s&p implied open up 32 joining me now is joyce chang of jpmorgan chase thank you for joining us >> thankg october for stocks a lot of talk about the fed pivot. what do you think, joyce can investors bet on a less aggressive fed >> the markets are more hopeful that we are past the peak of hawkishness. there is more fed tightening to come the pace willow slow by the fed it is a mistake for them to call an early end to the fight of inflation. we are a long way away from where the target is. i think the core inflation will remain at levels above the target this is a question of if we are past the worst, but the markets debate 50 or 75. we think this is 75. you have had market relief here. perhaps we are at the peak >> sitting on higher inventory for the holiday season for retailers. if we start to see the consumer, joyce, pull back, could that accelerate the drawdown in inflation? the question is when does inflation really start to move lower? >> we are seeing consumers are working through the buffers. at the start of the year, we had 14% of gdp in excess savings the buffers have been used t

joyce chang, chair of global research at j.p. morgan chase.e in international markets are you seeing opportunity? i am seeing in your notes you think the dollar will continue to gain ground. >> i still think with the dollar we want to stay defensive. we are doing that more through options than through cash. looking at international equities, we have seen a d rating so big, it is really a wide discount to historical averages. 10 to 11 times forward pe's offering a significant cushion versus bond yields. i think the euro zone and the u.k. have cheapened. take a look at the u.k., and i know it is contrarian, you are at a record discount. very high dividend yield. recently -- is going to come from weaker sterling. international equities could have a moment, even in china we are looking at growth for the next couple of quarters at 5%. given the contraction that was underway and hitting rock bottom on china, there are more international opportunities that stand out right now from a pure pricing point of view. in the u.s., the fed is still the key ca

abandonment of his zero covid policy, and that's why wall street remains less bullish right now joyce changting constructive, still, lowering gdp estimates. marc lasry of avenue capital telling me it's too early to invest in china. there's the latest 13f filings, ending september 30th, which reveals a number of prominent hedge funds reducing their exposure to the country. coatue reducing its stake in jd.com by 56%. while bridgewater cut a stake in baidu by 20% there were some buyers, coatue increasing its shares in alibaba. alibaba on pace for the best month in seven years it's now trading to 36 times earnings versus historical average of 32. but clearly, the sentiment seems to be changing when you look at the stocks but the bigger investors are still cautious >> tim draper, big investor, well-known to our audience big early investor in chinese stocks what he's saying about this rally and what he's saying about just china generally >> the takeaway from tim draper and what he said last night was that he's losing confidence in investing in china this is significant, because he's an early inve

change to the half half. and then go to east leanne bowman this year. so either joyce shall chance your time out for sure. next week on one or 18th, we follow young's plan to the so afghanistan image to the world. and we revisit the other chinese entrepreneurs to see if the afghan venture, they've got a strong goal. december on al jazeera, the middle east 1st woke up, takes place in guitar, with 32 countries buckling gets out for sports biggest prize immersive personal short documentary is african direct returns, showcasing african stories from african filmmaking. amid a deep political crisis and worse and economic conditions, she vizier goes to the poles just months after a contentious constitutional referendum combating the climate and nature crises of rise. meet the people who believe global systems must change. joe biden host, some 50 lead us from across the african continent with the aim of underscoring the importance of us africa relations. december on al jazeera, indonesia, your investment destination, the world's 10th largest economy is busy transforming, ready to beat your business, partner with

and, joyce, if trump does announce his candidacy for president tomorrow night, would that change, youhin the department of justice when they have to move forward prosecuting him or not? >> reporter: my sense is that it won't have any impact on the department's work. the attorney general has been very clear about the path he follows in prosecutions. it's perhaps too slow for many americans. and i think difficult to appreciate why the process takes so long unless you have ever been a prosecutor. in which case i can tell you there are a lot of delays built into the process, it seems to add 30, 60 days to an investigation every time you turn around. but that frustration with timing aside, merrick garland has been very clear that in terms of the process that he will follow the facts wherever they lead. that means a former president cannot hide behind a candidacy to reclaim the presidency than any other american who is being investigated for similar facts would face. when it comes to mar-a-lago, it is simpler, the evidence a bit more developed. that evidence strongly suggests doj will serio

joyce are residence, that is the number that you can call in a specifically to ask questions. we saw a lot of news coming out about changeso election law in georgia. what a potentially might do for voters. can you kind of square those things for us? >> we've seen a record turnout in georgia. it is hard to tell if it is going to have democrats or republicans right now. but you are right, there has been a tremendous amount of attention and in particular, they were written to affect mail-in ballots, not as much early ballots. the timeline, there's other restrictions as well. signature requirements, those are among the changes. there's other changes as well. extensive changes throughout. and experts say we won't really know the full impact of these changes until a few weeks from now, until the full scale of the electorate comes into view. right now, we will be hearing from a lot of voters about problems of the ballot box? no. there are isolated cases here and there. there are always a number of issues in general with a state as large as georgia and so many moving parts, but generally, things are moving very smoothly. party of