Transcripts For BLOOMBERG Bloomberg 20240703

Screen when it comes to sovere in asia. We were at 5 for the u. S. 30 year and have come off of that a bit. Is this the calm befthe storm before the u. S. Jobs reort . Dollar taking the back foot and trendous gains when it comes to the korean won, strengthenin someone present this morning. Asian fx, the dollarenback below 149 or so. Equity markets are certainly liking this news. You are seeing mostly green and gains of 1 in japan. Hong kong is a story with su chin them in this judge approving this restructuring plan, and maybe that gives more tailwind to the property sector today. Overall, breathing a sigh of relief. Rishaad you look at the green and it is quite something. Lets look at the open for bangkok, on the way up marginll. Perhaps some interest in the bas well as we have seen that appreciates, but looking at the s p, we have at the moment their plans in thailand to jumpstart their 500 billion economy with a mix of cash dous and loan moratoriums. We are lookat he likelihood we could be seeing a downgrade in the grade credit and grade risk. This s p and fitch saying that thailand must sustain ths te news coming out of cut. Bangkok. We have nifty futures on the way, just up marginally here as well. The rupee is steady, jfi off the record low for the eaker dollar today. Have a and we have the rbi deciding on Interest Rates in 25. 5 hours. They expected to keep Interest Rates unchanged at 5 . Les quickly have a look at what is going on elsewhere in the foreignexchange space. We get to Claudio Piron, cohead of asia fx and rates strategy at bank of america securities. We are seeing a pullback for of the dollar right now, but it seems the drive as of late has been relentless. How far can they go . Claudio great question. Clearly in a certain sense when we look at the socalled technical indicators in terms of the 50 day average going above the 250 day moving average, we have seen over the next 60 or 90 days, on average you could go up by 1. 9 , but historically speaking, that is the average. The maximum we have seen his rallies up as much as 9 , so there is momentum behind this rally on the dollar. That said, we are starting to get finally of feedback loop in terms of rates going higher and equities capitulating, showing some weakness that helps to stabilize the dynamic. For the moment, we have had this selloff in the dollar today, which is welcomed, but still the momentum and the rate differential still favor upside risks to the dollar for the remainder of this quarter. Yvonne we were wondering whether we have seen the peak in yields. Obviously we are still dealing with is higher for longer scenario that is sinking in right now. Is it much tougher now to call that peak . Claudio it is tougher, but again, our house view is 4 on the 10 year yield, which does look a distance away by the end of this year. Why do we think we have more downside to the yield than upside . Partly coming back to that feedback loop, the fact we will start to see the equity market softening up from here, pricing more of a slowdown. It will come down to those nonfarm payroll figures tomorrow on a shortterm basis, and that may alleviate some of the stress on the yields. There is also the dynamic that looms large in the background, which is the fiscal and that dynamic debt dynamic. Rishaad your thoughts on the yen and the bank of japan. We did not know if they would come and intervene. What is your take on this and i suppose everyone guesses when they abandon ycc, it is a question of when, not if. Claudio it is the proverbial moving feast, so our senses may be january we can get the abandonment of ycc and the negative Interest Rate policy. I do not sense they necessarily intervene directly yesterday. Maybe they were checking the market for rates and so forth and we have this unscheduled support for the jgb market, but it does suggest we are closer to the threshold than we were before. Some of the remarks we have been getting out from the boj and officials suggest their threshold is getting, and their patience is wearing thin. That is why we have this nervousness and schizophrenia of the market with dollaryen as well pulling back more significantly. I think we are pretty much close to the fact that if the market tries to push it above 150 again, the boj could come in. Yvonne where does that leave yields . We had Nicolas Smith saying he is confident that he could maybe hit 1 for the 10 year jgb by christmas. Are the boj going to let yields go . Claudio i think they will be reluctant to let yields go. In a certain sense, particularlb yields to go to 1 whenelativel. It is one thing to surprise the market with boj policies they did at the end of last year. But it is another thing to entertain that kind of movement and make conditions even worse for themselves. I think they will be highly reluctant and well push back on that, unless there were some significant deterioration in circumstances where u. S. Yields went significantly higher and they had no recourse otherwise. For the time being, they would not want that on the table. Rishaad just wanted to get your thoughts on the euro into sterling, with Andrew Bailey saying that the job is not done when it comes to fighting inflation. Claudio yeah, to some degree that is true, although i think overall globally what we are seeing is some of that dynamics still ebbing. The u. K. Has had its hardearned circumstances, so to speak, but in a certain sense, we have seen the worst is over for sterling and the lows we saw previously, so we are likely to see some sterling crawl and recover back slowly. I sense that the concern we had previously to sterling is less than it was previously. On eurodollar itself, we are still maintaining 105 for the year end for eurodollar, and we think progressively next year, we think the dollar will fade on the eurodollar goes back to 115 by the end of next year. Yvonne quite a lot of thoughts from Claudio Piron, sticking around and getting your takes on em and asia coming up. 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. So impressive explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Yvonne we were just talking to bofa just now about whether the dollar is overbought, and Bloomberg Intelligence has been cranking numbers and looking at this beer model. We are calling it affects beer goggles for fun, but it looks at nominal yield differentials, headline inflatin differentials, and comes up with this. Most, if not all, of em asia seems to look undervalued against the dollar right now. You rank it based on how much they are versus where the prices are currently, and you are starting to see south and Southeast Asia where you are seeing the most undervaluation, so to speak. Have to wonder, do fundamentals warranted this right now . What happens when the dust settles . Rishaad we continue with Claudio Piron of Bofa Securities. We are looking at the indian rupee undervalued by 13. 5 . The rupiah by 12. 5 . Do you agree with that . Claudio generally, yes. Again, we had the similar class of models behavior equally and even other models that look at fair value relative to the current account. We would agree what you are seeing in asia, like most of the currencies, do not warrant further depreciation. It is also consistent with what you are seeing amongst policymakers in asia. They are fighting depreciation and they do not think appreciation is warranted. Partly do not think depreciation is warranted. They do not want to get capital outflows, so that is the sense. Other thing i would say is the weakness to the thinking is on a forward basis, if we got a negative shock such as a global recession, that negative shock could result in some depreciation pressure coming forward as we have to reevaluate the assumptions we had in the models. One of the clear drivers that have caused us to deviate so much with the Dollar Strength has been the rate differentials in the united states. Once we get greater confidence that the fed has done its final hike and the tightening cycle is over, we can initiate and easing cycle. That is when the power of these models and this valuation will kick in and we will see more of a greater potential rally amongst asian currencies. Yvonne if the dollar starts to fade in strength, what about when it comes to the renminbi . We are starting to see green shoots coming through this economy. Is the renminbi going to be less of a drag for em asia . Claudio youre quite right. The renminbi in china is critical in terms of this component about the dollar. When we try to decompose the factors that drive the dollar, the fed and that expectations about Interest Rates are key, but the second most important factor is china grove, china reflation china growth, china reflation. We need to see the fed signaling the worst is over in terms of the tightening cycle and we need to see china engaged in more fiscal stimulus. We are still waiting for both. That is why we have dollar stronger for the Fourth Quarter until next year and hopefully we will see more by the way of stimulus in china as well. Rishaad looking at the won, you are bullish and we have seen it down to percent since the beginning of february. Is it all down to fundamentals . What is your position on this . Claudio our explicit position on this is we long korean won against the short singapore dollar. What you are trying to be here is contrarian, trying to look for the Silver Lining in asia. What if china starts to bottom out and stabilize . Difficult to be long renminbi given the long carry against the dollar, so what we prefer is korea. And we are looking to carry against the short say because the dollar is on top of the policy ban, so there is a limitation to how much longer sing can get to korean won. In terms of korea, i was recently their meeting with policymakers and local investors. There is a greater sense of optimism compared to the bearishness of the market. There is confidence we may get that 2. 3 growth from korea next year that the boj is looking for. The chip cycle may be bottoming out a bit. We had better Industrial Production figures earlier this week. That better as well even though yearoveryear was slightly negative on growth, so there is a sense we could get that turn. Admittedly, the move above 1350 on dollar korea was not great on the key level, but if we try to make a medium to longer term view, there is value and we think we can take a conservative contrarian position by being long korean won and short sing. Yvonne any other currencies that are attractive to you, given that long list of currencies undervalued in asia . What is your favorite one for more upside . Claudio for more upside, i would say to certain degree, korea is still there if we get a swing around the rates because it captures both the china and the u. S. Rates component. I think another one potentially is indonesian rupiah. Not as liquid as favorable to put a large position relative to korea, but indonesia continues to do relatively well in terms of its policy. I was there recently and they are very focused on their direct investment cycle, focused on the electric vehicles cycle and export numbers show that Foreign Direct Investment numbers. There is a good structural story. Fiscal discipline is wonderful, so if we can compare some of the dangers and risks out there, indonesia continues to do a much better job on the fiscal side than many of its peers. That warrants a revaluation on them as well. Yvonne always great to have you. Claudio piron from Bofa Securities joining us out of singapore. Taking a look atnd markets, we continue to see a rally af what happened in the u. S. Treasureld curve. Things stabilizing a bit and you re eeing most of the moves in australia, the threes and the 10s moving down around one basis point. Jgbs moving around 0 we have plenty more a. This is bloomberg. Rishaad a look at somo those asean benchmarks. The composite just hitting in a sout direco. We av inflation flaring up and that is putting an Interest Rate hike interview with the cpi coming at 6. 1 percent. Looking at malaysia and singapore, following the regional pattern, and jakarta is 0. 2 to the upside. Im of the big stories we are tracking for you. Some of the big stories we are tracking for you. Sunak china becomes the first major developer in china to get approval for its debt restructuring plan. They reached a deal with creditors, 10 months after at first defaulted on its dollar bonds. U. S. Commerce secretarys Gina Raimondo says the country needs new tools after a trip breakthrough by huawei. She says the u. S. Needs more ways to reinforce its export control reggie. The Commerce Department is investigating huaweis new smartphones. Raimondo says she sees no way that they can produce the hardware at scale. The eu has formally launched its investigation into chinese evs. Could lead to measures such as import duties. Despite concerns in various sectors that beijing could retaliate, the eu wants to act now given the unprecedented subsidies such as solar panels. Yvonne the competition between ecommerce platforms is heating up as alibaba, jd, and kuaishou eye singles day boom. We are coming off the singles day from golden week, which is seeing decently strong numbers so far. What do you think will happen and what will be the key focus for the Ecommerce Companies this time . Catherine strong numbers indeed for tourism spending on services and that should not come as a surprise. Into singles day, that is what we are looking at closely for the Consumer Goods Companies because this is chinas largest Shopping Festival of the year, and a big catalyst for the Fourth Quarter for the eu Commerce Companies are particularly alibaba. This is a reflection of the events, and they have started talking about how they will be doing their campaigns this year. Along with jd. Com, as well as kuaishou. More to come from these companies for sure. Rishaad what are we expecting in the Fourth Quarter from chinas Tech Companies . Catherine it is interesting that if you look at what jd. Com has talked about singles day, they are going to go on a low price, bringing the most affordable items to the consumers, so you are going to see that price rivalry as well as increased marketing expenditures from these companies. Is it going to impact to their earnings in the Fourth Quarter . I do see these companies having leaner operating cost structures, and this should come through the later part of this month and into november with these Companies Reporting the results, which does give them a good question for fourthquarter earnings. Cushion for fourthquarter earnings. Yvonne there is this tie up in Digital Markets with alibaba and tencent. Does that change the game with some other peers they have right now . Catherine that is an Interesting Development as alibaba and tencent, their ecosystem gets closer and deeper together. We are looking at alibaba tapping into the extensive we chat base that tencent has come and this will allow them to actually get more users going into their platforms to possibly secure more of these purchases. Notwithstanding, it is a winwin situation for tencent who is looking to drum up the users for its video accounts. Singles day, simply put livestream short videos will be key marketing for these companies, and it is hands on for tencent, alibaba, with douyin and kuaishou on the social media front. Rishaad lets have a look now at what is happening wth the dollaad having a look at that at the moment as we are seeing it weaker right now, a sometimes onto that adp payroll report, weaker than anticipatd, we have got that to blame for the 04 down for this time of year for th boomberg dollar index. Adp, which i found out today has beenautomated the data procesg. Thinking about the private job roth total, 89,004 september come and estimat was 160,000. Ism also weaker and that is at the moment playing outf the dollar thus far. Looking ahead also to data which is likely to come out of thailand. Re looking at five minutes from now the core cpi to be 0. 7 and cpi year on year 0. 6 as well. Yvonne you look at what we have seen so far for the inflation frie nflation prince, the pppin and korea, both having some nasty surprises when it comes to inflation prince, right . Rishaad it was a big miss, so much stronger then. Yvonne what we saw was that food prices are playing out in this data right now, so is it enough to swa the Central Banks to hike again later this year . We will see how taiwan and thailand deal with this as well. There is plenty of optimism here today and we will see long this lasts. It is only the firstday out of four we have seen equity markets gain after entering into a correction for the msci asia benchmark yesterday, so taiwan is up someone percent. Rishaad just looking at the price, who would have expected we are approaching correction as lels, and that has been a 10 haul fall from the recent highs we had. The onemonth lows as well, which were hovering around as well, so there we go. We had an ipo today in seoul. Yvonne doa robotics is the big one. It has come off a it since the initial launch, but we are stl up some 97 from doosan robotics in seoul. Plenty more ahead. This is bloomberg. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Rishaad alright, there we go. Lets have a look at assets in hong kong. We are of course seeing the rally, finally. Developers on the way up. A bit ws being digested. Coens with sumac which just a short while ago, about half an hour ago, it was given approval by a Hong Kong Court for its debt restructuring of its dollardenominateroads. Hsharear on the way up. Broadbased. We have september Consumer Prices out of thailand. Quite something here as well. The economy seeing just, there we go, 0. 3 ish read for cpi iran year that is half what was icipated way less an august. August was 0. 8 . This is disinflation, you could argue. Yvonne . Yvonne that is interesting, right, bucking the trend we have seen in asia where you stat to see food and Energy Prices really laid ut in this data. Rishaad the turnaround. Yvonne yvonne it was expected to ease in september. First down really by cuts when it comes to energy costs as well. Pushed down really by cuts when it comes to energy costs. Whether p pressuresstarts to build up when you see tourism pkup in thailand. Certainly there could be a negative or positive . Rishaad it is an open positive. I dont know if it is because of this. [laughter] yvonne at least we are ing at that here in thailand. Still a flat thai baht on the back of that data. When it comes to japan coming ck from the lunch break, here is howhings are playing out. Much calmer session. Gains of 1. 3 in equity mkt. Dollaryen, it continues to see the strength lding in the asian session. Still arod 148. 55. Could we head back to 150 is anothuestion. We spoke with a guest and they say it looks likely thaw might see more of these moves to may be temporarily losses. Still deci whether it was intervention or not. Yields noding a lot, holding at 0. 8 right now. Rishaad lets have a look at what has been happening in india. The countrys top Investigative Agency has arrested an opposition lawmaker who has been critical of Prime Minister modi and his administration. It comes a day after police also a brand two generalists. Lets get our south Asia Economic editor in delhi. Tell us about this opposition lawmaker, and this tight grip of power that people have been criticizing from the modi administration. Guest just on wednesday, we saw in the evening, and opposition lawmaker, a sitting mp of the upper house of parliament from the Opposition Party being arrested by the enforcement directorate. This has become a big cause of concern among all the other opposition parties as well. He has been very critical of Prime Minister Narendra Modi. In the past we have seen the delhi chief minister openly criticize the Prime Minister and his party and say that they have a vendetta. The party that runs the state of delhi and punjab. Clearly these incidents are increasing ahead of elections that will become a big talking point going forward. And remember, this is coming right a day after we did see certain journalists who were critical of the Modi Government being arrested by the delhi police as well. These incidents, as i have told you, have been on the rise heading into the election season, and it will become a big talking point going forward. Yvonne ruchi, we certainly want to watch more about this and what this means, this detainment of this publication, as you say, that has been critical of modi. We are focusing on a lot of stories out of india. A big one we are watching for is cricket, one event that Prime Minister modi hopes will boost his image and internationally is the cricket world cup. The event gets underway at the stadium named after him, in a few hours. The first match, world number five england, take on new zealand, who are currently rxt. I know youre going to watch on. Rishaad definitely. This, at least in this part of eworld, its a decent time, 2 00 p. M. , 430 p. M. In singapore and hong kong. At least its not the middle of the night. We discuss the significance of this event and what we can expect. So it is huge. Its also a boon for advertisers. But it comes at a price. Menaka all that and more. I sort of grouped it into five things to watch out for. This cricket world cup, mens world cup, if i can call it that, because nowadays the womens world cup is also a great watch. Like you pointed out, the action starts today. We have got 48 days of games, 10 teams, 10 venues. If you dont have a ticket to watch it live in person, you can watch it on the official broadcaster, disney that is one thing. Number two is the money. The cricket world cup is not as monetized an event as the fifa world cup or the super bowl in the u. S. , but it dete draws more eyeballs because of the numf ns in the sutinnt. Therefore, advertisind sorhip, that is where the big money is. About 1. 5 billion in sponsorship and media spend through the year, that is what bloomberg reported. The icc, the International Cricket body, has 20 official sponsors ranging from rmf tires to mastercard, aramco, and even startups like dream11, a gaming company, is also one of the sponsors. Disney star, the official broadcaster, has sponsors. You have revenue from ticket sales, the travel, food and beverage sales. You also have prize money which is a very meager 10 million, and has not changed in 10 years. But all of this, economists expect will be gdpboosting for india and also may be slightly inflation boosting. Third is the politics. The first match is in the Narendra Modi stadium. Some of the best match apparently are being played in the stadium, including the final which takes place on november 19. That has caused some political furor, many members of the parliament in the country saying, why arent you playing in our city or our stadium . That is the politics of it. Lets not forget, this cricket world cup coincides with the diwali festival in india, the major festival of the year. It also comes just before key state elections. So the next one month or two will be a circus in india. The fourth thing is the gripe. Apparently the schedule was drawn up very late, many fans are upset that they werent able to plan well in advance to be able to visit many of the matches that they wanted to view. And the last bit i wanted to tell you is the transformation. Over the course of the next 30, 40 days, you are going to see one billion cricket experts proud to cross the subcontinent. We will bore you to death with how they could have played that shop better or fielded that delivery better. If you arent a cricket fan like me, find a corner to hide in. [laughter] yvonne i will be with you on that corner. But it is crazy, a 10 second advertising slot during the match costs up to 3 million rupees . That is a 40 increase from 2019 you have to wonder who is willing to pay for this airtime. Rishaad it depends also on who is playing. Will they be playing little ireland or e. U. 80 . Then you have the biggest game in terms of eyeballs. Pakistanindia. It must vary hugely, the amount per second or 30seconds. Menaka like i pointed out, this is not as well monetized as, say, the fifa world cup or the super bowl. But it is the biggest sporting event, at least in this region in the subcontinent. And it draws, what, three times the number of eyeballs if you look at both broadcasting as well as digital views . Yvonne 3600 a second on these world cup ads. Rishaad menaka doshi in mumbai, thank you. You can get her latest daily update on all things india they simply subscribing to our india edition use. Breaking news out of japan. A bond auction. Yvonne we didnt get a chance to talk aboheee for world cup. That is a good news t. [laughter] jgb auction. Bond auction yielding the lowest bid, lower than forecast. Maybe not as upbeat in terms of demand for the 30 year. Accepted at towest price of 82. 55 . Wel ntinue to watch what goes on on the long end of the yield curve, bt today, pretty flat when it comes to the jgb. Risha rishaad the 10 year was actually pretty. It was better than expected in some ways. The 30 was met with very weak demand last time so they are trying to get this one off, but it seems like it wasnt quite as much in demand. , yvonne th tail demand measure, lowest since 2013 for the 30year. Plenty more ahead. This is bloomberg. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. That first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Yvonne the india opened just about three minutes away open is just about three minutes away. India laying an ambitious plan to boost their share of natural gas in its energy mix to 50 by 2030. Lets dscuss more with our guest, ceo of a marketplace for tradingart and gas contracts. Trading spot and gas contracts. Welcome. Trading volumes in the First Quarter declined 9 year on year. How is the Second Quarter you looking . The Second Quarter also has done well. Of course, we dont have the full data for the Second Quarter, but otherwise, if you take five months in this financial year, we are 10 of in terms of growth. We understand that prices most often in Indian Markets and in International Markets and this will benefit in terms of growth because indian customers are very price sensitive. Prices will softened further. We hope Many Industries and consumers who are using alternative fuel will shift to the virtual glass, which is cleaner. The power sector in india does not use much gas. The use of only four peak seasons. This season is going on. This season, we have seen growth. But later this year, power demand will not be high. We expect the city gas distribution sector will see the nurse will be the main demand driver. David how is the coal transfer, from to gas going. Is it going sufficiently quick enough to meet the governments targets . Rajesh this is not happening in india. The reason is that demand is growing much faster than expected. Electricity demand in the past year has grown 10 . We used to developer 40 gigawatts of electricity. We need further support from other segments like gas. But india is not using much gas. But particularly during peak seasons, that transition happens and gas power plants are being used only as a solution for avoiding intermittency. We still have to see, because in india, the power sector can absorb gas only when gas prices are lower. Which is not happening so far. Other indexes have been higher than 10. Of course, this year its much better, 11 15. Early last year, it was the same thing, 30. What we expect is that by next quarter, this most often and then there will be more demand coming through. Switching from coal is not happening so far. We have not seen it happening. Yvonne the gas contracts that you offer are trading on the igx right now, they are up to a month and are you hearing any inquiries about anyone wanting longer contracts, maybe after a year maybe up to a year . Rajesh sure. We have seen demand for quarter, sixmonth, yearly contracts. We are in the process of taking approval from our regulator. Already we have planned for contracts beyond one month. We are also facilitating for one month, you can buy for up to six months. But we have quarterly contracts and we will have sixmonth contracts soon after approval from our regulators. For that, we are in talks with dash for using their benchmark indexes like jkm. With leads in place, we should be able to see the launch of these contracts, may be in the next quarter. Rishaad what are you planning in terms of broadening the exchange, perhaps products that you might have in the pipeline right now, and how are you making it more accessible . Rajesh we are dealing with natural gas which flows through pipelines. We have plans to bring in a energy also on the platform and for that also will be getting approval shortly, maybe this month. We also are talking about creating a market for compressed biogas. Because bio thre is a huge ambition for the Indian Government that there is indigenous, domestic gas which can replace imports. There are government plans to build plants which will produce Something Like 15 million tons per annum. That may come in the next two years. For that, we are trying to bring out a mechanism for certification. The government created a mandate that we and other marketers will increase part of their consumption from biogas, which is green grass. For that, we will create a certificate mechanism and that probably will help us expand the market. Immediate is smallscale lng. Then we have a longterm contract for two years. Then we have the cgb certificate. Those are the products we have. Yvonne what about your overseas expansion . There was news on your offer of exporting gas to bangladesh . What sort of plans can you tell us about that . Rajesh definitely. We are putting a pipeline with bangladesh. That will come in two years time. We are getting ready for transporting and selling the gas to bangladesh. The second thing is, even today, bangladesh can biogas because we have an lng terminal coming up it already has come up on the eastern coast about three month back, and it can move from that terminal to bangladesh. There is only 100 kilometers to this Industrial Zone goes through the Indian Border they can csume this natural gas. Only thing is we need to have preparations for getting approval from the governments of both sides, and that should come up. The government of bangladesh has also allowed industry resource gas separately, not through only petrobhangla, but they can also source their own gas and that will create another market for us. Rishaad thank you very much indeed, rajesh mediratta, ceo of the indian gas exchange. Taking a look at what we have now, we are up certainly. Have a look at some of these stocks which may be related to the start of the cricket world cup. Of cour, we are looking at essentially travel stocks, hotels, and some of the big food stocks. Indigo intraglobal aviation, sing good gains, but in a rising market as well. There we have it. Yvonne we have plenty more ahead. This is bloomberg. What do you see on the horizon . Uncertainty . Or opportunity. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. Rishaad alright, this is bloomberg markets. Other stories we following for you. This company says they are planning to list a separate division from its main cybersecurity operations. The ipo is expected to launch in the first half of the next fiscal year, following a Strategic Review underway since may. Blackberrys announcement sent its u. S. Listed shares climbing and post market trade. Barclays has cut 50 senior dealmakers, the layoffs said to be part of a planter cut 300 pe across the corporate and investment it amounts to about 3 of the total headcount in the division and also includes barclays training operations. General motors and other places, gm is bracing for more losses, saying that the first two weeks of strikes by the United Auto Workers have cost at 200 milion. Sales have fallen 10 for vehicles being built in missouri where the strikes begun. Gm says it is setting up a 6 billion line of credit in order to shore up liquidity. Ford also, staying with the automotive theme, saying it will lay off an additional 400 workers as of thursday. It is blaming the strike at its Chicago Assembly plant and that brings the total layoffs linked to the stop work to more than 13 hundred. Earlier, ford had said sales of its f150 Lightning Electric pickup truck sank 40 in the last quarter. They put that on the doorstep of delivery delays. Yvonne a market k right now. Were watching closely the Inflation Numbers out of asia. We saw the thailand numbers, missed estimates. Bucking htrend we saw out of south korea and philippines. Taiwan is next. Thailnd, i think they were expecting a drop in energy costs and the like. That seems to be dragging down the numbers. Certainly we still need to see ether it does meet the forecasts of the bank of tea. Thaaia dollar index is what weatching closely, we are seeing a pickup, the greenback taking a bit of a back seat today. That is lifting risk assets across the region. The dashboard looking like this. Energy has come afloat. We were talking about the 5 drag in oil prices. Seems like things hrevered a bit in energy shares. Apac real estate remins the only sector in the red. Rishaad we have fuures just tur ta higher. The dollarundea bit of pressure. Certainly the yen is trading up agnst its american counterpart for a change. Big move up by the japanese currency, that, of course, after what we saw on tuesday. We t cide whether intervention did take place by the ministry of finance. There we go. That iswre we believe things. That is hong kong. This is bloomberg. It is 30 degrees celsius. The following is a paid program the opinions and views expressed do not reflect bloomber