our chief north asia correspondent stephen engle joins us live from hiroshima. a busy day ahead on the first day of the g7 summit including those new restrictions on russia. >> that is right. geopolitics will play front and center roles in the dialogue that begins today and runs through the weekend. russia will be at the top of the list. issues with china will be high on the agenda. russia and china are not part of the g7. they're also not part of the g7 plus as invited guests. the united states and other g7 leaders as they invite the global south and other leaders from countries like brazil, india, indonesia, vietnam, south korea will be trying to send a unified voice on the war in ukraine by russia as well as policies towards china. against the backdrop of all this is going to be a visit today by the g7 leaders to the hiroshima peace memorial park as well as the reminder of atomic weapons and that is the atomic dome in that memorial peace park. they will be visiting that this morning on a very rainy day. war is front and center as well. some residents of hiros

manus: that was stephen engle speaking to jamie dimon.'s take the conversation out to hao hong, the grow investment group partner and chief economist. good to have you with us this morning. china is what is shaking the markets with the jitters this morning. they are looking at a one-legged recovery, as we are calling it, how febrile are the capital flows into china at the moment? good morning. hao: capital flow is still showing that there is not strong interest in the chinese recovery. as a result, from the sudden pressure on the commodity market across the board, the market continues to go down. it is unfortunate. at the beginning of the year, the chinese market reopened and people were thinking that will lift china as well as the rest of the world back into growth trajectory. obviously, the situation is more complicated than that. dani: how did we get this so wrong? lots of folks thought not only when china itself be strong in a reopening, but it would be powering the global economy, what did we get wrong? hao: the chinese consumer has

stephen engle is in hiroshima as g7 leaders meet. manus: american lawmakers are making progress on debt ceiling talks. speaker mccarthy expects the house to consider a deal next week. let's get more with bill faries. it's interesting, in terms of the coalescing, but there are still objections from both extreme sides in both parties. bill: exactly. you have, almost regardless of what kind of a limited agreement might be reached in the coming days, you are going to have republicans on kevin mccarthy's side who have never in their political careers voted to increase the debt ceiling. and then you will have progressives on the left in joe biden's party who are going to look very carefully at any of the conditions of this agreement. whether it affects low income people, people getting food aid, or other government support. they have drawn that is a redline. it will be interesting to see how many lawmakers on both sides , the two leaders whose teams are negotiating this agreement, are willing to lose and still have a deal. dani: bill, than

our asia correspondent stephen engle joins us now on that spirit was a talk then? -- what has the talk then? stephen: there has been a lot of talk. i want to pick up on what garfield said about the debt ceiling impasse in the united states. there is chatter going on here is in the halls of the g7. finance ministers said perhaps the impasse is overshadowing other big issues that have to be addressed, including financial system stability and the alleged evasion of sanctions by russia by third parties outside of the g7. but again, i did talk to which he is corpsman the oecd secretary-general this morning and he says essentially if the united states own doing in many ways and it should not necessarily play such a big role here at the g7. the big topic today is another d word. the other big d word is diversification of supply chains. it is codewords for less on china for supply chains, even though the g7 nations, european and north american and japanese have their supply chains so intertwined with china. we are hearing from sources that there are draft proposals at adva

what is likely to happen here, stephen engle?s that there will be votes on 18 resolutions later today friday. coming to a head is this your long dispute really kicked off by some disgruntled investors and backed by the largest investor in can hsbc with the an 8% stake. they would like to see us been up of the more profitable asian unit. they want that spun off to unlock better shareholder value. hsbc says it is not a good idea and would be highly costly and would not be in line with their strategy of being the global bank. there is some more restructuring that needs to be done, but again, these resolutions that will be put forward to investors later friday, includes these two led by a shareholder who is proposing two resolutions. one is the creation of a quarterly review of structural reforms aimed at those asian operations, including a spinoff and massive restructuring. the other resolution would be a more steady dividend policy going back to pre-pandemic levels. hsbc already address that in the first quarter results being bette

stephen engle joins us from hiroshima to bring us the latest.an president may be joining as well. stephen: there has been a lot of speculation about whether zelenskyy would commonly person. bloomberg news is confirming through anonymous surface -- resources that he is on his way. he would be participating in person in hiroshima in last-minute added sessions on ukraine on sunday. again, we have not gotten official confirmation from the host country, being japan, but the speculation and sources are telling us that zelenskyy is going to be here at the g7. again, that will help punctuate the g7's unity on some of the sanctions and tightening of sanctions and adding of new sanctions against russia and its ability to wage war in ukraine. now, bloomberg news is also learning from sources that the g7 has essentially ruled out imposing an all out ban on russian exports. instead, deciding to make certain exemptions available. they were talking about flipping it around and banning all exports, and then allowing certain exemptions. they're going to keep thi

stephen engle joins us now for more.t really stood out when it comes to what we saw and heard over the weekend? >> they were gathering in india where they were not able to put out a communique because there was an impasse on the verbiage of condemnation over russia's war in ukraine. the g7 wanted to put together a unified front and portray unified front. essentially, russia and its illegal war in ukraine was front and center throughout that communique. and the g7 of like-minded economies. there was the term i heard a lot over the weekend. providing more support for ukraine. they are talking about diversifying supply chains. there is this new partnership being put together for an inclusive supply chain and has been. it is a program that will likely be discussed even further in hiroshima later this week. they are away from rely too heavily on china for supply chains going forward. they talked a lot about the resiliency in the wake of this bank collapses. they say the global financial system is resilient but they have to av

stephen engle is here to discuss. what are we expecting at the g7 meeting? >> it was a truncated trip. he will only come here as part of the g7, then he will head back. then he will head to poplar new guinea meeting with the prime minister. that will not happen. the chinese president xi jinping at aipac in november did meet with him. that is potentially a setback for the by the administration not going to port moresby. also not offering up a reciprocal state visit as he did to the leader of australia because joe biden will also be skipping a trip to the quad meeting in australia after pop one new guinea. he did get a state visit invitation. whether you like it or not, there is a global tussle going on for influence. perhaps you could bifurcate it between the united states and china. israel and these meetings where the g7 like-minded economies will probably agree on a lot of things when it comes to the war in ukraine and sanctions on russia and a three ukraine. there are issues that maybe there is not total unity. getting other economies on board with the nar

stephen engle is there and said the talks will take place, is certainly a pretty full agenda in termsese risks and issues. stephen: there's sony things to talk about in these next two days and the finance minister in the central bank is in effect. christine lagarde walked past here even though i hasn't started yet, it begins about 2:00 p.m. this afternoon, japan time. she's already here walking into the convention center behind me, getting to work early. inflation in europe is a sticky issue even though we saw inflation come down a little bit as we just heard from that last segment in the united states, but inflation is still a stubborn, consistent element across the globe and it will be near the top of the agenda. but again financial system stability globally will be atop the agenda following those bank failures in the united states. one thing that could and probably will overshadow everything is the debt ceiling in the united states. janet yellen will be here, shall have a press conference later this afternoon, her message likely will be the u.s. financial system is sound despite al

stephen engle joins us from japan.e of all of these moving parts, telling us that we are in the meyer. stephen: yes and no. most people say there is resiliency in the global economy. again inflation remained sticky. of quit -- including of course in europe, the ecb is likely to cut a couple of more times by july, including, it is not off the table, a potential rate hike in september. that is what we heard from the buddhist bank president. there seems to be a bit more focus behind the scenes on the issues with china. we do know that janet yellen yesterday addressed those concerns in part about rallying support within the g7 for a potential biden executive order on some investment curves. also, regarding russia and the alleged invasion of sanctions and the closing loopholes, getting g7 support for u.s. efforts on russia. there are just so many different things from the economic standpoint, financial stability and the banking system. the biggest concerns are the geopolitical concerns that are out there right now. on china

our chief north asia correspondent stephen engle joins us now. ormous challenges for g-7 leaders as they met. was progress made? stephen: it is very different than the g20 were finance ministers met in india or three months ago, there was a bit of discord in the language on what would be communicated to condemn russia's were in ukraine. they were not able to agree on any terminology at the g20 because of course, russia and china are in the g20 and some other members as well, perhaps showing a bit of hesitancy to condemn it outright. but the g7 really wanted to show it much more united front. the term i kept hearing was "recommended countries, recommended economies." the g7 putting out a statement offering more support for ukraine and also a plan to diversify supply chains, that is basically code word for relying less on china for the supply chains. also vowing to fill the gaps in financial regulation globally in light of those bank collapses that we saw. however, their assessment of the global economy is resilient but warned against complacency. i

our chief north asia correspondent, stephen engle joins us. what else did secretary yellen say? stephen: well, yellen was front and center with the first press conference afternoon yesterday, it kicked off. the gathering here. all the topics that jamie dimon spoke with francine lacqua were on the table throughout meetings here at the g7. behind closed doors, yes, but mostly about financial system security and stability following the svb may collapse. central banks are in focus. we talked about other -- with other top economic officials among the g7. sources are telling us they are gearing up for the end of next week, the leaders summit in china, while -- and that china is not represented in the g7, it is the top center of focus at least for the u.s., trying to show some unity and get the europeans as well as the japanese, the other members, on board with maybe some tougher messaging on china. any particular communique coming out of the leaders summit in hiroshima. the concern is about china's alleged growing economic coercion. that's the language the u.s. would like to see, other

stephen engle caught up with the ceo. and a special guest.retty excited to see the video from the red carpet last night. >> roll the video. it's always better than seeing me standing in front of the londoner casino, the new one from las vegass ands. david beckham was here. he was all over the place. he played to the fans and signed a lot of autographs in the red carpet just behind me. this is las vegas sands, doubling down if you want to use betting analogy, at macau. it has been a really tough three years, for the whole world, through the pandemic. but this place shut down. they're feeling the aftereffects of that. the manpower shortage. there were no gamers coming here from across the border or around the region. gross gaming revenue has only recovered to half of what it was in pre-pandemic in 2019. they all just got the license -- the six license owners got renewed in january. it is a reset not only for las vegas sands. this used to be called the sands coat tied central, not very well branded. it underperformed. during the pandemic, las ve

stephen engle is an hiroshima waiting for the president.was a very clear g7 where we thought president biden would come to asia and tried to reassure allies that he stood behind them but the summit so far has not really done that. >> i think he is still going to reassure allies. the g7 and much more unison than a g20 which could not agree on phraseology at the last meeting on russia. the g7 as far as i could tell come of finance minister and central-bank meeting in japan last week showed a clear consensus on phraseology on the legal more that wash -- russia is waiting in ukraine. jake sullivan talked about the u.s. may be proposing more sanctions and also economic and humanitarian aid for ukraine here at the g7. there is some common ground that even though a truncated trip to asia could undermine his push to g7 and other invited dignitaries like those leaders from brazil, indonesia, india, vietnam, south korea and others could take a backseat a little bit he is not going to be spending as much time including canceling his trip to papua new

let's get more from our bloomberg chief north asia correspondent, stephen engle.he question about u.s. commitment to asia, we have been here before. i remember in 2013 when obama missed a meeting in indonesia. steven: that's right. the debt ceiling impasse obviously taking a bit of precedence, so mr. biden has canceled his stopover in popper, new guinea, and canceled his onward trip to the quad meeting in australia. he will try to cram as much is that in -- as much of that into g7 meetings after he lands today. we have been kind of forced to crash the highway here. behind me, that area is sealed off to the media because i would assume some dignitaries and delegations will be coming through and doing their snapshots here for the rest of today as the g7 leader summit actually begins tomorrow and runs through saturday. a lot of issues as we saw, of course, at the finance ministers meeting last week. there was unity within the g7 on condemning russia's "illegal war" in ukraine, so there will be more talk of that obviously today. we are hearing from the u.s. and nation

our chief north asia correspondent, stephen engle, joins us now. the laundry list, very long for policymakers this week. stephen: absolutely. they will all be addressed and even more pure would a lot on the g7 ministers and central bank governors meet in northern japan. the northwest side of -- north of tokyo. we are going te u.s. treasury secretary, who will likely meet with the press early this afternoon as the meetings begin this afternoon and run through tomorrow. we are likely to hear from the japanese finance minister as well as the boj governor, among others. a long litany of issues. we were in the risk if you want to collect out of having the debt ceiling impasse in the u.s. kind of overshadowing joe biden talking about how the world will be in trouble if the u.s. defaults. janet yellen has talked at length about the economic and financial catastrophe, if the u.s. defaults. that could be central in many people's minds today. those other issues about global financial security, given the u.s. bank failures from silicon valley bank and others.

let's bring in bloomberg's chief north asia correspondent stephen engle. had a pretty special place which i know you will tell us about, but what are the g7's next steps when it comes sanctions? stephen: it's no coincidence that the g7 meeting hosted by japan is being held in hiroshima referred to as the peace city. this is the atomic bomb dome. this was the epicenter of the first atomic bomb attack back in 1945, 78 years ago. the g7 is trying to send that message when we have a periodic threat of possible use of nuclear weapons by vladimir putin in ukraine. they want to hammer home that point. they also want to hammer home the unity that the g7 has in trying to contain the war machine of russia. yes, the russian economy has suffered through these sanctions from the west but the war machine marches on. they want to close off some of those loopholes that the russians have been able to use to evade those first rounds of sanctions. also, they want to tighten or make another round perhaps of sanctions, including one that was about possibly tracking the gem trad

. >> stephen engle there. let's get you to vonnie quinn with the headlines. >> south korea's president asked the japanese prime minister have held their third seven in two months. they held talks after visiting a memorial for the korean atomic bomb victims in hiroshima. it was a first display of unity between u.s. allies as they confront threats from north korea. the ukrainian president has suggested that bucklew is falling -- box mood-- bakhmut is falling. his spokesman said that journalists misunderstood his comment. the u.s. will provide 375 million more dollars in aid to ukraine. neel kashkari is open to skipping a rate hike at the fed meeting in june. it would give officials more time to assess the risks of more rate hike and the look out the output. he also objected to any sufficient that they are done raising rates. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn and this is bloomberg. >> still ahead

jamie dimon speaks with stephen engle from shanghai at 11:55 a.m. hong kong time. rishaad: looking at general macro moves, making headway are not, commodity side, it moves with wti still under pressure, crude oil and sovereign bonds, green is the color of the day. yvonne: you are marketing moves in the aussie dollar the inflation was hot which led to stocks continuing to fall, hsi down 300 points and japan is feeling a down drift this morning. manufacturing activity now with eric to, how bad was the data? >> the overall picture was not good. manufacturing pmi the weakest sense december. it is clearly showing the demand is very weak for manufacturers domestically and globally. the global economy is slowing down. china has been focusing on the services sector. manufacturing pmi is decelerating even with the labor day holiday in may. it is not even boosting that much so clearly the service sector is seeing expansion but the pace is slowing. rishaad: where's the optimism coming from for the second half of the year? it seems there are a number of market participants who

let's bring in chief north asian correspondent stephen engle in hong kong.een following top leaders like elon musk, jamie dimon, and china and their meeting with senior chinese officials. >> that's right. interesting timing obviously as official ties have deteriorated quite badly. joe biden and xi jinping have not spoken in about seven months, not since the sidelines of the g20 meetings in bali. military to military, dialogue has been nonexistent. china has rebuffed attempts to have lloyd austin, fed secretary, meet with his chinese counterpart. so let's face it, it leaves the business leaders of the two countries to try and keep these two major economies from decoupling. and it is something the biden administration try to do, de-risking with these various measures to clamp down on investment in china's top technologies like chips, ai and quantum computing. china sees de-risking into decoupling as the same thing, attempts to limit china's rise. we did speak with jamie dimon exclusively yesterday. this is what he had to say about the risks of doing business.

our chief north asia correspondent stephen engle joins us now. s? stephen: we heard a number of different things. we will hear more today when my colleague will sit down for an excuse live -- exclusive interview. yesterday, she had on a number of issues including the u.s. that ceiling, calling it catastrophic for the united states to default on its debt. also took an opportunity to weigh in on geopolitical issues. namely, the ovation by the russians on sanctions and closing those loopholes in getting consensus from g7 members as well as the invited guests from the global south, as well as china. a main issue as we transition next into the leader summit in hiroshima is what kind of pressure the g7 will place on china. how will the phrase knology be coalesced as a single message between the europeans, the united states, the canadians, as well as the japanese on pressuring china because of what have some call -- some have called alleged economic coercion from the chinese. that was front and center. we are hearing from sources that the united states i

rishaad: chief north asia correspondent stephen engle is with us now. what is likely to happen? ll get retailers up to birmingham to participate in this agm. there are six resolutions shareholders will be voting on, including two introduced by an activist investor. he has proposed number 17 and number 18. one will be calling for the creation of a quarterly review of structural reforms, basically centered around the asian operations, which are the most profitable and the biggest revenue generator for hsbc. other resolution, 18, is quarterly payouts no less than what they were in the pandemic, dividends. one could argue that the first quarter results from hsbc which saw the bottom line beat expectations at all so they had a better than anticipated dividend payout ratio of more than 50% for this year and next year, that assuaged some of the concerns investors have had since they halted dividends and other banks halted dividends through the pandemic. that will be one key one. but really it is this restructuring fight. will they have enough support beyond ping an? ping an is supposedl

the spring at stephen engle was with our next guest. >> yes course, last night was las vegas and sandsthis was an underperforming big casino until about 2021 went it stuffed up in happened and then it really renovated through the pandemic. i've been telling you, the streets here and the buildings here were empty for three years through the pandemic. we will talk about that. bentley is managing partner. it is a consulting firm. you are here through the pandemic. you've been here 18 years. how bad was it and how would you say the recovery is going? is it sustainable? >> it was really quiet. basically a small shrinking pool of us here. knowing that people were leaving the cow, the streets were empty, restaurants were shutting down. this year, things reopened with a huge boom. if you were to look at in terms of the recovery and whether it is sustainable or not, we are writing on the back of china's domestic revenge travel phenomenon. chinese authorities reported that they were at 68% of 2019 level for q1. the cow was about 44% in the same year, macau is benefiting from lack of chinese trav

we have stephen engle still on the ground with his key takeaways. david: we will have the latest ow election -- the leaders on elections over in turkey. . we are live from istanbul just ahead. this is bloomberg. ♪ yvonne: the political fate of turkish president erdogan hangs in the balance as he looks headed for a runoff election in two weeks. it is pretty late for you now. what is the latest? >> it is too close to call. turkish president erdogan has of course been at the helm of turkish politics for more than two decades but he was not able to get more than 50% of the votes this time around. as you said a looks like there will be a runoff two weeks later. of course the votes are still being counted. he was facing the main opposition candidate who was of the candidate of a united six party coalition. president erdogan spoke earlier saying he could still win in the first round but if not, definitely the second round. of course he has been facing difficulties over the past few years especially with economic crisis and the deadly earthquakes. rishaad:

stephen engle is in hiroshima as leaders arrive for the g7 summit. manus: president biden express that confidence that negotiators will reach an agreement and avoid a catastrophic default. let's get more with bill in singapore. this was optimistic language but were their nuances in it? there is still a lot of criticism from mccarthy on biden shooting off for the g7. >> both sides expressed optimism, kevin mccarthy criticizing the president going forward with this trip to the g7 although the president did cut off the end of that trip which was including visits to new guinea and australia. some of those meetings were being brought into japan, but both sides saying they do think some kind of deal as possible. what remains to be seen is whether on the house side whether conservative republicans go along with any deal that kevin mccarthy might reach, but the pressure here is still that early june deadline and the reality on capitol hill is to make an early june deadline, you have to get legislation moving before june. so that's kind of the pressure bosons

chief know they are correspondent stephen engle joins us now. a whole list of questions. y is if there could be consensus from all the leaders. stephen: yeah, i mean, it is a good time, i guess, to hold this meeting up finance ministers and central bank governors because of the litany of issues that need to be addressed, and intentionally with janet yellen giving a press conference in a couple of hours, likely to talk about, of course, intensifying those sanctions on russia because of the war in ukraine or getting other nations to prevent what u.s. officials are saying is russia's circumventing of those sanctions, so tightening the loopholes, tightening those sanctions could be a number one issue for her, but again, the debt ceiling impact -- and pass in the united states and a potential default by the united states is probably front and center of the other counterparts in the g7. joe biden has talked about it being trouble for the world if the u.s. defaults. yelling -- janet yellen also says it could be troublesome for the economy. that is something to watch out for later

rishaad: the ceo speaking to stephen engle and macau -- in macau.t more on the recovery and get to the bloomberg senior intelligence research analyst. most hotel rooms could turn operational in this particular quarter. are we seeing the service and macau -- in macau back to pre-pandemic levels? >> i am happy to be here. i am happy covid is over and also happy to see many people waiting for theories from hong kong to macau. we will see more improvement in three q of next year. i still see many restaurants i used to go are temporarily closed. that can improve next year. david: that is very useful information. we are doing this now, because they had such a big opening ceremony there. we have a great backdrop where you are. what about other operators? the londoner is open to your left, the venetian, the parisian and i think we see studio city in the shot. what is competition like now? >> i am not surprised macau had a big improvement in hotel rooms. if you walk into the properties there, you feel like the company is still friendly. it is bright and you

let's get more from bloomberg's chief asia correspondent stephen engle, much as this undermining the message the by demonstration wanted to send to asia? >> it deftly has the potential of undermining those efforts at a time when china is waiving its own charm offensive if you want to call -- if you want to call it that in the asia-pacific. wanting to woo the local south, brazil, india, indonesia, middle ground countries that are not picking sides on what has become a bifurcations of hearts and minds between u.s. interests and chinese interests. here at the g7 obviously there is some unity aussie -- on the board in by russia, they have condemned that at the finance and central banker meeting in the gutter last week -- nigata last week. they criticize the illegal war there is unity there, there are other issues, one is what u.s. officials called the economic coercion by china to essentially limit trade if there is more geopolitical issues at the fore. that is something the by demonstration is to get others on board. not just g7, there: this g7 +. inviting leaders from other countries i

thing from china delivering its latest effort in the salvo -- battle over microchips, we have stephen englee to talk us through it. >> fresh over our own -- off my own plane. not air force one. air force angle. there you go. coming back from the g7, a lot culminated with my been giving it press conference and zelenskyy going in and shaking hands with just about everybody sent lula da silva. i will get to that in just a minute but on the china front the u.s. was trying to say the right things and the g7 was saying the right things that they want a constructive and stable relationship with china. but the problem is that the united states and china are not talking right now. there are moves afoot that biden alluded to in that press conference that maybe they could lacks some of the sanctions on the chinese defense secretary so that he could meet with lloyd austin. that can get dialogue going but there has been none. micron was a side story at the g7 with the prime minister of japan luring micron to expand its chip factory in hiroshima with one and a half billion dollars -- $1.5 billion. basica

our chief china markets correspondent joins us in hong kong and our north asian correspondent stephen engle to see when trading begins given the downside in hong kong in the past couple of sessions? >> it is looking like a pretty muted open onshore. what has happened in the past five days, not just globally sentiment as weakened, we had the fed hike yesterday and turmoil in the banking center, but internet with the manufacturing report that showed a surprise contraction in april that was really negative to sentiment despite the good data when it comes to holiday travel and spending. we also had another property developer default. that shock the market. even though that is a small property developer when it comes to sales, it is the first one since october, the first publicly listed property developer to default according to liquidity pressures and a very important part of china's economy and also confidence. yes, we are seeing consumers spend more, but we are not seeing that translate into confidence in the market. hong kong's stock market was weaker yesterday, and we are running out of cat

this is with stephen engle with jamie dimon, look for that tonight from shanghai.ure out the times. damien knows the time zones and i don't really know them. tonight, jamie dimon this is bloomberg. ♪ jonathan: live from new york city, good morning, this equity market and the nasdaq better than good. the countdown to the open starts now. >> everything you need to get set for the start of u.s. trading, this is "bloomberg markets: the open" with jonathan ferro. ♪ jonathan: live from new york, biden and mccarthy working to push through their deal as nvidia surges toward a $1 trillion market cap, investors consider one more hike in june. we are here with a big issue, we have a deal. pres. biden:

today we say thank you to stephen engle in hong kong his conversation with shanghai with jamie dimonheater have gone down in flames. i need a $66 print on west texas intermediate. they can get it. 67.06. i do not know how to go opec plus here. i do not know what the supply microeconomics is to boost lease price -- to boost the price. lisa: you know who does note? chat gpt. there is article came out. they are higher chat gpt to handle -- which i think is pretty much on brand. that is why i am hearing from people who are in school. tom: can i go and do math? take the longest series i have which is saudi light series back to the 1950's pre-nixon and all that. i look at the collapse of 1986 and you compare that move to now and it equates to 40-41 dollars a barrel. we are basically halfway there to 1986 kind of feel and a plunge in oil. we are nowhere near the agony yet but there it is. lisa: how does riyadh handle russia? tom: will that will kennedy and our world-class team discussed this. it is a theme here into juniper you'd tomorrow on the program sell in may and go away. we will have