Transcripts For BLOOMBERG Bloomberg 20240703

The upside. This is down to wall street, partly traders getting wages on that. The fed hiking rates. This whole talk of chinese stimulus is rekindling some of that risk sentiment. We are talking aboutas far as the bond market, we have a steady picture for treasuries. Weve got the 10 year yielding 4. 6 , where we were yesterday. Weve also got an open in thailand, having a look at bangkok and seeing what is at the start of the trading day. Its a by. 25 . Seeing a pushback taking place with the recent stimulus plan. 15 billion handout in thailand from the new prime minister. Some of the Rating Agency suggesting that if they dont get growth out of that, they may be looking at a downgrade. Its about digesting that, its continue to strengthen. It by nearly one barth in the last week. The fed speak, it is center stage. Speculating that the central bank will hurd well head to another pause as far as Interest Rates go. We are on track for a soft landing. Inflation has come down quite a bit. The labor market is strong. Maybe we can get inflation all the way back down and avoid a deep recession. That is what i would call a soft landing. So far, it is looking more favorable. I think our policy rate is at a sufficiently restricted position to get inflation down to 2 . I dont think we need to increase rates anymore. If the markets in the case recently, bond yields have tightened financial conditions have tightened, indicating financial conditions broadly have tightened. Well, if that is tight, maybe the fed doesnt need to do as much, that is why said depending on whether it unravels or whether the momentum in the economy changes, that can be equivalent to another rate hike. Implications for these massive geopolitical events on our economy are very uncertain. The first mechanism by which geopolitical events, whether it is russia invading ukraine or the hamas, attack on israel the first mechanism that that gets back to america is through commodity markets. Rishaad of course there is more fed commentary on the way. We will be hearing from the atlanta fed president , and the fed president , they will all be due to streak for the federal open Market Committee meeting wednesday in the u. S. A bit later on today. Lets get to what the markets are making of that and more, we will get to the analyst strategist. Lets start on the market movements here. Not really the fed minutes but whats also look at the cpi release too and what the whisper number maybe. We are likely to see some sort of improvement in cpi numbers. Less of an impact from cpi and inflation coming down. Offering markets another sign of reprieve and also leaving treasury yields drifting lower as a result. If we get any sort of upside surprise that undoes what the market has just recently done in terms of coming off aggressively on yields and that will be the Biggest Surprise for markets as of now. We have heard from fed officials repeatedly is that rates are on hold. But, we still have the fact that rates are going to stay higher for longer which we have to remember is what initially caused the initial selloff. Yes we get a temporary reprieve but that does not unwind the fact that we will be in an environment where rates will stay higher for longer. Rishaad talk about reports about stimulus on the way in china. Can they afford it, given where gdp is . What is it likely to look like . If you look at it from face value and we are looking at what we have heard so far, and what we have heard so far is the fact that it is going to be focused on Infrastructure Spending. That is disappointing. We are not focused on the issues at hand, the fact is that the property sector has to weigh on sentiment and the consumer in china. So, if youre just targeting it on Infrastructure Spending the market will ask itself what is this actually good for . The only thing that we can say is, yes you get an initial reaction, but at the end of the day once you start thinking about the potential impact, that impact is very limited, and very similar to some of the drip feed we have seen so far from chinese authorities. So, at the end of the day, it looks like the market is going to be very disappointed with just yet more Infrastructure Spending. Rishaad thank you very much, indeed. Weve got our analyst there. We have news. This goes to stimulus there as well. The september retail sales up 5 year on you, that is according to the association. What this may mean is not a recovery. People are not able to get out to many parts of china this time of year. We have evs doing well with the nio 5. 75 , the stocks getting great gains. Auto stocks are gaining because of reports of easing car loan rules as part of the stimulus package. This weve got china doing this and also raising in turn is the budget deficit, meet its growth targets if you will. We have that as well. We have eric with us from bloomberg economics. All right, tell us a bit about the contours of this and how it will play out, and if it will be spent on infrastructure. Theyre so much infrastructure built. We have bridges to nowhere. Could it be deployed in a better fashion and perhaps local government where it is needed most . One trillion grand, it is almost not huge. We dont think its the stimulus the market is expecting, but it is something that can help the economy. The bottom line is it decreases the transit and the government in missing the 5 target. Given we are in the final quarter of this year, we did calculations. The impacts would be more available next year. So, the shock model on bloomberg terminal, this year it is one trillion boost, it will probably only be. 2 of gdp. Next year it could be. 5 gdp. Just like you said, it is mostly Infrastructure Spending, which we see some decreased efficiency on that type of stimulus. In terms of the broad growth support, it is a signal that they are not done from the government side. They are waiting to do more in order to meet the growth target. Rishaad what about lets talk about what Goldman Sachs has been saying. We have a gdp ratio of 360 . Its huge. This would move the dial with that. Further Government Bond supply, perhaps this is what they are saying. Their conviction, after a 24 basis point rrr cut, and a 10 basis point policy cut in the fourth quarter. People have been urging authorities there to do that. Going on to say this as well, what do you make of this . Yeah. It makes sense. One interesting point of the news yesterday is that this time it is the Central Government. Who issued the bonds we were expecting local Government Special bonds. It seems like a sign that the government is more worried about the leverage of the local government debt. The Central Government is willing to take more leverage this time instead of putting more burden on the local government side. That is another part of efforts the government is trying to dissolve the debt burden, at least on the local government side. Rishaad local government is one thing. Local mover meant government got most of their revenue from leasing. The Property Companies this is the epicenter of the problem. How to address this . What a stimulus package to anything to help these . They dont have the money. What the government can do is coming from the Central Government, that is the solution. Rishaad well, we shall see. Eric, thank you so much, are bloomberg economist. Well tell you what we have coming up, we will look at data out of india, showing the economy setting into a sweet spot. Weve got teresa john from newmark bank institution. Taking a look at Investment Strategy and the ongoing volatility. We speak with wey fook hou of dbs group. 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. Sales tax automatically. Avalarahhhhhh what if tax rates change . Ahhhhhh filing sales tax returns . Ahhhhhh business license guidance . Ahhhhhh crossborder sales . Ahhhhhh item classification . Ahhhhhh does it connect with acc. . Ahhhhhh ahhhhhh ahhhhhh rishaad weve got chinese equities at the moment. We are off the highs of the day, looking at positivity for the prospect of stimulus, really being dangled, with people familiar, telling us something could be on the way, worth a trillion yuan. Lets discuss more on this and the outlook. The cio at dbs bank is with us. If we get that it could perhaps move the dial to some extent, it depends how it is deployed. Where are you with china in terms of your Investment Strategy . Well china and asia has been very compelling. I think a lot of these slow growth, not so good news have been factored into the price. Whatever announcements on fiscal stimulus would be until then. Were position in china but to and no exposure we need to see more concrete stimulus packages, not just on infrastructure. Because of valuations, there is, to some degree a large enough safety. Rishaad so, im just doing a bit of research, you are employing an advocate, illiquid plus strategy, prioritizing markets and a barbell as well. How would china fit into that equation and how would the other Asset Classes played in . The barbell push is really on a balance. We want to income generate assets. Investment grade bonds give you a very nice 6. 5 . We think that part if you have cash flow and therefore resilience across the entire portfolio. On the other end of the portfolio, we want to buy quality Growth Companies. If you look at the markets today, investmentgrade bonds is about 6 to 7. 5 . You put a historical risk premium youre talking about 10 , high for equity, Earnings Growth. You have to scan across all of the various sectors, you will probably end up with more secular Growth Companies like technology. We like to select companies from this that originated, the innovators, the disruptors and adapters. These are the companies that would really given Earnings Growth that is above or clearing the hurdle of above 10 . Rishaad lets talk about the u. S. I think you are overweight here. How are you looking at the directions of the bond market. Is this a time you could be seeing a bottom . Or is there another down leg for treasuries in particular . The bond market has really done the job of the fed, up by 100 basis points, resulting now in the fed not having the urgency to really raise rates in the near term. For Growth Companies, growth equities. Having said that i think most importantly you need to buy quality growth. Big Cap Companies that continue to be profitable, generate near growth and earnings and free cash flow. To build a portfolio that is resilient, come generators, and secular growth equities. The equity risk premium is minimal now. Perhaps it is a nobrainer to look at that instead but if you were looking at equities. I think you are looking at idea, an acronym you have come up with innovators, adapters, disruptors. They are companies that will be continuing to be evaluating change in the way we live in. Examples will be the headphone, the smartphones, the Cloud Computing companies platforms. These are also disruptors. They disrupt the status quo. These are big winners. Ai is another, i would say catalyst of this. Really phone companies. We also included not Just Technology related in this frame world, we have adapters, they are traditional companies, brickandmortar, but able to adapt to the digital economy. Companies that can pivot to that. Ai will be figuring this too. Also touting private equity and private credit for resilience, but it is a tough nut to crack that one. If you look at it long term, it returns from private equity, private debt, pretty much, not beta or market direction driven. The gps run these. They are not passive investors. They are actually corrective. They actually get down to the daytoday running of the company, to really help them increase efficiency, productivity and globalize operation. The retail coming from these funds are really driven. You add that to your portfolio bonds, then it makes [indiscernible] rishaad thank you so much for joining us. See you soon. He is cio of dbs bank. We had towards the chinese lunch break and the japan reopened. It is all green. sfx stone whcrng the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Rishaad the middle east, the combined death toll of the hamas invasion of israel is 2000. The u. S. Is Russian Military assistance, calling the hamas assault an act of sheer evil. We will ask congress to take urgent action to fund or critical partners. The u. S. Has always also enhanced our military posture to strengthen our deterrence. We stand ready to move in additional assets as needed. Rishaad the Senior Editor is with us, where are we in terms of actions in israel as well as gaza. The thing is, it does seem as though the idfs Defense Forces are girding themselves for action in what is the most crowded places on earth. Right. Youve got to Million People who live in an area about the size of washington dc. There are signs that Israeli Forces are building basically a camp on the outskirts just across the border, ready to prepare for a Ground Invasion that could come anytime in the coming hours, days or week. That will be some very difficult fighting. From the israeli side, one of the things they really want to do was try to locate some of these underground weapons stockpiles. Some of these tunnels that have been built, all the way right up to the israeli border, the kind of have to go in if they are going to destroy those. Aerial bombardments dont get it. On such a densely packed area, it means that the potential for civilian casualties will become much higher. Rishaad well, you have antony blinken, the u. S. Secretary of state heading to the country, showing solidarity with the government and the people of israel. This fight over the next House Speaker taking place in washington and also that deal that they did, of course affect any broader aid package, does it not . Absolutely. President biden has said there is some eight on the way. But a broader package requires the house of representatives to be in session. The house was meeting last night. The republican members of the house were meeting last night. One member said there was probably a 2 chance that they would be able to settle on a new speaker by wednesday. That is not very optimistic outlook for them to have a speaker. There is still the way they can give the interim leader an opportunity to pass some legislation. There is one bill that would give israel an extra 2 million in immediate aid. The politics on the house side, on the republican side are really complicating this. It looks like that leadership fight is going to drag out, possibly for days. Haslinda rishaad now, markets are perhaps not that great. These things tend to be shortterm. But this one seems as though we could see perhaps the potential to become much wider conflict, give us a sense of what you are seeing. Yeah. I think the big question for markets, particularly oil is going to be iran, and whether israel or the u. S. , or other allies come to the conclusion that they were directly involved in planning and ordering this strike, or pushing for it to take place now. Iran has long been a supporter of hamas. The infrastructure that it has was billed by that. If they are seen as having been involved in this, that is when he start to get concerned that israel or other countries will take this fight directly to iran. That is where you have disruption of oil supplies. Iran is pumping it at levels it had not gotten to for years. That would be a Global Disruption that markets will be bracing for if this conflict widens. Rishaad thanks enough for that. Bill, our Senior Editor, checking over the conflict among israel. The Market Reaction and washingtons vow some to support the country. To more sensitive sectors. We have brent crude moving on the upside, holding onto the gains it had, which we saw immediately after the invasion, the attack of hamas. Brent crude up 4 since then, likewise new york crude as well. Were looking at the markets which are doing well. Energy stocks are helping to lead the msci asiapacific index to the upside. Also looking at what is happening with nearly all these Industry Groups higher in the session, for asian currencies. Indigenous currencies in this part of the world did come back to some extent. Overall it is about the Federal Reserve. Weve got traders dialing back these wages on the Federal Reserve in creasing Interest Rates, this year, perhaps delayed into the next. No venture from anybody saying they are going to be cutting anytime soon, that is perhaps putting a lid on the enthusiasm. You bring a lot back to civilian life. Leadership skills. Technical ability. And a drive to serve in new ways. Syracuse universitys Daniello Institute for veterans and military families has empowered more than 200,000 veterans to serve their communities and their careers. From professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. Rishaad 23 degrees celsius, a glorious day and shanghai, as markets are up. We have the prospect of stimulus looming, stocks are having a strong start to the day. This, as we head towards a lunch break. Over news on the possibility of more stimulus measures coming from beijing. Weve got, on the one hand, policymakers are concerned about the slow rate of growth. But, if we do get stimulus which is a direct hit to infrastructure and will not get to the heart of the slow down which is, the Property Side of things and how that dovetails into consumer confidence. We have seen this feeling that the net selling of mainland shares may be nearing some kind of and, that is what some people are betting on as well. Japan is returning from their lunch. We have hshares, broadbased move to the upside. Nikkei 220 onstream with. 5 of again. The topics, at again level, the yen stadium study. The bank of japan, looking at that closely as well. The earnings season is getting underway. Samsung shares, set for the biggest, advance in more than a month after the companys betterthanexpected operating profit and boosted optimism over whether the worst may have passed, the chip industry. Out with a 70 decline, that is a bit smaller than what investors were expecting. South koreas Largest Company is struggling, the weak demand for gadgets and excess inventory of chips. Lg energysolutions shares, absolute tear in seoul. 7. 2 . It goes out with this preliminary Third Quarter numbers. They were ahead of expectations as the company was helped by u. S. Tax credit policy for creating jobs and attracting investment. China going off luxury. Shares fell, after reported sales in the Third Quarter, which is slower than anticipated. Organic revenue and the Leather Goods division rose 9 . The street was looking at more than 11 growth, sales of wines and spirits fell 14 . That was worse than the calculations. Asia sales excluding japan, the estimates, may be losing its appetite for luxury or just a little bit less. Shares rallying, earnings forecast, raised here, down to betterthanexpected quarterly results, the company saying that consumers have absorbed high pressures prices on sachsen beverages the company has been immune to appetite suppressing drugs such as ozempic. The adoption will likely be pretty slow. The result is as consumers migrate their eating habits, we will migrate with them. I dont think snacking is going away. To the degree that they are going, i believe we will be right there with him them. Rishaad of course, we are looking at what is going on with regards to earnings. A lot of attention is being paid to the trial paid to the trial of sam bankmanfried. One is closest his girlfriend was put on the stand. Sonali basak filed this. Report. Vonnie it is a critical moment in the criminal trial of sam bankmanfried. The ftx cofounder being accused of defrauding investors. His former girlfriend, caroline, who also ran alameda the Hedge Fund Firm in question that allegedly siphon hundreds of millions of dollars from ftx and its customers. She had taken the stand today. She had pled guilty to criminal charges and is cooperating with prosecutors. Bankmanfried had directed her to commit crimes, she said, as she is outlining the extent to which ftx and alameda had cooperated with each other and used customer funds including the creation of the ftt token, which investors bought into. This is the only the only second week of a six week trial. Other testimonies could include sam bankmanfrieds own brother. More to come on this trial, from new york sonali basak. Rishaad right we will have a look at what is happening in india, a look at the some of the key stories investors are watching today. We have workers at coal india proposing calling off a threeday strike. This is after a court ruling on pay. Officials have said the supply would need to raise court prices to cover wage hikes and other cost increases. Looking at developers, booming sales, shares rallying. Up to levels we have not seen since 2008, which is a high for them. Delta court, said to report their Second Quarter earnings. Were looking at slow tech spending to hurt Revenue Growth at tc x. Let us have a look at what that means overall. The bloomberg equities reporter joins us from mumbai. Today, investors tomorrow, will we be seeing again, another slowdown in tech spending playing out with these two . Yeah. We are expecting a muted performance from the technology companies. They have continued to remain week, if compared with the broader markets. The biggest worry is the slowing Technology Spending from the clients, mainly the u. S. And europe. What is this quarters earnings for the Tech Companies in india . It is a plan to generate ai, that is the projects they are looking to invest or build a workforce that can operate in the generative ai space. That is something a lot of analysts are focused on. We will be watching during the earnings commentary. Apart from the big projects and the spending by companies. Haslinda looking at rishaad looking at the different Industry Groups. There more globally linked sectors. They have been week, at least two quarters now. That is an outcome of global tightening situations. But, a couple of sectors are working well this quarter. The main driver will be the banking and financial space. India continues to see a rising demand of loans which has benefited the lenders as well as, smaller shadow wonders. Apart from that we are seeing a lot of movement in auto companies. There has been a Strong Demand for products, apart from real estate. Manufacturing and industry are to sectors where we are expecting a good set of numbers. The sectors have done well for the last four quarters. In fact they have been the primary driver of india. Thank you very much. Our bloomberg equity reporter joining us from mumbai. We have a lot more on the way. We will look at prospects for the markets overall for india. Of course, as International Investors have been piling in after looking at china seeing the risks ahead. We will be looking at that and more, 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 was also the first time you heard of a town named dinosaur, colorado. We just got an order from dinosaur, colorado. Start an easy to build, powerful website for free with a partner that always puts you first. Start for free at godaddy. Com what do you see on the horizon . With a partner 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 this is india focus on bloomberg markets. We are looking at a premarket for the nifty up. 4 . Futures are higher as well. We have a raft of data out of the country this week, which may show the economy settling into a sweet spot. Bloomberg economics is expecting inflation is low and industrials to pick up, and the trade deficit to shrink. Lets get more, from the deputy of Head Research and economist at the bank institute. Ink you for joining us. A sweet spot. It seems as though the stars are aligned. What is your take . In the near term we are seeing inflation coming off mainly on lower prices. But, we have to see how this goes out. In the winter season. Prices fall further our expectation is that inflation should fall between 2 within the second half of fy 22, in this fiscal year. There is some risk particularly with policies, the showing is down 9 year on year mainly because the monsoon we have seen prices go up. The government has been using stock limits both for traders as well as stocks. They have been mixing with over the past two months. Prices are a key risk going forward. Cereal prices, auto and wheat, now there is a ban on rice. That will continue. Cereal prices may not come down but i dont see a significant uptick in cereal prices from here. But it is something we will need to watch for. Rishaad so, the narrative is that the prices of vegetables is on the way up because of the slightly weaker than expected monsoon. Along with the higher oil price. Did the inflation shock, will it only be shortlived and should not go to the broader picture in two or three months from now, what is your view on that . These things have a habit of cascading. If you look at core inflation, it has gone up. The have seen cpi go up about 7 . Core inflation has been on a sustained trade. I dont think the higher food prices, will go into higher core inflation. If you look at Inflation Expectations also, they have seen some moderation in the rbis latest round of service. I think what the rba has been highlighting is if they see inflation, that would be a worry for them, but at least for now i dont see that happening. Rishaad talking of the rbis, it kept rates on hold last week. The thing is they almost tightened, by sponging off surplus cash, strong liquidity, why did they do that . Liquidity in india has been significant, particularly since may 19 because you had many do monetization. 2000 rupees, withdrawn from circulation, in the august meeting, it is it had to keep on the additional liabilities raised between may 19 and july 26, we had to keep additional cash reserves. That has been rolled back completely from october 7. But what the rbis actually proposed it is not a policy yet. They could do open Market Operations sales to withdraw liquidity. I think that is an option the rba has bought. It is not a given that they. Would incite the auction. But the market has taken that negatively. If you look at some rough liquidity forecast, in october we dont see liquidity turning into a surplus. It could probably be after the second half of november. The liquidity could turn into a surplus. Even then a surplus would be somewhere between one trillion rupees 1. 5 trillion rupees. There are a lot of moving parts. During the festival season october, november, we see currency demand go up in the system so that gives liquidity tighten. We have a number of state elections in november, and we will be entering into the general elections. Elections tend to have an impact on currency demand. If something of that sort plays out, supposing we support the rupee because of liquidity could remain relatively tight. They say they could potentially do more sales. I dont think that is a given at that point. Rishaad are they more interested in defending what has been a weak or strong dollar or week rupee. Is that the major plan . I dont think the rbis, they are not defending i dont think it entirely because the rpi our b. I. , you see market to market losses reflected in the foreign exchanges, near the dollar index rise. The u. S. Goes up substantially. Both do have an impact on indias affect. That said, i think they will try to make sharp moves, sharp depreciation or appreciation of the rupee. Rishaad i want to get your view on what you are bullish on in terms of Industry Groups, and what you are bearish on. We are generally bullish on domestic focused themes. India is a sweet spot, it is not decoupled from the rest of the world. We are seeing more pressure in global facing sectors because of Global Crisis and slowing global demand, sectors like i. T. And some extent some of the commodity chemicals etc. Whether it is in banking, financial services, credit has been relatively strong. We are not seeing any asset quality issues, but even there we are seeing compression across both banks. So, with autos, they will continue to do well. Commodity prices are coming down. There is a Margin Expansion happening there. Then, some other Capital Goods Company companies will do well. Rishaad thank you very much indeed, teresa john. Were at the open. This is what it looks like in india. This is a look at stocks, which are moving to the upside, looking at the projected earnings. We talked about the emphasis short while ago. Looking at a shorter tech spending likely, to hurt Revenue Growth up. 1 . Infrastructure is up in the next few days. Weve got the expectations of Revenue Growth at tcs expanding at the slowest rate in 11 quarters. This is a look at some of the agricultural issues, agricultural stocks. We have the Indian Government considering boosting cash support to small farmers. There is an election next year, weighing options to have cash transfers to small farmers, that is 8000 rupees. It used to be 6000. That is a look at markets. This is bloomberg. Rishaad we have about 10 minutes before the morning session and hong kong. 1. 5 . Markets, perhaps by the feeling that the whole Interest Rate hiking cycle in the u. S. May be coming to an end. Indeed, we have other people in the mix singapore is down. The kospi, because of samsung, putting a rocket up that particular benchmark. Lets look at the retirement fund, seeing early next year, it is the best time to name a chief Investment Officer for calpers. The previous one step down in the Largest Pension Fund in the u. S. Has face pressure to meet its 6. 8 return target. The ceo talk to us about the hunt and the funds Investment Strategy moving ahead. We operate in a Public Sector environment. W have certaine processes that need to be followed. The first step is to get a headhunter who will help us once again. Well have a subcommittee of our 13 member board who will be involved in choosing the next cio. Even though the cio reports to the ceo. The timeframe for me, best Case Scenario will be shortly after the first of the year to get a new person in the seat. There are candidates reaching out now. Some of the Investment Strategy that musical, private equity, local sports teams, how much of that continues, based on what was . Put in place private equity was part of the calpers dna. It was not long ago that we did a look back on private equity returns and access to the markets. What we found is we can do better. The Asset Allocation that was approved by the board on november 2021 lou moved it from 8 to 13 . In november there is a recommendation to include an additional 4 to 5 allocation a private equity and a 4 allocation to private credit. Nicole was the lead sitting on the chair, the entire team is around an Asset Allocation that delivers a 6 to 8 return. And want to go back to the moment of the search. One of the big challenges for a Public Pension Fund is there is a lot of political scrutiny on that person, and relatively low pay compared to an endowment or private Asset Management job. Im curious as to what your sales pitch is to prospective candidates on why it is worth making the move to americas Biggest Pension Fund . You have to be someone who is really aligned to the mission, that we have some important part of our world or job that pays these benefits to two. Million publicsector workers not everyone is motivated to do that, whether that is a lower pay environment, or the public scrutiny. It takes a special combination of skill set, behaviors, alignment of interest, and the fire under the belly that you want to add purpose to your life. In the past we have not had difficulty getting candidates. But the time is early. We have had a number of candidates already reach out asking about the time of the process and who to contact to become a candidate. Rishaad the chief executive joining us. Lets have a quick look at some of the stories were following. We are looking at result, the congressional committees recommended the indictment for four binance leaders, including the leader zhao, they have been include a accused of flagellate management fraudulent management. Finances facing scrutiny, alterable of the jurisdictions, australia, france and the u. S. Qantas chairman will be stepping down next year, part of a board room cleanup. H you will retire before the airlines meeting. The fellow directors will retire after the halfyear. Qantas looking to bring in fresh faces to repair its battered reputation, the result of an independent review on major governance issues will be released on the Second Quarter of next year. Exxon mobil saying it is in talks to pay more than 250,000 a share for pioneer natural resources. Th deal would value pioneer ate 58 billion. Sources tell bloomberg that an all stock deal could be announced as soon as wednesday. But a final agreement is yet to be reached. The move would cement exxons position as the dominant oil producer by far. It would be one of the biggest bits of consolidation we have seen in the Energy Complex for years. Heres a look at markets. Lg energysolutions up 7 , seeing its revenues drop, but not nearly as much as it had been anticipated. It is preparing the kospi to a good gain, 2. 5 as it is waiting. It helps those particular stocks. Looking at the rates picture. Taking a look at yields. Weve got the 10 year where it was yesterday, the twoyear climbing up a bit for. 99 . Were seeing a lot of concentration on the fed and cpi numbers. Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Its easy to get lost in investment research. Introducing j. P. Morgan personal advisors. Hey david. Connect with an advisor to create your personalized plan. Lets find the right investments for your goals okay, great. J. P. Morgan wealth management. The following is a program. The opinions and views expressed do not express rc