Board. We are on track for the dollar index to have 12 straight weeks that is something that we have not seen but it matches aord streak in 2014. Are talking about sub 90 when it comes to wti as well as bren it has been a dramatic selloff when it comes to crude. Sovereign bond markets, mixed pie but mostly yields are ticking lower. Rishaad we have a gut check taking place after the rout we have been witnessing in the bears having a bit of fatigue. Looking at thailand, there is a rift between the Prime Minister and central bank and how that is spooking the markets. It is not playiut that much although it has in recent days. It is up 0. 2 . We have the baht steady at 36. 94. 50 futures with fair value in mind and thece he is indicating a flat picture a look forward to the bank in india decision on Interest Rates. We expect data to show the price rises slow down to 5. 7 from its. 8 . The big os nonfarm payrolls. Yv 170,000 is the consensus but it goes from00 up to 250,000. It de spectrum. Thk s tilted to the upside. You are notein the cracks forming in the labor market just yet in this data. There is no shortage of negative news. Labor strikes, potential government shutdownl pice increase, tightening of financial conditions which mary taed about as well. That may play out in the data soon rishaad the data presents and bad parts. We are speaking to Robert Hoffman. Robert not only will this be the most important read by depending on how things shake out the labor strikes and in other potential longterm shutdown occurring in washington, and the month of november, this could be the last real clean look at data that the fed has for perhaps the next couple of months. It continues to pile more pressure on the number that comes out tonight even though one data point should not make that much of a difference. There are divisions everywhere. Imagine the range between 90,000 jobs all the way up to 250,000. Keep in mind the seasonal effects of what is happening with these numbers all the way back since april have been affecting things. You have seen revisions lower. I would not be surprised to see the numbers come in hot tonight and that drives markets crazy and the number gets revised down later. Everything that happens in between will be increased volatility for the time being. Yvonne is it still wise for the fed to keep the door open when it comes to november hike at this point . It seems like markets are slowly warming up to the idea too, robert. Robert it is good news and bad. The damage you heard last night in the fed governor comments, the damage has been done with quickly Rising Interest Rates on the longer dated bonds and is delivering effectively a fed hike for them. It reduces the immediate pressure for the fed to have to do anything but i would not expect them to take this off the table entirely. If we see a hot jobs number, the wage and labor growth number, it has been sticky and hard for the fed to get under control. If it stays hot, the fed will do nothing to try to take that fed hike off the table. Yvonne what do you think was behind this selloff in bonds, robert . Is it something that is just technical or fundamentally there is reason to warrant such a selloff . Are we starting to see cracks in the bond market because it seems like they are no longer seen as safe assets anymore. Robert this is more of a structural issue. The structural issue is that you have had not economic sensitive buyers since 2005, which are global savings, whether Central Banks around the world, the Federal Reserve bank itself on quantitative easing, or just large banks in the u. S. Is buying up a lot of debt to bolster their Balance Sheets. They have been noninterestrate sensitive buyers. The glut of savings had to buy those bonds. Now those investors because of inflationary pressures have stopped ng up new bonds. E same time, the fed is undergoing quantitative tening and created a perfect ripe where the only buyer of last resort for the new easury debt, the huge issuance coming out, the only buyer of last resort has been households. They are economically sensitive and they need higer rates to get them to buy up that debt. Rishaad banks have also seen capital flight leaving them with unrealized losses going to 500 billion figure range. How much of a concern is that for the banking side of things does it represent bank peril and where does that leave the system because they probably need to get bailed out at some stage. Robert i think it is probably a little bit early to worry about bailouts. We are not at that crisis yet but it is something to monitor and something of concern. There is the fed liquidity line open to banks and you have seen banks take advantage of moving more and more of that debt on their Balance Sheets into the classification that is held to maturity. Then you dont have to market to market every day and you can pledge it against the fed and get the liquidity but it has an expiration date. My guess is there will be a lot of conversations around does the fed extend that facility . At some point they will be forced to in order to protect regional banks in the u. S. Globally, there will be a slowdown in Credit Availability which fits into the plans of the Central Banks to slow credit growth. Banks tend to perform well when there is high loan demand. It does not seem at that will be happening anytime soon with the central bank controls being put in place. It will be a touchy 612 months for banks before they piggyback true profitability because of the underlying drivers. Rishaad the noise which is getting louder and the predictions of a hard landing, what is going to happen, rob . I will pull out my crystal ball. [laughter] we have to keep an eye on the longerterm. If we look 35 years, it is much easier to predict what will happen. Corporate Earnings Growth in the stories you are seeing wil be intact. We recentook a strong look at the markets that have been lds r a number of years. Japan is one of thos there are strual changes and reforms taking place in the market that make opportuniti abound. China, for example. The pessimism has been so negative yet we are starting to see a bottom forming in china. If we take a long and of, it will be ok and longerterm secular trends come back. In the short term, i want to be smart about where i deploy my risk. Yvonne we will have more from Robert Hoffman joining us from singapore. Ahead this hour, we will look at to expect from Indias Central Bank ahead of its Rate Decision in one hour. Dr. Rupa rege nitsure will join us for that. Rishaad we discussed the cricket world cup set to boost its economy and the risks that may ded come with its. This is bloomberg. Yvonne it looks picturesque and like a happy friday but a typhoon is headed our way. It is making its way through taiwan the last days or so so theres a risk for heavy rain this weekend. The observatory has said at 5 40 pm they may waste that t3 signal here. Lets take a look overall. Markets are in the midst of the golden week holiday. Onshore markets are reopening on monday. Lets bring in our asia stocks editor lianting tu. It has been a pretty volatile week. Im wondering how monday is looking for mainland china. Lianting i think most of the people that we spoke to are expecting a negative open but not to negative just because all the Global Market turmoil may be offset a little bit by the positive Holiday Spending data. Overall, i think the tone is still negative just because the rates volatility is going to create a larger yield gap between the u. S. Treasury yields and cdb yields cdb yields and that will weigh on the yuan and capital outflow from china. That is not good news for chinese stocks. If you look at how the hong kong traders have been treating the positive spending data, they did not Pay Attention to it until today. It is anyones guess when it comes to china open. We looked at the correlation between the hsci index and previous weeks performance versus how the csi 300 will open and there is no correlation at all. That is the picture we have. Rishaad it seems that some of the data is supportive of the idea that the economy is at the bottom. Does that mean the stock markets have bottomed . Lianting there are tentative signs of that from a technical perspective but investors say there is a lot of pessimism out there. We were talking to managers and they slashed chinese equity exposure from a few months ago and they continue to have zero exposure to china and that seems to be the dominant view right now for a lot of foreign investors. Onshore investors hold a slightly different view but again, there is no positive housing data out of the markets. That is the key thing everybody is looking out for. Rishaad lianting tu, our asia stocks manager joining us from singapore. We are back with rob hoffman from citibank. With this data showing stabilization at least for you guys at citigroup, well, i should say raising the growth forecast for china, does that mean you are also perhaps telling a bit more overweight on the countries stock market . Robert its premature and it sounds like lianting has the same cloudy crystal ball i have. It is probably too early to declare victory and that china has turned the corner but on the others that of that, it is nice to see we are seeing stabilization in a law of the leading indicators that come out of the onshore markets. We feel like the bottom is likely from the economic standpoint but has not repositioned into growth territory. We are looking for investors and lianting just covered it and said how many are positioned waiting for onshore. When china pivots back to growth, and they will eventually come and when that happens, investors want to have stake in that market. It is too early to say this is a bullish market but if you are at zero exposure, now would be an opportune time to pick away choice assets that you want to own at distressed prices. Yvonne the one that benefited from this demise in the macro picture was the likes of japan, india and the like. I know you look at asia. I am wondering is there more room for these markets to outperform if china comes back even in a small way . Robert yeah, when you look at trade balances in countries where that is most important, the largest trade partners to china. Japan is one of those even though the japanese yen tend to be more affiliated with the u. S. Dollar but we look at australia and external countries. The importance of the trade with china and the trade data stabilizing the aussie dollar is going to be really important in q4 and q1 of 2024. We think chinas Economic Activity will help the other tertiary assets. It is giving us encouragement as we think about the outlook into 2024. This is a really important cog that will be part of the story next year. Rishaad real estate in japan has caught your interest and no doubt with a yen at 148, that must mean that you are looking for a bit of appreciation for the end and on top of that, price appreciation for houses of real estate generally . Robert yeah, it is a much more niche topic. As you look across all of asia and pockets of opportunity, one of them has become apparent for a small subset of qualified investors, japanese real estate and assets. The combination you hit on of the yen and Structural Reforms i spoke about, those are hoping to unlock capital markets. The first place we see that liquidity form and bolster support is the commercial Real Estate Market in japan. Unlike other regions, when you hear about the u. S. And the problems with Office Occupancy and the coming commercial real estate collapse, those when you think about japan, the Office Occupancy rate is near alltime highs, higher than precovid. There is real opportunity in that space for investors to pivot. It has become a big story and we think institutional and qualified investors will step into the markets actively. Yvonne in terms of the bond market, at Citi Research you have a year end target for 4. 58 for 10 year yields. Not quite 5 that some are projecting. You are focusing on the short end. Why is that spot right now . Robert this is on the tops of minds of investors. Citi research put out a year end target of 4. 58 . We are different unit within the citi but we look at their views and they inform our opinions on where we think things will go. What Citi Research is looking at , and the shortterm it is unpredictable. The jobs number tonight and im not over stressing this, the jobs number tonight will go a long way to determine what happens with rates. If you see a really hot number of 250,000 jobs, all of the sudden, you can see the 10 year up quickly over 5 . As you start to see those numbers come out, the markets will pivot to the view that that will weigh heavily on Economic Growth and there will be real challenges going into 2024. As the markets tend to overshoot on the upside, also on the downside. You could see that number coming back in certainly into 2024. Yvonne robert, thank you so much. Robert hoffman from citi private bank. We have plenty more ahead. This is bloomberg. background noises this is a clustomer. Hello its what happens when Marketers Group customers with very different behaviors. Into one tangled mess. This is a mess with mailchimp, marketers can use realtime behavior data, to personalize every email for every customer. Turning clustomers, into customers. Intuit mailchimp. The 1 email marketing and automation platform. Rishaad well, we have not had one of these for a while. We have not seen this but exxon mobil is getting close to a deal on shale focused on pioneer net. If it happens it will be one of the biggest in recent memory. Lets get to harry in sydney. Walk us through the mechanics of all of this. It will be probably the biggest deal of 2023. Interestingly, the biggest deal that exxon has done since emerged with mobile way back in 1999. It really speaks to what is happening in the sector at the moment. The whole space, i mean the u. S. Shale has been the backbone of u. S. Energy independence for a while in the revolution there has been petering out for some time. It is a consolidation of the last remaining big assets and companies are cutting back on r d and exploration. This consolidation is going to wrap it up for one of the majors as a look and solidify gas. When you layer a supply shock as we have seen with the ukraine crisis on top of an energy transition, they really started zeroing in on gas and the importance of that in the modern world. Yvonne could you tell is a bit more about the details of what we know so far. Pioneer has a market cap of 50 billion in terms of price. It is not going to be cheap right . Harry not cheap at all. Dollar volume wise, getting close to 60 billion in much larger the next largest deal of the deal which was pfizers acquisition of seagen which was 40 million. We are up there in terms of which was 40 billion. What is being reported and what we understand along with others is that it make it announced tomorrow or this week, this coming week. The premium would be 15 so it is not an absolute knockout preium but does need to be pretty significant to get the shareholer over the line. Yvonne all right, great reporting there. Thank you for bring us up to speed. Harry brumpton in sydney when it comes to exxon and pioneer. We will see if we get more clarity on that. We heard a little bit more from the San Francisco fed president mary daly overnight saying the federal bank can keep rates steady as key u. S. Indicators from inflation to the labor market cooled. Speaking to bloomberg in new york, mary daly weighed in on the recent selloff in the bond market. The bond market has tightened a 36 basis points since we met in september. That is equivalent to a rate hike. The need to do tightening additionally is not there. From my own perspective, that is what i look at. My job, our job as i see it is not to tighten and just do our part. It is to watch financial conditions. If Monetary Policy works, we raise the funds rate and moves to the under the other Interest Rates. If conditions are sufficiently tight, our work is not necessary because we dont need to boost them more. Lisa the rise in yields does the feds job or it. Would you agree with that or sympathize with that sentiment . Mary that is how it works. Financial conditions tightening one of the things that has happened in the last 90 days and weeks is that Financial Markets have collectively seemed to take on board a variety of things but one of the things i heard from commentators and the Market Outreach i do is that they have a general understanding now that we are committed at the fomc to keeping rates higher for longer in an effort to bring inflation fully back down to 2 . That recognition along with other factors we could put in netlist about why bond yields have risen are affecting financial conditions and tightening and i see that as a positive outcome that we would have tighter financial conditions because then we can get the job done on putting inflation back to rest. When is lisa when is the selloff something welcome that the market is coming to terms of what the fed is saying . When is a disruptive on a level that causes concern . Mary you want an orderly repricing. So far, what i see is this and this is why we watch it so carefully. I see it that what is happening is Financial Markets are trying to find their footing in the right price for things. They digest a lot of information, supply and demand changes in the treasury space. Supply is going up and demand going down especially from foreign buyers. That is one factor to digest. Another factor is fed policy and Forward Guidance and the sep. A third factor is the increasing conversation people are having about whether the real neutral rate of interest is actually risen. Rishaad San Francisco fed president mary daly there with our very own lisa abramowicz. Talking about this deal we have with china Mineral Resources buying increasing beijings clout with rio tinto and others there. You can see fbig minors over next yearupy. We dont have the results of the deal but people were unnamed. Cmodities. King a look at sms like the bond market selloff has eased a when it comes to oil markets, we stabilized a bit of well 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 all right, well lets just check in with the scene at hong kong. We will brace ourselves for another typhoon. It has been quite something and unseasonable number of tycoons. Looking here at curently the position. Weve got the hang seng leading the charge with bsically every Industry Group movithe upside. And charts suggesting thatoom friday is always a good day for the last two weeks and we have seen good gains at thenof the week for the hang seng. Property is 2. 1 up. Tech ase. We have very thin volumes because increase in volatility. Looking at the overall picture ft markarond this part of the world, and this is japan stepping back into the fray after their lunch break. Yvonne we talk about the dolla yen and what a week has been. We are trying oigure out today or did they not intervene. The initial data we have seen, unlikely. The impatas not as strong as what we have seen in previous interventions last year. 148. 62 and we are back to those levels wenit comes to the dollar yen. The topix and nikkei are a bit of divergence. Under pressure when it comes to the nikkei. The topix a slight bed and we are holding 0. 8 for the 10 year kgb. It has been a savage the 10year jgb. Lets bring in avril hong in singapore. For oral traders, for oil traders, what is driving this all down . Avril it is all about demand and we are seeing brent and u. S. Crude futures poised for their biggest weekly losses since march. Lets look at this chart to give you a bit of an idea of what we are facing. Allowed a lot of this has to do with the concern for the global economy. This has clouded the outlook for demand and this week we saw the the poor print on u. S. Gasoline demand. That brought the debate to the four about whether higher prices are destroying demand. We are seeing how the slump in crude prices this week is actually indicating what saudi arabia and russia chose to do when they choked off supply last quarter. We are still seeing the front end Prices Higher than the back end. We will give you an idea of where things stand on those prices. This is pointing to tight supply still, but perhaps less of a problem than what we saw last month. Rishaad now, what does this all mean for currencies as part of the world . It is of course probably going to help some in be a detriment to others. Avril yeah, i mean there is a distinction when it comes to the inflation complex and how the Energy Equation is part of what central bankers and affects traders will have to consider fx traders will have to consider. When it comes to the korean won, they are points for weekly gains and this is on the back of those inflation prints that came in hotter than expected. This was no thanks to the Higher Energy as well as food prices. Oil will also be something for the rba to consider when it meets today. We saw a brief reprieve for asia fx this week as the dollar rally took a breather. A lot of this will depend on what we see out of the u. S. Payrolls. Bloomberg things the asia fx will be poised until novembers fomc will be get a clear picture from the fed. A different picture, to your point earlier, rishaad, on the thai and the weakening we are seeing with inflation to the downside no thanks to the energy subsidies. Rishaad thank you april and it is about the thai and the thai economy and friction with the Prime Minister. There was a photo opportunity with the bank of thailand governor. And it is quite telling in a way because it was a working lunch on monday between the governor and Prime Minister and the two agreed to meet every month to find common ground. Then the remarks were pointing to no imminent reconciliation. A day after the meeting they seemed to have a peference for week currency weak currency. Yvonne they were supposed to meet for 45 minutes and it was supposed to show unity. It backfired in some ways. Look at the moment performance that we saw with stocks and bonds as well. It may be led to more confusion out there of where this government is heading because a lot of the contention has happened before, but the fact that it was a point of contention was a cash handout program that the Prime Minister is hoping to lay out, which the bank of thailand governor had to say. He said that is not appropriate right now. Lets bring in anne mostue alk us through what has been going on. Stand, this leads to more questions and answers about the outlook for the economy. Dan yvonne, it is ironic. You go back a month or so in the prolonged period of horsetrading after the election before we actually got the government. Most of the commentary was at is Holding Thailand back in the uncertainty is no good for thailand. Well, we have of a cabinet and Prime Minister. The baht in a tough environment for em, the buy has had a difficult the baht, has had a difficult time in the past month, the worstperforming asian currency against the dollar over the past month not exactly what we were hoping for when we were anticipating the government. Rishaad so, how is it playing out, dan, and that is the question here. What does the Prime Minister do about it . In two, we had the Previous Central Bank governor fired and it was a personal friend. Dan that would be ill advised. It is a particularly difficult time for Global Markets right now. We see that across the asset classes. Getting rid of your central banker, the voice of institutional technocracy if that is even a word is not a good look. As i washed this playing out this week, i was reminded of the rift between donald trump and jay powell. That was during trumps residency. Political neophyte property tycoon fancies himself as a big stimulus guy and runs up against a wall of institutional knowledge. It was not a great look, was it . Yvonne no, and are you seeing any signs of reconciliation then between the central bank and the governor . Where can the two sides meet . Dan there is perhaps a bit of a squishy middle ground. At the last policy meeting, the bank of thailand made pauseish noises. They definitely came out days later and said they were on a pause. The Prime Minister might not like the hikes but he has a pause and not cuts. Lets see where we go from here. It has not degenerated into the namecalling that trump practiced against jay powell, a golfer that could not put, and the fed has gone local, and jay powell is the biggest enemy weve got. It has not degenerated to that but it is noteworthy nonetheless. Rishaad and the speaker position is also at the moment vacant. Dan, thank you so much. Dan moss, Bloomberg Opinion calmness. We are 52 minutes away from my decision on Interest Rates coming from the reseranof england and we will be joined by that l t finance and see what can be expected for the Indian Economy. 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. Rishaad that is mumbai the moment. We are seeing need to nifty futures dishof a slight indicative of a slight uplift. Everything will be on hold when the cash market kicks off in five minutes. We are looking at the interestRate Decision coming out of the reserve bank of india and powered next guest is expecting them to keep policy at the same level and extent the pause for a longer period. Lets bring in Rupa Rege Nitsure from l t finance. Thank you for joining us. What are you looking at and no change expected. What would make them change their Monetary Policy right now and are they closer to perhaps pausing for a while are closer to cutting . Rupa rate reduction cycle is certainly postponed now because there has been growing concerns on the inflation front. We had extremely on even monsoon rainfall. The shock to vegetable and fruit prices make it reverse but there are components of food inflation like sugar etc. We feel inflation will be sticky and go for a longer period of time. The government of india is focusing on inflation targeting it in a dedicated fashion and has been saying that they would like to lower inflation to their target level, i think we are headed for a longer pause in the Monetary Policy. Yvonne how important of a factor is the fed . Markets this week have been focused on higher for longer and that maybe the fed is not done yet. How has that impacted the calculus in thinking at the rba . Rupa like all the emerging markets, we are closely linked to the actions of global Central Banks because it has direct implications for our capital flows and currency. We have been seeing spikes in the Global Crude Oil prices and also the prices of several nonenergy commodities etc. Which again has started creating costs pressures. There is expectation that the u. S. Fed is not yet done with the rate hikes and it could be one more rate hike coming from the fed. Against that backdrop, i think emerging markets Central Banks will stay vigilant and their overall policy stance will remain hawkish. Rishaad rupa, how far did they set policy in response to what we have been seeing with the rupee and try to defend the rupee rather than actually do something about capping inflation . I think the record low for the rupee against the dollar is 27 pesach and we are six pesach below that level. That may be concentrating in their minds. Rupa the bank will not defend the rupee after the currency has become convertible on current account. I dont think they have been doing that but like any other central bank, it will try to avoid rapid depreciation in the currency in a short period of time to control volatility. Otherwise it is basically keeping level as such. Indian currency had strength in the last few months because they were attracting capital inflows, both portfolio and rba. The emergingmarket space, india was performing better. In view of the fact that now oil prices are rising and inflationary pressures are building not just in india but globally, i think all Central Banks will stay vigilant and ensure that there currency does not come under pressure, undue pressure in the short period of time. India is really having very good buffer of Foreign Exchange results. In terms of that, we have more than 10 or 11 months of imports cover. We are better placed to take care of Macro Financial stability issues. Yvonne in terms of the inflation trajectory, what are you seeing and how that will play out . How soon can we expect rates to actually settle sustainably at the rbis target of 4 . Rupa it will take some time because, as i said, india is a monsoon dependent country and this year, we had because of el nino, we had extremely uneven monsoon rainfall geographically as well as temporally. There have been pressures and in august, or july we had excessive rainfall in then a dry spell. It is a concern about the output even though the soil has improved. In view of that, overall inflation, it was projected to be 5. 4 . Now my own expectation is it may go up to 5. 7 or 5. 8 . The Central Bank Report has kept it at the level of 5. 9 . It is not just the food prices but also fuel prices. Currently, the Indian Government is supporting people by putting a cap on retail oil prices, but they may not be able to do that for a longer period of time if brent crude price stays above a dollar 90 for a long period. Rishaad rupa, there is an old adage that is sometimes true of course that india has got a great future and in 10 years time, people will say india has a great future. Our things different this time around, and has this economy got the legs now that many people are now convinced that it does . Rupa yes, of course. They are standing on strong footings and even though Different Countries of the world are struggling to come out of the huge setback created a covid , indias recovery from the pandemic has been fantastic. And now it is not just the Central Government but state governments are also supporting Capital Spending in the last one year. Hello . Can you hear me . Yvonne yes. I want to get your take on what had. Go ahead. Rupa if you look at the order books of capital goods manufacturers or instructor companies, they are really doing well. Indias coal sector is growing at the pace of 12 year on year. The industrial sector and capital goods infrastructure, basic goods, the sectors are posting good performance. That is the foundation for future growth. Personally, i feel that yes, we are on stronger footing. Of course, monsoon related risks and oil price related risks and excessive Monetary Policy tightening will play out, but india is has sufficient buffers and cushions that. Yvonne Rupa Rege Nitsure from l t finance joins us. World cup officially kicked off. I know you are better about it. New zealand england. Rishaad i was watching it and it was not very nice. Yvonne you dont want to dwell on it. Rishaad they were empty stands and people were shocked about it too. What we had was empty stands and quite often you find the stands are empty at the start and then fill up. They did not fill up. Yvonne it was also hot. Rishaad 34 degrees celsius and 90 degrees fahrenheit. Yvonne the Indian Economy wins. They may actually end up in the ultimate victor here given the boost and lift it could have on growth. Lets bring in our economy reporter in mumbai. Telus what sort of beneficiaries are we likely to see and where will it lay out in this economy, the cricket boost . Indias economy is expected to get a boost of 2. 6 billion because of the cricket world cup. The revenue may come from hotels and increase revenue and tax collection on hotels and tourism as well as sponsorships that will play big part in creating revenue. That is an estimate. Rishaad please carry on. Anup it is the estimate by the bank of Baroda Research that the economy will get at least 18,000 four to 20 billion rupees which is 2. 6 billion for the economy. Rishaad where will the revenue come from . People spending money on hotels and traveling with in india and the like, but im sure it is more nuanced than that. Anup a large part of the revenue will come from tv sponsorships and tv rights and sponsorships. The cricket world cup is a global tournament all over the world and people will be watching it. So, in india, more than 500 50 Million People 550 Million People are expected to watch this on streaming and television. There will be tv rights which may account for just about 120 billion rupees the domestic viewers and domestic economy. Then there are global giants who will be advertising for this tournament. As far as estimates, a 10 second slot will cost 3 million rupees for advertisement or advertising during the matches. That translates into 36,000 for 10 seconds. Roughly about 3600 every second will be spent by advertisers to be seen during the matches. Rishaad anup, that is average prices for advertising and i think on october 14 they might spike. Anup roy for us in mumbai. Seven minutes of the session thus far, having a look at what we have. The sensex is up. Up across the board and looking at volumes which are significantly lower. That is down to the small matter of interestRate Decision coming out of the central bank in 37 minutes from now. Yvonne this decision is imminent here. You are seeing risk being taken leading up to that largely expected to be a pause once again. The rupee is not doing a whole lot. Lets check in on what else we are watching out for today not just rugby but overall markets and the like. Hotels and the like. We will have more to come. This is bloomberg. Yvonne taking a look at markets in it looks like it will be another tgif when it comes to hong kong. Take a look at how we have seen the previous past fridays and this have played out. Actually, we have seen for most part a decent again to wrap up these weeks. Maybe this is just to do with the rising speculation of potential policy support to come over teknd. This week about, you are starting to see more optimism when it comes to golden week. Wewching big names of ecommerce ad consumer related companies, financial stocks contributing the most to the gains today. We are up close to 2 . Ishaad this is where we are headin lunch in u five minutes for the hang seng. It is a broadbased rally taking place e have two give a bit of caveat with regards to what is gin on with the volume side of things because volumes are wn 4romwhere they would be this time of day. Looking ahead there at monday as well when we doget the restart of the chinese economy o culd say or chinese markets. Yvonne and the u. S. Jobs report most sectors are in the gr with the exception of energy and i. T. Which remain flat this morning. We are a little bit on edge leading up to the jobs report. Rishaad in more ways than one. Hong kong is bracing itself for a typhoon which is the calm before the storm. Daybreak middle east and africa is next. The following is a paid program. The opinions and views expressed do not refsef bloomberg lp, its affiliates, or its employees. T