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Speaker 1: This is Bloomberg Daybreak Asia for this Thursday, March second

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Speaker 1: in Hong Kong, Wednesday March first in New York and

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Speaker 1: coming up today, b S and P slumps as FEED

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Speaker 1: officials reinforce their hawkish stance. TikTok is imposing time limits

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Speaker 1: on teens to prevent binges, and soft Bank's arm Limited

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Speaker 1: Ship unit is said to be ruling out a UK

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Speaker 1: listing for now while it plans a USIPO. US Secretary

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Speaker 1: of State Blincoln says he will not meet with his

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Speaker 1: China and Russia counterparts at the G twenty. She welcomes

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Speaker 1: Lukashenko and talks to support China's Ukraine peace plant. NATO

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Speaker 1: top man says Ukraine will join NATO at some point.

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Speaker 1: I'm at Baxter with Global News. That's all straight ahead

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Speaker 1: on Bloomberg Daybreak Asia, the business news you need to

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Speaker 1: start your day in just one fifteen minute podcast available

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Speaker 1: on Appo, Spotify, the Bloomberg Business App, and everywhere you

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Speaker 1: get your podcasts. Good morning, I'm de Prisoner and I'm

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Speaker 1: Brian Curtiz. Here are the stories we're following today. Well,

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Speaker 1: let's get to the FED officials reinforcing their hawkish stance.

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Speaker 1: Atlanta FED President Raphael Bostick said that interest rates would

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Speaker 1: need to rise between five and five and a quarter

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Speaker 1: percent to that level, and he thinks that rates would

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Speaker 1: need to remain there until well into twenty twenty four

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Speaker 1: to curb inflation. In the meantime, Minneapolis FED chief Neil

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Speaker 1: Kashkari said that he's concerned that the FED rate hikes

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Speaker 1: aren't slowing down the services sector, and he has yet

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Speaker 1: to decide what the size of the fed's next rate

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Speaker 1: hike should be. I'm open minded at this point about

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Speaker 1: whether it's twenty five or fifty. Basis points to me

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Speaker 1: much what's much more important than whether it's twenty five

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Speaker 1: or fifty is what we signal in what's called the

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Speaker 1: dot plot. Minutes from the fed's last meeting show that

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Speaker 1: a few participants favored or could have supported a half

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Speaker 1: a point rate hike. Fed officials will next meet to

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Speaker 1: discuss monetary policy on March twenty first. Well, we mentioned

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Speaker 1: a moment ago that China's economy is showing very strong

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Speaker 1: signs of an impressive rebound. The official PMI for the

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Speaker 1: manufacturing side posted its biggest improvement in more than a

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Speaker 1: decade in the month of February, question becomes, what are

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Speaker 1: the implications. Well, Morgan Stanteley's Mike Wilson says, this is

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Speaker 1: a China story. It is not a global growth story.

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Speaker 1: So yes, it's very good for China equities and maybe

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Speaker 1: some Asian economies that can looking gear off of that,

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Speaker 1: but not so much as the US stock market, which

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Speaker 1: isn't that gear to China growth. That is Mike Wilson

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Speaker 1: there he sees pretty strong headwinds for the American equity

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Speaker 1: market and they may increase further in the month of March,

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Speaker 1: Wilson saying that stocks will come under pressure from faltering

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Speaker 1: earnings and high valuations. TikTok says you will automatically impose

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Speaker 1: a sixty minute time limit for users under the age

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Speaker 1: of eighteen that story from Bloomberg's Von Mann. Younger users

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Speaker 1: will need to enter a password if they want to

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Speaker 1: continue watching after hitting the one hour limit. Parents and

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Speaker 1: other adults will be able to monitor the amount of

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Speaker 1: time teens spend on the app. Why the new move well,

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Speaker 1: TikTok has been facing intense global scrutiny for two main reasons. One,

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Speaker 1: does a company present a US national security risk? And two,

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Speaker 1: how our younger users being influenced by the app's addictive

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Speaker 1: nature and the content they consume. The sixty minute time

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Speaker 1: limit is TikTok's latest approach to address concerns about the

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Speaker 1: app's impact on teens. And on the other point, a

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Speaker 1: group of US state Attorneys general are investigating the potential

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Speaker 1: harm the app might pose for younger users in Hong Kong.

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Speaker 1: I'm Ivan Mahn Bloomberg, Daybreak Asia. The semiconductor unit of

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Speaker 1: SoftBank this is ARM Limited, has decided not to sell

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Speaker 1: on the London Stock Exchange at least for now. We

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Speaker 1: have more from Bloomberg, David and Glass. We are told

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Speaker 1: that ARM will instead focus on a soul listing in

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Speaker 1: New York later this year. SoftBank founder Masayoshi San has

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Speaker 1: repeatedly said that this is his primary focus. He maintains

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Speaker 1: that the US has a deep investor base and attractive valuations. Now.

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Speaker 1: UK Prime Minister Rishi Sunak had been courting ARM and

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Speaker 1: it's backer for a London listing. For the time being,

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Speaker 1: ARM will keep its headquarters in Cambridge, England, and it

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Speaker 1: hasn't ruled out the potential for a secondary listing in London.

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Speaker 1: But our sources say it's unlikely. In Hong Kong, I'm

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Speaker 1: David Inglis Bloombrick Debrick Asia, and back in the United States,

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Speaker 1: San Francisco based Salesforce delivered a surprisingly upbeat forecast for

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Speaker 1: the coming year. The company also plans to step up

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Speaker 1: stock buybacks. Let's get the story from Bloomberg's Charlie Pellett.

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Speaker 1: It potentially eases the pressure it faces from a number

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Speaker 1: of activist investors. The software giants said operating margin will

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Speaker 1: be about twenty seven percent in fiscal twenty twenty four,

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Speaker 1: which runs through next January. This succeeds an average channel

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Speaker 1: assestimate of twenty two point four percent, according to data

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Speaker 1: compole by Bloomberg. Salesforce also said it increased a share

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Speaker 1: repurchase program to twenty billion dollars. The outlook suggests that

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Speaker 1: profitability is now a top priority for the cloud applications pioneer,

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Speaker 1: which spent years more focused on growth in New York.

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Speaker 1: Charlie Pellett, Bloomberg, Daybreak Asia, Charlie, Thank you. Salesforce up

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Speaker 1: fifteen percent in late trading, and that's even after the

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Speaker 1: stock gained two point three percent in the regular session.

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Speaker 1: So Doug we're seeing here that investors are really looking

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Speaker 1: at an individual stories. You can't really buy the index now,

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Speaker 1: you can't really buy the fangs. And if you look

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Speaker 1: at the index levels, we've been chopping around between thirty

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Speaker 1: eight hundred and forty two hundred for ten months now,

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Speaker 1: so it's not like we're making any dramatic big changes here.

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Speaker 1: It's been almost sideways movement. And I wanted to add

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Speaker 1: that the market is now out in front of the

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Speaker 1: FED on where the terminal rate should be, so we

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Speaker 1: can't really talk about complacency. The swamps market has the

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Speaker 1: terminal rate around five point five percent. Cashkari was at

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Speaker 1: five point four percent and Boss to get between five

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Speaker 1: and five and a quarter percent. And it's the data

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Speaker 1: that matters the most absolutely. And if you're talking about surprises, Brian,

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Speaker 1: I think we have to focus on what China delivered overnight.

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Speaker 1: That PMI number faster, much faster than top officials in

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Speaker 1: Beijing had expected. A lot of that may be just

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Speaker 1: a quick rebound after the holiday, and it may not

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Speaker 1: stick and too. Mike Wilson's point, we know he's sort

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Speaker 1: of talking his book because he's Barish, but then they

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Speaker 1: should talk their book. This is what they maintain and

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Speaker 1: they should reinforce it. Yeah, and against that backdrop, I

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Speaker 1: think we have to include a weak outlook for global growth, right,

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Speaker 1: given the fact that interest rates are rising. There is

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Speaker 1: also a question around demand for Chinese exports. Maybe they

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Speaker 1: will remain weak through the remainder of the year because

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Speaker 1: of expected softness in the US and in Europe. And

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Speaker 1: I think we have to include as a part of

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Speaker 1: the story the tension over technology and geopolitical risk, especially

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Speaker 1: between the US and China. Yeah, certainly a lot of

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Speaker 1: risks out there, and this PMI story does not tell

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Speaker 1: the whole story. All Right, it's time now for global news.

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Speaker 1: The US Secretary of State Anthony Blincoln says he will

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Speaker 1: not meet with his Chinese or Russian counterparts at the

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Speaker 1: G twenty. Head Baxter has Global News from the nine

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Speaker 1: sixty News from at San Francisco head. Yeah, that's right, Brian,

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Speaker 1: And his statement is very terse quote no plans to

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Speaker 1: see either at the G twenty. Now, this on his

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Speaker 1: last stop in Central Asia trip, pledging lasting support to

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Speaker 1: Central Asia. We've been committed and remained committed to standing

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Speaker 1: for the sovereignty. The churchwill in chegrity, the independence not

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Speaker 1: only of Ukraine, but for countries across Central Asia and

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Speaker 1: indeed around the world. And now Blincoln did Addie may

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Speaker 1: participate in group sessions alongside those diplomats, but no meetings. Meanwhile,

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Speaker 1: Chinese President Shi Jimping is welcome. Belarus leader Alexander Lukashenko

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Speaker 1: a close Russian ally. These talks are being watched very

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Speaker 1: close that you see if there's an expansion of China

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Speaker 1: Russia Belarus's coordination. Luke Schenko told she that Belarus quote

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Speaker 1: fully supports the initiative you put forward, referring to the

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Speaker 1: so called peace plan put forward by China. She responding

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Speaker 1: the globe must stick to political means and abandon the

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Speaker 1: Cold War mindset. NATO Secretary General Yan Stolenberg says a

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Speaker 1: plan for Ukraine is to join NATO long term. Hey,

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Speaker 1: Donalds have agreed that Ukraine a member of our alliance,

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Speaker 1: but at the same time that is a long term perspective.

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Speaker 1: Stoltenberg says. The interim the alliance needs to make sure

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Speaker 1: that Ukraine has all the things it needs to defend

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Speaker 1: itself from Russia's aggression. US President Joe Biden is officially

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Speaker 1: nominated Deputy Labor Secretary Julie Sue to lead the department,

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Speaker 1: and she has accepted. She's increased the minimum wage, cracked

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Speaker 1: down our wage, death protected protected traffic workers, establishing a

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Speaker 1: force workplace safety standard. We have never had a president

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Speaker 1: who has made workers, worker well being, and worker power

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Speaker 1: so central to his vision of a strong nation and

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Speaker 1: a strong economy. Sue replaces Marty Walsh who's leaving to

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Speaker 1: head the NHL players Union, so something that Sue will

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Speaker 1: be looking at in the course of course. As a

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Speaker 1: manufacturer reports that money is being invested in the chip

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Speaker 1: sector now the US at a growing rate. A Representative

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Speaker 1: Hailey Stevens, a Democrat from Michigan, has been a big

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Speaker 1: supporter and organizer of the effort, and on Bloomberg's Balance

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Speaker 1: of Power, she says, the private sector is definitely jumping

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Speaker 1: in now. Last night on the Select Committee for China Competitiveness,

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Speaker 1: that that investment in chips manufacturing now of that legislation,

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Speaker 1: David fifty billion dollars has already beget two hundred billion

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Speaker 1: dollars in private sector investment. So he's just really exciting.

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Speaker 1: Folks are lining up, Moneys are coming in. Steven says,

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Speaker 1: really helping US auto manufacturers and realizing stability for investors.

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Speaker 1: Global News powered by more than twenty seven hundred journalists

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Speaker 1: and listen over one hund your twenty countries in San Francisco.

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Speaker 1: I'm at Baxter and this is Bloomberg. This is Bloomberg

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Speaker 1: Daybreak Asia. I'm Brian Curtis with Rashad's Salamat, and our

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Speaker 1: guest is Shall Lynchen, head of international at Crane, shares

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Speaker 1: with us here live on the program. So Chen, Shall Len,

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Speaker 1: I'm curious whether you think the market, the FED, and

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Speaker 1: the data are all more or less on the same page,

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Speaker 1: and if not, who's got it right? Good morning, Brian.

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Speaker 1: I think the data is telling the story, is reassuring

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Speaker 1: what is happening. Underlying companies, underlying sectors, and lying industries

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Speaker 1: are recovering, which is a great news to see. The

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Speaker 1: policies introduced sas far by the Chinese policymakers in China

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Speaker 1: domestically is working. The strong rebond from the PMI data

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Speaker 1: yesterday is confirming that stags that China not only back

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Speaker 1: on track the new orders, the new expos orders, manufacturing,

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Speaker 1: service sector, construction sector, you name it, almost all the

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Speaker 1: data are now showing at the expansionary territory. So it's

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Speaker 1: very pleased to see data is reflecting the current status

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Speaker 1: of China is now starting to recovery. Very good news

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Speaker 1: to see that shows very positively. But if it still

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Speaker 1: see it's still seasonal in nature. Is we usually take

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Speaker 1: January in February and we kind of not exactly what

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Speaker 1: the grain is salt, but you have to factor that

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Speaker 1: in January. Certainly this year that's a new year, that's

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Speaker 1: a Chinese new year. In January data February less seasonal.

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Speaker 1: But it's the good sign to me from all these

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Speaker 1: data is the return of the labor force, the return

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Speaker 1: of the small enterprise picking up in their services, in

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Speaker 1: their manufacturing activity. Those are the key drivers for Chinese

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Speaker 1: economy to continue to grow from here. Is okay from

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Speaker 1: a market perspective, though, you know, it was that data

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Speaker 1: enough to and you know other data which is positive

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Speaker 1: enough to give the markets Chinese docs the momentum to

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Speaker 1: go on upward to rejectory. Though the momentum was from

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Speaker 1: the October relaxation of the COVID and SASSAFA all the

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Speaker 1: subsequent simplified measure completely removed. That is a sentiment relief,

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Speaker 1: that is sentiment ready de catalyst for that and that's

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Speaker 1: why you see the companies get oversold, like platform company

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Speaker 1: in China namely Internet get rebounded almost ninety seven percent

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Speaker 1: to the peak of last few weeks before, and you

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Speaker 1: see a bit of a recent pullback. People are waiting

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Speaker 1: for more fundamentally, whereas the economy is at I think

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Speaker 1: the pm I obviously is not you know, reflecting the

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Speaker 1: down path, but it's giving you a good indication now

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Speaker 1: it's a reassured the investors the underlying economy is rebounding.

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Speaker 1: That is the good sign. It's almost served as a

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Speaker 1: blink as a bridge to almost lead you to more

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Speaker 1: reassured the growing evidence of the economy is doing well

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Speaker 1: down the past. So would would retail sales then be

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Speaker 1: the next really important data check or data point because

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Speaker 1: we're curious about consumption, You absolutely right. Consumption and policy

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Speaker 1: are the two key things we're going to watch very carefully.

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Speaker 1: You've got to have you got to have to have

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Speaker 1: a supporting policies to help the consumption, to help the

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Speaker 1: people living in city, to help the private firms and satisfied.

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Speaker 1: You've got to see the retail the sales and in

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Speaker 1: all aspects to see consumption, to recover labor force, to

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Speaker 1: recover even more from young people, and what it would

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Speaker 1: be the policy to support the corporate I would expect

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Speaker 1: more signal or more direction to be set NPC in

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Speaker 1: this weekend that's going to kick off, particularly tax cuts

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Speaker 1: from all aspects. Policy got to follow. Yeah, and I

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Speaker 1: think you're looking at the two peas here, are you not?

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Speaker 1: I'm yes, very much so, the people and the policy.

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Speaker 1: You absolutely right. We want to look for who would

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Speaker 1: be the new leadership for the some the key positions

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Speaker 1: Cooky senior leadership and the Chinese policy making, particularly the NPC.

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Speaker 1: We want to have the confirmation who would be the

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Speaker 1: new premiers and that's why from their their backgrounds, what's

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Speaker 1: the knowledge experience they can bring to the table when

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Speaker 1: making policies which matters for China for the next five years. Policy,

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Speaker 1: free to goal spending is absolutely the key. China needs

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Speaker 1: to stand up and they will stand up more. Is

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Speaker 1: it an over characterization that the hijin pain will put

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Speaker 1: more party functionaries in to run these businesses and the

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Speaker 1: that is a potential negative? Is that too broad a stroke?

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Speaker 1: I think you got to see who he has been

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Speaker 1: appointing was the backgrounds they bring to the tables. Has

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Speaker 1: father points is the new Foreign Minister. He had a

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Speaker 1: very ground experience of working with us. He highly regarded

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Speaker 1: He's sin as a person who can manage a big

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Speaker 1: relationship and get that zoos that that move forward more constructively.

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Speaker 1: This is Bloomberg Daybreak Gasia, your morning brief on the

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