WEBVTT - Kospi Jumps on Chipmakers, US Ends Hormuz Blockade

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Welcome to the Daybreak Asia podcast. I'm deg Krisner. We

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<v Speaker 2>saw a broad risk on tone in US markets in

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<v Speaker 2>front of the Juneteenth holiday. On Friday, the equity session

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<v Speaker 2>was defined by some rotation into information tech, especially the

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<v Speaker 2>chip makers. We had the Philadelphia Semiconductor Index up six

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<v Speaker 2>point four percent to a record high. Importantly shares and

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<v Speaker 2>Intel we're up more than ten percent. That was after

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<v Speaker 2>President Trump said the chip maker will be working with

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<v Speaker 2>Apple to design and produce semiconductors domestically. For a closer

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<v Speaker 2>look at market action in the APEC region, let's bring

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<v Speaker 2>in Bloomberg's Leonting Iwi. Leonting is managing editor for Asia

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<v Speaker 2>Equities and she joins from our studios in Singapore. Thank

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<v Speaker 2>you for being here, and I want to point out

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<v Speaker 2>that we have market holidays today in China and Hong Kong,

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<v Speaker 2>so we're not going to get a complete read on

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<v Speaker 2>some of this tech rally or this tech strength, but

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<v Speaker 2>the Cosby is on fire at the moment. I see

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<v Speaker 2>a gain of around three percent, and I'm going to

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<v Speaker 2>imagine here that you're going to make the connection between

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<v Speaker 2>what we're seeing now in South Korea and what we

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<v Speaker 2>saw in the US session, am I right.

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<v Speaker 3>Yeah, exactly, it's all about Capax. I think the latest

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<v Speaker 3>positive news would include SpaceX.

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<v Speaker 4>Right.

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<v Speaker 3>There was our scoop about how they were planning to

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<v Speaker 3>raise twenty billion dollars for Capax after raising eighty five

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<v Speaker 3>billion dollars in its IPO just recently, and that means

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<v Speaker 3>again a lot of hardware AI related companies are going

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<v Speaker 3>to really benefit from that. And there was also a

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<v Speaker 3>Goldman Sex report talking about how they expect a super

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<v Speaker 3>cycle chip for the chip sector, which again was a

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<v Speaker 3>hot topic for debate whether the memory you know, companies

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<v Speaker 3>are experiencing the kind of cyclicality or it's a super

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<v Speaker 3>cycle really going to last. So the Goldman report really

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<v Speaker 3>added a bit of a fuel for that argument. And

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<v Speaker 3>the third thing is I see some latest TV interviews

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<v Speaker 3>from Japanese corporate executives talking about how they're seeing super

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<v Speaker 3>strong demand for the chip equipment or chip components that

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<v Speaker 3>their companies are producing. One executive was talking about that

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<v Speaker 3>this morning with Sherry Anne saying that they see EPs

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<v Speaker 3>revision upwards every day for their shares.

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<v Speaker 2>I want to talk to you about the story that

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<v Speaker 2>we're having that we're publishing now on the Bloomberg terminal,

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<v Speaker 2>which is the US has told the Dutch semiconductor equipment

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<v Speaker 2>maker ASML it's concerned that China may have the top

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<v Speaker 2>tool from making highly advanced chips. ASML says it has

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<v Speaker 2>never shipped its most cutting edge technology to China, and

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<v Speaker 2>the cutting edge technology is the extreme ultraviolet lithography machines.

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<v Speaker 2>Now I know that they are a part of some

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<v Speaker 2>export controls here. This is a very interesting story and

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<v Speaker 2>difficult to get a read because, as you said, the

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<v Speaker 2>market holidays that we have in Hong Kong and China

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<v Speaker 2>and Taiwan too, where TSMC is based, and TSMC has

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<v Speaker 2>several of these extreme ultraviolet lithography machines. What do you

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<v Speaker 2>make of this story?

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<v Speaker 3>Yeah, I mean it wouldn't be surprising if indeed there

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<v Speaker 3>are some of these machineries in China being you know,

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<v Speaker 3>maybe illegally shipped in. It's not surprising, but it would

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<v Speaker 3>also be very difficult for you know, school bus sized

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<v Speaker 3>machinery to be smuggled into China, and those machineries would

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<v Speaker 3>need constant maintenance from ASML staff members. And ASML should

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<v Speaker 3>know that whether there is a presence of their most

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<v Speaker 3>the advanced machinery in China or not. And there is

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<v Speaker 3>one more point I wanted to mention is that Huawei

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<v Speaker 3>in the last few weeks talking about how it actually

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<v Speaker 3>has a technology to make advanced chips without reliance on

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<v Speaker 3>ASML's EUV machinery, and it's considered a breakthrough. It was

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<v Speaker 3>a surprise to a lot of market participants. But if

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<v Speaker 3>that's really true, then that shakens the most fundamental assumption

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<v Speaker 3>by a lot of chip experts that you advanced chips

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<v Speaker 3>can be made without the EUV machineries.

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<v Speaker 2>It's kind of like what we had in the Deep

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<v Speaker 2>Seek moment right where no one expected China to be

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<v Speaker 2>able to create an AI model as sophisticated as deep Sea.

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<v Speaker 3>Yeah. I mean, I think with all the restrictions related

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<v Speaker 3>to exports, China did have to work with you know,

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<v Speaker 3>lesser advanced technology and yeah, fewer resources as well. So

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<v Speaker 3>as you mentioned, the deep c definitely had a breakthrough.

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<v Speaker 3>And just you know, continue on in this large language

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<v Speaker 3>model space, we see a bunch of deep Sea similar

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<v Speaker 3>to you know, companies similar to deep Seak coming up

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<v Speaker 3>to the market and their models are actually really good

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<v Speaker 3>and really really cheap. We saw the likes of Jipu

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<v Speaker 3>and Mini Max rallying pretty hard in Hong Kong in

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<v Speaker 3>the last few sessions. And Jipou's latest open source model,

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<v Speaker 3>which was sort of released after Anthropic's Best Models got

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<v Speaker 3>banned by the US for the access of foreign nationals,

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<v Speaker 3>and that was ranking number two worldwide for front end coding.

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<v Speaker 3>So you know, as you can see, they're actually doing

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<v Speaker 3>quite well.

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<v Speaker 2>So is there still a lot of enthusiasm or maybe

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<v Speaker 2>said a different way, a lot of optimism that this

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<v Speaker 2>AI related trade on the hardware side can continue for

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<v Speaker 2>a while longer.

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<v Speaker 3>Yeah, that's I think that's a consensus. I believe that

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<v Speaker 3>it's really playing out today in Korea and Japan, as

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<v Speaker 3>you mentioned, and Japan, we just saw JP Morgan coming

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<v Speaker 3>out with an upward revision for Nick's target price, and

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<v Speaker 3>yesterday we saw Daiwa, a local Japanese broker, also coming

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<v Speaker 3>out with the target price upgrade. And I think they're

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<v Speaker 3>talking about eighty thousand for the nie K by the

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<v Speaker 3>end of this year, and we just reported NIK broke

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<v Speaker 3>through seventy thousand a couple days ago.

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<v Speaker 2>Yeah, so it's good that we're talking about Japan because

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<v Speaker 2>the yen is now trading on the week side of

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<v Speaker 2>one sixty one against the dollar, and the Finance Minister

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<v Speaker 2>Katayama was delivering a sharp reminder to the market that

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<v Speaker 2>intervention is still in the toolbox. Is there much in

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<v Speaker 2>the way of conversation right now. I know you're in

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<v Speaker 2>Singapore and I'm wondering whether maybe you're hearing echoes of

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<v Speaker 2>concern that maybe the Ministry of Finance in Japan would

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<v Speaker 2>intervene to support the currency, or is it really up

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<v Speaker 2>to what the BOJ does. More on the monetary side,

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<v Speaker 2>I mean, this probably wouldn't have material impact. Maybe it

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<v Speaker 2>would trigger a short squeeze of sorts, but fundamentally, I mean,

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<v Speaker 2>the end is as weak as it is because of

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<v Speaker 2>what the BOJ has been doing.

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<v Speaker 3>Yeah, exactly, it's really the interest rate differential that has

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<v Speaker 3>fundamentally drove driven the yen weaker. Yes, the intervention, as

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<v Speaker 3>you mentioned, it is on top of everyone's watch list,

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<v Speaker 3>I think right now for even traders based in Singapore today,

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<v Speaker 3>with the loss of markets on holiday, liquidity overall would

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<v Speaker 3>be thin for the end. So if they really want

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<v Speaker 3>to intervene, it's also a good opportunity to, you know,

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<v Speaker 3>use limited amount of money to actually have a bigger

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<v Speaker 3>market impact, but for the impact to really have a

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<v Speaker 3>sustained sustainable sustainability in supporting the yen. I think that's

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<v Speaker 3>the question that, you know, if the boj doesn't act

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<v Speaker 3>in catching up with the reality of the inflationary pressure

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<v Speaker 3>in Japan and narrowing the interest rate gap with the US,

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<v Speaker 3>the yen will continue to weaken. I think the next

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<v Speaker 3>point of the end that we're watching out for is

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<v Speaker 3>for it to be the weakest since nineteen eighty six.

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<v Speaker 3>Again is the dollar.

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<v Speaker 2>So I'm curious it's Friday where you are, and you're

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<v Speaker 2>going to be I'm sure talking to members of your team.

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<v Speaker 2>You're going to be making assignments for people to kind

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<v Speaker 2>of sit with over the weekend. What are some of

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<v Speaker 2>the topics top of mind for you these days as

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<v Speaker 2>you kind of consider some of the enterprise reporting that

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<v Speaker 2>your team is going to be working on in the

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<v Speaker 2>days ahead.

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<v Speaker 3>Yeah, the main thing would be MSCI decision next Wednesday morning,

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<v Speaker 3>Asia time, and that is definitely something a lot of

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<v Speaker 3>Asia traders are watching out for. Indonesia very hot topic,

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<v Speaker 3>whether it's going to be downgraded to frontier market or not. Korea,

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<v Speaker 3>whether it's going to be added to DM market watch

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<v Speaker 3>list or not. And also Vietnam becomes interesting as well,

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<v Speaker 3>whether it's going to be added to the review list

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<v Speaker 3>for emerging markets from Frontier Markets. So a lot to

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<v Speaker 3>watch out for next week.

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<v Speaker 2>Okay, Leonting, it's always a pleasure. Thank you so very

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<v Speaker 2>much for making time. Bloomberg's Leonting III, Managing editor for

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<v Speaker 2>Asia Equities, joining from Singapore here on the Daybreak Asia podcast.

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<v Speaker 2>Welcome back to the Daybreak AAISHA Podcast. I'm deg Krisner.

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<v Speaker 2>So the US Iran Interim piece deal is now in effect,

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<v Speaker 2>and today we had a flurry of oil tanker traffic

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<v Speaker 2>returning to the Strait of Horror moves. At the same time,

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<v Speaker 2>the US declared an end of its naval blockade on

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<v Speaker 2>vessels transitting to and from Iranian ports and coastal areas.

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<v Speaker 2>At the same time, today, Vice President JD. Vance skirted

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<v Speaker 2>questions about whether Iran will one day be able to

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<v Speaker 2>charge fees for vessels crossing the Strait. And that's where

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<v Speaker 2>we begin our conversation with Jesse Moritz. Jesse is a

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<v Speaker 2>senior lecturer at the Austria Earlier National Universities Center for

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<v Speaker 2>Arab and Islamic Studies. She spoke to Bloomberg TV host

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<v Speaker 2>Heidi Stroud Watson Cherry on.

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<v Speaker 1>We heard from Vice President JD. Vans not necessarily being

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<v Speaker 1>very clear about what happens to these tools around the

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<v Speaker 1>straight of fore moves. What are the risks that this

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<v Speaker 1>might actually just transform into service charges or other types

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<v Speaker 1>of fees for the waterway.

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<v Speaker 4>Yeah, I'd assessed that risk as relatively high, actually, because

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<v Speaker 4>the deal only only allows for six months or so

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<v Speaker 4>of toll free or fee free passage, and the Iranians

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<v Speaker 4>have already been very clear that they intend to continue

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<v Speaker 4>negotiating with Oman over control of the Strait of Hormones,

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<v Speaker 4>not necessarily not to allow ships and out, but to

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<v Speaker 4>try to charge They're calling it sort of a service fee,

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<v Speaker 4>if you like. And so they're trying to navigate around

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<v Speaker 4>international maritime law and to find a way in which

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<v Speaker 4>they can continue to exert authority over the strait, and

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<v Speaker 4>that would be a major strategic win through Iran out

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<v Speaker 4>of this conflict.

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<v Speaker 1>Exactly. I was going to say, what exactly has Washington

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<v Speaker 1>gutten out of it? If we are seeing, of course,

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<v Speaker 1>potential losses on the straight Orford moved side of things,

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<v Speaker 1>not to mention, of course, no real clarity on a

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<v Speaker 1>nuclear deal or even what's happening with Lebanon at this point.

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<v Speaker 4>Yeah, so it's very clear that this is a deal

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<v Speaker 4>to avert immediate economic crisis. Trump was very clear about

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<v Speaker 4>that in some comments recently, that this was something he

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<v Speaker 4>felt was necessary to deal with the fact that our

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<v Speaker 4>strategic petroleum reserves have been declining at a very rapid pace,

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<v Speaker 4>and that when they do hit a sort of minimum

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<v Speaker 4>operating floor, for example, that's a serious issue for the

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<v Speaker 4>global economy, and so he was trying to avert that.

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<v Speaker 4>And the Iranians, of course, they know that the US

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<v Speaker 4>is always going to be more responsive due to its power,

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<v Speaker 4>is the largest economy in the world and seat of

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<v Speaker 4>the world's superpower. It's going to be more responsive to

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<v Speaker 4>the concerns of the global economy, whereas Iran could withhold

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<v Speaker 4>a little bit longer. The Trump, of course, is also

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<v Speaker 4>a democratically elected president, and he's looking down the line

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<v Speaker 4>at midterms, and he's looking at the impacts on the

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<v Speaker 4>Republican Party and his personal popularity. And then there's internal

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<v Speaker 4>factionalism between within the marga movement between himself and potentially

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<v Speaker 4>g D devance around this conflict. So, for various reasons,

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<v Speaker 4>largely to do with the fact that the US is

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<v Speaker 4>a democracy, they were more likely to be under pressure

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<v Speaker 4>to end this conflict. Even if this deal is not

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<v Speaker 4>particularly durable, and you've raised Lebanon and the nuclear issue

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<v Speaker 4>is to issues that could still yet see this Ceasfial

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<v Speaker 4>deal collapse.

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<v Speaker 5>It's interesting we had from President Trump speaking to Axios

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<v Speaker 5>earlier saying refuting the idea that these negotiations, the way

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<v Speaker 5>that the war has been carried out, has kind of

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<v Speaker 5>shown him the limitations of his power. Right, he is

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<v Speaker 5>getting a lot of pressure domestically, how much pressure do

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<v Speaker 5>you think he's also getting from allies, particularly when it

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<v Speaker 5>comes to the collateral damage that's been suffered by Golf

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<v Speaker 5>States in a war that they didn't have any part

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<v Speaker 5>of and didn't start.

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<v Speaker 4>Absolutely enormous pressure, and not just from the Golf States,

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<v Speaker 4>but from every state that's dependent on transiting supply, whether

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<v Speaker 4>it's oil and gas, or it's aluminium or fertilizers, there

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<v Speaker 4>anything else coming through that strait. They were pushing for

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<v Speaker 4>Trump to find a way out of this conflict. The

0:13:24.600 --> 0:13:27.960
<v Speaker 4>strategic challenge of this conflict was always going to be

0:13:28.080 --> 0:13:30.720
<v Speaker 4>that Iran did have the capacity to hold the Straight,

0:13:31.200 --> 0:13:34.920
<v Speaker 4>and it has caused economic challenges for Iran. It's not

0:13:34.960 --> 0:13:36.400
<v Speaker 4>great for them to not be able to get their

0:13:36.440 --> 0:13:38.360
<v Speaker 4>own oil and gas out at least through the Strait,

0:13:38.840 --> 0:13:43.200
<v Speaker 4>putting aside Central Asia sort of land routs. But they

0:13:43.240 --> 0:13:45.240
<v Speaker 4>were always in this position to be able to hold

0:13:45.240 --> 0:13:47.199
<v Speaker 4>the Straight for longer than the US was going to

0:13:47.240 --> 0:13:50.400
<v Speaker 4>be able to tolerate the Strait being closed. So the

0:13:50.440 --> 0:13:53.160
<v Speaker 4>fact that Trump, in a number of comments admitted that

0:13:53.200 --> 0:13:55.480
<v Speaker 4>they didn't have a plan or that they didn't have

0:13:55.559 --> 0:13:57.880
<v Speaker 4>a strategy for dealing with the closure of the Straight

0:13:57.960 --> 0:14:01.400
<v Speaker 4>or rom Us is a major stretch era, I would say.

0:14:02.400 --> 0:14:06.040
<v Speaker 4>And the interesting thing that's happened with the GCC states

0:14:06.040 --> 0:14:10.199
<v Speaker 4>in particular has been some disunity within them around how

0:14:10.240 --> 0:14:13.520
<v Speaker 4>to respond to this conflict. So the UAE, for example,

0:14:13.559 --> 0:14:16.160
<v Speaker 4>has been hit with some of the largest drone and

0:14:16.200 --> 0:14:19.720
<v Speaker 4>missile barrages during this conflict, and they have wanted and

0:14:19.800 --> 0:14:22.560
<v Speaker 4>have pushed for a more aggressive response from both the

0:14:22.640 --> 0:14:25.840
<v Speaker 4>US and from international partners to sort of retake and

0:14:25.880 --> 0:14:28.760
<v Speaker 4>re seize the Strait of Homuz, whereas states like Saudi

0:14:28.760 --> 0:14:32.080
<v Speaker 4>Arabia and Qatar and Oman and others have been looking

0:14:32.120 --> 0:14:35.040
<v Speaker 4>for a negotiated end to the conflict, and so you're

0:14:35.080 --> 0:14:39.760
<v Speaker 4>starting to see that negotiation, particularly through the cutteries and

0:14:40.040 --> 0:14:43.200
<v Speaker 4>all monies as well, bear some fruit with this seas

0:14:43.240 --> 0:14:45.440
<v Speaker 4>far a deal, but we're going to we should expect

0:14:45.440 --> 0:14:48.600
<v Speaker 4>to see some disunity amongst the Golf states in the

0:14:48.640 --> 0:14:50.880
<v Speaker 4>next couple of years out of this conflict.

0:14:53.560 --> 0:14:56.480
<v Speaker 5>What happens from the Iranian side, Obviously there's been damaged,

0:14:56.480 --> 0:14:59.280
<v Speaker 5>particularly when it comes to the upper echelons of its leadership.

0:15:00.000 --> 0:15:02.840
<v Speaker 5>Does this take us actually further away from the prospects

0:15:02.840 --> 0:15:07.600
<v Speaker 5>of regime change of Iran becoming a more responsible international player,

0:15:07.680 --> 0:15:11.280
<v Speaker 5>particularly if the sort of initial maximalist demands on the

0:15:11.360 --> 0:15:14.120
<v Speaker 5>nuclear program are now watered down to the point where

0:15:14.480 --> 0:15:17.400
<v Speaker 5>the stockpiles are still buried, their nuclear richment knowledge is

0:15:17.400 --> 0:15:20.720
<v Speaker 5>still intact, and arguably perhaps they have more reason than

0:15:20.720 --> 0:15:22.680
<v Speaker 5>ever to believe that they do need to hold onto

0:15:22.680 --> 0:15:24.600
<v Speaker 5>their nuclear program.

0:15:25.240 --> 0:15:27.760
<v Speaker 4>Yeah, I mean much. We're in the early days of

0:15:27.800 --> 0:15:31.280
<v Speaker 4>this deal, and much will depend on what for actual

0:15:31.320 --> 0:15:34.240
<v Speaker 4>action we see from Iran in order to get more

0:15:34.320 --> 0:15:37.640
<v Speaker 4>of their cash released and sanctions lifted In the longer term,

0:15:38.360 --> 0:15:41.320
<v Speaker 4>we will see this go into longer term negotiations depending

0:15:41.320 --> 0:15:46.120
<v Speaker 4>on what happens in Lebanon, but internally within Iran, unfortunately,

0:15:46.600 --> 0:15:50.800
<v Speaker 4>much of this conflict has empowered hardliners rather than cause

0:15:50.880 --> 0:15:53.360
<v Speaker 4>the type of big stabilization that you might expect to

0:15:53.360 --> 0:15:56.480
<v Speaker 4>see ahead of regime collapse. And both Israel and the

0:15:56.560 --> 0:15:59.440
<v Speaker 4>US were very clear, at least in early stages, that

0:15:59.480 --> 0:16:02.520
<v Speaker 4>they did want to see the Iranian regime collapse. One

0:16:02.560 --> 0:16:05.000
<v Speaker 4>of the challenges when you take a country to war

0:16:05.160 --> 0:16:08.480
<v Speaker 4>like this and it doesn't the regime survives is that

0:16:08.520 --> 0:16:11.800
<v Speaker 4>the regime is then very incentivized to crack down in

0:16:11.840 --> 0:16:15.200
<v Speaker 4>a very violent and repressive way on domestic political opponents.

0:16:15.240 --> 0:16:18.200
<v Speaker 4>They'll use the excuse of the conflict to do that,

0:16:18.320 --> 0:16:20.720
<v Speaker 4>and I'm very concerned that that's what we might see

0:16:20.720 --> 0:16:24.760
<v Speaker 4>in Iran in the next coming months, is a crackdown

0:16:24.760 --> 0:16:28.080
<v Speaker 4>on domestic opposition, which is the exact opposite of what

0:16:28.120 --> 0:16:30.000
<v Speaker 4>the US interest in this conflict would be.

0:16:31.520 --> 0:16:34.520
<v Speaker 1>How big of a shift was it that Iran Supreme

0:16:34.640 --> 0:16:38.200
<v Speaker 1>leader accepted direct talks with Washington, And does this give

0:16:38.280 --> 0:16:42.560
<v Speaker 1>us any indication of how the negotiations could go from here?

0:16:44.600 --> 0:16:48.240
<v Speaker 4>There is, of course this new disunity that's been created

0:16:48.240 --> 0:16:52.200
<v Speaker 4>within the Iranian regime between sort of not just the

0:16:52.200 --> 0:16:56.200
<v Speaker 4>traditional hardliner and reformist camps, but also between those who

0:16:56.200 --> 0:16:59.560
<v Speaker 4>are more connected to the IRGC and have been directing

0:16:59.600 --> 0:17:02.280
<v Speaker 4>the military perry response to this conflict, and those who

0:17:02.360 --> 0:17:07.000
<v Speaker 4>lead the civilian political apparatus, that including those who were

0:17:07.000 --> 0:17:10.080
<v Speaker 4>directly involved in the negotiations. So to see the Supreme

0:17:10.160 --> 0:17:13.399
<v Speaker 4>Leader more directly involved suggests that they are attempting to

0:17:13.520 --> 0:17:16.680
<v Speaker 4>bridge that disunity and ensure that everyone's on the same page.

0:17:17.400 --> 0:17:19.720
<v Speaker 4>Because the previous cease for our deal that we had,

0:17:19.720 --> 0:17:24.160
<v Speaker 4>of course was so fragile, largely because immediately there had

0:17:24.200 --> 0:17:28.600
<v Speaker 4>been protests within Iran from hardliners on those aligned with

0:17:28.640 --> 0:17:32.320
<v Speaker 4>the sort of IRGC infections against the seas Far deal.

0:17:32.920 --> 0:17:36.280
<v Speaker 4>That disunity seems to be a little bit reduced this time.

0:17:36.320 --> 0:17:39.119
<v Speaker 4>It's still there, it's still very present, but there seems

0:17:39.160 --> 0:17:41.560
<v Speaker 4>to be some attempts from inside the Iranian regime to

0:17:41.600 --> 0:17:44.480
<v Speaker 4>bridge those device and ensure that they have one clear

0:17:44.560 --> 0:17:50.840
<v Speaker 4>negotiating position with the US, especially because their best outcome

0:17:50.920 --> 0:17:53.200
<v Speaker 4>here is to get as much of their own oil

0:17:53.280 --> 0:17:55.879
<v Speaker 4>and gas out through the street while the street is

0:17:55.920 --> 0:17:59.600
<v Speaker 4>open in case for example, the cease Far deal collapsed

0:17:59.600 --> 0:18:04.720
<v Speaker 4>again over Lebanon. Particularly, is the Israeli government and Ben

0:18:04.760 --> 0:18:07.199
<v Speaker 4>Gever and Smotrich in particular have been very clear that

0:18:07.240 --> 0:18:10.440
<v Speaker 4>they don't see why Israel should be held to the

0:18:10.560 --> 0:18:13.680
<v Speaker 4>terms of this deal, and they've continued firing in Lebanon.

0:18:14.640 --> 0:18:17.879
<v Speaker 2>That was Jesse Moritz, senior lecturer at the A and

0:18:18.040 --> 0:18:21.640
<v Speaker 2>U Center for Arab and Islamic Studies, speaking with Bloomberg

0:18:21.680 --> 0:18:25.040
<v Speaker 2>TV host Heidi Stroud, Watts and Sherry On bringing you

0:18:25.119 --> 0:18:30.679
<v Speaker 2>their conversation here on the Daybreak Asia podcast. Thanks for

0:18:30.760 --> 0:18:35.359
<v Speaker 2>listening to today's episode of the Bloomberg Daybreak Asia Edition podcast.

0:18:35.680 --> 0:18:38.800
<v Speaker 2>Each weekday, we look at the story shaping markets, finance,

0:18:39.160 --> 0:18:42.239
<v Speaker 2>and geopolitics in the Asia Pacific. You can find us

0:18:42.280 --> 0:18:46.480
<v Speaker 2>on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere

0:18:46.520 --> 0:18:49.600
<v Speaker 2>else you listen. Join us again tomorrow for insight on

0:18:49.640 --> 0:18:53.800
<v Speaker 2>the market moves from Hong Kong to Singapore and Australia.

0:18:54.200 --> 0:18:56.680
<v Speaker 2>I'm Doug Prisner, and this is Bloomberg