tv Bloomberg Markets Asia Bloomberg August 3, 2022 10:00pm-11:00pm EDT
i'm in hong kong and singapore, nearly 3:00 a.m. in london. this is bloomberg markets. i am rishaad salamat and that is david english. we have a u.s. attack rarely triggered by earnings and robust economic data. but short-term treasury yields are rising on further rate hikes. beijing and washington scrambled to ease the fallout from nancy pelosi's tour of taiwan. supply chain risks very much in focus. and we will be previewing earnings from the chinese e-commerce giant, alibaba, expected to report its first ever quarterly sales decline. david: 30 minutes in trade of alibaba, shares are up 5%. helping to lift the hang seng index 1.8%. a lot of things to talk about today. . there is the opec story. there is the treasury yield
story. and the taiwan story still playing out in the spot market. as you can see, it is more asian fx stronger against the u.s. dollar. but the yield story is picking up. on the back of what happened with the overnight. rishaad: it is not quite the golden cross, we are a long way from that, but it is nearly a bull market. 19% gain for the nasdaq now. we have u.s. gdp, that is clearly not what we're looking at the moment, but paypal reported better than anticipated earnings, and assuming substantial buybacks and that is supporting those stocks. and some services data to the upside as well. durable goods orders, horribly volatile figure. we will keep that gdp number there. small expansion in the second quarter. it will not dwell on it.
let's look at the tech side of things in your part of the world now. david: yes, 5% movement in alibaba, the head of the earnings which, i think the significance of this one is by the way, well-flagged on alibaba. the stock will probably see the first drop in quarterly revenue compared to the last -- quarter last year. we are expecting a week number. for alibaba today. the other thing we are tracking on the back of tech, the nasdaq pulling back a little bit, as well as futures. it is also when it comes. we are looking at alibaba again -- at opec, the other story to track today. president biden made a trip to ask them, can you pump more oil? well, they did. not as much, though.
rishaad: let's write. give us a sense, oil is really coming down. that is brent crude, 4.2% to the downside. that represents essentially a four-day move. a slight move up for wti crude, it should be helping some of the petroleum importers like india as well. perhaps a relief for the currency there, david. david: yes, and it takes us into the yield story, the fed stepping on the grass and saying, may be slow down, but inflation is still a problem. if oil is still trading at about $100 a barrel, and we keep talking about recession, then we have a problem, right? 2-year yield's are flirting with 3.1%. the reason, at least as far as the equity market story is concerned, right, you see this
moving up, the nasdaq growth and heavy equity gauge moving up at the same time. the most negatively correlated 40 day correlation between that and the nasdaq so far this year. at some .1 has to give. i will be not this, the fed has told us as much. in fact, kathleen hays, our global economics and policy editor is here with us to talk about the latest, the list that keeps getting better of federal officials basically saying, now is not the time to pivot. kathleen: absolutely. neel kashkari is the one who remarked loudest today. he said that, it there is some recession risk. but even if there is, he is laser focused on fighting inflation. talk about a pivot? maybe the fed cutting rates? listen to what he said earlier. doesn't want likely, desert? >> some financial markets are
expected to cut interest rates next year. i don't want to say it is impossible, but it seems like a very unlikely scenario right now, given what i know about the underlying inflation dynamics. the more likely scenario is that we continue raising and we would sit there. kathleen: the latest nail in the coffin in hopes of that fed pivot anytime soon. jim bullard talk about what he said 24 hours ago. he repeated what he said in his interview today. he thinks that fed policy still has to get more restrictive. right now people are expecting 100 basis points between september and december. jim bullard is saying 4% of the funds rate by the end of the year suggests we get something more like 150 basis points. another adjustment that has to be made. tom barkin from the richmond fed says he is also devoted to
inflation fight and says it is hard to talk about in mission with such a strong labor market. if the recession does occur, he thinks the economy is ready to withstand it. mary daly from the san francisco fed said she thinks 50 basis points for september is reasonable, because there are hopeful signs on inflation losing some of its steam. this contrasts with charlie evans from the chicago fed, who said 60 points or 65. but mary said that if inflation continues to roar ahead, they will have to do another 100 basis points. rishaad: andrew bailey, governor of the bank of england, essentially said they will be revving up their rate hike. we have unemployment at 3.8%. but the cpi read is nearly 9.5% there, kathleen. kathleen: red-hot. over the u.s. rate at this point. and you mentioned 50 basis
points if they actually get through the highest since 1995. but business inflation expectations. some of the longer term consumer-based inflation expectations in the u.s. are starting to come down. not this one, it continues to rise. as you said, 9.4% in june. the forecast from the boe had been for 10% this year. they are expected to raise the forecast for 2022 12%. andrew bailey has to push ahead for the 50-basis-point rate hike because that is what everyone is expecting. another important thing is the balance-sheet reduction. not just letting gilts run off, but actually starting out right sales. right now the bank of england holds half of the outstanding gilts in the market. so potentially in the next few hours, we will get the details. how many will they sell, how
quickly will they do it? sales are expected to start in the month of september. this is another important part of the story. what markets are watching for. because this, too, will take away stimulus and help them potentially in their information fight. rishaad: kathleen hays, our global economics and policy editor. of course this is on the back of energy costs going up. the white house not getting quite what it wanted out of riyadh. let's get to the first word news of vonnie quinn. vonnie: the story is that opec+ will raise production a token 100,000 barrels a day in september, one of the smallest hikes in the group's history a blow for president biden after visiting saudi arabia in july, seeking to cool fuel prices in the u.s. capacity is severely limited, and the excess should only be used to respond to major supply
disruptions. europe and iran are set to return to vienna in an attempt to save the nuclear deal. the u.s. special envoy to iran says he will be discussing a european union proposal to rescue the 2015 agreement. the accord collapsed after washington withdrew four years ago and reimport sanctions on iran. u.s. fast speaker nancy pelosi is set to hold a phone call with south korean president ian sekulow on thursday. pelosi is expected to have a face-to-face meeting with her korean counterpart in seoul. the issues on the agenda include indo-pacific security and climate change. policy will go to japan on thursday night. the u.s. senator has given us -- the u.s. senate has given sweden and finland permission to join nato. finland will join estonia and latvia as neutral members share a land border with russia -- as
nato members who share a land border with russia if it gets approved. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: coming up on bloomberg markets, alibaba is facing arguably area recheck as the e-commerce giant comes out with quarterly results. we are expecting the company's first ever sales contraction. but, next, how nancy pelosi's taipei visit is ripping through taiwan. we will be discussing supply chains generally with our guest from s&p global. this is bloomberg. ♪
rishaad: we are back and this is "bloomberg markets." this is a look at equity markets. hang seng on an upswing. technology really helping things. alibaba is 5% to the upside, the global share gauge pushing to the highest level since june. we have a slew of earnings and buyback amounts coming from moderna and paypal. just to mention a couple.
but let's move to what we have seen in the aftermath of nancy pelosi's visit to taiwan. there we go. the taiwanese dollar is seeing volatility, coming off the 2020 highs we had been witnessing ahead of that visit. just above 30 against the dollar right now for the taiwanese currency thus far. indeed it is perhaps a sigh of relief out of taipei, david. david: yeah. she is in south korea now. we are following her trip, nancy pelosi. but after the stopover in taiwan which is in many aspects still being felt. stephen engle our chief north asia correspondent is here to get us up to speed on both political and also the military followed so far. stephen: i think probably she could return to the u.s. and everyone says good job.
there was no major incident as the markets feared, especially coming after the rhetoric from beijing that they would not sit idly by. yes, the pla is doing a lot of drills right now, and yes, we might be under this situation for some time. we know that the six exclusion zones where they are holding military drills, joint -- naval, air force and rocket teams conducting these drills. state media in china has called these danger zones. not to make light of it, but it is a very serious situation, because it impacts potentially shipping lanes, one of the most busiest shipping lanes in the world, the taiwan strait. as well as airline traffic. 18 routes have been affected. taiwan has rerouted some of their flight paths to japanese and philippines airspace. captains have been instructed to bring nectar next half-hour of
fuel on their planes just in case. so this will continue perhaps for some time as china finds its own way to protest the visit. the other is political fallout. will there be political fallout? already we are seeing the vote on the bill being debated in the united states senate to essentially elevate taiwan, the relationship with a one, basically declaring it a major non-nato ally. securing billions of dollars in security funding, as well as support for taiwan's participation in international organizations, all of which would anger beijing. rishaad: we have nancy pelosi in south korea now. the thing is, the president there will be holding a phone call. what is the point of her being there? what stands out for you.
stephen: the president is on his summer vacation. would you want to be called back to seoul to meet nancy pelosi if you are on vacation? [laughter] also the foreign minister is in cambodia for an update -- an asean meeting. so she will be meeting instead face-to-face with her counterpart in the national assembly, her national assembly speaker counterpart. but she will be talking to him and others about the threat of north korea, but also the opportunity of samsung to turn into the new chips act in the united states, 50 billion dollars towards investment in the next five years for those who want to invest further in the u.s. samsung already has a plan in the works in the united states. chipmakers in south korea like sk hynix and samsung could rethink their investments in china and invest more in the u.s. -- it is a hypothetical right now, but i am sure nancy pelosi, who brought that up with tsmc in taiwan yesterday, will
likely be bringing that same message to south korea. then on to japan tomorrow, where there is another host of geopolitical and other business issues to discuss. rishaad: and tensions between south korea and japan as well. stephen engle, thank you so much. let's move back towards what stephen was talking about, disruptions in global supply chains. rahul kapoor is president of maritime supply chains at s&p global. thank you for joining us. what do you make of this saber-rattling over the taiwan strait? how much does it endanger the supply chains in this part of the world? you were saying yesterday that 90% of the biggest boats there go through this strait. good -- guest: thank you for having me.
we are certainly watching the events. what we are looking at is particularly the military exercises, some of these very close to the taiwan sea ports. these would certainly be affected. but i have to add a caveat, we have not seen a situation where the flag authorities, or insurance companies, for that matter, have issued notifications for heightened risk. so the near-term impact is limited. but if this were to, a regular phenomenon and sustained for some time, that would certainly hurt supply chains. but for now i would say the impact in the near term is very limited. rishaad: in your view, we have had a lot of rejigging of supply chains, does this carry on now? guest: that is an important question and many of our clients
are looking for answers to that. if you look at the last few decades, global supply chains had embraced what we called just in time. it would be resilient in a normal demand environment. but after the pandemic, the whole system came under stress. we had landside restrictions, boat congestion. and now, with rising geopolitical conflicts, we will see near-shoring and onshoring come back to the boardrooms. many ceos will be talking about this. but it is not so easy, we are talking 2-5 years for these things to come back. we are looking at the china plus one strategy. there is a reconfiguration of supply chains but it is not going to happen tomorrow. david: i was wondering, could you put a number to that as far as what the cost implications are of this ongoing process? rahul: i think it is in the trillions of dollars of trade.
china is a global export powerhouse, north asia as well. if you look at what we saw in the pandemic, everything was coming out of these markets. it is difficult to put a number, but it is a very long, drawnout process. david: i want to look at the macro picture now. we are headed to a slowdown. are you seeing that as far as shipping activity? that is that a good thing for the sector? rahul: the last nuclear's have been good for the industry. container shipping has had billions of profits. tanker shipping has started coming up in terms of earnings as well. but as we look at going into 2022 and the second half of 2023, we have started seeing slowdown in demand. the supply side is still favorable. that will support earnings. container shipping is the key here, and we have talked about this in the past, billions of losses, multiple bankruptcies.
in this particular cycle, we expect container shipping to make half $1 trillion in operating profit. nobody would have thought of that for the shipping industry which is a low-margin business. but some things have started worsening. we have started to see inventory buildup, some softening in global supply chains easing. those exceptional freight rates which we saw her going to trend downwards. rishaad: refining margins, very strong heidi cruz races, how does that play for the tanker industry? rahul: tankers are certainly -- how does that play out for the tanker industry? rahul: that will be supportive for the tanker markets. we are all building earnings. david: for the sector. david:. david: rahul kapoor from s&p global is life from singapore. thank you. plenty more ahead. you watching bloomberg. ♪
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rishaad: the bloomberg dollar index is pretty much sanguine right now. the yen rally is petering out a little bit. let's look at what is going on, dbs is out with a 7% profit gain. this is southeast asia's biggest bank. 1.3 billion u.s. dollars, that was ahead of everett estimates. they say those gains are largely offset by declines in wealth management and investment banking fees. nomura will be in focus as the country's biggest brokerage came out with a 97% slump in net income in the june quarter. it is trending to the downside right now. it felt shy of estimates. fixed income was a bright spot.
profit was hit by legal charges owing to the company's dealings with archegos capital management. and nintendo reporting period than anticipated results, operating profit of 760 $3 million until june. a weaker yen is failing to help softening software sales. industry commentators noted declining spending on video games compared to the same time last year. david: a ton of earnings out of japan today. we are also getting names like alibaba out with earnings today. . we are just knocking on the 100-day moving average on the hstech index, nearly 3% against today. dbs had a 1.5% higher net income. as you can see, rounding up the big three in singapore, a mixed picture. we are looking at the casinos
here. rishaad: absolutely, they are opening up. we have the chinese border opening up to them. just check sjm holdings, 13% down, the lowest intraday level since august of 2009. this is the company proposes raises of 3 billion hong kong dollars. it is sending investors for the exit door. but that opening up, quarantine-free travel, something perhaps that should be. david: lauded. david: it is a challenge when a casino does a cash call. coming up, we will preview the earnings from alibaba coming out. we'll get some analysis from our
imperial palace. the nikkei to 25 moving to the upside. helping to propel things at the moment. stocks of 132 to the downside. the broader market sinking into negative terrain. the yen under a bit of pressure after that real surprise as it made the big rally and was perhaps reclaiming its haven status, if you will. and of course toyota out with numbers. we have toyota perhaps benefiting from the weakness of the yen of late. the carmaker may be revising its forecast upward. that would be partly down to currency effects and also looking at those numbers coming out a bit later on today, particularly those overseas sales figures will be rather important. david: yes. we will see what they say. it is almost a proxy to the
broader sector. we talked a little bit about this in terms of the various areas of the chinese market to shift our attention. we have been touching on everything from casinos. we will get to alibaba and the tech story in just a moment. on the issues in this economy are very good example of that. a broad rally today. let's have a look at casinos. quite a sizable drop in sjm for example. that is a rice issue for example. the property sector as cash flows are concerned. rishaad: you can see that the hong kong tech index is a real driver of what is going on in hong kong at the moment. it does not have sjm on it, but it does have the others.
quarantine free travel into the territory. alibaba, 5.2% to the upside. the e-commerce giant out with numbers a little bit later on. people will be looking at forward guidance after the lockdowns we have been seeing in china. looking at how the economy is affecting things here and don't forget the all important regulatory overhangs. w david: david: yes, the premium. that is really baked into the price. we are up 5% on alibaba, but you have to see that 5% gain. stock is down 17%. our guest said from a fundamental analysis perspective, the company is undervalued. a lot of the decline is really was risk premium built into the sector. when you look at the multiples of alibaba, we were used to
seeing 20, 25, even 30 times earnings as a multiple attached to the stock. we are trading at $12. it is basically half the company . heading into this earnings season. rishaad: yes, that absolutely is going to be at the center of people's attention. let's get more from alibaba. give a sense of how important these figures are going to be for the whole tech ecosystem as it were. give us a sense of whether people should be paying that much attention to a fall in sales revenue? >> it is forward guidance that the market will be looking out for tonight when alibaba reports aftermarket. they have refrained from guiding or giving guidance on the 2023
outlook in the last quarter, so they may do that this quarter and that will be key. i think as we step out of covid lockdown, as the case is moderate in china, i think we are seeing things improving. the question right now is how much improvement can we be expecting through the end of the year? david: and what will he answer to that be? they stock that is trading at 12 times earnings is for all intents and purposes a value stock, let's put it that way. the broader question is has the business peaked in its current form? >> right. i think for the entire china market standpoint, if you look at the recovery of the buying sentiment, the business sentiment, i think the recovery has been slow, admittedly, particularly from what we gathered after what was going
on. there will be -- and i believe the company will be guiding for potential cost cuts that they are doing -- which we have heard and seen reports about that. and that may actually help them recover a bit of their profitability and narrow some of their losses for some of the businesses. one bright spot to look out for for alibaba will be the international businesses, which will be the competing platform. they could be in a position to narrow it. rishaad: is there a read through -- there is bound to be an which companies will be most focused on these earnings out of alibaba? >> right. this is the first major
consumer/tech company to report its results this season. so you are getting tension not just another consumer sentiment, but the business sentiment as well. the market will be on the lookout to see when the business sentiment has improved to generate more ad revenues for other tech companies, including the likes of tencent. these will be companies that may also see movement coming through depending on how alibaba guides them on the market. rishaad: could you do me a favor? david: a proxy for many things. when you look at tencent for example and the overlap there is in payments, talk to us about the other businesses of alibaba outside the main core business.
is there any specific theme you are tracking? >> sure. there are many businesses. there is the food delivery business that alibaba has in china. the advertising, the marketing dollars that come in the form of their customer management revenues, that will actually happen in direct relation to how business sentiment and how merchants are willing to put in advertising. that will again happen on the advertising dollars for many of those tech companies. david: all right, there we go. catherine lin. the broader readthrough is
across the different parts of the chinese platform in this. out of singapore, breaking news coming through. you are looking at green bonds. here we go. singapore will be offering 1.9 billion to 2.4 billion sing, it is a green bond. it is in about 11 days. august 15 is when that comes out. that is the breaking news right now. not a lot of detail in terms of what the pricing will be like and i would imagine there will be some book building ahead of that. august 15, 50-year note, green bonds out of singapore. let's get it over to new york. vonnie quinn has the first word news. >> thank you. fed officials continuing and aggressive fight against inflation even at the risk of recession. jim bullard says he favors frontloading with big rate
hikes. his minneapolis counterpart says they are committed to lowering prices. san francisco thinks rates will remain high for up to a year. president joe biden will sign a second executive order intended to improve access to abortion services a day after voters in kansas rejected a name -- amendment to their state constitution that would have erased abortion rights. elon musk's lawyers are accusing twitter. in a letter to the judge, his lawyers say twitter was demanding time to review material to wage a media campaign and keep elon musk's side of the story concealed. twitter says they are trying to skirt court rules. professional golfers are suing the pga tour calling it an
illegal monopoly. they say it is hurting their careers by suspending them for joining saudi arabia's financed liv tour. they say it is part of the plan to squash the rival tour and they are seeking a court order to lift the anticompetitive actions. global news 24 hours per day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. rishaad: let's have a quick look at the oil price. we do see a little bit of a move up. we have been seeing a big downdraft taking place below $100 a barrel. at the moment, oil of late plunging in the last four days. let's get to our energy reporter. it is down to opec now and we had joe biden wanting a big increase. he did not get it out of saudi arabia. 100,000 barrels a day.
>> let me put that 100,000 barrels a day increase in september into context. opec had brought on 600,000 barrels a day over the last two months. 100,000 barrels a day is the smallest increase on a volume basis by opec since the 1980's. on a percentage basis, the smallest ever. what is the reason? why are they doing this? biden wanted a much larger increase. he did not get that. in one way, you could view this as a snub to the u.s., but also this could be a reality check by opec. they have been struggling to hit their larger increases. 100,000 barrels is something they can hit. analysts are saying they might even overshoot it, something they have not been able to do for a long time. there are also indicators that opec is not too worried about the market. they are not saying the market needs a ton more supply.
there are signs things are getting a little bit better. you have u.s. demand destruction. people are not driving their cars because it is too expensive. because of that, the oil market is still in a pretty good position despite the small opec-plus increase. david: just to turn our attention to taiwan. it may or may not have a big airing on the oil market generally speaking, but you guys have been running a story on the disruption or the extent to which we are seeing disruptions because of some of the issues taking place in the taiwan strait. what is the data telling us? >> we have these military drills china is doing around taiwan and some of the biggest drills they have done in decades. you are seeing trips -- ships already diverted. they are avoiding some of the areas. you have the red squares on the screen right now. kind of swerving around those areas to get to taiwan, causing delays for financial gas ship
lengths -- shipments, tapioca shipments. ships are going around. that adds a few days. this is just adding more pressure and strength to an already very strained supply chain. we are not seeing a huge impact yet on prices on freight rates, but it does make things more complicated and it begs the question, if this does not end on sunday, what is the larger implication for the market? how will this affect companies from energy suppliers to video game makers? it could be a wide implication. at the moment, we are at the very beginning. the large-scale drills are happening today at noon taiwan time. we will see how the supply chains change because of that. david: our energy reporter. ian gordon will join us to give us his take of that minuscule
david: all right, just over an hour into the session on the chinese mainland. since then, we have seen momentum really come up as far as the futures market. nasdaq futures down 25. we were down just seven or eight early in the region. we are just pulling back a little bit. we are nearing the full market on the cash market. rishaad: yes, what is going on with treasuries and how they are behaving themselves after this price action we saw in the last 48 hours or there about. very parabolic before it came crashing down. yields getting a little bit higher. we had positive economic data and also the federal reserve or federal reserve leaders, they were not ones to pivot.
indeed, what they were doing was pledging to keep up their aggressive fight to pull down inflation. we had the nobel laureate in economics joseph stiglitz concerned about this and worried about how they may go too far and do too much. he is expecting a period of disinflation. >> it is mostly a supply-side inflation. think about some of the things that are really driving it. take the price of energy, the price of oil. it is way up. the war in ukraine. we understand that. we know over the long run and it is not that long that the price of oil and energy is going to come down because the backstop, as we call it, we know we can produce an unlimited amount of renewable energy at the equivalent of about 30, 40, $50 a barrel.
that number keeps coming down. that is the number that energy is going to be. we will be disinflation, we will go through disinflation in the future. >> once inflation begins to disinflate, do you believe it keeps going or do we come down and stay at a certain point which causes an uproar? is there a momentum to a disinflation? >> well, people used to think there was a momentum on inflation and then a momentum on disinflation. but the forces for that momentum are much, much weaker today than they were 50 years ago. 50 years ago, prices went up, the demand of higher wages, higher wages led to higher prices. unions are weak. we are back to what you might
call normal competitive forces. what we saw in the years before the pandemic, that overall supply was extraordinary robust and prices were kept down. i think we will be returning to that kind of a world. > what is the fed's role in this? there is a believe that this is a different moment and people point to not just oil prices and commodity prices, but also the fisher between the u.s. and china and the re-shoring of the supplies, also some of the conflicts by nature with russia and ukraine. how much are you looking at a fed that even if they don't want to has raise rates substantially to get ahead of inflation that may disinflation down the line, but not quickly enough to create some real threats to this economy? >> first of all, almost all those forces you cite are
long-term or relatively small. we are going to be reassuring. we have low-cost suppliers that will return to china, vietnam, asia, latin america has a lot of capacity. costs are going to go up and there will be a readjustment, but it is going to take over a number of years and it will not be that big. we out to get prepared for. what i worry is on the other side, that the fed works too fast and too much. remember, it takes about 18 months for the full effects of monetary policy to be felt. in that span of 18 months, if the war in russia comes to an end, the energy prices will come down, not be a strong disinflationary force, food prices will come down, there are already signs of that, that will
be a strong disinflationary force. over the past 50 years, public policy has been telling farmers, don't produce. don't make so much food. if we just reverse that policy, prices of agriculture goods are going to come down. david: there we go. joseph stiglitz speaking with our colleagues tom keene and lisa abramowicz. just to throw this forward, the next data point to watch is the child support out of the u.s. we will all be looking at the nonfarm payrolls number and the wage number. the broader conundrum for the fed is whatever the wage number is, check out how negative real inflation is -- or real wages are in the u.s. it really goes to show that there will be sometime before we see any semblance of normalcy here. rishaad: yes. take a look at what is going on with regards to earnings, banks very much in focus for china.
the thing is what we have in terms of the central banks is the pressure on them to do something and to be seen to be doing something is immense right now. we have the bank of england coming out with its interest rate decision, pretty much a done deal 50 basis points. andrew bailey has been flagging that with inflation running hot. 9.4% or thereabouts. i guess we have a currency which needs to be defended too. david: yes, absolutely. that goes to the inflation story. you tackle one. some big earnings coming through. we talked about alibaba. big names coming out of hong kong today. pulling back from the correction territory. hang seng is better. there is plenty more ahead. this is bloomberg. ♪
time. rishaad: alibaba. 4.7% up. we are looking at earnings a little bit later on. laser focused on what it has to say about regulatory overhangs and the effect of lockdowns. a quick look at those casinos and the highlight. low light arguably. 12.4% down, sjm moves to the downside. this is the lowest intraday level we have had since 2009. raising 3 billion hong kong dollars. what is it looking like overall, dave? david: yes, it is looking good. dollar on offer against lowest -- taiwan dollar still feeling the hit to the leicester extent from geopolitics. -- lesser extent from geopolitics. this is bloomberg. ♪
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