Transcripts For BLOOMBERG Bloomberg 20240702

There watching day vacation live from new york, sydney and hong kong. Counting down to asias major market opens. Australia has just come online, asian equities set for him next open. Amazon and intel jumping read chinas foreign minister is set to meet with President Biden after talks with Antony Blinken in washington and ftx founder Sam Bankmanfried struggles as he testifies at his federal trial. Annabelle im going to wait a few minutes until that becomes online because it seemed like a sentiment shift in the final 10 minutes. The futures contract reopened. It had closed to negative and came online in the last 10 minutes into gains, so the impact of u. S. Earnings from amazon, intel is better than expected. Better numbers, stocks rising, telling us how much of an influence those numbers are having. What else is helping as the pullback in treasury yields and so that is being reflected in the three year and 10 year, the softer dollar the aussie is firmer against the greenback. Asx 200 is flat but futures have indicated my modest gains. So much weight had been placed on corporate earnings. Lets take a look at the rest of the region today because futures are looking like we are going to see some gains in major markets but the nikkei is pointing to a modest rise of 3 10 of 1 . New zealand is weaker but watching the japanese yen, its holding above 150 so we can watch for signals of intervention that we get from japanese government officials but nothing concrete yet. Vonnie in the friday session it might be relief, s p futures pointing to a gain of have a percent, nasdaq 100, 7 10 of 1 gain. That is thanks to amazon and intel, stocks soaring after hours even though results were mixed. Intel pointed to the fact that the worst is over for pcs, the Second Quarter investors have been rewarding intel. Were looking at an unchanged tenure but if they yield is anything to go buy a dropped by 10 basis points and that was a tailwind for equities going into tomorrows session, we will see how they relate to the yields. Theyve been bouncing around all week, its difficult to tell what is going on given hot data today and more data tomorrow. The pce deflator and university of Michigan Sentiment for october. Stocks moving after hours, amazon, intel, ford, dropping 3. 4 , it gave an outlook that is less good loosely thanks to the autoworkers strikes. And that is what ford put it down to. Haidi chinas top diplomat is in washington in an attempt to repair relations. It comes as diplomatic efforts rampup to deescalate turmoil in the middle east lets bring Stephen Engle in the in hong kong. Over the next couple of days in washington what are we expecting . He is laying the groundwork for these summit that could happen in San Francisco next month, the ultimate goal of both sides and a big reason why janet yellen, Antony Blinken, john kerry and cabinet members have gone to beijing. Mao it is their turn to go to washington. You see them here in nottingham doing pleasantries before retreating behind closed doors to get into the real issues. Was the first time a Chinese Foreign minister has gone to the United States since the contentious beating in alaska in 2021 with the foreign minister and Antony Blinken trading barbs, bickering across the table about human rights, trade, international alliances, allegations that there is a Nato Alliance in the pacific. Things have changed quite a bit since then, there are still contentious issues whether export controls, taiwan, the war in ukraine, a slew of issues that they have to sit down and try to put a floor to the deteriorating relationship. They are there meeting Antony Blinken. According to sources they will meet with President Biden tomorrow as well as Jake Sullivan tomorrow in washington and biden meeting them is a reciprocal gesture because when Antony Blinken went in june xi jinping met with Antony Blinken. There will be reciprocity in washington. It is against the backdrop of what is happening in the middle east. I talked to the u. S. Ambassador to china Nicholas Burns and he said the United States is urging beijing to denounce hamas and that is something on the agenda, theyre probably talking about it now as well as the 20 month long war in ukraine. Treasury secretary janet yellen bringing this up, she weighed in on the relationship in an interview with bloomberg. Tell us what she said . Stephen absolutely. Janet yellen kind of reiterating things she has been saying men she was a cabinet secretary it went to beijing in july to meet with counterparts, the vice premier she met with for about five hours and she has been the face trying to say the export controls that the United States has imposed on advanced technology is only a small portion of trade, downplaying that, trying to put a floor on deteriorating relations. Heres what she just said in an interview. Over two years almost no senior level contacts taking base during the pandemic between china and the United States. I think that was a dangerous situation, especially when there are disagreements. Stephen the lapse of toplevel dialogue between china and the u. S. Ended last november when xi jinping and biden had a warm meeting on the sidelines of the g20. That dissipated quickly because of the spy balloon incident but diplomatic efforts have been going since june and culminating in another meeting next month. Vonnie Stephen Engle there for us, thank you. Taking a deeper dive, amazon and intel. Will bring in su keenan. It was a very different picture after the close, amazon a mixed picture. Investors did not know what to be concerned about. Shares were flat before the call and by the end of the trading session they seemed to back in the green again. Amazon reporting strong sales that Beat Estimates on revenue and profit including web sales, so that was a big win. They didnt disappoint in terms of their Holiday Outlook and that is something amazon makes a lot of money on with their huge online services. Cloud revenue came in less than expected and amazon forecast was disappointed. Sales for the Cloud Web Service increased. The Company Maintains it is profitable. Aws accounts for more profit than the rest of the company and they reported the highest margins since the First Quarter 2022. More evidence of the ceos costcutting efforts, spending has sailed declined in his preamble. He talked about how Amazon Web Services that signed new clients in september that did not reflect the october date, so that was not in the Third Quarter results but volume of yields was higher. He touted no surprise that the Cloud Service will have an important ai portion. He says generative aia is growing quickly, touting the 4 billion investment in anthropic and he says theres a lot of buzz around a portion of their Cloud Service which is popular with customers because it helps them build generative ai tools. Amazon having a Strong Performance after the bell, the boost gives the stock a kick in friday trading. Haidi intel shares taking the jump. Investors love a turnaround and that is what they got in the forecast. Intel investors hearing that the return to sales growth in the Fourth Quarter has a lot to do with the rebound, pc sales in a more competitive market. Shares held most of the game. The outlook Shows Growing momentum for the ceos turnaround plan. The company said the computer markets biggest business is through the worst of the historic slump that had a lot to do with the buildup in inventory. Sales will be above 14 and a half or 15 and a half billion, beating expectations. . 44 a share and they say intels unit though still struggling and hurt by a shift in Consumer Spending, a move toward chips made by nvidia, they expect thats a muddle through. Shares of intel up 23 outperforming the sector. Haidi bloombergs su keenan. The president elect says he wants the island nation to be independent as india and china vied for influence. Catch are exclusive interview later this hour. But first Milford Asset Management seeing uncertainty ahead, this is bloomberg. All other purchases. And with greater spending potential, sam can keep making smart ideas a brilliant reality the ink business premier card from chase for business. Make more of whats yours. Haidi lets take a look at after hours movers. Mega tech stocks because investors are reacting to amazons results and intel, rewarding intel for a Second Quarter in arroyo of 8 practically and this obviously is after hours trading, so we will see how they do in the friday session but it should come as a relief to those invested in mega tech because theyve seen a negative week. Ford withdrew its guidance and said the outlook was quite murky following gm doing the same thing. Ford down 3. 4 percent, blaming the strikes and saying they missed out on profit thanks to costs related to waiver labor. Our next guest is cautious of positioning too long in ai and tech. William is Portfolio Manager at mildred and joins us now. Youre the perfect person to ask, with this obvious rally for amazon and intel assuming it holds through friday, are investors now fairly valuing these companies or are they overbought . A lot of these Companies Given their Earnings Growth is strong, we believe risks to the market are undervalued so we think the long positioning despite the pullback this week is still overweight, these Big Companies as we saw yesterday in a pretty decent result. If a recession does not come immediately, there are companies outside of technology space, for us, materials in these areas. Vonnie materials and the energy patch and bond yields, tell us where you think the bond yields will end up the end of this year or next year . There is a lot of uncertainty so we would not bet big either way because we could see it driving up 5 or down 4 . The long bond yields remains sticky and elevated toward five. One thing to watch is the recession arriving may drive shorter bond yields down. The risk would be a recession would make the fiscal position worse. Deciding that that deserves a higher premium on the long imports. A recession may not provide the relief investors expect. Haidi your top three conviction calls our Australia Asset related. Which of these are domestic and which are global macro in the trading relationship and perception we might see stimulus out of china . We like insurance in australia over banks because competition is competitive in banks and benign in insurance. When it comes to minors globally in australia the news out of china this week was an inflection point. President xi jinping doing the budget revision, very unusual. He is visiting the pboc again, announcing stimulus measures, measures that take a narrow view towards china. Enough with the economic weakness, its time to keep things moving in the right direction. If that occurs it is good for acceleration in growth, good for metals and commodities in china and you have global investors, very underweight on bhp and the sentiment can improve on the back of this change you drive rotation into those companies and they can see relative strength amid the risks of the market. Haidi would you want direct exposure to china . Valuations are extremely cheap right now. For offshore investors, they will be cautious, thats another reason why china proxies may find people will try to work through proxies rather than directly assuming the geopolitical risks. Haidi william, Portfolio Manager at milford. Get a roundup of stories to get your day going in daybreak. Terminal subscribers can find that at dayb. You can customize settings so you get the news on industries and assets that matter to you, this is bloomberg. 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. 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 haidi ftx is Sam Bankmanfried struggled as he testified at his trial dodging questions. Lets get more from our reporter who joins us now. Give us the details and catch us up in terms of how the performance went down. Where the end of his criminal trial in Manhattan Federal Court and he is the last witness. He made the risky decision to take the stand and he had a surprise dress rehearsal. He was set to begin testimony but the judge wanted to preview, so he sent the jury home and put bankmanfried on the stand for three hours. He did just fine but on crossexamination he was very difficult, often disputed the questions, went into digressions, evaded a lot of the questions. He did not look great on crossexamination and he will be live tomorrow in front of a jury so lets see how that lays. Vonnie its unusual that someone would testify in front of a judge. Can anything get changed . Will he be allowed to give the testimony . Will the defense be happy to put him back on the stand . The defense was asking him about advice from lawyers during the time that fraud was charged. The judge is concerned that that may confuse the jury so he will decide whether they get to hear that three hours of testimony that speculators spectators all heard. Vonnie we will check in with you again tomorrow, that is bloomberg volvo for us there. The latest stories, stanchart is underscoring how the countries property crash is sitting international banks. The british lender took a 186 million charge on top of an impairment of 700 million on a bank in which it has a 16 stake. Ceo andy said it remained difficult in the chinese commercial market. Commercial real estate has been problematic for everybody. Weve taken some charges but the outlook, we think the next two or three or four years is strong in china. Vonnie derivatives that protect against a default by Country Garden were triggered after he not pay interest after a in all of Investment Managers ruled that a failure to pay event occurred last week. Their trustee deemed Country Garden on default for the first time after it missed a payment by the end of a time of grace. Fidelity is seeking clearance that would allow mutual funds to operate as Exchange Traded funds. They challenging vanguards monopoly after their patent expired. A gives mutual funds access to Tax Advantages of etfs, boosting aftertax returns. Haidi this is the picture when it comes to the fx session, a pullback in dollar gains that is benefiting key asian currencies. Outperformer is within that space in the aussie and kiwi. That gauge curved earlier gains on the back of the drop of treasury yields. Did not get the big surprise needed for a big move, traded lower and the ecbs decision is expected to keep rates unchanged for more than a year. Dollaryen is passed 150 which raises intervention risks. Finance is watching the market with a sense of urgency but the weakness in the yen as to pressure for the bank of japan to adjust monetary aussie another route we see in u. S. Debt amplifying the gap to japan, we are releasing the currency trading well within the zone that has seen authorities coming into the m 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. Haidi we have tokyo cpi for october, the number coming in at 2. 7 , hotter than expectations of two and a half percent, waiting to strip out energy which is volatile as well as the headline number. Overall Consumer Prices rising 3. 3 , beating estimates of 2. 8 , accelerating from the previous month. 3. 8 is what you get when you take out fresh food and energy costs, the more volatile components of 3. 1, Bloomberg Economics admin expecting the october number two shown inflation slowing due to favorable base effects but clearly upside risk trickles through companies in japan making price adjustments so sensitivity might be why we are seeing a high number. Accumulation of rising import costs and yen weakness has not helped. Triggering bigger price hikes for food and other items, so that is a big beat when it comes to cpi and the question is whether this accelerates significant pressure from the bank of japan to adjust policy. Vonnie it runs counter to the boj expectation that inflation will start to moderate going into next year. The reaction in the japanese yen, you dont see outsize reactions but a slight bit of firmness is creeping into the currency that tells you perhaps the boj is indicating that it would have to stick with those policy settings, perhaps they may see further pressure in terms of the currency. Jgb said to shift their tax but theres been a lot of expectation in the market, so just slightly firmer coming through holding above 150. What else we are tracking is outlook for equities. We had futures coming on in singapore and you could see a gain of 4 10 of 1 . When you look at the outlook for stocks as i was saying, the expectation coming into the session today, it will be bearish. That started to reverse with earnings from amazon, intel, both of those companies gaining afterhours trade. A a sex ed been expected to trade flat to negative, its moving higher just to tell you again, its that expectation and how much emphasis is on corporate earnings out of the u. S. This week. Haidi the other emphasis is geopolitical developments and irans Foreign Ministers warning that the u. S. Will not be spared if the war spreads. In a speech hussein accused the u. S. Of overseeing what he calls genocide against palestinians. Washington has blamed tyrone for drone attacks. The Israeli Military says it has killed hamas deputy head of intelligence accused of being responsible for the planning of the attacks. Vonnie the maldives incoming president mohammed says the nation will be asking indian troops to leave. Speaking to haslinda, he said they want to stay away from Regional Power rivalry between india and china. It is nothing to do with india, we want our country to be able to say that we are safe and fully independent. We have . That need to be answered and we dont want our country controlled by any other country just like any other independent country and needs to be fully sovereign. We should have the right to dictate our future. Are you alluding to the fact that india is controlling what is happening . Current government is not answering us, the foreign of the current government, we are very close to india. You said you want to boot indian troops out of the maldives. Why . People do not want Foreign Military presence in the country. It happens to be indian Foreign Military persons. If it was any other country it would be the same. We dont want any Foreign Military here and ive started negotiations already with the government. Weve had a few meetings already. And we are making ground with that. Some suggested the election was a referendum on china and india. How do you respond to that . By asking india to personnel it does not indicate im going to allow china to move their military. I dont want any Foreign Military presence to be here. We want a neutral relationship that is mutually beneficial to the countries that we are cooperating with. China has helped us a lot especially during the previous governments time and i was one of the ministers and plummeting the projects. In that time we do not have concern of military personnel stationed here and someone. I think that is the way forward. We dont want any Foreign Military forces here. We want cooperation with all countries and that is the way we would like to go ahead. People have labeled me quite wrongly as prochinese. Im not pro any country except for maldives and that is something that can be easily understood. If you believe headlines you would think you are prochina. Now youre saying that youre not and how do you look at the relationship developing from here considering china has expanded its presence in the indian ocean causing anxiety to india . We respect International Norms and laws. So the office will be working closely with all countries and we dont want to entangle geopolitical rivalry, we are too small for that. There is a question of which country you will visit first as president. Will it be india or china . I have not decided but i will make the decision based on the needs of the people. Vonnie the president elect mohammed speaking exclusively with bloombergs haslinda. Of next we will speak with ariel investors on why investors are shifting to emergingmarket equities. Where they are seeing certain opportunities. This is bloomberg. The chase ink business premier card is made for people like sam, who make everyday products, designed smarter. Like a smart coffee grinder, that orders fresh beans for you. Oh, genius for more breakthroughs like that i need a breakthrough card. Like ours with 2. 5 cash back on purchases of 5,000 or more. Plus unlimited 2 cash back on all other purchases. And with greater spending potential, sam can keep making smart ideas a brilliant reality the ink business premier card from chase for business. Make more of whats yours. Haidi take a look, fx getting a breather as we saw a drop in yields curbing earlier gains in the u. S. Dollar. When it comes to stocks msci index down by 1 . Most ago that opportunities bring in the cio of global equities. Great to have you with us. Such a great time for emerging markets. In china and what the fed does, what is more impactful . The outlook in china is probably a key focus am for me that has started to improve. Not sure the rest of the world sees it that way but weve begun to see limitations in property prices starting to firm in the rate of reinvestment in residential investment has plummeted so that sets up for a stable price environment. Haidi we need that the translator confidence. Confidence is the issue. Consumers need confidence. The level of starts peaked at early part of 2021 so 60 down from the peak we are seeing inventory decline, that should be the backdrop of greater confidence. Haidi does that make equities a by got the stomach because valuations wise . The valuation is compelling and the history of investors is if you see evaluation you will be early, so i think this is a good time to accumulate in china because were seeing a key indicator of stability starting to play out. Haidi what do you accumulate . Arrange. The most attractive is insurance. This sells at a 25 discount, very odd. Second time in history it was sold at such a discount. Youre not paying anything but the fact that they are in business, insurance is a growing business in china, that is attractive. I like the rollover which has the upside of rolling out suvs which are more profitable and i dont think investors fully appreciate that. Haidi for the impact outside of china, is china a dominant em banker . It is the largest economy in asia so it is a big anchor. They are still easing which should be supportive to other economies even though korea is a driver of demand and Global Markets like autos and semi conductors. If chinas activity picks up that will be good for the korean economy. I do believe though that in laborintensive Industries China will lose some share so that will be a benefit to vietnam and the philippines. Haidi i was going to go to Southeast Asia because if you look at the demographics of china, does that shift . And do you like india or is it too expensive . Its a little expensive. Ims wife i like the high secular growth rates in vietnam or the philippines the philippines in particular, Economic Activity is back to precovid levels, stock prices are not off the covid bottom by much. So land is attractive. Vietnam, it is one of the great growth stories. Highly educated population that understands the need to continue foreign investment, growing consumption. This is one of the favorite em stories for the next decade or two. Haidi thats interesting. It almost feels to calm and there is no uncertainty as to what the resolution will look like. Has could word because the war affects Energy Prices which a spike in energy would slow the world down, yes it would hurt emerging economies given that the consumption basket is tilted towards energy but many economies are rebounding out of covid, so it slows what is a better growth story than what we are seeing, still trying to slow themselves down and other sources of inflation beyond energy like a high labor environment. Haidi i cannot believe are talking about 2024 but its getting to be that time of year. What is on your radar for the next year . The outlook for Energy Prices given tension in the middle east is the biggest. Given the easing of a big economy like china that helps offset uncertainty. My base case, 20 Earnings Growth out of emerging markets stocks. In the u. S. We are seeing Earnings Growth only 10 and a lot of that is from socalled magnificent seven, whatever we want to call them this quarter, earnings announcements in the u. S. In general if you are outside of those seven you are down 10 but with higher valuation than ems. Low valuation, em and great Earnings Growth into 24 is attractive. Haidi great to happy you with us, henry. Nice to have you in person. Cio of global into emerging markets at aerial investments. Youve got breaking news, watching japan given how hot the inflation print came through. Vonnie japans finance minister been speaking. Tsuzuki declining on intervention bonds saying there watching for a high sense of urgency. He mentioned a risk of deflation in japan said its important that fx moves stably and they reflect fundamentals after Consumer Price growth quicken for the first time in four months in october. Inflation proving stickier than expected as the bank of japan prepares to set policy. The finance minister refusing to comment on trends but saying excessive moves are undesirable and there is a high sense of urgency. Coming up next week the Monetary Authority of singapores managing director joins us for his last interview before leaving at the end of the year. Singapores longest central bank chief will give us his views on the economy to the future of tech. This is bloomberg. 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. Vonnie is set to become a ceo after a 14 year nine. They spoke with bloomberg at the banks in new york. Organizations grow because you have change. You will not grow by doing the same thing again and again and i feel like we set this up with the board. We have had a process with a phenomenal outcome. Weve got other unbelievably good executives who are taking leadership roles. So it sort of what you hope for. You try to put together a team, you try to deal with the inevitable and the disappointments that come in any complex business but you are trying to handed off to the next generation, so it feels great and it feels right. Youve been rumored to be a contender for so long, how does it feel to step into the role . Morgan stanley was the first place i worked out of college and im sitting next to mr. James gorman, its the thrill of a lifetime. You have inherited a massive transformation over 14 years. One of the best valuations in Global Banking but there are investors who worry this is as good as it gets, what do you tell them . There is more to come. We look at the 5, 10, 15 year chart. All the businesses have durable earnings. The Global Investment bank has lots of miles to go so we are thrilled about the strategy we have in place. It will continue to deliver longterm value. We have been in such a prolonged bull market that has had a volatile time. You expect the next couple of years to be more choppy . You know, i dont know. We were told this year would be tough and it was. A lot of whats going on conspires against our business. Our turn will come. I personally think the u. S. Has dodged a recession. I think the fed is close to being final within 25 basis points and we are starting to see activity. Look at the chevron deal, phenomenal. Were seeing activity coming alive. I think the next couple of years will be great but what i care about is the long run. When we set about on this journey we were not focused on a quarter. If the stock takes a dip thats good news because were buying back stock. So shareholders who hang tough and get a four and a half percent yield and then we buy the next stock in the stock is cheap, its a good situation. Mediumterm, its going to do great. What are the Biggest Challenges for you . We are definitely a new paradigm and Interest Rates will be higher for longer. The world has gotten smaller which means clients need advice, they need it in wealth and management, institutional, corporate clients and we will have lots of activity around those clients, so i just want to make sure that we are completely aligned in the Business Strategy in place, something james put together for 14 years. The market knows what we want to do so im optimistic over the next couple of years. Haidi Morgan Stanley ceo james and incoming ceo james and incoming ceo ted speaking with bloomberg lets take a look at the auto space. Uaw has offered a new contract similar to the tentative agreement with ford. Uaw president met with gmc on thursday. No tentative agreement but both sides are working on key issues. Gm could make a counter offer on thursday or friday. Ford fell short of thirdquarter earnings expectations after winning a tentative agreement. They cited the effects of a sixweek strike and pending ratification of the deal. The ceo says the firm was negatively impacted by the strike which is costing 1. 3 billion. Stellantis says its purchase of a stake in chinese electric tv makers will help it make Affordable Electric vehicles. The ceos of the deal will allow them to benefit from a chinese offensive rather than be a victim. Anson comes after the firm ended manufacturing in the country. Vonnie these are the stocks will be watching when trey opens in korea and japan shortly. Asias Major Technology stocks may stage a rebound like u. S. Tech did following positive earnings reports from amazon and intel. Major earnings to keep an eye on our lg electronics, kia, he and i and i taught she. The market opens our next, this is bloomberg. Ookies . 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 you want to be able to provide your child with the tools or resources they need. With reliable internet at home, through the internet essentials program, the world opened up. Fellas, fellas. Thats how my son was able to find the hidden genius project. We wanted to give yall the necessary skills to compete with the future. Kevins now part of this next generation of young people who feel they can thrive. Encore energy, americas Clean Energy Company poised for production in south texas, energizing america with reliable and Affordable Nuclear Energy fuel with an environmentally friendly extraction process. Encore energy. This is daybreak asia waiting for markets to open. Highter cpi data. Haidi underscores the uncertainty. We will get that decision later. Capi data was hotter than anticipated. Inflation is outpacing my book. He seems to be saying, lets tak e it easy. He doesnt talk about fx trends. Earnings are better than anticipated. Gains are pretty evident. We enter trading. Chip related names. We were expecting cautious optimism. Also when you take a look at the likes of th leaders. A quarter of 1 percent. 3 34 when it comes to brent crude. Vonnie bring in our next guest. On the conservative side. Some of what we got, because we did see expectations were on the conservative side, but is that what we got in reality when many of the companies did report . I think better than expected gdp numbers are reinforced. Positive expectation for earnings performance in 2024 in Consumer Spending in the u. S. Continue to be market expectations. This is going to underpin the constructive backdrop for earnings performance. Currently market consensus expecting around 12 gp ubs growth. Shargh than expected economic momentum. You can see potential upside in earnings going into the next 12 months. This is going to be the key driver supporting u. S. Equity and market performance. We stick with our mild over rates with u. S. Equities because the growth differential of the u. S. Economy worsens out the developed market, especially in europe. The Economic Performance will continue to face headwinds off elevated inflation in the geopolitical insurgency still remains in overhang. Vonnie if you had been invested you would loss lose out several percentage points. Is it time to load up the vote. Will we see another rally by the end of the year . We see the current blowback as a technical correction rather than any trend reversal, as we believe, policy rates in the u. S. Have already kicked. Next week, the fomc guidance will likely reaffirm this trend and given the later shift in the fed narrative, more focusing on the tightening impact despite in bond yield and this reduces the policy need for centralbank to further raise Interest Rates so this is going to ease a market concern about further Interest Rate tightening. With the macro backdrop, reflecting a soft landing scenario. We do expect the u. S. Equity market will see the upside for a recovery before the end of the year. Vonnie you talked about the yield spike. It seems that we are having a huge amount of volatility in yields. Back to 484 on the 10 years now. Is there a peak for u. S. Yields, where is it . We are closely monitoring the real yield, given that inflation has been moderating steadily. And that the Economic Growth expected to further ease going into 2024. This is going to underpin elevated real yield and the long maturity Treasury Bonds are actually delivering real yield of 2 . And this reflects pretty restrictive level. And we think, this is sustainable for real yield to stay at the current elevated level for an extended amount of time because this is going to create a more significant slowdown in the Economic Activity. We do expect the bond yields to a moderate from the current elevated level and that is at a 16 year. So with the easing, inflation and slowdown in the economy, this is going to bring bond yield further down in 2024. Vonnie i want ask about china, are you still neutral on Mainland China . Im curious if things are looking a little different now that we have a promise of a wider fiscal deficit and many more elements that the governor is going to roll out over the next several months . Policy stimulus is reflected in the one trillion renminbi of additional sovereign bond issue. This is going to provide a booster for Infrastructure Spending in the coming quarter and we also expect the pboc to stay accommodative, we anticipate further policy rate cut by 20 bip next year. There will be more reserve requirement ratio cut. But on the other hand, given the Property Market stress, we are still underpinning an uneven path of recovery in china. On the one hand, the government will continue to rollout further stimulus measure to extend the recovery path. But on the other hand, the property related sector continue to face headwinds in the Property Investment in september is still declined by 11 . National home sales stay in the negative territory. So this is going to call for the continually elected position in the china market. We stick with our neutral allocation and we would position in the surface consumption sector as this provides better earnings in the growth momentum continues to remain relatively seeded. The Service Consumption sector will remain the bright spot in the china market. Vonnie asia cio at hsbc Global Private banking and wealth. Thanks again for joining us. Lets have a look at some of the movers. Pretty early on in the japan and korea session. We are looking at samsung, which is really up 3 10 of 1 . They have been underperforming, underperforming sk hynix. Sk hynix had that huge drop after earnings. Down another 1. 2 in todays session. They are relatively unchanged and softbank is up about 4 10 of 1 . These are some of your movers in the first couple of hours of trading. Taking a deeper dive into the latest tech earnings, amazon and intel we bring in su keenan. Amazon will have the tiebreaker in some ways in the round of earnings that we got after the bell today because we have the ai trade and we have the nonai trade and amazon is a little bit of both. Su a bit of a mixed picture, disappointed on the cloud and on holiday sales. Those are two areas a lot of investors focus on. But it was a Strong Performance. Shares initially rose, then flattens, then ended up rising again in extended trading. It shows that it was not positive. Amazon reporting sales for the Third Quarter that Beat Estimates with revenue and profit, including on web sales were actually strong. But the cloud revenue came in slightly less than expected and amazon gave a forecast for the holiday sales that disappointed because that is where they make a lot of their sales, both online and in their brickandmortar. In terms of the conference call, we said that Cloud Computing growth did miss, but the ceo reported there were a lot of new deals that were signed for the end of the quarter that werent there until october, so they dont really show up in the results. He points out the unit is still profitable. Amazon web services increased 12 at 23. 1 billion. The operating income of 6. 9 billion was one point 2 billion more than expected. Since that tends to account for more profit than the rest of the company combined, that was a cop that was a positive. Did it enter the extended trading session higher question mark in terms of aws, again, andy jassy talking about how ai are really going to help boost excitement for what they can offer on the cloud, says that can actually offer tens of billions more in revenue in the years going forward. So, very optimistic on the ai front. You cant have an analyst call without a lot of talk about ai. Amazon shares performed strongly a year today, clearly getting a shot in the arm with this. Its expected that the gains will translate into the early friday trading in the u. S. Vonnie intels shares took a jump on their forecast. Su is the turnaround story that all investors are waiting to hear. They believe they will be returning to sales profit and sales growth, i should say that has a lot to do, they say, with the rebound in pc sales. A lot more competitive product offerings. Shares were better than 7. 5 in extended trading. Results show more evidence of the ceos turnaround efforts. The company has said the pc computer market, which is the biggest business in terms of the units they ship, they say its through the worst of a historic slump. That slump having a lot to do with the fact there was a huge buildup in inventory. They are seeing sales in the time to be between 14. 6 billion and 15. 6. That petes expectation. It also beats expectations for profits. The intel server unit is still struggling. Its been hurt by the ship and customer spending made by ships in nvidia. Slight challenge, but a very positive report. Well received by investors. Shares up some 23 this year. Vonnie bloombergs su keenan. Some news to break to you, the former premier of china that has died according to cctv. Once again, the former premier of china has died. He has died of a heart attack, according to cctv. The former premier obviously a, his party member and a longtime communist party member. University at peking. He was 68 years old, very, very much breaking news at this hour with the former premier dying of a heart attack, according to state tv cctv. Haidi it has been a really interesting significant career for 10 years serving as chinas number two leader. This is really quite shocking news. We heard in his Farewell Speech with something of a cryptic message for his staff. He said all people were, heaven watches. Heaven has eyes. There was a lot of speculation as he stepped down as to whether these were veiled words to president xi jingping. There has been a deep sense of frustration where he could exerted what was really a large reformist agenda. Investors in markets had a lot of respect for him and he was popular within the chinese people. But, a lot of analysts and experts said he was seen to be by being in the shadow of what we know is a political strongman, and a number of other crises of chinas economy and China Society faced over that time. So, we are now hearing that from cctv news, that the peer mirror has died of a heart attack. He became premier in 2013. There were such high hopes that he would really be the champion for liberal reform. He had studied western legal traditions. He has a degree in law at the a doctorate in economics. What a lot of that never came to permission. Chinas former premier dying of a heart attack according to cctv. We bring you the very latest as we get the details. This is bloomberg. The chase ink business premier card is made for people like sam, who make everyday products, designed smarter. Like a smart coffee grinder, that orders fresh beans for you. Oh, genius for more breakthroughs like that i need a breakthrough card. Like ours with 2. 5 cash back on purchases of 5,000 or more. Plus unlimited 2 cash back on all other purchases. And with greater spending potential, sam can keep making smart ideas a brilliant reality the ink business premier card from chase for business. Make more of whats yours. Haidi chinas former premier has died at the age of 68 of a heart attack. We are being told this cctv new state media in china. He was the number two most powerful man in china for 10 years, really known for trying to bring a reformist agenda. Of course, when he stepped down, he was largely placed by a lot of xi jingping loyalists and a lot of speculation that his reform measures and reform agenda was ultimately quite frustrated. We are now really hearing that this news that chinas one second most powerful man has now died of a heart attack at the age of 68. He was a big proponent when it comes to free trade, when it comes to Climate Change action. Most notably add a lot of International Events and platforms like the World Economic forums. He was the next member of the top leadership of the communist youth league. We are now hearing that news at the former chinese premier has died. Lets bring in, for some contacts and background, chief north asia correspondent stephen in hong kong. It was quite interesting, quite saddening for a lot of people when he stepped down toward that end because there was this view that a lot of what he wanted to achieve was really frustrated and replaced by a number of loyalists. Steven you could really feel the frustration with him in the last couple of years as the premier. He served as xi jinpings premier from 20132023. He stepped down at the National Peoples progress earlier this year in march earlier to be replaced by a loyalist to xi jingping. That is something over those 10 years as he served as the number two Ranking Member of the Standing Committee underneath xi jingping was that he was maybe more of a reformist anna have a little bit more liberal policies towards the economy. If you remember during the punishing 23 years of covid zero campaign, it was him who talked a lot about the need to watch out for peoples livelihoods and talked a lot about youth unemployment and some of the pains that the people were feeling whereas, to contrast with the overall policies coming from xi jinping of National Security and also a bit more control. So, he was well respected for his stewardship of the economy, and perhaps his stepping down as chairman sort of paved the way for more loyalists to be put in place, mentioning, essentially the former communist party chief in shanghai, who has his own economic credentials. But its a different Leadership Team now since the National Peoples congress in march. You are absolutely right about his standing in his grooming through the communist youth league, which kind of, if you extrapolate that, leads to the assumption that he was close to the former president. Obviously at the National Peoples congress in march was ushered out of the great hall of the people, very unceremoniously. In the last person that he tapped on the shoulder as he walked out as he was ushered out was him. Theres a lot of symbolism and a lot that led into where he stood in his final days if you will, as the premier of china. Now, sadly, we learned that he has passed away this morning, according to cctv, of a heart attack. Haidi we cant forget that inventory, from that meeting was really quite extraordinary, looking at the message. Heaven has eyes. We are talking at the moment and say, this is sad news, im fielding messages froms family and friends on we chat and a lot of them expressing shock and sadness. He was very popular domestically. He was always the first to turn out when there was a natural disaster. He spearheaded a lot of the earthquake recovery campaigns as well. Stephen absolutely. I think he had a similar reputation among the people as his predecessor, who also had a touch with the people. But he definitely took second place or played second fiddle to the top man, probably the strongest leader china has seen since xi jingping. These two individuals were an unlikely pair as the top two people in china on the Standing Committee because if you remember before xi jingping did consolidate his power and became the president and the chairman of the party back in 2012 and 2013, his main rival for the job was this man. There two factions, multiple intertwined rival factions were competing and putting their candidates up for the top job. And it really had i remember reporting in the first decade of this century, from 20002008, the jockeying of position. It was always coming down to xi jingping versus m. There were from, essentially its hard to put it in blackandwhite terms, but rival factions. Theres the communist youth league and other factions, including the influence on the party politics. But he lost out in that battle, xi jingping, as we all know, became the leader and has consolidated his power, surrounding himself with loyalists in is unprecedented third term. He was sort of sidelined into the annals of history. And you are absolutely right, he did have a deft touch with the people and he had a deep caring for the youth unemployment, which is running at record highs, and it is shocking news to the 1. 4 billion people in china right now. Haidi our chief north Asian Correspondent Stephen Engle there with the latest. Just recapping the news coming through from cctv, that chinas former premier, chinas number two leader for 10 years has died from a heart attack. We have more to come on daybreak asia. This is bloomberg. 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. 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 . Vonnie lets look at the movers early in japan session. They are up 5. 8 , the most since october 2022 after earnings disappointed. Fujitsu rising as much as 13 after secondquarter profit be estimates. We also have canon there down 5 and cicada on the centerfold now is down 7 and cut its fullyear forecast. This is bloomberg. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Haidi this is australias producer prices, ppi coming in. 3. 8 . A little bit of a deceleration from the previous reading of 3. 9 . Quarter on quarter, one. 8 . A bit of acceleration. Still in line with expectations. Perhaps just filling out the broader picture giving the last broader inflation reading. Cpi came in hotter than expected. It comes in expectations for the rba. Lets get to the other corporate stories we are tracking in this hour. Fidelity investments is seeking clearance that would allow some of its mutual funds to Exchange Funds. The company is seeking to have Exchange Funds after the paycheck expired in may. It gives mutual funds access to the Tax Advantages of etfs, boosting aftertax returns. Western digital shares plunged after jill negotiations. Sources telling bloomberg the discussions between both companies have ended for now. After sk hynix that it wanted support the merger. The chipmaker is a shareholder and felt the transaction would be undervaluing at stake. Expectations are a day after winning labor peace with a tentative contract with the united auto workers. Ford also put the operating results guiding guidance citing the sixweek strike of the pending ratification of that deal. The ceo said the firm was negatively impacted by the strike, which was estimated to cost a total of 1. 3 billion so far. Sources have told bloomberg that the uaw has offered a new contract proposal to General Motors similar to tentative that they have with ford. They said that the president led them on thursday, the tentative agreement has been reached on both sides when they are said to be close on key issues. Gm could make a counteroffer later on thursday on friday. Vonnie lets take a look at where we stand, nikkei 225 wise, we are up 7 10 of 1 . It looks like the cheery earnings news is affecting the day and asia as well. That and of course the hotter than expected cpi data, which seems to be having an impact, maybe when you would not expect on japan assets. The yen is unchanged at 15030 nine. No action there. Kospi in korea is up 3 10 of a percent. Higher on the friday session. The asx 200, as you said, up 3 10 of a percent. Different story in new zealand down 8 10 of 1 for the benchmark there. Haidi its nice to end the week on a little bit of a reprieve for these markets because the pressures have been coming from all of these crosscurrents, be it these concerns, what the fed will do next, some of that yen strength is also weighing. We have the comments from the japanese government really talking through this idea of how hot that inflation reading was for tokyo. That does put a little bit more pressure on the boj when it comes to its imminent expectations. The change to the Monetary Policy settings. Take a look around the fx side of things. This is a bit of a reprieve from the Dollar Strength stories. It was the bit of downside there for the bloomberg u. S. Dollar index. We see the euro trading pretty steady at the moment after that ecb decision. But of course, just to repent recap our breaking news, chinas premier, second most powerful man in the country has died of a heart attack. Cctv releasing the information, saying he died of a heart attack. He passed away in shanghai in the early hours of friday, according to that report. This is chinas official who spent a decade at the helm as premier. He was really seen as a possible champion of liberal reforms, Structural Reforms from china. A lot of those never made it to fruition. He alongside other key players were replaced by xi jinping loyalists. Steve engle pointed out previously he was the other top contender for the presidency. Lets get over to Bloomberg Economics chief economist joining us for more. You have covered china in depth at length. The economy i have to wonder, the country, the economy may look very different now if he was given free reign to implement the reforms he wanted to. Tom i think the first reaction is on the passing of a man who is one of chinas most senior leaders. In terms of his legacy, lets not forget that back in 2012, 2011, there was a real question about who would be chinas next leader. Would it be xi jingping, then seen as the champion of the urban elite, or him seen as the acolyte of that thenpresident. And perhaps someone who would bring a commitment to economic reform, and a commitment to inclusive growth. Of course it was xi jingping that one that competition and he has taken china in a particular direction. A direction which is much more focused on reinforcing the power of the communist party, a direction which is much more focused on National Security. He met he played a Critical Role in the last decade is premier, but very much a junior role to xi jingping, who was calling the shots on both Security Policy and economic policy. Vonnie during his time as premier, he was able to enact some market reforms, tom, including cutting red tape, cutting taxes on business. How many of them have been reversed and what else did he do . Tom as premier, he was the point person on the economy, often commentators say overruled. But its day today control. He made it his business to champion incremental reforms. He made it his business to try to cut away red tape to enable Small Businesses and entrepreneurs to thrive. These are important contributions. How significant are they in the grand narrative of chinas economy . Well, i think many looking and now would say, actually, is the xi jingping initiative, its the common prosperity drive, its the move to crack down on entrepreneurs, which is really defining the narrative. Haidi i have to recall there was a point where we saw in the u. S. Diplomatic cables, that he also said that chinas ddp gdp figures are manmade and therefore unreliable, and how he relied on a handful of other data points to evaluate the economy, which is how he came up with the index, right. Tom thats right, earlier in his career, he was the party chief in the province in chinas northeast, and i think they were two things that stick in my memory from that time, the first, as you mentioned is the offhand remark he apparently made to the u. S. Ambassador to china saying that chinas gdp data was manmade, and instead he looks at electricity output and rail freight and credit the growth. And of course that remark really caught the attention of the markets and many have increased doubts about the reliability of chinas data and looks at things like electricity and the proxy. I think the second thing that came out of his leadership was the kind of intense understanding of some of the challenges that chinas state dominated economy faces. If we go back to the mao zedong era, was kind of a champion of chinas state dominated economy. It was a state where steel plants and other heavy industries located. But of course, in the reform era, though state dominated areas were very much left behind. And he made it his business, as the party chief, to try to drive the province forward. As premier, when there were challenges with the rustbelt provinces in the northeast, he made it his business to ensure that they were not left behind, that the investment and opportunities still came to those parts of the country, not just to the shanghais in the beijings, and the other more bustling incentives. Bloombergs economic chief economist taking a look at the economic and social legacy left by chinas former premier. We will get more reaction and response to the news of his death at the age of 68. He died of a heart attack passing away in shanghai in the early hours of friday morning. We will be continuing to take a look at his economic legacy, his social impact was a deeply popular leader who, at one point, couldve been the president. We know thats not how history played out. Passing away today. This is bloomberg. Its easy to get lost ent arch. 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. Haidi chinese financials are in focus and a widely anticipated earnings taking a look at expectations expectations for what we got in china. They posted a 2. 6 increase in thirdquarter profit. The interest market is a key measure of profitability that has narrowed. The other banks and Financial Firms are posted earnings per share and they have also really missed analysts estimates for the rest of them. Chinarelated losses are also in the chart, bottom line. The british lender has 186 million charge on chinese real estate on top of the repairman of 700 million on china wiping. Which is the bank have a 16 stake. The cfo said it remains difficult to call the bottom when it comes to chinese commercial real estate. Collects one particular sector, the commercial real estate sector has been problematic, not just for us but for everybody. Weve taken some charges. Overall the outlook we still have the two or three or four years is strong in the china region. Haidi chinas large state owned banks are for financials as dividends. The sovereign wealth funds stay purchases as boosted. With us now is the head of Greater China bank earnings. Where there any surprises for you out of those numbers . Not really, to be honest, because we have long signaled our concern for pressure on the interest margins this year. In fact, we expect Net Interest Margin will drag in to 2024, given the reduction of the long rate, and also the effective mortgage rates. More that was starting to kick in into 2024. We still expect to see margins contracting over the next twothree quarters. Haidi who do you think the most resilient players are going to be if you look at it through the lens of who has most release exposure to the Property Market story . I think its no surprise that the state banks come out as stronger players, both in terms of more limited exposure to Property Development loans, but also the fact that they have stronger deposit franchise, which help mitigate the pressure of margin. More importantly, if they are the best capitalized within the Banking System and various stressors that we want internally would suggest there is a more severe scenario and you would have some of the midsize banks seeing their minimum capital requirement, potentially falling below the minimum levels, whereas with a larger state banks, they will still be relatively resilient in that regard. Haidi how much risk is there when it comes to lgf he exposure, if you look at the loss revenue exposure . With lgf you loans, the fact that banks are being asked to extend these landings mean that they are locking up their capital and they are also a extending these lending rates. So when you put the two together, it does have a negative impact on the capital position, but because the state banks are generally higher capitalized, we do think that they will be able to manage the pressure. Haidi when you take a look at what were seeing with the property sector, there is still some concerns that we see contagion or contagion when it comes to confidence, given that weve seen the dollar bond defaults for Country Garden. Is this a major risk for the banks . Grace i think the risk is how much longer its going to take for homebuyer confidence to return. Because much of the policy support in terms of improving the refinancing channels for developers, we think that is sufficient in terms of ensuring project completion in the major cities. But the real test is in the lower tier cities where transaction volumes are showing meaningful signs of recovery. Its a matter of how long it takes for homebuyers to come back into the Property Market and to prop up the housing transactions. Haidi grace, always great to chat with you. Head of Greater China bank ratings. Staying with china and speaking of Country Garden, derivatives that protect against a default by the Property Developer have been triggered after the chinese developer failed to pay interest on a dollar bond. For more, lets bring in our bureau chief. Charlie joins us now. We are still working out for various implications that come with this dollar bond default. What do we know . As you mentioned, cds credit default swaps works Something Like an insurance contract to protect the default. The company has officially default it on 15 million bond coupon payments, so the contract has been triggered. I think that the most important thing, the Bigger Picture is the company is struggling to repay its debt, which is huge, amounting to 180 billion something dollar. In the company is the largest Property Developer by the number of projects. He got back 3000 projects in and around the country. Most of them the problem is third tier cities where the housing prices have dropped more sharply than bigger ones. So the company, if you remember, they have already hired Financial Advisors to look into liquidity. A structure of a group with so much debt is definitely going to deal another heavy blow to the entire industry. Reflecting a lack of Investor Confidence in companies where the dollar bond is trading just at four cents on the dollar in the hong kong offshore bond market. It just shows how investors are expecting to recover from the company. Vonnie it does seem like sentiment has turned or soured in some way just more broadly. We see the bonds were crushed today and it feels like the vigilantes really are out now. How scared should we be . It just shows how little china investors are confident in the Property Market. The gogo era of the industry is definitely over, despite all the measures to prop up demand, such as cutting down payment requirements and also cutting mortgage rates. People are not buying property mainly because they are not expecting prices to go up, and also, they are not confident about their future income. As you mentioned, they are considered a relatively well managed properly Property Developer in the country, but it looks like its not going to escape unscathed because demand has been stagnating despite all the measures mentioned. And last week, fitch, the companys rating had been downgraded. Same for one of chinas largest the largest property sales. Vonnie we are do to get a earnings literally later on, so we will see what happens with that announcement. Thats bloomberg Shanghai Bureau chief. Plenty more to come right here on daybreak asia, this is bloomberg. J. P. Morgan Wealth Management knows its easy to get lost in investment research. Get help with j. P morgan personal advisors. Hey, david ready to get started . Work with advisors who create a plan with you, and help you find the right investments. So great getting to know you, lets take a look at your new investment plan. Ok, great this should have you moving in the right direction. Thanks jen. Get ongoing advice; and manage your investments in the chase mobile app. Vonnie Global Express is set to debut in hong kong after erasing more than 500 million as a second ipo this year. Annabelle droulers joins us from hong kong stock exchange. Give us the key details. Annabelle you mentioned a couple of those ones there, but essentially, this is a major listing happening this morning in hong kong for the hong kong stock exchange. Its the biggest we are seeing in the city since april of this year. You mentioned indonesia, but i do think its important to lay out key details of this company. It is a courier that has a global footprint. I just spoke with the cfo, weve got an exclusive interview with him later this morning. He told need this company is shipping nearly 70 million parcels a day. This ipo is 941 days in the making. Really a lot of effort has gone into this, but the founders of the company are chinese, and they take a lot of its profit and revenue from Mainland China and would have taken a very aggressive approach towards pricing, not necessarily a strategy theyre planning to do in other markets. A copy attention of regulators. In terms of the offering today, shares coming onto the market at 12 hong kong dollars apiece, thats a list price. Thats 1. 50 u. S. And the company is netting 500 Million Dollars from its share sale. Haidi what about the timing . Annabelle its something im interested in speaking to dylan about an hour interview. Hong kong stocks, as we know, have been really under pressure over the course of this year as that doesnt bode well for the broader macro backdrop. Theres also the performance of companies that have chosen to follow listings in hong kong over the course of this year. Just over 40 of them in more than half are trading under their list pricing at this point in time. Theres also the performance of other courier names like fs holding, jd logistics. Their shares have slumped over the course of 2023. It is a generous a genuine point of interest. Vonnie the other careers will be watching todays performance very closely. We will be as well. Thank you, we will check in with you periodically throughout the day. Annabelle droulers reporting from the hong kong stock exchange. We will speak exclusively to Logistics Firm j and Global Express cfo about their hong kong listing. Thats at about 9 45 a. M. Hong kong time. Haidi just recapping some of the top story inside the sad news that chinas former premier has died at the age of 60 a and a heart attack. Cctv reporting bad he passed away in shanghai in the early hours of friday morning. He was chinas second most powerful man. The number two in china for 10 years. At one point was seen as a top contender for the presidency. We know how that played out. He ultimately lost to president xi jingping. In the time that followed, really found that a lot of his reformists were stifled, by his leadership, the policies that were put in place, and he found himself increasingly sidelined by the time that he stood down for retirement. He was a deeply popular figure within china, and this will be extremely sad and shocking news for many. Dinas former premier dies at the age of 68. This is bloomberg. 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. adventurous music be ready for any market with a liquid etf. Get in and out with dia