let's get you paul dobson. we are mighty dovish in our take. are we a little bit too enthusiastic? paul: what we can see from the market takeaway is buying into the idea that the federal will slow down there hikes. the next thing, how long will they keep hikes at that level? what is the peak? will the fed maintained that they will keep going higher? a little bit more force as well. the fed is kicking down those cobblestones. manus: there is a sense of relief. i think it is being surprisingly dovish. they are looking inside these numbers. thank you very much, paul dobson. in china, record covid cases again. juliette saly pulls it together. we have this risk of a response mechanism on a daily basis. it is an explosion higher. because of this smaller narrative in north korea. >> a lot of happening -- a lot is happening. malaysia prime minister looking at -- it was actually trading at a 50 month high on this expectation. it is stronger as well. when it comes to the china picture, we had seen some weakness. that is turning around now. those stocks are listed in hong kong rising. they are

let's get to our executive editor for asian markets, paul dobson.t in the last hour said he had run the analytics on bitcoin and in his mind it was worthless. on a cash flow basis it could be negative. it is game over for ftx. >> it is certainly looking precarious. they need a rescue to keep going. they have pointed to the fact there are billions of dollars they need in order to be sustainable. so looking pretty bad. overnight of course finance -- binance walked away from a possibility as well at a buyout. some people had hopes for a rescue. that caused a bigger downdraft in the crypto complex. up until this morning, when we saw a little bit of a turnaround. the numbers you are seeing looking a little more positive right now. some dip buying coming back in. it is a pretty big blow again for the industry though. it will be interesting to watch the next 48 hours, how that washes through and whether there are other skeletons about to emerge from closets. dani: something here looks beyond dip buying. i am looking at binance coin, the crypto tied to cz's

let's bring in paul dobson this -- paul dobson. it has been a manic month.ecember look like? >> exactly what you were describing there, that disconnect in terms of time and investment between what the market is seeing and what is happening on the ground. people focusing on the short-term are saying the viruses spending -- spreading. investors are thinking this is cheap and if i do not get in now i will miss the boat. people will obviously be very happy with the money they make if they get in early this month. i think people do not want to take profit necessarily. this is just getting on the train as it pulls out of the station. david: we were speaking with sophia earlier. it is also about the type of investors that managed to get in. the easy money has been made. so far, the calls have been technical. we have not seen a lot of the big institutional money. what do we need to see until they come back? >> i think you are right. global investors are very under chinese assets as a rule. do u.s. investors want to keep their allocations down because they are worrie

tom: let's bring in paul dobson to get some context. is this game over for ftx? paul: certainly looking precarious for ftx. we have binance deciding to walk away from the deal, the revelations about how big that hole is we were hearing in the voice clips and some of the investors in ftx are already marking down their holdings to zero, sequoia doing that overnight. tentatively, some people are already coming to that conclusion. it is certainly in dire straits and need some rescue fast. that is what sam bankman-fried has been saying to investors and soap looking like a pretty difficult position for them at this moment in time, yes. tom: spf pleading with his existing investors for assistance at this point, so there has been a rebound today. how much of that -- how much does that tell us about how much the shock has worked its way through the crypto markets? paul: there is some sort of recovery today like you are saying, really still volatile in those markets. we saw a pullback of a similar scale two days ago and resumed our declines again. if you read the commentary

let's bring in paul dobson, he is our executive editor for asian markets. we are, markets are rallying again. paul: it speaks to that longer-term faith that investors now have in chinese markets and the potential for rebound. we saw a lot of money coming in in recent weeks, even as the covid cases escalated and spread in the lockdowns started to come back as well. my colleagues on the other side of the break are asking why are markets behaving this way? i think it is that long-term-short-term disconnect. investors are looking to the rise in and moving away from covid zero in time. the day-to-day developments, almost a secondary concern for the sort of money were seen coming into the market. people are keeping the faith essentially. david: with the fed reminded us constantly that they will tighten, it seems to be the least bad option, especially when you get news on property, listing sentiment. paul: and the reason we are seeing those higher bond yields, the market taking confidence from the idea that the stronger developments would be able to raise funds in

paul dobson is here. we begin to understand the quantifying of money trapped inside ftx. s step one of understanding contagion from ftx? paul: yes, i think that is definitely one of those channels. i think that it has upwards of 175 million tied up in ftx, which is inaccessible right now, which makes it harder for it to get its own liquidity, so customer withdrawals have been halted. that starts that chain of events going. it is very much a question of trust across the industry right now. if you can't trust your brokerage or your trading partners or your platform, it makes it very hard to want to do business in that space. that is why we see liquidity starting to fall out of the market and we are starting to feel that element of trust or mistrust continuing to build. tom: it was fascinating to read the story from bloomberg around bain capital and the due diligence they did on behalf of tiger global. they got that one wrong. if they can't get it right, who can? where else in the crypto space is the follow being felt? paul: it is just this big intertwined web, as our story p

joining is paul dobson. again, the markets have a singular blinkered vision, going for rate cuts at the pivot next year. underestimating the trajectory of the fed, are they? or and -- ignoring fed speak for now? paul: i don't know whether it is deliberate or not. but it makes you think the message powell will deliver will be very tough on getting rates higher and keeping them there and not backing down. that is what the fed wants us to believe, that it will do everything it can to get inflation under control even if that causes hurt in various asset markets. it is pricing in lower rates towards the back end of next year. that is the position the bank of america strategist recommend. within the analyst community there is skepticism over whether the fed will be able to stick with what it is saying and keep rates up. dani: ahead of the blackout period for the feds, you have to imagine powell will try to continue the hawkish drumbeat. thank you, paul, executive editor for asian markets. that and some other things