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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Daybreak Asia podcast. I'm Doug Prisner.

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Speaker 2: You can join Brian Curtis and myself for the stories,

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Speaker 2: making news and moving markets in the APEC region. You

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Speaker 2: can subscribe to the show anywhere you get your podcast

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Speaker 2: and always on Bloomberg Radio, the Bloomberg Terminal, and the

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Speaker 2: Bloomberg Business App. I'm Doug Prisoner in New York along

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Speaker 2: with my colleague Mary Nicola. M Live strategists joining us

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Speaker 2: from Singapore. Tim mow is with us. He is the

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Speaker 2: chief Asia Pacific Regional equity strategist at Goldmund Sechs. He's

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Speaker 2: on the line from the Lion City.

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Speaker 3: Tim.

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Speaker 2: Always a pleasure. Can we talk about Ali Baba not

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Speaker 2: specifically as a company, but in the context of what's

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Speaker 2: happening on the mainland where there seems to be a

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Speaker 2: bit of positivity related to ire AI. However, when you

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Speaker 2: look at e commerce, things are not great.

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Speaker 4: Well, first of all, thanks for having me on. I

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Speaker 4: think that in many ways the question you've asked is

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Speaker 4: is emblematic of what is taking place in the Chinese

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Speaker 4: equity market, and fundamentally so, I'd say just Stepping back,

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Speaker 4: the broader picture is that the platform companies in general

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Speaker 4: are reporting decent earnings, better earnings certainly than many other

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Speaker 4: parts of the market, so in larger terms it's.

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Speaker 3: A bright spot.

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Speaker 4: Ali Baba's numbers were somewhat softer, for example, than ten cents.

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Speaker 4: Ronald Coom, who's our Internet analysts, has been writing extensively

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Speaker 4: about this and has lots more detail which we can

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Speaker 4: share with you perhaps another time. But the key point

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Speaker 4: is that I think the underlying spending and appetite for

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Speaker 4: consumption in China certainly is soft and.

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Speaker 3: Under under pressure.

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Speaker 4: That has led to people trading down to greater focus

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Speaker 4: on conserving expenditure. Household savings remains well above thirty percent

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Speaker 4: household savings percent of household income, and I think that's

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Speaker 4: all a reflection of subdued risk appetite, which is a

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Speaker 4: function of the fact that the economy has slowed and

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Speaker 4: that people are feeling perhaps less secure about either current income.

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Speaker 4: There's a wealth effect from property, and also we see

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Speaker 4: some concerns about job stability, so all that is led

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Speaker 4: to trading down, which of course then filters through to

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Speaker 4: a focus on cheaper products, and that's compressing margins, and

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Speaker 4: we've seen that show up in a abob's numbers, So

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Speaker 4: I think that's really sort of the broader narrative.

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Speaker 3: Which is taking place.

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Speaker 1: Tim. This is Mary and Singapore. Just a question on

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Speaker 1: how do you see how do you see the earnings

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Speaker 1: outlook for this quarter and for the next quarter as

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Speaker 1: well in China.

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Speaker 3: Sure.

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Speaker 4: So, we actually just published a piece yesterday and we've

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Speaker 4: taken our numbers down for the onshore so called ashare

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Speaker 4: market down to six percent earnings growth for the full

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Speaker 4: year this year. That's pretty meanfully below consensus. We're somewhat

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Speaker 4: more constructive on the offshore segment, but still below consentus there,

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Speaker 4: we're about eight percent for the offshore MBSCI China index

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Speaker 4: as compared to six percent for the CSI three hundred

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Speaker 4: onshore A share index.

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Speaker 3: Consensus is still up in the low.

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Speaker 4: Teens and we think is unrealistically high.

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Speaker 3: I'd say maybe the better.

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Speaker 4: News from equity market perspective is that the buyside investors

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Speaker 4: that we speak with generally.

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Speaker 3: Are in tune with our numbers.

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Speaker 4: So even though we think there may be some further

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Speaker 4: downgrades to consensus sell side earnings numbers, we think that's

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Speaker 4: pretty well in the price, and in fact, if you

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Speaker 4: look at China's valuations as of the closed yesterday, the

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Speaker 4: MCI index is trading at eight point eight times forward

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Speaker 4: PE and the CSI two hundred trading at ten point nine,

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Speaker 4: and those are about a standard deviation below the longer

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Speaker 4: term means. So market certainly is pricing a lot of

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Speaker 4: concern and negativity, but I think we really need to

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Speaker 4: see the underlying earning stabilize and come through in order

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Speaker 4: to see the market regain its footing and regain uppertraction.

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Speaker 2: So yesterday is I'm sure you are well aware, Tim,

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Speaker 2: and we had the monthly activity data for July. Industrial

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Speaker 2: output was up at a rate to annual rate of

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Speaker 2: around five to one, a little bit below what we

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Speaker 2: had in June. I think that increase was five to three.

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Speaker 2: One of the things that has been a bright spot,

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Speaker 2: and I'm curious to get your take on whether it's

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Speaker 2: going to continue, is the export economy in China. Do

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Speaker 2: you expect it to hold up.

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Speaker 5: Well?

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Speaker 4: The quick answer is yes, But you also raise an

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Speaker 4: important point, which is that China is currently tracking somewhat

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Speaker 4: below but roughly in line with its about five percent

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Speaker 4: policy declared growth intention. However, as Kwai Shan as our

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Speaker 4: chief China economist and our ECON team will broadly have

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Speaker 4: been noting that growth is imbalanced, and the question you

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Speaker 4: raise is the appropriate.

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Speaker 3: One, which is that the export.

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Speaker 4: Side of the economy is doing quite well, whereas a

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Speaker 4: domestic demand economy, which is your previous question related to

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Speaker 4: Ali Baba, is still quite soft. So we really think

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Speaker 4: that there needs to be a greater sense of policy

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Speaker 4: support Darisa urgency in terms of supporting domestic demand. Now,

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Speaker 4: there has been some effort to lean in that direction

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Speaker 4: in a variety of ways to support domestic consumption, but

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Speaker 4: we think that more is needed, especially in the context

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Speaker 4: of the undeniable exports success which China is enjoying. But

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Speaker 4: that comes of course at a time when there may

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Speaker 4: be more pushback from the company from the countries that

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Speaker 4: are receiving China's exports, given the currency of political environment

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Speaker 4: and the desire to protect domestic market. So if China

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Speaker 4: is if the overall plan or intention is to repeat

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Speaker 4: the success of say twenty years ago, in the period

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Speaker 4: following china succession to the WTO in December of two

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Speaker 4: thousand and one, following which China enjoyed very significant market

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Speaker 4: share gains externally, which then drove very significant economic growth.

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Speaker 4: It's unlikely that that playbook will be able to be

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Speaker 4: repeated to the same extent in the current environment. That

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Speaker 4: again cycles us back to the need to support domestic demand.

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Speaker 1: Shifting gears a little bit to Japan equities. We've seen

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Speaker 1: extreme moves over the past week or so. Do you

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Speaker 1: think that we climb back to the highs or do

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Speaker 1: you see a deeper correction that is coming through in Japan.

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Speaker 4: Well, you asked a great question, because I was actually

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Speaker 4: just looking at that this morning, and here are some

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Speaker 4: numbers that I think are very helpful to keep in

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Speaker 4: mind that Japan, looking at the Topics Index, basically corrected

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Speaker 4: twenty four percent from the July high to the low

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Speaker 4: on Monday last week, and then it since recovered. As

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Speaker 4: of last as the essays closed about twenty percent from

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Speaker 4: that low and still down about nine or six percent

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Speaker 4: from that previous peak. So there's been significant and severe volatility.

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Speaker 4: The greatest or the second greatest one day fall last Monday,

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Speaker 4: down twelve percent. The bottom line here is that we

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Speaker 4: remain constructive on Japan equities. We think that they got

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Speaker 4: significantly oversold because of position onminding and the much discussed

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Speaker 4: Japanese and carry trade, and some crowd of form positioning

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Speaker 4: in some of the leading index stocks.

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Speaker 3: But we think a lot of that is cleared.

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Speaker 4: There's some evidence, a decent amount of evidence that the

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Speaker 4: Bank Carria trade, at least the more expecutive part of it,

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Speaker 4: is unwound to a pretty consequential degree. And I think

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Speaker 4: if we focus ourselves again on the core fundamentals, which

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Speaker 4: are that earnings growth has come in actually quite strongly

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Speaker 4: for the first two quarters of calendar year twenty twenty four,

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Speaker 4: we're looking at high single digit earnings growth for this

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Speaker 4: year and for next. The topics or topicsit this got

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Speaker 4: down to twelve point two times forward earnings.

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Speaker 2: Tim Mo from Goldman Sachs, Thanks so much. This is Bloomberg.

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Speaker 2: This is Bloomberg Daybreak, Bekasia. I'm Doug Chrisner at the

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Speaker 2: Bloomberg Interactive Broker Studio in New York, along with my

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Speaker 2: colleague Mary Nicola m Live Strategists joining us from Singapore,

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Speaker 2: and our guest is Vance Howard, CEO and portfolio manager

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Speaker 2: at Howard Capital Management. Vance. Good of you to join us.

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Speaker 2: What did you make of today's eco data? It seems

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Speaker 2: to suggest we're on our way tour kind of a

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Speaker 2: soft landing here.

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Speaker 6: Well, we hope that we are, and you know, the

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Speaker 6: numbers keep coming out. You know, some weeks it's good,

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Speaker 6: some weeks it's not so good. But it appears that

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Speaker 6: inflation is dropping like a rock. It feels like it's

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Speaker 6: going in the right direction. I think we're going to

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Speaker 6: get it cut here pretty soon in September. It's going

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Speaker 6: to be kind of interesting to see Pal's tone at

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Speaker 6: the Jackson Hole meeting in the you know, the last

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Speaker 6: week of this month, so we'll see what kind of

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Speaker 6: tone and kind of burbage that he spits out there.

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Speaker 1: So Vance, how are you positioning for this? How are

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Speaker 1: you looking at the volatility? Are you looking through the volatility?

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Speaker 1: And what do you expect from equity markets in the

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Speaker 1: next three to six months.

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Speaker 6: Well, that's an interesting question because we know we call

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Speaker 6: we were talking about the market being throfty before it

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Speaker 6: started to drop. This was two or three or four

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Speaker 6: weeks ago. A week's back to a pullback. Now, I've

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Speaker 6: got to admit, we didn't expect to pull back this

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Speaker 6: hard or this deep. It was pretty pretty eye opening,

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Speaker 6: to be quite candid. But the carry trade. I think

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Speaker 6: this carry trade was a really big issue, especially after

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Speaker 6: that bad jobs number came out two weeks ago, and

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Speaker 6: I think that drove the market really lower. So it

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Speaker 6: stopped us out of a few positions. So we built

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Speaker 6: up a modest amount of cash, not very much, but

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Speaker 6: we're still the trend still up. The ECM bylines positive.

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Speaker 6: To be quite candid, I think we'll hit a new

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Speaker 6: high on the S and P by the end of

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Speaker 6: the year. I think it's a very bullish market, even

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Speaker 6: though we've had a pretty nasty timbercent correction with they're common.

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Speaker 6: They're common, so these are one of the things that happens.

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Speaker 2: So in terms of areas of the market that you

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Speaker 2: would like to focus on, are you moving away from

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Speaker 2: let's say, meg a cap tech and into some of

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Speaker 2: those economically sensitive areas like materials or industrials, or do

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Speaker 2: you think that trade is pretty much run its course

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Speaker 2: and it's time to look at other strategies.

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Speaker 6: Well, no, I think I think the Magnificent seven are

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Speaker 6: going to continue to do well. But I've also noticed

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Speaker 6: I noticed you've noticed this too, the high divid in

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Speaker 6: paying stocks like DVY and some of these ETFs that

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Speaker 6: are dividend paying equities. They've started to really ratchet up

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Speaker 6: and start to do better and better and better. So

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Speaker 6: we've been adding more exposure to high quality divid in

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Speaker 6: paying stocks over the past couple of months, especially in

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Speaker 6: one of our fun Dividend Plus. But that's been a

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Speaker 6: very good place to store some money. It's holding up

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Speaker 6: very very well. With this ten percent pullback, it didn't

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Speaker 6: pull back very much at all, and it's all it's

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Speaker 6: about to make a new high on some of these

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Speaker 6: dividend paying stocks, So I think they're you should look

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Speaker 6: for some of those income producing areas.

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Speaker 1: So you're focused on the seems like you're focused on

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Speaker 1: dividend paying stocks. How are you viewing small caps like

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Speaker 1: the Russell two thousand. We've seen they've had some good runs,

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Speaker 1: they've had they've had some setbacks. What's your view?

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Speaker 6: You know, I've been saying that people ought to start

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Speaker 6: diversifying in small caps over the past four or five

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Speaker 6: or six months, and I've been a little bit early

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Speaker 6: on that trade. But if you look at interest rates,

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Speaker 6: if they pull interest rates back in September and if

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Speaker 6: they make other additional cuts throughout the course of the year.

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Speaker 6: That's going to benefit small caps because that's going to

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Speaker 6: add to their earnings. Is they're very dependent. They're sort

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Speaker 6: of interest rate dependent. So I think small caps could

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Speaker 6: could be the come from behind horse here for the

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Speaker 6: last you know, three, four, five, six months of the year.

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Speaker 6: I think you can see small caps really explode to

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Speaker 6: the upside.

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Speaker 2: When you have conversations with clients the concerns that they

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Speaker 2: have right now. I'm interested in hearing from you. Could

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Speaker 2: you help me understand what really creates anxiety right now?

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Speaker 2: Or are they pretty sanguine on what's going to happen

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Speaker 2: in terms of future gains for equities.

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Speaker 6: I think most people are pretty positive. I mean, if

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Speaker 6: you look at the cash build up, there's over six

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Speaker 6: trillion dollars worth of cash on the sideline, So that

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Speaker 6: means there's a lot of buying power that can go

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Speaker 6: into equities over the next one, two, three years that

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Speaker 6: could make this bull market last for quite a long time.

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Speaker 6: Most of the individuals that I speak to are business

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Speaker 6: owners and you know, wealthy or individuals, and they're very,

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Speaker 6: very positive on what's taking place. You know, inflation has

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Speaker 6: been sort of a drag on everything, but it seems

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Speaker 6: to be correcting itself. Is dropping interest rates should be dropping.

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Speaker 6: So I think you've got a really good cattlet here

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Speaker 6: for a very good strong wall market, especially the last

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Speaker 6: quarter of the year. I think that could be, you know,

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Speaker 6: a pretty nice part of the year.

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Speaker 1: So you've talked a little bit about how there's a

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Speaker 1: lot of cash sitting on the sidelines. What do you

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Speaker 1: think it'll take for more of that to be deployed

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Speaker 1: into technity markets they.

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Speaker 6: Start dropping rates, I think you'll start to see it

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Speaker 6: moving into equity markets too. And if you look at

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Speaker 6: the one or the two or three year treasuries, if

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Speaker 6: they starts to drop rates there too, that's going to

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Speaker 6: bring down the interest in those areas of income producing products.

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Speaker 6: So you're going to see that go back into market

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Speaker 6: to the market also. And I think that's one reason

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Speaker 6: that we're starting to see dividend paying stocks do so well,

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Speaker 6: is that movie that money is starting to shift over

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Speaker 6: into those type of equities.

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Speaker 2: Is the US the only place you want to be

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Speaker 2: right now? Are you looking at diversification in offshore markets

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Speaker 2: at all?

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Speaker 6: I'm not right now, And the reason being is our

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Speaker 6: markets have been so healthy, especially the past year year

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Speaker 6: and a half, So there's really no reason to look

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Speaker 6: overseas when there's so many opportunities right here. Our markets

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Speaker 6: are incredibly well regulated and or incredibly liquid, So there's

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Speaker 6: really no reason to venture over the pond when you

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Speaker 6: have such a great so many great opportunities sitting right

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Speaker 6: here in your backyard.

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Speaker 1: And what are your thoughts on treasuries at this point

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Speaker 1: do you think? And how soon do you think we

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Speaker 1: get a cut from the Fed.

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Speaker 6: We started buying treasuries I guess about four or five

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Speaker 6: six weeks ago, and we started modestly adding on any

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Speaker 6: dip that treasuries have. But we're getting more and more

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Speaker 6: bullish on treasuries, and if they dropped rates, you should

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Speaker 6: see the value of the treasury bond move up.

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Speaker 3: Now.

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Speaker 6: Of course, the inter traces were going to go down,

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Speaker 6: but I think that treasuries are sort of a something

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Speaker 6: that people really need to start looking at as a

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Speaker 6: tradable instrument. Now they're highly liquid and they actually can

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Speaker 6: produce some really some positive capital gains. If you're looking

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Speaker 6: for growth of capital.

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Speaker 2: You're in the state of Georgia looks like it's a

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Speaker 2: swing state. We've got a presidential election a few months away. Yeah,

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Speaker 2: that's a big deal, I think, and the outcome could

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Speaker 2: have economic gramifications, wouldn't you agree? I mean, do you

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Speaker 2: have a view not so much on this race, but

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Speaker 2: on what it may mean for the market going forward.

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Speaker 6: The one thing that does disturb me is they keep

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Speaker 6: talking about raising capital gains rates, and I'm not bullish

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Speaker 6: on that at all. I think that's going to be

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Speaker 6: a very big hindrance to to real estate, to investors,

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Speaker 6: to to stock investors, real estate investors' mind investors. I

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Speaker 6: think it's just going to be a very big hindrance.

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Speaker 6: I think that's a very negative. So I'm very much anti,

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Speaker 6: you know, raising the capital gains tax. So you know,

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Speaker 6: this elections, it's going to be pretty nauseating and quite

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Speaker 6: you know, quite candidly up until the very end. I'll

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Speaker 6: be glad when it's over and we'll see, you know,

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Speaker 6: we'll have to trade the market that we have, not

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Speaker 6: the one we wish we had.

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Speaker 1: So so from from your end, you seem very positive

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Speaker 1: on equity markets. But what keeps you up at night? What?

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Speaker 4: What?

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Speaker 1: What concerns you?

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Speaker 6: Well, what concerns me is number one, the national debt.

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Speaker 6: I think the national debt is incredibly disturbing. It just

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Speaker 6: keeps going higher and higher and higher, and that is

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Speaker 6: going to be a tipping point. When that breaks, you

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Speaker 6: are going to see the economy and you're going to

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Speaker 6: see a lot of things that are really going to tumble,

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Speaker 6: and it's going to damage a lot of people, you know,

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Speaker 6: not only in our country but throughout the world. So

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Speaker 6: our national debt's a very big disturbance. And then also,

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Speaker 6: you know, you look at some of what China's doing.

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Speaker 6: China disturbs me to some degree, so you know, need

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Speaker 6: to sort of watch on what's going on in the

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Speaker 6: Far East.

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Speaker 2: Fifty five forty three that's where we ended today for

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Speaker 2: the S and P. Five hundred, Vance, ten seconds, what's

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Speaker 2: your year end target for the S and P.

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Speaker 6: We'll make a new fifty two week high this year.

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Speaker 6: We'll be over fifty seven hundred on the SMP in

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Speaker 6: my opinion.

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Speaker 2: All right, pretty bullish, Vince, Thank you so much for

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Speaker 2: making time to chat with us. He's Vance Howard, CEO

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Speaker 2: and portfolio manager at Howard Capital Management from Roswell, Georgia.

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Speaker 2: Here on de break Besia. Let's get to our guest

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Speaker 2: Terry Spath is with us a founder, chief investment officer

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Speaker 2: ad to zooma Wealth. Terry is in Malibu, California. It's

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Speaker 2: always a pleasure to have you on the program. Thanks

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Speaker 2: for making time to chat with us.

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Speaker 5: Well, thank you, don It's always a pleasure to be

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Speaker 5: on here. Right. I hope you're having a great summer

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Speaker 5: in New York.

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Speaker 2: Yeah, we are. It's a little human but that's to

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Speaker 2: be expected. Less so the case in Malibu, right right

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Speaker 2: on the Pacific Ocean there, I'm sure you've got a

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Speaker 2: great view. Talk to me about the idea of a

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Speaker 2: soft landing. The day's economic news seems to be lining

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Speaker 2: up on that trajectory. Is that your bet?

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Speaker 5: Well, I'm not sure it's my bet. It's certainly the

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Speaker 5: market's bet. After today, you know, investors can be forgiven

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Speaker 5: for feeling a little bit paralyzed and reacting very quickly

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Speaker 5: to someone. You know what. We spent some nice news recently.

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Speaker 5: The retail number was that came out today was perceived

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Speaker 5: as a goldilock sort of not too hot, not too

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Speaker 5: col The consumer's holding up, but there's still some sticky

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Speaker 5: inflation out there. There's still some pushing and pulling on

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Speaker 5: the data and you know, in our view the economy

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Speaker 5: is doing just fine. Does that mean it's not going

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Speaker 5: to be bumpy in this landing that's probably coming between

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Speaker 5: now when you're in, it'll probably be bumpy in That

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Speaker 5: injects volatility into the market, so you know, that creates opportunity.

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Speaker 5: That creates opportunity when we see some of those down

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Speaker 5: drafts and big updates, you can enjoy the upswing from that. Terry.

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Speaker 1: This is Mary and Singapore. I want to bring you

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Speaker 1: to this side of the world, Japan. Obviously we've seen

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Speaker 1: immense volatility over the past week or so. How do

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Speaker 1: you think the stock market plays out? What do you

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Speaker 1: think are do you see a continued searche in the

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Speaker 1: knee k and how do you see the what's your

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Speaker 1: view over the next three to six months?

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Speaker 5: Yeah, Japan's been really interesting, hasn't it. I mean, you're

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Speaker 5: even closer to it over there in Singapore. But you know,

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Speaker 5: and I do think that I'm glad you brought up

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Speaker 5: that topic because I think you know, over here in

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Speaker 5: the United States most people are underweight Japan, most investors,

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Speaker 5: and there's a lot of opportunity there. The decision by

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Speaker 5: the Bank of Japan to hike rates basically at the

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Speaker 5: same time that the United States really soft economic data

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Speaker 5: really drove that surge in the end that we saw,

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Speaker 5: you know, a week or two ago, and that injected

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Speaker 5: a lot of instability. And so after a very strong

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Speaker 5: period for Japanese stocks, you know, there's been volatility, there's

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Speaker 5: been a pause. But the structural changes that are underway

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Speaker 5: in Japan, the slashing of regulations, the cutting of corporate

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Speaker 5: taxes and a lot more, I think that those are

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Speaker 5: still very underestimated here in the United States and our

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Speaker 5: view there's very much of a bias for home country,

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Speaker 5: and you know, at least you should have a five

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Speaker 5: percent allocation to Japan. That just makes you market weight.

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Speaker 5: Any hesitation like we've seen in stock prices for the

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Speaker 5: broad Japanese market is an opportunity. Right now. It's still

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Speaker 5: below where it was very recently. The valuations are still

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Speaker 5: very good, and so we think investors should take advantage

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Speaker 5: of that volatility and make sure that they have at

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Speaker 5: least market weight and ideally an overweight position with exposure

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Speaker 5: to Japan.

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Speaker 1: So, just to follow up here, so what do you

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Speaker 1: think are the implications of a weaker yen on corporate earnings,

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Speaker 1: because we've heard a lot about how companies have benefited.

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Speaker 1: Companies like Toyota have benefited from a weaker currency. So

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Speaker 1: what do you think are the implications of a week

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Speaker 1: or of a much stronger yen.

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Speaker 5: Of a stronger yet yeah, I mean that would that

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Speaker 5: would create a headwind, you know, a weeker yen, a

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Speaker 5: weaker currency for most companies that have international operations. That's

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Speaker 5: that creates tailwind So if the if the end gets stronger,

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Speaker 5: which is a fair probability, if their interest rates are

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Speaker 5: going up relative to the US, which is probably a

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Speaker 5: good chance, but there are so many other tailwinds essentially

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Speaker 5: going on in Japan on a structural base. Says that

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Speaker 5: we think that that outweighs the risk of you know,

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Speaker 5: the problems that is stronger that a stronger currency creates

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Speaker 5: for Japanese companies. So while you know, I think you

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Speaker 5: bring up a very good point, and I think people

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Speaker 5: should be aware of that, I don't think that that

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Speaker 5: changes our general thesis for the strength of that country

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Speaker 5: and the structural changes that are really so, really so

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Speaker 5: exciting after a long time of not being exciting for Japan.

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Speaker 3: No joke.

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Speaker 2: I mean it was very impressively reading on second quarter

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Speaker 2: GDP the other day at three to one. I mean

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Speaker 2: the street was only looking for two three, And I

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Speaker 2: was particularly impressed at that figure because if you consider

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Speaker 2: the fact that Japan's largest trading partner is China, and

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Speaker 2: we know China continues to struggle, the fact that Japan

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Speaker 2: has been doing so well is even more impressive in

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Speaker 2: that context.

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Speaker 5: It is it is, and you know, and that's that

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Speaker 5: brings up an interesting point because we are very negative

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Speaker 5: on China, and that's you know again that that can

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Speaker 5: create some problems for a lot of their trading partners.

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Speaker 5: And we're a hard no on China. I mean, the

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Speaker 5: problems there are are also structural. They're producing way more

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Speaker 5: output than the world can begin to absorb. That means

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Speaker 5: Chinese companies have to cut prices. That means falling profits.

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Speaker 5: It's like this doom loop of falling praises, factory closures

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Speaker 5: and solvency, job losses. It's just it's not not good

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Speaker 5: and it's going to take a long time for those

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Speaker 5: implications to switch to the to the positive. So, you know,

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Speaker 5: negative on China, make sure you're exposed to Japan. That's

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Speaker 5: really one of our big messages for our investors.

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Speaker 2: Good messages to have. Thank you so much Terry for

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Speaker 2: making time to chat with us at Terry Spath from

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Speaker 2: Zooma Wealth and Malibu, California. That's where Terry happens to be.

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Speaker 2: This has been the Bloomberg Daybreak Asia podcast, bringing you

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Speaker 2: the stories making news and moving markets in the Asia Pacific.

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