We have appreciation of the yen which is exacerbating the problem in some senses as it makes exports less competitive. Theres a correlation between the strength of the yen and what happens on the knee cape or its of the stronger the yen gets the weaker the nikkei. Where sing a little bit of that today. The 200 lurched lower, led by those banks, increasing the amount it was going to charge itself for these complaints coming through for customers being a miss sold products. That stock is down and dragged the market down as did the broadsides from the reserve bank. In the four big banks. Australia passing on the Interest Rate they have been instituting. 10 year yields now 1. 59. 16 basis points loss in the last two days. Year. Or the 10 a rally in place as people look for a safe place to put their money. This is the position for gold asures, above 1500 here well. Down a fraction at the moment. The yen appreciating their against the dollar and their ego , perhaps limiting things a little bit at the s p active futures there, about. 3 to the upside. To let you know about gold, there is Research Suggesting gold rises have in some ways been curtailed or normally during this golden make holiday in the absence of chinese trade, we see gold go down nearly always. Perhaps that is something limiting gold advance. Lets go to our special interview. Yes our top story the indonesian president aims to deliver on major informs investors have been demanding. He spoke to bloomberg editor and chief John Micklethwait in central java. They began by discussing widespread student rightists against controversial changes to a crime bill. This is indonesia. Indonesia is a democracy. If people want to express their opinion they can. The most important thing is no anarchy, no riots, note destroying public facilities. You can imagine Foreign Companies not investing in a people,that band gay that made it hard for women to go out after 10 00. And that chris is my view, surely that is something you should and the criticism of you, surly that assenting you should get rid of that long . We have delayed the revision of the criminal code. We want to get feedback from the public. There are many articles in the revision that are being misinterpreted. So the information received by the public is misunderstood. In 2014, you are the hero of the reformers. Now you have the protesters protesting against you. Does that worrying echo does that worry you . No. No. I think they are normal. When i was mayor, there were protests. They were normal. When i was governor, there were protests every day, they were normal. As president , there are protests in front of the palace as well, sometimes i ask them to come in and i listen to what they want to say. Sometimes i do not. You invite the protesters to see you and talk to them . Me. Ometimes they make sometimes they do not want to meme. One way to reassure Foreign Investors and people who care about liberalism and engineers out that you are still on the side of reformers, is your cabinet. Wondered, many Foreign Investors are watching closely, sriticularly in gelati youani indrawati. Can guarantee she will be in your cabinet . On october 20 there will be a president ial inauguration and an inauguration of ministers after that we will introduce them. I can tell you now, i guarantee she will be in the cabinet. Im not taking the decision, but she will be in the cabinet. You have been a champion of resource nationalism. You took over three parts and you have now put a ban on nickel or being exported in the raw state. Is that your strategy that you want these things to be made into finished products in indonesia . First, freeport. That is a business process, not local policy. Second, for nickel, we want Raw Materials to be processed in into asia to become semiprocessed or processed goods. We wantmodities too. Cpo to become processed goods, or jet fuel, or soap. The crucial subject of palm oil. Youre one of the worlds biggest producers. But as you know consumers in the west are cross about the sustainability it at the European Union you have Big CompaniesLike Unilever and nestle. Prices have gone down. Your Palm Oil Companies have withdrawn from some of the international certifications. What are you going to do about this . How can you support the industry the palm industry . This is not a light problem. 60. 5 million farmers and workers are in the plantation area. We are responsible for higher cpl price. Several times i have sent a team to the e. U. To explain this. Our precious 46 million tons per year. But this is discriminatory, not supposed to be like this. Trade must be open. But truth be told, we will fight this because this is about 60. 5 million people. 16. 5 million people. Speaking exclusively with bloomberg editorinchief. Guestning us as our next Prashant Singh managing director, senior portfolio manager, Neuberger Berman singapore anything that stood out to from the president . Yes it is clear in our recent attraction with a donation authorities we get a similar view that the governments focus on reforms. They clearly are not looking to push the growth rate hikes risk can fiscal push, they are focused on reforming the quality of growth. That is an heartening from an industrial point of view for us. It was in line with what we have spoken to them in the past. Have you been adding to positions you already have in energy asia . In indonesia . We are maintaining our overage now. There are some short in the near term. Especially given we have got a risk profile with u. S. China trade issues print we will probably have to be more patient and see if we get better levels to add but we are meeting our core with indonesia. I want tosay look, if switch production out of china, the alternative markets are vietnam, cambodia, bangladesh. Indonesia does not really fit into that equation some saper and what you say to those critics about the prospects of growth in the country echo . Thats a fair point that indonesia is not really the First Destination you would look too if youre looking to shift production from china. Authorities are making some steps toward that. See are talking about tax incentives. Youre talking about some other offers to manufacturers to shift production there and for now, indonesia is also suffering from a lack of reforms which they are talking about at their next set of reforms to come there. The basic infrastructure still lacking in indonesia and they are focusing on that for now it is not on par with what we are seeing in malaysia, vietnam or by glenn desperate we will have to make wait for that to come through. History of volatile Exchange Rate movements for the rupiah. How do you hedge against that . Of indonesiabank in terms of monetary policy, another rate cut is in the offing surely . When it comes to Exchange Rate volatility, if you look at the recent past, the volatility has gone down to get laid from what we used to see in the past. The eye has to be credited. With the ndf, they have put a lid on the implied yields on the ford site and that is curtailed a lot of the volatility on the forward side. That is also kept costs under control. The forward markets are liquid and implied yields are higher by the standards of their peers. But compared to history they are still not fairly high. So costs are manageable here. When it comes to rate cuts, i think given the Exchange Rate stability, given that growth is moderating and likely set to go lower, and inflation is not really going anywhere, i think not only rate cuts are warranted, there easily deliverable in indonesia. Us prashantay with , singh with first word headlines, su keenan. President trump lashed out at the democrats and news media in a wideranging angry press conference at the white house it without providing evidence, he labeled joe biden and his son quote stone cold crooked p he also defended his conversation with ukrainian later, and excused accused of that House Intelligence Committee chairman of kidding treason. Had a great call with the president of you train ukraine. It was a hunter percent, you have the transcript. Shift went up as the chairman of the committee and relayed a call that did not take place at he made up the language. It is hard to believe nobody has ever seen as peer i think he had some kind of a mental breakdown. To the u. K. Now Prime MinisterBoris Johnson will suspend Parliament Next Week so he can lay out a new legislative program ahead of the brexit deadline. The suspension will last six days with mps returning to westminster on october 14. Johnson is also announced his new brexit plan, telling the e. U. He will make no more offers. Brussels says there are problems with the plan, but johnson is refusing to back down. Is warning american jobs will be threatened if the trumpet administration goes ahead with tariffs. Authorized 7. 5 billion in duties against the e. U. At the end of a 15 year dispute about state aid. Airbus says 40 of the components in its average planes come from the u. S. , supporting 275,000 jobs in 40 states. Day two of u. S. Quarterly auto sales reports. , but still fell 5 in september. Chrysler sells flat in the quarter, better than the anticipated decline of 1. 6 percent. Ram pickups outsold the chevrolet cerrado around 6000 trucks. Day onnews, 24 hours a air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. Still ahead on Bloomberg Markets. More from our exclusive interview with the indonesian president , hearing about his palm oil pursuits and labor promises. And we look closer the indonesian economy later this hour in jakarta. This is bloomberg. Globe are across the fighting over whether the Worlds Largest economy is approaching stall speed it are we likely to get that recession . Take a look at this chart. Perhaps it shows things are not as bad just yet. , pmi,s compiled of ism Consumer Confidence you can data back to the last couple decades. When we did see those recessions. We are at the chance of around one in three, around 33 of a chance we could be heading into a recession in the near term. Is not like we are completely falling out of bed at the moment. But still it could be too high for comfort at the moment. What really sparked this that we saw on the last couple of days was that ism manufacturing data p yesterday was the adp report. A lot of signals here on what it is going to mean for the u. S. Jobs report that comes out friday as well. What we have seen when it comes to manufacturing side of things, the u. S. Finally joining in with the rest of the world and this contraction about when it comes to the factory floors. A lot of questions there about what comes next. And whether bad news is axley bad news now. What does not help his the u. S. Overnight imposing tariffs on e. U. Goods worth about 7. 5 billion, after victory at the debbie too. The u. S. Released a list of products and plans to target starting october 18. Everything you can think of when it comes to your sing a mall irish and scotch whiskeys, coffee, cheeses are your cheese board could get more expensive. Yogurtducts like letter,. Planes as well but some parts were spared. Helping with the Risk Appetite out there. Ok october 18 two these kick in. Is this also tied with the ruling in a few months on boeing. Does this represent in your view perhaps another front in the trade war. If so, how does that move the dial . Absolutely. Of the this is another measures of geopolitical risk where looking at now. All this clearly puts pressure on forwardlooking indicators. If you look at the con current indicators in u. S. , holding up fairly ok. But that leading indicators are already showing signs of increased slow Going Forward. Thousand two are expectations of how markets would behave. We think duration is still the place to be in most global rate curves as well as emerging markets curve. That is how we are positioned. That is how your position spared when we look back, do you think this will be that moment, when we can see perhaps this is why the United States could go into much deeper slowdown, if not a recession . Potentially. As i said, this was one of the latest factors which are already putting pressure on growth. The markets are indicating that sometime back we saw the curve invert in briefly and now it has inverted, but that has been a fairly reliable indicator as well. All in all, this is clearly pointing to increase concerns and growth Going Forward p that is something we have to be pared for. Tell us more about that. We started the air within version. Then you get the steepening, particularly in the short end of the curve. For those watching out for recession indicators, some say this is what theyre looking for. Do you agree with that kind of you . Kind of view . There is clear precedents to it. Those have been a reliable indicator of future recessions. The flattening and fairly sharp flattening we have seen, there is merit to that argument. That would increase our focus on more risk to the Growth Outlook from here onwards. At the yieldok curve inverting, is often seen as a reflection of perhaps what is going on. Ours it may be seen as section how things will play out , deeper slowdown if not a recession. How much has the manipulation of the yield curve in recent years made it different this time . That is different question a difficult question to answer. But i would still go by the data that is in front of us. The fact that the inversion we saw on the curve, that has also been targeted by leading indicators. So it is not an inversion happening in the absence of data which is supporting it. So i would still lend a lot of credibility to that data. Strength really bad for em debt . Some see it differently, the linkages between dollar dynamics and em debt overall but what signs you look at now for calling a top for the greenback . And near term, i think there are still enough factors that can lead to a sustained dollar strength, especially against emergingmarket currencies but upon looking at and touch geopolitical risk data. In general the e, Growth Outlook is not looking great either. Versuslooking at the em u. S. Growth diversions to be slowly again favoring the u. S. , at least based on certain forwardlooking indicators. All those factors do seem to provide a nearterm push for the u. S. Dollar to keep outperforming em currencies bird at the same time, we are not looking for any significant weakness and em currency. The current account balances or external bounces are still in much better shape for em currencies. Also the fact that the global liquidity and Global Central Bank easing will likely be fairly accommodative. That you keep the portfolio flows coming back into em and keep em currencies from weakening too sharply. Thank you. Prashant singh managing director, senior portfolio manager, Neuberger Berman singapore where watching ahead of the hong kong latest situation, protest keeping shoppers at home. We will crunch the numbers next. This is bloomberg. The economic pain in hong kong is intensifying, with retail sales pushing a record plunge as longrunning as letting protest cripple tourism and spending. Al correspondents has the latest. Our correspondent steve has the latest. The golden week holiday in hong kong is a big time for mainlanders to come over and do their shopping. But they are staying away in droves, down 42 in august. That led to a record drop in the value of retail sales in the same, the rvr, down 23 . Anyone who walks around here on october 1, because the protest and because of what turned violent, you see shops were closed premuch all day. This is in the worlds most expensive retail rent market picks so it is tough times now for hong kong. Manager,a hedge fund kyle bass, says hong kong faces severe economic decline p he is putting on the breakup of the hong kong dollar peg. However the hkma incoming chief defended the peg saying it is necessary and the foundation of hong kong stability. And still no end in sight when it comes to the unrest. We are expected to possibly see more crowds today. As the government doing anything at this point, what measures are they reportedly looking into now . Violencethe increased on october 1, tuesday there of increasing calls clinic from Police Foundations saying perhaps it is time to invoke the emergency ordinance regulations or even a public order ordinance from 1967. It is complicated there are a lot of legal ramifications to do so p that includes a curfew. The is what regina yep, former Hong Kong Security chief told me on some temer 12 about the possibility of that happening. The powers are wideranging. We do not need to invoke all of the powers. If it is really necessary, we will only mix make such regulations as are necessary to restore order. Jurisdiction, we are all too aware of the legal challenges that we could face. I think the concerns already expressed are overblown. Talking localso media that there can be no regulations banning the use of facemasks during protests. But all of this if there is a curfew, if there is an emergency organ ands regulation, it could inflame the situation further, because these people take to the streets are fighting for the protection of their freedoms. And this would be a further erosion of that. Are chief north asia correspondent. Just around the corner from bloomberg headquarters in hong protestsorting on the and more of them in the pipeline. Plenty more to come the tokyo lunch break coming up next. This is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. It is 1029 a. M. In hong kong and shanghai, 10 29 p. M. In new york. I am su keenan with the first word headlines. K us inflation to could be turkish inflation can be heading for the lowest level in two years, possibly heading setting up another confrontation with president erdogan after his new central banker limited room for more easing. Data today may show inflation dropped to an annual 9. 7 in august, making turkish real Interest Rate among the highest in emerging markets. Pakistan owes china more money than it does to the imf. Islamabad will have to pay beijing 6. 7 billion as loans mature of the next three years. While the fund is owed to . 8 billion in the same. Toistan racked up loans boost Foreign Exchange reserves and bridge a worrying financial gap. The imf approved a Bailout Program earlier this year. Upbeatsident of iran is over europes latest attempt to ease the crisis over the 2015 nuclear deal. Rouhani says he finds them main terms of the proposal to revive the accord acceptable. The plan calls for the u. S. To lift sanctions on iran, allowing it to export oil and collect the revenue. In return, iran is required to not pursue new clear weapons, and instead help ensure golf security. Largest Investor Initiative tackling Climate Change says that after two years , talking to the worlds most polluting companies, data show most have not met international targets agreed to back in 2016. The Climate Action 100 plus group says only 9 of the companies are meeting requirements. It is more pressure is needed to Push Companies to cut their emissions. 20 by 2050. Global news 20 for hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. President jokoan widodo says he will not take sides in the u. S. China trade war. In an exclusive interview he says he will use a second turn to introduce a wide range of reforms including changes to labor laws in order to let indonesia attract foreign investment. He also said trade tensions heard all size and must make sure indonesia does not suffer from the fallout. Trade tensions hurt all sides. We compete against other countries in attracting investment to create jobs. Complaints from investors on labor law are always expressed to me. Especially for the laborintensive sector. They also expressed the need to sip file licensing. We will work on these two as soon as possible. I will talk to labor unions, discuss with them how to revise the labor lop it but without causing loss for workers. This is for new workers, so industries can expand, Foreign Investors can invest, and help create jobs. So indonesian children can work in available sectors. Is that your priority, will you introduce that law before the end of this year . Yes. Priority is labor law. But i have to talk to labor unions. Will also propose 74 laws under the on the visio law, so licensing under the omnibus law so licensing can be civil five. Negative investment less will be reviewed to attract investment and provide jobs. You have this negative investment lest you said you would fully open up one if i sectors, such as telecom but that has not happened yet. Do you have a timetable to open up those sectors where you can fully by companies in indonesia . Still in process. Still in process. We will see the revision in the end of this year. For education, we will provide room for Foreign Universities to set up universities and special economic zones. Foreign hospitals with the latest technology, will also be allowed. But in special economic zones. Also in the technology sector, will provide room. We will see in the year and we will see many sectors removed from the negative investment less, to create more jobs. Economy whichal hurts indonesia and hurts the world is the u. S. China dispute. I suppose that is a dispute where people in Southeast Asia half to decide whos aside thereon . Whos aside you feel as if you are on . Is in the middle. We want to get opportunities because the trade war is not good for all countries. Indonesia wants to take opportunities so the trade war does not negatively impact our country per and we have good relations with the u. S. And china. The most important thing is our National Interest comes first. The indonesian president joko widodo speaking exclusively with bloomberg editorinchief john vocus late. Us is Masyita Crystallin economist pt bank dbs indonesia. The First Priority is your form labor roles, licensing roles and the like. How far do they need to go to bring more investment into indonesia . I think what the government probably is doing is already very positive. However, indonesia, needs you know a little bit more to fast for the investment or new investors coming in. For example out of the Chinese Companies allocating production out of east asia relocating fraction out of east asia, east indonesia is getting none of them yet the government is doing the revision for negative investment list and also fiscal incentive. These are done at the same time to encourage more Foreign Investors. Herenk the crucial issues are doing business and investors to start new business in indonesia because tax incentives alone will not attract foreign investment. If we are looking at tax expenditure data, the latest dacia and 2017. Tax holiday for new companies coming into indonesia has very low take up. So there are other factors that are influencing desperate i think the government is currently getting on the spot with the labor reform law. Indonesia should be a great success. It has got a great demographic profile. Very young population is what im referring to. Is democracy. It is also one of the highest yield doors as well. In this part of the world per it what does it need to do to get to the next level . Yes, so indonesia with 270 million population of course the zero, the base for growth around 5 could indonesia has been going around that number for so many years. Right now the question is how to fastforward, how to go beyond 5 . I think there are two major issues per it first, the government is to continue reform, not just the hard infrastructure, but also the soft infrastructure such as ease of doing business and regulation and law enforcement. But also the government needs to tackle the daytoday business activity, to make new investors easy to come to indonesia and apply for new licenses. Indonesian economy. Go ahead. That, i think indonesia is a solid growth engine. Some Manufacturing Sector has been growing around 4 for the last four or five years. Below Economic Growth. So it is more like rather than Manufacturing Sector driving Economic Growth, it is the other way around. Manufacturing sector is the byproduct of Economic Growth per so i can indonesia needs to have a solid engine like a very solid many faction growth. And then it also needs to encourage higher valueadded sector print but also needs to balance because of the high population 3 million new people coming into the job market every year. Indonesia needs also to develop sectors that have enough labor absorption, to support income level and then consumption. That is the first step, isnt it. Thats the start of the value chain. How did they then go up the value chain, that is the thing . The challenge . Up through the value chain is also important pray the other main issues for indonesia that the government is currently tackling its human capital. Fornesias expenditure education is 20 of the budget, quite sizable. However if you are looking at the indicators for education such as scores, still low compared to other countries in the region. Indonesia needs a lot to catch thef it wants to move up value chain. For the still waiting deal as well which could be beneficial to engine asia. What sort of benefits do you see once we do see some type of trade deal. How does that help indonesia and other members . Indonesia is not really highly connected to the value chain in asia. Which is why the first half of this year growth performance is quite good, because indonesia does not really get the negative impact of the contraction in the global trade. However, at the same time, because it is not really embedded into the value chain in asia, indonesia is also not getting the benefit very fast when production starts to be shifted outside of china. Much, dbsou so economist Masyita Crystallin. Coming up the Worlds Largest asset manager is looking to expand its assets in china. This is bloomberg. We are back with Bloomberg Markets as we have a look at the latest high lands. We work and its japanese operations former managing the one wholacing had run the japan set ups. Of the companys most important markets and is home to one of its acres his biggest shareholder, softbank which poured tenderly dollars into the company. Ships 97,000 cars in the september. Exceeding the 95,000 in the earlier quarter. Muscat. Tessa had a shot at topping 100,000 for the first time. Tesla will report earnings at the end of the month. Startup snagged have a billion dollars from investors including tencent. New dawn is an online marketplace for businesses sourcing directly from small many factors, farmers and mills to supply local stores, restaurants and street vendors. The latest 585 billion dollars texas his total funding raise takes its funding raised since 2016 to 870 billion. Blackrock help in the merry talks with tencent, as the Worlds Largest asset manager looks to expand operations in china pernod deals have been struck boat one discussion point is the joint about men of a software, similar to blackrocks dax joint development of totware to help clients manage risk in their portfolios. In has to be important for these companies to have Wealth Management and how important is it for a like tencent . What is amazing about tencents they are known for that we chat app and we chat pay , people use it to pay for everything in china. They are known for games. But stealthily and quietly over the years they have built up their Wealth Management business. At the end of june, they had 800 billion yuan under management and their lee typed tong Wealth Management platform. Hundred billion dollars u. S. Fintech and Business Service is around 26 of revenue. Avon note is not the most famous part of tencent it is a big part of what they do. It is going to be bigger in the future as chinese get richer and have more money to invest or manage. It will be a big deal for tencent Going Forward. Do you think blackrock could make it in china in the face of strong local competition . Also a potential roadblock would be our reporting about possible capital controls of u. S. Investment into Chinese Companies. Yes, i think they can make it in china. As you say there is a lot of competition. Bed withmping into tencent, everybody has tencent in their hand, really, with 1. 3 billion people who are monthly active users of that we chat platform by removing the friction where you can easily open your phone, of the app and decide to allocate some of your money into one of these blackrock funds, one of the funds blackrock has helped tencent set up, i think that is removing so many of the friction points for blackrock to get into china, they do not need to bill with banks, portfolio managers, other Financial Institutions that blackrock uses to help disturb their products. They have the absolute most awesome this abuse and platform right there, if the deal goes through. It is just in talks. I think it is a great deal for them if it can go through because they get right to the consumers, right into the consumers hands. Look at tencent. We have a slowing chinese economy per one would assume with them having so many fingers in so many pies, that they are wellplaced hook to cope with any deep slow down. What is your thinking . Isyes, the slow down affecting tencent at the ad level for example. If people do not have as much money they may not spend as much on games and other things. Think then a way, why fintech and Business Services division is something to watch out for peer Wealth Management, even if the economy slows, we are still talking 3 4 5 growth, whether or not you believe the official numbers. There is still a lot of money sitting around that needs to be managed. 10 tencent is a company that really wants to help people manage that money. So if everything slows down, there still that Wealth Management division for them to tap into and make their percentage on the side. , Bloomberg Opinion from taipei, thank you, tim. From india we are counting down, standing by in mumbai. Is selling going on on the benchmark indices, how is it all looking . Has he gone to the point where people are telling you that it is oversold . Being, yes, it looks like that. After the runup we have seen last week, the last few days have not been particularly good. It has continued to sell. He day before was big numbers yesterdays offer a holiday. It looks like from here and you can actually see a minor bounce. If it comes about and takes us beyond the 11,400 mark. Further selling pressure is anticipated. The structure can to new tremaine we could minor bounces can be used to further minor bounces can be used to short the indices pretty we closed below the 11,400 mark a crucial level per it we managed to pulled back from the lows of the down tuesday. Banks are key culprit pit it is all about the banks the last couple of days. The pain they have been inflicting. The Public Sector bank sprayed the private sector banks everything sold off. That is caused a major dent on the index as well, which has 35 weighting in financials. Your watching yes bank the bond something by record yesterday. As the shadow banking crisis going to haunt the market again . Bank, we have got a lot of issues for yes bank. It started last year when cap ore was not given permission to renew as the head of the bank. Pur wednesday further invocation of the pledged shares pretty almost 4 of the pledge shares got involved at low prices but we saw the reaction, 22 drop which now takes the Group Entities holding to just under 1 . The stock has eroded 90 of shareholder value in an last few months and is now down to being a small cap name on the index. Enter global aviation is the other one for you have to watch out for that stock as the announcedare now looking for arbitration proceeding in london per there was anticipation things were going well but apparently not so. The stock was down 1 in tuesdays session. We will see what happens as we get the opening 55 minutes from now. Bloomberg in mumbai, thank you, ina. A next, how borrowing affects policy. To the battle of the charts. This is bloomberg. It is the battle of the charts. We go to our south asia economy editor. You can access the charts on the bloomberg by running the functions featured on the bottom of the screen. Jeanette . Good morning. My chart today outlines one of the biggest headaches for indias central bank. The government decides on Interest Rates tomorrow and this would be top of mind. If you look at the blue line on the chart it shows indias main Interest Rate, the policy rate. You can see it consistently dropping this year. Governor doss has been cutting the policy rate. If you look at the yellow line, the shortterm swap, you can see the swap market has been pricing monetary easing. Have a look at the white line. That is the longer term borrowing costs. The government borrowing cost and bowing cost for companies the white line is moving in the opposite direction. It shows that despite all of the central bank easing, or when costs are remaining high for the government and companies. That is going to be something top of mind for the governor when he decides on rates tomorrow. That is a great job. I want to know what each one is perhaps pricing in, can you tell me a little bit about that apart from the rate we have the moment. Line really is the 10 year bond yield. That is basically factoring in the government hi borrowing. The government has been borrowing a lot from the market. There is a concern the government may overshoot its fiscal deficit target and but Government Bonds are reflecting that concern. Are serious physical worries in india and therefore Government Bond yields are remaining high. Swap price in liquidity expectations that the central bank will continue cutting rates this year. The yellow line, the swap line moving consistently lower. The blue line is the Central Banks key Interest Rate decision itself. That is moving lower in step with the reserve bank of india. Probably it will route move lower tomorrow. All right, eric. Today is a jekyll and hyde chart take you look at taiwan semiconductor. On the one hand, they hit a record this week and is outperforming against the emerging markets index, which is one of the biggest weightings. But it is still underperforming some of its peers in both taiwan and in the u. S. When you look at the semiconductor indexes. The benchmark Philadelphia Semiconductor index and the benchmark taiwan some connector and expert there is optimism for taiwans have a conductor because the latest apple iphone, iphone 11, there is optimism that sales will be stronger than the last generation. So while the stock is at a record, theres potential for further upside if we do see those that are Sales Numbers come in. What is another factor when ,e look at tsmc often here eric. The bitcoin price. So many chips are sold, so many servers are sold for data mining. If we see a big, big lifton price that could change the equation . Absolutely. That is part of the reason we have seen strengthen some of the rival chip producers in the past. Graphics chips producers like nvidia and amd. Those powerful chips are used in data mining for Bitcoin Mining processes youre talking about. I think it is about as it is a chip. I think im going to go with jeanette. The r. B. I. And the Corporate Tax cut that roiled the bond market peered there is a lot of focus on what that means for governor. It looks likely they will continue this easing package pit congratulations jeanette. Sorry, eric. But you win all the time. He will beg to differ on that. You can find those charts on loomberg using gtv johnson in the in banking series taking place in madrid. He will not want to miss that coming up at 2 30 p. M. Hong kong time. In the neck sour Bloomberg Markets asia, we discussed Asian Infrastructure and economy with the singapore miniature singapore minister. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. I am taylor riggs in san francisco. This is bloomberg technology. In the next hour, a new high for tesla deliveries but not meeting elon musks lofty predictions. We break down the numbers. And the meatless burger craze looks here to stay. We have a exclusive conversation with the ceo