WEBVTT - SVB's Senate Hearing and Alibaba's Split

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<v Speaker 1>This is Bloomberg Daybreak Asia for this Wednesday, March twenty

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<v Speaker 1>ninth in Hong Kong, Tuesday March twenty eighth in New

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<v Speaker 1>York and coming up today, top US financial officials outlined

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<v Speaker 1>what is likely to be the biggest regulatory overhaul of

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<v Speaker 1>the banking sector in years. Micron Technology gives a better

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<v Speaker 1>sales forecast than analysts had feared, and Ali Baba announces

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<v Speaker 1>plans to split its empire into six business units. A

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<v Speaker 1>US warship docs in South Korea for the first time

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<v Speaker 1>in sixty years. North Korean hackers posing as journalists gather

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<v Speaker 1>international intelligence. Biden says chip production must be done on

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<v Speaker 1>the US. I'm at Baxter with Global News. That's all

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<v Speaker 1>straight ahead on Bloomberg Daybreak Asia, the business news you

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<v Speaker 1>need to start your day in just one fifteen minute

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<v Speaker 1>podcast available on Apples, Spotify, the Bloomberg Business app and

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<v Speaker 1>everywhere you get your podcasts. Good morning, I'm Doug Prisoner

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<v Speaker 1>and I'm Brian Curtis. Here are the stories we're following today.

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<v Speaker 1>Top US financial officials outline what's likely to be the

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<v Speaker 1>biggest regulatory overhaul of the banking sector in years. That

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<v Speaker 1>Vice share for Supervision. Michael Barr, FDIC Chairman Martin Gruenberg,

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<v Speaker 1>and Treasury Undersecretary for Domestic Finance Nelly Leung all testified

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<v Speaker 1>before a Senate panel. They brought forth an initiative aimed

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<v Speaker 1>at addressing underlying issues that contributed to the collapse of

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<v Speaker 1>Silicon Valley Bank and other US lenders. Michael Barr outlined

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<v Speaker 1>future steps we need to move forward with our work

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<v Speaker 1>to improve the resilience of the banking system, including the

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<v Speaker 1>Basel three endgame reforms, a long term debt requirement for

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<v Speaker 1>large banks, and enhancements to stress testing with multiple scenarios.

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<v Speaker 1>We must also explore changes to our liquidity rules and

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<v Speaker 1>other reforms to improve the resilience of the financial system.

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<v Speaker 1>So a lot being considered here. Martin Gruenberg called for

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<v Speaker 1>serious attention to the capital requirements for the secure these

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<v Speaker 1>portfolios of banks with assets at higher than one hundred

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<v Speaker 1>billion dollars. He also said the FDIC would lay out

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<v Speaker 1>options for potential changes to deposit insurance coverage. At the

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<v Speaker 1>moment it's capped at two hundred and fifty thousand dollars. Well.

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<v Speaker 1>The founder of the crypto exchange FTX Sam Bankman Freed,

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<v Speaker 1>is facing more criminal charges. He is now accused of

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<v Speaker 1>conspiring to bribe Chinese government officials. That story from Bloomberg's

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<v Speaker 1>Denis Pellegrini. Prosecutors alleged bankman Freed authorize bribing at least

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<v Speaker 1>one Chinese official with at least forty million dollars worth

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<v Speaker 1>of cryptocurrency in twenty twenty one, and the prosecutors say

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<v Speaker 1>this was all part of an attempt by bankman Freed

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<v Speaker 1>to get the officials to unfreeze accounts at Almeter Research,

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<v Speaker 1>a Hong Kong based trading firm affiliated with FTX. Those accounts,

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<v Speaker 1>they say held more than a billion dollars in cryptocurrency.

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<v Speaker 1>With this new charge of conspiracy to violate the Foreign

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<v Speaker 1>Corrupt Practices bankmen Freed now faces thirteen criminal accounts. He's

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<v Speaker 1>already pleaded not guilty to fraud related to bankrupt FTX

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<v Speaker 1>and Alameda. He's out unbailed. Trial scheduled for October. Denise

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<v Speaker 1>Peligudy Bloomberg day Breakasia, China's online commerce leader Ali Baba

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<v Speaker 1>announced plans to split its Empire into six business units.

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<v Speaker 1>The move free ump the company's main divisions from e

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<v Speaker 1>commerce and media to the cloud to operate with far

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<v Speaker 1>more autonomy. It also lays the foundation for future spinoffs

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<v Speaker 1>and market debuts. We heard earlier from Bloomberg Stephen Engel,

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<v Speaker 1>ali Baba has gone from an eight hundred billion valuated

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<v Speaker 1>company down to about two hundred and twenty billion, So

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<v Speaker 1>now they're going to kind of be reshuffled. Is this

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<v Speaker 1>at government order? We don't know. Is it going to

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<v Speaker 1>unlock more value than the pre breakup, if you will,

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<v Speaker 1>or pre at breakup? We don't know yet, a lot

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<v Speaker 1>of questions to be answered. Ali Baba's shift to a

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<v Speaker 1>holding company structure is rare for major Chinese tech firms,

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<v Speaker 1>and it could present a template for Ali Baba's peers

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<v Speaker 1>through China. Decentralizing Ali Baba's business lines and decision making

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<v Speaker 1>power also addresses one of Beijing's primary goals during it's

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<v Speaker 1>sweeping crackdown on the tech sector that was launched a

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<v Speaker 1>couple of years back. Ali baba eightrs closed fourteen point

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<v Speaker 1>three percent higher. But Steve's point, if you look at

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<v Speaker 1>the shares, they're trading around eighty four dollars and twenty

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<v Speaker 1>five cents in Hong Kong. They topped out over three hundreds,

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<v Speaker 1>So that's why a company that used to have an

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<v Speaker 1>eight hundred billion dollar valuation is now down in the

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<v Speaker 1>two hundred's done well after the bell Here in the US,

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<v Speaker 1>we heard from Micron Technology. The company gave a forecast

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<v Speaker 1>for the current quarter better than some analysts had feared.

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<v Speaker 1>That story from Bloomberg's Charlie Pellett, Micron is the largest

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<v Speaker 1>American maker of memory chips, and the quarter is sparking hope,

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<v Speaker 1>but the worst of a brutal industry slump maybe over.

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<v Speaker 1>Micron said sales will be as much as three point

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<v Speaker 1>nine billion dollars in the fiscal third quarter. That compares

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<v Speaker 1>with an average of analysts estimates of three point seven

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<v Speaker 1>five billion. CEO Sonja Morotra said customer inventories are getting better,

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<v Speaker 1>and we expect gradual improvements to the industry's supply demand balance.

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<v Speaker 1>The forecast suggests the memory chip market may be poised

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<v Speaker 1>for a comeback after a rough stretch. In New York,

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<v Speaker 1>Charlie Pellett Bloomberg Daybreak, Asia, AMC shares rose more than

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<v Speaker 1>thirteen percent after the Intersect website reported that Amazon is

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<v Speaker 1>weighing a possible acquisition of the movie theater chain. AMC

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<v Speaker 1>has struggled financially as consumers have returned slowly to cinemas

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<v Speaker 1>after the pandemic. Bloomberg's Tom Giles says acquiring AMC would

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<v Speaker 1>be a win for Amazon. Amazon wants to make a

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<v Speaker 1>splash in Hollywood. They are spending more and more money

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<v Speaker 1>on big production shows and movies, and if you wanted

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<v Speaker 1>a traditional outlet for distribution of those movies as people

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<v Speaker 1>tentatively come back to theater, this is one way they

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<v Speaker 1>could do it. The Intersect website said that AMC theaters

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<v Speaker 1>could serve as a platform for the twelve to fifteen

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<v Speaker 1>movies that Amazon plans to release in cinemas every year.

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<v Speaker 1>I'm Brian Curtis along with Doug Krisner. Paul Allen will

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<v Speaker 1>join us in a few moments. So a big move

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<v Speaker 1>here by Ali Baba Doug. It gets a little bit

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<v Speaker 1>more interesting though, when we think about other big Chinese

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<v Speaker 1>tech companies. Ten Cent was up eight percent, JD up

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<v Speaker 1>four percent. On the one hand, they might benefit as

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<v Speaker 1>well in unlocking value. But on the other you know,

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<v Speaker 1>this move could provide a lots stiffer competition for these companies.

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<v Speaker 1>Some of the other companies by these specialized Boba Units

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<v Speaker 1>Bloomberg Intelligence said, for instance that may twine and C

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<v Speaker 1>might struggle a little bit. I would say this, no

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<v Speaker 1>matter what, Hong Kong looks to benefit from a lot

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<v Speaker 1>of lucrative IPOs coming, and I'd expect Hong Kong Exchanges

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<v Speaker 1>in clearing to probably do well in today's session. I

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<v Speaker 1>would say that's a safe at the other thing to

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<v Speaker 1>think about when it comes to competition, maybe this is

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<v Speaker 1>what Beijing would like to see because in that environment

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<v Speaker 1>of tougher competition, that's where the innovation comes. And I

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<v Speaker 1>think the government has already acknowledged the fact that innovation

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<v Speaker 1>is needed in order to drive the next level or

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<v Speaker 1>level of recovery in the Chinese economy. So maybe maybe

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<v Speaker 1>that's part of the design here. Brian. Yeah. And the

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<v Speaker 1>other big story that we obviously rolled out, and I'll

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<v Speaker 1>just pose a question to you and you can have

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<v Speaker 1>fun trying to answer it. Does the market want to

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<v Speaker 1>see more regulation of the banks or more punishment of

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<v Speaker 1>those who get themselves in trouble? Well, I think the

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<v Speaker 1>market probably was well prepared for the idea that we're

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<v Speaker 1>going to see tougher regulation, particularly for some of these

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<v Speaker 1>MidCap banks that have been flying underneath that two hundred

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<v Speaker 1>and fifty billion dollars level that was set when Dodd

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<v Speaker 1>Frank was revisited a couple of years back. So the

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<v Speaker 1>conversation now not only from Michael Barr, who is the

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<v Speaker 1>Vice Chair of Supervision at the FED, but Mark Gruenberg,

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<v Speaker 1>who is the Chair of the FDIC, talking about banks

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<v Speaker 1>with assets over one hundred billion needing serious attention. So

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<v Speaker 1>I think now that the market is kind of embracing

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<v Speaker 1>this idea and really, if at the end of the

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<v Speaker 1>day it means greater stability for the financial system, than

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<v Speaker 1>I think a number of people are going to be

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<v Speaker 1>on board with that. I think a lot of people

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<v Speaker 1>would also like to see more of a separate look

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<v Speaker 1>at regulation and supervision. Regulation is one thing, and they

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<v Speaker 1>may have to write some new laws, but the supervision

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<v Speaker 1>is something that should be like on an ongoing basis

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<v Speaker 1>and maybe should have gotten out in front of what

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<v Speaker 1>the management at Silicon Valley Bank was doing. It's something

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<v Speaker 1>that we can try to unlock further with our guest.

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<v Speaker 1>We have Christina Hooper coming up, chief Global market Strategist

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<v Speaker 1>at Invesco, and we'll be taking a closer look at

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<v Speaker 1>the markets now it's time for global news. Well, for

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<v Speaker 1>the first time in sixty years, a US Navy warship

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<v Speaker 1>has dopped at a South Korean port at Baxter has

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<v Speaker 1>Global News in the nine sixty. Newsman San Francisco ed,

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<v Speaker 1>yeah right, Brian, the US has an over seventy year

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<v Speaker 1>relationship history, but yes, it has been sixty years. Carrier

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<v Speaker 1>USS limits is in boosts on harbor as the two

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<v Speaker 1>nations carry on military drills and international waters. Captain Craig

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<v Speaker 1>Cicola says, an important mission if pour call reflects the

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<v Speaker 1>mutual interest and the share goals between our countries, just

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<v Speaker 1>to maintain peace, your dialogue and diplomacy. This is North

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<v Speaker 1>Korea has been banging the drum on growing nuclear capabilities. Meanwhile,

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<v Speaker 1>suspected North Korean hackers are posing as journalists and trying

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<v Speaker 1>to gather intelligence about international officials posing as journalists. From

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<v Speaker 1>the Voice of America, US President Joe Biden is kicking

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<v Speaker 1>off his Investing in America tour, making remarks at a

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<v Speaker 1>factory in North Carolina that he says is lined up

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<v Speaker 1>to make semiconductors. He says, Republicans are content with the

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<v Speaker 1>work being done elsewhere. You want to see our clean

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<v Speaker 1>energy future to China to make his dependent and overseas

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<v Speaker 1>supplies and supply chains, export jobs overseas, weaken our energy security.

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<v Speaker 1>And meanwhile, Biden also talked about getting an assault weapons

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<v Speaker 1>ban passed in Congress. Last year, we came together to

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<v Speaker 1>pass the most significant gun safety legislation in thirty years.

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<v Speaker 1>It was bipartisan. We got it done, and don't tell

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<v Speaker 1>me we can't do more together. So I again call

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<v Speaker 1>on Congress to pass the Sloman's Man about Republican Senator

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<v Speaker 1>John Tone says this is not the right time with

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<v Speaker 1>Nashville happening yesterday with respect to any discussion of legislation.

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<v Speaker 1>It's premature. There's an ongoing investigation, and I think we

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<v Speaker 1>need to let the facts come out fact well. Nashville

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<v Speaker 1>police chief says an investigation shows that the perpetrator owned

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<v Speaker 1>seven illegally purchased weapons, including semi automatic. Three of those

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<v Speaker 1>weapons were used yesterday doing the horrific tragedy that happened,

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<v Speaker 1>and says she was under mental healthcare programs. The wide

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<v Speaker 1>ranging hearings on the banking crisis who've been talking about

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<v Speaker 1>today brought to the four again long time bank regulation

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<v Speaker 1>critic Senator Elizabeth Warren showed what she said was an

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<v Speaker 1>example of lacks regulations. Xaminers were asking too many questions

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<v Speaker 1>that they should quote let us know, end quote. Now

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<v Speaker 1>there's a banking regulator who makes it clear that she

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<v Speaker 1>is there to serve the big banks instead of the

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<v Speaker 1>American public. Now, Warren wants to make sure that regulations

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<v Speaker 1>are changed for any bank holding more than one hundred

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<v Speaker 1>billion dollars in assets. Ukraine has a new voice for

0:11:35.960 --> 0:11:38.920
<v Speaker 1>its attack warning systems. Now, I want to let you know.

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<v Speaker 1>This is a demonstration. Okay, a demonstration. Now the voice

0:11:42.720 --> 0:11:54.320
<v Speaker 1>is that of Luke Skywalker, Mark Hamill. Attention, air raid alert.

0:11:54.840 --> 0:11:59.599
<v Speaker 1>Proceed to the nearest shelter. Don't be careless. Your overconfidence

0:11:59.679 --> 0:12:03.600
<v Speaker 1>is your weakness. And then the all clear. Attention, the

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<v Speaker 1>air alert is over. May the force be with you. Indeed,

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<v Speaker 1>Global News powered by more than twenty seven hundred journalists

0:12:11.320 --> 0:12:13.920
<v Speaker 1>and analysts and over one hundred and twenty countries. In

0:12:14.080 --> 0:12:18.440
<v Speaker 1>San Francisco, I'm at Baxter and this is Bloomberg. Let's

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<v Speaker 1>get to our guest. Christina Hooper joins US chief Global

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<v Speaker 1>market Strategist at Invesco. Christina, the market must be doing

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<v Speaker 1>something right here in that it would appear that both

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<v Speaker 1>the bulls and the bears are kind of equally frustrated.

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<v Speaker 1>They're not getting their way. They're not but perhaps that's

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<v Speaker 1>a good thing, certainly better than some of the alternatives. Right.

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<v Speaker 1>The reality is there is a fair amount of confusion

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<v Speaker 1>about where the economy is going from here, are we

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<v Speaker 1>passed this mini banking crisis? And what will the FED

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<v Speaker 1>do going forward? So I think it's fair to expect

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<v Speaker 1>this kind of market environment. That's a question that we

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<v Speaker 1>actually should be putting to you, not you, Why do

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<v Speaker 1>you answer it? While you're at it? It was rhetorical,

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<v Speaker 1>but yes, So my expectation is that we're likely to

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<v Speaker 1>see the FED hike rates one more time now. I

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<v Speaker 1>think there's probably a slightly more than fifty percent chance

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<v Speaker 1>of that, and of course they are data dependent, so

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<v Speaker 1>that could change. But then I would expect the Fed

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<v Speaker 1>to hold it does not want to cut rates, and

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<v Speaker 1>unless we see a very significant deterioration in the US economy,

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<v Speaker 1>I don't think they will cut rates, at least not

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<v Speaker 1>in the next several months. Now. Of course, what happens

0:13:45.240 --> 0:13:50.400
<v Speaker 1>with markets, I think markets will get more comfortable the

0:13:50.480 --> 0:13:55.240
<v Speaker 1>more distance we have from the last banking issue that

0:13:56.200 --> 0:13:58.959
<v Speaker 1>popped up on. The more distance we have from that,

0:13:59.040 --> 0:14:02.640
<v Speaker 1>and once we get to a FED pause, I think

0:14:02.880 --> 0:14:05.160
<v Speaker 1>markets are going to start to look out and start

0:14:05.160 --> 0:14:11.520
<v Speaker 1>to anticipate in economic recovery next year and could move

0:14:11.600 --> 0:14:15.959
<v Speaker 1>into more of a risk on stance. That's certainly not

0:14:16.040 --> 0:14:19.880
<v Speaker 1>the case today, but that could change now. I do

0:14:19.960 --> 0:14:25.479
<v Speaker 1>think the economy experiences a downturn, possibly a mild recession

0:14:25.520 --> 0:14:27.360
<v Speaker 1>in the back half of this year, but I don't

0:14:27.440 --> 0:14:29.960
<v Speaker 1>think it's a deep recession. I don't think it's a

0:14:29.960 --> 0:14:34.440
<v Speaker 1>broad based recession, and I think we see an economic

0:14:34.480 --> 0:14:37.440
<v Speaker 1>recovery in twenty twenty four, just as markets are likely

0:14:37.480 --> 0:14:41.200
<v Speaker 1>to discount. And where do you stand on the inflation question?

0:14:41.320 --> 0:14:44.360
<v Speaker 1>Do you feel that the fight is getting towards the end,

0:14:44.360 --> 0:14:46.640
<v Speaker 1>the things are coming under control, especially when you consider

0:14:46.680 --> 0:14:49.080
<v Speaker 1>the lagging impact of the right hinks we've seen so far.

0:14:49.480 --> 0:14:52.360
<v Speaker 1>I think it's all about the lagging impact. I think

0:14:52.400 --> 0:14:57.320
<v Speaker 1>the FED is going to be satisfied enough with progress.

0:14:57.520 --> 0:15:00.560
<v Speaker 1>This is not going to be perfect. It's not going

0:15:00.600 --> 0:15:03.920
<v Speaker 1>to be an immaculate disinflation, but I do think we're

0:15:03.960 --> 0:15:06.640
<v Speaker 1>going to see significant progress this year, and it's going

0:15:06.720 --> 0:15:10.680
<v Speaker 1>to be enough to satisfy the Fed, hence the change

0:15:10.720 --> 0:15:14.160
<v Speaker 1>in position and the move to a pause. And speaking

0:15:14.160 --> 0:15:17.200
<v Speaker 1>of rhetorical questions, one that I pose to Doug earlier,

0:15:17.280 --> 0:15:19.480
<v Speaker 1>perhaps you heard it. Do you think the market wants

0:15:19.480 --> 0:15:21.960
<v Speaker 1>to see more regulation of the banks here or would

0:15:22.000 --> 0:15:25.760
<v Speaker 1>they rather see more punishment of those who get themselves

0:15:25.760 --> 0:15:30.800
<v Speaker 1>in trouble. I don't think the market wants much more regulation,

0:15:30.880 --> 0:15:33.960
<v Speaker 1>but I think it's willing to tolerate smart regulation, and

0:15:34.040 --> 0:15:37.359
<v Speaker 1>so that's hopefully what we'll ultimately get. You know, sometimes

0:15:37.360 --> 0:15:41.320
<v Speaker 1>with regulation you can get overkill that's not very smart.

0:15:41.880 --> 0:15:47.320
<v Speaker 1>So I'm hoping for smart regulation that is both forward

0:15:47.440 --> 0:15:52.400
<v Speaker 1>looking and of course reacting to what's happened. Yeah, in

0:15:52.520 --> 0:15:55.280
<v Speaker 1>terms of regulation, there's quite a lot. If we take

0:15:55.320 --> 0:15:58.360
<v Speaker 1>a look at the dog Frankek for example, that's two thousand,

0:15:58.600 --> 0:16:02.479
<v Speaker 1>three hundred pages long. There are four hundred rules and mandates.

0:16:03.280 --> 0:16:06.320
<v Speaker 1>Is a question of there being enough regulation or perhaps

0:16:06.320 --> 0:16:09.760
<v Speaker 1>maybe too much, and is it not being enforced correctly? Well?

0:16:09.800 --> 0:16:12.240
<v Speaker 1>I think that if you were to write a post

0:16:12.280 --> 0:16:15.440
<v Speaker 1>mortem on Dodd Frank, you'd largely say that it was

0:16:15.480 --> 0:16:20.560
<v Speaker 1>a success in terms of really addressing kind of the

0:16:20.680 --> 0:16:27.680
<v Speaker 1>key issues that impacted and caused the global financial crisis. Now,

0:16:28.480 --> 0:16:32.000
<v Speaker 1>one could argue and make a very good argument that

0:16:32.080 --> 0:16:34.400
<v Speaker 1>it was overkilled, that there was a lot more to

0:16:34.480 --> 0:16:36.680
<v Speaker 1>it than was necessary. But I think a lot of

0:16:36.680 --> 0:16:41.560
<v Speaker 1>the key elements have helped improve the environment and prevented

0:16:41.600 --> 0:16:45.560
<v Speaker 1>the kind of crisis we saw in two thousand and

0:16:45.600 --> 0:16:48.880
<v Speaker 1>seven through two thousand and nine. So Bloomberg listeners are

0:16:48.920 --> 0:16:53.000
<v Speaker 1>smart people. One in particular has a million dollars safely

0:16:53.080 --> 0:16:56.440
<v Speaker 1>tucked into four different accounts at banks. But once to

0:16:56.520 --> 0:16:59.480
<v Speaker 1>know what the Christina Hooper Blue Ribbon call is to

0:16:59.520 --> 0:17:02.040
<v Speaker 1>do with that money? Now, well, it all depends on

0:17:02.040 --> 0:17:04.479
<v Speaker 1>your time horizon, but I'm assuming that they have a

0:17:04.560 --> 0:17:07.639
<v Speaker 1>long time horizon, and so I would say it is

0:17:07.760 --> 0:17:12.879
<v Speaker 1>time to really think about one's exposure to a broad

0:17:12.960 --> 0:17:16.800
<v Speaker 1>array of asset classes. So certainly it's nice to have

0:17:17.119 --> 0:17:20.720
<v Speaker 1>keep one of those buckets in cash for now, but

0:17:20.880 --> 0:17:25.680
<v Speaker 1>start deploying the others into equities. I'm excited about equities

0:17:25.680 --> 0:17:29.359
<v Speaker 1>outside the US, particularly Asia em in this environment. I

0:17:29.400 --> 0:17:33.080
<v Speaker 1>think that China reopening is going well, and I think

0:17:33.119 --> 0:17:37.400
<v Speaker 1>it's going to exceed many people's expectations for this year,

0:17:37.400 --> 0:17:40.040
<v Speaker 1>and that will be a positive that will have a

0:17:40.040 --> 0:17:44.480
<v Speaker 1>halo effect for Asia EM in general within fixed income

0:17:44.560 --> 0:17:48.840
<v Speaker 1>investment grade credit. In terms of the emerging markets position,

0:17:48.920 --> 0:17:51.680
<v Speaker 1>we still have a persistently strong US dollar that would

0:17:51.840 --> 0:17:54.439
<v Speaker 1>rather way on EM. Do you see that changing? I

0:17:54.440 --> 0:17:58.000
<v Speaker 1>do think that's going to change, certainly. The US dollar

0:17:58.080 --> 0:18:03.480
<v Speaker 1>strength is typically a function of three things, right, interest

0:18:03.600 --> 0:18:10.000
<v Speaker 1>rate differentials, growth differentials, and of course the perceived need

0:18:10.359 --> 0:18:13.399
<v Speaker 1>for a safe haven asset class like the US dollar.

0:18:13.840 --> 0:18:16.879
<v Speaker 1>So we've gone through some difficult times recently, but I

0:18:16.880 --> 0:18:20.080
<v Speaker 1>would anticipate that as we move through the year that

0:18:20.240 --> 0:18:23.560
<v Speaker 1>is likely to change and we won't see the dollar

0:18:23.640 --> 0:18:27.040
<v Speaker 1>astrong okay in forty five seconds. This big move by

0:18:27.080 --> 0:18:30.960
<v Speaker 1>Ali Babat. Does that set a template for even American

0:18:31.280 --> 0:18:34.560
<v Speaker 1>big tech companies. Well, I certainly think there are technology

0:18:34.640 --> 0:18:42.720
<v Speaker 1>companies out there thinking about how to unleash opportunities, unleash

0:18:42.840 --> 0:18:45.800
<v Speaker 1>interests and excitement. I don't know if we're going to

0:18:45.880 --> 0:18:49.440
<v Speaker 1>see many follow that same path, but I'm sure it's

0:18:49.480 --> 0:18:53.960
<v Speaker 1>a consideration right now as it should be. This is

0:18:54.000 --> 0:18:56.760
<v Speaker 1>Bloomberg Daybreak Asia, your morning brief on. This story is

0:18:56.760 --> 0:18:59.920
<v Speaker 1>making news from Hong Kong to Singapore and Wall Street.

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<v Speaker 1>Look for US on your podcast feed every day on Apple, Spotify,

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<v Speaker 1>listen live each day on Bloomberg eleven three zero in

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<v Speaker 1>New York, Bloomberg ninety nine one in Washington, Bloomberg one

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<v Speaker 1>and Bloomberg dot Com. I'm Brian Curtis and I'm Doug Prisoner.

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<v Speaker 1>Join us again tomorrow for all the news unique to

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