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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Daybreak

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Speaker 1: Asia podcast. I'm deg Chrisner. The bond market was rattled

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Speaker 1: in the last session by worries over the federal budget deficit.

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Speaker 1: It's been a major theme all week, beginning with that

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Speaker 1: Moody's downgrade. Today, the sale of sixteen billion dollars in

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Speaker 1: twenty year bonds saw lackluster demand. We're talking about a

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Speaker 1: five percent coupon rate, the highest since the twenty year

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Speaker 1: was reintroduced back in twenty twenty. Here is Gina Martin

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Speaker 1: Adams from Bloomberg Intelligence.

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Speaker 2: It's just really difficult to justify owning bonds in that

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Speaker 2: kind of environment to degree that you would have yesterday,

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Speaker 2: the day before, a year ago, and that certainly is

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Speaker 2: creating some risk peripheralist to the equity market.

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Speaker 1: That is Gina Martin Adams from Bloomberg Intelligence. So we

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Speaker 1: saw yield spike right across the treasury curve today. The

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Speaker 1: ten year was up eleven bases points to just under

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Speaker 1: four to sixty, and those higher yields and turns sent

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Speaker 1: stocks lower. In a moment, we'll take a look at

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Speaker 1: today's market action and reaction with Rebecca Walzer. She is

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Speaker 1: president at Wallser Wealth Management. But we begin in the

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Speaker 1: Asia Pacific. Joining me now is Joe Little. He is

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Speaker 1: the global Chief Strategist at HSBC Asset Management. Joe joining

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Speaker 1: from our studios in Hong Kong. Joe, thank you so

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Speaker 1: much for making time to chat with me. Can you

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Speaker 1: take me inside the HSBC Asset Management morning meeting? How

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Speaker 1: much consensus is there right now? I know there are

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Speaker 1: so many different points of view. It's a very mercurial

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Speaker 1: world that we're living in right now. Is there much

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Speaker 1: in the way of consensus in your shop?

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Speaker 3: Yeah? I mean that's a great question, and you're quite

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Speaker 3: right because we're living in unusual times, ultra high policy uncertainty,

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Speaker 3: many different dimensions to the investment market equation at this

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Speaker 3: point in time. So we tend to run an approach

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Speaker 3: to think about investment markets based around scenarios. We like

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Speaker 3: to have three scenarios in mind. Juggling more scenarios than

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Speaker 3: that becomes quite quite quite difficult mental mental exercise, and

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Speaker 3: it means then you've got less time to really kind

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Speaker 3: of develop and think about what the data flow and

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Speaker 3: investment market action might look like under different scenarios. The

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Speaker 3: central theme that we've had is what I call spinning around,

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Speaker 3: so lots of policy uncertainty, high volatility in markets, a

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Speaker 3: big challenge to US exceptionalism, rotation into other global stock markets,

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Speaker 3: policy support in Europe and China, and a situation then

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Speaker 3: where the rest of the world equities e F equities

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Speaker 3: can outperform the US, but clearly with the tariffs, with

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Speaker 3: the Dodge fiscal agenda to a degree, as well some

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Speaker 3: of the themes around immigration policy in the US. There's

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Speaker 3: a there's a left hand scenario which we've been also

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Speaker 3: highly attuned to, particularly colleagues in the in the fixed

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Speaker 3: income area, highly attuned to to this idea of big

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Speaker 3: challenges around the growth, inflation mix, recession worries elevated still

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Speaker 3: and that has a slightly different set of prognoses in

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Speaker 3: terms of how investment markets then behave. And on the

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Speaker 3: right hand side, you know, investors in our equity area,

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Speaker 3: more growth focused investors still want to think about technology

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Speaker 3: and the importance of AI, which increasingly is the most positive,

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Speaker 3: most bullish scenario in the chessboard. And again that would

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Speaker 3: have a slightly different set of consequences for markets as

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Speaker 3: we think through the scenario so we like to think

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Speaker 3: in terms of that framework, and most of our discussions

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Speaker 3: are focused on a central scenario of spinning around lots

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Speaker 3: of volatility, but a way forward for markets over the

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Speaker 3: course of the next twelve to eighty months, or a

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Speaker 3: more adverse negative scenario. Worries about recession risk being a

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Speaker 3: big feature of a lot of our conversations, and tracking

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Speaker 3: the data very closely to monitor that risk.

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Speaker 1: No doubt about that. So maybe you can tell me,

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Speaker 1: in your view, what is the most critical pressure point

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Speaker 1: right now? Is it trade policy where the US is concerned.

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Speaker 1: Is it what's happening in Beijing as they try to

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Speaker 1: balance doing a little bit more to stimulate domestic demand.

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Speaker 1: Is it a story about the FED and being a

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Speaker 1: little hesitant to be a combinative given the risk not

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Speaker 1: only to the inflation outlook, but maybe a period of

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Speaker 1: stagflation here in the US.

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Speaker 3: Yeah, certainly in the NATO. I mean, all of those

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Speaker 3: are big issues and definitely part of our ongoing conversations

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Speaker 3: with investment managers across our business. But I think the

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Speaker 3: big one is the bond market vigilantes waking up, they're

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Speaker 3: settling up, riding into town and really exerting a big

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Speaker 3: influence on the situation, both in terms of the response

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Speaker 3: to recent news around credit and grades and the fiscal

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Speaker 3: measures being unveiled and talked about. But the consequences of

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Speaker 3: a situation where the FED is already in a cutting

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Speaker 3: cycle and long term bonyards arising. That's quite a puzzling

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Speaker 3: trajectory and pattern relative to what we normally see in history.

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Speaker 3: But if it sustains itself and we still see this

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Speaker 3: pattern of fiscal risk premium coming into the long term

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Speaker 3: part of the US Treasury curve, it has really big

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Speaker 3: consequences for investment markets in the US but right around

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Speaker 3: the world. So at some point, maybe a level around

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Speaker 3: five percent long term boniards, the consequence and the pressure

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Speaker 3: on equity markets get pretty severe in our view. In

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Speaker 3: other words, higher bond yields squeeze out the last drops

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Speaker 3: of risk premium from the equity market and make that

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Speaker 3: valuation arithmetic really difficult to justify at a point in time,

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Speaker 3: whether macro vibes, the vibes around the profits outlook, the

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Speaker 3: fuzzy and vague guide that's being offered by S and

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Speaker 3: P five hundred corporates, that really has a big effect.

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Speaker 3: So rising bond yards has a big effect in terms

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Speaker 3: of the outlook for US stock market, and then it

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Speaker 3: also forces investors to reconsider where safe haven assets really are.

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Speaker 3: Maybe investors are better off positioning in the European bond

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Speaker 3: curve or in the UK guilt curve, or looking at

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Speaker 3: emerging market bonds in India, for example, where yields are

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Speaker 3: very high and there's some shelter from all of the

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Speaker 3: tariff news, or even looking at the corporate sector where

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Speaker 3: balance sheets are a lot better than the situation in

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Speaker 3: the US government balance sheet. So I think it's these

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Speaker 3: bond market vigilantes that's the key issue, but it's highly

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Speaker 3: linked to the other policy themes fed themes global geopolitical

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Speaker 3: issues that you mentioned as well.

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Speaker 1: So as I'm listening to Joe, I'm wondering whether the

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Speaker 1: clients that you serve are inclined to reduce some of

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Speaker 1: their exposure to US assets right now, whether on the

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Speaker 1: fixed income side or on the equity side. Is that

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Speaker 1: a fairest statement.

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Speaker 3: The end of exceptionalism? Yeah, exactly exactly like you say.

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Speaker 3: I mean, I think most global investors looking at US

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Speaker 3: stocks are now reflecting on the point we reached at

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Speaker 3: the end of twenty twenty four beginning of twenty twenty five,

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Speaker 3: where US stocks was seventy percent of global market capitalization

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Speaker 3: as something that's something like a high water mark or

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Speaker 3: a medium term top maybe in terms of the relative

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Speaker 3: share of US stocks in global equities. And I think

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Speaker 3: where investors are still keeping US exposure, they're doing it

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Speaker 3: with a little bit less conviction around the dollar. So

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Speaker 3: the exceptionalism story reflects on expectations around what the currency

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Speaker 3: is going to do as well. So maybe for global investors,

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Speaker 3: hedging equity exposure makes sense, or even else, rotating into Europe,

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Speaker 3: rotating into China where stock markets are more lowly valued

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Speaker 3: with big, positive visible catalysts for markets to continue, you

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Speaker 3: to show good outperformance, especially if we can have a

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Speaker 3: twelve to eighteen month time horizon, because the short term

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Speaker 3: is very hard to predict, as you know, and it's

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Speaker 3: ditto for the treasury market outlook. Many investors ask asking

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Speaker 3: me about treasury markets substitutes long term treasuries, ten year,

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Speaker 3: thirty year treasuries. With that bear steepening dynamic in place,

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Speaker 3: investors want to explore opportunities in European duration opportunities in

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Speaker 3: other parts of the India curve or areas in alternative

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Speaker 3: assets as well. Private credits comes up, hedge funds come

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Speaker 3: up a lot, and the reason is that you're looking

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Speaker 3: for some sources of resilience in the portfolio in a

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Speaker 3: world which is, you know, where markets are more volatile,

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Speaker 3: not something that we've been so used to in recent years,

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Speaker 3: where the policy uncertainty situation keeps that high level of

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Speaker 3: volatility as a feature of investment market. It's not a

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Speaker 3: short term bug, something that investors have to get used to.

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Speaker 3: And so there's a real need and focus for having

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Speaker 3: a more varied, many different color slices of pie in

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Speaker 3: the pie chart of the portfolio to try and build

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Speaker 3: good resilience in an unpredictable and volatile world.

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Speaker 1: I'm going to ask you to make a prediction. That's it.

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Speaker 1: To what extent are you confident that we are going

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Speaker 1: to see a resolution to some of these trade issues

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Speaker 1: before the end of the year.

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Speaker 3: Well, we've already seen some important progress, haven't we, with

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Speaker 3: the process now around de escalation and some trade deals

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Speaker 3: being formed with the UK, for example. Most investors I

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Speaker 3: speak to are expecting US tariffs to continue to some

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Speaker 3: of the heat to continue to be taken out of

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Speaker 3: that story, and maybe the average tariff rate settled down

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Speaker 3: in the mid teens relative to what we've seen post

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Speaker 3: the Liberation Day events. That's a positive outcome, but of

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Speaker 3: course LuSE, it's still a big shock to the system,

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Speaker 3: maybe six or seven times the tariff rate what we

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Speaker 3: saw in the first Trump administration, So that still invokes

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Speaker 3: a big stagflationary shock at least in the near term

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Speaker 3: for investment markets and for economies to digest. But maybe

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Speaker 3: in a situation where there are some good market stories

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Speaker 3: round valuations around profits in other parts of global equity markets,

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Speaker 3: particularly in China, particularly in Europe, there's something for investors

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Speaker 3: to be positive about and look towards. But it's clearly

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Speaker 3: a difficult situation, high level of uncertainty, and as much

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Speaker 3: as anything in a more volatile environment, being agile and

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Speaker 3: tactical and nimble in how we plot investment strategy is

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Speaker 3: really really key.

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Speaker 1: Is there some counter intuitive intuition that you have right

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Speaker 1: now that you would be willing to share something that

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Speaker 1: you believe the market may be overlooking, that you think

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Speaker 1: will develop in a way that represents opportunity.

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Speaker 3: Yeah, I mean there's lots because these sort of phases,

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Speaker 3: there's an awful lot of focus on the very near

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Speaker 3: term and if investors can take a slightly longer term

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Speaker 3: time frame, the volatility and the uncertainty I think are

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Speaker 3: throwing up a lot of opportunities, anomalous valuations for investors

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Speaker 3: to look at different allocations in different parts of asset

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Speaker 3: classes around the world. I mean, an interesting example is

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Speaker 3: the movement that we've seen in Switzerland with bond yards

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Speaker 3: going into negative territory. Is that something that is going

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Speaker 3: to become a bigger feature of what we're seeing elsewhere

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Speaker 3: in Europe. Maybe to reflect on the question about whether

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Speaker 3: the European Central Bank should be more like Switzerland or

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Speaker 3: maybe it should be more like the FED, it's clearly

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Speaker 3: more like Switzerland. So Europe is going to be very

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Speaker 3: proactive in cutting rates, and unless there's an awful lot

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Speaker 3: of bond issuance, there's a big downward pressure on rates

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Speaker 3: in Europe. So there are some very interesting positive fixed

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Speaker 3: income stories, and there's a lot to focus on in

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Speaker 3: the Asia region as well, India, fixed income, China stock markets.

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Speaker 3: I think a lot of these themes tend to be

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Speaker 3: a little bit overlooked by global investors because the story

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Speaker 3: around US markets, US exceptionalism, which has been that dominant

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Speaker 3: meme over the last decade, has sucked all of the

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Speaker 3: interest and oxygen out of these other themes. As that breaks,

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Speaker 3: as the fault lines appear in US exceptionalism, then it

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Speaker 3: gives oxygen to some of these other stories. So big

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Speaker 3: opportunity for rotation, A big opportunity to look at themes

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Speaker 3: in Europe and Asia over the next twelve to eighty months.

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Speaker 3: But extending a time horizon rather than just focusing on

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Speaker 3: the very near term is probably the best advice at

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Speaker 3: this juncture.

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Speaker 1: Great conversation, Joe, thank you so much for joining us.

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Speaker 1: He is Joe Little, the chief global strategist at Hsbcsset Management,

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Speaker 1: Joining from Hong Kong here on the day Breakasia podcast.

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Speaker 1: Welcome back to the Daybreak Asia Podcast. I'm Doug Krisner.

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Speaker 1: So the US equity market sold off today as those

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Speaker 1: US treasury yields jumped. The message from the bond market

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Speaker 1: seemed to be get your fiscal house in order. We

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Speaker 1: had the S and P closing down one point six

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Speaker 1: percent today for its sharpest slide in a month. Joining

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Speaker 1: me now, is Rebecca Wallzer. She is president at Wallser

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Speaker 1: Wealth Management. She's on the line today from Phoenix, Arizona.

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Speaker 1: Can I begin by asking for your assessment on what

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Speaker 1: we saw in today's market price section.

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Speaker 4: Yeah, well, you know, Doug, it's what we've been talking

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Speaker 4: about really for the last six months. This there global

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Speaker 4: macroeconomic change that is really being spurred here by debt

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Speaker 4: spend and growth of debt by central governments. You know,

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Speaker 4: really for the last last i'd say fifteen twenty years,

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Speaker 4: but since coronavirus in twenty twenty, it has been exponential.

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Speaker 4: So we started off expecting this week to be a

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Speaker 4: little bit turbulin in the equity space because of the

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Speaker 4: downgrade on Friday Moody's to align with all of the

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Speaker 4: other rating agencies. But we expected that that was going

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Speaker 4: to create some turbulence. But now what we're seeing is

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Speaker 4: that global impact. If you look at the twenty year

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Speaker 4: sale yesterday in Japan that went really poorly and that

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Speaker 4: was a big tell for Japan, and now today Wednesday

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Speaker 4: we see similarly.

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Speaker 5: And obviously twenty years is never.

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Speaker 4: The same as the thirty or the ten, but it's

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Speaker 4: still a tell, right and anytime we start to see

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Speaker 4: sluggishness and US selling our debt. That has got to

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Speaker 4: be a wake up call. And so obviously the equity

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Speaker 4: markets did not like that. We are looking at a

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Speaker 4: global slowdown, and obviously the tariff policy is on top

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Speaker 4: of that. You know, we've been talking about this slowdown

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Speaker 4: before Trump came in, before Trump starts hooking terraff, So

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Speaker 4: this has been happening. Then he's got his policy on

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Speaker 4: top of that. And then when you see that, you know,

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Speaker 4: the global demand. This is not just a United States problem.

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Speaker 5: This is it.

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Speaker 4: China has issues and is collapsing from the property side.

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Speaker 4: Japan has issues and collapsing from their debt financing. Their

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Speaker 4: debt financing is way beyond ours. As you know, they

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Speaker 4: are the highest leveraged country in the world. So, you know,

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Speaker 4: we have all of these things that are pointing us

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Speaker 4: to just real systemic, underlying foundational issues that are not

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Speaker 4: just going to get worked around by micro quarterly expectations

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Speaker 4: of Fortune one hundred companies to do well.

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Speaker 1: The yield of the tenure just under four sixty today.

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Speaker 1: I think we've picked up if you just look at

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Speaker 1: the ten year alone since the FED pivot around ninety

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Speaker 1: basis points. That's a monster size move. How much higher

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Speaker 1: do you think the ten year yield can go from here?

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Speaker 4: Well, I mean, I think that if we continue to

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Speaker 4: see more what's happening is things that are being priced

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Speaker 4: in right now is just too much risk. I mean,

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Speaker 4: if you look at that Moody's, you know, PRISS release

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Speaker 4: for what our debt, they finally you know, followed all

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Speaker 4: of the other rating agencies and gave us a downgrade.

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Speaker 4: It's simply a matter of the inability to sustain our

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Speaker 4: interest payments. We can't have our interest payments be thirty

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Speaker 4: percent plus of our budget in the next ten years

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Speaker 4: or the next five years. And what happens when you

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Speaker 4: have an administration like the Trump administration not saying pro

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Speaker 4: or against, but his package is multi trillions of dollars,

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Speaker 4: just as Biden's budget was a seven point two trillion

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Speaker 4: dollar budget. When you're collecting five trillion dollars in taxes

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Speaker 4: and your budgets are in the seven trillion dollars range,

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Speaker 4: which you're debt financing two trillion, but you're not just

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Speaker 4: debt financing two trillion jog. You're debt financing all of

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Speaker 4: the interest on the thirty eight. I'm going around it

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Speaker 4: up thirty eight trillion that we've already not collected in

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Speaker 4: tax revenue that we've spent. And so you know, we

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Speaker 4: used to say this is our grandchildren's problem, and then

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Speaker 4: you say it's our children's problem.

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Speaker 5: This is actually our problem.

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Speaker 4: The people that are alive today are going to be

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Speaker 4: dealing with this problem in less than ten years. This

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Speaker 4: is a global macroeconomic catastrophe that is not going to

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Speaker 4: be mathematically avoided at this point.

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Speaker 1: So if you see the risk of a yield on

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Speaker 1: the tenure pushing above, let's say we get to four

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Speaker 1: seventy five on the tenure, that would be another fifteen

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Speaker 1: basis points from here seem like a lot. Do you

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Speaker 1: avoid the longer end of the curve right now? And

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Speaker 1: if you had to put money to work in the

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Speaker 1: bond market, stay on the short side.

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Speaker 4: Yeah, I think you have to, And let me tell

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Speaker 4: you why, because this is a self fulfilling prophecy. At

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Speaker 4: a certain point, you have to understand that this is

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Speaker 4: all interconnected. And even though the bond will really finances

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Speaker 4: the world, we know that we do also know that

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Speaker 4: Wall Street is the one buying the bonds eventually. And

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Speaker 4: if Wall Street isn't seen that they can invest, they

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Speaker 4: can't buy low and invest into their companies and make

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Speaker 4: profits and sell make the differential, then they're not going

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Speaker 4: to be doing that.

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Speaker 5: And the fact is that when you have yields that

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Speaker 5: are that high.

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Speaker 4: And you have deficits that are this high, and you

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Speaker 4: know you're going to be doing nothing but deficit financing

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Speaker 4: for the foreseeable fear. I mean, we have economists that

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Speaker 4: have basically said, we will never be able to pay

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Speaker 4: our debt.

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Speaker 5: It will never happen. And so we are.

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Speaker 4: Globally entering kind of a debt spiral of just too

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Speaker 4: much debt with too little income and too little revenue.

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Speaker 5: To sustain it.

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Speaker 4: You can't have a four percent, you know, net deficit

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Speaker 4: trade deficit when you're only growing your economy by two

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Speaker 4: point four percent or two point three percent a year.

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Speaker 4: You're literally losing GDP as you speak. You're literally contracting

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Speaker 4: the entire economy.

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Speaker 1: So President Trump seems to be intent on getting his

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Speaker 1: giant tax bill pushed through. The Joint Committee on Taxation

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Speaker 1: is estimating this bill would increase the deficit by three

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Speaker 1: point eight trillion over a decade to your point, what

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Speaker 1: does this mean for the equity market? And if you

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Speaker 1: had to put money to work in stocks right now

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Speaker 1: for clients, how would you go about doing that?

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Speaker 4: Well, it comes back down to what we've been talking

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Speaker 4: about for six months down when we were getting to

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Speaker 4: a point where there is a global macroeconomic problem with

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Speaker 4: your currency, with the M two money supply, with what

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Speaker 4: is happening with liquidity, because you remember, you've got all

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Speaker 4: these commercial banks that now have unrealized equity losses since

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Speaker 4: the chariffs went into a place, and they have all

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Speaker 4: kinds of unrealized property losses that they haven't wanted to

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Speaker 4: realize yet because the property valuations of our commercial lenders,

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Speaker 4: obviously the commercials have gone down. So when you're looking

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Speaker 4: not that, you have to think commodities. You have to

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Speaker 4: think what are the safety assets for if we have

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Speaker 4: some kind of collapse, You've got to have some kind

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Speaker 4: of allocation to safety, and that's real assets, hard asset classes,

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Speaker 4: real estate, gold, silver, commodities, energy utilities.

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Speaker 5: Beyond that, because we have to have all of that

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Speaker 5: to live.

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Speaker 4: Beyond that, you have to then say, okay, on a

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Speaker 4: certain portion of your portfolio, we want growth. So we're

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Speaker 4: looking at AI robotics, quantum computing, but you can't look

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Speaker 4: at that if you have to have immediate returns because

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Speaker 4: this is in the monetization phase. It has not yet monetized.

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Speaker 4: It's going to take a while to monetize. So we

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Speaker 4: want to mix. But I will tell you these global

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Speaker 4: changes that are happening right now are definitely make us

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Speaker 4: be more macro resistant and a little bit more cautious

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Speaker 4: and a little bit more going towards the things that

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Speaker 4: we know are going to perform if we do have

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Speaker 4: I mean just Japan yesterday and then in the United

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Speaker 4: States to day, both on their twenty year auctions.

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Speaker 5: This looks really bad, Doug.

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Speaker 4: And this is on the heels of another credit downgrade

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Speaker 4: that we've had in our country.

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Speaker 5: So I just think that tr.

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Speaker 4: Has got a really hard time dealing with all of

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Speaker 4: this and still trying to pass a multi trillion dollar

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Speaker 4: budget and package. And we can't have the salt limit

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Speaker 4: at forty thousand, which is what is being the held

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Speaker 4: up now by the Republicans.

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Speaker 5: How can you authorize forty thousand as.

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Speaker 4: Assault limit when ten thousand was scored to give us,

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Speaker 4: you know, multi trillions of dollars of deficit. We just

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Speaker 4: don't have the money, and we're starting to see that

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Speaker 4: the rest of the world isn't going to buy it

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Speaker 4: for us, isn't going to provide it for us.

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Speaker 1: So you seem to be saying that it's not just

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Speaker 1: a US issue when it comes to the risks of

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Speaker 1: equity markets. It's global. I'm getting that clearly right.

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Speaker 5: But absolutely it's.

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Speaker 1: Something that I think we have to look at in

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Speaker 1: terms of sell America. Is that still a predominant theme

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Speaker 1: that maybe you want to look at markets like Europe,

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Speaker 1: Maybe there are selective markets in Asia that the theme

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Speaker 1: of sell America is still something that you want to

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Speaker 1: kind of stay true to.

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Speaker 4: If you look at the institutionals, the hedge funds and everything,

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Speaker 4: they were still very pro Europe and anti America. And

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Speaker 4: we're still net selling out in April. So I think

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Speaker 4: that there are still a lot of groups that are

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Speaker 4: like that. What will you be able to find a

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Speaker 4: country that does and outperforms America in twenty twenty five, Yes,

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Speaker 4: but will that country be have the economic security that

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Speaker 4: we have here in the United States as the world's

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Speaker 4: reserve currency. No, But is our security as the world

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Speaker 4: reserve currency? What it's always been, and can we just

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Speaker 4: relax on that and go to bed at night and

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Speaker 4: not have any cares.

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Speaker 5: That's a no now too.

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Speaker 4: So everything is changing almost all together at the same time, Doug.

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Speaker 4: And this is what you get when you start to

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Speaker 4: approach a debt spiral. This is exactly the beginning stages

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Speaker 4: of a debt spiral. The interest becomes too much of

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Speaker 4: a portion of your budget, and therefore you cannot keep

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Speaker 4: expanding and expanding and expanding your spending. It just has

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Speaker 4: to end at some point.

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Speaker 1: So Rebecca, in your model portfolio right now, talk to

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Speaker 1: me about the level of cash or cash equivalents as

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Speaker 1: high as thirty percent at the moment.

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Speaker 4: Well, we do like to go We don't like to

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Speaker 4: have a lot of autocash for too long, so we

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Speaker 4: will go to to you know, strong hard asset before

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Speaker 4: we six thirty percent in cash, but I would like

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Speaker 4: to see an allocation of cash. And we're from ten

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Speaker 4: to fifteen right now, because this is just a very

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Speaker 4: rapidly changing environment.

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Speaker 5: And you can see that.

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Speaker 4: You know, we've had five consecutive months of University of

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Speaker 4: Michigan coming in with negative sentiment and the consumers aren't

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Speaker 4: you thinking that they're going to be able to go out

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Speaker 4: and buy once the tariffs hit. We only have a

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Speaker 4: ninety day paus on tariffs, so I would say right

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Speaker 4: now we're at ten and fifteen, between ten and fifteen percent,

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Speaker 4: and the difference between that and thirty would be we'd

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Speaker 4: allocate to heart assets.

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Speaker 1: It's always a pleasure to talk with you. Thank you, Rebecca.

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Speaker 1: Rebecca Walzer there, president of wallser Wealth Management, here on

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Speaker 1: the Daybreak Asia podcast. Thanks for listening to today's episode

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Speaker 1: of the Bloomberg Daybreak Asia Edition podcast. Each weekday, we

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Speaker 1: look at the story shaping markets, finance, and geopolitics in

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Speaker 1: the Asia Pacific. You can find us on Apple, Spotify,

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Speaker 1: the Bloomberg Podcast YouTube channel, or anywhere else you listen.

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Speaker 1: Join us again tomorrow for insight on the market moves

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Speaker 1: from Hong Kong to Singapore and Australia. I'm Doug Prisoner

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Speaker 1: and this is Bloomberg