued their a defense. there is earnings optimism i of next week. today we got the likes of meituan getting their price target upgraded by citi, and more importantly is what we are seeing out of the chinese property sector, the top-tier city scrapping all of its homebuying curbs, and the idea that tier two

this was stated by the director of national intelligence of the united states of america, avril gainesduring hearings in the congress of the united states of america. let's hear what she said. with this a certain paranoia is involved. putin continues to believe that russia is under threat, and almost certainly assumes that his larger and better-equipped military will convey this view to western and domestic audiences. he continues to view nato expansion and western support for ukraine as reinforcing his long-held belief that the united states and europe are seeking to limit russia's power. well as far as putin being paranoid, i think avril gaines is exaggerating a bit because we 're dealing with a murderous syrian maniac and whether he's paranoid or not, we have to record that he is a syrian murderer, that he is a person who kills tens of thousands of people in ukraine, who razes cities and villages and seeks to destroy them. ukraine is rather a manic syndrome in putin, he is a ukrainophobe, and he does everything to make sure that we do not exist, therefore, taking into account... he

tom: avril hong, thank you very much indeed. staying on the story and getting more analysis, the chipmaker at the center of the ai boom surging in late trading after smashing expectations and delivering a bullish sales forecast. the ceo further stoked excitement by talking about the dawning of a new era. >> the next industrial revolution has begun. countries and companies are partnering with nvidia to shift the $1 trillion installed base of traditional data centers to accelerated computing and to build a new type of data center, ai factories, to produce a new economy, artificial intelligence. tom: let's bring in matt bloxham from bloomberg intelligence. any other ceo who described their sector at the next industrial revolution would be looked at as concern that was hyperbole, but the numbers suggest you have to take this seriously. how long can they keep up this incredible growth? >> that is the question people are asking themselves a lot more given the massive ramp up of their revenue, tripling of revenue in that quarter and st

let's get you to avril hong who is in singapore for the market opens.rnings it is interesting how we are seeing in the options pricing it seems to suggest investors not willing to pay that premium in order to participate in the rally of the marquee stocks.

avril: japanese markets in the green, a backdrop of energy prices higher along with calm oddities.l take you there in a bit but let's recap, last friday, developers surged to the highest level since november against the backdrop of expectations and now markets are pressing pause. the bigger question is how it will be implemented and chinese tech stocks are in is as we get the chinese tech reporting, hank singh is in the green, japan's moving higher, energy counters, minors, metal related stocks are providing a lift. keeping our eyes on the yen, were going to get a nationwide cpi that could show inflation moderating and mean that we see the be oj delves in control and dollar yen toward 156, flipped the board. i want to work through commodities as you know, we've seen how copper prices have surged. it's showing a pullback, not just supply feel in this valley, we got a short squeeze last week. tailwind for the commodity. gold prices against the backdrop of rate cut optimism. looking at iron ore through the lens of chinese property. haslinda: thank you so much. let's head to taipei whe

avril is in singapore. it is true that this is the end of an era.ul handover and that does not dismiss the policy priorities. >> that's right. this has been a well telegraphed transition, but challenges abound for this new leader who was praised for his leadership. a diverse electorate is demanding transparency in the wake of a scandal which saw a top minister charged with grafting. the incoming leader has pledged to boost social safety nets ahead of election that needs to take place by november that some say could come as soon as this year against the backdrop of the ruling party sliding. this could be the first key test for the lead up. challenges abound. as we see the trading partners going tilde to over tariffs. foreign policy credentials have not been tested as one observer put it, we have not quite seen his policy path articulated for singapore, these are the challenges. for the new lead up. annabelle: well telegraphed, but what changes fifth any after the election next yeah? >> right, so the message of policy continuity is the singapore way.

avril: i think it's negative pole stay. india stocks look to be opening on the back. it was a wall street session, don't forget, that was dominated by the selling in u.s. treasuries that yield on the 10 year really hitting that 4.5 five level losing for the ground and the asian session. then we got the australia cpi print which kind of reminded everyone about how hard this last inflation fight is going to be. we are really seeing those bonds in australia getting hit. asx 200, decline in even further, this is on the day where markets are also picking up on their property easing, spreading to get more in top tier cities in china. you are seeing those material stocks along with industrials helping the csi 300, but the hang seng is in line with what we see across the asia-pacific. selling in u.s. treasuries overnight came on the back of soft u.s. auction, also against the backdrop of hawkish fed speak. we are keeping an eye on currencies as well. let's flip the board and take a closer look as you just touched on. we saw a onshore u.n. hitting levels we haven't seen since

avril is in singapore and what do we know? avril: this was a tragic incident.was supposed to be uneventful. set off from heathrow to land in singapore, 13 hour journey. the one it was over, we heard how it hit severe turbulence and passengers reported how they were in one seat and then we saw pictures you are seeing, oxygen mask getting deployed from the overhead compartments and things crashing. very turbulent incidents. we heard how one person died, a man in his 70's because of a heart attack. several others were critically injured and rushed to the hospital. the flight made an emergency landing. what we know is that singapore authorities, transport investigators are being sent to thailand to help with investigations. the civil aviation authority is doing the same. haidi: what if we heard from singapore? >> yeah, they've confirmed injuries and talked about sending condolences to families of victims and in terms of thinking about whether such incidents, they are rare. airbus said 240 incidences of turbulence reported to them and out of them, 30% resulted in in

avril home, it is about ships. -- chips. >> there is a push and pull in terms of monetary policy and earnings from nvidia delivering on the monetary policy front. we saw how the fomc minutes came in more hawkish perhaps more than powell led on during his speech and that is bringing a resurgence in the dollar and putting pressure on asian currencies, particularly on the chinese yen. pboc seems to be leaning in. they said that six at the weakest level since january, allowing declines. we see the korean won under pressure no thanks to the strengthen the dollar but it mostly held steady after the bok kept rates unchanged as expected . yen has been moving up towards 156.9 earlier the session, i want to highlight what we see in chinese equities, it declines on a day where other counterparts are gaining. there also concerns about geopolitical tensions. hang seng leading declines dragging the index down. csi three hundred, material stocks but as you say it is about nvidia and about how even though there was a high bar, it really delivered on what we hear from the ceo, it sounds like more is

avril hong is in singapore keeping an eye on things. >> we're seeing asia stocks moving sideways. you get the feeling this is the way it's going to be until we get the u.s. cpi print. that is projected to show moderation but not enough to prompt fed rate cuts. we did see chinese equities starting the day on the front foot, but they have pulled off session highs, even ahead of those big tech earnings out of china. keeping an eye on what we're seeing on asia fx, the threat of tariffs on china, along with potentially higher inflation. not a good makes for asian currencies. in japanese bonds, the seller from yesterday continues, we had the boj reducing purchases in the five to 10-eurozone, now strategists say it would not be surprising if it does the same in the three to five-euro zone, the two-year is hitting the highest since 2009, the 10-year since 2012. let's take a closer look at chinese tackett, tencent music beat on earnings, that is explaining some of the surge, but optimism is well on what we're seeing potentially on their earnings scorecard from tencent and alibaba. to help

let's get more in terms of the asian session, avril in singapore. avril: quite the party in the asia-pacific against a backdrop of the u.s. cpi. the stock gauge for the region climbing to the highest in more than two years and the regions benchmarks getting fuel from the gains in tech stocks. the australian benchmark outperforming if you are wondering why, because we got a jobless rate surge, under and that is fueling expectations of rba rate cuts. the hang seng getting a lift from tech stocks as well as chinese lenders. let's flip the board and dig deeper into the sectors we are watching in the asia-pacific. hang seng, tech lifted by tencent after earnings beat alibaba left her a miss. jd.com and baidu also keeping an eye on that. the chinese developers really and focus today. a gauge of them in hong kong, jumping to the highest level since december last year after bloomberg reports that china is mulling a plan that could get local governments to buy unsold homes from distressed developers. this could help address some of the issues related to exce

abr -- avril: this was a surprising and traumatic incident for those involved. have singapore transport authorities are incontact with their thai counterparts, and they will send investigators to bangkok where the plane made an emergency landing. authorities in thailand are doing the same, and we also hear have singapore airlines has already said it is working with authorities. there were about 230 people on board when the incident occurred. they came from various nationalities, including the u.k., australia, india, singapore. this was supposed to be a routine flight from london heathrow to singapore, but when it was over myanmar, it hit severe turbulence. passengers described being in their seats one moment, then hitting the overhead compartments. it was quite startling for them. annabelle: do we have any sense or understanding of what caused the turbulence? are we likely to see with climate change, these sorts of events continue? avril: we do not know yet for sure what turbulence this was but in general this is caused by rising pockets of hot air or gusts and

let's check in with avril hong singing --standing by in singapore. avril: we're seeing risk aversion trickling into the asian session where many markets are shut. we saw the likes of the japanese , australian and new zealand benchmarks 1% down. they have mostly clung onto losses from earlier in the session and the decliners today include oil andcoal producing-related stocks. this is as the geopolitical risk premium fades, helping to cap declines on the nikkei. special mention for the stock of laser tech. this is the maker of chipmaking equipment and they reported strong growth. we also saw an earnings beat. let's flip the board because i wanted to talk you through the performance of the nikkei in the past month where momentum pulled away from the peak we saw in march. march of the run-up in the nikkei was thanks to the weakness of the japanese currency. but in april we saw it losing momentum because of this fed pivot. also because of excessive pessimism towards chinese stocks waning a little. we are seeing the nikkei today starting the month of may o

avril: this is the post u.s. cpi everything rally, whether you're talking about stocks, bonds, currencies, commodities, all gaining ground amid those expectations that we will see fed rate cuts as soon as september. we are hearing some of the fed speakers not sounding terribly convinced. that is worth noting, one economist says the fixation on inflation out of the u.s. seems to be prompting an overreaction to the u.s. cpi print. still we are seeing green, australia's leading the charge. we had some jobless data and a surge on the jobless rate pumping expectations of a rate cut there. even the guinness climbing, despite japan's gdp contracting more than expected. let's flip the board, we are back from the holiday and traders are getting their first chance to react to some of these chinese tech earnings. tencent beat on earnings we sell the lift for sales coming through from the tiktok style services. it was a different story for alibaba. it was amiss, dragged by investments. the divergence in profits reflected in

avril hong in singapore with the markets truck. to the ubs story, posting a big beat, it's on the first quarter net income. this was lender's on net income come in at 1.7 billion dollars, well ahead of the 600 million dollars that had been expected. another line crossing in the last minute from ubs. they cannot yet fully assess the capital effect from new swiss laws. we know they push back against the proposals coming through from the swiss government in terms of capital requirements that could cost them up to 20 billion u.s. dollars on some calculations. let's bring in bloomberg's alexandria, top lines, what stood out to you from these numbers from ubs? >> it's a welcome returned to profit after two quarters of losses, so it's a good start of the year for ubs, but at the same time they are cautioning the outlook for the next two quarters won't be so strong. they are predicting a small decline. at the same time, there is this big question mark hanging over the government proposal to help ubs to hold more capital. could be around $2

avril: it's been quite a week for japanese equities.the start about material stocks surged, along with commodity prices rising. we got nvidia earnings and now ultimately at the end of the week, it's about the fed and how the tick up in u.s. business activity, that acceleration is causing traders to pair back expectations of a fed rate cut. so it's really risk off in japan today. tech is not doing well. we are also keeping an eye on the 10-year yield, still sitting above that 1% level, very bearish among bond traders. let's take a closer look at what we are seeing on dollar-yen. amid those higher u.s. yields, we seen it popping above the 157 levels. 157.52 is thought to be the level that last through the first of two interventions from the japanese authorities earlier this month. that is what we are really keeping an eye on, so some market participants think the japanese authorities might face some resistance and intervening this time around, it might not be so straightforward because we did get the u.s. treasury secretary not so long ag

avril, thank you. to one of our key interviews, exclusive with french president macron, he is open to seeing a major french bank taken over by a european rival. we spoke with macron as he hosted an investment summit in versailles. >> as europeans, that means you need consolidation is europeans. >> it could be cross-border mergers? >> sure. this is a new world and we do need this new business model for their europeans. more innovation, more investment, single market, and irrelevant -- a relevant type policy. tom: that was the french president macron. let's get more details and bring in our paris bureau chief. how much support does micron have -- macron have for expanding the eu budget? are the germans on board? >> good question. probably not coincidentally, emmanuel macron's one trillion sounds like a report by the former president of the bank of france who also said the eu needs about one trillion euros more in spending for public and private to meet climate goals. in some ways, as it often is, it seem

let's cross over to singapore where avril hong is standing by with a deep dive on asian markets. avril: we are seeing a lot of risk aversion, it is a doubts of rate because hitting asian equities in currencies as well. the gauge of stocks headed for its first weekly decline in five weeks, the korean won among those getting hit the hardest. hang seng leading declines, nikkei not doing much better. not helping sentiment, those china-taiwan tensions. take a look at some of the movers. yesterday it was asian chip stocks getting fuel from nvidia, and for the korean won they unveiled a package for the chip sector. today these are the biggest drag on the stock gauge. samsung, high-bandwidth memory chips failed an nvidia test due to heat issues. it is a market samsung has been trying to catch up to its arrival sk hynix in. i want to show you what we are getting out of japan, cpi numbers in line with expectations, and it was a cooling for a second straight month. as you look at the corporate -- core print, in line with expectations and higher than the boj's target, really making the case

avril: indeed.tten a couple of earnings beats already from the likes of dbs, so ocbc is in essence joining the club. the q1 numbers for the second-largest lender in singapore is ocbc, we were expecting one point $8 billion singapore dollars. it came in at 1.8. a 5% jump from last year's print. this is fueled by the wealth and trading fees. we saw lending revenues well supported. there were concerns coming into this scorecard that we would see net narrowing. it came in at 2.27%. there was a narrow way from the previous quarter but it is still better than estimates. overall it's a pretty good scorecard for the singapore release lender. haidi: markets reporter avril hong in singapore. breaking news when it comes to potential biden administration tariffs on china. the biden government is poised to unveil a sweeping decision on chinese tariffs next week, one that is expected to target these key strategic sectors that have been a source of tension between the two sides. new levees rejecting that across-th

we heard in this hearing today from afte avril haines dne likeo end any time soon.raine today? >> yeah, well certainly weapons and munitions are flowing. in that's obviously a good thing. the russians, because they -- their munitions have been depleted, have made some gains in the southeastern part of ukraine. they may make some more gains. but they are not going to collapse the ukrainian defense that's in that area. and what is happening that putin has got a decision to make. is he planning a spring and summer offensive. and is he mobilized additional forces to do that. if the weapons and munitions get, there is he going to do it despite that? is he willing to take the casualties that the goes along with it? that's a decision he has to make. i will say this about the russian forces. they are fighting as ineffectively as they fought in '22. they have not learned much in how to conduct mechanized operations and their casualty rates are enormously high. >> bret: we are a week since the president signed the ukraine aid package. and, you know, the stories about ukraine

avril, it's always a pleasure to speak with you. thank you very much for your time. >> thanks, jose, anytime. >>> hurricane-force winds are tearing through america's fourth largest city, so strong they blew windows out of skyscrapers. we'll go live to texas next to look at the huge swath of damage from a deadly storm. deadly sto. for our digestive health, but less than 10% of us get enough each day. good thing metamucil gummies are an easy way to get prebiotic, plant-based fiber. with the same amount of fiber as 2 cups of broccoli. metamucil gummies the easy way to get your daily fiber. zyrtec allergy relief works fast and lasts a full 24 hours so dave can be the... deliverer of dance. ok, dave! let's be more than our allergies. zeize the day with zyrtec. [coughing] copd hasn't been pretty. it's tough to breathe and tough to keep wondering if this is as good as it gets. but trelegy has shown me that there's still beauty and breath to be had. because with three medicines in one inhaler, trelegy keeps my airways open and prevents futu

but this lawyer, avril, she proves that the dog is not a thing because he has needs.n cannes was the feature film black dog from china. black dog is quite incredible because it's about a gentleman with a sidecar in which we see the lovely greyhound dog that is his companion. this story is all about his attempt to get the strays looked after properly. and i think that message, especially within the context of china, is a powerful one. dogs were a great unifier at cannes this year. the international cinema festival differences could be put aside as people rallied around man's best friend. well, that brings a special cannes edition of talking movies to a close. we hope you've enjoyed the show. please remember, you can always reach us online at... so, from me, tom brook, and the rest of the talking movies production crew here on the french riviera, it's goodbye as we leave you with some sights and sounds from this year's cannes film festival. french music plays hello there. there were some warm weather around on saturday. top temperatures of 22 celsius in the south east,

that warning came from the director of national intelligence, avril haines, at a congressional hearingesterday, but she also said the u.s. is more prepared than ever for these sorts of disinformation campaigns. here with more insight, former assistant special agent in charge of the san francisco fbi jeff harp. thanks so much for joining us today, jeff. >> sure, no problem. >> can you tell us more how bad actors could potentially use this rapidly advancing technology to influence the election? >> so the technology changes daily and the threat actors change daily as well. so one of the things they do, when they're hacking into email accounts and hacking into websites and things like that, they'll use a lot of like forged credentials. a lot of us get these emails that say hey, you need to sign in. you need to revalidate your email account. suddenly all that does is gives them the keys to the kingdom. they can get into websites. a lot of these actors are trying really hard constantly probing and pinging different websites for our government facilities, most of which are protected obviously

to destroy ukrainians, but the director of national intelligence of the united states of america, avrilaines , believes that the tactics of the russian dictator are to convince ukraine that continuation of the war will only increase the damage to the country. according to your observations, at the current stage, what putin is trying to do, that is, to force us to sit down at the table of changes on unfavorable terms for us and fix this demarcation line on the occupied territories of ukraine, the temporarily occupied territories of ukraine, and create a frozen conflict by option there korean, that is, north... and south korea, will he still go further and try to achieve much more than we can imagine. well, after he won the elections so convincingly in quotation marks, it was clear that he was beginning to lose his temper, as they say, yes, he was just radiating enthusiasm against the background of the fact that ukraine could not get it for six months. e-e package of financial assistance of the united states. i think that putin's plans did not include this decision of the congress. i thin

us national intelligence avril gaines.ding to her, putin has been giving signals of readiness for negotiations for months, but no signals of readiness to make concessions. his female tactics, says gaines, are aimed at getting ukraine to make concessions. putin's increasingly aggressive tactics against ukraine, such as strikes on ukraine's electricity infrastructure, are aimed at convincing ukraine that continued fighting will only add to its damage. and will not offer a plausible path to victory, targeting vital infrastructure, moscow seeks to damage logistics that will hamper ukraine's ability to move forces and supplies to the front, slow ukrainian defense production, and increase pressure on kyiv to consider ways out of the war, including negotiations. these aggressive tactics are likely to continue and the war is unlikely to end anytime soon. switzerland. announced thursday that it has invited 160 delegations from around the world to participate in the june global peace summit, which aims to promote establishing a just

committee on the armed forces of the united states senate, said director of national intelligence avrilaines. at the same time, she predicts that russia will use more aggressive tactics, for example, increase the shelling of critical infrastructure facilities in ukraine. according to the main american intelligence officer, in this way the russian military and political leadership will try to convince the ukrainian authorities to stop the resistance, as it will not bring victory closer, but will cause damage to ukraine. a lot russia continues to conduct hybrid campaigns on the territory of nato member countries, moreover, such hostile actions are carried out at the state level. this is stated in the statement of the leadership of the north atlantic alliance, according to the published information, russian special services are conducting hostile hybrid operations on the territory of nato. in particular, in the czech republic, estonia, germany, latvia, lithuania, poland and great britain. valiants promised to resist such threats as a team. and individually assured that such actions will no

to destroy ukrainians, but the director of national intelligence of the united states of america, avrilines, believes that the tactics of the russian dictator's goal is to convince ukraine that the continuation of the war will only increase the damage to the country. according to your observations, at the current stage, what is trying to do. that is, to force us to sit down at the table of changes on unfavorable terms and fix them this line of demarcation on the occupied territories of ukraine, the temporarily occupied territories of ukraine and create a frozen conflict there according to the korean option, that is, north and south korea, or will he still continue and try to achieve it. much more than we can imagine, well, after he so convincingly won the elections in quotation marks, it was clear that he began, as they say, to pert, yes, he just radiated enthusiasm against the background of the fact that ukraine has not could receive a package of financial assistance from the united states states, i think that this decision of congress was not included in putin's plans. i think that pu