Of things weighing on sentiment. Or Transportation Companies like an ecosystem of partners is important. Uber. There is concerns about new if you want to be a responsive driver and provide a housing zealand x place inflation these Business Models are changing. As an asset manager, you have to loan, you have to get a Company Expectations dropping on the eve of the central bank reserve which will provide that. Take you have to stay on top decision. If you want to provide access to of the technology to see how groceries, you need to for they will impact the companies. Consumers. Do see the Asset Management so building the ecosystem is industry having to tweak itself fundamental. In the next five to 10 years clawing back gains, a few markets in the green, the the lessas one of session on monday. Lets check in with the bond because of the disruption . Localized players we have always jenny 100 . Space and look at sterling. Had to be disciplined because we dont have any one investor a big area of focus for us is giving us support. The 10year yield we have had to have investors length. A massive data look at us from different angles and say how do you find a yields justee unique sources of data so our partner that will help you be efficient . Investors are able to get clamber up towards 2 . Haslinda are you looking for insight to generate their views on opportunity that are back,rket is coming more partners . Yes. Different from others. Monday was a holiday. We think it is all going to be as many as we can. About trading for the treasury market. Applying technology on it will be something we care no cash trading for the about a lot. In terms of financial processing and ai to gain treasury market. Insights. Jgbsse at the focus products, what is in the line . Anybody who is not good at it is housingarted with the going to have a hard time competing. I think there will be in the focus. 47 yield. Financials. We are working with a lot of opportunities like blockchain to partners and consumers. Be able to be more efficient in the theme of digital will be a back Office Processing to drive key point for indonesia. Haslinda what is the challenge down costs of the products we ivered as well as the general election playing out you are seeing given the competition that we are seeing in the indonesian markets . Youre going to be able to , 6 off of the back of nigel the biggest challenge is how Farage Brexit party leader unlock nontraditional sources of saying he will not contest the investment to provide do we make sure our company and opportunities for the masses. Tories in certain states management dan continue to be one final question. Unwavering. Ng you said before that could be certain seats in the u k and that is helping things along as ,ar as gold threemonth lows to boostntial Market Opportunity is big. We should avoid the noise and really focus on the plan and how templeton going forward. Is there anything you could 1455 dollars. Do we become the best super app. Bank has thentral share . we have four categories you are a financial we look at. Platform. We are looking for product expectations report, dropping to what can we anticipate in the capability we do not have. 1. 8 . Next 24 months . We have a Broad Product will produce a lot of capability. Innovation helping our consumers the section lows. Do more than just the way to that perhaps we can think about it, the way we grow and have more scale. Now right now, carrie giving access to distribution opportunities that we can improve upon. Lam is outside. In technology. Things like trade can impact our we are always looking at yields families. If you are a merchant, one of the most important things is how do you grow your business . That can enhance. The secondary benefit will be kerry our reporter is on the scene. Tell us what is happening. Another is how do you get a loan able to drive down cost. We think any acquisition has to have growth opportunity. Should begin her second . These services will be impactful and that is where we will feel we thank you for your insight press conference of the week and growth and value. The fintech are at during the discussion and for this first entered this first interview. Disruption to traffic. Thousands of commuters have been festival. Talk to us about the attractions Jenny Johnson, president nca of unable to take their usual train in tech is having in indonesia lines to work. Franklin templeton. Ahead fromke still serious, question was given the president made technology a priority. We are happy about that. This festival, an exclusive asking when the Education Bureau interview again with a cao of it is getting a lot of traction. Ceo of the abba w financial will advise the suspension of before fintech was seen as a way schools. There were 10 universities to pay for digital goods. Canceling classes. The second was on independent services the ab w financial inquiry into police misconduct, services. Athaad just to take a look now you can see in indonesia all even the demand of protesters. Over the country it is being given the demands of used for things that are going into japan, the bank of physical. The most Apartment Development i japan and the jgb auction. Protesters. The panel of experts given to yields taking up 2. 48 on the 30 like is not just about access. The policey found year note. It is about literacy. We did a program for merchants watchdog doesnt have the howelp them like understand 90. 46 with the ultimate average resources or authority to effectively investigate the of the 30 year note average. Ongoing protest. This is key. A third question asked of her our services can help them grow. Highest yield on those make their appearance better, was regarding the district give them access to digital ads notes, 0. 46 . To pay with Digital Currency we elections scheduled to take place november 24, given the that is what we have. Provide. Lets talk to you about west increasing violence which has bank. Haslinda we have to leave it datad at this inflation seen the u. S. Erasing grave there. The go pay ceo. Coming out of new zealand. They are now expecting the rbn concerns around hong kong. Coming to you live from singapore in tech festival. We will see whether or not it still to come, our exquisite data to cut the cash rate. Will indeed take place. Interview with the chairman of several people within the City Union Bank of the philippines. It stands at three quarters of 1 . Zero point 75 . This is bloomberg. Said they hope they will indeed there pointing to the expectations for a drop in inflation ahead. That is leading them to guide go on as scheduled. It has been a lot of down. They expected to hold the cash speculation. Joshua wong attended was not rate at 1 . They think it will be cut to allowed. 75 . That is the west bank reading of the new zealand inflation gety if you do of course expectations figure we had earlier. An opportunity, you will be asking questions if the opening this is bloomberg. Arises. , reminder the u. S. Put out reiterating its statement over what is happening in our back. Remind us what the site the statement included. In that statement along with announcing [indiscernible] the polarization in hong kong and the need to have protests, to have dialogue with the government, we have the chief secretary saying the second round of dialogues seemed [indiscernible] rishaad thank you. Beginning ll reese briefing press briefing. We have got something coming now. David november 24, carrie lam says she still hopes the district pulls will be held. Will be held. She is mentioning something obvious. Rishaad they are paralyzing the city. Unprecedented scenes yesterday. Negotiations are continuing, which is the protesters have stated they will be targeting. She is hoping to hold those 24th ofpolls on the this month. Lets get more on market action. David Mark Cranfield joins us. You have but a couple of notes out on the hong kong dollar. We will flash that chart and a couple of moments but help us understand what you are trying to see. Of the things we are watching is what they call the rishaad back with Bloomberg Hong Kong dollar forward curve. That is some indication about how people feel, maybe how long markets. This trouble may last in hong kong and how it reflects hong looking at business flash headlines, alibaba said it ring in or ring up 38 billion of kong compared to other markets. Purchases at singles day shopping spree. It sees more to come in the rise whichng a represents a higher cost of future which would be a record funding. There are other factors at play. Topping last years high mark alibaba has a large ipo coming for the retail marathon. They say half a billion lets do a quick check of the latest business headlines. Up in the near future. Consumers bought things as liquidity. Wing diverse as Apple Gadgets and may tesla has shown off its first goes, taylor swift and jim cars built in china as it you would expect the hong kong dollar rates to go up because helped to boost sales. Prepares to stock sales on the people are taking up money. Mainland. That is mostly reflected in the we work talking to tmobile the model three is all came in short term. The mancoming blue and were supporting chinese characters. It is chinas First Factory where you get movement in the becoming ceo. Longer could be one or two they had discussions. Owned by a foreign carmaker and teslas first outside of the years. They will speak to other candidates. That is likely to be a u. S. They have been under pressure reflection of people wanting carmakers bidthe since the planned ipo collapsed and are trying to revitalize the some kind of premium for Holding Hong Kong dollars at a time of business and fill empty spaces. To prove it can make money in uncertainty. They are going to lay off the seeing the longer duration thousands in the coming weeks. Jaguar land land there detailed timeline for starting to increase. When you have a situation as we return of the 737 max. Do where u. S. Dollar rates are rover has approached carmakers the faa is on track to certify redesigned flight aptitude relatively steady, now on hold, as they are telling everybody, it is all part of a surge for a partner for the beleaguered software. U. K. Company. Main source of profit was this is really a reflection of they say they are open to the how it will feel about hong kong because they know the u. S. Side cut costslp jl are is relatively quiet. Grounded cents march. And share the cost of burden. Since march. When you see the forward points they are in early stage and longtime struggling novo rising, it is selling you people qatar could approach other big want to have more compensation recorded a net loss in the third players in the industry. For Holding Hong Kong dollars in the long term in case something quarter. Else goes wrong. The philippines is of Raw Materials it starts to be a factor as well is possible the hong it handled. Home to a the heaviest internet users. The group lost 93 million stillirds of transactions kong dollars Credit Rating could through september. A restructuring caught federal be lowered as well if it goes on for longer. Involve cash. This guest runs one of the largest ranks and has been one asset class time. Ould last for some of the most aggressive in terms were all sparked by a former of digitalization. That is how people use the lets bring in the chairman. Employees accusations of longterm forwards as a way to improper trading. Good to have you with us. Partly reflect how they see the how are you in terms of this . Travel in the direction of hong kong credit in the future and the risks ahead for the economy. Rishaad starting the rally update in terms of rishaad we are away from the overnight. That problem is that we put this this after Boris Johnson earned a boost to his chances for limit, for the hong kong dollar. Is there any talk of the peg blockchain that is connecting winning the election. Stage. Anks into live partyer of the brexit being under danger . We have 40 rural banks said he would not be challenging or being in danger . Connected, 70 signups, 700 conservatives. The Monetary Authority has a nigel forion by branches. We have a source of airbnb of lot of experience taking care of branches. Rajeev to help Boris Johnson bank can a small rural could have quite an impact on the hong kong dollar during times of turbulence, whether brexit. Mr. For us is saying he has Asian Financial crisis, times of have its customers do nationwide turbulence in china, or esther nigel for us is saying something more specifically contestecided not to related to hong kong. Banking, for certain transactions to date. I think it is exciting and this they have a clear playbook and are committed to defending the the conservative party. This was a worry for boris will be the first step trying to hong kong dollar. Deliver a broad range of there is no reason to expect services to Rural Communities johnson that the brexit party could take away votes. They would need to do anything rural banks into the that could give labor and others to change the value of the hong kong dollar in the near term. A leg up. At this point, that worry appears to be off the table. Maybe in the future when they liker brexit, this seems are fully part of china it might National Payment system. Be a different question. This, wesingapore in tools as plenty of it would allow them to pursue the goal of leaving for the next are launching a pilot deadline of january 31. They have done repeatedly in the past. Doesnt mean to say you cant crossborder transaction from as we have been through so many of the deadlines over the past get volatility in hong kong dollar options, dollar forward singapore to the philippines. Three plus years, it has it the small rural area account to or dollar bond. Is tough to know if that is going to happen. It does clear way one hurdle all of those things can start to account all on the block chain. Fluctuate even with a that the conservatives were our partner bank is ocbc. Worried about. Rishaad this increases the haslinda how is it a game likelihood he would get a what would be the first majority. It is not as simple as that. Symptom that the hong kong changer . There are skeptics at the moment dollar is under unusual how soon can we have financial , which are being skeptical. 66 he bookmakers are saying inclusion . Pressure. Pressure . Is remittancesep mark if you had a long time chance of a majority as opposed to 55 before nigel for where trading is at the upper , implied volatility are a big chunk of gdp. A just decision. It is a month till the election. Going high. Of cost of it, the average it is interesting to look if you of slogans. Ot are worried, because offshore 250 is 5 to 10 . A lot of attempts to persuade players use the options more the voters. Labor and the liberal party than the local players. Could form more of a alliance. The beneficiary earns two dollars a day on average. That could prove problematic as the fees are effectively a week well. If there is a chance of people and a half of wages. Implied volatility is low. Nothing is for certain. The cost of it is not very that in itself is a game changer. The more important point is that again, it has been yet another deadline extension for briggs high. It. The sender in an account to with some voters, for brexit. Sometimes it does get hedge fund account contraction has control of the funds and can direct it payaad data out of the you interested and sometimes they speculate against the hedge into specific purposes according we have seen examples where they cash out of the u. K. Shows they did that. Looking at the option market is to their wishes. Narrowly out of the u. K. One place. Mortgage, shows they early avoided a and the forward curve is another place where you will see people reception. Start to take speculative action groceries, whatever. A recession. They avoided one, but not by against the hong kong dollar. To date that money moves in and all that much. Out of different entities, money Mark Cranfield in good Consumer Spending, but here on your numbers were very weak. Singapore. Lets move to what is going on in japan where people are not pawn shops, careers, year on year numbers were very bullish, a lot of fx dealers and ends up in cash very weak. They are running on a weak headwinds. With the beneficiary who is free lets find out more. Economy. Su the latest from japan, last to basically do what they want corbynohnson and jeremy with it without the sender months sales tax tax hike they are saying they want to having full control over the use see stimulus spending. Has been the lowest level since of funds. We have seen a lot of situations Boris Johnson is going to where there has been social the 2011 earthquake and tsunami. Promise he will get better trade dislocation, even second brexit would occur. The Economy Watchers index is a families by these beneficiaries. The idea not only of being survey of managers, taxi drivers cheaper in realtime but giving how he is going to campaign on and others who dont who deal control to the sender of what that and along with everything directly with consumers. The use of funds will be is else is a tricky proposition. Rishaad better trade deals. It fell in october but it was going to make a difference. Less than an earlier tax hike key. Nda you said trust is never heard the anywhere before. You very much indeed. Five years ago, suggesting reaction is temporary. How are you planning to ensure thank you very much indeed. Now to the u. K. Ruling coming up, how much does it cost when an industry ignores women . Conservative party which says it trust is maintained . Trust is anchored on the sees no reason to extend mark rural bank. We are enabling the world bank our bloomberg equality segment carneys term at the bank of is coming up next. Rather than doing it ourselves. Here with bloomberg. England despite the fact brexit the world bank is in the and the snap election is taking community. Place, throwing the search for a they are invested in the new governor into confusion. Community. They are desirous of the he steps down at the end of community being progressive january and a successor was because it delivers more expected to have been named that business. It will not happen before the po although the process is a Digital Process and very ll december 12. The chancellor of the exchequer sophisticated using blockchain says there is no rush. And our stable coin, the reality on the ground still is a moodys says the global wave of populism and social unrest is putting credit at risk. Facetoface trust encounter the Rating Agency said since with a rural bank which starts 2020 its outlook for 2020 is negative giving unpredictable in the community and the community itself. I think that is what we are domestic and intermittent leveraging on. National cash and international stress. Moodys expects haslinda there are about 100 Fintech Companies in the governments to struggle to philippines hoping to provide that service. What do you make of the competition and of the survival address credit challenges in the coming years. Global news 24 hours a day, on air and tictoc on twitter, rate . Powered by more than 2700 journalists and analysts in more than 120 countries. We are in the working group i am su keenan. This is bloomberg. David we are live at a which is a fintech platform. Singapore Fintech Festival with api Exchange Platform which some great interviews. Allows banks and fintech to we will be talking to the transferwise cofounder. Collaborate together. We tried to future proof the bank, in an uncertain future with a lot of disruption and emerging technology, the cost of with [indiscernible] and former coceo of deutsche bank. Experimentation must lower today this is bloomberg. Is is bloomberg. With better predicted outcomes than the cost of analysis which is the old way of doing. The apex platform allows us to simply, quickly and cheaply experiment with different providers and for that matter Different Technology providers what ourfore discover customers could want. The true meaning to customers centricity, giving customers access to the best services available. We think of fintech not as competitors but as collaborators in being able to deliver an awesome Customer Experience across every step in the we are the community bank. Customer journey. Notthat matter, it is we are super committed to hong kong. We have done a lot of things to limited to fintech. Try to help the community in the our goal is to create a super meantime. App, not just a banking app and control the political we need to be able to offer other tech services. Situation. Bigthat platform becomes a that is beyond us. Ceo andyas hsbc sandbox to do the maguire discussing the tensions experimentation. In hong kong. He is one of the executives i coming to you live have been speaking with here at the Fintech Festival. From the singapore fintech still ahead, the interview with festival. Rishaad we are getting to the the ceo of the upper darby Mainland China lunch break. Lets look at what we have with regulatory authority. Richard chang joins me in the regards to this. Next hour. For now, lets take a look at a we find ourselves at the absence of any more news on the trade new report which says that the talks at the moment, playing things down, depressing optimism maledominated finance industry is missing out on over 700 and pessimism. Billion a year by failing to listen to women. The board is in the red. More clashes taking place in that is the topic of todays bloomberg equality segment. Hong kong. Our ongoing conversations about paving the way for a more equal serious writing going on. Future. Andy giant is now from sydney. The hang seng is down. We were positive. Annemarie joins us from down. Ci is sydney. A lot of products seem to be here, it all starts with a simple. Genderneutral when they are not. I think that is the main point it makes. Financial institutions might think they are designing products for everyone, but they are not taking into account rishaad you are back with different segments and the bloomberg markets. Interest in digital bank differentiations of the female experience. They are not getting it right. Licenses is extremely high. 700 billion annual revenue, that according to the monetary is a lot of money in anybodys authority of singapore. The chief in tech officer spoke book. To us earlier about what is the future. That comes from estimates that [indiscernible] might be available if banks and the rest of Financial Institutions change what they did. A large chunk of the, 500 if you look at payment space, million, would come in new First Quarter next year, they premiums for Insurance Companies are all regulated. Because traditionally, women have been underinsured and the way they deliver the business, far more different from today. Uninsured at much higher rates than men. Rishaad we have had all this what will be going back news surrounding apple and right now to the singapore goldman sachs. With this discrimination that Fintech Festival which brings together people from around the their algorithm was biased hello hi how can i help . World. Our next guest runs a money against females. This is one thing that one could transfer start up. A data plan for everyone. It is a fairly big one, valued everyone . Everyone. Lets send to everyone [ camera clicking ] point and say, if women were at 3. 5 billion based on its more in senior positions, this wifi up there . Ahhh. Last investment run in may. Would not happen. Absolutely. Sure, why not . It is an argument that rishaad the transferwise a longners have made for cofounder. Howd he get out . i know it is very loud so i will a camera might figure it out. That was easy time. Their arguments about the shout virtually, but lets get a glad i could help. Current makeup in the Financial Sense of what you are doing and at xfinity, were here to make life simple. Easy. Awesome. Industry. Despite progress, it is what you have been able to glean so come ask, shop, discover at your xfinity store today. Overwhelmingly male. When you get more female, it from the festival. Blind spots into the it is good to be here. System. Not know all of the details. This festival is amazingly huge. It is in a voting situation. We are a Global Company operating in 43 jurisdictions of nots this possibility just pr problems for banks, but around the world. Many of them in asia. Potentially sing out on creating we see huge growth and better products. Rishaad thank you, emily. Innovation happening in asia. Food for thought certainly. We are in singapore as the aipac millie joining us from sydney. Headquarters are in singapore. Emily joining us from sydney. We are seeing more of the same your set to launch or declines for the hang seng. We are up above the gain line. Have already you are set to that is where we started the it is almost 11 30 a. M. Session. A bit of positivity. Launch or have already into malaysia . We are in the middle of the correct. Shares are driving and a large trading day. We are already servicing a few front. The chinese and listed companies coming up, our exclusive interview one of the most in hong kong up by one quarter pacific. N asia of 1 . Hong kong stocks at the moment, powerful women in the asset flat. Management industry, jenny taking a look at the position we find ourselves with regards to we are in for an hong kong and johnson, president and ceo of in japan, a fairly a new numbers Franklin Templeton joins us in moments. The hong kong dollar. Currently, the talk is the for now, lets get first word headlines with su keenan in new revenant of highball and the york. Offered rate. Cnh eyeball up 20 basis point. In asia. Kong ande in hong , date yet toonth protesters have clashed once again on tuesday. It has risen the most since be confirmed we are starting to with unrest centered on august of transport links in university with customers in malaysia campuses. Several subway stations are not Much Movement with that peg our interNational Payments. [speaking simultaneously] closed with bus Services Also against the u. S. Dollar. This brings us onto interrupted. Lets move it and talk about spoken agains what is going on in regards to what you have at the moment, hong kong. Debit cards in very is of the saying that protesters want to he did have more violent the paralyze the city. She still hopes to press ahead. Streets of the city in some of country. Various parts of the country. The outlying areas. District council would be not in the Central Business District Council and dutch you are all setting yourselves district as we did say did up as a shadow bank. Elections scheduled for later see yesterday. Talk about virtual banking and this month. Stillstill have we whether he will apply for lam saying these hope we hold the election and protesters arrived to paralyze licenses in various countries try our best to do so because it the city. And if it will play into your strategic thinking. A shortuction in japan is an important election with the rights of 4 million voters while ago. The results were that we got the to respect and safeguard. Average yield. There is an issue of safety and absolutely. We are now living about 5. 5 order that we have to work hard out andtion going alien dollars on behalf of individuals and businesses to satisfy these two requirements. Pretty much in line with what we hotthe portions of two across borders. Have in terms of the yield. That is the biggest part of what we do is we help people in sterling moving up by 1 in the businesses and now even thanks. Asian property markets are you are right. Diverging. A report from the urban land this is just the beginning. Last 24 hours. Boris johnson got a preelection institute and now we are also offering pricewaterhousecoopers says that boost from the actual prize. That is the position we find singapore is ranked Number One International Banking Services including0 countries for Real Estate Investment ourselves in next. Prospects in terms of price increases for 2020. All of europe. Accounts with a hong kong affected by months of debit card in the United States violent antigovernment protests three months ago. Two months ago we launched in has plunged to the bottom of the from 14th place australia and new zealand and less monthly rolled out our currency debit cards in this year. Singapore. Starting to cover factory output in india shrink years west output in asia with an International Banking proposition as well as lowest output in years in it is a good take off. In a lot of ways as he september. Production fell 4. 3 . Was pointing out, you are not that compares with estimates for just a Money Transfer service. A much smaller decline of two you are a bank. And a half percent. That is the lowest reading since are you lending money out or do you have plans to do so . October 2011. Gdp data for september will be no. Due out november 20 ninth. Last months sales tax hike in in terms of regulatory difference, that is the main japan sent confidence to difference. Licenseshold banking lowest levelce the anywhere in the world because we dont lend. During the earthquake. We hold plenty of deposits. A few months ago we reported it a survey of store managers and is now more than one billion taxi drivers who deal with pounds worth of deposit, but we dont lend them to other people. Consumers directly. It was less severe than we arent on lending bank if you like. An earlier tax hike. Global news, 24 hours a day, on rishaad lets move on to air and on tictoc on twitter, powered by more than 2700 last time you did fundraising it journalists and analysts in more was 3. 5 billion. Than 120 countries. You let the founders sell im su keenan. Shares. This is bloomberg. Rishaad lets have a look at you told the newspapers this removed pressure you had to do the market action. We were expecting with futures an initial public offering. Early this morning, that we does it remain the case and do would have a positive start to you have an exit strategy or do the trading day. It is only japan that is you want to grow the value, the managing to fulfill that. Transferwise business organically . It is a good question and we put some risk on the table. Concerns oversh the unusual unicorn the prospects of a phase one trade deal. That we are profitable. We have been profitable the last that is the position we find ourselves with in regards to what is doing what is going three years. We have not needed to raise extra capital for the company. We have raised 20 of money. On. You have the bond market in focus in japan. Earlier this year we raised 292 expecting the bank of japan to come out with a 30 year auction. To likewhich went that is something we are waiting for. At the moment, those yields kurt im kurt wagner in for recycling our Shareholder Base 4. 47 . Emily chang. Where we could provide equity to this is bloomberg technology. The early shareholders and bring the yields on the 10 year on new ones more appropriate for treasury after not trading since friday due to the holiday in the coming up, flamboyant leadership. Our stage of growth. Wework is said to be in talks u. S. , 1. 2 . The pound gaining ground. We do have some movement on this we are getting the benefit of with tmobiles john legere as the Public Market but we are new ceo. Doing that privately. Partyon with brexit plus, hidden likes. We have no immediate plans to more on instagram plans to hide list. Likes to cut down on social leader, nigel faraj, saying he media pressure. David final question very will not contest. My interview with the head of instagram coming up. Quickly, have you made and, all preparations whatsoever in the mean a stamping event we get a hard brexit . Of Boris Johnsons punitive deal. Gold, slightly higher, but we have. Languishing chain the position everyone in the u. K. Has. We recently launched an office but languishing. Europeanls to be our it is day two of the brexit goes in case singapore Fintech Festival. One of the most influential through with no deal or no transition. Women in the asset managing but we operate in so many jurisdictions, i think we kind sector joining us for an of got away easily, the impact exclusive interview is franklin we are completely now coo, jennynvestment johnson, joining us. Prepared to any outcome that how does this fit into the asset brexit will bring. Management space . David thank you for being the the disruption that being on the program. Fintech is bringing to the markets is huge. More coming up from the i was just speaking on a panel about sustainable finance, which Fintech Festival including a is about understanding the look at what is going on. Environmental, social, and governance issues that go into investments. Investment isound this is bloomberg. All about the return on capital. If you think about the impact to the environmental or social, you need to calculate they will end up there will be three writers in the investment process. It was really about building a framework to understand the impact of those factors on investing. The issue of sustainability is also gaining traction in the Asset Management space. How is that playing out . Arey customers recognizing the environmental standpoint is critical. Companies who measure sustainability actually perform better. People are realizing it is a useful consideration. Fund looks at certain key factors on weighing different government and the momentum in which people and governments are moving. Until recently, you take the example of brazil where you had the exhilarated the exhilarated deforestation of the amazon. E. U. Se of the policy, the pulled back. It had an immediate Economic Impact on the brazilians. The Fintech Festival is being held with the backdrop of slowing growth. There lots of questions on whether they will be a a recession or not. What is your take . Definitelye is headwind. You have social unrest. Things like brexit. A letter discussions on trade. Our view is that there are a lot more accommodative centralbank policies. We think there is still more momentum in this market. In the u. S. In particular, President Trump does not want he wants the economy to stay strong. We think 10 year yields will start to pick up. You start to get a little bit of Wage Inflation in the u. S. Over time, we think they are you are back with the going to pick up. Theres so much divergent latest business flash headlines, between the bond market and the alibaba will not run more than equity market, which keeps testing record highs. [indiscernible] the bond market eventually be singles day shopping spree. A 24hour retail marathon. Wrong given that there are , eveny signs of a pickup half a billion consumers bought in singapore where there were things as diverse as Apple Gadgets and mangoes from uganda. Talks about a possible recession. Perhaps in the next two to three quarters, that could be a turnaround. Ny the Central Banks have chinese superstars helped to boost sales. From of new user are been continuing to keep rates low. When you have low Interest Rates [indiscernible] areas. In the bond market, where you money to getyour is ecommerce tradition returns . Nearly 40 . Talking about hundreds of millions of consumers. In the private markets. Areas to huge untapped that is a direct reflection. Drive growth. Tesla has shown off the the Global Markets are behind us. St cars built as it what is your take . Jenny it is hard when you have locally made cars on the 14 trillion in negative mainland. Interest. They were sporting chinese how long this goes, we will see. Characters, the First Factory theyyowned by foreign what strategies should investors be adapting . Want to prove they can make money in the Worlds Largest jenny our Global Macro Fund is auto market. Lets get to the japan short duration. Those who think it is going to be longrange or longrange lunch break, a look at these companies which are dragging or low range for a period of out. Mining shares at one stage down 15 . Time. This is the most in the year, the company missing earnings expectations. We are looking also at reports [indiscernible] this is planning to invest you see currencies around the yen are dollar. In 5. 5 billion to establish a what is the biggest risk Power Distribution network, the right now . Own existing infrastructure initially, people talk about brexit. That easing somewhat. They talked about the u. S. China this one is a miss, and it is trade were. A deal could be coming soon even ¥30 billion as opposed to 26 though it is stage one. There is talk about a recession. Billion. What is your take on the risk out there . Works 2. 1 down, jenny i think there are a lot of headwinds in all of the earnings story, we can cut 21 things we have talked about, whether it is social unrest, but it maintains its other some of the political pressures. Targets. Markets are mixed, the nikkei is up. There is also tremendous opportunity. York. 29 p. M. In new i am su keenan. We start with indias factory output, the lowest level in eight years. The shortfall underlined weak demand. Sell 4. 3 l 4. 3 it fell 4. 3 . It is the lowest reading since october 2011. Gdp data for september is coming out november 29. In Hong Kong Police and protesters have clashed again on tuesday with unrest centered on transport links and university campuses. Several subway stations are sed including one with the bus service also disrupted. The city leader has spoken again saying protesters want to paralyze the city but she hopes to press ahead with District Council elections later this month. Asianrtunes of two hot property markets are diverging. Singapore is that now ranked number one for Real Estate Investment prospects in terms of price increases in 2020. Hong kong, buffeted by months of antigovernment protests, has plunged into the bottom for 14th place this year. Brexitg jumped as cheerleader nigel farage plays plans not to fight to the ruling conservatives. The pound rose the most in three weeks after he said he would concentrate on stopping the osition leader party labour party. That makes poor is johnson the favorite to win next month possibly with an overall majority in parliament. Global news 24 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. Thank you for the update. Central japan went into its lunch break, u. S. Futures, a little under pressure, nothing to write home about. The hang seng seeing updates. Carrie lam hopes to hold the District Council votes november isand this one station closed today because of a second situation. Of a a 30 year bond option the results at that point in time. Sterling 154 the high. 128. It is in the highend or the midpoint. Getting more on this, britain dodging a recession ahead of this postponed brexit deadline. The latest gdp figures underscore the challenge facing worker wins next months elections. David the u. K. Chancellor of the exchequer [indiscernible] his Spending Plans would boost growth amid these risks. Should we win the election, it is precisely that they would gives us confidence to businesses and international investors. I dont take for granted international investment. I am a former business person and i know you need to show clearly what the economic policies are of the government and how your work will keep investment in the u. K. A labournative is party that will have spending out of control and not remove the biggest uncertainty in our economy which is brexit. We have got a brexit deal which is ready to go. We could implement it in weeks of taking office and have a smooth exit from our friends in the e. U. , and only we can do that. Will guilt issuance rise . Will it rise . Theell out on daytoday spending it will always be indulged. I have been clear about this. We will sensibly borrow more to invest in economic infrastructure. That is a world of difference between our plans of sensible investment and economic infrastructure versus labors plans which is endless amounts of how much will you borrow . We will keep borrowing under control and we will have within weeks our first budget of a new government. In that you would expect to see the detail and the independent forecasts from the kobe are about the impacts of our spending and tax decisions. Thate will show as we are we are the fiscally responsible. Arty we have always been over the last nine years since we have been in office we have seen the economy recover, almost 20 of growth in the economy in that time and we have done better than many of our competitors. To keep that growth going we need to have a fiscally responsible government. Only the conservatives offer that. Will you ask the governor of the bank of england to stay on . There is not a need for that. If we win this election we can make a decision very quickly on who the next governor should be. If we win, we will act weekly. Quickly. Rishaad speaking to bloombergs guy johnson. Senior International Editor Jodi Schneider is here with us to tell us how this decision affects brexit. It helps Boris Johnson. There were fears that the brexit party would split votes and in the districts with the conservatives and it would give some of the votes or really more power to the labor. Also could complicate brexit. At this point oddsmakers are saying the conservatives have a 66 chance of getting the majority and mr. Johnson, that benefit him and it would lead to being able to leave the e. U. January 31 although we have had the deadline. Nobody is really taking on its on that or giving great odds. It is a big win for mr. Johnson. 66 . Ad it is not plain sailing because there is also skeptics out there, people suggesting we could see labor and the liberals getting together as well perhaps and trying to head off the conservatives. That is right. Nothing is certain, opening up this vote as we have been discussing carried risks from the beginning that you are asking people to basically vote and brexit is a proxy. It is a proxy vote for brexit. There is a lot of campaigning to and thein just a month next month before the election. Nothing is done but this was a big worry of Boris Johnson brexit could take votes away. One thing that did go away was the recession. It shows you how bad the situation is if your selling point is we avoided a recession. How might that affect elections . Avoided recession, Consumer Spending was strong but Economic Growth was very low. It is aas the lowest hobbling economy as we say in our story. In terms of how it affects the election, mr. Johnson and mr. Corbyn are both saying they will do things to stimulate the economy. The economy and ways to stimulate it are going to be a big talking point for most of the candidates. It is clear they just avoided recession in the u. K. And this is something that has got to be on the minds of voters. Rishaad thank you so much. Just seeing the headline, it is [indiscernible] land rover jaguar partnership as part of a business which has been suffering, one of the reasons it has been is down to brexit. That is a new story developing. David restrictive our next guest from deutsche bank, live from the singapore Fintech Festival, the interview coming up. This is bloomberg. Rishaad lets look at the latest headlines, and Commonwealth Bank in focus. Did well and reinforced a gloomy outlook for australias lenders. 2. 3ng appropriate billion through the end of september, 1. 6 alien dollars to 2. 5 billion australian last year. David long time struggling trader noble reported a net loss on a series of onetime charges and the mining of Raw Materials it handles are they lost 93 million u. S. Restructuring court battles, shareholder arguments which were all sparked by a former employees accusation of improper training. Tohaad we work talking tmobile about becoming the ceo. We work intends to speak to other candidates. They are under pressure since the planned ipo collapse and have been trying to revitalize. It is is expected it is expected to lay off thousands in the next two weeks. We are going back to the singapore Fintech Festival. Haslinda amin has a special guest. All about fintech. We know how the low rates environment is pretty much impacting technology funding. Lets get perspective from this guest. Exclusive on bloomberg. Onk to us about the Impact Technology funding. 14 trillion of negative , 1 trillion in corporate debt. If you give a tripled the or singlea he corporate, they will give you back 99 and the year from now in a lot of europe and japan. That will have a fundamental impact on valuation, not just on tech. The valuation of credit, equities, all markets in my mind the risk premium has been compressed overly much which has meant Public Market investors had had to go to private markets. 500 million in equity, 3. 5 trillion today. You will have an impact across the board. Tech happens to be one of those sectors. If you look at the last several months, lots of ,aluations we work, uber what do you make of it . For techifficult time ipos. We had an unprecedented glut which was going to come to moret in hindsight, 14 than before. Others have fared very poorly, down 20 or 40 in many cases. Ipos, aostponed number of very large tech and other companies which would have liked to have gone public which have postponed. What is happening is a combination of two things. We have talked of negative Interest Rates and the push for yield. There is an unrealistic expectation every year we will amazon getoogle or created. Those were Transformative Companies and you will not have it happen every single day. Otheromination means illegitimate opportunity for overly priced and not received by Public Market for the same euphoria banks would have hoped for. Unlikely to see that day in and day out. Is the trends likely to continue . Real. T is happening is , very rapidf ai copy additional capabilities, the buzzwords you have seen, they are very real applications especially in this space where we will create new Business Models and transformation. We will have success stories. It is part and parcel of Capital Markets as we have always known them, exacerbated by the monetary policy. We are seeing companies and staying private for longer. It makes sense if you dont need to go to the market, why do you . To be comeeoff used up with an idea, unite around got, prove the concept and do an ipo. It is not that straightforward anymore. The tradeoff is terrific currency of acquisition, brands, access to markets, that is what you get. Against there is tightening, your business under pressure, the flexibility which you have enjoyed, you lose. You are fighting a number of companies are postponing the desire to go public and the access to private markets is deeper. The 3. 5 trillion of private longermeans you can go especially when you are in the rapid growth phase where you are burning cash. The scrutiny of Public Markets is not long. People are asking where they should get funds from. What is the case for have done a lot of work educating companies on the virtues of debt. You would imagine fast growth companies, before they go public, both have access to debt markets. Not true. The cost of equity versus cost of debt, if you are a Fast Growth Company and believe your equity is worth multiple in a few years, in retrospect the early rounds of funding, we keep on diluting, wind up representing a high cost of equity. The most expensive debt is cheaper sometimes and the cheapest equity that is the first i would add. The second is pleasant surprise for many of the tech entrepreneurs. They have to see if they can borrow again. Can they do this . Of course not. Do they have asked asset in the ridehailing business . If you are in auto distribution you have got fixed assets. You can go against the enterprise value. You can convert bonds or do zero or payment in kind bonds. There is a number of examples which we have been exploring with the companies and there is a real market for them. Haslinda it is not even making money yet and i am sure very carefully. You can issue debt and hope to service it unless you have thought that through. Payment in kind, that was equity structures, these are alternatives remember the yield i talked about earlier means there are a number of investors who are willing to extend debt as the appropriate returns. Haslinda what excites you . The application of fintech in. Talking particularly about india, one country which i have been looking at the last few years, a confluence of three major factors. You have got the universal 90 of the universal very sophisticated biometric identification. You have got the upi payment interface which allows any two people to convict and most peoplegly 800 million with mobile Internet Connections with smartphones. It is 150,000,005 or seven years ago. It is a giant market. The banks are not capable. There is a Balance Sheet pressure in the country. The confluence of those factors fors the space is ripe mediation. When you were implemented by the modi government, the country was not prepared and paid the price. Growing problems you would expect. Haslinda as we look at the asian space, which countries are you most encouraged by . A number of places. Obviously china is home to the greatest Success Story of all. Alibaba is astonishing. Indonesia has some of the greatest analogies. Very large population, 200 million, young, banks serving them but potentially leaving enough space for competitors to come in. Of capa the president of fitzgerald. Back to you. David good stuff, good interview. We are getting retail sales for the month of september in about two hours from now. They areecast, if correct, we should get an eighth straight monthly contraction which would be the longest going back to essentially the aftermath of the blue book crisis. But 2014 was also bad. The not so great singapore sale. Lets tell you what we have got coming up later. Jerome powell is addressing a congressional heater midi on wednesday. Tune in when the San Francisco fed president mary daly joined bloomberg live. David before the big interviews it is battle of the charts. This is bloomberg. Thesed just getting images coming through. We have more from the streets of hong kong where the violence has escalated. We saw tear gas being used in the Central Business district. A man was set on fire, one man shot and in critical state and Hong Kong Police fired tear gas in other parts of the city. That is the scene of what is going on, bricks across the road , providing an obstacle for any passing traffic. Fairly nearby, the hong confirmed the prince and workstation and another, Prince Edward station, those two are closed citing sudden situations. We will keep you up to date. It is time for the battle of the charts. Joining us now is our reporters. They have the best charts against each other. Ishaad you can access them that is your function, gtv. Got . Ave you as you can see in the chart, is at the wider spread for the longterm average since 2018. It has rallied 16 since the low in august and we believe the worst is behind us. They are saying it is time to look at other sectors like cyclical and value stocks because these are expected to benefit as the u. S. Treasury yield curve steepen. U. S. China trade tensions are easing and able will start capitalg end up expenditure. Pent up expenditure. David your turn. The yen andshows the thai baht. The bottom shows the correlation between the two close to a fouryear low. What it means is the thai baht is a good hedge against future escalation in u. S. China trade tensions. If we recall last week, markets were rallying and there was rising optimism towards a trade deal which was trump prevented comments over the weekend which u. S. Was not willing to provide a rollback of for china. Tariffs the thai baht is more compact from other traditional safe havens. Rishaad that is tough. He is at the hedge correlation there of course disappearing . What does it predict for the future . The topics, looks overbought at the moment. Two different things. I dont like the position you find yourself in david. Hers i think i like better. If you look at marcus chart, they have been inversely correlated. It approaches zero now so the narrative might be a little dated. We will see. And she lost the last time. Bloomberg users can interact with the charts we have been showing. Use the gtv function. You can keep the charts for future reference. This is bloomberg. Also 11 00 ins singapore, 8 30 in mumbai. I am haslinda amin. 60,000 participants, biggest in the world. Salamat,i am rishaad the morning session in hong kong, a look at our top stories. Tear gas and transfer disruption in hong kong, United States saying it is watching the situation with concern. The chief executive attacking the latest commuter disruption shoulding the elections go ahead. Asian markets are weighing the unrest. They had initial gains extending the widespread selloff. We have got all of it to look at. This is bloomberg markets. Haslinda day two and lots of guests coming in this hour. Wel speak to the ceo will ask him if there are any partnerships in store. Of the philippines chairman and Franklin Templeton, president and ceo will get her take on the bond market. Also richard king of abu dhabi Global Markets. It will be a jampacked show. Rishaad now lets check on the markets. This is the position we find ourselves in, the nikkei down currently holding its wet its head above water. The hang seng was positive and has gone below the gains line. Composite, shanghai slightly lower. We got investors just not hearing much when it comes to trade. Further development on the u. S. China trade front. Any news has been notably absent and also looking at the situation in hong kong. Looking at what else is happening, we find the bond markets are in play. The u. S. Treasuries have not been trading because of the veterans day holiday. Seeing the market coming back with yields down to basis points. Japanese 30year auction coming up or thereabouts. The yield ahead of that on the 4. 7 . R notes a big surge for the pound, one dollars 28 it is a product of nigel farage saying they will not compete with the conservative party in certain seats. This heightens the risk we get a brexit now and not a second referendum. Gold, the position, threemonth lows for the precious metal. People are not hunting for havens even though risk is not on the table area 1400 for the outs. That is where we are. This is where we are with first word news. Su we start with the latest in the u. K. Sterling jumped as brexit chairman nigel farage pledged not to fight to the ruling conservatives months election. The pound rose the most in three weeks after nigel farage said he would concentrate on stopping the opposition labor party. The bookmakers say that makes Boris Johnson the favorite to win next month with possibly an overall majority in parliament. Sticking with the u. K. It is the ruling sees no reason to extend mark carneys term at the bank of england despite brexit and a snap election that froze the search for a new governor into confusion. He steps down at the end of january and his successor was expected to be named by now. That will not happen before the poll scheduled for december 12 but the chancellor of the exchequer says there is no rush. There is no need for an extension in the term of the governor of the bank of england. If we win, we can make a decision quickly on who the next governor should be and if we win, we will act quickly. This country,om bolivia, the president granted asylum. Ofwas ousted after claims election rigging. It is unclear exactly who will take his place. Orico has announced his exit fall from grace as a coup. President trump has applauded the army decision to recommend that morales leave. Says the global wave of populism and social unrest is putting credit at risk. The Rating Agency said the 2020 outlook for sovereign credit is negative. This has given the unpredictable domestic and international thatt and popular policies will weaken institutions and hamper growth. They expect governments to struggle to address credit challenges in the coming years. Global news 24 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. Lets get you back to the situation in hong kong where the chief executive is condemning protesters continuing to disrupt across the city. Lets get to our reporter Sophie Kamaruddin who was at the news conference. Did she say anything tangible . Is there anything which might lessen the tensions we might have . Sophie it was a short briefing. She fielded just a few questions in cantonese. There were a few items, little to be had in the tangible manner and then overseeing the destruction of the city as she condemned the activity by protesters. One of the protester one of the questions she did not address was on the independence inquiry into Police Conduct which is one of the five demands. She touched on it yesterday when she said the government wont to the political demands by protesters. This could be more of a Pressure Point as a panel of experts found a Police Watchdog doesnt have the resources to effectively investigate allegations of misconduct. 24 elections,mber she said they will be held because it is an important exercise of 4 million voters. Tell us about what we have in terms of the ongoing disruption today. Sophie the traffic disruptions have not dissipated, ramping up after the chief Executives Press briefing. Rail stations have been close areuding t stations which across the Victoria Harbour from where i am. Teargas has been used by riot in certain neighborhoods. There is protest activity at universities. 10 of them are closed after canceling classes monday. There are calls for a lunchtime flash mob to take place in the Central Business district which came to a standstill monday when police were throwing tear gas to disperse protesters. Haslinda Sophie Kamaruddin in hong kong. Still ahead we are live at the singapore in tech festival. The ceo of additional payment platform and the philippines german who will be joining us. And Franklin Templeton president coo Jenny Johnson for her first interview. Richard king of abu dhabi Global Markets. This is bloomberg. This is bloomberg. Haslinda live from the singapore Fintech Festival, Southeast Asia has at least 150 ewallet license holders. Tencent ant financial and others fighting for dominance. The next guest runs the Digital Payments platform of go jack, indonesias first start up lets bring in the next guest. How is the company doing . We are happy for him. Him taking that post is a testament to the company to have an impact for the country. The second thing is one thing he has been clear about and that unites all of us is he has been clear on the three routes. Income drivers with more , and then we also have the merchants do their business. Wavered and it has built a Strong Leadership Team not executing. A testament to the strategy is they said huber is haslinda [indiscernible] lets get to business. Go pay, the Digital Payment platform for go jack, talk to us about the growth momentum. What have you seen and what are you aspiring . Go jack is going to manipulate. You look at the market for emoney it has almost doubled. We are a big chunk. Being the pioneer we always look at growth from like three dimensions. You have to look at three years ago we launched this for drivers which pay for their daily life
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