tv Bloomberg Markets Asia Bloomberg April 5, 2021 10:00pm-11:00pm EDT
credit suisse as a new report puts related losses at as much as $5 billion. the bank is responding with a massive shape up. several top executives are in the firing line. haslinda: u.s. treasury secretary janet yellen poles a global corporate tax rate and she outlines america's return to the global stage. she also singles out china, saying washington needs to level the playing field. rishaad: we have records for u.s. stocks. we certainly have a mixed picture for asian equities. taking a look at what's happening. the nikkei is being dragged down. this is to the report that came out earlier. the shanghai household did cut spending once again. they were in lockdown. the shanghai composite has a better re-brought. services at 54.3.
it was meant to be 51.5 according to the estimates. better than expected. asx 200 is stable at 9/10 of 1%. we just have to half hours to go before we get the latest from the reserve bank of australia. here we go, the go price, very good, up by one third of 1%. i have seen oil under pressure. it is down to this gradual story of restoration and supplies for opec-plus. that has sent down prices by about 4% and we are recovering from that in the latest session up 1.2 percent. wti is below 60 bucks a barrel. yield is under pressure as bond prices rise at 1.68. as a moment the yield under 10 year treasury. that's was going on market wise. haslinda: we have bloomberg markets live strategist mark cranfield. asia pretty much has gains and
losses not tracking the u.s. higher. what is the focus? mark: overall, people are reasonably positive this coming quarter. it is a goldilocks scenario that could be playing out. you have very solid data coming across from all of the countries. united states at another strong report last night. china data continues to be good. at the same time it looks as though treasury yields may have found a p for the time being. it will be less of a risk factor in terms of the bond market. the set up is not doing much today. it's actually probably quite decent for this quarter. so we probably see a grinding continuation of the rotation due for a catcher. it's expanding economy and may be a bit less on the tech side. even though tech stocks are not doing too badly, but maybe there
is room for others to catch up in relation. overall, the outlook has a sudden shock from an unexpected source. and people will probably say that equities are in a good place to do reasonably well this quarter. that's when the bond market is stable. the currency markets have calmed down. even the -- even though the dollar has lost some of its strength that was on the first quarter. rishaad: what are people saying about the near term direction for dollar yuan? mark: what we have seen happen here is pretty much a big trading range for dollar yuan. once the break below 660, they go to the dollar, 50 down towards 640, it drifted back up. we have not quite reached 650 again. in the meantime, but their background to that is higher treasury yields, and the outlook for what's happening in the
united states. but on the flipside of that is some concern that the chinese authority will mainly tighten policy. they will take the foot off the accelerator. most of those things have played out. the net result is that what we are left with is the situation where the dollar is probably starting to lose some appeal. we have just seen the latest central-bank data, which actually shows the reserve bank holdings for the u.s. dollar have fallen below 60%. which is always seen as a bit of a threshold level. people never really thought that the u.s. dollar would be held at less than 60% by major central banks. that has happened, and that is definitely a negative for the u.s. dollar. haslinda: we are looking at oil up by more than 1% right now, but the path ahead could be challenging? mark: definitely. we have probably seen oil prices peak for a wild. the picture on the futures market is bearish. the way in which it has fell
back over the past couple of weeks is a clear sign that people are beginning to short the oil market. as you were saying earlier, opec is talking about increasing production. that does not even take into account that there will be increased shale production from the united states, which is a negative factor for the oil market. if you put all those things together, it's not surprising that the downward pressure and oil will start to find an equilibrium price, which is a bit lower than where we are now. so we may see a midprice of 60 to $55 for west texas oil. we are certainly a little bit above that. we have probably seen the high prices and oil for a while as we look at the futures market. rishaad: you can follow more of mark's musing on marcus live on the bloomberg terminal. realizing that it is a risky business out there. that's part of the first word news with vonnie quinn in new york. >> credit suisse investment
banking chief actually is said to be leaving the firm as part of a wider shakeup following the fiasco. sources tell bloomberg the exit will be announced as soon as the tallies are related with the losses. financial times reports that the bank's chief risk officer will exit the company. janet yellen has a uniform tax rate across the world. in her first major speech on international economic policy she says the u.s. is working with the g20 nations to find an appropriate minimum rate. she also singled out china, saying the u.s. needs a strong presence in global markets to level the playing field. new zealand prime minister is reportedly expected to greenlight a bubble later today after meeting with her cabinet. according to the australian newspaper, it paves the way for
quarantine free travel. both ways between new zealand and australia next week. only people traveling from new zealand to australia are exempt from mandatory quarantine. thailand has ordered the closure of nearly 200 night entertainment venues, including bars and some areas of the capital after a new spike in coven infections. the two week long closure comes ahead of the tiny your holiday. it may be extended if the outbreak does not ease. global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts and more than 120 countries. this is bloomberg. haslinda: still ahead on bloomberg's markets asia, we will discuss what the pandemic digitalization means. apac, japan and global digital cities joins us later this hour. rishaad: next, more than 670 3
>> the world has to come together to bring the covid pandemic to an end everywhere. and for that to happen, the united states must act and we must lead. there is no country on earth that can do what we can do. both in terms of developing breakthrough vaccines in bringing governments, businesses, and international institutions together, to organize the massive sustained public health effort it will
take to fully end the pandemic. rishaad: nancy baxter at the university of melbourne is here. thank you for joining us. we just heard antony blinken talking about the inoculation program in the u.s. but given the sense of what's going on in australia and getting people immunized. nancy: australia has done an extremely good job in terms of controlling the pandemic. it -- what we are seeing is in a number of jurisdictions where the pandemic is good, the rollout of the vaccine has been slower because there has been urgency to do so. while that is understandable, at some point we have to open up, so we need to get our populations vaccinated. it is putting australia behind, similar to taiwan. taiwan is in a similar situation to australia. slow rollout of the vaccine with good control of the pandemic to date. rishaad: what we look at what's
going on at the moment, it is quite surprising that as of late we have seen the use finding that it is spreading like wildfire in that particular age group. nancy: we know that, although the young don't seem to get as sick from coronavirus, we certainly, unlike what we initially thought, we definitely get it. they are often asymptomatic, but they transmit it. the group that particularly transmits it are our teens. both because they get it in the social nature of their interactions in the multiple people they contact. so we know that children get it, and as more and more people become vaccinated, we have not started vaccinating kids, so that is going to be a reservoir and all of our countries, even if you have a high level vaccine. the children are going to be a reservoir into we have vaccinated them as well. haslinda: you get a feeling that
it is one step forward, one step back, we are seeing renewed lockdowns and virus cases reaching new records for countries like india, for instance. how much of a worry is this? nancy: it's a huge worry. we have been in this for over a year, and various degrees of lockdown. some countries really have never gotten out of some form of lockdown this entire time. so obviously, people are feeling very tired and weary of being locked in. in the government's are really wanting to open up for the economies. so a has happened, and this is in many jurisdictions, there has been an opening up before when the case numbers were low enough. and unfortunately it happened at the time that the new variants have come in. so the b.1.1.7 from the u.k., the south african variant, the brazilian variant are the main
ones people talk about. they are more contagious and they are spreading. they are leading to a resurgence that has been faster than before and also has been worse for younger people. so before you see 16 and 17 -- 60 and 70-year-olds in intensive, now you are seeing 40 and 50-year-olds. everyone is trying to vaccinate as quickly as possible, but we have not vaccinated enough people to make a difference. israel is making a difference and bahrain as well. but in the u.s., despite having this rapid pace of immunization, they have not immunized enough people to have an impact on what they see is a resurgence -- as a resurgence in the past few weeks. haslinda: speaking of a variant, what is the biggest unknown? how do you expect it to play out? nancy: we talked about india and there being a resurgence in india. there is a large number of variant concern there. what they found was an
additional variant, one that seems to have developed in india. so, whenever you have the virus out of control, the virus mutates and changes all the time. but unless there are a lot of cases around, most of the mutations are going to die out, or they are just not going to spread. but if you have the epidemic out of control, these uncommon events are going to happen because so many people have it, and now it will propagate. with coronavirus out of control and various regions in the world, you are just more likely to get these mutations, and eventually one of these mutations -- vaccines are going to be ineffective against it. it's kind of a race. we are trying to get the entire world vaccinated to stop the variants from developing, so we can have a vaccine that works against it. i am concerned that we will just be chasing our tail in terms of developing new vaccines for new variant. what we need to focus on is making sure effective vaccines
are available globally to all countries and all people. rishaad: nancy, we talk about the tragedy of the amount of people who have died, who have contracted coronavirus and been seriously ill. does not forget health systems around the world have been overwhelmed in some places and restrictions have meant that you cannot see a medical practitioner, unless with great difficulty. are we counting the cost of the people who have not got treatment for life-threatening illnesses as a result to come to them? nancy: we are starting to get data now from mortality rates over the past year. people are comparing them to mortality rates in previous years. and what they are finding is that there has been a buck and mortality. the percentage of people dying last year was far greater than any other year. and that seems to be more than the covid related deaths that occurred in places like united states.
maybe because some of the covid cases were undercounted, it almost certainly part of that was because medical diseases were not treated effectively. maybe someone with chest pains did not go into the hospital as soon as they should have or would have in other circumstances, so they avoided going to the hospital and had a massive heart attack that kills them. also in things like cancer care. delays in cancer care can affect the long-term outcome. i think that there are a number of issues that the virus has had on our medical systems, not just in the actual infection itself, but in the repercussions of having the entire medical system focused on one disease. i think we are going to be feeling and seeing that for years. haslinda: nancy, we heard from dr. fauci, saying that perhaps our lives can return back to normal that you need 75%-85% of the population vaccinated on a
global scale. that seems like a mammoth task, if not, impossible. nancy: a mammoth task, yes. an impossible task, no. we have eradicated diseases before in the world and we have controlled them as well. so, i think that, right now we are all thinking about our own countries, that's understandable , we want to protect our own populations. as soon as we have done that we need to broaden our lands and look at the world over. there are lots of examples of where controlled diseases like polio, smallpox, and it has been with extreme effort and coordinate as a and and that's what we have to do. we have to stop thinking about our own countries only, and start realizing that if this pandemic is out of control anywhere, it will be controlled everywhere. again, i can understand why people are focusing on their own
problem and needs of the people that live there, that's understandable, but very quickly, very soon we need to have a much more global view of this. rishaad: nancy, thank you. professor nancy baxter there from the university of melbourne. staying on the pandemic recovery, we heard from the chief executive who said that the travel industry cannot depend on vaccine passports but will need to consider traveler health and test results. he spoke about the return of business travel. >> to what extent business travel will contact -- return to the pre-covid level remains a big question. we think from talking to members from the industry assessment, it's probably going to have a structural change of maybe 20% less, 25% less. haslinda: coming up, the philippines capital is in lockdown as virus cases surge,
rishaad: the finance secretary says the government is starting to sell dollar bonds before interest rates. we had an exclusive interview he spoke about measures to reduce debt and the impact of the lockdown on the country's capital on economic growth. >> it's going to be lower than what we expected. this surge in the contagion, which is incidentally happening in brazil, canada, france, and
turkey, and other places, is certainly not good for the economy. >> do you have any plans to attack the central bank for more loans this year? >> we already have, as i said, over 10 billion u.s. dollars. and you can ask any plans to increase that amount. >> you down. do you think you will ask for an extension or payoff that 540 billion dollar loan from the central bank? >> we will probably look to wind it down sometime late this year or early next year, depending on the situation. >> just to clarify something, it sounds like you are saying you have a little hit to the economic growth. your growth target is 6.5%-7%. how much do you think it might drop, or do you think it's
negligible? >> this lockdown probably will cost us one half of 1%. kathleen: in terms of more borrowing, any plans to borrow in the u.s. dollar bond market? carlos: yes, we will tap the u.s. bond market before rates skyrocket in incidentally we just issued the first ever zero rated summarized bond last week of about 500 million u.s. dollars. kathleen: are you concerned about how much debt is going to go up right now? i think a lot of countries are saying, we have to do this, but are you concerned that it could balloon? do you think the government needs to set a cap on the borrowing? carlos: we have set a cap and it
is 60% of gdp. right now we have 39.5% of gdp. and we have increased it to around 54% as of now. we also keep in mind that the foreign reserves of the philippines are already 110 billion u.s. dollars, and that is actually higher than our total index. kathleen: are you concerned of getting new taxes in the philippines to pay for this? carlos: at this point in time we don't have any plans to introduce new tax measures. although i must say yesterday i spoke to our staff and i said, we have to start thinking of winding down this debt. and by sometime next year we have to look at the potential
revenue sources. so they are working on it right now. kathleen: what do you expect to see with inflation this year? carlos: first of all, we hold onto our target of 2%-4%. right now we are slightly over 4% year to date. i believe the inflation numbers will be announced today. and i am hoping that they show a decline in our inflation rates. we are not using price controls as the only means to hold back prices, but we are actually increasing supply. this is the supply agreement issue. haslinda: that was philippine finance secretary carlos dominguez speaking exclusively to bloomberg's kathleen hays. let's take a look at where markets are now. asia swinging with gains and losses at a positive start. even after u.s. stocks had
>> 10:29 a.m. in hong kong and shanghai and 10:29 p.m. in the art. officials from iran and the u.s. are set together in vienna tuesday as they talk to end a crisis over the nuclear deal struck in 2015. both countries will attend negotiations with the remaining parties in your court, the eu and china but tehran or washington are not expected to hold direct talks. iran hopes for full removal of sanctions while the u.s. has ruled out any unilateral gestures.
a foreign ministry of iran says the south korea prime ministers planning to visit ron to discuss frozen funds as a result of u.s. sanctions, a date is not specified. tensions between the two countries have been heightened since iran seized a south korean oil tanker in january in retaliation for the freezing of $7 billion of oil export revenues. the israeli prime minister appeared in court is a trial resumed and faces charges of accepting bribes, fraud and breach of trust in long-running cases. he calls the allegations a witchhunt. that case comes as internal parties met with the president to weigh who should form the next government after inconclusive election results next month. the u.s. is moving have a plans to retaliate against six companies who text internet company such as amazon and facebook.
the u.k., spain, italy, austria, and india, could face taxes for their taxes on american digital companies. some of the goods targeted include austrian grand pianos, reddish merry-go-round's and italian angeles. -- italian anchovies. global news 24 hours a day on air and at bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: archegos'implosion continues to have major repercussions for credit squeeze, which is making -- credit suisse which is making major changes including the departure of investment had -- c head chin. su: we are hearing it is
significant, major change in terms of departure of executives. investment bank chief brian chin is set to leave an exit that may be announced as soon as tuesday. we also heard from people close to the matter that the chief risk officer is also departing, along with a slew of business had, many -- heads. many associated -- along with a slew of business heads, associated the bank, though the seal will be spared. -- though the ceo will be spared. and the head executive in trading is stepping out immediately although he will stay to assist in the transition. and the head of prime services, according to the memo would also step down. and there were three additional
exits in the memo also named all associated with risk, the head of credit risk for the investment bank, counterparty credit risk management for the unit, and the head of counterparty hedge fund risk, all tied to a family office implosion called archegos run by a former hedge fund are -- archegos capital, run by a former hedge funder, who had been under examination by the sec on a prior matter related to insider trading. given the implosion of archegos capital and explosion -- exposure of credit suisse, and had caused many and is less -- many analysts to ask if there's a systemic problem in risk management. the moves we are here will be announced shortly and seem to indicate the bank itself also looking at that issue. haslinda: a new to
billion-dollar dollar route of block trades shopped around by the bank, what does that suggest? su: it gets right to the heart of the exposure. those close to the matter say share offerings, large block shares, to the tune of $2.3 billion put out on the market in the latest u.s. session, and we saw the price of the shares drop in extended trading as the news hit that tape. we are told the offerings were large, 30 4 million shares in viacomcbs, 14 million shares of bit shop and 11 million of far-fetched limited also shopped around. this is a fraction of the total amount of block trades that rocked the market the friday before last and into early last week. that reach the size of $20 billion to $30 billion in value. it also raises the question of why credit suisse is behind many of its rivals and seeking to
unload the shares. according to many analysts on the streets, credit suisse was looking at losses which it acknowledged early last week were significant in the range of 3,000,000,000-4,000,000,000 dollars and reuters is reporting the size of the loss could reach $5 billion and that can be announced as early as tuesday, so it looks like tuesday is the date for many of us, to learn so much, that has been speculated on about credit suisse'exposure. haslinda: su keenan in new york. as the full follow-up from archegos capital continues to reverberate, expecting more regulations for family offices. the guggenheim investments chair added he sees equity and bond prices moving higher. >> as long as we continue to expand the size of the fed's
balance sheet, along with global balance sheets, there is more and more fuel, to keep the asset price inflation continuing. so, longer-term, despite any near-term setback we might have, we, we are going to see, i think equity prices significant higher, and bond prices higher, which would mean lower interest rates. emily: what does that mean for all assets? other areas you see pockets of risk overpriced? >> there are number of hotspots. what is europe. europe has been very slow in the vaccination progress. if they continue to drag along, in terms of getting the population vaccinated, i don't think the world is really anticipating the continued slow growth, and repercussions of it.
that also easily could spill over into the emerging markets. and then the other thing that is disturbing, is the incidents we have had around greensill, and long over the last couple of weeks, where we have all this risk, and leverage, built up in the system, which is not transparent. so this really reminds a lot of the days of, you know, at the beginning of the asian crisis. when we had large organizations and hedge funds, like long-term capital, that had excessive amounts of leverage. and out of the blue, there is a margin call. and in the course of that margin call, we get a hard sell off. so, i think for the market, that is the biggest risk probably, over the next 3-6 months. >> do you think we will see a rain again and there will be more regulation coming, scott?
-- reining in, and more regulation coming? >> absolutely in one place i think we'll get more regulation is that spac market. if you look at the estimates provided on the spac accommodations or 'despac'ing', the actual delivery has been dismal relative to what sponsors have advertised. i think that is just one area, along with the private family offices that do not have to report to the sec about how much leverage they have, that is going to cause regulators to become more disciplined. and i think being part of a democratic administration, the biden administration is in favor of that. sonali: i do want to get your
opinion on archegos, we have seen three hiccups, when it comes to leverage in the last 18 months or so. >> i to get is highly likely we are going to have another situation like that. you know, these things when they come, like we are experiencing, where, out of the blue, you hear of some major loss somewhere, they tend to continue to cascade, until the market corrects, and flushes the risk out of the system. so, with the vix now at levels we have not seen in over a year, you know, complacency is rising quite a bit. and ics as being very, very vulnerable to something coming out of the blue that nobody -- and ics as being very vulnerable to something coming out of the blue no one has anticipated. rishaad: scott minerd speaking
exclusively to bloomberg. and believing some investors will fall victim to what he called predatory plays. that there are dodgy spac's, and the market is a scam. haslinda: still to come are exclusive your view that are exclusive interview -- our exclusive interview to discuss how the market has impacted the company's strategy for dell technologies. this is bloomberg. ♪
rishaad: you are back with "bloomberg markets: asia" and we have one headline, china said to be asking it banks to curtail credit for the rest of the are. that is as the country winds down and takes a little bit of liquidity out of the system. you could call it a chinese form of tapering, if you will. haslinda: the covid-19 pandemic has forced come preemies -- forced companies around the world to fast-track improvements to their technology platforms. the dell technologies 20 digital transformation index to just 80%
of organizations in asia-pacific and japan have accelerated digitization programs. let's bring in the dell technologies president for asia-pacific and japan and global cities. we often talk about how digitization, which would have taken five years, took five months, because of the pandemic. one year since it struck, where are we in this digitization process? >> thank you for having me, great to be with you today. as you know, last year was tragic in many levels. but we also saw the heroism at so many levels. many societies continue to work seamlessly. singapore is clearly one of them. we learned a lot about how to work with each other, how to become successful together. what we saw in our business was a record year in terms of digitization. everyone looked up flexibility to work from anywhere. that piece is not going away.
last year our results were record at $94 billion, 10.8 billion dollars of operant income and $8 billion of adjusted epigenetic -- adjusted epic today -- ebitda. also investment front ai and cloud and security and data management, and 5g. so those investments are going to bode well for us for years to come. haslinda: talk to us about about those investments. what kind of pace argue it anticipating, and where were the investments go to -- what kind of pace are you anticipating and where will the investments go to? >> we want to consolidate the market which means we gain share. we have gained share in server and client business. we are number one across the board in server, client, and storage across the world. at the same time we are investing in new areas. so those areas are what customers are telling us in
their digitization journey is very important. when we talk to 80% of organizations that fast-track, i think are still many customers who are laggards or followers. so we need to help them as well. i see the investment around cybersecurity, i.t. infrastructure, digital experiences, data management, all of these management -- areas will bode well for us. and this is where customers asking us to help them digitize their businesses and make them more resilient for whatever maybe next. rishaad: of course digitization has vastly accelerated because of the pandemic. a lot of it is here to stay. what is here to stay, and what may fall by the wayside? >> yes, i think we are evolving and learning as we go. i think it is safe to say we will never give up work from anywhere flexibility.
i think this is here to stay. even when he go back to offices, there will be flexibility, to be given -- even when we go back to offices, there will be flexibility to be given. we will have sort of rolling attendance at the office. but customers are telling me their employees are looking for the flexibility to work from anywhere. we have learned how to balance our personal life and our work life. work is an activity, not a place. that said, now come if you have an office where some people are in person, and some people are remote, there is a new technology that is needed, to manage those collaborations and that interaction, and that is what we are nibbling as well. -- we are enabling as well. in terms of security this becomes more important. what we did last year, was we did it fast and that we are doing it right. from that perspective, building out the security framework, data
framework, and also new ways of working together that is required now, and with the endemic pace we see today, so those are the things we are looking at. rishaad: reiterating on that and moving on from that, in a way, the last 12 month have created a lot of smoke, has the smoke cleared? you can probably see the business landscape and a clearer fashion. so give us an idea where the opportunities are, and the business imperatives in the future lie? >> i think customers are looking for a new way of serving them. customers are looking for a better experiences, or product, product technology. and data and the mobile has to be there everywhere, a data-driven outcome. data-driven outcomes you'll see a lot more. ai driven frameworks customers will be doing. so, just know we launched global
innovation hub in singapore, where we are investing $50 million, and this is approved point we are confident about to continue. this singapore global innovation hub will focus on ar, vr, or augmented reality, virtual reality, data analytics, and edge computing, and cybersecurity. also customers are telling us how they want to consume everything as a service instead of buying it and using it over time. they only want to pay for what they consume, and that is a big trend we are supporting for the apacs launch as well. haslinda: world is grappling with a chip shortage across industries. has dell been impacted by it? >> listen, i think tips are proving to be essential -- chips are proving essential in the post pandemic world. we have digitize our global
supply chain. we have and it gave it to navigate as well on behalf of our customers -- we have been able to navigate this well on behalf of our customers. clearly there areas we will see longer lead times. a record ship enough -- our record ship and a pc's we did are a proof point. whether teachers are teaching from palm our students are learning from home, there are looking for technology solutions available immediately and that is what we are helping provide. rishaad: what is going to be the next big thing after all of this? we have talked about security, 5g, and that throws up a load of opportunities. >> from a technology perspective, technology will continue to make us or connected , make us connected faster. make us make sure we are more production what we do. while those things will continue, what we also see, is sustainability becoming a much
bigger issue. what we are hearing from customers is, they want to make sure their carbon footprint is right. that their products are not creating more electronic waste. toward that, we are launching the 2030 minute chuckle, where we -- 2030 moon shot goal where we will recycle one pc for every pc we sell. we will also increase our recyclable and recycled components in our product as well. second, our customers are telling us and we believe our organization should look like what the world looks like, which means diversity. so we have announced 50% of the workforce will be female by 2030, as well as 40% of people managers will be female as well. we want to make sure we are representing the customers and the people that we are serving. so these two things are becoming very important, and have a multiyear journey ahead of us.
that is why we have announced these goals in 2030 as well. haslinda: thank you so much fear insight. and good luck with the vaccination tomorrow. amit midha, from dell technologies. asia gauged in losses. -- asia engaged in losses. not tracking the gains we saw in the u.s. china trading now in negative territory, the csx has lagged for five straight months. the kospi also negative territory. other asset, oil rising, but risks do remain, wsi just under 60, brent close to 63. written warning it may continue to limit foreign travel dampening travel hubs the summer. and movers we are tracking today keep an eye on asian chip stocks
haslinda: a quick check of the latest business flash headlines. apollo global management meeting investors buying a $10 billion solely -- saudi aramco, sources say it is said to include u.s. and chinese investor on a short list make a final offer edging out blackrock. part of the saudi plans to attract foreign investors. mitsubishi ufj will robe yield -- rebuilt took you headquarters with a post-covid world and mine. it will bring together -- post-covid world in mind. it will bring together workers spread out over the city and some compliance roles will shift to india. blackrock is examining its business to see how it may have contributive to racism in the financial system, breaking ranks
with its wall street peers. world's biggest money manager is planning to undergo an independent racial audit of its operations, following a shareholder request. by contrast, goldman and citi have asked shareholders not make similar audits saying they have taken steps to address racial injustice. rishaad: markets a mixed bag, sti in singapore. the charge lower led by the nikkei but other markets are doing well. the reserve bank of australia out with a decision in an hour and a half. sdi currently flat but we have bond yields falling back a little in the u.s. with treasuries moving to the upside overall. the u.s. record close we saw not