tv Bloomberg Markets Asia Bloomberg January 29, 2023 9:00pm-11:00pm EST
premier. rishaad: chinese shares entering bull market to rain on the return from the new york holiday. solid efforts to back a consumption-led recovery. david: chipmakers are losing ground in hong kong, with the u.s. winning support from japan and the netherlands for its curbs on exports to china. rishaad: plus, gautam adani hits bag that -- hits back at bloomberg research,: its report and calculated securities fraud. three major central bank interest rates coming out this week. on top of that, a bull market in taiwan, as well as the mainland. but only just. rishaad: we will see if we close above that level today. in many ways, academic. the path has been clear that we were headed towards this direction. the reopen in taiwan is pushing up that smart 3%, you don't see
it on your screens -- tsmc is up 3%. csi 300 also entered the bull market. shanghai composite, may be down to index composition. not quite there yet, still 5% away. it is a technical bull market getting longer by the day. . dollar led by the taiwan dollar and the chinese currency here. , rt markets are also up 2% -- commodity markets are also up. this next graph will show you the csi 300, we are looking at 4210. if we go about that level, it would rewrite history -- just kidding. there we go, 20% up. rishaad: depends what sort of historian you are, i guess. [laughter] another theme dominating this part of the world, it is the
open of equities trading in india. we are at the moment seeing the publishing of a 430 page rebuttal to allegations of fraud by the short-seller hindenburg research. this is designed to calm some of the investors' potential skepticism. let's put this in context. it's about confidence, isn't it? last year, 2022, we had people looking away from china and toward india. through the course of 2002, there we go, just seeing what was going on here. if you have sentiment being eroded, what does this do to this market, ultimately? rishaad: the china plus one strategy. haslinda: at least a lot of funds this last year, de-risking. placing a massive premium on chinese equities. by the way, india's market
outperformed in a problem, which has almost never happened. rishaad: out of all the major benchmarks, only a handful of them remained positive. in this part of the world, only two. haslinda: i think india, jakarta and singapore managed, i think. the big one coming out, you have the fed on wednesday, ecb, bank of england on thursday. tomorrow we have pmi numbers out of china. what you don't see also is japanese bank earnings coming through. people don't really pay that much attention. rishaad: how does that help move, the pivot by the bank of japan. that 10-year yield. it made a massive difference. how does that affect their earnings? how does the mood music for the fed to change? is it a hawkish 25 basis points, that maybe the question.
chinese mainland stocks. rishaad: investors look undaunted hereby fears that the holiday travel rush could have been fueled by this fresh surge of covid infections. haslinda: for more of what took place on the ground as far as the virus story or the response or lack of it, michelle cortez is here to talk us through what you guys have been covering. what did we see? we shall phase -- michelle: celebration. the number of people who were getting out close to pre-pandemic levels, they were pretty high pre-pandemic, things had been going up quite some time. we had people hitting tourist destinations, movie theaters packed, fireworks going off across the mainland. full on celebration. very little conversation about covid. and masking at this point, we have not seen a new surge, but that is something that would come in the days and weeks. rishaad: i was in singapore last
week and the airport, so many people coming in from mainland china. they were partying like it is 1999. let's have a look also at what we know is underground, because we are not getting other data. we get to splurges of it, then we get nothing. michelle: it is pretty much a black box in terms of the numbers, what we're are seeing. china was renowned. they tracked every single infection. . we knew exactly how many they had. now, they have stopped doing it. they had set up the infrastructure. now that is gone. when it comes to deaths, which you do you can monitor better, they are actually only monitoring them closely in hospitals, so anyone who is dying in rural areas, often in nursing homes, those numbers were not actually counting. so we don't actually know what is happening on the ground. in terms of what we are seeing, the numbers are coming down as they are comparing day over day. david: they are also comparing, in case something happens.
this confirmation of two antivirals if i'm not mistaken? michelle: absolutely, there have been a couple just approved just got emergency authorization in china so they will be able to be used there. the number of infections are coming down, so it is less urgently needed than in the past. hopefully we'll see infections continue to decline in china and around the world and they would unnecessary. but if we see a resurgence of infections, definitely something china needs to have, that they did not have enough of. rishaad: thank you very much, michelle cortez, our senior medical reporter. david: breaking news right now, you might have seen us across your bloomberg terminal's, baidu will be launching a chatgpt-style bot. not exactly chatgpt. rishaad: what does that mean? david: openai. just looking through the story
now for a little bit more detail. looks like this specific application is bedrocked its deeper technology, it's earnings system, a large-scale machine model that has been a trained over the last several years, according to people we have spoken with. so the headline is that baidu will be launching a chatgpt-style bot. rishaad: similar to. our guest is with us to talk to us more about the macro stage of things, head of asia-pacific microstrategy at state street. what do you make of what is happening in china, the momentum of this rally, does it continue? if so, where are the bright spots, and what should we be looking at? >> some of it came out in the weekend, the comments regarding the focus on consumption rishaad: . that is not new, though.
>> it's not that it is not new, it is a 10-year story. i have been in hong kong long enough to know that the story regarding finding an alternative growth engine for china is at least a decade long. the previous administration free xi jinping made a point of trying to rotate towards consumption. i guess where we are looking at now is a lot of uncertainty regarding what we would call aggregate global demand. so if you are an exporter, china is a big exporter as are many regional markets. if you are an exporter you are concerned about the strength of consumption globally. liver markets are strong globally but we are in the beloved growth slowed down globally. in no way the safest bet is to ensure you can actually boost demand conditions at home. you can do that many different ways. what the authorities are doing in china clearly is looking at the part of big savings in china
right now. also very low levels of inflation, low levels of interest rates. all very consistent with consumption. so it is the consumer sectors that i really going to benefit. unsurprisingly when you see the legs of taiwan or korea doing well, it is on the back of expectations that their exporters will benefit from the pickup of consumption in china. david: to your point on this aggregate demand curve, with china reopening -- and hopefully they managed to slow it down, soft landing as far as the fed is concerned, does that mean the demand curve is in better position for risk assets? dwyfor: there is china reopening and then the strength of labor markets globally. labor markets are strong. therefore, consumer demand globally is quite strong. you have these two counterweights, all of this talk
about recession and global growth slowdown is in the face of strengthening labor markets and also, this china reopening story. the china reopening story has clearly given a lift to expectations that global demand and global economic growth generally will hold up very well. it is a big story. rishaad: a huge story. how does it affect the fed's thinking? we are looking at 25 basis points. with it be enda: or a hawkish one. how will the language evolve -- will it be a dovish one for a hawkish one? dwyfor: i think hawkish. inflation in the u.s. is still very high. ultimately, inflation is one of their mandates as opposed to growth. now, we are starting to see -- this is proprietary data -- we are starting to see online inflation beginning to fall in sectors that up until six weeks or two months ago were still up. in terms of the monthly readings.
this fall and energy prices has dragged headline inflation lower. we are beginning to see signs that may be the core inflation element in the u.s. will, nor as well. that is something to look forward to. if that happens that may be the fed has scope to be more dovish in the future. that might bring it aligned with what the market is racing regarding rate cuts at the end of this year. it is probably too early as of yet. they would have to go 25, but actually toe a pretty hawkish line with that 25. they will have to play who is right or wrong, the fed, or the markets, when it comes to the end of this year. inflation profile actually suggests the markets may be right, and there will be a slowdown in inflation this year. so they have to be hawkish for now, but the narrative might change very soon. david: if markets are right, they are pricing in well over a full kurt beck the end of this year. might that be the case that the
fed hikes to 25 and then that is it? dwyfor: they would probably need more evidence that inflation is slowing more broadly as opposed to just on energy prices. the data on that is a little bit tentative -- it is there, but it is a little bit tentative. it would be difficult for them to be hawkish today. go 25 this week, and then that would be the end of the hiking cycle. if they are hawkish this week, in all likelihood, they probably have another 25. what needs to be brought together is the rate cuts expectations for the market, and the dot plot, which is far, far more bearish in terms of expert missions of cuts out into the middle of next year -- expectations of cuts out to the middle of next year. there has to be a meeting of the minds between those two. rishaad: this time lag is longer than it is usually, in terms of how interest rate hikes affect the economy.
that also gives you a sense of how strong the economies are that we are talking about. which makes me think -- it's a question i keep asking as well, which is, are we going back to the old normal. if we have the next downturn, you can't just use the same quantitative easing playbook, if you like. you have a normalization, an over-normalization. dwyfor: i think this is happening. if you are an economic analyst or micro analyst, certainly macro matters again and the old models begin to work again. understanding macro and understanding economics certainly has value again, as opposed to trying to forecast the extent of qe. one crucial point about the fed is, if they stop this week that will be a rally for the equity markets in general. the problem with that is it actually has an impact on overall financial conditions. so a rally in the equity markets loosens financial conditions.
which really goes against what they want to do. so they can't be seen to be pushing markets too far into bullish territory or too far into risk-11 territory, because it undermines the monetary conditions they want to set for the economy. . it's another reason why they need to be more careful about being too devilish to early. it's probably not the end of the hiking cycle. but markets will pounce on any signs of dovishness and there will be a market rally, which, of course, the fed is not approach to, but it does undermine its financial condition story to some extent. david: it will welcome it, until it doesn't, i guess. dwyfor: yes. david: to your point that economics matters again, what does it mean to have a positive interest rate in terms of asset allocation in the next decade, if we are going back to that, how does that affect investment decisions? dwyfor: it changes the potential relationship between equities
and bonds once again. what we have seen in the last year to a year or have -- year to a year and a half is that diversification does not really matter. when you look at correlations between equity and bond markets, they have reversed completely from what we have accustomed to in the last couple of decades. you end up with a proper functioning interest rate market again, suddenly asset allocation becomes an investment strategy. the typical 60-40 models. some of the old traditional, diversification models of the old. that is what the price of money, a differentiated approach for the markets will bring. rishaad: thank you for that, dwyfor evans, state street head of microstrategy. it is down to the story that had just broken here, baidu will be launching an ai tool similar to chatgpt for china in march.
that is the current position baidu is in. 2.8% up now. david: it's not rocket science to figure out when the news broke. all the way up 3% as we speak. highest number since september. su keenan has you first word news. su: thank you. we start with u.s. house speaker kevin mccarthy and president biden. they have together agreed to meet on wednesday to discuss raising the u.s. debt ceiling. an agreement could reduce government spending as well as avoiding a sovereign default. mccarthy told cbs that while reductions in social security and medicare should be off the table, all discretionary spending, including the u.s. defense budget, should be reviewed for waste. the pboc will extend three monetary policy tools used to boost support of green technologies in the logistics sector. the chinese central bank says it will continue offering cheap
funding for banks lending to firms who help reduce carbon emissions until the end of 2024. the will also extend its lending program to the end of the year and a similar program for logistics through the end of june. israel is vowing a vigorous and targeted response to palestinian attacks. prime minister bennett bibi netanyahu's warning is the latest sign that warnings are -- that fighting is unlikely to end soon. there was a deadly israeli rate in a west bank city. january has been one of the deadliest months into years in israel and the occupied west bank. 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 su keenan. this is bloomberg. david: all right. just ahead, we will be joined by our next guest to discuss u.s. efforts to start the great sector of china's chips act are.
maybe we can also revive our coverage of baidu which is up 5% on the back of that story. we will talk about it later. also coming up, a look ahead at the first fed meeting of the year. the latest clues as to what the u.s. central bank might do and, more importantly,, what they might say. that is all ahead. this is bloomberg. ♪
on friday it is the big u.s. jobs data report, expected to show the labor market is starting to loosen but remaining for, from really consistent with nonaccelerating information. economic data coming from other places as you can see. also, central banks at the fore. david: at the center of that is the fed, poised to slow its rate of interest hikes. ok. let's talk about what my ex used to say, "it's not really what you do, but how you say it." michelle jamrisko here to talk us through that latest inflation report we had on friday. michelle. [laughter] michelle: we got a couple of inflation reports on friday, both encouraging for the fed on the surface but of course with some caveats. the personal expenditures index
report, of course the pce being the fed's preferred measure, both the headline and the core slowing to the slowest since 2021. underneath it is a bit discouraging. we should be mindful that jay powell likes to cite month-on-month numbers and also services inflation. month-on-month, it was 0.3%, the core, up. that is a sign that perhaps they have something to worry about in terms of services inflation staying high. and as you have been saying all morning and with our previous guest, this is something they don't want to let get out of control. they want it to stay higher longer, and there will be preaching at this week. i think power will give us a little more history lessons about the 1970's. rishaad: 25 basis points in the fed's monetary policy cake, michelle, a quick word. michelle: they will have to take it hawkish. if they go down 25, which people
expect them to do, they will have to encourage people to think about, we will need to go at this for longer. i don't expect markets to get that message, they have been at odds with the fed all along. that will be another clash this week as the fed tries to maintain that there inflation fight is not over. that they need to see this out, otherwise beware what happened several decades ago. rishaad: alright,, oversee the economic reporter. lots more to cover. this is bloomberg. ♪ -- alright, michelle jamrisko, our senior economic reporter. this is bloomberg. ♪
4.8% higher, as its plans to roll out a chatbot, not dissimilar to chatgpt. it could be the most seminal entry in the race touched off by what has been seen as a tech phenomenon here. it comes from ernie, doesn't it? david: the ernie system, a large-scale machine learning model that has been trained on data for several years. south korea. lg energysolutions. down 1.1%. and nihon mergers & acquisitions, substantial downside there. the story also when it comes to green energy financing, the pboc out with several steps encouraging the banking sector to support logistics and also companies in the green sector there. we will watch that closely. we are down across some of
these, listed in hong kong. rishaad: what we have coming up in the program, we have got adani group, how they earn spun into the short-seller hindenburg research and its fraud allegations -- how they are responding to the short-seller hindenburg research and its fraud allegations. coming out with a 430 page report. doesn't answer the questions posed by the short-seller? we will answer that. more details on the way. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today.
jgb's, 10 year jgb's at 0.47%. the year and just losing a bit of ground, with the dollar up 0.2%. as we go to lunch, we are green, not that much. sort of light green. [laughter] against the background of other markets in this part of the world, which are not doing rather better. david: markets in taiwan and mainland china are reopening today. the green on the screen is the brighter part of the spectrum there. we are taking stock of the bull market in the region. technical bull markets. up 3% from the bottoms. the csi 300 is up 2%, last i checked. h-shares already there. e.m. is already there.
philippines last week also entered the bull market. let's get over now turn su keenan in new york. she has your first word news. su: we start with china which has a reported first sharp drop in covid deaths following the lunar new year holiday despite the increase in travel. . more than 6300 related deaths were registered in hospitals, half as many as the previous week. and the true rate could be much higher as officials are not counting those who die at home, or in aged care facilities. china has resumed issuing visas to japanese nationals, ending retaliatory measures it had taken against covid-related curbs on its own travelers. the chinese embassy in japan issued a statement on its official we chat account. meanwhile, china's domestic plane trips almost doubled during the week of the vernier,
jumping 80% -- week of the lunar new year, jumping 80% as beijing pivots away from covid zero. ftx founder sam bankman-fried has denied trying to influence a witness in the fraud case against him. his legal team accused u.s. attorneys of trading him in the worst possible light. federal prosecutors however, have asked for additional bail conditions to be imposed on bankman-fried. they say he reached out to an ftx employee in an attempt to sway their testimony. in tennis, novak djokovic has won his tent australian open title, equating rafael nadal's grand slam record for men's singles titles. he won in straight sets in melbourne. he now holds 22 major titles, as does nadal. after receiving his trophy on the court, djokovic described the win as the biggest victory of his life. 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 su keenan. this is bloomberg. david: thank you so much. let's get into the details of this rebuttal out of the adani group. 413 pages there, they rebuttal of allegations of fraud by the short-seller hindenburg research. seeking to calm investors. we will have to see after markets open up. it is ahead of a $2.5 billion share sale, i think the last days tomorrow. let's bring conglomerates reporter, and also our opinion columnist also here with us. shuli ren and p r sanjai. the keys from that report were what, exactly? pr: they were supposed to issue the rebuttal, and they decided to release this report late in the night yesterday.
as you rightly said, it is a big report. they are claiming that almost all questions, out of 68 questions raised by hindenburg research, it has already been answered by adani group. 16 of the questions related to shareholder funds. hindenburg is challenging the indian livery and judicial system. that it is an attack against india's growth story. they have linked this towards the india growth story. the rebuttal, adani is clearly seen that they have been de-leveraging. regarding certain disclosures about persons and relatives,
connections to the family, that they were cleared. that all of this has been publicly disclosed. adani is saying that they want to divert the attention at the cost of investors and that they are also ridiculing the objectivity of this report -- the objective of this report. rishaad: they have also been in the crosshairs of reports by this company. let's look at whether we will have any ability to shore up in, not just in capital erosion that we are witnessing, but also getting -- off the table. p r: it is an evolving story. we will have to watch. the $52 billion worth of funds in the last several sessions whether initial public offering launched. institutions are still hopeful.
we will have to wait and watch how this initial public offering is evolving. the cfo is talking to investors in the morning before the markets opening, hoping that they can stop further erosion of market cap for adani group companies. rishaad: shuli, part of the rebuttal, there was also a nationalistic element to this. what do you make of that? on top of that, if you read on social media, some of the vitriol is quite amazing. is very polarizing. shuli: yes, it has taken a very dramatic tone in the rebuttal report. they even called hindenburg research the pass holder of bill ackman. even though the founder of hindenburg is associated with analysts who uncovered the bernie madoff scam.
it sounds very traumatic and nationalistic. i do have to say that, in our, they are kind of right. because what happened was that last year as global investors fled china for the china drama, they went to india, with also a population of 1.4 billion, except the people are younger than the growth prospects brighter. now hindenburg research is calling to question india's corporate governance and the fact that indian stocks are really, really expensive. india's benchmark index trades at over 20x earnings. china is trading at just over 10x. rishaad: let's talk about the only asian conglomerate here with -- lisa hindenburg saying, 85% decline for adani? based on others -- h&a and evergrande as well -- su: make this work? david: make this work?
whether it is true or not, are these good candidates? shuli: given how little flow there is we have seen that with evergrande. it will float. free flow. and then they also use the offshore vehicles that secretively bought into whatever public flow there is too short squeeze. we have seen these kind of tactics before. obscure auditors. all these things raised red flags. i think the question that global investors are going to ask is whether india will behave like china. china does not care about global investors' views whatsoever. it does its own thing. may be that prime minister modi government will have to come out and address concerns. the rebuttal, the most important thing is stop manipulation. rishaad: let's get back to
sanjai for a second. what do we know happens next now? sanjai: listening to the question now, today is the second to the last day for the closing of the fpo, consider to be one of the largest one. they have tremendous response from anchor investors. will have to wait and watch. there are a lot of rumors floating around about a delay of the fpo. but we are picking up that they will go ahead with this fpo, because it will be a very prestigious issue for this conglomerate. that they will go ahead with that kind of interest from institutional investors, even if they decide to get a lukewarm response from retail investors. will have to wait and watch how the market is reacting to this rebuttal. they will have to react to this 413-page report from adani
david: welcome back. japan's former trade minister says the government needs to invest heavily in the chip sector, to compete with china. he says he supports the move by japan to join the u.s. and the netherlands in curtailing beijing's semiconductor ambitions. speaking to bloomberg, the ruling party lawmaker says herbs are in china need to be carefully calibrated. >> western nations should communicate clearly on which chips could pose a threat if exported in capital one standard on where to draw a line between cutting edge or sensitive chips. >> how should the japanese government will and reaction from china? >> china itself is building its own supply chains and says its policies not to rely on
other countries. what we are doing is the flipside of that. china is not in any position to complain. >> what kind of support government needs to do for the japanese chip companies? >> rapidus is a company at the center of japan's strategy for cutting edge chips. we must ensure the success of this company as it symbolizes cooperation between japan, the u.s., and europe. it is said the chip industry needs ¥10 trillion of investments in both the public and private sectors over 10 years. rapidus needs ample support to make sure it succeeds. >> how do you welcome tsmc's recent announcement concerning building a second factory in japan? >> tsmc is slowly discovering japan's potential. i believe they will become serious about making japan one of their production bases in the
region, and we welcome their move. >> what is the ideal relationship between the chinese government and the bank of japan? >> the chinese government and the bank of japan should share issues and corporate world keeping a certain level of tension in their relationship. >> was sort of criteria do you require for the next bank of japan governor? >> i expect the new governor to be strategic in a good way. you could surprise markets with positive policy. when you have to do something that may have a negative impact on the markets, you want to send a message gradually. the markets should have already factored in by the time the policies announced. it would be nice to have someone who can make crafty moves. >> what does japan need to do right now? >> innovations that change the world are always born in japan.
the biggest challenge for japan right now is to create that ecosystem. rishaad: japan's former economy, trade and industry minister speaking to bloomberg. let's have a look at this in more detail, and bring in reva goujon, director at rhodium group. some have likened this move to bring allies together and creating this alliance. china's progression through the chip value chain, is essentially declaration of war. i know that is probably overrating it, but what does it do to the economy's burgeoning tech industry? reva: well, these are hard hitting controls and the u.s. is leveraging restrictions on u.s. persons activities, plus the threat of additional extraterritorial controls to ensure that these october 7 restrictions have maximum
impact. now that there is still the question of implementation. does that actually go into enforcing these controls and effectively freeze in place of leading edge chips? that is foundational to its economy. there is no escape when comes to its dependency on foreign suppliers. david: this time yesterday -- sorry, friday, when you essentially broke that the netherlands and japan were poised to join this embargo, for example. we were speaking with a professor in beijing. replay the tape, so we can get your reaction. >> do these rules accelerate the development of chinese chipmaking industry? will it happen faster than it would happen otherwise? my sentence now is i think it will happen faster than it would have otherwise because now we have additional economic incentives that these chinese
tech firms have. david: reva, did the group inadvertently hasted the acceleration of china's development here? reva: naturally china is going to double down. it already has a aggressive tech policy. but it is an uphill battle, china has been heavily subsidizing the semiconductor industry and it has not seen the results come from them. so it is recalibrating its strategy now it is also an vastly different environment if you compare it to other examples that are commonly cited, satellites, 5g, high-speed rail. the argument is that if you go too far with instructions, china will just end it dominate the market in the u.s. is just delaying the inevitable. but look at the geopolitical environment today.
we are in a very restrictive trading environment for china. in addition to export controls we have outdone -- parallel discussions happening in europe and other countries. other methods when it comes to data security, subsidy transparency and unity of measures that will undercut china's industry no matter which way you look at it. the idea here is that the u.s. does not think it's going to completely annihilate china's industry, of course, china will be putting in a lot of resources. but it can slow it down severely. and that is really what is behind these controls. second, in addition to the geopolitical environment, second is china's economic climate. china is in a deepening crisis. state-driven investment growth is over. the population is shrinking and
also aging. we have seen how productivity has been in steep decline. the conditions are different, but the details will matter here. rishaad: you have what this alliance is doing. it's much bigger and wider than that. how does china respond to it? is there any way it can sanction the rest of the world, as it were, in response? reva: china does not have very good options. of course, it has leverage critical materials and rare earth and medical devices, with pharmaceutical inputs, all things that if there were export restrictions, it would have a big effect. one area to watch is how china tries to regulate algorithms and the export of algorithms and its data security rules. but each of those options comes with a shoot yourself in the foot mentality, because chinese
firms are also trying to be competitive abroad. meanwhile, the u.s. and these seven countries, with japan in the lead this year in the g7 voted to create the conditions by which partners will align. that is by default exclusionary to china. china has a lot stacking up against it. of course, it can ramp up the production of legacy chips, and a number of western and asian firms are dependent on china for those chips. but as it tries to move up the value chain, it gets really hard to acquire technology through mergers and acquisitions in this restrictive environment. very hard to do when you have investment screening going though it is. it can also try to move up the value chain when it comes to auto industrial, mobile chipsets. but it is competing with the likes of ti, finian, microchip.
this is where quality comes into play. reliability comes into play. can chinese players really convince their partners in the supply chain that they are going to see -- not going to see big disruptions either internally from domestic pressures, or externally from u.s. controls? david: thank you for that. we will speak again soon. feels like this is a developing story that is not going to end anytime soon. reva goujon, director at rhodium group. as we were having that conversation, is response to a response -- hindenburg research has issued their response to the pushback out of the adani group. what stands out to you so far, rish? rishaad: what they are saying
right now is that -- they said this specifically, that they failed to answer 62 of bloomberg's 88 questions. that report, 55th -- 75% were footnotes, as it were. the thesis. where you got the information from, and the like. david: i wouldn't say everything, but a lot of what the adani response was, was really stating almost point for point that xxx was public information, not so much a rebuttal of that key point. notwithstanding of course they have come and said that this is. calculated stockmarket appellation is the word theory using here. to the statement here -- we disagree. to be clear, india is an
emerging superpower with an exciting future. we also believe the future is being held back by the adani group, which has draped itself in the indian flag while systemically eluding the nation. wow. very powerful. rishaad: absolutely. let's get another story, bloomberg learning about baidu running an ai umberto openai's. chatgpt. let's get to edwin. it has sent the stock tearing up. edwin: the proof is in the pudding. our intel is that they will launch in march and then that is when we get to test drive the service. but baidu is strong, at least
domestically. i think the chatbots will spark debate when it debuts in march. david: i know it is march, but do we know exactly when? is that a target or definite target? do we know the capability of this one comparative chatgpt? edwin: even today, chatgpt's own capabilities, i am sure you have seen the oohs and the aahs across social media that surfaced in the wake of its introduction. but there have been experts also poking at, for instance, its accuracy, its viability, its ability to learn. it's hard to answer the question in terms of whether baidu's bot will be capable,
less or more. rishaad: thank you, edwin chan. just checking on markets. the china reopening trade is taking place. mainland markets on the way up, not quite out of the gate as we had expected. casinos in focus in montgomery county. . down substantially here, markets in hong kong. on the other side is unsure, mainland markets such to enter a bull market. taiwan also coming back online today, also set to enter a bull market. plenty more ahead. this is bloomberg. ♪
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stories. mainland chinese equity benchmarks entering bull market terrain as trading resumes the rebound in consumption string sentiment. taiwan also unable tear. and and bring research saying fraud cannot the obvious gated or conflated with nationalism. plus, india's budget set to test prime minister modi's fiscal resolve as the government looks to boost sentiment with his pre-election spending plan. let's have a look at the markets as we have china entering into this bull market on the return from holiday. trading resuming after this week. csi was up as much as 2.1% before edging back. edging back across the board with the shanghai comp almost have a 1% to the upside. looking at what is happening we are looking forward to several events. we have a slew of data coming
out globally. perhaps it is the federal reserve's decision on interest rates. the european central bank and the british one as well. let's look at what is happening with the open in focus in bangkok. we have just a little bit stronger a gain against its american counterpart. one of the best performers were generally speaking so far this year. the nifty open indicated as being pretty much flat. the rupee also flat. 81 rupees, 52 peso. this repot coming through from the hindenburg research company. it has adani group in its crosshairs. this is the statement they have made. they have gone on to say out of the 88 questions they posed to the adani group they failed to
specifically answer 62 of them. they also go on to say there were a few relevant disclosures taking place in in terms of substance the 413 page response only included about 30 pages focused on issues related to their response. and in berg going on to claim the remainder consisted of 330 pages of court records along with finance information and talks on how they have been doing with female entrepreneurship and the reduction of safe -- more on the head of berg's response and adani groups defense. let's get back to one of our top stories. as one of our top stories. melenchon he said equity's -- mainland chinese equities set to enter able market if we did a close. something we can get behind and look under the boot of as we have a reality check on the economy.
the bloomberg chief asia economist, thank you for joining us. we are expecting this bull market but does it reflect what it is going on in the macroenvironment? >> the signs do look positive for the economy. we seem to be seeing a rabid bottoming of the economy and a rapid bounce back of the economy. if you look at the signs of spending during the chinese new year it is very positive. you look at people traveling back home, towards him, box spending and restaurant spending. all the signs are pointing up. a couple weeks ago we moved our projection for the whole year up to 5.8%. rishaad: this is a look at the consensus projections for the economy this year. 5.1% growth is the key one you
may be interested in. >> i think the consensus forecast is also moving up. at the end of 2022 the consensus forecast of 4.8%. at the time we were above the consensus but now we are even further above the consensus. at this point we see quite positive signs for the economy. having said all that, we think we will continue to lunch out of the strength of the rebound and durability of the rebound. people have stayed at home for too long. david: take money of course. not nearly as much as they saved in the u.s. >> there is still the issue how quickly the economy will open up. how quickly income will pick up. and people's sentiments and the consumer sentiment remains low. lots to watch out for durability.
david: thank you for that. bloomberg's chief asia economist joining us. let's get to brian. brian is ceo of the child family office which invests globally across a wide range of markets. what are you making of this rebound and does it have legs? >> we are skeptical. look at what has happened the last four weeks. you have equities, the bond market, ig, high-yield, gold coin rising in tandem. there has been only one weak asset and that has been the u.s. dollar. clearly this does not reflect fundamentals. this reflects capital flows, liquidity. we are back to the situation where bad news is good news. i think a lot will depend on how we call interest rates and the intentions of the federal
reserve. the eoc and pbc. rishaad: we can talk about that a little now if you wish. the statement is underlining this would be 25 basis points as a hawkish quarter-point rise. >> i think the market is hoping or expecting the fed will at some point stop raising interest rates this year and possibly cut it either late this year or early next year. this is not guaranteed. we need to look back in history and look at the late 1970's and what happened in 1980 when the fed prematurely and we know that for a fact now cut interest rates and inflation took off again and they had to reverse course and raise interest rates back to the acutely high levels from which they then spent 40
years receding. the question here is will the current fed risk making the same mistakes the volcker fed made in the earlier administration? rishaad: dealing with much less inflation problems, perhaps not such a drastic response but the question i keep back he -- keep asking people is let's not forget we are going back to the old normal. that gives them the tools for the job of a furthered downturn. -- further downturn. >> i think the relationship between policy rates and inflation is a complex one. our internal model is unless you invert the yield curve raising interest rates put slight upward pressure on inflation. when the fed is done, the acutely inverted front end.
they're going to do what they achieve -- achieve what they set out to do. the recession might be averted by factors other than monetary policy. there are reasons to expect if it is a recession it is going to be a pretty mild one. we might get away with no recession at all. that would be looking at headline numbers. i think there is going to be a consumption recession that sort of plugged or it filled investment both in greening the economy and the resurgence in use of fiscal policy would be a balancing act. rishaad: with what you just said, you must be looking at debt and credit very closely. where are you looking because you are getting the juice there, aren't you? >> yes but that assumes the fed
at some point pauses and reverses. what if it does not? i think there is little conviction in the market right now. there are no high conviction trades you can bet with or against. that makes it difficult to make money. you make the most money when you are contrarian and right. unfortunately now we have a mixed bag of expectations. the immediate opportunities i can see our you are right. ig is paying a fair bid but you cannot trust the market to give you your exit. i think you acquire a contractual exit which forces you to the short end of the curve. is that a viable strategy? i guess so for the next couple of years you can operate seeing the yield celebrate -- the yield stay at a shorter end.
another thing you can look at his this agreement between the investors in the fed had the yield curve is interesting because yield curves don't stay inverted for long and they don't stay very inverted. what we have is a 70 basis point inversion between the twos intends. -- the twos and tents. it is a cheap debt to bet that the curve will steepen. rishaad: talking of where you should be where others are not and take contrarian course, how do you look at india? i don't want to talk to you about the adani drama but the ripples from that which could people -- could put people off of investing? how do you view this? >> i think india is a secular structural play. it has already demonstrated its resilience. people underestimate and i mean in a technical sense of data
underestimate india's growth both at topline and bottom-line. the data coming out of india is not frequent enough. there is not enough data and the quality is not as good. underlying that, if you are on the ground investing in private companies and conducting primary research, fundamental research, what you find is a very strong economy. even if you take a very macro cursory view, a very high level view, you have a growing population. you have per capita gdp at 2300, 2004 hundred dollars compared with china's 13000 and the u.s. at 70,000. it has a long way to go and it does not have to go all that way. if india closes the gap by a fifth of the potential, that is massive growth.
i think that growth has been happening. it is just we have not been able to measure it because the traditional measures don't look at the growth of india. look at when the economy was monetized. it was by force. it was seen as not such a good thing. now we see by formalizing the economy we can measure it at her. we can speed it up and reduce the transactional and economic frictions. rishaad: traditionally india has had high historical valuations. going into 22 times earnings as opposed to 10 out of china, that must affect your thinking here. >> it is one of the reasons that gives us pause. otherwise investing is always about two things which is growth profitability and valuations.
that tempers our optimism for india. one has to be careful especially if interest rates globally are going to be remaining elevated for some time. we see india in the last couple of weeks underperforming when all of last year outperformed by a wide margin. there will be a lot of volatility across not just in equities, not just in asia but across the board. it gives investors an opportunity to position themselves for the future to make use of the volatility as a time to sow the seeds if not to reap. rishaad: always a pleasure. let's get to the first word news. su keenan in new york. su: we are going to start in the u.s. peered treasury secretary
janet yellen says the u.s. economy remains at risk of recession amid high interest rates. she told berg news she is encouraged inflation is coming down and the labor market remains tight. economists expect u.s. gdp to shrink in the second and third quarters seeing a 65% chance of recession in the coming year. >> i don't want to minimize the risk of recession in the absence of further shocks. it really comes down to the labor market. i guess the path that i see to maintaining a strong labor market while bringing inflation down. it does involve a slowdown in growth. su: now to the debt ceiling. u.s. house speaker kevin mccarthy and president biden have agreed to meet on wednesday to discuss raising the u.s. debt ceiling. an agreement could reduce government spending and avoid a
sovereign default. mccarthy told cbs while reductions in social security and medicare should be off the table all discretionary spending including the defense budget should be reviewed for waste. to china where they have resumed issuing visas to japanese nationals ending some of the retaliatory measures it took against covid related curbs on its own travelers. the chinese embassy in japan issued a statement. china's domestic plane trips almost doubled from a year earlier during the week of the lunar new year. trips jumped 80% as beijing pivots away from covid zero. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm su keenan. this is bloomberg. david: still to come, hsbc's chief india economist joining us for a preview of the upcoming budget.
rishaad: you are back with bloomberg markets. hindenburg research has responded to adani groups like the rebuttal saying they failed to answer most of their questions and attempted to sidestep their findings. our reporter is in mumbai. what have they said specifically about the rebuttal. this is the rebuttal to the rebuttal. >> it is getting interesting. yesterday night the adani group
has come out with a 413 page report saying the attack is largely toward india. nationalism was the key theme. adani questioned about the intentions of the hide the work -- intentions of the report. they said most of the questions were in the public domain. some are baseless allegations made by hindenburg research. in the morning hindenburg issued another rebuttal to adani group saying you cannot -- they also said most of the questions raised by hindenburg research is unanswered. the cfo is addressing very
television channel interviews. the market will open any time from now. it is going to be interesting to watch how markets react to the rebuttal and the rebuttal to the rebuttal. and the stock market reactions. rishaad: quickly, what is the mood? if you read social media, the vitriol directed toward hindenburg research by some is using essentially nationalism. this is one of the main stages of the report hindenburg has rebutted. how is this dividing things and how is it affecting the way people look at corporate india? >> that is an interesting question. one of the key things adani was saying was the hand and berg
research was ill-timed and that is insulting the india story. hindenburg is saying answer the questions. largely investors will be keen to understand how india is reacting. now there is a moral responsibility for the country to clearly tell the story otherwise it can hurt national sentiments because clearly adani has also said the research is challenging india judicial and regulatory framework. the government will have to step in and say the things they are going to tell toward global investors. india has two -- the budget is around the corner. it is interesting how global investors are watching the space and how this will shape up in
there were said to be having their worst payout since the financial crisis more than a decade ago. the senior editor for greater china finance. give us the nuts and bolts and unpack the story for us please. >> obviously last year was a very tough year for investment banking. globally investment banking you go percent. business in china was hard-hit by the regulatory crackdown. what we are seeing is on average bankers in asia, investment bankers will get a 50% cut in total compensation for last year. the range is a bit different. some of the star bankers will get milder cuts. maybe little change or down as much as 20%. nonperforming bankers will see reductions up to 70%. many will not get any bonus pay
at all is what we are hearing. rishaad: what is it down to? is it down to the china locked down in last year which made business very difficult or does it go deeper than that? >> the lockdown played a major part. not so much -- the real difficulty for these banks was beijing moved to basically -- through the number of chinese companies that can do ipo's abroad. they used to be a major business for wall street. those deals were down almost 90% last year. that was a very lucrative thing. we will see how things pick up now down the line with covid zero being dropped and maybe some of the regulatory overhang, threat of regulatory crackdown will be eased. we have seen signs of that. we are also seeing some banks are boosting pay for the most
jr. employees because they don't want to completely lose all the staffing should deal start picking up again. david: thank you so much -- rishaad: thank you so much. coming up, we are going to go on board the aircraft carrier the uss nimitz reporting on simmering tensions in the south china sea. that special report coming up just ahead. ♪
stocks in bull territory. we will be in bull market. trading reopened in shanghai and shenzhen. we had these recovery bets based on an economic recovery taking place. strong spending expected to hold things up. this is the csi up one point 1%. shanghai comp seven tense of 1% to the upside. we get traders in tokyo returning. the nikkei to 25 reopens now up one third of 1% in the morning session. hong kong under some stress. taking back some of the gains we have seen since the start of the year. quick look at what else we have. the japan exchange on back 40% of its shares.
we want to come in on the tech side of things. baidu has had a very good morning. we had bloomberg learned it is willing out and ai chatbots service a bit like the chat gpt. it could be embedded into the main search services. arotech reporter -- arotech reporter has that school. tell us the nuts and bolts of what we have learned about what it is going to do, this baidu initiative. >> chat gpt is on the internet but there is no such thing in china yet. we have learned previously microsoft might want to add chat gpt into its search engine. what baidu -- trying to do something similar. developing their own ai chatbots tool and add that to their search engine services. when you type a question you
will not get a straight answer. you will get a bot to chat with you. rishaad: does it have wide implications? it has for baidu but for wider ai in china? >> it is worth noting original chat gpt has been there. that leaves baidu and other tech companies to fill the void. for baidu they already spent billions of dollars in ai technology but is struggling to finally use it in world application. this could be a way to compete with larger rivals like tencent and alibaba. rishaad: always seen as the third player in some ways. thank you for that. joining us with a look at baidu and its plans to use a similar service to chat gpt. it's have a look at what is happening first word news wise and joined su keenan.
su: we are going to start with short seller hindenburg research who says adani group's response to its report alleging fraud and stock manipulation has failed to answer 62 of 88 questions it posed. adani had earlier published a lengthy rebuttal. the 400 paints response was timed around the last leg of the following share sale. china has reported a sharp drop in covid related deaths during the lunar new year holiday. display a spike in travel that increased the likelihood of infections. more than 6300 related deaths were registered from hospitals. around half as many in the previous week. the true rate could be higher as officials do not count those who died at home or in aged care facilities.
ftx co-founder sam bankman-fried has denied trying to influence a witness in the fraud case against him. his legal team has accused u.s. attorneys of training him in the worst possible light. federal prosecutors have asked for additional bail conditions. they are claiming he reached out to an fdx employee in an attempt to sway that person's testimony. the pboc will extend three monetary policy tools used to support of green technologies and logistics sector. the chinese central bank says it will continue offering cheap funding for banks lending to firms that reduce carbon emissions until the end of 2024. the pboc will extend its program for clean coal use into the end of the year and a similar program for logistics until the end of june. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in
over 120 countries. this is bloomberg. rishaad: let's have a look at this u.s. report. having told -- killing nbc saying general mark milley hand will come following the u.s. and taiwanese general elections. as tensions do simmer, chief north asian correspondent stephen engle texas onboard the uss nimitz. in the south china sea. seen as a potential flashpoint in the pacific. >> uss nimitz carrier strike force currently deployed in the south china sea punctuates of the political risk in the asia-pacific in 2023 as lingering tensions over taiwan and north korea potentially escalated. russia's war in ukraine remains many -- reminds many this region
is not safe from a military escalation. this as china carries out its own exercises in the same waters led by its newest carrier. china and the u.s. are simultaneously flexing their muscles. the uss nimitz may be the oldest aircraft carrier in the u.s. navy but it still does its job of projecting u.s. strength here in the western pacific. zero to 120 miles in two and a half seconds. while the u.s. has 11 active aircraft carriers, no other nation has more than two including china. both the u.s. and china have many more on the drawing board as the u.s. upgrades to four class super carriers and china aims for a global blue water navy by next decade. >> what is concerning is not so much the changes in capability. it is the intent and crucially
the perceptions of intent. both sides see themselves as responding to the others aggression. that is a classic recipe for a cycle of escalation. >> u.s. carrier strike 11 commander rear admiral krista moore cini met with us on the -- christopher sweeney met with us off-camera saying his mission is to show the flag, an assurance to allies the u.s. will be here when the time is needed. >> we are set up for the vulnerability of a military mistake. when there is no trust, there is no communication between nations, you have two fighter jets flying closely in the air as we did recently over the south china sea. that could escalate very quickly. >> the likely cause of any u.s. china military conflict may be less accidental and more political or economic. >> the next decade is probably
the more dangerous one in terms of big grand geostrategic worlds of the dice by china or something like that. the long-term balance of power is extremely dependent on how both the u.s. and others and china manage their economies. >> the u.s. has assiduously denied there is any intent to contain china but actions speak louder than words. we have a containment coliseum. the biden administration followed up with these export sanctions on advanced semi conductor chips. we have certainly taken actions that put enormous pressure on china. it is naive of us to think china will not respond. >> for now the shows of force continue but for us it is time to leave this soon to be decommissioned nimitz on an aging transport catapulted off over these disputed waters.
stephen engle, bloomberg news in the south china sea. rishaad: let's have a look at this breaking news happening across the terminal. the french carmaker is going to be cutting its stake in nissan motor to 15%. some of the shares up by one third of 1%. what this does is move down the stakes nissan has in renault. it is all coming out of the nikkei right now. this -- i don't have the details as to whether we are going to be getting the same voting powers. let's move to the company focus. we are looking at a move up for adani enterprises. ports on the way up as we get this rebuttal to a rebuttal from
the hindenburg research group which has been targeting adani saying they are using erroneous information and adani saying the hindenburg is calculated. we are going to be looking at mixed stocks when the cash market opens in just over five minutes from now. also in india going to be looking at the budget unveiled wednesday. going to be seen as a key test for prime minister modi. going to be joined by hsbc's india economist. this is bloomberg. ♪
of the 88 questions raised by hindenburg research. what we are seeing is the adani group tried to perhaps modify its shareholder base and new investors as well from these allegations of widespread corporate malfeasance. we will have more on this when the stocks open. let's have a look at the budget. the other big thing going on and he india. testing the government's fiscal metal. seen as key to boosting investor sentiment. our next guest expecting the country to -- into fiscal consolidation. chief india economist at hsbc. in what ways will it be right for india now or will it be something which has one eye on populism and the election next year? >> i think the main focus of this budget is going to be macro
stability. bringing down the fiscal deficit in terms of the path the government had announced a few years ago. this is going to help keep a lid on inflation. inflation has been a problem last year. it is also going to help keep a lid on the trade deficit. this budget will focus much more on macro stability than on growth. rishaad: and fiscal consolidation is another part of all this. >> yes, exactly. fiscal consolidation is a big part and we think the government will try to bring it down from 6.4 percent of gdp to 5.8 which is what it had promised. it is not going to be easy. it is a year in which nominal gdp growth is going to fall because inflation is coming down. it is a pre-election year. there are a lot of demands on populism. it is a time in which small firms are rising back up and small firms don't always pay taxes. there the low the tax break.
it is going to be hard for the government to bring down the fiscal deficit. our sense is it is going to try and we think it is going to succeed for the simple reason it is making a lot of structural changes. it has restructured the food subsidy bill which was very large during the pandemic. it is coming down now did it has new expenditure methods increasing efficiency over time. our sense is the government is working hard edges going to be able to consolidate and bring down the fiscal deficit over time toward sustainable levels. rishaad: also, we have a lot of schemes for manufacturing, design to make india an alternative place for china to manufacture. are those schemas likely to be expanded in your view and if so where? >> yes. there has been a production link to incentive scheme which is a manufacturing subsidy. dez been a key focus of the
government over the last couple of years. our sense is it is going to be increased a little bit. there are all kinds of speculations but there is a sector doing well which is electronics. some other sectors. small-scale manufacturing. my sense is it is not going to be extremely profligate. our sense is every time this government has increased any of these subsidy schemes it has cut back somewhere else. it is a restructuring of schemes rather than unleashing new expensive schemas. that is going to be a focus. rishaad: what are the problems india is facing as an economy and what should the budget in your view be doing to address those problems? >> i think there are two. problems. growth is slowing. exports have been a big contributor to growth after the pandemic. export volumes are slowing. pent-up demand has come off.
fiscal consolidation means growth could be a bit lower. it is dealing with growth softening. it is dealing with a lot of macroeconomic stability challenges. how you keep inflation low. how you keep the deficit low. it will have to choose between the two because it is hard for the two to coexist our sense is it is going to choose macro stability overgrowth. as 2023 progresses we will see the deficit come down. we will see inflation soffit. -- inflation soften. we could also see gdp growth soften a little bit. i think this will be a bit -- a good mix. it is more important to focus on macro stability rather than growth. i think growth can take off later on when the global cycle turns. rishaad: hold that thought because we just had the open. two minutes of the cash market in mumbai. we are looking at some of those companies. i don't a total guest down 19%.
some of these other companies very much in focus with regards to this drama taking place with hindenburg research accusing the company of corporate malfeasance. we had this rebuttal 413 pages long chewed on the 30 of it was according to and in big research answering their concerns. we got to 15% down. adani enterprises, some investors being modified there. really 6% to the upside. let's get back to the economy and talk a little bit about how we are seeing inflation moderate . does it go back to the 4% target sooner rather than later? one day after the budget we get the reserve bank out with a policy decision. what are they likely to say? >> our sense is the central bank has hiked rates up already. it is now on it's last leg shared we expect a 25 basis point increase in the policy
meeting next week. we also think this is going to be the last rate hike for now. inflation is coming off but it is mostly because of food prices. likely to be a good harvest. the government does a very good job in the transportation of food particularly in a pre-election year. i don't think inflation is going to be as big of a problem but i would still be a little careful because there is this one component of inflation, core inflation which has remained high and sticky and is likely to do so. why headline inflation is likely to come off. it will probably not fall all the way down to 4% which is the rbis target. david: good stuff as ever. quick word on markets. a mixed bag with regards to the trouble with adani. the attacks on adani groups. perhaps calling into question what is going on with corporate
indian accounting practices. this multibillion dollar conglomerate. the alleged fraud is an anomaly. investors put a premium on solid corporate bookkeeping. thank you for joining us. give us a sense of how you are looking at this. >> based on a model that tracks financial statement inconsistency. our strategy is to seek long exposure to the top 25% we rank and short the bottom 20 5%. the return is significant for the indian market generating 11% for the last 10 years. rishaad: do you think chinese equities and indian equities, how do they differ with regards? >> both markets have been hit by
shortselling research reports in the past. if you look at the bigger caps, indian markets seem to be -- paying for a much larger premium for companies with good accounting practices. in the hang seng index, probably the top 60, 80 companies, the return is negative. the reason is maybe because a lot of more companies in the hang seng stay on the enterprises and are more regulated. there are other factors driving the accounting factors such as regulatory tightening and chinese economy factor. we really expand the scope of the research to include more than 500 companies. the return for indian and chinese market is cyclical or -- is sickler. -- is cyclical. i think we have been doing a lot
of work for esg especially environmental side, carbon emissions side. we felt the accounting topics are quite left out by the investor in the past years. we have heaved up by research especially targeting the accounting practices. our model shows the emerging-market, especially the indian and chinese market, return quite a bit higher than the u.s. and europe. suggesting the investor are paying more attention in this part of the world. rishaad: thank you so much. yesterday analyst at bloomberg intelligence. going to take a break but looking at what is happening in india. looking at the adani related shares. this is the position right now after that rebuttal from them and then there rebuttal to the rebuttal from hindenburg research. ♪
me debuted the application in march. should allow users to get conversation style search results and will be built on a large-scale machine learning model. qatar energy signing a deal to search for natural gas in lebanese waters. the state run company will hold a 30% stake in two offshore blocks, total energy and will own each 35% p the u.s. brokered a deal ending a dispute between lebanon and israel over the gas rich area. a british carrier ceased operations and all operations to and from the u.k. have been canceled the collapse coming less than a year after it started flowing again. the civil aviation authority told passengers not to go to the airport unless they had arranged flights with another airline. about 75,000 customers had tickets booked. let's have a look at markets
before -- taking a look at the adani story as it plays out with a mixed bag. adani enterprises up several percent after the rebuttal to hindenburg research. a biggest -- and mixed bag in terms of markets. the hang seng is down 1.5%. mainland equities doing better. we have the reopen after the lunar new year. hang seng offer lunch in just about four and a bit minutes that is it from us. bloomberg daybreak middle east is next. ♪
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