Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: This is the Bloomberg Daybreak Asia podcast. I'm Doug Prisner.
Speaker 2: You can join Brian Curtis and myself for the stories
Speaker 2: making news and moving markets in the APEC region. You
Speaker 2: can subscribe to the show anywhere you get your podcast
Speaker 2: and always on Bloomberg Radio, the Bloomberg Terminal, and the
Speaker 2: Bloomberg Business app. Let's take a closer look at the
Speaker 2: Broadcom story and also speak more broadly about what's happening
Speaker 2: in the semiconductor space with Bloomberg's Kun John Sabani. He
Speaker 2: is our senior Semiconductor analyst for Bloomberg Intelligence. He joins
Speaker 2: us from San Francisco. Cunjohn, It's always a pleasure when
Speaker 2: I look at the guidance for the current quarter, the
Speaker 2: company basically coming in around one hundred million dollars below
Speaker 2: the average estimate, and still the stock gets punished in
Speaker 2: the way that it was. Is there something more that
Speaker 2: we need to talk about here, that this is not
Speaker 2: just a miss on guidance, that there's something else afoot.
Speaker 3: Really, you know, the stock reaction so far has been
Speaker 3: surprising to us. Coming into the earnings. There were a
Speaker 3: couple of things we and investors were keen to focus on,
Speaker 3: namely the AI revenues, which they upsided by a billion dollars. Second,
Speaker 3: the VMware integration and the software revenue growth, which again
Speaker 3: came better than expected. The weakness, this very slight weakness,
Speaker 3: Really one hundred million dollars is very small given the
Speaker 3: magnetity of revenues they make. The weakness was really that
Speaker 3: the non AI cyclical legacy segments did not recover or
Speaker 3: are not recovering as fast as we had thought. Now
Speaker 3: that's not broadcome specific. That's going around in the end
Speaker 3: markets across the board in semis, in those legacy cyclical
Speaker 3: end markets. So the reaction seems to be a little
Speaker 3: bit overreaction to me.
Speaker 1: Can we take a bigger picture here in terms of
Speaker 1: what is that mean when these non AI components of
Speaker 1: the companies aren't doing as well?
Speaker 3: Yeah. So, you know, semiconductor is exposed to various industries
Speaker 3: and end markets. So typically we divide the segments within
Speaker 3: semiconductors into cyclical because inherently, historically semiconductors has been a
Speaker 3: cyclical industry that goes up and down with the economy
Speaker 3: in different segments. AI is the new sort of you know,
Speaker 3: very new area of business for them, and exposure, which
Speaker 3: is currently not seeing cycles but is more secular, so
Speaker 3: every year you see growth increasing and increasing, so it
Speaker 3: has not met a single full cycle. So these cyclical
Speaker 3: end markets are something like Heelco's your service providers, your
Speaker 3: industrial end markets, right your broadband, your overall general purpose
Speaker 3: it spend. And we have heard this across the board
Speaker 3: from other companies that these markets have gone are going
Speaker 3: through its trap, and some companies are seeing in the
Speaker 3: bottom a few quarters earlier, some a little bit later.
Speaker 3: But the overall thesis across our oral sentiment is the
Speaker 3: traft has sort of been confirmed, but the recovery out
Speaker 3: of the straft is as not strong as we had expected.
Speaker 2: As you know, Kunjohn a broadcome as a major chip
Speaker 2: supplier for Apple. Is it too much to kind of
Speaker 2: read through what we're hearing from Broadcom and kind of
Speaker 2: conclude anything around Apple's business.
Speaker 3: Well, so there implied guidance for their wireless segment, which
Speaker 3: is really what the segment comprises, of which they only
Speaker 3: sell their chips to Apple amongst other handset makers, did
Speaker 3: not come weak, So there's nothing weakness to be implied
Speaker 3: from there, it was in line and from what we expected.
Speaker 1: So obviously we see that the AI business is doing well.
Speaker 1: How does this provide this constructive view on the AI
Speaker 1: bawl narrative, especially because we've had I had some a
Speaker 1: little bit of a drawback in that narrative over the
Speaker 1: past few weeks.
Speaker 3: Yeah, I see most of the drawbacks has been acting
Speaker 3: out on the stock price side. When you look at
Speaker 3: the fundamentals of the key AI chip suppliers, which we
Speaker 3: can just name in one hand, all of them have
Speaker 3: come out with great numbers and great and upsided guidance.
Speaker 3: So from a fundamental perspective, the demand signals keep on
Speaker 3: getting stronger. There's sort of nothing highlight, no risk factors
Speaker 3: there that we have seen, at least from the earnings
Speaker 3: of these companies that I've talked about. Similar Rotcom also
Speaker 3: upsided their numbers for AI for the sea.
Speaker 2: You know, when you talk about semiconductors, it's such a
Speaker 2: broad category, so many different types of chips, whether they're
Speaker 2: processors or memory chips. But I have to ask you
Speaker 2: Coo John about the story that our Ian King reported
Speaker 2: earlier about Intel considering options for its stake and Mobile
Speaker 2: Eye Global now we know that Intel has been struggling
Speaker 2: the business model right now being challenged. CEO Pat Gelsinger
Speaker 2: had wanted to build out a foundry business that seems
Speaker 2: to be somewhat in doubt right now. There are other
Speaker 2: parts of Intel's business that have been struggling. What do
Speaker 2: we know about this story right now and the degree
Speaker 2: to which Intel is really kind of struggling to find
Speaker 2: its balance once again.
Speaker 3: Yeah, I mean, look, Intel has been dealing with fires
Speaker 3: at multiple runs. If you divide Intel into its two
Speaker 3: core businesses, one is the product which is the chip business.
Speaker 3: Right mainly, the biggest portion that chip business comes from
Speaker 3: PCs and CPUs amongst other things, selling into data centers.
Speaker 3: That business has seen has been going through decline for
Speaker 3: a while. The key important thing there is they've been
Speaker 3: losing share to its competitors. And the other core business
Speaker 3: is the foundry business, like you outlined. So they have
Speaker 3: been you know, multiple nodes or i should say multiple
Speaker 3: years behind PSMC, which continues to be the leader in
Speaker 3: advanced manufacturing nodes or in advanced semiconductor manufacturing technology. So
Speaker 3: they're trying to play catch up from all fronts, and
Speaker 3: you know, catching up and creating a brand new out
Speaker 3: foundry business which they can support to external customers is
Speaker 3: a multi year, three to five year and significantly expensive
Speaker 3: venture for which they need support from the Chipsacks funds,
Speaker 3: that customers, etc. So when you're trying to regain leadership
Speaker 3: in your product, regain leadership in your foundry business, it
Speaker 3: doesn't help also that the end markets at the same
Speaker 3: time are going against you, which we saw PCs sort
Speaker 3: of bottomed in twenty twenty three. Data center. Again, most
Speaker 3: of the dollar revenues right now are going towards the
Speaker 3: AI chip and in fact, Intel frankly missed that AI
Speaker 3: train because they were solely focused on the CPUs and
Speaker 3: their accelerator's program is not working as much as their peers.
Speaker 3: So basically you're you're again fighting fire on multiple fronts.
Speaker 1: So overall, what's your outlook for the seven conductor industry
Speaker 1: and for AI stocks.
Speaker 3: Yeah, so, you know, we are looking at this semine
Speaker 3: industry based on the end market exposure. When we look
Speaker 3: at the legacy cyclical end markets general purpose, enterprise, industrial, automotive,
Speaker 3: these are going through some tough times right now. We
Speaker 3: are seeing some green shoots in some pockets of this
Speaker 3: end market showing that demand is coming back, but you
Speaker 3: know the slope of their demand recovery remains a concern. Now.
Speaker 3: When we look at the secular portions of this, which
Speaker 3: is AI, we see it kicking on all firing on
Speaker 3: all cylinders. We don't see any slowdown within that sector.
Speaker 3: So that's how we look at the second from different
Speaker 3: in market perspective.
Speaker 2: Kun John, it's always a pleasure. Thank you so much
Speaker 2: for being with us, Kun John Sabani, Senior Semiconductor analyst
Speaker 2: or Bloomberg Intelligence. Katie Kaminski joins as she is the
Speaker 2: chief research strategist at Alpha Simplex, joining us from Boston. Nice,
Speaker 2: if you do have time for us. What do you
Speaker 2: make of where we are right now in the overall
Speaker 2: economic I noted that the ISM Services index may be
Speaker 2: a little bit of a positive surprise, but that ADP
Speaker 2: number on private payrolls may have been a little disappointing.
Speaker 2: Where are we at the moment?
Speaker 4: So what we're seeing in the trend falling space is
Speaker 4: we've actually seen a massive pivot that's been a little
Speaker 4: bit more defensive in other asset classes, which.
Speaker 5: Is definitely making me a little bit.
Speaker 4: Concerned going into the fall, particularly, you've seen this risk
Speaker 4: off trade this week.
Speaker 5: It's been seeping out since early June.
Speaker 4: So across different asset class themes, you're definitely seeing a
Speaker 4: little bit more of a higher probability that we could
Speaker 4: have or a session or a harder landing than we
Speaker 4: anticipated earlier this year.
Speaker 2: So, if you had to bet on what the Fed
Speaker 2: will do on the eighteenth, are you in the twenty
Speaker 2: five basis point right cut camp or are you in
Speaker 2: the fifty camp?
Speaker 4: I'd say I'm in the twenty five just because I
Speaker 4: think if they go fifty negative information also can be
Speaker 4: taken the wrong way as well. So what we've noticed
Speaker 4: is any sort of concern and economic data or any
Speaker 4: miss in economic data now has been really a focus.
Speaker 4: So my guess is that they'll be more conservative just
Speaker 4: to kind of keep things going smoothly.
Speaker 2: I noted earlier that the swaps market is pricing in
Speaker 2: a total of about one hundred basis points and easing
Speaker 2: between now and the end of the year. Do you
Speaker 2: think that's a little too aggressive?
Speaker 4: I mean it could be, because I guess you know,
Speaker 4: if you've looked at the Fed over the last couple
Speaker 4: of years, they have been a little bit slower to
Speaker 4: kind of at moving, but then once they do, they
Speaker 4: have moved quickly.
Speaker 5: So for example with hikes and so.
Speaker 4: I think after you start seeing that going, people are
Speaker 4: anticipating that if it's if they're really needing to actually
Speaker 4: cut rates, that they'll keep going quickly like they did
Speaker 4: when they were hiking.
Speaker 2: We were talking a moment ago about the disappointing guidance
Speaker 2: from Broadcom chip Player. Obviously, this AI trade has been
Speaker 2: so much of really why the equity market has performed
Speaker 2: so well recently. Are you convinced that we are at
Speaker 2: a point now where the market really needs to come
Speaker 2: to terms with the fact that we have yet to
Speaker 2: really see the ROI that's necessary to justify some of
Speaker 2: the valuations in some of these AI related names.
Speaker 4: I think the challenge with high evaluations like this is
Speaker 4: that they're very, very concentrated, and anytime markets are concentrated
Speaker 4: in this way and you have positioning that came off
Speaker 4: some but that has come back as well, there's still
Speaker 4: a lot of room where we might need to reprice,
Speaker 4: especially with something so new like this. It's hard to
Speaker 4: estimate what the NPV of that particular. Those technologies are
Speaker 4: so we could definitely have a repricing as we try
Speaker 4: to figure out.
Speaker 5: Where that's going to go later this year.
Speaker 2: Historically the month of September is pretty dicey for the
Speaker 2: equity market. Are we at risk of maybe a little
Speaker 2: bit more downside?
Speaker 5: I would definitely say so.
Speaker 4: I mean September and October are definitely tricky months for
Speaker 4: equity markets. If you look at where trend positioning has moved,
Speaker 4: you've also seen that as well, that's become much more reticent,
Speaker 4: and you've also seen a lot more risk off behavior
Speaker 4: with stock bond correlations going back to normal. So in
Speaker 4: that sense, I think people are nervous about what are
Speaker 4: the ramifications of all the policy that we have sort
Speaker 4: of endured in the last two.
Speaker 5: Or three years.
Speaker 2: We can talk about Fed policy, we can also talk
Speaker 2: about fiscal policy, and let's talk about the Is that
Speaker 2: pretty much noise at this point kind of around the
Speaker 2: periphery of the market oors some of that the proposals
Speaker 2: that we are hearing from either Trump or Harris. Is
Speaker 2: that beginning to penetrate.
Speaker 4: Well, I think it's adding to a lot of volatility
Speaker 4: because it's really still even though it's only about two
Speaker 4: months away, I feel like there's definitely still more volatility
Speaker 4: in terms of different narratives we're seeing, and we've definitely
Speaker 4: seen a lot more volatility in many different asset classes
Speaker 4: that are much more directly impacted by policy choice. So,
Speaker 4: for example, if you look at the commodity sector, that
Speaker 4: has definitely been in a downward trend, but it has
Speaker 4: been moving around quite a bit, so I do think
Speaker 4: that it's creating a lot of noise.
Speaker 2: Yeah, I'm looking at crude oils sub seventy dollars, that's WTI.
Speaker 2: So we had lower treasury yields today, not by much.
Speaker 2: But one of the things that's been happening lately is
Speaker 2: the dollar has been trading week. Is that a trend
Speaker 2: that you expect to continue or is this a bit
Speaker 2: of an anomaly the dollar relative to some of the
Speaker 2: other currencies around the world, particularly in Asia. I'm thinking
Speaker 2: of the end especially, do you think the dollar is
Speaker 2: going to recover a little bit?
Speaker 4: Well, actually, the dollar has been very much under pressure
Speaker 4: for the last few weeks. But we've been seeing increasing
Speaker 4: signals of weakness and the dollar, and that doesn't surprise
Speaker 4: me because in general, cuts particularly from the US FED,
Speaker 4: is going to put pressure on the dollar, and so
Speaker 4: we're definitely seeing that theme play out, but you also
Speaker 4: see counter forces. So the dollar does tend to rally
Speaker 4: when the equity market sells off, so you're seeing a
Speaker 4: little bit of both. But it seems to be that
Speaker 4: FED policy is really the biggest driver of the dollar
Speaker 4: moves recently as we move into potential shift in policy.
Speaker 2: So you seem a little cautious on risk assets here
Speaker 2: in the US, and I'm wondering whether that is kind
Speaker 2: of motivating you to look offshore a little bit. Are
Speaker 2: you doing that right now?
Speaker 4: So we're looking across equities, you're not seeing You're actually
Speaker 4: seeing the US still being a little stronger than outside
Speaker 4: the US. China in particular has shown more negative signals recently.
Speaker 4: So I think there still is that US looks a
Speaker 4: little bit better, that this idea of a self landing
Speaker 4: is still on the table.
Speaker 5: But I do think the biggest area.
Speaker 4: We're looking at is much more how people are behaving
Speaker 4: in other asset classes, particularly fixed income commodities, and how
Speaker 4: that may play into sort of repricing the possibility of
Speaker 4: a recessionary type move or a potential pullback this fall.
Speaker 2: The flip side of some of the dollar weakness that
Speaker 2: we were talking about a moment ago is the strength
Speaker 2: that we have seen lately in the Japanese and some
Speaker 2: of that is a Bank of Japan story. I get that,
Speaker 2: and Governor Uwaita, the head of the BOJ, indicating that
Speaker 2: the central bank there is inclined to titan Further, one
Speaker 2: of the things it has to be looked at is
Speaker 2: where the economy is overall and where inflation is in
Speaker 2: Japan overall. But I think many of the folks that
Speaker 2: we chat with on the show are of the belief
Speaker 2: that we could get another rate hike, albeit small, between
Speaker 2: now and the end of the year from Japan. And
Speaker 2: I'm wondering at what point this begins to create a
Speaker 2: repatriation of Japanese money out of markets like let's say,
Speaker 2: the US and back to Japan. Do you think that's
Speaker 2: a real risk.
Speaker 4: I mean, I think definitely, because what you're seeing right now,
Speaker 4: especially when you look at the carry trade and what
Speaker 4: happened in August, there has been a big retracement of
Speaker 4: a lot of positioning, and I think if you start
Speaker 4: to see that divergence where Japan is hiking and the
Speaker 4: US has started a cutting cycle or an eating cycle
Speaker 4: that creates another incentive which I think could definitely cause flows.
Speaker 4: And you've already seen the power of that in August,
Speaker 4: just with how much we saw that unwide and the
Speaker 4: carry trade and how much the yen has been that
Speaker 4: funding currency. So I think it could definitely be the case,
Speaker 4: just how extremely different they are out of.
Speaker 5: Cycle with everyone else.
Speaker 2: So, Katie, last question, do you want to be exposed
Speaker 2: to Japan right now? Is that a worthwhile trade for you?
Speaker 4: I think it's a risky one right now, just because
Speaker 4: of how you know, how dislocated it is from what's
Speaker 4: going on outside the US. But that means, you know,
Speaker 4: from our perspective, that means that there could be very
Speaker 4: interesting trends to follow going forward.
Speaker 5: So maybe being long.
Speaker 4: The end, which we're starting to see some indication, which
Speaker 4: I think is is.
Speaker 5: Definitely a change of pace since the last few years.
Speaker 2: Katie, thank you so much for joining us here on
Speaker 2: day Break Asia. A good weekend to you there in Boston,
Speaker 2: Katie Kaminski, chief re search strategist at Alpha Simplex. Well,
Speaker 2: the CIDIC CLSA Investor Forum will get underway at the
Speaker 2: Grand hiatt in Hong Kong on Monday. This event will
Speaker 2: feature a number of the region's most prominent market players
Speaker 2: joining us. Now for a little more is Sean cochrane.
Speaker 2: He is head of research at CLSA, joining us from
Speaker 2: our studios in Hong Kong. Good of you to make
Speaker 2: time to chat with us. Thanks for dropping by. As
Speaker 2: I understand it, this is the thirty first year of
Speaker 2: the forum. Can you help me understand what this is
Speaker 2: primarily known for sure?
Speaker 6: Yeah, thirty one years indeed, And what we really do
Speaker 6: is we get about a couple of thousand investors to
Speaker 6: come in and talk to over five hundred corporate representatives
Speaker 6: to decide what's going on specifically within Asia, which is
Speaker 6: our primary coverage focus, and of course within the world.
Speaker 6: And it basically helps everyone take their view as to
Speaker 6: how they're going to help their clients or directly themselves
Speaker 6: make money in markets.
Speaker 2: Do you aggregate these viewpoints to kind of come up
Speaker 2: with some cohesive viewpoint on how well the economies in
Speaker 2: the Asia Pacific are performing? I know there are individual
Speaker 2: ones and there is a differentiator here when you consider
Speaker 2: what's going on let's say in Nasie and versus China,
Speaker 2: versus South Korea, versus Japan. But I'm wondering whether you're
Speaker 2: able to formulate, given all of the diversity and viewpoint
Speaker 2: some type of cohesive point of view.
Speaker 6: Absolutely, so I guess the answer is both yes and no.
Speaker 6: So let me start with the no and then go
Speaker 6: to the yes and the no. Is that what Seelisa
Speaker 6: loves to do is we call ourselves a house of
Speaker 6: views rather than having a house view. We pride ourselves
Speaker 6: in trying to provide insights to our clients, and we
Speaker 6: have a hard time believing if we tell an analyst
Speaker 6: they must take a certain assumption while doing their work
Speaker 6: that they can truly believe, deliver conviction and provide their
Speaker 6: best insights to clients. So we don't force cohesion. However,
Speaker 6: of course I find the forum of myself personally extremely useful,
Speaker 6: and we do provide reports to clients both throughout the
Speaker 6: course of the event and afterwards to put together that picture. Personally,
Speaker 6: I find it quite useful because we can all look
Speaker 6: at the data, but of course part of the data
Speaker 6: can be revised up or down, and so it's that
Speaker 6: aggregation of a huge amount of anecdote in one place
Speaker 6: is incredibly valuable to come up with a really informed
Speaker 6: you that is right on the pulse of what's happening
Speaker 6: right now.
Speaker 2: Is there a panel at this year's forum that you're
Speaker 2: especially looking forward to.
Speaker 6: Well, we actually pride ourselves and have an extraordinary amount
Speaker 6: of content. So we have well over seventy direct speakers
Speaker 6: throughout the course of the day, and we have over
Speaker 6: thirteen thousand interactions that will occur during the week. But
Speaker 6: if I think of some of the speakers and content
Speaker 6: that I think investors will be most excited about. Obviously,
Speaker 6: we have Frank Luntz, who will be speaking about the
Speaker 6: likely outcome of the US election, and that's of course
Speaker 6: important in terms of global policy and the state of
Speaker 6: the US economy, which is a massive driver even here
Speaker 6: in Asia. We have some interesting speakers as well, and
Speaker 6: that we really pride ourselves on not just doing the
Speaker 6: standard cookie cut of what you might expect of an
Speaker 6: investment house. So we have a diplomat that will be
Speaker 6: talking about the state of geopolitics. We have macro specialists,
Speaker 6: but the curveball sort of speakers that are really a
Speaker 6: lot of fun. We have one speaker who's going to
Speaker 6: be talking about how to be indiestractable in a world
Speaker 6: driven by devices and social media. We have another speaker
Speaker 6: who's a former world class rugby player who looks at
Speaker 6: the role of team cohesion and the success of team sports,
Speaker 6: and we've collaborated on a report looks at how does
Speaker 6: that apply to the investment world and to corporate environments.
Speaker 6: We have another expert that works for sports legends around
Speaker 6: how do I use breathing to perform? And this matters
Speaker 6: even for say traders in a market environment where they're
Speaker 6: trying to put on the best trade in the in
Speaker 6: real time, manage their autonomous nervous system to perform really,
Speaker 6: really well. And we even have a poker player that
Speaker 6: is helping us understand risk reward ratios to make sure
Speaker 6: we can make great investment decisions.
Speaker 2: Sounds like a stimulating forum. Indeed, when you consider the
Speaker 2: role of government, are you inviting voices from various governments
Speaker 2: to sit down at the table and to to share
Speaker 2: their viewpoints as well?
Speaker 6: Absolutely so. We have a government officials from multiple countries
Speaker 6: that are presenting at the event, both at this event
Speaker 6: and in previous events. So where there's a government official
Speaker 6: that has a market message that's relevant to the market,
Speaker 6: or they need access to investors to understand what investors
Speaker 6: are thinking, or even they need access to corporates, then
Speaker 6: this is obviously a fantastic forum for them to do it.
Speaker 6: And so it's part and parcel of our event.
Speaker 2: You mentioned Frank Launce there and kind of the US perspective.
Speaker 2: I'm wondering when you consider US China relations right now,
Speaker 2: whether this is going to be top of the line
Speaker 2: for this year's forum.
Speaker 6: It's always a topic that's very, very important for investors.
Speaker 6: Over the last several years, the strategic competition between the
Speaker 6: US and China has created massive policy change, and certainly
Speaker 6: Frank can help us understand the likelihood of say a
Speaker 6: Trump or Harris administration winning the election, which would lead
Speaker 6: to obviously different policy implementations around how that relationship evolves.
Speaker 6: Although what's interesting is there does seem to be a
Speaker 6: degree of cohesion in terms of the US platform around
Speaker 6: China that has evolved since the first administration of Trump.
Speaker 2: Can you give me a sense of the commonality that
Speaker 2: exists when you kind of assess the economic situation in China.
Speaker 2: I think it's a foregone conclusion that things are really
Speaker 2: weak right now and people have been waiting for a
Speaker 2: more robust response on the part of the government. But
Speaker 2: is the collective viewpoint from the world that you live
Speaker 2: in and the people that you speak with, is that
Speaker 2: a lot more needs to be done before we can
Speaker 2: say that China is beginning to turn a corner.
Speaker 6: Yes, certainly, I don't since within our client base or
Speaker 6: even within our own analyst group an expectation of imminent change,
Speaker 6: and we also would not expect a dramatic policy shift
Speaker 6: out of the Chinese regulators and policymakers. From the investors
Speaker 6: point of view, there has been the presumption that China
Speaker 6: will remain slow for some time, and that is a
Speaker 6: reasonable proposition to take if we try to look forward
Speaker 6: about the growth prospects for the Chinese economy. It's a
Speaker 6: structural challenge that China is seeking to address, and it's
Speaker 6: really a question of how do you address it. China
Speaker 6: has taken the view that it does not want to
Speaker 6: pursue aggressive policy to accelerate the change because it wants
Speaker 6: to think about the cost of that policy. It's reluctant
Speaker 6: to issue significant federal level debt that would then obviously
Speaker 6: create costs of its own, which is often different to
Speaker 6: what we see in some Western Economies.
Speaker 2: Sean, thank you so much for making time to chat
Speaker 2: with us and helping us set up this year's CIDIC
Speaker 2: CLSA Investor Forum, which gets underway Monday in Hong Kong.
Speaker 2: He is Sean Cochrane, head of Research at CLSA, joining
Speaker 2: us from our studios in Hong Kong. This has been
Speaker 2: the Bloomberg Daybreak Asia podcast, bringing you the stories making
Speaker 2: news and moving markets in the Asia Pacific. Visit the
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