francine: karim chedid, investment strategist at black rock, how do you play china? karim: thinking about china across equities and bonds, we are neutral on both areas. on china bonds, we are seeing investors still think of it as a source of income, especially when you look at the government bonds. the 10 year yield is no longer trading at a discount to u.s. 10 year yields, as it was before, so that did impact some positioning from investors. but we are still seeing investors look at it as a source of portfolio correlation, given the low correlation to both em and dm bonds. francine: does china have to be a longer-term play? karim: those diversification plays do come through more strongly in portfolios. in the near term, there is still some uncertainty about the zero covid strategy. there is also uncertainty about the fiscal impulse, and just how much will be delivered, and whether it is enough. francine: talk to me a little bit about etp's, you really go through the nitty-gritty, like the outflows and what it gives us for market sentiment. karim: there is so much to

kareem should eat -- kareem chatted -- karim chedid, thank you very much indeed. we have seen a mixed market depending on which sectors you are strongest in. the miners have done well. on the continent the autos are down in the technology sector is down as well. the dax and the cac 40 under pressure but off the lows by considerable margin. let's tune in later for more analysis on bloomberg radio. we'll carry on the conversation around europe and the u.k.. we'll do that at 5:00 in london, 12:00 in new york. podcasts are available on spotify in itunes. alix: coming up, problems and the global supply chain have not gone away and you have a slowdown in china. we will look at it from one of the biggest ports in the u.s., we will talk to the executive director director of the port of los angeles. he will be joining us next. this is bloomberg. ♪ ritika: this is "the european close." you're looking live shot of the principal room. coming up, sherry moore from morgan stanley wealth joining bloomberg the close. this is bloomberg. keeping you up-to-date with news from arou