Slap the strongest fix ever, 1000 bits hired to stabilize the currency. Yet the currency is not looking at a gains even as we speak. It is also about the bond market rout happening globally, and we have seen in year yield surging 50 basis points in august alone, and when you surge the stocks go down. Msci asia index erasing some of the gains, up to its sixth straight day of losses. Benchmark and new zealand down. The benchmark and singapore also lower, and we have csi 300 index barely in positive territory. We have talks about how some companies are buying back their shares, not lifting sentiment as well. In the fx space, some green, aussie dollar up about what of 1 . You want yuan pretty flat. You have got to question, it is a weaker dollar story today, so how effective has of the yuan fix been . Take a look at where we are in terms of gold. Gold is up, oil surging beyond 80 per barrel. It begs the question what will that do for inflation and the fight against inflation . And terms of bond yields, seeing a mix between a jet yields trending lower, australia, indonesia and malaysia but trending upward singapore and the philippines. David i am glad you mentioned those markets, that is where i went to start off, because we have thailand coming online. There is a vote in about four days now, the Prime Minister vote in parliament, that is number two. In Southeast Asia, this is a market that has been on offer, in case you missed it. The Southeast Asia benchmark is down six or seven Straight Days. We are poised for the worst week on msci Southeast Asia going back to i think october of last year, so this market has been on offer. Nifty futures pointing to weakness, also the currency, but in the equity market when it opens up as well. Lets have it pivot back to what is happening in the currency space. Rupee at 83. I would be more surprised if we were not much weaker on the chinese currency. And maybe we have to think the pboc for that, and if they did not step in or are not currently stepping in, i would imagine this exchange would be turning at much higher levels. Lets check in where we are on the currency and how the session looked. It weaker at the start, we strengthened following the fairly strong fix, but here we are again, weaker over the last hour or so. The headline here is the pboc stepping up its currency support , the strongest reference rate yet relative to estimates on record, 1000 relative to estimates. Lets bring in our chief asia fx and rates strategist. What do you make of it . It is very interesting. Fixes that 7. 2. Onshore gives you 735, and that is the redline for now. That is why we saw all of the state banks support onshore and offshore. Now, the market will wait and see with the pboc will do next, but for now you can see, runaway our weekend but we are back to 73. 735 will be the redline for now, so the market will be cautious especially headed into the weekend, but next monday it will be all over again unless we get good news out of china. Haslinda you have got to wonder, i would like to see are we likely to see more aggressive fixes from here . It depends upon the basket. If the dollar stays resilient against basket currencies, it will imply higher fixes. The stronger yuan bias will be even stronger, so we will get more deviation from the model if the dollar stays strong, and i think it will. Dropdead it job data, service data is loving, but the core inflation is still slowing. We are headed into jackson hole. Everyone hope to get a fed pivot, but it is likely the fed will not promise rate cuts were now, so that will support the dollar headed into the september fomc. David what does positioning look like . Who knows what jay powell is going to say. We can guess what he is not going to say. He will not say rate cuts are around the corner. I was the market positioned . Positioning as a resting, because if you look at the data from last week, we saw there was a drug in drop in net dollar longs. That is problematic, because if jay powell stays hawkish given there is more headroom, that will post the dollar higher than the september fomc. That is a problem for jennifers, because they went to stabilize the currency, but if the dollar strengthens from here, that is a problem, because people were saying before this rate cut, the fact that they are actually delivering a larger than expected rate cut tells you how urgent china needs to support the economy. David very quickly, why have we not seen anything from the bank of japan . Actually, yesterday when i was looking at the dollar yen above 146, i was concerned. This is a level where they stepped in last year, 145, 150, and then the pace we are talking over 1. 5 drop in the yen against the dollar. Whether it is level or pace, we are heading to that area where they should step in. Very likely you will see the bank of japan. David rate differentials matter, and it really matter a lot these days. Just getting us up to speed on our set up as we approach jackson hole. By the way, very important. We had initial jobless claims overnight. We had a sizable drop overnight. Something to consider as we make or break your data point of the u. S. Economy. Some are coming in weak not like this one but several this week. Relatively though things have been fairly resilient and fairly stable. On the headline number, you are getting more weak spots underneath the hood on some of these components. That is for another day. More importantly for today, i went to flagged this for our viewers and clients, bloomberg is actually updating seven hours from now. We will be releasing the August Survey of private economists in the u. S. What you were looking at our forecast for july. The reason this it will be important is sends a visit last survey was up, there has been a lot of conversation throughout soft and no lending. It is the last recession probability that will probably be important and do we seek a draw down a pullback in expectation of a recession over the next 12 months or so . Keep an eye on that. That is 6 00 p. M. Hong kong time. Treasuries, at is the cover story before it ties back to you. This backing up of treasuries over the last month or so, and check out what has been happening in the 10 and 30 year, 50 basis points, 50 basis points, so a lot of this is down to what people are saying is a lack of demand and not so much policy perception as it pertains to the fed. Haslinda stunning moves. Lets bring in our guest, cio of a privately owned high rate bond manager. I am wondering, we take a look at the surge in yields. 10 year yields of 50 basis points in august alone, and we are just mid august. Are we close to peak . Are we at peak . What is your own sense . I think what is interesting about the move and use this time is we have really accepted yields above 4 in a way that we really have not done vc. So we have had a high yields previously all the way back to september and october of last year around the ldi episode in the u. K. , briefly at the start of this year, but every time we got up there there is been good demand for the bond market, particularly the treasury market and we tend to fall back into the threes, quite considerably into the threes. This time we have spent every day of august at 4 or higher, and there are a number of reasons we believe that to be the case. Clearly, the large budget deficit expectation for the u. S. Government, extra coupon funding required, changes in motivations from a lot of folks that did support the treasury market, we read the japanese Investor Base but saudi, russia, china a been up there in the word that they were previously and strong dollar as well. I do think that yields are accepting these levels. Certainly as you touched on the u. S. Economy continues to keep on keeping on. It is still doing very well. It is certainly an economy that is difficult is low done via its longterm mortgage products and very difficult to get consumers to slowed necessarily if they do have long rate buttocks fixed at very low levels. They all essentially are employed at the moment, whereas other economies have a much faster trends, admission mechanisms, so we do think yields and treasuries are rightly elevated. There is certainly demand, but we have not seen that demand to manifest itself in full. We are in peak Northern Hemisphere summer break, so maybe when we do all come back collectively in september, that demand may very well be there. The fed have very little choice but to be somewhat hawkish at jackson hole, because the economy is still performing rather well. Haslinda charlie, you say rightly elevated. How much more can they go higher . For 30 year yields, it could get you 5 . That of course is possible, particularly if we had that last mile of inflation is difficult to control. It demandeds would suggest that we went to get back toward the 2 target, but that will prove pretty difficult in the near term. We are now at 3. 2 in the u. S. It is likely we will push higher. So if we get any kind of acknowledgment from the fed that could be a longer journey to get toward that mandated outcome, then it is very possible we will settle into these high yields, and certainly with very large positioning in the curve, the curve flattening trade has been very popular. What we are seeing is this constant increase in term premium in the long end at the moment, and because of a number of marketbased his stories that are suggestive that we might need slightly higher rates, it is going untested at this point, and so of course it is possible that we could get a higher, but the problem with this is of course there is a cause and effect to this. So as yields rise and we go to refund treasuries, those options will always clear, and if they must clear at a high yields, it will draw capital from other markets, and we are starting to see equity markets getting the wobbles under the pretense that yields might remain elevated and maybe all of those rate cuts we hope for in 2024, given that we have very restrictive fed funds rate at 5. 4 against the current inflation rate of 3. 2, if they are not all there, that is not as supportive for valuation, so you can see how we will potentially get that rotation of capital, which in and of itself will stabilize the treasury complex in some way. David i want to take a step back from pricing yields. Talk to us about liquidity in this market, which i believe does not get too much attention. What are you seeing there . Clearly, in august there is lower participation in the markets. Those that can are on a summer break in the Northern Hemisphere, but it will pick up tremendously as we come around into september. September is a great test were markets, because we generally get a lot of debt Capital Market issuance from corporate after the summer recess, so we do have a lot of business to conduct receptive or, and that will be the real litmus test as to these yield levels. Are they heavily consumed . Is the concession enough already, or are investors going to wait for a little more yield to be available before committing . I think another problem we touched on earlier with your prior guest is positioning is not been supportive. There are a lot of Asset Managers already owning treasuries that have probably gone a little early. Lower liquidity environments through this august period, the Momentum Community and cdi community can push the market to some degree without that real Risk Appetite and liquidity participation that we would otherwise see, so this is an interesting period. It yields have been consistently rising, although we did have a pretty good turn last night and meant that interesting turn and an interesting turn in the japanese currency. It is at a high correlation recently, but there was enough of this raid that many bounce we get will be shortterm, and we might see some further selling into any performance if we do get it. David right, and just to clarify, is that last statement simply underrates or when we talk about ig credit and highyield bonds, which have done very well. Where is the value right now in your view across the spectrum . I think the value is in sovereign debt. Spreads are still pretty tight. We are getting late in the cycle , and credit has held on extremely well, but as that long and variable lag which we know is very real after 525 basis wins of rate hikes come washing into the system, it can have a pretty outsized effect. After this period, is 2023 similar to 2007, a year where not much happened and everything i been after the large rate hiking cycle of 20042006 . This is still early on in readjustment, and that is probably ahead of us. Broadly, the commuter at community at large expects weaker environment Going Forward once the rubber hits the road in some regard to the tightening of the macroenvironment, lowering discretionary spending, and what will the full positive effect of that be as we rotate into 2024. David have a great weekend ahead. I think youve heard spending your time with us. Do enjoy the match if you are planning to catch the final there on sunday. Charlie jamison joining us live, just in case you did not get the reference. The finals are taking place this weekend. A look at markets as we head into break. Hang seng is doing that, down 2. 4 on the hstech index. Plenty more ahead. This is bloomberg. Fabulous surroundings. But everyones looking at their phones for Financial Insights from merrill. Is he hailing a ride to the concert hall . No. Hes making sure his portfolio and retirement plans work in harmony. They want to adopt a child and build a new home. So theyre talking numbers with their merrill adviser. Shes not researching her next role. Shes learning how to handle market ups and downs without the drama. Personalized advice so impressive your money never stops working for you with merrill. A bank of america company. How can you sleep on such a firm setting . Yogab, mine is almosts workinthe same as yours. Rill. Almost is just another word for not as good as mine. Save 50 on the sleep Number Limited Edition smart bed. Plus, free Home Delivery when you add a base. Shop now only at sleep number. Haslinda it is china, china, china, china developer bonds and a focus on the back of China Evergrande filing chapter 15 in group c in new york according to workpapers. It did that on thursday in the u. S. , and of course the move protects its assets while restructuring arrangements are being worked out elsewhere. China evergrande seeking chapter 15 in group c protection. David we are struggling for sources of income to pay their debts, and housing sales, and that we have some of these warnings from state owned Property Developers in terms of them expecting and flagging these widespread losses. Lets bring in our bond reported. Lets talk about this story first. Who is sending a warning, and what is the warning . Out of the 38 state owned developers, 18 of them are waiting for the first half of 2022 results, so that is telling us the market is not doing well, and it is not just limited to private developers. It is spread into state owned ones, because basically in a downturn Property Market you would have valuations falling, and everyone will have to take cuts on their assets. Haslinda we are also keeping an eye on sino ocean. What is though it is there . Sino ocean has been trying to be three coupons on its dollar bonds, and it is trying to extend for two months for creditors to approve. It took a few weeks, so now all of the creditors have approved for it to do that, but the key question is what comes after that . Its dollar bonds have been under a lot of pressure, and we wonder if there is any kind of state help that is going to come in in the meanwhile, and sino ocean has to put a lot of resources to focus on its september 1 yuan bond on shore. David the evergrande story we alluded to, bankruptcy, how does that help . Our previous example we can refer to is a small size developer that filed for chapter 15 last year. It only had one dollar bond it had to deal with, and in order to finish its debt restructuring, chapter 15 was a key stage for the company to do in order to physically protect its u. S. Assets from being seized by creditors, and another reason is it is also trying to prevent being sued by any creditors in the u. S. This is important for evergrande, because evergrande has not received sufficient support from its Creditor Group to regrade to its restructuring plan, so this is ongoing. For evergrande, this is important for it to keep the negotiation probably ongoing, and in the meanwhile to avoid any kind of litigation risk in the u. S. David loretta chen getting a subdued speed. It has been a very long week for her and her team, so we will let her go to focus on more work. There is plenty more ahead. This is bloomberg. 76 of 23andme Health Customers surveyed reported taking healthier actions. Because they know health isnt just a future state. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. Haslinda youre watching Bloomberg Markets asia. Bloomberg has learned that arm has lined up 28 bands to and to its ipo. It will be handled by barclays and others. Bank of america and Deutsche Bank will be among the second tier of institutions. Arm seeks to raise up to 10 billion from its listing next month, aiming for evaluation of 60 billion to 70 billion. Walmart fell the most in over a month with analyst saying strong Quarterly Results were already priced into the stock. Davidson says the slowing sales growth driven by disinflation. Earlier this week target and home depot reported comparable sales declines as consumers pull back from nonessential items. David speaking of declines, a welcome reprieve in this recent run of weekly gains in oil prices. This is brent, for the most part of these last eight weeks, we are looking at the most active contract. The general trend has been up for several straight weeks up until this week where we are seeing a decline in the first round week since june, so keep that in mind that we are still fairly elevated as far as that is concerned. We can talk about this statistics the statistics. What matters on the ground is things are still quite expensive. The burden for many households is part of this, apologies for my rent. It is all about how the rubber meets the road for many households. Currency markets, we will leave you with this. Strengthened the currency, and then it reversed all of that strength coming through in the currency despite the firm is fixed on record relative to estimates. We are talking rates and inflations in japan. Plenty more so, youve got the power of xfinity at home. Now take it outside with Xfinity Mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. No wonder Xfinity Mobile is one of the Fastest Growing mobile services. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com david we are headed into the lunch break near session lows on the msci 300 benchmark. Looking at a volumes, not quite there just yet, underneath the hood another metric you want to track our these outflows over the stock. We are on nine Straight Days after today, we will get the tent. At nine digits were record. 10 takes it into unprecedented territory. For our bloomberg clients, just to plug this, if you want to get a sense of where money and activity is going, mma go on your bloomberg terminal is where you can find that information. A bit more superlative, so we are looking out at declines in we is coming through these 60 minutes or so has coming quite strongly with the hstech index to enter a technical correction, and if things stay the way they are, that bear market that has been looming and looming large becomes a reality, 20 down from the peak back in january on the hang seng index. Down 20 from the size. Highs. Haslinda it is a high rate and yield environment, similarly received nikkei225 on pressure as it comes back from break, currently down. 51 . On course for the biggest weekly drop since late december when the boj tweaked ycc. The unit 145. 40, currently being lifted up by. 3 of 1 . This is a weaker dollar story, but on the whole the yen has been sliding not because of fundamentals, or about yield differentials, and we are keeping an eye on inflation in japan. A deeper inflation trend will keep the boj on edge of her prices. Japan inflation slowing and lined with bojs cooling price view. Keep a watch on those numbers. Lets get more on the latest japan inflation reading for bloomberg senior economist. Your take on it . I think a slowing down of core inflation is exactly what the market and the boj was expecting, but i think the pace of the slowdown is tempered by recreational japan. Japan is having the first Summer Holiday without covid. That is pent up demand, and that will be temporary, but demand factored into inflation is showing a different dynamism, so the boj skipping electorate. What is trickier is on top of the Summer Holiday demand, also the recent yen slide will probably elevate import prices and make the bojs task harder. David the background in your opinion to this current yen slide, you see any further material depreciation from the current level . Right, having the boj done the ycc, i think they are confident selling the yen, because having that done, we do not expect another boj policy tweaked in the near term. And, therefore, the boj do not have any easy arsenal to fix of the Foreign Exchange rate, and i think there is also a risk for a further slip, because we are having jackson hole next week, so probably what jay powell says and if he signifies something more hawkish than previously he was speaking, that will put more significant pressure for weaker yen. Haslinda what potential actions might there be for intervention . I think the ministry will start the government will start and actually intervene within the range between 145 and 150 if the dollaryen rate hikes rapidly. Intervention might be having a temporary effect, and if it ended up a temporary effect and again keep sliding, it is finally the bojs turn to provide an early pivot or tweaked to its policy. It is not the first time to be a chair was prompted to change because of the dollaryen rate. Although the yen was appreciating at the time, the fx rate is a driver for Monetary Policy change. In his july presser it said the volatility in the fx market is probably not one of the factors to consider a policy change, so that is why i see the fx market become steep. David you are taking us proper og there. Added a little bit of tokyo, south korea, and the u. S. Leaders from this three are said to make in the trilateral summit said to begin on friday. Lets bring in our guest to talk us through this. Coming together of the three. Give us the expectations. Three leaders are going to get together at camp david, the president ial retreat center, and they will be having back to back meetings starting with south korea sitting down with the u. S. President biden followed by the trilateral summit and a working lunch will there will where they will be considering climate change, nonproliferation over a freestyle lunch, then there will be the bilateral summit between south korea and japan followed by a joint presser, where they will be talking about the two documents, the outcome of the summits. One would be the camp david principles, where they would be talking about the principles they will be abiding by to enhance cooperation, not just on the korean peninsula, but further enhancing that cooperation to asean and the Indo Pacific Region as well. The second document will be the spirit of camp david, where the document will be discussing the joint military drills and more of them done extended an e xtended kind of group where there will be forming a stronger alliance, whether it is security or economy, and this will be a landmark summit indeed leading to somewhat of a much more enhanced Cooperation Among the three, especially given strained ties with japan and south korea for years now. Haslinda you had an exclusive with yoon. What did he tell you in terms of a possible breakthrough with the u. S. . He started off saying the world will never viewed north korea as a nuclear power, and said the two nations in the u. S. And its two allies have to get together and discuss some further enhancing capabilities against north koreas rats, and these threeway talks on what is known as extended deterrence will mark a new chapter in these three nations where the Biden Administration is trying to manage the threats posed by north korea, especially among all those geopolitical risks and rivalry and the ukraine war. Some experts are telling us it could be looking like a mini nato or something beyond a quad the alliances have, and this is connected to north koreas recent provocation. North korea seems like they are repairing to launch more publications time for this meeting. The south Korean Intelligence Agency had said they might be firing off Intercontinental Ballistic Missile during the time of the meeting at camp david. David tell us more about that. North korea has a tendency if they have this habit of targeting or timing there provocations and these political events, some of these Major Political meetings. That is exactly what happened in march when the south korean president meant with Prime Minister kishida. They like doing this, and we are already seeing some of these signs. This is because the Ballistic Missiles they used a solid propellant, and it takes time and effort to move these devices, and it can be actually seen using satellite, and that is the signs we are seeing. Haslinda thank you for the update. Still to come, we discuss the Indian Private credit market and how it is coping with higher rates in the u. S. Analysis from Standard Charter coming right up. This is bloomberg. Haslinda welcome back to Bloomberg Markets asia. A look ahead to some of our key stories investors are watching in india today. Rb i will hold Government Bond auctions at a release its weekly Foreign Exchange data. Shares of concorde will start trading in mumbai after its ipo. Its ipo is said to of been for sale later in the day, just about three minutes of the start of ending up trading day. Bloomberg sources say the Indian Government is considering a plan to reallocate will begin dollars to contain the surging cost of food and fuel. Our guest is in mumbai. That is not a small sum. Absolutely, but remember prices are it a hot button topic and ending up excessive government that have fallen when they could not control prices. That is why the government does not want to take anything to chance after the reading we saw for the month of july coming in at 7. 44 . The government is very sure they have to do something to tame prices. That is something to Prime Minister spoke about on the 15th of august during the independent state speech. So what we do understand is besides the measures the government is already taking with regard to a crackdown on importing more pulses intimate is into the country and market intervention, there are several other options on the table that the bureaucrats are looking out at the moment, which includes an import duty on items such as wheat as well as on oil, edible oil as well and a fuel tax levy that could be reduced significantly, so these options are on the table so far. As i told you, rise level a hot button topic in india and especially nine months ahead of the national polls, the government does not want to take anything to chance. David it takes is then into it is a hot button topic as you mentioned. It is really a question of, if households cannot afford it, can the government take that burden . What are the fiscal implications here . What is the cost . So far what we do understand is the government is trying to free up the fiscal space. They will redirect nonproductive expenditures that they had earlier earmarked at controlling intending prices. This is something that the government often does when they do recognize sometime in the middle of the year there are other sectors of the economy that need their attention, so at the moment what we do understand is that the plan is that the government will stick to the 5. 9 fiscal deficit target for fiscal year 2024, but what they are essentially going to do is to reallocate one trillion rupees toward controlling prices. It will be do understand in terms of the timing of this particular announcement, it could be close to the Festive Season that begins sometime in october, november, and the government is also watching other very closely on what really happens with the monsoons , because there are certain areas that continue to get deficiencies, and we will see what impact this has of the cultivation of crops, such as rice. There are a lot of moving parts so far. What we do understand is this is on top of the agenda as far as the government is concerned, and more measures are expected in the days to come. David thank you so much, our south asia economy editor in mumbai. We are looking at markets right now, about a couple of seconds into the open. Some softness coming through, not surprising given that downdraft and headwinds we are feeling across equity markets. It is not a brush to the exit. The lack of catalyst and certainly these evaluations, you can make that argument even for india, which has so far managed to state elevated despite valuations. Earnings growth perhaps the office there offset there. Broader Business Sentiment in the economy, joining us now is that cohead of climate coverage and Global Institutional banking at Standard Charter. We often have a conversation around markets which we will get to in a moment, i went to get a sense of what you were seeing as far as loan demand, and following the blow up numbers in terms of loan growth in india. Your sense of Business Sentiment and demand right now . I think we have technical difficulties right now. Why dont you and i have a conversation. We were together last week while i was in singapore. How are things going . What is the conversation around markets in your part of the world . Haslinda you know, when it comes to singapore, the Big Conversation is really what is going to happen at the president ial election, right . For the first time in a long time we are having about six potential candidates, so it will be the big decision, so that is a Big Conversation not only about markets, it also prices. For now, lets get to break. 20 more ahead. Keep it there with us plenty more ahead. Keep it here with us. This is bloomberg. When you automate sales tax with avalara, you dont have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh david lets try again. We are joined by the cohead of climate coverage and Institutional Banking at Standard Charter. I am not sure if you got my question in the earlier segment. I wanted to get a sense of what loan demand look like from your perspective . We are seeing the largest credit growth in this market largely driven by capex, stability and positivity. Also due to the fact u. S. Dollar rates are so high, that a lot of local companies are borrowing in the local market, leading to domestic loan growth, and that really is a huge opportunity for the indian banking system. At Standard Charter, given that we are a universal bank and we service our clients across a local and foreign currency, the domestic loan Growth Continues to be a very important opportunity for us. David again, i want to ask you to about private credit, somewhat related, but altogether different. What are you seeing as far as private credit is concerned . The private credit market has picked up significantly in india with the number of investors you see starting shops in india. It started with capital, now you have got the likes of all the big equity guys trying to set up their credit funds here. Some numbers say the private credit market was 5 billion plus in india in 2022. That is driven by a couple of things. The opportunity in india has grown significantly, both in terms of performing credit as well as special situations. Number two, the fact that the equity markets have been a bit benign, the Startup Ecosystem as not been that easy to come by. That has led the expiration of alternative market funding. Helping to set up ai and some of the ability to leverage that i think has also led to a lot more supply of private credit. We closed earlier this year, one of the largest private credits in india, but this is the tip of the iceberg. You will see a lot more and transactions. Not just large size once but a lot of smaller or mid corporate companies. Haslinda ankur, when you take a look at u. S. Rates, no sign of easing. You have to wonder what it means for local borrowers tapping the overseas market. That has already been visible in the last 24 months. Bond market issuance is actually coming down by almost 30 , 40 . Even in india, but india incorporates have lots of alternatives. The foreign currency cost comes out to be much more expensive. Local has been very strong, and that is why you will see corporates using local liquidity to go out and buy their dollar bonds or refinance them. Having said that, i think we are close to the end of the rate hike cycle, so that should lead to some more stability in bond yields too, and that should lead to the reopening of the dollar bond market both for investor grade and highyield credit. Haslinda how about esg funding . That seems to be gaining traction. What are your clients doing . You are right, esg funding as become a very important thing. Market volumes have dropped, if you look at the proportion of esg funding on the dollar bond side, it has gone up significantly. It used to be 2 or 3 . It is now 20 . From our position at Standard Charter, we note that our clients and communities are going to be hit severely by the climate crisis, so for us we are looking at this as an opportunity to see how can we direct and mobilize both our own capital and Third Party Capital to up these economies transition into a greener economy. And we have started playing across the entire esg spectrum, to begin with a lot of funding in the global market, but now we are starting to look at things like social. We did one of the largest foreign currency social loan programs this year. And we have also started looking at transition finance, so a lot of situations that will happen in this space. Haslinda thank you so much for joining us. Ankur of Standard Chartered bank. Some of the things we are looking ahead to for next week. China lpr happening on monday. It Rate Decision for indonesia happening on thursday, but the big thing is powell speaking at jackson hole. Investors markets looking at what kind of messaging can we expect from the fed . That is what is driving Market Sentiment at this point in time. Hire for longer . Yes, but how high and how soon might that rate hike come . David this time next week, the orientation will push back if not completely at any indication they are ready to turn soon. It is lower for longer. Look at the futures curve all the way up to next year, there are still rate cuts around their price there, and i would imagine there is a potential in terms of the pain trade think its priced out, we get higher on the short end. That is really what is happening, and by the way, i mentioned that. That is why we are seeing superlatives to end the week, whether that is a bear market in hong kong, although that has a china story part of that or the nikkei and nifty, which have done very well, some of the bestperforming markets in asia, are back below key levels. Global macro movers on offer in the asiapacific. We are mixed across currency markets. That is just about it for us here. That is Bloomberg Markets asia. Plenty more ahead on bloomberg daybreak asia africa and middle east. To transform your business. But it still doesnt make you a rock star. So unless you work with an actual rock star. Hi, im ozwald. Hello ozwald. 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