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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg

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Speaker 1: Daybreak Asia podcast. I'm Doug Krisner. You can join Brian

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Speaker 1: Curtis and myself for the stories, making news and moving

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Speaker 1: markets in the APAC region. You can subscribe to the

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Speaker 1: show anywhere you get your podcast and always on Bloomberg Radio,

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Speaker 1: the Bloomberg Terminal, and the Bloomberg Business app.

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Speaker 2: Well.

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Speaker 1: Tomorrow a big vote for US Steel shareholders. They will

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Speaker 1: vote on the proposed sale of the company to Nippon Steel.

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Speaker 1: This deal, needless to say, is proving to be very controversial.

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Speaker 1: Let's take a closer look now with Joe Doe, Bloomberg's

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Speaker 1: Medals and Mining reporter. Joe, thanks for being with us.

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Speaker 1: Is it true that you think the greatest stumbling block

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Speaker 1: to getting this deal done is the union, the United

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Speaker 1: steel Workers? Is that a fair statement?

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Speaker 3: Yeah?

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Speaker 4: Absolutely, it is the union and it has been basically

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Speaker 4: since a few days after this deal was announced, in

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Speaker 4: the dust finally settled and people, and by people they

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Speaker 4: mean Nippon and US Steel started to realize that the

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Speaker 4: union was not going to go out quietly in this.

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Speaker 1: It's very interesting too, because from what I've read and

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Speaker 1: you're reporting. Nippon has made overtures, put things in writing

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Speaker 1: to try to allay the concerns that the union has,

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Speaker 1: talking about more capital investment in some of these older

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Speaker 1: plants in the States, along with the intention to honor

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Speaker 1: the union labor agreements. Is Nippon not done enough?

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Speaker 3: If you ask the union, they haven't.

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Speaker 4: If you ask the shareholders, they feel like Nippon has

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Speaker 4: done a lot. But I think some of the reporting

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Speaker 4: that myself and Josh Wingrove, our White House reporter, have

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Speaker 4: done over the past many months is try to find

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Speaker 4: what's in between, reading between the lines here, and I

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Speaker 4: think what's happening is Nippon feels like they've come out

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Speaker 4: and made the promises they need to to assure that

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Speaker 4: the union won't have a bunch of workers laid off

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Speaker 4: and that the mills will stay open. The problem is

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Speaker 4: they're not being specific enough right in the union.

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Speaker 3: Listen, they've seen.

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Speaker 4: A lot of jobs lost over the past, you know,

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Speaker 4: many decades, they've been through this before, and they're saying,

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Speaker 4: you know, unless you can promise us that these jobs

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Speaker 4: are going to be here and that these mills are

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Speaker 4: going to have investments, they're going to keep them around

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Speaker 4: for another generation. Right.

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Speaker 3: I was talking to a number of steel workers who.

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Speaker 4: Said this, then it's going to be really hard for

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Speaker 4: us to agree that you should.

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Speaker 3: Be the buyer.

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Speaker 1: Japanese Prime Minister of Fumiyo kishid is on a state

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Speaker 1: visit to the US. One of the things he did highlight,

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Speaker 1: even though he didn't mention this deal explicitly, he did

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Speaker 1: say that Japan has a big role in America's economy,

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Speaker 1: being the largest foreign investor. Did it strike you odd

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Speaker 1: that Keishita kind of avoided the Nippon Steel US Steel transaction.

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Speaker 4: You know, it was something that we had all been

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Speaker 4: talking about in the weeks leading up to this, whether

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Speaker 4: or not he.

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Speaker 3: Would discuss it. It seems he was.

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Speaker 4: One of the reasons that Japan didn't spend much time

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Speaker 4: dealing with this is because they did feel like there

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Speaker 4: were other matters that were probably more important on state level.

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Speaker 4: And you had also had going into this. The President

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Speaker 4: of the United States, Biden, had come out just the

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Speaker 4: month before, just a month ago, and said this has

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Speaker 4: to be American owned and operated, and I support the

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Speaker 4: American workers. So that took a major hit, Right, You

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Speaker 4: don't necessarily want to go into a diplomatic meeting in

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Speaker 4: which a president has made very clear where he stands,

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Speaker 4: only to kind of hit a brick wall on a

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Speaker 4: state visit that you know, I mean, this is these

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Speaker 4: don't come around often.

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Speaker 1: I mentioned that tomorrow US Steel shareholders is set to

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Speaker 1: vote on this proposed sale. Today, according to Politico, the

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Speaker 1: Ohio Republican Senator jd Vance says that US Deeal may

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Speaker 1: have misled show shareholders about the risk the federal government

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Speaker 1: will reject this proposed deal. What is he talking about? Exactly?

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Speaker 1: Do we know?

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Speaker 4: I'm not exactly sure what Centator Evans is getting at,

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Speaker 4: but I do know that the shareaholder vote is tomorrow.

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Speaker 4: It is expected that it will be overwhelmingly approved by

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Speaker 4: the shareholders. There's probably I was talking to a earlier today,

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Speaker 4: so there's probably going to be ninety seven, ninety eight,

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Speaker 4: ninety nine percent approval of this deal. For the shareholders,

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Speaker 4: it's a great deal, fifty five dollars a share, which

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Speaker 4: is probably ten dollars above what the highest expectation was

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Speaker 4: before this deal was announced per share.

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Speaker 3: And really after that, what.

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Speaker 4: Everybody's going to turn their eyes to next is the

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Speaker 4: sifious review right. The review by siphiuss to whether or

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Speaker 4: not there's national security concerns in this deal.

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Speaker 1: I also understand that the Department of Justice has opened

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Speaker 1: an anti trust investigation into this deal. What would the

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Speaker 1: DOJ be looking at?

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Speaker 4: Yeah, and you know, my my colleagues and I looked

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Speaker 4: into this yesterday.

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Speaker 3: And what it is is that the DOJ is.

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Speaker 4: Doing its job effectively and it is looking at the

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Speaker 4: assets that Nippon owns and it has to determine if

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Speaker 4: those assets would pose any sort of anti competitive practices

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Speaker 4: if they were to ultimately.

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Speaker 3: Succeed at buying US steel.

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Speaker 4: As we understand it, the review is looking specifically at

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Speaker 4: a joint venture mill that Nippon Steel runs with Arslar

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Speaker 4: middle which is the European steelmaker. It's the second largest

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Speaker 4: steel maker in the world, and the question is whether

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Speaker 4: or not that would have some sort of issues. The

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Speaker 4: mill itself doesn't have blast furnaces, it doesn't have it

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Speaker 4: doesn't actually produce raw steel. It rolls steel that goes

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Speaker 4: into the automotive market, the construction market.

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Speaker 3: And that is what the DOJ is looking into.

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Speaker 4: If they determine that there's anti competitive practices, you know,

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Speaker 4: they might suggest Hey, you have to sell your steak.

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Speaker 3: But I think it to be clear, it wasn't that.

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Speaker 4: This DOJ investigation is looking at the deal US Steel

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Speaker 4: and Nipon. It is looking at Nipon's ownership of a

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Speaker 4: current other mill and how that might affect anti competitive

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Speaker 4: practices if it ultimately succeeded it buying the US Steel.

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Speaker 1: So to circle back to the U Union right now,

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Speaker 1: we know that they object to this transaction going forward.

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Speaker 1: Can you imagine a world where the United steel Workers

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Speaker 1: are able to negotiate something with Nippon Steel and for

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Speaker 1: this deal to move forward, I think.

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Speaker 4: There needs to be a lot from Nippon Steel. I

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Speaker 4: think we're still deep in the throes of early negotiation.

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Speaker 4: A lot of people a month ago thought this thing

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Speaker 4: was dead. Joshuayn Grove and I are big take yesterday

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Speaker 4: through a lot of reporting we've done, especially over the

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Speaker 4: past month, show that there is still a path. The

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Speaker 4: path I think would have to be some significant promises

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Speaker 4: and specific promises from Nippon of the existing blast blast

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Speaker 4: furnace mills at US Steel which are run by unionized workers,

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Speaker 4: and specifics are like are you going to put a

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Speaker 4: hastra continuous Castor into Mont Valley, or are you going

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Speaker 4: to do some sort of power generation. What are you

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Speaker 4: going to go do to the currently idle mills like

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Speaker 4: Great Lakes and Granite City which still have union workers there.

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Speaker 4: Right now, Nippon hasn't really gone into specifics, and honestly,

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Speaker 4: it's because if you think about it, a lot of

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Speaker 4: companies when they go to buy another company, it's not

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Speaker 4: like they're doing all their due diligence before they buy

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Speaker 4: the company.

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Speaker 3: They buy the company and then they do more the

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Speaker 3: due diligence.

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Speaker 4: They decide what they're going to keep and what they're

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Speaker 4: going to upgrade, and that is really what's going on here,

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Speaker 4: right And the union's like, uh uh, nope, because we

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Speaker 4: don't want you to buy this thing and then shut

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Speaker 4: down a bunch of mills where our guys work at

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Speaker 4: after you've bought us, and then of course done your

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Speaker 4: due diligence after the fact, because then a lot of

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Speaker 4: people are left out to dry on the union side. Joe.

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Speaker 1: For the longest time, the rival steelmaker in the US,

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Speaker 1: Cleveland Cliffs, was making a play for US steal. Obviously,

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Speaker 1: the nip On bid topped what Cleveland Cliffs was attempting

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Speaker 1: to do very quickly here thirty seconds or so. If

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Speaker 1: this were to come undone, does it go to Cleveland Cliffs?

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Speaker 1: Is it that easy?

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Speaker 3: No, it's not that easy.

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Speaker 4: Cleveland Cliffs could you know, if the deal comes undone,

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Speaker 4: they could make another bid for it, but they would

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Speaker 4: still have to go through anti trust concerns.

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Speaker 3: Those were the concerns mentioned in the proxy of the deal.

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Speaker 4: Well, nip Us Steel said they think there'd have to

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Speaker 4: be about seven billion dollars of divestitures for a Cliff's

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Speaker 4: purchase to work Cliffs, I said, I think we think

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Speaker 4: it would only be two million dollars, but it's obvious

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Speaker 4: that there would be significant divests that would happen, and

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Speaker 4: if that even happened, those divestitures would directly impact the

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Speaker 4: United steel Workers.

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Speaker 1: Joe, it's always a pleasure. Thanks for making time to

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Speaker 1: chat with us on this bid on the part of

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Speaker 1: a Nippon Steel fourteen point nine billion dollar proposed merger

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Speaker 1: deal with US Steel. Jod There Bloomberg Medals and Mining

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Speaker 1: reporter joining us from here in New York City via

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Speaker 1: zoom on Daybreak Asia. Let's get to our guest from

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Speaker 1: our Hong Kong Studios. Stephen Soon is with us. Stephen

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Speaker 1: as head of research at HSBC Chianghai. He joins us

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Speaker 1: as I mentioned from our perch in HK. Good of

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Speaker 1: you to join us, Stephen, Thanks so much. We had

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Speaker 1: an interesting conversation yesterday a couple of our colleagues and

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Speaker 1: myself around some of the monthly activity data that we're

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Speaker 1: going to get next week for China, and we focused

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Speaker 1: on retail sales in particular because we're trying to understand

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Speaker 1: the health of the Chinese consumer right now. Do you

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Speaker 1: have a sense about the domestic the story on domestic

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Speaker 1: demand in China.

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Speaker 5: Thanks for having me, Douglas. This is my first Bloomberg

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Speaker 5: radio experience.

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Speaker 1: Excellent.

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Speaker 5: So yeah, it's really excited regarding you know, the consumption

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Speaker 5: grows recovery in China, I would say so far, if

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Speaker 5: you look at the festival seasons, be it the Chinese

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Speaker 5: New Year or you know, a couple of days ago,

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Speaker 5: the Chimming Festival or tomb sweeping festival. In general, the

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Speaker 5: service related and also catering related consumption grows have surprised

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Speaker 5: on the upsite and actually quite strong. So that's a

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Speaker 5: good side of the story, right, But it's really a

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Speaker 5: case shaped recovery, if you will. On the native side,

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Speaker 5: you also have, excuse me, the property related consumption items

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Speaker 5: fairly fairly weak here and probably that you can also

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Speaker 5: differentiate between the big ticket item and the small ticket item.

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Speaker 5: And then that's why in general there's still insufficient you know,

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Speaker 5: domestic demand. And as a result of that, the government

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Speaker 5: brought up this issue at the two sessions. They talk

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Speaker 5: about how they're going to roll out a trade in

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Speaker 5: replacement subsidy programs in the coming days. As late as yesterday,

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Speaker 5: I think one of the officials run DRC talked about

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Speaker 5: how Ministry of Commerce is actually actively preparing the document

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Speaker 5: and could be released in the coming days.

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Speaker 1: Is that the cash for clunkers program? I think it's

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Speaker 1: being called that the replacement of certain household appliance, furniture,

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Speaker 1: things of that nature.

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Speaker 5: Yes, the program will cover a wide range of consumer goods.

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Speaker 5: You know, you would have a cash for clunker on

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Speaker 5: the auto side. You would also have subsidy trade in

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Speaker 5: replacement for home appliance, home furlishing for instance, on the

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Speaker 5: auto side. That's really you know, quite exciting because if

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Speaker 5: you look at China, they have like you know, over

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Speaker 5: probably three hundred million cars on the road, and out

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Speaker 5: of that eleven million autos they don't really meet with

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Speaker 5: the emission standard these days. I either fairly old standards

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Speaker 5: and out of that eleven million, you have seven million

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Speaker 5: units that's older than fifteen years. I either have pretty

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Speaker 5: much reached that scrappage you know time. So we don't

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Speaker 5: know the details yet, i e. The magnitude of subsidy,

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Speaker 5: but in principle it should be coming from i e.

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Speaker 5: The central government, local government, and the auto OEM's for instance.

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Speaker 5: So yeah, hopefully you know, this could be mature enough,

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Speaker 5: which you know, I think it's quite hopeful to turn

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Speaker 5: around the story.

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Speaker 1: Well, auto sales, what.

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Speaker 5: You know, we were talking about single digit, probably one

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Speaker 5: to two percent decline this year, but with the new program,

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Speaker 5: most likely this could turn positive.

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Speaker 1: I'm glad you're bringing up the ev issue because there's

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Speaker 1: this sense that there is still so much excess capacity

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Speaker 1: when it comes to electric vehicles. I know it's something

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Speaker 1: that the Europeans are concerned about, and recently when Treasury

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Speaker 1: Secretary Yellen was in China, she talked more broadly just

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Speaker 1: about the state of industrial overcapacity, but just as it

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Speaker 1: relates to electric vehicles. Are you concerned that China is

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Speaker 1: still at a level right now that's going to require

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Speaker 1: a lot more consolidation and maybe that brings with it

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Speaker 1: a little bit more pain.

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Speaker 5: Yes, I noticed the recent Yellen visit in China. Both

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Speaker 5: sides clearly exchanged their views very frankly. So the definition

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Speaker 5: of over capacity, I think, you know, each side probably

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Speaker 5: has their own definition, right, you know, from Chinese perspective.

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Speaker 5: It just talked about the US perspective, so if I could,

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Speaker 5: if I may, the China perspective is that the Chinese manufacturers,

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Speaker 5: they are entitled to produced for global consumers. So that's

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Speaker 5: really where the difference is, you know, are whereas you

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Speaker 5: know Yellen when she talked about the old capacity, she

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Speaker 5: probably was referring to comparing to domestic consumption. Every single year,

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Speaker 5: the auto sales in China is about eighteen to twenty

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Speaker 5: million cars, but the capacity is significantly big than that,

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Speaker 5: and hence, you know the difference between two countries, and

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Speaker 5: also the RENWT tension between China and EU as well.

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Speaker 1: So help me understand where China is right now in

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Speaker 1: this AI revolution. I mean, we've focused a lot about

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Speaker 1: the American companies that are leading in this field, whether

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Speaker 1: it's an AI proper or some of the beneficiaries like

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Speaker 1: the chip manufacturer in video. Where is China in this

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Speaker 1: process of moving into the new stage of artificial intelligence.

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Speaker 5: Yeah, frank speaking, it's pretty tough for China, right while

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Speaker 5: the US has very strict export restrictions in terms of

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Speaker 5: the type of cheaps AI related chips they can get.

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Speaker 5: So the computation power side certain, you know, China is

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Speaker 5: significantly hand decapped. And then that's why in terms of

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Speaker 5: the foundation models, that's pretty much all coming out of

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Speaker 5: you know, the Silicon Valley. But the good thing is that, yeah,

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Speaker 5: a majority of the foundation model we have seen so far,

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Speaker 5: you know, choose to do open source, which you know

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Speaker 5: could help Chinese software companies, you know, I T companies

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Speaker 5: to quickly you know adapt and playing the uh the

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Speaker 5: catch up, especially in the AI agent you know, i E.

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Speaker 5: Application side of things.

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Speaker 1: Okay, Steven, it was a pleasure to have you on

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Speaker 1: the program. Congratulations you did so well on your first

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Speaker 1: visit with us here on day breakas Steven Soon, head

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Speaker 1: of research at HSB Chianghai, joining us from our studios

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Speaker 1: in Hong Kong, our guest from our studios in Singapore.

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Speaker 1: Prashant Bayani asac Io at BNP Paraba Wealth Management. Prashant,

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Speaker 1: thank you so much for being with us. We were

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Speaker 1: just talking a moment ago about this taped reading on

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Speaker 1: overall economic activity in Singapore. Let's begin there. What's your

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Speaker 1: view on how well the Lion City is doing economically

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Speaker 1: these days?

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Speaker 2: Yeah, if we look at lead indicators, I know the

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Speaker 2: GDPs just touch under expectations this morning, but thinking about

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Speaker 2: Singapore is a very open economy, of course, and if

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Speaker 2: you look at Taiwan, Korea, other export data is starting

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Speaker 2: to pick up. If you look at China, pmis in particular,

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Speaker 2: the exports that came out just last week were also

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Speaker 2: a bit better than expected. So I think from that side,

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Speaker 2: Singapore was start to benefit in the second half of

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Speaker 2: the year as we see a manufacturing recovery, and of

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Speaker 2: course uspmis as well. Ism is above fifty on the

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Speaker 2: manufacturing side. On the domestic side, of course, we've had

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Speaker 2: to get through the GST and a little bit of

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Speaker 2: a blip in inflation, so that we'll see, but we

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Speaker 2: think unemployments, low consumer spending will continue. So overall we

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Speaker 2: have a relatively constructive view on growth for the second

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Speaker 2: half of the year for Singapore.

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Speaker 1: I'm glad you mentioned China. Next week we'll get the

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Speaker 1: monthly activity data for the latest period. Talk to me

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Speaker 1: a little bit about your understanding of the reliance that

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Speaker 1: the Singaporean economy has on China. Is that beginning to

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Speaker 1: decouple in any.

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Speaker 2: Way I mean Singapore? Of course, yes, there is a

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Speaker 2: very strong trade relationship with China or the US, other

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Speaker 2: parts of osion including Malaysia, so that's going to continue.

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Speaker 2: It hasn't materially changed, but I think where we've seen

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Speaker 2: flows create volatility was of course during COVID and the

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Speaker 2: tourism flows which now are picking up with airline airflight

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Speaker 2: capacity picking up within the region, so that is a help.

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Speaker 2: I think overall, Singapore's position is solidified, of course through

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Speaker 2: COVID in terms of as a regional financial center. Furthermore,

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Speaker 2: when we think about global growth, it is very geared.

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Speaker 2: So we just look at the Taiwan export data, we

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Speaker 2: look at the Korean export data, and we look at

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Speaker 2: lead indicators like orders to inventory in China, and there

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Speaker 2: is a correlation between that and Singapore export data. And

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Speaker 2: Singapore course has a strong electronics semiconductor industry as well,

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Speaker 2: so we are very much in Singapore reliant on some

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Speaker 2: of the other countries in the region, and of course

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Speaker 2: and demand in the West.

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Speaker 1: So when it comes to the West, you're managing money

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Speaker 1: or at least guiding people who have wealth in the

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Speaker 1: APAC region where to put their money to work. How

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Speaker 1: are you viewing the US these days?

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Speaker 2: Yeah, overall we've actually been overweight global equities, believe in

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Speaker 2: it since October twenty two when it was not a

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Speaker 2: consensus call. So we made a good stuck our next out.

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Speaker 2: We didn't get our next cut off luckily, but overall

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Speaker 2: within the US we're being more selective on sectors. So

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Speaker 2: the key is, you know, the MAG seven or Mag

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Speaker 2: four stocks are really driven returns last year and of

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Speaker 2: course even year to date, but you're starting to see

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Speaker 2: if you look under the surface, from say mid January

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Speaker 2: late January onward, others sectors outperforming. Was the key is

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Speaker 2: to go higher? We felt for the US market we

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Speaker 2: need to see a broadening of sector performance. So if

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Speaker 2: you look at energy, look at materials, you look at healthcare,

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Speaker 2: look at industrials, these kind of sectors actually have high

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Speaker 2: the low double digit high single digit returns here to date,

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Speaker 2: and we think that we need that broadening for the

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Speaker 2: market to go higher. And indeed that's what drove the

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Speaker 2: markets in the last six weeks, and tech took a

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Speaker 2: little bit of a breather. So overall, we think we're

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Speaker 2: sector driven. And of course last year you could have

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Speaker 2: been overweight the US, but if you're underweight tech, you

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Speaker 2: would have underperformed. Flip side Now is we think, yes,

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Speaker 2: we're we might be neutral tech, but we'll overweight some

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Speaker 2: of the sectors we just spoke about.

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Speaker 1: So is that based on an understanding of the role

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Speaker 1: that the American government is playing right now and trying

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Speaker 1: to stimulate the economy the themes that you just laid out,

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Speaker 1: and I'm hearing you know, maybe evs, maybe infrastructure, healthcare

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Speaker 1: is in there as well. I mean, is this are

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Speaker 1: you making a connection between what the federal government and

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Speaker 1: the is doing and how it may be impacting the economy.

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Speaker 2: That's correct. In my career, we've not seen this level

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Speaker 2: of fiscal stimulus from the US government when unemployment's below

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Speaker 2: four percent, simple as that. So that does have a

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Speaker 2: knock on impact on the economy. Construction, if you look

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Speaker 2: at manufacturing, construction CAPEX in the US, it's really almost

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Speaker 2: like a hockey stick in terms of compared to the

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Speaker 2: last twenty years. So yes, of course that plays a

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Speaker 2: role in terms of some of the sectors we spoke

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Speaker 2: about on the reshoring side and just general construction and

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Speaker 2: fiscal stimulus, so it has some impact. And of course

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Speaker 2: these sectors also were viewed at their old economy sectors

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Speaker 2: and last year with all the focus on AI, which

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Speaker 2: of course long term were bullish on as well, these

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Speaker 2: sectors were left behind. So you know, it reminds me

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Speaker 2: a little bit and I'm showing my age, but you know,

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Speaker 2: coming out of two thousand, we don't think we're in

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Speaker 2: a tech bubble like two thousand, but we saw a

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Speaker 2: lot of value sectors become cheap by March of two thousand,

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Speaker 2: So there is something that the fiscal side does help

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Speaker 2: some of those sectors.

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Speaker 1: So when it comes to AI, maybe you know, bubble

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Speaker 1: is an extreme way of describing what we have seen,

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Speaker 1: and I don't necessarily think that it's what people are

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Speaker 1: describing it is, but I think there's a big question

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Speaker 1: mark when it comes to the ROI for the companies

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Speaker 1: that are investing in products, let's say made by Nvidia.

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Speaker 1: They're building out these data centers. The expectation here is

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Speaker 1: that they can begin training their AI models on whatever

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Speaker 1: data they choose. But the question is whether or not

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Speaker 1: there's going to be a benefit, whether the level of

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Speaker 1: productivity justifies the expense. Is that fair and is something

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Speaker 1: maybe that you're concerned about.

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Speaker 2: Yes, I mean you hit the nail on the head.

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Speaker 2: It's clear there are productivity benefits. Of course, it could

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Speaker 2: take maybe longer than we think. There's a lot of

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Speaker 2: studies on, you know, initially what the prote events could be,

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Speaker 2: but it's still too early to say. But it's very

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Speaker 2: clear that these technologies do have both efficiency benefits and

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Speaker 2: even top line benefits. So if you remember the metaphse,

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Speaker 2: there was a similar hype at that time, but that

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Speaker 2: that disappointed somewhat in its rollout period. This is a

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Speaker 2: little bit different because it creates efficiencies on this services sector.

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Speaker 2: It's not just manufacturing sector, so that's a little bit different.

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Speaker 2: So companies, as you know, they're lean and mean, they're

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Speaker 2: focused on return on investment, so they're going to experiment

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Speaker 2: and there'll be some i'm sure disappointments, but overall we

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Speaker 2: think there are benefits longer term, but this plays out

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Speaker 2: over three, five, ten years, the productivity benefits that come

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Speaker 2: from AI, and of course the rate of change is accelerating.

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Speaker 2: But at the same time we'll learn things as things

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Speaker 2: are rolled out as well that we need to improve.

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Speaker 1: So Prime Minister Keishada is in the States talking to

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Speaker 1: President Biden yesterday at the White House. They unveiled at

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Speaker 1: kind of some kind of cooperation as it relates to

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Speaker 1: artificial intelligence. Prashanta very quickly here when it comes to Japan,

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Speaker 1: is the play something related to technology or is it?

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Speaker 1: Is it different?

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Speaker 2: Yeah, I mean Japan we've been overweight as well for

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Speaker 2: a long time. I think it's both. Japan has a

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Speaker 2: strong semiconductor tech industry, but we also like the domestic

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Speaker 2: economy for economic rebound inbound tourism both and also improving

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Speaker 2: corporate governance now which is well advertised. But you are

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Speaker 2: seeing record SHPE share buyback levels in Japan, so we

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Speaker 2: think for stop pickers it's a great place. Still.

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Speaker 1: Pshaw, it was a pleasure to have you on the program.

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Speaker 1: I hope it is a productive day for you in

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Speaker 1: Allion City. Prashant Bayani, who is the CIO for Asia

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Speaker 1: at BNP perry By Wealth Management. Coming to us from

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Speaker 1: our studios in Singapore. This has been the Bloomberg Daybreak

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Speaker 1: Asia podcast, bringing you the stories making news and moving

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00:23:36,720 --> 00:23:40,320
Speaker 1: markets in the Asia Pacific. Visit the Bloomberg Podcast channel

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00:23:40,359 --> 00:23:43,440
Speaker 1: on YouTube to get more episodes of this and other

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Speaker 1: shows from Bloomberg. Subscribe to the podcast on Apple, Spotify,

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00:23:47,840 --> 00:23:50,800
Speaker 1: or anywhere else you listen and always on Bloomberg Radio,

438
00:23:50,880 --> 00:23:54,320
Speaker 1: the Bloomberg Terminal, and the Bloomberg Business App.