Yvonne the markets, the narrative seems to be pretty much the same all week. We are ending on the third week of losses when it comes to stocks. Stocks are lower. Dollar is catching a bid. Gold is catching a flight to safety. Dollaryen, 150. Watching bond markets closely. Extraordinary volatility we have seen. At least we are seeing yields temper a bit. The 10 year jgb yield is when we need to focus on. 0. 84 . Whether we do see some buying from the boj, they are offering some loans to banks to buy these bonds on the cheap to try to cap the yields right now. You take a look at how the rest of the market is set up for india and thailand. Thailand is opening up. India if there is the oil risk, tech earnings have disappointed to die wonder if this rally can continue. Rishaad looking at india and prospects to the downside, the rupee came close to a record low. It was the day before it hit record lows. We got a set index in bangkok on the way down to the bond is stable for a change with no wild fluctuations as we have been seeing. Not succumbing quite as much to its neighboring malaysian currency. With the ringgit touching lows since touching lows not seen since 1998. Yvonne at least we are seeing Chinese Markets pair off the losses. The net injection of liquidity may be helping things as well. It is all about the fed should jay powells adjusting the fed is inclined to hold rates steady again in his november meeting. With the economy remaining resilient, he left open the possibility of a future hike. We certainly have a very resilient economy on our hands. We have the economy growing strongly if you think back a year. Many forecast called for the u. S. Economy to be in a recession this year should only has that not happen, growth is running for this year above its longer trend. That has been a surprise driven largely by consumer spending. Driven by a strong job market with people getting job markets with first high nominal wages. Inflation has come down real market wages. Inflation coming down. It really is a story of much stronger demand. There may be some ways in which the economy is less affected by Interest Rates. It is hard to know precisely but for example, many companies, any company with bond Market Access will have turned off its debt. In an upbeat fearing the effects feeling the effects of higher rates. The same may be true of homeowners who have a low Rate Mortgage who are it is not an adjustable rate or the higher rate. They are not feeling the increase in rates so the economy may be somewhat less susceptible to the effects of rate increases. If you look at scented of, these are the places where we expect to see and do see effects. In housing or in the housing sector, had us been higher rates. If you look at surveys, people will not say it is a good time to buy a car or a house. We see policy working through its usual channels. It may just be rates have not been high enough for long enough. It is happening in context of strong demand. We have heard the charming out of debt. May diminish the effectiveness of rate. Do you have already view on whether that is true and if it is true, what does it say about Monetary Policy . Does it mean you have to go far heather go farther . I dont think there is a fundamental shift in the way Interest Rates affect the economy. There may be differences in the cycle because of what i mentioned. We are seeing the effects where we expect to see them. And the exchange rate. Youre seeing a Strong Exchange rate which is disinflationary. I dont think there is a fundamental change in the way the monetary of policy affects the economy. We take the economy as it is. We take fiscal policy and the economy and all the things we dont control. They come to us and we conduct policy always to achieve maximum employment and stable prices. We take what comes. The fact that we have a strong growing economy, a strong growing labor market and inflation coming down, these are the elements we want to see to achieve the outcome we want. It may take more time but ultimately this is the kind of thing you would want to see along the path to getting through this without an increase in unemployment. Rishaad fed chair Jerome Powell with david westin. Whats bring in mary nicola lets bring in mary nicola. All these movements on the bond market, equity market but what about gold and geopolitics here . It is clear from a lot of the price action we are seeing it as the dollar and gold and even the swiss franc that are working as the risk aversion, the ones that are benefiting from what is happening from a geoPolitical Risk. It is a matter of the fact that the dollar and gold and swiss are trading on the back of the geoPolitical Risk well treasuries are taking their own way and treasuries have been guided by the fed and will continue to do so. When the market is looking for some sort of haven and some sort of way to part their money when there is increased risk aversion, geoPolitical Risk, that is where gold and the dollar and the swiss franc are going to continue to benefit. For now, it looks like the u. S. Treasuries are not getting a bid on haven flows. Looks like treasuries are going to continue to trade on the back of what is happening on the fed and how the fed is unwinding and looking at the Bigger Picture. What Jerome Powell said last night, it is very clear rate hikes are still on the table, still concerned about a strong economy. That is going to provide u. S. Treasuries to push even higher. Yvonne are you saying basically because it is not so much about the geopolitics that is driving treasury yields, can we expect the steepening of the curve to continue . One of the things we of the mliv blog have written about is the fact there has been so many note some different narratives and all these different Asset Classes are trading on different narratives. Oil, swiss franc, the dollar are trading on one narrative. That is geoPolitical Risk. You have treasuries trading on the back of what is happening with the fed. You have equities and equities have been a lot more resilient and you would expect especially with the fact u. S. Treasuries have in pushing higher. Our bet is if you look at how equities are trading, they are still going to have to be a little more pain in u. S. Equities specifically because you continue to see yields pushing higher. It is hard to see them jive where you still see a robust equity market or not even a further correction on the back of higher yields. Rishaad i think you wrote a piece about what is happening under the bond market as well. What about them as a haven . Is this a misguided play given the route we have witnessed . It is hard to say hard to see the haven come back in in terms of the fact yields are going to continue to push higher. The fact fed is continuing to put a rate hike on the table. You could get a kneejerk reaction in line with what you saw if tensions escalate. It is only a kneejerk reaction. The focus for u. S. Treasuries, bond traders is going to be on the fed, that it seems to be the one key thing everyone is agreeing on especially on the bond side. Obviously with a lot of the other factors, u. S. Dollar, there is more at play. You have higher treasury yields supporting the dollar and the geoPolitical Risk supporting the dollar. For now, it looks like in our view we are going to see a lot more downside and correction in equity markets as u. S. Treasury yields push higher. Yvonne are mliv strategist joining us out of singapore. The outlook on the indian rupee as the dollar continues to strengthen. 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. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. sfx stone wheel crafting 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 . And your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com rishaad 12 minutes past 11 00 in hong kong and we are looking at washingtons top diplomats as he calls on china to denounce actions by hamas. Yvonne spoke exclusively to our chief north asia correspondent Stephen Engle. President biden spoke for our country during his extraordinary trip to israel. And he spoke very plainly the United States stands by the state of israel and the israeli people that we condemn hamas violence and terrorism against israeli civilians and the israeli state. That we must support humanitarian assistance to the Palestinian People and the president announced 100 million in support to the palestinian population in gaza and the west bank. Obviously senator schumer when he was here, the majority leader of the senate called on china to show sympathy for the loss of life of israeli civilians and denounce hamas terrorism we would like all countries including china to denounce terrorism by hamas. And obviously would like all country to support the Palestinian People with this sizable announcement of 100 million in support of the palestinian humanitarian needs. In the framework of u. S. China relations, do you see this as an opportunity to improve relations between washington and beijing or does it create further challenges . We have a lot of challenges in the u. S. China relationship but we do not have identical views on this position. Hamas does not support the two state solution. , supports the destruction of the state of israel. China has taken a position of supporting the two state solution. Obviously the focus here should be directed at hamas. Where are u. S. China relations . We have had a flurry of diplomatic action and arrivals in beijing. We potentially have a summit at aipac in San Francisco. Where we are is the United States and china have a complicated, often difficult, sometimes contested competitive relationship to we are competitors when it comes to major Security Issues in the indo pacific. We are competitors on technology. We have just taken more steps to restrict the sale of american dual use technology. We are competitive on the lack of competitive level Playing Field for american businesses in the nearly 700 billion trade relationship. We have major differences in human rights. Americans value fundamental freedoms for individuals. Those differences tend to in often cases dominate the relationship between the two countries. In your dialogue with the chinese, are you giving any indication that summit will happen and because of the issues at hand right now whether it is the middle east, ongoing 20 month war in ukraine and all these other Economic Issues that have not been resolved and seemed to be sticking points, all the more critical these two mean . What we have done is begin a process to create cabinet level channels. Has it borne through . Has it borne fruit equity like i thing it has been useful. Chinese chip designs in closing loopholes for potentially the use of third nations and affiliates of the companies procuring the advanced chips or technologies. Closing off the loopholes. Is there concrete evidence china has been using the loopholes to get around . There were loopholes and the action we took a year ago on october 2022 had to be updated. We are serious about preventing any kind of military advantage to the Peoples Liberation army here because of the export of advanced dual use american technology. Is it rabbit is it resonating with them because they see derisking and decoupling . I know Janet Yellens message was the chips at the advanced technologies only constitute a small proportion of trade between the United States and china. It does not seem publicly from the chinese they are buying it. The message from the United States is beginning to resonate. We have made abundantly clear from President Biden and secretary yellen and all the rest of us we are not seeking a decoupling of this enormous bilateral trade relationship between the United States and china. As the Biden Administration built in enough wiggle room to give concessions to improve the relationship if there is a summit in San Francisco whether does the trump era tariffs or it does not look like they are backing off on any exports. We are not granting concessions. That is not part of what we are seeking to do. We are two powers competing in many ways economically, militarily, technologically. We have had a series of highlevel meetings. There will be other ministers traveling to washington under the coming months for highlevel meetings. We need this interaction. The United States is not going to make concessions just have meetings. Just have meetings. Yvonne u. S. Ambassador to china speaking with Stephen Engle in beijing. We are talking more with the u. S. Issuing this rare worldwide alert to americans abroad. Rishaad warning u. S. Citizens face increased risks of terror attacks, demonstrations or violence as well. Lets have a look at what is going on with Chinese Markets. Currently we are in a downward move. 3 10 of 1 lower. Baidu stock dipping. A host of others making headlines. The ca tl for one thing. That is one which missed estimates. Taking a look elsewhere, multiearnings set to remain robust. Various collaborations. We have been talking about that on the program. Yvonne it is friday. Rishaad property. Yvonne you have got to wonder what is going on. Rishaad 3. 6 . Yvonne we are still waiting for clarity on country garden. That stock is definitely lifting. Is this a technical rebound given how oversold this gauge has been . We talked about the csi 300 being oversold. Maybe we are seeing a little bit of a dip buying. Plenty more ahead. This is. This is bloomberg. Thats what you get from the Morgan Stanley client experience. You get listening more than talking, and a personalized plan built on insights and innovative technology. You get grit, vision, and the creativity to guide you through a changing world. Rishaad way year it has been. You look at some of these stocks. The hang seng down 12, 13 . Csi, 9 down. Stand out as a 20 gain for the nikkei. Our next guest is an association regulating Investment Funds of 40 trillion. Eric is here. President and ceo of Investment Company institute. What do you actually do . We represent the industry as you said. Our members manage 40 trillion u. S. Dollars worldwide. We are their voice in washington , in asia and europe. Rishaad you see them probably longterm. Longterm funds. The thing is, what are the questions they are asking about the current environment . Because their longterm investors, they care about the microeconomic condition. A tea they care about political stability. We look at fed Interest Rates, u. S. China relations, all of these factors matter. Yvonne when we see the volatility we are seeing in fixed income, how do you explain to them what is going on . Longterm, youre going to have ups and downs in the short term. The fact is uncertain Interest Rate environment. We have government deficits. A lot of issuance of debt. You have to keep your eye on the longterm. It is the main message to investors. Yvonne what is the risk tolerance . There is a lot of uncertainty. People are looking for risk havens. The classic 60 40 portfolio we know and love has not been doing well. At the same time, we are confident if we are looking at the next four or five years we are going to revert back to the main. Yvonne going back to the orc to the mean. Rishaad going back to the old normal the. Distortions that have been built up over the years. One thing that is interesting is the amount of money going into money market funds. We are hitting nearly 1 trillion in shifting of money into money market funds. That is entirely because of the Interest Rate environment. We have a lowest rate environment for so many years people are going to other places. But now that youre getting 5, 5. 5 percent, very attractive. Yvonne what does that mean for overall Sector Allocation . The ability to deploy capital beyond cash. Is that just a hard sell now . Because putting your money in a safe conservative investment like money market funds is still getting you good returns, it means people can be more selective. I think what we are going to see is people are going to sit out the market for a little bit longer. See where things shake out. Then eventually go back in. Rishaad the questions they must be asking is washington and beijing and what is going on here as well. That must be key to what you are trying to deal with. It is critical because the conversation in washington is very different than the conversation in hong kong for example. You just had a piece where you had the u. S. Ambassador to china speak about it. That sounds very familiar to me who lives in washington. A lot of concern in the u. S. Government about china. You come to hong kong, it is not something people think about as much. Yvonne does that mean that this sort of derisk, decoupling is going to be something that is a dominant theme among the people you talk about he talked to quite a bit here . The issue people need to focus on, it is not financial risk. It is about Political Risk and regulatory risk. Shifts in government policy picked we have an upcoming president ial election in the United States. You could see a big swing in with the u. S. Government does. You see a lot of regulatory actions happening with the regulators. That is going to drive markets as much as financial fundamentals. Rishaad one is all we got time for im afraid to father time is up against us. Investment company institute. Just to say that markets are heading in a downward direction. Talking about the dollar strength. There we go. These companies very much at the four yvonne baidu was down and other day. See sel was a miss. You are seeing the stock up someone percent. Samsung the other direction to auntie moorehead. This is bloomberg. Samsung the other direction. Plenty more ahead. This is bloomberg. So, youve got the power of xfinity at home. Now take it outside with xfinity mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. All on the most reliable 5g network nationwide. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com. Rishaad that is the scene. Equities off their lunch break. Against the backdrop of stocks under pressure. Asian stocks generally on the way down. We did have china injecting the record amount of shortterm cash into the market. We have essentially a lot of earnings. We have the likes of these stocks to watch. Ca tl is one of them. We have tons of them. Public exchanges. Yvonne we have paired off some of the losses after the news of the pboc net injection. Why they suddenly injected all this cash. Keeping the lpr is unchanged. 73160 four. We have come off the 762 angle. That is onshore rage. Hong kong looking like this. Still done for tens of 1 . Pairing off trimming losses for hstech. Look at the property gauge. Developers in hong kong, developers as well. China as well. This could be something technical. We will see what goes on. Rishaad you could say it was an ecumenical matter. Yvonne yvonne nothing has been resolved. You cannot officially call it a default at this point. Rishaad japan is back as china has been off for lunch. A quarter of 1 down for the nikkei. The biggest decliner here. The yen lurching ever closer to the 150 level. The yield, a bit lower. A couple basis points down. The topics lets see if that is a turnaround. Yvonne watching chips closely on the back of the tsmc earnings. We did hear more from our interview with the washington top diplomat in china saying the u. S. And chinese militaries need better Communication Channels to avoid conflict. He spoke to us exclusively on how both sides should handle potential flashpoints including the south china sea. Our militaries are operating in close proximity to each other. In the south china sea. We have long believed we need better and deeper military to military channels so if there is an incident or misunderstanding, we can do you conflict. The pentagon did announce this week and use all the press conference from the assistant secretary of state that we think the chinese have been engaged in dangerous encounters with our aircraft in international airspace. We think that should stop and that is a message we have giving to the chinese at a high level. We had the belt and road forum. Vladimir putin is here. Wanted by the International Court for alleged crimes. Would you agree that this is reputational damage for china to be associated as the two gentlemen talk about finding an antithesis to the u. S. Led world order . I dont think this relationship between china and russia has done china much good. For instance in europe where there has been a profound reaction against and in the United States of course against Vladimir Putins barbaric war in the ukraine. We warned the chinese publicly nine months ago as well as privately they should not provide lethal military assistance to russia for the war in ukraine. We dont believe they have done that but we are watching that carefully. Have sanctioned some individual Chinese Companies we believe have contravened u. S. Law on the sale of u. S. Technology to russia. The u. S. Actually sanctioned top diplomat could do you have any intel on where his position is the equity line does this offer the United States an opportunity to engage with another individual who is not sanctioned and dialogue which is critical can resume . Are you optimistic . China shut are three principal military to military channels following speaker pelosis visit to taiwan which we supported 14 months ago. We believe those channels should be reopened at every level. At the working level. At the commander level at the ministerial level. That has been are consistent position all along because the last thing we should want in this relationship is the absence of communication that would add to the difficulties we have had in having a straightforward conversation between our military leaders. Yvonne the u. S. Ambassador to china Nicholas Burns speaking exclusively with Stephen Engle in beijing. The focus is on ships. Tsmc as well. Earnings led to more optimism in the stock. Up in taipei about 1 this morning. The chip cycle we are watching closely. Seems like they are a little more up each. Guidance was off. Let the market to go higher. Take a look at what our columnists are saying. Challenge ahead for the company paid rishaad talking about a great tide of security concerns. How should we be looking at tsmc and thinking about the company after the news this week . Obviously we can look at the shortterm thing which is the earnings yesterday. They did beat but a lot of that was a a large portion was taiwans dollar did we can. A lot of things happened for tsmc. A local plan to build a new plant in northern taiwan was canceled because of local protests. Even taiwanese are not keen to have tsmc in their backyard. The department of commerce came out with stricter rules that closed loophole on some of their client such as an nvidia selling chips into china. Tsmc says we can manage that. It will not have a big impact. They will get by. The Bigger Picture is tsmcs destiny is increasingly out of its own hands. It is setting up in arizona as we know. We have japan coming on. Dresden was announced recently. Three new countries will have factories in. Previously there were mostly in taiwan with a little capacity in china. They have to deal with stakeholders in multiple countries and that is something they are not used to. They have to deal with a lot of other people telling them what to do. That is something that means tsmc itself does not have 100 control over its own future. Yvonne this was one of the most widely held stocks in asia among global actively managed funds. You are starting to see that unwind a little bit. Investors are getting nervous about the geopolitical concerns. We have a chart that shows the bearish bets against this company are piling up. What do you make of the Investor Sentiment . It seems quite unstable . A lot of people are concerned about the geopolitical issue. The tensions with china. It is a legitimate concern. We need to look at it in context. The founder of tsmc said if there is a where with taiwan, chips are the least of your problems and he is very right. It would be a catastrophic incident for the global community. A candidate for president in taiwan said if there is some kind of problem between taiwan and china it is going to be bad for china as well because china depends very much on the electronic products that come out of taiwan. They get shipped straight to shenzhen. If there is something that goes on, everybody is going to be affected. It will not just be chips. If you take that out of the equation, tsmc has had a fantastic runup in the stock. Nvidia has done very well. People think maybe it is time to move somewhere else. If you look specifically at the financial aspect of what is going on in tsmc, good earnings yesterday. Others believe maybe there is somewhere else to put their money. Yvonne Bloomberg Opinion columnist in taipei on the outlook for tsmc. Another stock getting changing of analyst expectations is baidu. I the last 48 hours we have seen at least six or seven firms their price targets. Goldman still keeping a buy or over weight rating for their stocks. Rishaad lets try to get behind all of that. Robert joins us. What other key issues are facing this company . I am sort of tempted to say what most people agree there is great promise in ai, reality bites for to some degree. The realty for baidu is the majority of its revenue is still generated from its Search Engine business. Very traditional model. Baidus ai activities are lossmaking at the moment. With the downgrades you have seen on the sales side, one they are driven by increasing caution coming into the chinese corporate sector and people spending less on advertising to the realization baidus ai activities are not going to break even let about rate into profit in the near term. Yvonne how quickly can they monetize on their ai . Rishaad that is the 50 million question. That is the 50 million question. Since the beginning of this year we have had more than 100 Large Language Models launched in china which tells you the field is getting increasingly competitive. The technical barriers to entry on the Software Side of ai are not particularly high so well baidu may have market leadership, the question for investors is can they be sustained on the face of competition from some heavyweight tech firms entering the sector in china . Rishaad you mentioned the monetization question. Who is likely to benefit from the growing adoption here of the Artificial Intelligence or generative ai as well . I think most people again, ai is going to deliver huge sectors across various sectors. May transform some sectors to some degree. For the users of ai on it the long run, their huge productivity and cost savings to come but who is going to make money from it in the shortterm . The clear answer is the supplies of the infrastructure. The chips whether it is nvidia or tsmc. Those Companies Providing the basic infrastructure are the Software Companies like baidu going to make money . More than 100 Large Language Models launched in china. There is a major question and personally i think it is going to be difficult for them. Rishaad thank you for joining us. Robert lee having a look at i do out with earnings. More to come including a focus on india as the cash market gets underway in just under five minutes from now. A lot on that and getting guests to tell us where it goes well. This is bloomberg. Rishaad just a couple minutes before the cash session gets underway in mumbai. This is the india focus. Our next guest trying to make sense of what is going on. Markets have been range bound for the major benchmarks. Just after we had a record high. The head of treasury markets and wholesale banking products at access bank. What are you making of the price action and the whole india story which has garnered so much attention globally and arguably in the absence of people looking at china . We continue to be in a good shape. One of the fastestgrowing economies this year. The forecast for next year looks quite decent. Inflation is steadily coming down. Still above 4 . A steady drift down to the fact we are going to enter into the Festive Season which is a good time for the Indian Economy and we see activity around festivals. We are in reasonably good shape as long as the economy is concerned. Yvonne we have seen the middle east tensions flare up. The oil price has elevated. How do you think that is going to impact the rupee . Oil prices have been a big concern for india because we bought so much oil. The fact oil prices are back to above 90 a barrel i think is a concern. Historically, we have seen a point where the rupee starts to have an issue because of the we are not there yet but we inch toward that if the middle east intention spiral out of control. If we see more countries getting involved. That will be a key risk the economy faces. Rishaad you have the rupee which is relatively weak. Just off record lows for the currency. Part of that is the Interest Rate differentials. With the u. S. Yields across the curve around the 5 level, what does that mean for short and Long Duration bonds in india and also, how are bonds being affected by the mixed news with regards to admission into emerging Market Indices . That is a big positive for the bond market. We do expect about 20 five or 30 billion of global flows to come into the india bond market for the next 12 to 18 months. We are expecting them to start from january this year. That is the part that is good for the bond market. The fact that bond yields are high and the fact that the Interest Rate differential between india and the u. S. Is at a low level compared to historical averages, i think this is a bit of a concern should are holding up well. A recent high. At this point in time from a longduration perspective given the fact bonds are trading close to their highs, the duration, the bond market is looking quite attractive. Yvonne how do you factor in hire for longer . I am wondering given what the fed has said if Oil Prices Continue to stay elevated at inflation in india stays above the target of the rbi, what is the chance of another hike from the central bank . At this point in time, we are not expecting another hike. The key reason is well the headline inflation continues to be higher, if you see the monthly trend in the core inflation, that is quite benign. Around 3 right now. If this trend continues, we will see a steady decline in the inflation rate. That is the good news for the bond market. If the inflation stays well behaved, there is a risk of a supply shock. If that is well contained, we expect the rbi will be on pause for an extended time. That is where we will be for at least the next six to 12 months. Rishaad as the rbis job more about defending the currency then it is about maintaining infant maintaining inflation or is that controlling inflation . It is not so much defending the currency because the balance of payments is looking quite good. Given the fact we are expecting 25 to 30 million of on flows, that puts the overall balance in a good spot. It is not so much about defending the currency but it is about containing the volatility. If the flow stay positive, the rbi will be in we will see the rbi trying to make sure the rupee stays in a narrow yvonne lets check in on this india market. This is what has been going on. It has been a risk off section across the region. The same culprits. Stronger dollar. Higher oil prices. This is what we are looking like in india today. Take a look at the boards. We talk about some of the earnings that have come through. Tech has disappointed. Some of the banks this week and next to dictate how direction goes but we are slightly lower on the centex. Rishaad declining market. Nestle. Cigarette giant itc ahead of profits. Partly down to this Hotel Spinoff it had. Those Companies Reporting today and beyond. Pay tm. Jsw steel steel. Pay tm owned by 197 communications. All in the earnings mixed. Lets take a look at a bit of tech news out of india. Yvonne we are focusing on allowing imports of tech hardware like laptops and tablets without a mandatory license should easing curbs previously plan to impose. Our tech correspondent joins us from new delhi. Tell us about indias new rules for these imports of products. India said in august it will allow only imports with licensing. They also suggested every company would get a certain quota for importing hardware such as laptops, tablets, servers etc. Now it has loosened those restrictions. It says companies will only and authorization will be given click. Companies can give multiple authorizations and bring in hardware without any licensing so that is a relief. Rishaad i guess Companies Like apple and hp are looking at this closely. They are trying to do more and more business in the country pick absolutely. This is a relief for Companies Like apple, dell or anybody importing tech hardware like laptops and tablets into the country because now they dont have quotas. Dont have a licensing regime. This is part of Prime Minister modis bid to boost manufacturing in the country. D is trying to make more laptops and tablets in the country. This is a push to be able to do that. Yvonne we heard google is going to be manufacturing its pixel smartphone in india next year. What does this mean for the country . Google is saying it will make its latest smartphone any india and maybe will make older generation funds as well. The first india made phones will go on sale in 2024. This is a big step for google and india because it is going to rely more on india for its hardware. It also is good news for indias manufacturing economy because we are already making the latest iphones. If googles flagship is made here, samsung is also making its tablets here. It is a good thing for indias supply chain and electronics manufacturing. It gives us another push. Rishaad sources are telling us a Homegrown Company called dixson technologies and foxconn are front runners but india has not announced who is going to assemble the funds. Rishaad bloomberg india tech correspondent in new delhi. India markets on the way down. A lot more on the way. Rishaad your rico. Having a look at here we go. Have you look at markets. We are looking at pressure for a lot of these companies. Taiwan semiconductor managing to buck that appeared we had them gaining after Third Quarter earnings were better. As a result of that, a lot of brokers turning from bears to bulls. Smic basking. Weaker picture for the korean chip related stocks. Yvonne that is one to watch. Chips. The energy side of things elevated. Take a look at how asiapacific is doing. Maybe gaining more momentum here and recovering the initial losses. Certainly seeing that in markets like china as we wrap up the week. We will see if we get back afloat. If we continue this way, we are talking about a Third Straight week of losses when it comes to asian equities. The shanghai composite, at new 2023 lows. Take a look at when it comes to the sectors. What is driving the rebound. We talked about the property sector for china leading the charge. Today it is health care and energy still under the green. For the most part we are seeing not a whole lot of rishaad bizarrely enough, we look at Bloomberg Intelligence index of chinese property companies. It is on the way up. Energy for obvious reasons. Geopolitical tensions playing out with the oil price. Brent crude 93. 22. Wti, 90. 50. That is it from bloomberg markets. They break middle east and africa is coming up next. When you automate sales tax with avalara, you dont have to worry about things like changing tax rates, exemption certificates or filing returns. AvalarAhhh Ahhh Ahhh ahhh 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. Get help reaching your goals with j. P. Morgan wealth plan, a digital money coach in the chase mobile® app. Use it to set and track your goals, big and small. And see how changes you make today. Could help put them within reach. 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