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Speaker 1: a closer look now at the ten said story and
Speaker 1: also while we're add it, look ahead to the earnings
Speaker 1: from Ali Baba. Robert Lee is with us. He is
Speaker 1: Bloomberg Intelligence senior analyst, joining us from our studios in
Speaker 1: Hong Kong. Robert, thank you so much. Talk to me
Speaker 1: about the way in which you saw the ten cent results.
Speaker 1: What do we know now that we didn't before?
Speaker 2: Okay, thanks for having me on. Good question. Expectations into
Speaker 2: ten Cents results were quite high. It was well known
Speaker 2: that their gaming business was seeing a renaissance, largely driven
Speaker 2: by you know, very stellar strength coming through one particularly
Speaker 2: particular title called d NF Mobile, and indeed that's what
Speaker 2: they delivered on so the gaming on the gaming front,
Speaker 2: they actually came in the head of expectations and that
Speaker 2: they adjusted operating income level they were seven percent head
Speaker 2: benefiting from a low attacks rate. Overall, they were close
Speaker 2: to twenty percent ahead at the bottom line, so these
Speaker 2: were very strong numbers. So whilst expectations were high, you know,
Speaker 2: they did smash on most metrics. I think the only
Speaker 2: area of potential medium term concern is their fintech business.
Speaker 2: Fintech which they're lumping with their cloud computing business. Cloud
Speaker 2: is quite small for them. By the way, did miss
Speaker 2: expectations on the top line for the second quarter on
Speaker 2: the row and there are you know, read a cross
Speaker 2: to the state of consumer health within the Chinese economy there.
Speaker 2: But again I think that was anticipated, well known and
Speaker 2: that business actually beat at the margin level due to
Speaker 2: a mixshift and with some cost cutting. So overall, you know,
Speaker 2: I think they were good numb.
Speaker 1: These days, when you talk about the cloud, you talk
Speaker 1: about artificial intelligence usually, is that the case with ten Cent?
Speaker 3: Now?
Speaker 2: Yeah, I think compare and contrast with a lot of
Speaker 2: their local peers or even peers you know in the
Speaker 2: US or whatever parts of the world they've really been playing.
Speaker 2: I would describe it the long game in AI. It's
Speaker 2: been conspicuous. You know, the lack of comment on AI
Speaker 2: in their earnings release is really conspicuous compared to a
Speaker 2: lot of others. I mean, absolutely, they're investing in AI,
Speaker 2: They've got a cloud business. There's a lot of steady
Speaker 2: investment going on there, but their focus is more on
Speaker 2: areas they can generate a more immediate return. So I
Speaker 2: think actually that's to their benefit. And given the way
Speaker 2: we see that the whole AI and cloud story evolving
Speaker 2: at the moment, and particularly in China, there are price
Speaker 2: wars in both sectors, I might add, which some people
Speaker 2: may not be aware of. So I think in taking
Speaker 2: a sort of longer term view, in taking a sort
Speaker 2: of slow and steady pace and not being caught up
Speaker 2: with the hype and hyperbole, I think that really been
Speaker 2: to that benefit. And they're clearly delivering in the other
Speaker 2: coueries of the business.
Speaker 1: You were talking a moment ago about the weakness and
Speaker 1: the Chinese consumer. That really shouldn't come as much of
Speaker 1: a surprise, but I'm curious as to whether or not
Speaker 1: there are variations across different demographics. I mean, if I'm
Speaker 1: talking about gaming, I'm thinking in my own mind that
Speaker 1: you're looking a little bit at the younger crowd, and
Speaker 1: maybe they have a little bit more spending capacity. I
Speaker 1: don't know. I mean, is there some differentiation across the demographics.
Speaker 2: Again, we could talk about this for a long time.
Speaker 2: There are a few contradictory factors here, because I think
Speaker 2: it's well known the level of youth unemployment is in
Speaker 2: China is actually quite high. However, I think, you know,
Speaker 2: and as the father of a teenage son myself, I
Speaker 2: think he would spend his last dime on games. You know,
Speaker 2: games is probably the sole focus of his life at
Speaker 2: the moment. You know, he is dating that he's a
Speaker 2: bit ahead of his dating games. So once he discovers
Speaker 2: the other members of the opposite sex, perhaps things will change.
Speaker 2: But I think, yeah, gaming is a major pastime in China,
Speaker 2: as with much of Asia, and yes it is mainly
Speaker 2: a younger demographic, but there are the odd people sort
Speaker 2: of closer to our age that indulge in it as well.
Speaker 2: But the slowdown on the Chinese consumer side has been
Speaker 2: known for some time, and I think how Tencent compares
Speaker 2: or contrast with Ali Barbar is Ali Baba as far
Speaker 2: more exposed to big tick, the purchase of big ticket items,
Speaker 2: whereas a lot of Tencent's fintech business is more revolves
Speaker 2: around day to day spend, spending on lunches, coffees, taxes,
Speaker 2: that type of thing, and you might argue that's less
Speaker 2: discretioning nature, it's more essential and therefore should hold up
Speaker 2: a little bit better in relative terms in a consumer
Speaker 2: in a slow and consumer environment. So again, it doesn't
Speaker 2: make it immune from slow in consumer strength, but as
Speaker 2: I said, I think it makes it slightly more resilient.
Speaker 2: But from our point of view, the key thing is
Speaker 2: the margin on that side was ahead.
Speaker 1: So I'm glad you brought up Ali Baba because tomorrow
Speaker 1: more in US before the Opening Bill, will get the
Speaker 1: numbers the ADRs will trade, I guess before the shares
Speaker 1: in Hong Kong. Is there anything that we should know
Speaker 1: about what Baba has been up to and what we
Speaker 1: may learn tomorrow?
Speaker 2: Okay, very briefly, I mean strategically, they were going to
Speaker 2: spin off their businesses a year ago that ended a
Speaker 2: one hundred and eighty degree about turn on that they
Speaker 2: have been putting huge effort into try and stabilize and
Speaker 2: regrow their market share, having come under you know, intense
Speaker 2: competition from low cost disruptors like Sheen and Timu. So absolutely,
Speaker 2: I would imagine we should see evidence of them, as
Speaker 2: I said, stabilizing or regaining some share, but at what
Speaker 2: cost to the margin. So I think that's the big
Speaker 2: risk point or danger point that people should focus on there.
Speaker 2: You know, it's it's intensely competitive, and again given the
Speaker 2: backdrop of slow and consumer growth, so there's a risk
Speaker 2: that they could miss on margin front. And also from
Speaker 2: their strategic point of view, they AI and cloud computing
Speaker 2: as the core drivers of their future growth. As I
Speaker 2: mentioned a moment ago, both those sectors are locked in
Speaker 2: pretty vicious price wars at the moment, so again there's
Speaker 2: a potential negative margin impact there.
Speaker 1: It's very interesting because we were talking about kind of
Speaker 1: the e commerce side of the business. I'm equally curious
Speaker 1: about what's going on with digital media and entertainment at
Speaker 1: Ali Baba. Since we were talking kind of about the
Speaker 1: game market in China. Is the same trend going to
Speaker 1: show up when you're talking about kind of the pullback
Speaker 1: and spending, is it going to show up in digital
Speaker 1: media and entertainment as well?
Speaker 2: So I guess again sort of focus more on the
Speaker 2: game front or even some of the streaming service. So
Speaker 2: there's a company called it which is essentially the Netflix
Speaker 2: of China. You may say, yes, but these en markets
Speaker 2: have built out very rapidly in the last ten to
Speaker 2: fifteen years, and there there are a sort of saturated
Speaker 2: point at the moment. So the growth out look with
Speaker 2: Annam isn't particularly you know, bullish, I would say, And
Speaker 2: again they are subject to slow in consumer So we
Speaker 2: are seeing heightened levels of competition in those sectors as
Speaker 2: companies fight it out again to either retain their market
Speaker 2: share or build market share, and I think, you know,
Speaker 2: to the detriment of margin again, So that's a trend
Speaker 2: we're seeing on that media and entertainment side as well.
Speaker 2: So I guess the question is, you know, where are
Speaker 2: real growth drivers in China at the moment. I think
Speaker 2: AI will ultimately evolve into one, but you know, given
Speaker 2: we're locked in a price or at the moment, no
Speaker 2: one's going to make profit this year or next in it.
Speaker 1: Yeah, I don't know if you saw this in the
Speaker 1: US station, we learned that Michael Burry further increased his
Speaker 1: stake in Ali Baba while at the same time interestingly
Speaker 1: reducing his overall equity portfolio in half. That's quite a
Speaker 1: dramatic cut. Did that happen during Q two very quickly? Here, Robert,
Speaker 1: When we talked about ten Cent in the past and
Speaker 1: Ali Baba, there was always this looming cloud of a
Speaker 1: little bit more on the regulatory front. Is that dissipated
Speaker 1: completely very quickly?
Speaker 4: Okay.
Speaker 2: Buzzword of the year has been new productive forces. The
Speaker 2: Chinese government looks to the tech sector as a major
Speaker 2: driver of future economic growth. Ali Baba and Tencent are
Speaker 2: the two largest companies with bi edance and Huawei's.
Speaker 1: Way as well.
Speaker 2: They're stalwarts of the economy. There therefore need to be
Speaker 2: on good relations with them. Therefore, the regulatory environment and
Speaker 2: outlook is more stable and should remain that way.
Speaker 1: Robert, it's always a pleasure. Thanks for making time to
Speaker 1: chat with us here on debreak Asia. That is Robert Lee,
Speaker 1: a Bloomberg Intelligence senior analyst, joining us from Hong Kong.
Speaker 1: Looking at what we heard today from ten Cent and
Speaker 1: what we may hear tomorrow from Ali Baba. Let's bring
Speaker 1: in Kyu Jin, she's in Beijing. Good of you to
Speaker 1: join us, aren't you normally based in London?
Speaker 4: I am except for the summer holidays.
Speaker 1: All right, are you having a good summer in China?
Speaker 4: Very hot as you can imagine.
Speaker 1: So what's your view on the economy? How well is
Speaker 1: it doing? Just anecdotally.
Speaker 5: Anecdotally and whether it's in the data or anecdotes or
Speaker 5: micro level or macro level, it's all doing pretty pretty
Speaker 5: poorly compared to China's economic potential.
Speaker 1: So you're based in London, and I'm sure you're being
Speaker 1: very good about keeping up with a lot of the
Speaker 1: economic indicators. Is it worse than you imagine?
Speaker 5: It is getting even worse than we had previous expected.
Speaker 5: And of course I speak frequently to policymakers and to entrepreneurs,
Speaker 5: and I spend a third of my time in China,
Speaker 5: so you.
Speaker 4: Feel that on the ground.
Speaker 5: It's particularly frustrating, given that I still believe there are
Speaker 5: lots of things that can be done to save the economy,
Speaker 5: to put the economy on a very normal path, which
Speaker 5: is going to be pretty good, given that there's so
Speaker 5: much untapped potential. I mean, China's nowhere near done with
Speaker 5: economic reforms or economic growth, moving it along to the
Speaker 5: kind of more rich income status. I think the approximate
Speaker 5: factors which we talk about is really real estate dragging.
Speaker 4: Down investment, dragging down confidence.
Speaker 5: But I think there's also been a deeper issue at
Speaker 5: the heart of this, which is a shift away from
Speaker 5: economics as front and center objective into other issues like
Speaker 5: national security and social considerations.
Speaker 1: One of the things that I was just thinking about
Speaker 1: today this move on the part of the central bank
Speaker 1: to do what may have been called in the version
Speaker 1: that we got in the United States and in Europe,
Speaker 1: quantitative easing. How well is that working, or maybe why
Speaker 1: isn't it.
Speaker 5: Well? If you look at the Chinese economy, it's not
Speaker 5: so the overall economy. That's to say, it's not as
Speaker 5: sensitive to interest rate cuts, and so there's room to cut,
Speaker 5: and you know you can do that further. But monetary
Speaker 5: policy has been less and less effective over the last
Speaker 5: few years, and part of the reason comes bound back
Speaker 5: to a fundamental institutional.
Speaker 4: Constraint, which is the financial system.
Speaker 5: If you look at the structure of financial system, many
Speaker 5: institutions are state related, state bank dominant, and they prefer
Speaker 5: to land to state enterprises. So when you actually get
Speaker 5: to get the credit to where it's most needed, and
Speaker 5: the interest rate cuts, the real economy. That's to say,
Speaker 5: the private enterprise, small medium firms, their cost of capital
Speaker 5: is extremely high, so it doesn't really work for them,
Speaker 5: but they are the ones that need or are sensitive
Speaker 5: to these interest rate costs.
Speaker 1: Is there a real risk if there's going to be
Speaker 1: a protracted problem with deflation and the type of situation
Speaker 1: that it will be extremely difficult from which to emerge.
Speaker 5: Well, Currently the deflation is primarily driven by food prices
Speaker 5: to a certain extent, and we're not seeing the kind
Speaker 5: of the repeated patterns of ultimate deflationary trends quite some yet. Yes,
Speaker 5: if this prolongs, prolongs for a more period of time,
Speaker 5: longer period of time, then there could be an overall
Speaker 5: level of deflation, which the government is trying to counter.
Speaker 5: If you look at more specifically the service sector that's
Speaker 5: actually doing pretty okay, there's a greater demand in services.
Speaker 5: If you look at the recent performance of the Chinese economy,
Speaker 5: whatever has to do with outward oriented economic sectors like exports,
Speaker 5: like manufacturing, like high tech, it's doing okay. Wherever it's
Speaker 5: related to internal demand issues, it's much much weaker. I
Speaker 5: wouldn't worry about deflation just yet. But again, a longer
Speaker 5: and more sustained period of time that becomes a real problem.
Speaker 1: Should we be concerned about a lost generation of young
Speaker 1: people in China?
Speaker 5: Possibly, but I would say that that's also global phenomenon
Speaker 5: as well. The high unemployment rate currently is still a cyclical,
Speaker 5: potentially a cyclical phenomenon. I think that if you look
Speaker 5: at the number of jobs that are available, there are
Speaker 5: still many, many jobs available in manufacturing, something like twenty
Speaker 5: five million until twenty twenty five, hundreds of thousands of
Speaker 5: talent gap in semiconductors. But there's really a skill education mismatch.
Speaker 5: These young children our study a lot, their parents spend
Speaker 5: a lot of money financing their education. They can't find
Speaker 5: the jobs they want because structure of the economy is
Speaker 5: not geared towards them. To open up the service sectors
Speaker 5: promote vocational training education, and I think we can avoid that.
Speaker 1: You were talking a moment ago about the government spending
Speaker 1: heavily on kind of military hardware and the like. I
Speaker 1: know you're an economist by training, but to what extent
Speaker 1: is geopolitics now becoming a factor, not just in terms
Speaker 1: of building up military hardware, but in the possibility that
Speaker 1: we could be looking at or China could be looking
Speaker 1: at some new tariffs from the US.
Speaker 5: All of that, Joe political ships have really shaped the
Speaker 5: direction of the Chinese economy, focusing on high tech. And
Speaker 5: this is not just the military aspect of it, but
Speaker 5: also the pursuit of technological independence because there's an existential
Speaker 5: fear not only the Chinese government also Chinese enterprises that
Speaker 5: they will be cut off from the critical components that
Speaker 5: are needed, that they need, and so there's been a
Speaker 5: focus on a high tech and innovation. Of course that
Speaker 5: is not big enough despite its success in China to
Speaker 5: offset the real estate downball and of course.
Speaker 4: Terrafs that's going to be a looming theme.
Speaker 5: But we're seeing lots of trade organization from dam to
Speaker 5: Mexico and other potential places to counter some of.
Speaker 4: That trade tension.
Speaker 1: Great conversation, Thank you so much, Kayu Jin from Beijing
Speaker 1: joining us here. We'll have to have you back for
Speaker 1: some more conversation. And her book is The New China Playbook.
Speaker 1: It's a worthwhile read. You can get that at your
Speaker 1: local bookstore. Jamie Bathmurray is chief financial officer at Creative Planning,
Speaker 1: joining us from Kansas City. So are you a Chiefs fan,
Speaker 1: I would I would hope, I would imagine that the
Speaker 1: answer is yes, right.
Speaker 6: Oh, absolutely, born and raised, lived all over the world,
Speaker 6: lived in Asia. But being a NC Chiefs fan hearing
Speaker 6: the Taylor swift is juicing the revenue by thirty percent,
Speaker 6: yet you have to love it.
Speaker 1: Yeah, that's right. So when you look at the equity
Speaker 1: trade right now, what's going to juice the returns for
Speaker 1: the equity market?
Speaker 3: Yeah, I mean what typically juices the returns?
Speaker 6: I mean keeping calm and carrying on and taking advantage
Speaker 6: of volatility brought on by others in their panic selling.
Speaker 6: I mean specifically in the Asian markets. Obviously the dislocation
Speaker 6: that occurred last Monday in the carry trade, the yin
Speaker 6: carry trade, and really, you know what happened then is
Speaker 6: what's kind of at the core of our overall investment philosophy,
Speaker 6: that the traders, the short term traders, are punished, but
Speaker 6: long term investors can actually benefit from it, using to
Speaker 6: volatility to actually rebalance move money from more conservative assets
Speaker 6: into aggressive assets, not making a specific market call, but
Speaker 6: just that redeployment from a conservative bucket to an aggressive bucket.
Speaker 6: When markets have these occasional dislocations like this that we
Speaker 6: haven't seen in several years. It usually works out in
Speaker 6: the short run, and it always works out in the
Speaker 6: long run. And again we're happy to report that it
Speaker 6: did work out in the short run here and we
Speaker 6: had four of the best trading days of the year
Speaker 6: right on the heels of the volatility. So the hot
Speaker 6: dot is it's always keeping calm and carrying on when
Speaker 6: others are dislocated because of fear greed.
Speaker 1: We heard from a former BOJ member in the last week.
Speaker 1: He was saying that the BOJ is probably not going
Speaker 1: to be able to move until next March. So if
Speaker 1: you accept that notion, give mere sense of how well
Speaker 1: the Japanese economy is performing right now and whether or
Speaker 1: not there's a risk that things deteriorate.
Speaker 6: Yeah, I mean being you know, the very you know,
Speaker 6: a localized issue became a very global macro issue. So
Speaker 6: it's kind of forcing the bo j's hand as they
Speaker 6: were finally kind of making an adjustment of this zero
Speaker 6: bound or negative bound interest rate environment that they've been
Speaker 6: they've been in for for decades. You know, it's kind
Speaker 6: of going against the grain of global central banks. You know,
Speaker 6: the need to you know, reduce interest rates, but now
Speaker 6: that kind of been forced to be put on hold.
Speaker 6: So yes, it's really really it can be a challenge.
Speaker 6: It could still out the economy more after we finally
Speaker 6: see momentum and in seeing kind growth and especially growth
Speaker 6: in that the equity markets that we hadn't seen in
Speaker 6: quite some time.
Speaker 3: So so yeah, these.
Speaker 6: Macro concerns are are kind of forcing their hand, pushing
Speaker 6: them into a corner that would lead to further deterioration
Speaker 6: in the overall market.
Speaker 1: And the number of conversations that I've had on this
Speaker 1: program with guests that know Japan very well point to
Speaker 1: the problems in China and they make that connection as
Speaker 1: long as China remains weak, Japan is going to be
Speaker 1: hurt by that. Would you agree with that? Imagine you would.
Speaker 3: To an extent.
Speaker 6: Yes, But you know, again again speaking for our particular
Speaker 6: client base, you know, we manage approximately three hundred and
Speaker 6: fifty billion dollars in assets, and everything we do is
Speaker 6: driven by the historical, empirical data and academic research, and
Speaker 6: so we want that global presence. We're actually encouraging clients
Speaker 6: to stay in the international markets, stay in the emerging markets.
Speaker 6: You're not running from them, not not chasing the hot
Speaker 6: dots of domestic technology. And yes, well while mainland China's
Speaker 6: suffering some policies, you know, the policies that could be
Speaker 6: you know, argued as non growth oriented, they're not the
Speaker 6: alpha dog they were before. I mean you factoring kind
Speaker 6: of you know, the em world is kind of becoming
Speaker 6: more more ulti pooler. And yes, you know mainland Chine
Speaker 6: dominated just a few years ago, but you know, India's
Speaker 6: caught up, got on parody, Taiwan's caught up, gotten parody,
Speaker 6: and so you know, a really healthy kind of diversification
Speaker 6: play within that. And so hopefully even though mainland China's
Speaker 6: set version in Japan being so close to the world's
Speaker 6: second largest economy, I feel like the flows to other
Speaker 6: markets kind of within that segment or at least comfort
Speaker 6: with our investors, and we're encouraging them to maintain or
Speaker 6: extend those positions. We'll hopefully be seeing as the positive
Speaker 6: and not nearly a dependent at mainland China as it
Speaker 6: has been on the path. And again, just the overall
Speaker 6: dynamic of emerging market indexes in those other markets catching up.
Speaker 6: I think his testament to hopefully be able to reduce
Speaker 6: that overall dependence.
Speaker 1: So away from EM, how are you feeling about the
Speaker 1: US And if you could talk to me about the
Speaker 1: proportion of EM relative to let's say, US domestic equities,
Speaker 1: I mean, what's the balance for you right now?
Speaker 6: Yeah, I mean we, as I mentioned, we let the historical,
Speaker 6: empirical data and academic research try to drive all of
Speaker 6: our decision making in the public markets. Really just trying
Speaker 6: to avoid you know, that hot dot chasing.
Speaker 3: You know, it's like.
Speaker 6: That that that that friend that's always wearing the hottest
Speaker 6: trends or you know, working at you know, you know,
Speaker 6: the the hot store of the buckles, you know, and
Speaker 6: you know that late nineties had frosted tips hair and
Speaker 6: then constantly changing. Well, you're just chasing the trend of
Speaker 6: the moment, and you're probably losing out on the accreted
Speaker 6: value of prudence over long run. And so we're telling
Speaker 6: our clients stick with it. Yes, it has been the
Speaker 6: decade of large cap domestic US growth, but again, success
Speaker 6: is measured in decades, not a ten year period, not
Speaker 6: a five year period.
Speaker 3: And I'm shorter than that, and you know, you only
Speaker 3: have to step back to.
Speaker 6: The decade before you kind of the first decade of
Speaker 6: the New millennium where for an entire ten year period,
Speaker 6: the S and P five hundred was down about ten percent,
Speaker 6: you know, large cap growth. Domestic US large cap growth
Speaker 6: was down a full thirty three percent. Yeah, well, emerging
Speaker 6: markets was up almost two hundred percent. Small caps are
Speaker 6: up one hundred percent. So you have to keep calm,
Speaker 6: you know, not chase the hot dot, and make sure
Speaker 6: you have a globally diversified portfolio based upon global market capitalization.
Speaker 1: But to be fair, everyone has their own individual time horizons,
Speaker 1: and we may not have ten years. I may need
Speaker 1: to capture, you know, a return let's say in half
Speaker 1: that period of time. Let's say I'm looking at five
Speaker 1: years out before. You know, is a part of my
Speaker 1: calculus in decision making when you consider the AI trade.
Speaker 1: I mean, that's really been a big part of the
Speaker 1: narrative here in the States for much of twenty twenty four.
Speaker 1: Is this something that you still think and in terms
Speaker 1: of the way that you analyze trends and look at
Speaker 1: the fundamentals, all the research that you bring to the table,
Speaker 1: do you still buy into AI?
Speaker 3: Well, again, the trends, like those hot dots they come
Speaker 3: and go. What's vogue today is out of fashion tomorrow.
Speaker 6: You know. Well, when disco was hot and it was
Speaker 6: you know, the eighties and it was ground you know,
Speaker 6: listening to the pearl jam.
Speaker 3: Moving on from there, and so the hot dot is
Speaker 3: always changing.
Speaker 6: So you just can't get you cannot get married to
Speaker 6: whatever the hot dot of the moment is. Yes, you
Speaker 6: participate in it, but you don't you're not beholden to
Speaker 6: the individual names. You know, just right before we came on,
Speaker 6: you guys were referencing Cisco's earnings. Well, Cisco is still
Speaker 6: essentially seventy percent below it's it's it's market peak during
Speaker 6: the last technology bubble we had, but the overall markets
Speaker 6: are up hundreds of percents over that time. And so
Speaker 6: you ride the waves of the momentum. Yes, you know,
Speaker 6: you know, is will AI you know, materially move move
Speaker 6: the economy the world forward maybe regardless, you know it,
Speaker 6: just just as the Internet, you know again, eventually moved
Speaker 6: the world forward. But there were these moments where it
Speaker 6: was challenged at the time period and not getting focused
Speaker 6: on the individual names will win out one hundred percent
Speaker 6: of time over long run.
Speaker 1: We'll leave it there, Jamie, always a pleasure. Thanks for
Speaker 1: joining us. Jamie Batmar, who is a Chief investment officer
Speaker 1: at Creative Planning, joining us from Kansas City. This has
Speaker 1: been the Bloomberg Daybreak Asia podcast, bringing you the stories
Speaker 1: making news and moving markets in the Asia Pacific. Visit
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