WEBVTT - Yellen Warns on Debt Limit and More Fed Speak

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<v Speaker 1>This is Bloomberg day Break Asia for this Tuesday May

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<v Speaker 1>sixteenth in Hong Kong, Monday May fifteenth in New York

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<v Speaker 1>and coming up today.

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<v Speaker 2>Markets wait for clarity on whether Washington lawmakers will be

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<v Speaker 2>able to reach a deal to avert a US default.

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<v Speaker 1>Microsoft sixty nine billion dollar takeover of Activision Blizzard winds.

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<v Speaker 1>European Union approval.

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<v Speaker 3>Big Five meeting on death ceiling confirmed, despite mixed messages

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<v Speaker 3>on any possible progress. Zelenski gets pledge of continued support

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<v Speaker 3>from UK. Could China envoy visiting Russia be a good

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<v Speaker 3>thing for a ceasefire? I'm at Baxter with Global News.

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<v Speaker 4>That's all straight ahead on Bloomberg Daybreak Asia, the business

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<v Speaker 4>news you need to start your day, and just one

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<v Speaker 4>fifteen minute podcast available on Apple, Spotify, the Bloomberg Business App,

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<v Speaker 4>and everywhere you get your podcasts.

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<v Speaker 2>Good morning, I'm Doug Prisner and I'm Brian Curtiz.

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<v Speaker 1>Here are the stories we're following today. Traders waiting for

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<v Speaker 1>clarity on whether Washington lawmakers will get a deal to

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<v Speaker 1>avert a US default. Treasury Secretary Janet Yellen is sticking

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<v Speaker 1>with her warning that the department could run out of

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<v Speaker 1>cash as soon as June first. This is according to

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<v Speaker 1>a letter that was written by Yellen to congressional leaders.

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<v Speaker 1>More from Bloomberg's Kaylee lines, Jannet.

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<v Speaker 5>Yellen is really doubling down on what potentially the window

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<v Speaker 5>is here, but she does have language in this letter

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<v Speaker 5>talking about the idea of cutting it too close. She

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<v Speaker 5>said they have learned from past debt limit impasses that

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<v Speaker 5>waiting until the last minute to suspend or increase the

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<v Speaker 5>debt limit can have serious harm to businesses and consumer confidence.

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<v Speaker 1>Yellen's warning comes during negotiations over the debt ceiling between

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<v Speaker 1>the White House staff and AIDS to congressional leaders. Today,

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<v Speaker 1>how Speaker Kevin McCarthy said that the ongoing talks were

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<v Speaker 1>yielding little progress. President Biden has announced some plans to

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<v Speaker 1>meet with congressional leaders tomorrow.

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<v Speaker 2>Well Fed officials offered some differing views today on the

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<v Speaker 2>path of rate hikes. For one, we heard from the

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<v Speaker 2>head of the Chicago FED, Austin Goolsby. He advocated for

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<v Speaker 2>being extra mindful on the impact of those rate hikes

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<v Speaker 2>and the impact that they could have on credit conditions.

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<v Speaker 2>At the same time, the head of the Atlanta FED,

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<v Speaker 2>Raphael Bostik, was pushing back on the idea of more

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<v Speaker 2>rate hikes this year. Here's Bostic speaking earlier on Bloomberg.

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<v Speaker 6>If I had to have a vote right now, I'd

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<v Speaker 6>probably vote to hold. We got two more inflation readings,

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<v Speaker 6>We have a jobs number, a jobs report that's got

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<v Speaker 6>to come out. There's a lot more information we're going

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<v Speaker 6>to have as to what's going on.

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<v Speaker 2>On the other hand, the head of the Minneapolis Fed,

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<v Speaker 2>Neil cash Kari, did warn the Fed will probably tighten

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<v Speaker 2>more this year. He said the Fed needs to finish

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<v Speaker 2>the job to lower inflation. By the way, the next

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<v Speaker 2>monetary policy meeting is on June thirteenth.

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<v Speaker 1>Bran Well hearing that the US is preparing to buy

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<v Speaker 1>up to three million barrels of sour crude oil to

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<v Speaker 1>begin refilling the depleted Strategy Petroleum Reserve. Let's get that

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<v Speaker 1>story from Bloomberg's Charlie Pillett.

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<v Speaker 7>After selling more than two hundred million barrels from the

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<v Speaker 7>emergency stockpile last year in part to curb high energy prices,

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<v Speaker 7>the Energy Department plans to solicit offers to replenish the reserve,

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<v Speaker 7>which has fallen to the lowest since nineteen eighty three.

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<v Speaker 7>In addition to direct purchases. The agency has said part

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<v Speaker 7>of its strategy for refilling the reserve includes a return

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<v Speaker 7>of oil from previous exchanges and avoiding quote unnecessary sales

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<v Speaker 7>unrelated to supplied disruptions in New York. Charlie Pellett, Bloomberg,

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<v Speaker 7>Daybreak Asia.

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<v Speaker 2>Microsoft's takeover of Activision Blizzard has won approval from the

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<v Speaker 2>European Union. This comes just weeks after regulators in the

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<v Speaker 2>UK blocked this sixty nine billion dollar deal on competition concerns.

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<v Speaker 2>We have more from Bloomberg's d Ludlow.

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<v Speaker 8>So in the European Commission's analysis, they state that this

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<v Speaker 8>steal would not hurt market competition. They're particularly looking at

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<v Speaker 8>cloud based gaming, which is one to three percent of

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<v Speaker 8>the market. The EU Anti Trust chief Market Vesta is

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<v Speaker 8>saying that the deal is pro competitive and in the

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<v Speaker 8>EU's judgment, it would kick start a growth period for

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<v Speaker 8>cloud gaming.

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<v Speaker 2>Now the veto by UK regulators I mean this deal

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<v Speaker 2>does still face massive obstacles. They include Microsoft winning some

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<v Speaker 2>legal challenges not only in the US but the UK

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<v Speaker 2>as well, and those are likely to be brian an

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<v Speaker 2>uphill task.

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<v Speaker 1>Well, it brings us to China China's economy likely grew

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<v Speaker 1>rapidly in April, but data out today might obscure a

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<v Speaker 1>loss of momentum in the recovery. Bloomberg's Joan Wong has

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<v Speaker 1>more from Hong Kong.

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<v Speaker 9>The biggest headline is likely to come from retail sales.

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<v Speaker 9>Economists forecast that sales jumped twenty two percent in April

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<v Speaker 9>from the previous year. That's largely due to weakness last

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<v Speaker 9>year from the Shanghai lockdowns. China's industrial production is a

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<v Speaker 9>also expected to have spiked. A Bloomberg poll of economists

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<v Speaker 9>sees a gain of ten point eight percent from a

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<v Speaker 9>year ago. That's much stronger than a three point nine

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<v Speaker 9>percent expansion in March. Infrastructure investment probably helped, as local

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<v Speaker 9>governments issued special bonds to boost activity. Fixed as an investment.

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<v Speaker 9>It's forecasts to have risen five point seven percent in

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<v Speaker 9>the first four months of the year in Hong Kong.

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<v Speaker 9>Joined one Bloomberg day Brigaisia Doug.

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<v Speaker 1>The bearish scenario is pretty well supported here.

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<v Speaker 3>Still.

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<v Speaker 1>It's what we hear a lot of on this program.

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<v Speaker 1>Sticky inflation, weakening data now and you mentioned some of

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<v Speaker 1>it there. Tighter bank lending standards, the dead sealing saga,

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<v Speaker 1>and the FED trying to rebuild its reputation, which has

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<v Speaker 1>been an ongoing struggle. The bullish argument just seems to

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<v Speaker 1>be that well, the economy, earnings, and the market are

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<v Speaker 1>hanging in there. That's not a real persuasive, ringing endorsement,

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<v Speaker 1>is it.

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<v Speaker 2>And no, it's not at all. And I think part

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<v Speaker 2>of the bullish scenario, Brian, is also this idea that

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<v Speaker 2>the FED will be inclined to cut rates before the

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<v Speaker 2>end of the year. And you and I have talked

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<v Speaker 2>about this and how hotly debated. I think that's a

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<v Speaker 2>fair way of putting it. It has been in the market.

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<v Speaker 1>Yeah, it just seems like all of a sudden now

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<v Speaker 1>we have to start thinking about another hike again, and

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<v Speaker 1>that maybe we'll start seeing these bets play out. In

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<v Speaker 1>terms of the market, the S and P five hundred

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<v Speaker 1>is flat over the last month. You'll still hear people say, well,

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<v Speaker 1>you know, the market's doing so well, Well, it's really

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<v Speaker 1>flat for the past month. It is up seven percent

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<v Speaker 1>year to date. I think we need to say that's

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<v Speaker 1>pretty good. I mean, historically speaking, it's not bad. Maybe

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<v Speaker 1>it's not great after the big losses last year, and

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<v Speaker 1>it's certainly not egregious exuberance.

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<v Speaker 2>Is it not at all? Look at Apple, though, one

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<v Speaker 2>of the standout performers so far this year. The stock

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<v Speaker 2>is up thirty two percent. We had a story today

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<v Speaker 2>on the Bloomberg terminal indicating the market cap of Apple

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<v Speaker 2>has now surpassed that of the entire Russell two thousand

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<v Speaker 2>for two weeks running. So Apple a two point seven trillion,

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<v Speaker 2>the Russell two thousand market cap at around two six

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<v Speaker 2>Here's the thing, though, I think this may be more

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<v Speaker 2>about some of the weakness and regional banks, because if

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<v Speaker 2>you look at the KBW Regional Bank Index, it's down

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<v Speaker 2>thirty percent since the beginning of the year, and many

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<v Speaker 2>of these regional lenders are members of the Russell two thousand.

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<v Speaker 1>Yeah, it's a very good point, but it also is

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<v Speaker 1>quite extraordinary that one company is bigger than two thousand

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<v Speaker 1>small small companies that are considered, you know, essential for

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<v Speaker 1>the US economy. So it sets up is a good

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<v Speaker 1>day for chatting with our guests. We have Ryan Blangra

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<v Speaker 1>coming up, managing principal and founder at Claro Advisors. Now

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<v Speaker 1>it's time for global news. I'm Brian Curtis, along with

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<v Speaker 1>Doug Krisner, and we've got Ed Baxter looking at newsd

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<v Speaker 1>ed the White House confirming that the President and top

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<v Speaker 1>legislative leaders will meet tomorrow on the debt ceiling and

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<v Speaker 1>will they solve everything?

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<v Speaker 3>Well, I was going to say this still later, but

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<v Speaker 3>the quote, great, great philosopher, Annie tomorrow tomorrow, maybe tomorrow

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<v Speaker 3>never comes. It's hard to tell exactly, Brian, what's going on.

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<v Speaker 3>President Joe Biden saying everything is positive and peachy, that

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<v Speaker 3>progress has been made, and then House Speaker Kevin McCarthy

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<v Speaker 3>very distinctively says no progress. Bloomberg's Kaylee lines.

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<v Speaker 5>Here he said that there is no agreement on anything.

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<v Speaker 5>The meetings have not been productive at all, and they're

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<v Speaker 5>nowhere near coming to a conclusion. So quite a striking

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<v Speaker 5>difference in tone between these two ahead of tomorrow's meeting.

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<v Speaker 3>And Bloomberg's Wendy Benjaminson says McCarthy does need to portray

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<v Speaker 3>a sense of toughness for his caucus, especially the right

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<v Speaker 3>end of it.

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<v Speaker 1>Now.

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<v Speaker 3>Bloomberg's Wendy does say that some proposals have been made.

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<v Speaker 10>Democrats offered some to close some tax loopholes, Republicans rejected

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<v Speaker 10>that out of hand Republicans were rejecting or Democrats rejected,

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<v Speaker 10>you know, the spending cuts that the Republicans have. Last

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<v Speaker 10>time we were here, we thought the staff had worked.

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<v Speaker 3>This all out, And Kaylee says, McCarthy is walking a

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<v Speaker 3>tight rope.

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<v Speaker 5>Several members of his party that won everything that was

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<v Speaker 5>included in that bill in an ultimate deal. So it

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<v Speaker 5>does raise the question of how much he can keep

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<v Speaker 5>his caucus in line, whether his failure to do so

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<v Speaker 5>may ultimately cost him his speakership. But of course, when

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<v Speaker 5>we're talking about a deal that in theory would be

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<v Speaker 5>agreed to by both McCarthy and the White House, in theory,

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<v Speaker 5>you get enough Democrats in line that you ned just

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<v Speaker 5>need some of the Republican Party to get it over

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<v Speaker 5>the finish line.

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<v Speaker 3>So yeah, let's wait tomorrow. Tomorrow. Ukraine's President Vladimer Zelenski

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<v Speaker 3>has gotten assurance from UK Prime Minister Rishi Sunak that

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<v Speaker 3>there will be continuing support. They have met in London, and.

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<v Speaker 8>It's important for the Kremlin to also know that we're

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<v Speaker 8>not going away.

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<v Speaker 9>We are here for the long term.

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<v Speaker 8>We remain steadfast in wanting to defend Ukraine.

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<v Speaker 1>We'll discuss for important and urgent support for Ukraine and security.

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<v Speaker 1>I think not only for Ukraine, it's important for all

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<v Speaker 1>the Europe.

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<v Speaker 3>Zolenski there has visited Germany, France and now the UK. Meanwhile,

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<v Speaker 3>China's upcoming envoy to Ukraine could be a positive thing

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<v Speaker 3>question mark well. That's according to the US State Department

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<v Speaker 3>spokesman vend Patel.

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<v Speaker 11>There is a role for the PRC and frankly any

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<v Speaker 11>country for that matter, in supporting diplomatically an outcome that

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<v Speaker 11>is consistent with the principles of sovereignty and territorial integrity.

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<v Speaker 3>He says, as long as China understands how important Ukraine's

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<v Speaker 3>sovereignty is as well. And Russia's Prime Minister Mikhail Mishustin

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<v Speaker 3>will lead a government delegation to China next week to

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<v Speaker 3>attend a business forum along with sanctioned tycoons as Moscow

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<v Speaker 3>Lanes on China to help withstand international pressure regarding Ukraine.

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<v Speaker 3>Global News powered by more than twenty seven hundred journalists

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<v Speaker 3>and analysts in over one hundred and twenty countries. In

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<v Speaker 3>San Francisco, I'm at Baxter and this is Bloomberg. I'm

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<v Speaker 3>Brian Curtis. In Hong Kong along with Rashad Salama.

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<v Speaker 1>This is Bloomberg Daybreak Asia and our guesst is Ryan Blanger,

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<v Speaker 1>managing principal and founder at Claro Advisors, helping us with

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<v Speaker 1>some clarity on the market markets. Ryan, thank you very

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<v Speaker 1>much for joining us. Is the market getting the scenario

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<v Speaker 1>that we described a few moments ago, the barriers scenario?

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<v Speaker 1>Is the market getting it wrong or right?

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<v Speaker 12>I think the market's really climbed the wallworry quite nicely here,

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<v Speaker 12>surprising a lot of investors. We've taken an opportunity to

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<v Speaker 12>kind of reduce some market exposure given the games that

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<v Speaker 12>we've gotten. But you know, I'm surprises anybody else with

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<v Speaker 12>the with the performance of the market so far this year.

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<v Speaker 13>But I mean which rocket you tooking? But in particular,

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<v Speaker 13>I mean equities, bonds or other assets.

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<v Speaker 4>Good point.

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<v Speaker 1>We talked a little bit about equities. How about how

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<v Speaker 1>about the bond market.

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<v Speaker 12>Yeah, the bar market's performing well. I mean, the bond

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<v Speaker 12>mass here looks pretty good. It hasn't looked as good

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<v Speaker 12>in use decades probably. I mean, it's just a nice,

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<v Speaker 12>nice environment for savers. You can actually earn some yield

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<v Speaker 12>on your on your bank saving so you can great

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<v Speaker 12>money market yield. You can sit in a bond neutral

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<v Speaker 12>fund or buy corporate bonds and collect five percent.

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<v Speaker 11>Uh.

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<v Speaker 12>You know, a lot of investors would be you know,

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<v Speaker 12>pretty happy with that, and they just haven't had that

0:11:59.520 --> 0:12:00.920
<v Speaker 12>opportunity in a lot of years.

0:12:00.960 --> 0:12:01.920
<v Speaker 1>So to me, the.

0:12:01.880 --> 0:12:04.600
<v Speaker 12>Worst is behind us. Even if you get another rate

0:12:04.640 --> 0:12:07.680
<v Speaker 12>hiker two, you know, I think it's I think it's

0:12:07.760 --> 0:12:09.520
<v Speaker 12>smooth sailing and bonds moving forward.

0:12:10.080 --> 0:12:12.040
<v Speaker 1>You mentioned that you lightened up on some of your

0:12:12.040 --> 0:12:16.160
<v Speaker 1>positions in the equity market. If you you know, if

0:12:16.200 --> 0:12:19.320
<v Speaker 1>you're trying to get out performance now, I mean obviously

0:12:19.320 --> 0:12:21.439
<v Speaker 1>you're not really getting it with four and a half

0:12:21.480 --> 0:12:24.120
<v Speaker 1>percent yields in the bond market. Where would you look

0:12:24.160 --> 0:12:26.000
<v Speaker 1>to try to get some alpha.

0:12:26.720 --> 0:12:29.520
<v Speaker 12>Well, we've actually had a couple of clients who have

0:12:29.840 --> 0:12:32.480
<v Speaker 12>taken the games this year. You know, say you're at

0:12:32.520 --> 0:12:35.920
<v Speaker 12>five or six percent, They're they're flushing all their equities

0:12:35.960 --> 0:12:38.560
<v Speaker 12>into bonds. They're going to collect you know, another three

0:12:38.600 --> 0:12:41.360
<v Speaker 12>percent this year and they're just gonna grab almost the

0:12:41.400 --> 0:12:43.800
<v Speaker 12>double digit guaranteed returns for the rest of the year.

0:12:44.480 --> 0:12:47.240
<v Speaker 12>It's an interesting scenario. Then you start market timing, which

0:12:47.520 --> 0:12:50.040
<v Speaker 12>which we of course don't really advocate. But but for

0:12:50.160 --> 0:12:53.559
<v Speaker 12>someone who just doesn't want the uncertainty of the equity market,

0:12:54.320 --> 0:12:56.400
<v Speaker 12>it's an interesting strategy, all right.

0:12:56.360 --> 0:12:58.640
<v Speaker 13>You know, just going back to the equities side of things.

0:12:58.640 --> 0:13:00.960
<v Speaker 13>In any season show that there is in earning recession,

0:13:01.200 --> 0:13:02.160
<v Speaker 13>what did you make of it?

0:13:02.559 --> 0:13:05.240
<v Speaker 12>Well, I mean, companies have been been pretty resilient to

0:13:05.320 --> 0:13:09.040
<v Speaker 12>pass on, you know, a lot of these costs onto consumers.

0:13:09.040 --> 0:13:11.440
<v Speaker 12>And if you look at the consumer package companies, the

0:13:11.520 --> 0:13:14.520
<v Speaker 12>nine big ones in the US and in Europe, they've

0:13:14.520 --> 0:13:17.920
<v Speaker 12>got pricing pricing up eleven percent with volumes down too,

0:13:19.000 --> 0:13:21.040
<v Speaker 12>and so they've been able to hang on to these

0:13:21.200 --> 0:13:23.600
<v Speaker 12>you know, pretty strong earnings. But how long is that

0:13:23.640 --> 0:13:25.640
<v Speaker 12>gonna last? I mean, how long are people not gonna

0:13:26.520 --> 0:13:30.600
<v Speaker 12>be affected by the pricing increases at various different places

0:13:30.600 --> 0:13:32.960
<v Speaker 12>they shop? And when are they're going to start trading down?

0:13:33.000 --> 0:13:36.480
<v Speaker 12>We haven't really seen that. I suspect the cards spending

0:13:36.559 --> 0:13:38.360
<v Speaker 12>data that will be coming out in the next couple

0:13:38.400 --> 0:13:42.120
<v Speaker 12>of weeks we'll sort of start to reflect that people

0:13:42.120 --> 0:13:46.360
<v Speaker 12>are starting to fall behind. Spending will come down. You'll

0:13:46.360 --> 0:13:49.000
<v Speaker 12>see the thirty day delinquencies starting to reach, you know,

0:13:49.120 --> 0:13:52.200
<v Speaker 12>crop up, and I think that's when people start you know,

0:13:52.679 --> 0:13:55.960
<v Speaker 12>getting a little bit nervous about their ability to continue

0:13:55.960 --> 0:13:58.760
<v Speaker 12>to pay for the goods and services at these elevated prices,

0:13:58.880 --> 0:14:01.800
<v Speaker 12>and then the consumers. I mean that the companies have

0:14:01.920 --> 0:14:04.120
<v Speaker 12>to really adjust at that point. And I think, yeah,

0:14:04.160 --> 0:14:06.520
<v Speaker 12>you know, Q three, Q four, we'll see that adjustment

0:14:06.559 --> 0:14:07.120
<v Speaker 12>take place.

0:14:07.520 --> 0:14:09.720
<v Speaker 1>And so we've been wondering for a long time about

0:14:09.760 --> 0:14:13.640
<v Speaker 1>when jobs might crack, when the data might seriously weaken.

0:14:14.000 --> 0:14:17.280
<v Speaker 1>The Empire State manufacturing data was was very weak today,

0:14:17.720 --> 0:14:21.360
<v Speaker 1>and the jobless claims was a number that was a

0:14:21.360 --> 0:14:24.600
<v Speaker 1>little surprising too. Do you think that we're kind of

0:14:24.640 --> 0:14:28.680
<v Speaker 1>add an inflection point on the economy cracking a bit here?

0:14:28.960 --> 0:14:29.520
<v Speaker 8>We could be?

0:14:29.600 --> 0:14:31.680
<v Speaker 12>I mean, we went back on launch, we're still you know,

0:14:31.720 --> 0:14:37.160
<v Speaker 12>the job opening are still you know, higher than they

0:14:37.880 --> 0:14:39.880
<v Speaker 12>excuse me, the job openings are still lower than they

0:14:39.880 --> 0:14:43.840
<v Speaker 12>typically would be pre pandemic, and the layoffs are still higher,

0:14:44.920 --> 0:14:47.480
<v Speaker 12>and so you typically get more layouts than we have.

0:14:47.520 --> 0:14:50.520
<v Speaker 12>We've had a lot of headlines coming out with big layouts,

0:14:50.520 --> 0:14:53.400
<v Speaker 12>but typically we average, you know, on the one point

0:14:53.640 --> 0:14:57.240
<v Speaker 12>seven one point eight millions, and we're you know, we

0:14:57.400 --> 0:15:00.280
<v Speaker 12>just haven't really broke those levels. So I just thinks

0:15:00.320 --> 0:15:03.360
<v Speaker 12>historically the look the pandemic really turned things upset out.

0:15:03.400 --> 0:15:05.440
<v Speaker 12>It's hard to evaluate a lot of this data, so

0:15:06.480 --> 0:15:08.000
<v Speaker 12>you know, we're just do you do your best to

0:15:08.080 --> 0:15:10.880
<v Speaker 12>parse it out. But I think I do think the

0:15:11.040 --> 0:15:14.720
<v Speaker 12>recession is inevitable. It's it's it's a popular belief at

0:15:14.720 --> 0:15:19.000
<v Speaker 12>this point. I think our view is that rates probably

0:15:19.040 --> 0:15:20.560
<v Speaker 12>are going to have to go a little bit higher,

0:15:21.280 --> 0:15:23.240
<v Speaker 12>uh than what the market is forecasting.

0:15:23.800 --> 0:15:26.600
<v Speaker 13>Well, well, no doubt. From an equity perspective, it's a

0:15:26.640 --> 0:15:28.640
<v Speaker 13>good idea to be defensive, and I think you got

0:15:28.640 --> 0:15:32.520
<v Speaker 13>some stock ideas here as well. Meta platforms are one thing.

0:15:32.720 --> 0:15:35.080
<v Speaker 13>Describing it as a very mature business, I suppose it is.

0:15:35.360 --> 0:15:36.440
<v Speaker 13>You know, you don't reready think of it.

0:15:37.040 --> 0:15:39.960
<v Speaker 1>Up one hundred here to day if you want out performance.

0:15:41.120 --> 0:15:43.360
<v Speaker 12>Yeah, I know that one's you know, we we've been

0:15:43.360 --> 0:15:45.280
<v Speaker 12>talking about that one for a while. That reminded me,

0:15:45.760 --> 0:15:48.320
<v Speaker 12>uh you know back in the winter. That was reminding

0:15:48.360 --> 0:15:51.240
<v Speaker 12>me of Apple about six or seven years ago, when

0:15:51.480 --> 0:15:53.600
<v Speaker 12>it was trading at ten times learning. No one could

0:15:53.600 --> 0:15:56.440
<v Speaker 12>figure out what this what the growth of the company

0:15:56.520 --> 0:15:59.440
<v Speaker 12>was going to be, you know, beyond cell phones, and

0:15:59.480 --> 0:16:01.880
<v Speaker 12>then the multiple just expanded and it went from ten

0:16:01.920 --> 0:16:04.840
<v Speaker 12>to twenty five, and you know, I think that's probably

0:16:04.880 --> 0:16:08.120
<v Speaker 12>what's happening with Meta. You know, it's got billions of

0:16:08.640 --> 0:16:11.560
<v Speaker 12>active daily users. It's a mature company that knows how

0:16:11.600 --> 0:16:14.480
<v Speaker 12>to grow their business and reach an audience. And I

0:16:14.480 --> 0:16:17.640
<v Speaker 12>think the market that is, you know, finally reflecting that.

0:16:19.040 --> 0:16:22.000
<v Speaker 12>And so you know, it's not the probably the stafest

0:16:22.040 --> 0:16:23.960
<v Speaker 12>place to hide out. I think it's a far safer

0:16:24.040 --> 0:16:28.280
<v Speaker 12>places and consumer staples and other defensive companies if you

0:16:28.400 --> 0:16:31.200
<v Speaker 12>just want to take cover, if you're thinking in inflation

0:16:31.400 --> 0:16:34.120
<v Speaker 12>is coming about. But we you know, we like Meta

0:16:34.160 --> 0:16:35.240
<v Speaker 12>for long sum investors.

0:16:36.360 --> 0:16:39.200
<v Speaker 1>This is Bloomberg Daybreak Asia, your morning brief on the

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