Transcripts For BLOOMBERG Bloomberg 20240703

Home that higher for longer narrative. We are seeing pretty decent sentiment here, big tech rally in the u. S. Leading some of those stock sire in the region here in asia as well. It is a little bit of holiday session, hong kong as well of as well as curia close. The markets are online, we see decent gains. One of the big stories across the bloomberg, spotlight on china property is starting to see play through when it comes to these key assets like dollar china as well as the aussie dollar watching iron ore. This proposal that beijing is said to be considering to have local governments across the country by out millions of unsold homes. This is according to people familiar with it. This is such a huge ambition and a lot of questions around this if it does come through in terms of the effectiveness of such a policy. Lets bring in Stephen Engle in our China Economy editor james major. Let me start off with you. Lets get to you, james. We have all been covering the highs and lows and really the mostly lows. In the Property Market struggles. What do we know about this plan and whether it fixes the structural problems with the sector . I think we know very little about how this is actually going to work in how far or how widespread this will be across the country is rolled out. What we are reporting is that the government is asking Government Agencies across the country if they could assist or participate in this plan to basically take billions of unsold homes across the country, buy them from developers who are struggling, and then turn those into lowcost housing for people. The question, and there are a lot of questions and they kind of hinted at this in their meeting in april when they said measures should be taken in with the housing stock. It seems it seems like there is some movement to go towards this. Something is going to happen on this question. But the real issue is, does this really solve all the problems of the Housing Market is facing. This will help Property Developers get rid of their excess inventory. But if they have to take steep discounts, they dont actually help their financial positions too much. But then another problem that could be created by this is if the government is suddenly in the business of providing cheap homes, that may well dampen peoples interest in purchasing homes. So, if you can rent a home cheaply from the government like you can in places like singapore , avril hong spoke about her future model for the chinese market, why would you go out and buy a home when you could get when cheaply from the government. This kind of plan, if its rolled out across the country and provinces, good dampen demand for home purge, which would dampen the Housing Development looking to build and sell homes. Lots of questions about how this will work, who will pay for it, to the state banks provide money cheaply to the government to purchase all this, but if it does happen across the country, it will be a massive change in the housing sector, which is a huge portion of chinas economy. Haidi this is an intriguing proposition if its being considered. Does it remove the confidence trap we see for households and corporations stuck in for china even as Market Sentiment improves . James i think for households, i think you have to think about the different kinds of households. For households that own property, if this leads to the property prices continuing to fall because there is less demand on the secondary market for purchasing homes, i dont think this will help the confidence of existing homebuyers because the value of the asset is continuing to drop. You are still seeing housing prices on the primary of the new houses and on second house is falling. The vast majority, the majority of home sales in china are secondary home sales. These are homes that are not new but have been purchased and sold. End of the government is going to get in the business of providing lowcost homes, this may dampen demand for those kind of homes. If you are a homeowner and you have two or three properties and he want to sell those, i dont think this kind of plan is going to help. It may help confidence in the homebuilding sector if homebuilders can now have a guarantee that they can sell these properties that they have built to someone. Especially in the poor and less developed promise provinces. Property developers can get those off their books, maybe it helps them prove their balance sheet, but this may solve part of the problem and they may make other parts worse. Is it going to be nationwide, is it going to be in the provinces, those of the questions that are important for how this would work and how it would matter for the economy. Haidi bloombergs james, a lot of question marks over what we know so far. Lets get some reaction for the investor view. The cio of maybank, great to have you with us. We want to get your thoughts straightaway on this report on the implications. Do you think this is a big bang measure that the markets have been waiting for . I think it is an encouraging site following the valves to adopt more flexible measures to really clear the housing from the market. The policy makers have been trying to implement measures, removes it removing closing curbs, providing support to developers. But the sector recovery has been very slow. I think this move, in some ways, can help to clear the inventory that has been lying around. I think a question is of who is going to find it. The state banks will fund it. Maybe these guys may not be willing to do so. I suspect we do need some centralbank funding directly or indirectly to fund this initiative. Haidi how much of a percentage into the chinese economy would a policy like this remove, and does it significantly increase your willingness to invest in this market . At the beginning of the year we actually have a constructive stance on chinese equities because we thought that a lot of the negatives have been more than priced in the valuation. We did see an improvement in sentiment over the past three months. Obviously the expectations are more progrowth of the policy stance thats helping the market. The property sector is definitely one of them. We are not expecting a vshaped recovery in the property sector. Stability could help to prop up consumer confidence, and therefore supporting a domestic demand over time. But at the same time, we are also watching very closely on other experts of the government policy developments. I think this includes a Monetary Fund front, the fiscal front where we talk about introducing new trading programs. Promoting more buying of big items such as auto. And also on the private sector side where they talk about driving a private sector laws to protect the interests of entrepreneurs to encourage and bolster or to revive the animal spirit in the private sector. I think these are the critical components that need to be in place to really sustain a meaningful recovery in the economy as well as markets. Haidi could those animal spirits be dampened before ever being given a chance to provided by these tariffs on a threat of retaliation for china . We do expect to see some form of escalation between u. S. China tensions, especially in the runup to the u. S. Elections later this year. In tariffs is probably one of them. But if you look at the tariffs, right now they are talking i think its probably targeted at specific sectors such as dvds. These sectors probably will see some volatility in the priceperformance, but we do also have other sectors that are more insulated from these tariff discussions or debates. This includes a lot of these high dividend paying Steel Enterprises and the telco space, for example. And also in the consumer space. Also the new economy internet plays, these are somewhat insulated from these tariff discussions. Haidi when it comes to the fortunes of china, how correlated is this to the rest of asia . We will get to the fed a little bit later on, does it play a bigger role in that relationship . We do see, over time, there is in increasing, i would say connectivity between china and the different parts of asia, including thea economies, so i think the fortunes of the economy is somewhat linked to china. If that china does better, obviously the likes of it, or even singapore would do better as well. So i think u. S. Dollar does play a part, we can talk a little bit more about that. But improving china should bode well for the region as a whole. Haidi cio of maybank management. We will have more discussion when it comes to expectations from the fed and that key cpi print. Coming up, we have our big take on indian Prime Minister modi in a look at his journey to becoming the worlds most popular and polarizing leaders. Less analysis on singapores leadership transition with no group asia, the challenges facing the citys new leader. This is bloomberg. I cant believe you corporate types are still calling each other rock stars. Youre a rock star. Were all rock stars. Oooo look look at my data driven insights, im a rock star. Great job putting finance and hr on one platform with workday. Thank you guys, can you keep it down. Im working. You people are guitar noises . Hand over the air guitar. Ive got another one. I dont think that its likely with the data that we have that it would be a rate hike. I think its more likely to be at a place where we hold the policy rate where it is. The First Quarter in the United States was notable for its lack of progress on inflation. We had higher readings in the First Quarter and, higher than we expected. We did not expect this to be a smooth road but these were higher than anybody expected. But that has told us is, we need to be patient and let restrictive policy do its work. Haidi fed chair jay powell reciting the lack of inflation being made. The same story we have heard over the fed, which is further evidence will need to be seen that we are seeing that significant return to lower inflation. Of course we are waiting, the u. S. Consumer inflation prints, that key print later on wednesday will give us clues to what the feds next steps will be. This after the Producer Price data came in strongerthanexpected. It u. S. Largely shrugged off the signals that rates would be higher for longer and the same kind of futures not showing too much of a change in the Asian Session. We see a nice pop with asian equities extending those gains for the twoyear high. That u. S. April cpi report, these are the expectations, expectations are that the headline will moderate, some hope of easing price pressures. Lets bring back at a low, the ceo of Maybank Group Wealth Management. You think the fed will only cut by 50 basis points this year and that will come in september. Yes, indeed. When we look at u. S. Cpi data, it has come in above expectations for the past three months constantly. So we thought that because of that, to quote powell, the lack of progress inflation, we think the fed will delete the first rate cut sometime in september if not, november. Usually we are penciled in the first rate cut to be in july with 100 basis points for the whole year. Now we expect only 50 basis point rate cut. Haidi to that effect, how do you expect the trajectory to play out when it comes to trading in u. S. Equities . Quex i think if you look at the markets, april there was a bit of a scare, and that caused the markets to sell off with some are new geopolitical tensions. I think what is clear that powell, while he acknowledged that the fed needs more evidence before really embarking on the rate cut, he did say that the next move will unlikely be a rate hike. I think thats important, as long as he reiterates the point is a rate cut is highly unlikely , the market will take comfort. As long as corporate earnings continue to grow, they will be supportive of risk assets. Haidi at the moment we see the big news hitting that record in new york. It really is the shorts phasing the squeeze. This has been building for months with the copper price being on and said, concerns about supply and demand being out of sync across commodities where you see opportunities . For gold, for example, you are more interested in going through the minors as opposed to to the commodity itself. Right, we have been tracking it for a while. We always thought go plays a strategic part in ones allocation because of the hedging benefits. The central bank has been supporting the prices. But given the runup in prices year to date, gold has been up by more than 10 . We thought that its vulnerable to some pullback and, in contrast, the gold miners, which will benefit from higher gold prices, they have really not run up as much. Before that risk report respective, the Gold Mining Companies could look more interesting than gold price. Haidi really great to have you with us. Cio of maybank ruth wilke group Wealth Management. Our interview with malaysian Prime Minister at the Qatar Economic Forum. He what see what he sees no urgency in reducing fuel subsidies. Thats next. This is bloomberg. Haidi malaysias Prime Minister signal he sees no urgency in reducing fuel subsidies. The reform closely watched by investors. He spoke to us at the Qatar Economic Forum and also confirmed his government will not consider approving another casino. There is no necessity for malaysia to venture into casino business. We are focusing on digital transformation, energy transition, ai, and we believe that this is adequate to push the country forward. Nobody actually deferred to us and it complicates because the kings name was somewhat implicated. In our system, it was highly expected and regarded in grossly unfair and abused by some other members of the position to see that the Prime Minister and the king is trying to open up. That is why i took a very strong position because it is unjust to directed because the king is not a politician. They are not at liberty to respond in the system of the royal members is that the paraphernalia must be expected. How we address them and how we talk about them with dignity and respect. But the media wasnt banned. We were asking questions and we move on. Haslinda we move on, no casino under your administration. Lets talk about the economy. Almost two years on, is the malaysian economy where you thought it would be . Because when you speak to some investors they say they have been frustrated because of the slow rollout in your reforms, they point to the slowness, the delay in cutting fuel subsidies which would improve your fiscal position, your response to that . We have measures where we have 1. 5 trillion debt deficit for 5. 6. Now, and abrupt, radical change would result in a lot of frustrations and anger. We have seen the socalled reform agenda in many of the countries in europe. Its a disaster. They have all the answers without interacting with the masses. It is a fraud and elitists democratic ideas. They should have a strong call for anticorruption measures and it does not happen. This is a corruption endemic in we lost billions in the process. But have we not taken measures, no, we did. The fed doesnt know we focused on this. This is from the old corrupt policies. Secondly we have an unlimited example of capacity. They are cutting subsidy for electricity to the rich industries, but not affecting the 85 of the population. I dont think we should burden issuing the governance to make sure iterations parent, it is just. They should not punish the poor. Did we do it, yes. How much did we gain, 4 billion. We subsidize and we will do the subsidy. Give us a break, haslinda, dont force us to do all measures and one year. Haslinda can we expect that cut in june. Some say by yearend, can you give a timeframe . Quex we acknowledge diesel and oil. Hours is the cheapest. It is cheaper than saudi arabia. So i can see things need to be done, but to be done judiciously because in no way will i punish the masses. Inflation can be a problem, what can be a plan, its to stop it. The malaise haidi the malaysian Prime Minister talking with haslinda amin. China chips being one of them. We are still processing the implications of these, in a lot of ways, very nuanced tariffs that weve heard from, the Biden Administration with key exclusions as part of that, but we are also watching more closely the china property sector with the news coming across the bloomberg that potentially there is a consideration for feedback in terms of this plan for the government to buy back unsold homes to ease his ongoing property collapse. More ahead. And theyre all coming . Those who are still with us, yes. Grandpa whats this . Your wings. Light em up gentlemen, its a beautiful. Day to fly. Hi, im janice, and i lost 172 pounds on golo. When i was a teenager i had some severe trauma in my life and i turned to food for comfort. I had a doctor tell me that if i didnt change my life, i wasnt gonna live much longer. Once i saw golo was working, i felt this rush, i just had to keep going. A lot of people think no pain no gain, but with golo it is so easy. My life is so much different now that ive lost all this weight. When i look in the mirror i dont even recognize myself. Haidi take a look at how we are tracking when it comes to asia equities extending these twoyear highs ahead of the u. S. Inflation report, specifically we see chinese equities and assets here in australia reacting to this report and they have local governments across the country buying up millions of unsold homes, people familiar with the matter saying this would be one of the biggest attempts to salvage the Property Market that has been down for so long. Beijing, according to these reports, seeking feedback on a preliminary proposal as the property sector continues to be the biggest drag on the economy, even as weve seen chinese equities really bottoming out and seeing improvement sentiment. We are hearing that the council is soliciting feedback from several provinces and Government Entities on the plan. They have experimented with Public Programs to clear exits cap excess housing inventory. None were successful noteworthy under but the plan being discussed is much larger in scale. We are seeing that reaction across the property sector and Property Developers. Shanghai Property Developer up by 2. 5 percent. Real estate index up by over 5 , seeing a reaction when it comes a reaction when it comes to dollar china. The aussie dollar, really the proxy for all things, seeing 6648 is where we are trading at the moment. Also watching iron ore, another way that we see these china property narratives expressed. Lets get some more analysis on the big scoop today. We are joined by the head of east asia corporate set credit. First of all, does the reports of this plan surprise you at all . What you make of it . It was not that surprising as you mentioned. There has been many tier one and tier two cities rolling out this type of purchase for the existing inventories, but i would say a topdown message from the Central Government is still slightly surprising and on the Positive Side that i think a lot of the details are still missing at the moment. So i think we will meet and wait for the timeline in terms of the funding channels as well. Sources say officials are still haidi sources say officials are still debating. For you, what would make this feasible, what would make this successful to smaller scale pilot programs that we see in . I think the first hour that the Central Government are really realizing that the demand side support policy is not enough to boost the primary transaction or the home prices to bring the animal spirit of the homebuyers back to the market, you really need to digest inventory, but at this moment, if we look at the scale, its a really big issue, last year there was a one trillion special Government Bond issuance followed by another one trillion. 2 trillion is much more, but if you compare it with the existing money needed, its the scale of 5 trillion to 10 trillion, so we would need to see how many additional central bond issuers the government is going to rollout. I think the second issue is about the timeline and how long it will take the local government, as well o. A. T. As well as the state owned bank to support such initiative. For the banks, they are a little reluctant because they are already purchasing a large amount of the bond. And when the Interest Rate goes up, there is definitely going to be market to market losses. So how much more willing is the banks . I think is questionable. Haidi removing or digesting is one half of the equation, does that necessarily lead to a boost into man, because thats what you are talking about. I simply need to see the home prices to rebound first. First year cities, the district, the core prices holding up or at least stabilizing. But i think if it goes up to second tier of the cities, we are not seeing a visible rebound of the home prices yet. In order to have the home purchase demand that we see, we definitely need to see a rebound of the home price first. Then the digestion of inventory is very long. I think we need a lot more founding from not just the Central Government, but from state owned banks as well as the Asset Management companies within the system. Haidi does it seem unlikely you will see a rebound in prices if one assumes the sales will have to be done at a discount . I think it will take some time because we are talking about the Home Inventory at a historical height closed in the 2016 level year and once they initiate these programs it will take another six to one year, if not, even longer to get the program kick started. I think it will be a very long process and take a long time for the home price to rebound. The Income Growth is slowing down in china and the peoples propensity to spend is not very high. I think we need to see a current, rebound of the macro conditions, Business Sentiment in Consumer Sentiment with the home prices to bring the overall home demand back. Haidi this is favored the developers and does not really still on high yield private developers . From my credit standpoint of you, i dont see much positive coming from all these policies. I think most of this money will not be additional funding for developers, even for state owned ones. If you look at your today, it is facing 30 , 40 year on year contraction of their contract of thousands. We sent it out with additional default from high yield developers and it feels like the founding condition of the sector as not significantly improved over the past six months despite all the demands on the supply side support measures. So our house view is to apply caution to Chinese Developers and some of the advancement great developers, perhaps i would see a marginal improvement in funding condition over the next six months. But over the medium to long term, in order for them to be financially selfsupporting, you need to see a very visible rebound of contract of sales. Always good to have you with us. Lets take a look at some of the other top global headlines we are following. The kremlin says Vladimir Putin will discuss issues of strategic cooperation with china xi jingping during a two day visit beginning on thursday. This is putins first foreign trip since reelection and he will meet with the chinese premier free trade and economic talks. The u. S. Has threatened further sanctions on china which it accuses of providing support for russias war effort in ukraine. A group of u. S. Tiktok creators have filed their own lawsuit and block the law to sell the popular app by january or face a been. The complainers include a texas rancher, a seller of skincare products in a book seller who promotes authors. The lawyers say the creator see the u. S. Laws attack on free speech of some 170 million americans who use tiktok. And we are coming to the end of an era in singapore as the Prime Minister prepares to step down after two decades. Hes handing power to Lawrence Wong who is facing a growing list of economic and geopolitical challenges. Avril hong is in singapore with more. Avril this is a rare transition of power in singapore and the successor is someone who has not been twist has not been tested on the Foreign Policy front just yet. And this is a made geopolitical uncertainties and we are seeing the u. S. China relation, really the elephant in the room. Lets bring in to discuss the future of singapores Foreign Policy, first off, we have seen singapore very skillfully navigating its relations between the u. S. And china, but this is also an evolving landscape. We were just hearing about these terrors from biting, china, pledging resolute measures, strategic competition thats only going to deepen in an Election Year for the u. S. What is this going to mean for singapore . I think Lawrence Wong is definitely going to have a lot cut out for him and his first year. I think he has really done a lot of homework in terms of preparing to deal with these relationships. I think he has already talked about he is making a very principal approach when it comes to dealing with Foreign Policy. Hes not prou. S. , hes not prochina, hes prosingapore and what that means is taking a consistent principal approach, following rulesbased international order, and i think that will be what will be guiding him in the first couple of months. Avril how soon do you think we could see him stand his own brag on Foreign Policy . I think it will take some time. I do think you will want to settle into his new role and get a bit more comfortable before bringing in some of his own brand into it. That being said, he is the first Prime Minister who is educated in the u. S. He is very familiar with the u. S. And how they operate. He has been able to bond with american companies, an american congressman when they come through. So i think that will help in terms of building his relationships on the u. S. Side Going Forward. That being said, he is also brushing up and taking lessons. I think singapore has always been very adept at balancing visits with the u. S. , with visits with china. For instance, he went to the u. S. In october last year to launch the dialogue on political and emerging technologies and he subsequently followed that up with sharing in december. I think we will continue to see more of it, especially with stable hands, given with the cabinet as well. Avril he he plows these bilateral relations but its not just about u. S. And china, its about what seen regionally as singapore continues punching above its way. Concerts subsidies bring taylor swift into town and ruffle them amongst neighbors. This all has to be handled delicately, is this message of continuity going to cut it . I think the interesting thing is we see a bunch of Leadership Transitions throughout. You see indonesia having its own leader coming in, and the other leaders have only just barely entered the leaderships of their respective countries. So i think, as leaders, the region is going to have to develop and refine its own rhythm. And in this case, i think its best not to stir the boat. It would help in that sense in terms of just being able to help provide, a steady pair of hands and not do anything that might catch people off guard. Avril to your point about being prosingapore and not proamerica are prochina, with does it entail . I think its whats in singapores best interest. Like youve mentioned, we have always punched above our weight being in the international scene. Focusing very much on singapores growth, what would benefit singapore, we definitely want to continue to have an investment environment that would encourage american and chinese businesses, as well as the team investing in singapore. Avril the restraining trend is likely to continue, regardless of who wins the u. S. Election, how will that make it a bit trickier for singapore to extract u. S. Investment . I think asia is still going to be of interest for american companies, so, with that being said, singapore has been very open for american investment. I think there is a lot of options for them to consider other markets, but that doesnt rule singapore out of the picture. Avril what about its cultural ties with china, how do you think that will be balanced Going Forward . With regards to singapores cultural ties, thats why at the p. M. Will come out to distinguish that we are not prochina but we are prosingapore and i think that speaks to how even though we do share commonalities in terms of backgrounds and we do have a chinese majority, i think that it is important to recognize that singapore has really carved out its own space and will continue Going Forward. Avril it has been doing a good job with its balancing act. Lets hope that continues. We have to leave it here for today. Thank you for coming on and sharing your insights with us. Speaking there with lydia of bauer group asia. Hi to bloombergs avril hong talking about the leadership transition for singapore. Just a reminder that you can now sign up for our Singapore Edition newsletter for insights into one of asias most dynamic economies delivered into every week. Landed on bloomberg. Com. This is bloomberg. So, what are you thinking . Im thinking. speaking to self about our honeymoon. What about africa . Safari . Hot air balloon ride . Swim with elephants . Wait, can we afford a safari . Great question. Like everything, it takes a little planning. Or, put the money towards a downpayment. On a ranch. In montana. With horses lets take a look at those scenarios. J. P. Morgan Wealth Management has advisors in chase branches and tools, like wealth plan to keep you on track. When youre planning for it all. The answer is j. P. Morgan Wealth Management. Haidi lets check in on Indian Markets as we wait for trade numbers and focus today as well as the go dig ipo. Some of the considerations for investors with a trading moderate. This is we continue to maul the implications of what the Election Results might be. Its take a look at the other headlines that are making stories that are making headlines in india. The finance minister says reforms are needed to sustain foreign inflows once india is added to local bond indexes. She says the inclusion to jp morgan cm debt index darting in june could bring inflows of 20 million in also says that a new Modi Government will undertake over 100 fresh policy reforms in its first 100 days. Indias second largest wireless operator missed profit expectation for the first straight quarter to one time charge. The results continued from the ceiling in nigeria, the biggest market in africa. The quarter net income fell 31 from a year ago. Prime minister Narendra Modi has filed his nomination papers to contest elections. The city is steeped in religious significance for the countrys hindu majority. He has used a mix of religious sentiment and economic measures to boost his appeal among voters. He has contested the constituency over the past two elections and one comfortably. Bloomberg originals has been looking into modis rise to the top of indian politics. Take a look at a preview from that report. Who is Narendra Modi, it depends on who you ask. Indias Prime Minister makes the impossible possible. He is very possible of completing industry. He has completely seduced the hindi, hindu belts. Some view him as the most effective Prime Minister in the history of india. He is passionately worshiped by millions and he is one of the worlds most popular leaders with Approval Rating surpassing 70 . Democracy delivers an democracy in powers. On the other hand, critics see him as an arctic Traffic National is to moderna undermines democratic laws. The idea that indian india is a democracy, this is a lie. Haidi lets bring in our government reporter who joins us out of new delhi. Of course, of all the years in terms of the significance for Global Investors to understand india with the slowdown of china and the russian to indian assets, it feels like we are at a point where there is a need to analyze this leader and what drives him. What are the core believes that you speak of in the story . If you look at Prime Minister modi, its contrast, in some ways, they had schemes and measures the pulled millions out of poverty and is very close with billionaires to the extent that we have seen the opposition criticizing him and its one of the main criticism of the oppositions as the elections are going on. We see that as a common refrain in india. That is one part of it, and the other part of it, the contrast is that the Prime Minister is the fact that because from the iss. Hindu First Organization in india. He is pushing a hindu first agenda. At the same point of time he is quoting capital from across the world. There are these questions that come up about the inclusivity in india, where it is headed, is that under threat, we have seen reports coming out of the United States, several organizations talking about india dropping, the freedom of press indices. At the same point of time we see increasingly capital quoting india. There is a fallout or in many ways, a fallout of the tussle that we see between the United States and china. Haidi to what extent that you look at the criticism that he is too focused on the idea of his legacy. They talk about his belief that he has been divinely selected for this position . That is something that we have heard the Prime Minister talk about, therefore we dont have to guess that in he recently said he was inaugurating around it, which has been at a site or aa mosque was there for 500 years and demolished in 1992, the hindu right in india was mark. He has said what we are doing today is going to be remembered a thousand years from now. We have also seen the Prime Minister talking about this entire issue and that he has been blessed, the divine blessing to do this. For a world leader, these are very interesting but at the same time, contrasting images. Haidi you think covering indian policies that have been covering Narendra Modi for a long time and i do wonder in this deep dive investigation, what was most surprising to you . What you think that really tells us in terms of policy positions Going Forward . Policy positions Going Forward, if you look at the Economy Policy position, its very clear. With the bond inclusion coming in, we can expect a tightening of government finances to come in in the next hundred days if the government is reelected in the Prime Minister takes over for the time. That said, the economy or is more or less secure. But what apprehensions we hear and what the critics talk about, is what happens to the inclusive realistic nature of india . Haidi our government reporter in new delhi. You can get more on why Prime Minister Narendra Modi is so popular and deeply polarizing. You can read more from that story on bloombergs big take. Watch that originals documentary. Bloomberg quicktake podcast also launches today. The episodes will be dropping every wednesday and that first one will be focus on the rise of Narendra Modi. You can track the latest developments on indias ongoing general election on the bloomberg terminal. This is bloomberg. Haidi it does look like global stocks are said to reach near highs before that print come through. A fresh record inside the big tech lead rally carrying three when it comes to the Asian Session as well. When it comes to treasuries we are seeing traders positioning forward bond rally and a sharp drop in yields after that inflation print. This is bloomberg. When you automate sales tax with avalara, you dont have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh the following is a paid program. The opinions and views expressed do not reflect those of bloomberg l. P. , its affiliates or its employees