tv Bloomberg Markets Asia Bloomberg November 17, 2021 10:00pm-11:00pm EST
about why the world cannot decouple from china's economy. set for a trade debut after a $2.5 billion ipo. india's biggest week in a decade for new listings. haslinda: even as we turn our attention to climate, u.s. china relations front and center. we heard from tony blair saying he thinks the u.s. is adopting the right posture to china and most of europe are on board as well. the other thing we heard, saying that the coupling must not happen. it will be detrimental especially to big u.s. companies wanting to be global players. they are unlikely to be able to do that if the usd decouples from china. emphasizing how important it is for the two sides to come together and start communicating better. we will be speaking to franklin templeton emerging markets equity ceo.
also ahead, the danish minister for climate, energy and utilities. he will be joining us closely -- running a shortly. -- he will be joining us shortly. a list of great guests coming write up. yvonne: you mentioned the former treasury secretary hank paulson talking about the dangers of this decoupling. he says the world will look like a more dangerous place if there is an unstable u.s. and china relationship. >> wholesale financial decoupling is impossible and partial decoupling is likely to make of the united states, china and the rest of the world more susceptible to financial crises. it is crucial we have mechanisms for the first and second largest economies to coordinate because the only way to put out the next big fire will be with global
coordination. haslinda: earlier, we caught up with hsbc ceo at the new economy forum. he said the world cannot afford to decouple. that seems to be the theme here at the new economy form. yvonne: there are a lot of questions about hong kong in particular. he said when it comes to reopening with the mainland, that is still the priority for hong kong. he has not going to jeopardize that. he is not planning any trips to hong kong as of yet. hong kong needs to do what they need to do. that is interesting on the back of jamie dimon and his trip to maybe 48 hours ago. something we can bring you two. once we have it ready. let's look at markets and a the meantime. the trading debut in india, given the frenzy we have seen when it comes to ipo's i that part of the world.
we are still seeing some pressure when it comes to mainland equities. thanks saying is down 365 points. it has been dragged down by the likes of tech. talk about earnings we have got out of i do. billy billy, the extent of this wrigley torrey crackdown when it comes to tech players. on light add outlook looks uncertain. the market is still concerned. jd.com, alibaba coming up as well. the next test for the so-called rally we have seen in chinese tech. alibaba down 5%. jd.com down 3% to when it comes to those two year inflation expectations that we got out of new zealand, 10 year highs. close to a 3% print should the market is starting to price even more rate hikes when it comes to the rbnz. more than one priced in at markets right now before year end for the rbnz. the qe, the spike at 722. take a look at sterling and
raymond b. it was gains that helped alleviate some strength in the greenback overnight. 11404 for the dollar-yen. still hovering around the for your highs. haslinda: that is right. when you take a look at markets, it is about inflation should inflation fears and the prospects of subtle bank targeting weighing on market sentiment paired discuss emerging market opportunities with our next guest oversees more than $35 billion with franklin templeton said we are joined by the cio. good to have you with us. inflation front and center. it is a quagmire. there is no consensus whether it is transitory or not. >> we have been trying to grapple with this issue about inflation for the last year. the pandemic has had a lot to do with it. we are seeing economies recover. supply chain issues around the world and that is causing a lot
of issues with inflation. the question is, is this for a set time? is it contained or is it more widespread? for emerging markets, the question is whether we are going to see the yield curve steepen as a result of inflation fears or growth fears. haslinda: the question is, what are you positioning for? >> you cannot position yourself with a defined view of what the inflation outcome is. we try to take a structural view. long-term story with the emerging markets is an attractive one so that is what we are focused on. on inflation, if you look at things right now, the u.s. is grappling with short-term inflationary pressures. europe is worried about growth. japan is stuck in its own growth inflation difficulties. we are seeing some price pressures from china and india. not much else. i don't think inflation is going to be the key consideration and the medium to long term for emerging markets.
i think we are going to get through this. the question is how growth looks for the sustainable basis once we get through this difficult time. haslinda: here we are toward the end of 2021. ems continue to underperform. is that the trend that is expected to continue given where china is right now? >> i think we need to be careful how we look at emerging markets. a lot of different drivers happening. the main cause of the outperformance has been china. if you look at places like india, places like the middle east, markets have hit new highs. there is a lot of interest in those markets. the digitalization has been providing a lot of growth. come back to china, last year china was first in the pandemic. it was first out this year, the economy has been strong. policy has been a bit more restrictive. china is focused on a 0 --
pandemics euro cases policy, which is causing some difficulties in resumption of growth and the normalization of things. all that has driven the underperformance of china jedi will argue the long-term story for china and you heard it from some of thee other people here today. the long-term story is still a positive one. it is an attractive story for people willing to take a long-term view. haslinda: if that is the case, if china is attractive in the longer term, what will you be buying now? will you be looking at the property market? >> the last few months, you have had a lot of guidance from the policymakers in china about what the future is going to look like that is a different picture from what you see in parts of the u.s. and the developed world. what policymakers are saying is they are saying is there going to guide policy toward the development of certain sectors
that will burn about broader good for the broader society. common prosperity as they call it. we think common prosperity, china this year is in a strange way a combination of two of the most powerful themes of the market for the next 10 years. one is china and the other is esg. there is no one definition of esg kid if you are in the u.s., it is another way of looking at it could china, yet again another different way. there are certain sectors they want to support. i think the green evocation of the chinese economy is a charge of. haslinda: what would you be buying? give us some names. >> i would focus on electrification of vehicles. i would focus on solar energy. i would focus on renewables. i would still take a long-term view on the internet companies pick i think the long-term story
for digitalization of the economy means these companies are going to stay leaders. he might have to wait a while for them to recover. i think all of those themes are powerful for china and it will continue to haslinda: be. the biggest risk investing in china right now. >> policy risk. it is in the price. it is something that is out there and i think it is naive for us to think chinese markets, chinese policymakers are going to follow the way anglo-saxon policymakers tackle markets. we need to be cautious about that. the big question is cross taiwan relations pin that is something we are watching very carefully. in the long term, that is something that needs to be resolved. that could be a real issue for markets. haslinda: thank you so much for your time should have a great time for the rest of this form. franklin templeton emerging markets. taiwan a key issue. it is a key theme at the farm.
yvonne: very much so. the green if occasion of china, that is going to be a theme we are watching out for and how to position around this effort as well. earlier, we spoke about the hsbc noel quinn should he said the world cannot decouple from china, which is the biggest manufacturing hub. >> the world's economy is recovering. it is recovering well. there are tensions and of a supply chain. we should not be too surprised by that. we went into fast reserve. now it will be fast-forward. we are taking as a positive the world is recovering and early think -- the world is recovering and -- i am concerned about inflation. the same time as the supply chain is recovering, there are some new issues. supply chains are repositioning
poly because of geopolitics and considerations by governments. oil prices are going to remain high for quite a while because there is a constrained supply. the investment cast of new sustainable infrastructure is going to have a premium in the near term should >> do you worry about monetary mishaps? what does it mean for a big bank? >> controlling inflation is going to be a fine art as opposed to a science. we are going to have to make careful judgment calls on central banks in the next few weeks and months as to how they keep the balance between economic recovery and making sure inflation does not get out of control. i think they will do that through pulling back on qe and progressive, gradual increases in interest rates. countries will move at different times on that and that is ok. it is going to be about balance. >> we heard from the former treasury secretary that is
almost impossible for the u.s. and china to decouple. how do you read the chinese economy right now? >> the chinese economy has been big as a manufacturer for the world for many decades. it is also huge as a consumption market for the future. i don't think the world can decouple from one of the biggest manufacturing nations of the world. what will be one of the biggest consumption markets of the world. i really hope it does not decouple. will there be differences? differences in views on technology. differences on views of politics? yes. i thing there is a level of connectivity between the u.s. and china. >> how many bumps along the road do you see? do you ch her doctorate upwards in terms of how you build? >> we already started with a very strong platform in hong kong. we are one of the biggest wealth
managers in hong kong. we have in our balance sheet over 1.6 trillion. whether it is in private banking, asset management, retail operations. for me, it is about a continuous investment program. i guided the market that we were going to spend 6 billion over the next three to five years. three and a half billion is building out our wealth business within asia. we are going to do that. across all of asia. our wealth opportunities in hong kong still. china definitely. singapore absolutely and also india. there will be a combination of organic investment. recruiting people. as you have seen in singapore, we are in the process of buying a business. bring that together with our insurance business and we have a much more powerful wealth proposition in singapore. i'm looking at three or four other opportunities. over the next few months across
asia. >> have you spoken to hong kong authorities so you don't have to do a quarantine next time you come back? >> i'm not planning a trip at the moment. i think it is important for hong kong to establish what they need to establish with china on reopening the hong kong china border. i don't want to do anything that may jeopardize that. i would love to get back to hong kong as soon as i can. yvonne: that was the hsbc group ceo speaking with francine lacqua it still ahead, we are speaking to be asked -- the act sure ceo. up next, the danish minister for climate, energy and utilities joins us. this is bloomberg. ♪
yvonne: you are watching bloomberg markets: asia. it's good back alive to the bloomberg market forum where manus cranny is standing by with her next guest. good morning. manus: a very good day to you. denmark's minister for climate, energy and utilities. probably the busiest minister in europe. good to see you, minister. we caught up yesterday and the new economy form. with the gas markets and energy crisis we have in europe, prices up 19%. we move from these moments of existential angst to moments of relief when putin says he will get us more gasp at how serious a crisis are we facing? ? it is a huge crisis. it is different from country to country but it is serious for all of us. for the ones hit the hardest, this can run the economy of many
households. it will lead to poverty even in some places. it is considered one of the most serious crises we have an in for a whale. manus: everybody puts their hope on russia and putin delivering gas through nord stream 2 two. is nord stream 2 really the answer to this crisis? > it is definitely not a long-term answer. it might help to remedy the situation in the long term if it will start working but we need to look to the future where we are much less dependent on gas and actually any fuel from other countries outside of european a big part of this transformation is moving onto more renewables. we will be self-sufficient with energy but it will be renewable energy that we control ourselves should the pricing out -- that we control ourselves. manus: the pricing of renewables has been talked about. does that need to improve before people want to invest more or
the grid takes more renewables? what is the challenge? >> a lot of trends are moving in the right direction. offshore wind is something we have a lot of in denmark. offshore wind competes with coal , most places in the world in price. there is no doubt that in the years to come we are looking into the need to subsidize many sources every noble energy. if we don't do that, the market will not improve enough. manus: you have gone heavy and hard on and offshore wind development and the sentiment is this is a big bed and there are big logistical issues with that -- a big bet and are big adjustable issues. it there a risk of going hard and heavy? >> if we don't do that, we risk baying in a situation we are in now where we are dependent on energy from other countries. even more seriously, this is
also about combating climate change. if we are to do that, we are going to new to move away from fossil fuels. offshore wind is the source that has the biggest potential. manus: we caught up yesterday on a panel with egypt. you said to me the phrase, keeping 1.5 alive. you are in the room for the watering down of the language. it is that a tragedy? >> it is a good compromise. at the same time, we do need to acknowledge a lot more work needs to be done. what are the conquer mise secure? -- what are the conquer my secure? that we still have the possibility and security of revitalizing national pledges. if that is not happen, there is no chance of us staying below 1.5. manus: the u.n. does not have
any bite. if you don't live up to your promises, how do we guard rail that? >> one of the reasons why countries are not doing enough with regard to the pledges is even though there are not any formal sanctions, countries don't like to be named and shamed. i'm not really that concerned. the reason they are not doing it is they know it has consequences if they do. the problem is more that some countries have not bought in on this transformation and they are trying to sort of sit on the fence and see what will happen. we need to persuade everybody this is the way the world energy markets are going. manus: china is producing a record amount of coal. we are at the new economy form. we have just come off cop. it does not sound we are making progress. correct me. >> in some ways, definitely not enough has been done in some of the big growing economies.
if you look at china, they have said they will stop the financing of coal abroad. this is huge. that is one of the things that came out of cop. an effort to reduce methane with the u.s. and china on board. huge progress. an effort to stop deforestation. again, i argue we need to do much more but there is progress. manus: we are in the business of finance at bloomberg. green bonds for denmark? how close are we? >> i'm very confident there will be -- that will be an important part of the way we finance our transformation in the future. manus: thank you so much for being part of the panel and being part of the new economy form. that is denmark's minister for climate, energy and utilities. yvonne: great stuff. a quick check of the latest headlines. talking about baidu sales
jumping 13% after growth in the quarter led to some growth in new businesses. helping to offset a slow down. the company posted a third-quarter revenue of $5 billion. thanks to a 73% jump in ai cloud sales. investing any areas including unmanned vehicles and the cloud heating beijing's calls for self-sufficiency. shares down 8% in hong kong. nvidia has given an upbeat fourth-quarter forecast. the chips giant expects to hit $7.4 billion during that time. more than half a billion above average analyst estimates. the news sell shares rally in late trade. 57% revenue growth over the last a five day rally for riviere and came to an abrupt halt in new
york on wednesday wiping out $23 billion from the new listing. shares dropped as much as 18% but pared losses to close 15% lower. it is still worth about 130 billion and shares are up 87% from last week's ipo price. amazon is considering shifting its credit card to mastercard amid simmering tensions with visa. it has prompted the retailer to ban visa cards in the u.k. starting next year. the amazon card is one of the largest portfolios. it is using talks to renew the agreement as a way to secure better terms from visa. rights in focus once again when it comes to inflation expectations in new zealand. 10 year highs that we saw for the two year. you are seeing rates slightly lower. bond markets are rallying on the back of a volatile a few days as
we continue to deal with inflation concerns. seven basis points lower for your 10 year yield. your u.s. 10 year is about 158 your aussie tenure as well. yields heading over as well good biotech in focus. watching some of these names in asia. lower by close to 9%. this is on biogen's drug a set backs in europe. a mixed picture. rather key theme has been the property space. a lot of news when it comes to raising money. selling the steaks at discounts. the latest one is evergrande telling the entire state. -- entire stake. looking at other things when it comes to yang. a lot of concerns still on these bond coupon payments. take a look at tech. still earnings day when it comes to alibaba and jd.com.
5% for alibaba shares. i guess you can say the bad news came from baidu and the billy billy. let's take you to our panel on the bloomberg new economy form. a new panel we have been talking about focused on agriculture. stephanie moderating that. feeding the world, agriculture and the health of the planet. this is what we are hearing so far on the sidelines of the new economy form. markets are still very much in a bit of trouble. risk off session overall. let's listen in in singapore. >> fertilizer prices going to an all-time high. there is of that immediate challenge. -- there is that immediate challenge. we think about solving both of those. how do we feed the world in this changing environment?
yvonne: welcome back. we are live at the bloomberg forum in singapore. haslinda almond has been there. we have the headliners like bill gates, hank paulson, what are the responses so far? >> i think there has been a lot of questions on whether or not inflation is transitory or not. a lot of questions were u.s.-china relations are at. and we are focused on the climate. our next guest from a swedish
startup that produces leisure boats. -- raised $18 million to scale up production of vessels in the aim of tapping the growing market of environmentally friendly luxury boats. i know it is right up your alley. joining us is the chief executive. good to have you with us. before we get to your business, would have been some of the key takeaways for this forum? >> what makes me most positive is 40% of all financial assets have finally pledged to follow the agreement. the capital is now there. it is up to us as business leaders to drive this transformation. and we should, because it has been proven by several businesses if you could do this in a way that could profit, more jobs, and saves the planet. >> trickling down to your business, ev, or electric boats, what kind of outlook are you looking at for 2021, 2022?
>> the boating market itself is at an all-time high. since a couple of years back. covid has driven it a lot. then you have the ev boom, and everyone likes smart products. consumers are getting more sustainable and understanding of how their choices are affecting the planet. we are in a perfect storm to where we want to be. this is the main thing. >> where do you see the greatest demand? where is the growth area? >> still largest in europe, but in the united states and middle east. we have already delivered products to customers in six continents. >> plans to bring it to asia? might that be in the foreseeable future? i'm sure yvonne man is looking at one. >> after these two days, i hope we get to asia soon. i know the demand is here, as well. >> how soon do you think it may
happen? >> after this event. so honestly, the first big continent we just closed in a year. so maybe next year. haslinda: we know you had some fundraising. the plan is to do a second one ramp up production. talk about that plan. >> that plan is already in progress. we have already built the first three boats in that new factory. we are really fast-moving. the second factory will be up and running and full capacity at the end of q3. north of 400 boats per year. so we are going fast. >> might you need to raise more funds? >> you always need to raise more funds if you continue growing at the pace we are doing. we are fully financed for now, but given the growth pace we have, i'm sure we will be back for more soon. haslinda: we talk about electric boats, but would you like to look at electric commercial ships? they are contributing a lot to
the emissions. how soon do you think we can get there? what are some of the difficulties? >> if you look at the larger ships, the larger ships, i think a lot -- opposite to the coal industry. they started with smaller cars, and have gone to tracks. the shipping industry was the first to electrify. and we are leaving this space with a be five or six years. so we can see a lot of new companies coming in. super excited to see them coming to our three years. haslinda: for 2022, what are some of the key themes, key trends in your business? >> we see consumers being more and more environmentally cautious. also, we see people running after more activities. and everyone wants to be connected. and we can start with the watch,
or an app, and they know everything is connected. >> thank you so much for your time. there you have it. and i'm sure you are waiting for your luxury boat. >> environmentally friendly, it can potentially take me farther than where i can go these days. the bloomberg forum on the world agriculture and health of the planet. stephanie flanders moderating that panel. some of the big names joining the panel right now. let's listen in. >> our people. >> we think about squaring this circle, one conclusion i have from talking earlier about these fundamental questions of squaring the circle, between producing more food but covering less land and saving the planet.
as far as i can see, your company has the answers to all of it. where does data and intelligence come in? >> in some ways, the answer is capital. all of it is going to cost money. that money comes with risk, and you have to price the risk associated with the capital that gets deployed. the example i gave you in my past life, an energy trader. when i first started trading oil and gas and the pursuit -- producer came up to hedge, it was difficult for us to do that. every time i left to start grow, we can sell it 10, 20 years forward. the energy markets that made things like shale oil and gas possible, gas prices went down, cole got priced out of the market. renewables became a possibility. there were really long-term changes that happened because
capital flows well when there is good information. as data becomes necessary infrastructure, the driving transformation in change. the change will require a lot of capital and a lot of long-term capital. and agriculture capital today is to short term. data is infrastructure, which is seen as a highway. >> bloomberg is probably the one company you don't need the importance about data -- and the power of data and transparency in pricing in fueling a global company. but the p's -- the p's, you're focused on trying to key -- the capital piece, you're trying to focus on. >> this is funding for -- places like ghana are mostly banks. in order to access capital.
that alone is a limiting factor from how much money you can get. and they need money to -- and without affordable capital, enough blended capital around, there is a constraint on the amount they can get. to improve lines, grow more food, and make more money. there is a massive opportunity to fill that gap. we finance farmers, and we try and give out the information, and giving them money to special supply lines, it allows us to picture -- where they can make more money. but we are one company, we cannot do it all. there is a need for government, a need for corporations to come together and find new ways to make capital affordable.
so they can be able to get all the food they need to see the future. >> so when they talk about the technological solutions of how you want to be less sacred, how much is that figure in the day to day calculations in the farmland you work with? >> -- training, and given our information, the biggest challenge today is the information is in english, it is an online for companies to understand easily. if you don't print them properly, they will not be any -- so there is massive room to figure out a way --
yvonne: we will leave it there. subscribers can continue watching at live go. earlier, we spoke to bill gates, the founder of microsoft, about covid, global health, and preparing for pandemics. and he says mid-2022 is when we might see the covid deaths drop back to flu level. >> the vaccines are very good news. the supply constraints will be largely solved as we get out in the middle of next year. so we will be limited by the logistics and the demand. in a lot of countries, it is not clear what the demand level will be. ironically, in a country like many in sub-saharan africa, where the epidemic has not been as visible, demand for the vaccine is challenging to generate that, but we will do the best we can on that.
another thing that is really impressive is merck and pfizer have oral antivirals that the merck drug, we have been able to reformulate to get it to be less than eight dollars. so we will be able to have anyone who's age or medical condition makes them have significant risk, immediately begin her assumptive treatment as soon as they test positive. so between natural immunity, vaccine immunity, and these oral treatments that can scale up in ways the antibodies never did, the death rate and the disease rate should be coming down dramatically. and by next summer, getting to be quite a bit lower than the average seasonal flu level, assuming there is no surprise
variants, which the evidence is it is not that likely, but it can never be ruled out. >> you just mentioned next summer, what do you think victory looks like in this? >> is it effectively taking covid back? you also mentioned the flu. is it making covid that kind of flulike disease? i know it is, but is it the kind of version of what victory is in your brain? >> yes, things are fairly binary. death rates from driving were 10 times what they are. the flu is accepted. the average life lost for covid was about eight years, because it is so prevalent in the elder versus the young. and we accept about a 60,000 average per year rate. i happen to think as part of the tools, innovation to avoid the
next pandemic, we should eradicate the flu, as well, because it's mutations are another significant source of future pandemic risk. but the idea that economic activity will resume in full once we get to flu levels, it is very likely. we will have some hotspots where we still have to have nonpharmaceutical interventions, or huge incentives for people to get protected. >> just to push you on the vaccination things, if you look at the way countries are dealing with this, you have two very different ways of doing it. you could argue that the country i live in, britain, which opens up a lot, relied on vaccination and a see happens attitude, and
then you have china, which is really clamping down, but actually closing things down. when you look at those, do you see problems with both, or water the basic strategies you have more trust in? >> any country that was able to do what china did and stop it early, where you had case rates about 2% of the population, that is a huge blessing they were able to do that. that means they have very little natural immunity, so they have to drive their vaccination coverage up before they drop this wall that has allowed the infection from coming in. >> and that was bill gates speaking at the bloomberg new economy forum to the editor in
chief. sticking to the covid theme, we have our next guest. >> that is right. covid vaccines. one of singapore's largest health care providers with operations across asia as shares have climbed in the early 90 print since march 2020. getting used to the pandemic at accelerating the vaccination drive. for more we are joined by the founder and exec it of chairman of the group. how has covid conformed hospitals in good and bad ways? >> we have fewer patients, local and foreign, because we don't allow foreign to come in. we responded by doing other things that our skills are needed for. so being border controlled, vaccinations, looking after milder cases.
we look after them in isolation for these communities, treatments, facilities. we can open vaccinations in four days. this vaccination center can vaccinate 10,000 doses. so it is fantastic. we have learned new skills, we have organized ourselves, we have responded to this covid war. >> and we managed to adapt because technology allowed us to do that. in what always have hospitals adapted to technology? >> all of the defense kids were quickly made -- defense kits were quickly made by research labs. the mrna technology was meant to be dealing with cancer, cancer testing, they did a vaccine.
we have consultations, we look after those who are afraid to come or cannot come. they stay at home, can consult our doctors. phone patients are consulting us through the airwaves, telling us the same. so when we open up, those cases can wait. the cases we are advised to go to your nearby hospital. perhaps a hospital -- you should not wait. some things you cannot wait. haslinda: as you look to address covid and covid cases, is it coming at a cost of other treatments like cancer? >> not really, because covid is only -- in terms of research, i am sure it carries on. but i think it is a matter of capacity. if public hospitals become
affected looking after covid patients, the people with the fractures, strokes, heart attacks, the more the government sends to us, and we help the government look after all these patients. so you have to make sure your whole health care is -- whether public or private, works in synergy, and make sure we have enough capacity to look at the urging cases, which every day are kind of bread and butter. haslinda: we know in the pandemic, it has benefited hospitals with value boosted. given expectations covid will ease quarantine, hopefully it will no longer be there, how are you looking at growth and value going forward? >> it is not that our share
price has gone up because of covid, it was because of others. but it is true. our doctors, our staff, we employ them to do whatever needs to be done. instead of having a lot of capacity, we brought in a few thousand more full-time and part-time workers. so overnight, we extended our workforce. that is how we have responded to the crisis. because suddenly, there was this big need that had to be filled. >> talk about the magnitude of the labor shortage. not just singapore, but elsewhere, especially in the medical field and hospital. >> in ordinary times before covid, there is already a worldwide shortage. doctors, yes.
and the whole world -- then we distribute it. because all of the doctors want to be in the city, working in big hospitals, fortunately, singapore is quite strong. haslinda: any extension plans? >> yes, certainly. we are extending in china. the last three years, we opened three hospitals. and there is a big need, and a lot of demand if you know how to meet the demand. and we are delivering international standard care to china. >> how much are you investing? >> about 500 million dollars, $600 million of our own money. and we have been looking at the markets for more than 30 years. haslinda: excellent to have you with us.
patience pays off. founder and executive chairman there. >> just want to mark the lines as we talk about vaccines and booster shots. hong kong will expand covid-19 booster besson nation starting november 30 -- 23rd. i think they will start prioritizing some of the elderly, we will talk more about that coming up. the indian open is coming up. looking ahead to that ipo. 2150. we will talk more about that with our colleagues. this is bloomberg. ♪
>> shares of 197 communications will start trading in a few minutes after raising $2.5 billion in india's biggest ever ipo. for more, let's bring in our asian markets reporter. a lot of buzz about this. how a momentous moment this is for india. the tech sector. one of the biggest fintech companies in india. what kind of response will we get from investors today? >> if you look at the market
premium usually look ahead at, it is not that great. one to two person. the reasons for that are plenty. the ipo has been priced to perfection. there have been some concerns about how complex the business is. i thing one was saying too many in too many pipes. it is complex to understand. also something people are worried about. that is why it gets attention from the high network individual capacity. not a bump like we have seen in recent banks. >> right. it is interesting, because a lot of us were wondering if india can replicate the same success china did, and how they can change the equity dynamics of that market.
what do investors see happening over the company in the long term? what is it mean for the equity landscape? >> last night, might not have a --, but it adds the fintech name. a lot of companies would be looking at more fintech for groups coming in. and if you look at china's transformation, in terms of fintech payments, the levels for making profits, the company needs to turn them on. that is when probably more investors will become more confident about such companies. in that context, it bodes really well for all of these coming back. >> that was our asian markets reporter. before we hand over coverage to
daybreak middle east, let's bring in manus cranny for a wrap of some of the highlights from the bloomberg new economy forum. as we talk about what stood out, it is the -- >> i wonder if we had dinner together last night. we talk about the opening speech this morning. it is about -- the world cannot decouple. in a financial sense, it is symbiotic. there is a symbiotic need to make us strong and robust financial system. whether you like it or not, it doesn't matter what political side you sit on. the robustness is integral to the global economy. we've got a surge. -- i've got a third. >> deflate. if you think about what ben solomon said last night, just
about the moments of grief he has never seen, and you listen to the interview about interest rates, there is a building consensus we need a deflationary moment. >> to end on engagement, they will have to communicate with each other to ensure that is not the last virtual sediment. because more is needed. manus cranny. more big interviews coming from the bloomberg new economy forum. including the trade minister and the ocbc ceeo coming up tomorrow. >> look forward to it. let's get you caught up on how markets are doing. a risk off session. equities down, bonds are up. the dollar a little bit off of the highs we have seen. but the focus has been on the hang seng. lower on the benchmark. very much driving the index ahead of earnings from alibaba.
this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.
announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, the chip shortage is no crisis for nvidia. shares of the largest chipmaker spiking. we dig into the company plus bet on the metaverse and the status