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00:00TOM: IT IS 9:00 A.M. IN BEIJING. WE ARE LIVE AT THE UBS GREATER CHINA CONFERENCE. WELCOME TO BLOOMBERG MARKETS THE CHINA OPEN. I'M TOM MACKENZIE. DAVID: WE ARE JUST COUNTING DOWN TO TRADE. THERE TOP STORIES TODAY. PRESIDENT TRUMP FACING A SECOND IMPEACHMENT HEARING. POSSIBLY ON WEDNESDAY UNLESS MIKE PENCE REMOVES HIM FIRST. THE VICE PRESIDENT VOWS TO STICK WITH HIS BOSS. MARKETS ARE CAUTIOUS AFTER WALL STREET'S FIRST DECLINE IN FIVE SESSIONS. THE RALLY MAY BE COOLING. THE DOLLAR HOLDING ITS ADVANCE AS WE SPEAK. THE WHO HEADS TO CHINA TO INVESTIGATE THE ORIGINS OF THE CORONAVIRUS. THE INQUIRY WILL FOCUS ON THE ORIGINAL EPICENTER. U.S.-CHINA RELATIONS MAY BE FURTHER STRAINED AS WASHINGTON LIFTS RESTRICTIONS ON INTERACTION WITH TAIWAN. WE HEAR FROM A TYPE A LAWMAKER -- A TAIPEI LAWMAKER. TOM: AS I MENTIONED, WE ARE STILL HERE AT THE UBS GREATER CHINA CONFERENCE. WE WILL BE SPEAKING TO THE HEAD OF THE AIPAC INVESTMENT BANKING PART OF THE BUSINESS, ALSO THE HEAD OF THE GREATER CHINA BUSINESS. THERE IS A KEY QUESTION AS TO HOW MUCH RISK THERE NOW IS IN ALLOCATING CAPITAL TO CHINESE MARKETS AMID THESE TENSIONS YOU ARE SEEING BETWEEN BEIJING AND WASHINGTON. CONCRETE MOVES AROUND CAPITAL MARKETS. DAVID: WITHIN THAT EQUATION, YOU ALLUDED TO THIS. THERE IS ALSO THE TIGHTENING AND YIELD DIFFERENTIALS. THERE IS THE VALUATION STORY. IF YOU'LL HIT WOULD HAPPENED YESTERDAY ON THE MAINLAND, -- IF YOU LOOK AT WOULD HAVE ON THE MAINLAND TODAY, SOME VOLUMES AS WELL. HERE WE GO INTO THE OPEN. WE ARE UP ABOUT A 10TH OF 1%. YOU LOOK AT THE ENTERPRISES INDEX. REPORTING PRE-PANDEMIC LEVELS. HAVE A LOOK AT INDIA FUTURES. KOREA HAS BEEN INSANELY HOT SO TO SPEAK. TECHNICAL SIGNALS WHEN YOU LOOK AT THE BIGGER STOCKS IN KOREA MIGHT BE TELLING YOU THIS MARKET HAS SOME DOWNSIDE. AT LEAST NEAR TERM CONSOLIDATION IS THE WORD WE LIKE TO USE. MORGAN STANLEY BASICALLY DITCHING THEIR NEAR-TERM CALL ON THE DOLLAR FOR MORE STRENGTH. WE TALK ABOUT THIS LATER ON/ BITCOIN AND YOUR COMMODITY STORY, YOUR SWING ACROSS THE BITCOIN PRAISE. THREE AND A HALF PERCENT. BACKUP TO 35 AS WE SPEAK. LET'S TALK ABOUT GEOPOLITICS IN WASHINGTON SPECIFICALLY. DONALD TRUMP HAS MET WITH HIS VICE PRESIDENT, MIKE PENCE, FOR THE FIRST TIME SINCE THE RIOTS SHOOK THE CAPITAL. THE PAIR HAVE VOWED TO CONTINUE WORKING WITH ONE ANOTHER. THERE IS A SHADOW OVERHEAD AS DEMOCRATS MOVE FORWARD WITH THE IMPEACHMENT. IT'S TALK TO BRUCE -- LET'S CROSS WITH BRUCE. LET'S START WITH THE CONVERSATION BETWEEN THE PRESIDENT AND VICE PRESIDENT. WHAT HAPPENED AT THAT MEETING? > > AS YOU SAID, THIS WAS THE FIRST MEETING BETWEEN THE TWO SINCE THE EVENTS ON WEDNESDAY WHEN RIOTERS STORMED THE CAPITAL ENCHANTED HANG MIKE PENCE. WE KNOW THAT THE PRESIDENT AND THE VICE PRESIDENT MET ON MONDAY. THEY AGREED TO WORK TOGETHER FOR THE REMAINDER OF THE TERM. THAT IS INDICATING THAT THERE WILL NOT BE A RESIGNATION AND THERE WILL NOT BE AN EVOCATION OF THE 25TH AMENDMENT. TOM: HOW IS THIS LIKELY TO IMPACT THE IMPEACHMENT EFFORTS UNDERWAY BY THE DEMOCRATS? > > THERE WILL BE SIGNIFICANT IMPACTS BECAUSE WHAT THE DEMOCRATS IN CONGRESS HAVE DONE SO FAR IS THEY HAVE CALLED ON VICE PRESIDENT PENCE TO INVOKE THE 25TH AMENDMENT. IF THAT DOES NOT HAPPEN, THEY WILL PROCEED WITH IMPEACHMENT PROCEEDINGS. IT IS CLEAR THAT IS WHAT IS GOING TO HAPPEN NEXT. THE DEMOCRATS WILL BRING UP IMPEACHMENT MOST LIKELY ON WEDNESDAY. DEMOCRATS HAVE SAID THEY HAVE THE MAJORITY OF THE HOUSE WHO SAID THEY WILL SUPPORT IT. SOME REPUBLICANS ARE ON BOARD TOO. DAVID: THAT TAKES US INTO THE EVENTS NEXT WEEK. WE HAVE THE INAUGURATION JANUARY THE 20TH TAKING PLACE IN MUCH IN THE SAME LOCATION YOU HAD THE EVENTS TAKE PLACE LAST WEEK. HOW DOES ALL OF THIS OR WHAT WILL HAPPEN TO SECURITY AHEAD OF THE BIG EVENT? > > THAT IS A BIG CONCERN. THE FBI HAS ISSUED A WARNING ABOUT PLANS FOR ARMED PROTESTS IN ALL OF THE 50 STATE CAPITALS BEGINNING IN THE NEXT FEW DAYS AS WELL AS IN WASHINGTON. THERE IS GOOD REASON TO BE CONCERNED. THE NATIONAL GUIDE HAS RECEIVED -- NATIONAL GUARD HAS RECEIVED APPROVAL TO APPROVE AS MANY AS 50,000 PERSONNEL TO WASHINGTON IN THE DAYS LEADING TO THE INAUGURATION. THAT IS A SNIPPET CAN INCREASE FROM THE 6200 NATIONAL GUARD MEMBERS WHO HAVE BEEN MOBILIZED SINCE THE RIOTS AND THE ATTACK ON THE CAPITAL LAST WEEK. THERE WILL BE THOUSANDS OF TROOPS ARRIVING IN WASHINGTON, D.C. WITHIN THE NEXT FEW DAYS. TOM: THE LATEST ON THOSE IMPEACHMENT MOVES IN D.C. AND THOSE SECURITY CONCERNS LEADING UP TO THE INAUGURATION OF. JOE BIDEN LET'S GET THE FIRST WORD NEWS. WITH KARINA MITCHELL. KARINA: THE WHAT HEALTH ORGANIZATION IS PREPARING FOR ITS FACT-FINDING TRIP TO CHINA TO INVESTIGATE THE ORIGINS OF THE CORONAVIRUS PANDEMIC. THE NEWS COMES AS REPORTED DEATHS FROM COVID-19 APPROACH TO MILLION GLOBALLY WITH INFECTIONS ABOVE 90 MILLION. A SEPARATE WHO TEAM IS ALREADY IN CHINA WORKING ON POTENTIAL INTERNATIONAL VACCINE APPROVAL. THE OTHER NEWS, BOEING WRECKAGE WAS THE CLUB -- WAS RECOVERED. ALL PEOPLE ON BOARD ARE THOUGHT TO HAVE DIED. THE JET WAS A MODEL THAT WAS ORIGINALLY LAUNCHED 26 YEARS AGO AND WAS FAR OLDER THAN THE 737 MAX THAT IS RETURNING TO SERVICE AFTER A WORLDWIDE GROUNDING. THERE ARE REPORTS THAT THE FLIGHT RECORDERS HAVE BEEN RECOVERED AND DATA RETRIEVED. MESSAGING SITE PARLER IS SUING AMAZON AFTER BEING REMOVED FROM ITS SERVERS. THE MOVE FOLLOWS APPLE AND GOOGLE DROPPING PARLER FROM THEIR APP STORES OVER CONCERNS ABOUT INCITEMENT. BIG TECH SLUMPED IN THE FALLOUT FROM THE EVENTS ON CAPITOL HILL. 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 KARINA MITCHELL. THIS IS BLOOMBERG. TOM: STILL AHEAD, WE ARE GOING TO HAVE MORE EXCLUSIVE INTERVIEWS FROM THE UBS GREATER CHINA CONFERENCE. UP NEXT, CHAIRMAN AXEL WEBER ON HIS OUTLOOK FOR THE BUSINESS. LATER, WE ARE GOING TO BE SPEAKING TO THE HEAD OF CHINA STRATEGY. THEN WE WILL BE JOINED BY THE UBS COUNTRY HAD FOR CHINA -- COUNTRY HEAD FOR CHINA. DAVID: ALSO AHEAD ON THE SHOW, A CHINESE LAWMAKER, WE WILL GET HIS REACTION WHEN THE U.S. POSTS RESTRICTIONS -- LIFTS RESTRICTIONS TO TAIWAN. THIS IS BLOOMBERG MARKETS: THE CHINA OPEN. GOOD MORNING. DAVID: WELCOME BACK. YOU ARE WATCHING BLOOMBERG MARKETS CHINA OPEN. TOM: TRUMP ADMINISTRATION'S FINAL DAYS ARE LEAVING COMPANIES STUCK IN THE MIDDLE OF AN INCREASINGLY CONTENTIOUS U.S.-CHINA RELATIONSHIP. THE DUBIOUS CHAIRMAN SAYS YOU -- THE UBS CHAIRMAN SAYS HE DOES NOT EXPECT THE RELATIONSHIP TO DETERIORATE ANY FURTHER UNDER THE BIDART ADMINISTRATION. HE SAYS THE MARKET HAS BECOME A KEY DRIVER OF PROFITABILITY FOR UBS. HE SPOKE TO ME EXCLUSIVELY ABOUT THEIR CHINA STRATEGY. > > CHINA CONTINUES TO BE RECOVERING WELL. WITH THE OPENING UP THAT WAS DECIDED AT THE LAST FIVE YEAR PLANE, THAT IS A GOLDEN OPPORTUNITY FOR MANY INTERNATIONAL BANKS INCLUDING UBS. IF YOU LOOK AT LAST YEAR, THERE WAS AN EXPLOSION OF LISTINGS ON THE AIR SHARES, HONG KONG, INTERNATIONALLY. THAT IS A TREND THAT CONTINUES AND IS ACCELERATED BY THE CURRENT ENVIRONMENT. A POSITION TO PROTECT ITS LEADING FRANCHISE. ASSET MANAGEMENT, WE WANT TO DEVELOP MORE CAPABILITIES TO BRING IN SOLUTIONS BASED ON SOLUTIONS INTO THE GLOBAL CLIENT BASE. AND OF COURSE WEALTH MANAGEMENT, THERE IS A HUGE POTENTIAL FOR BEING THE WEALTH MANAGER OF CHOICE FOR A VAST AMOUNT OF CHINESE RICH THE VISUAL'S WHEN TO INVEST INTERNATIONALLY BUT WENT TO INVEST BOTH IN MAINLAND CHINA BUT ALSO ABROAD AND WEALTH MANAGEMENT CLIENTS FROM AROUND THE WORLD NEED MORE CHINA EXPOSURE. IT IS THE OUTSIDE IN, INSIDE OUT IS THIS. -- INSIDE-OUT BUSINESS. TOM: WHAT IS THAT LEAVE US IN TERMS OF THE TIMEFRAME FOR PROFITABILITY? -- WHERE DOES THAT LEAVE US IN TERMS OF THE TIMEFRAME FOR PROFITABILITY? > > > > IT IS HARD TO ACCOUNT FOR IT. IT IS NOT JUST A CHINESE'S NEST IN ISOLATION DOES HAVE A POSITIVE NET TO PROFIT. IN THAT SENSE IT WAS PROFITABLE. TOM: YOU TALKED ABOUT THE WEALTH MANAGEMENT ASPIRATIONS. ARE YOU ANY CLOSER TO FINDING A JV PARTNER TO EXPAND THE WEALTH MANAGEMENT? > > PORTFOLIO INVESTMENTS AND CHOICES WITH OUR CLIENTS THROUGH VIRTUAL INTERACTION. THAT PART OF THE BUSINESS HAS BECOME STRONGER AND CHINA IS A FANTASTIC TESTING GROUND FOR WEALTH MANAGEMENT. OUR FOCUS IS ON THOSE CAPABILITIES AND WE ARE LOOKING INTO MARKETS. IT IS A COMBINATION OF TRADITIONAL BROKER BUSINESSES AND WEALTH MANAGEMENT. IN THAT SENSE, WE HAVE NOT IDENTIFIED ONE PARTNER WE WANT TO WORK WITH. WE ARE IN CONTACT WITH MANY. IT IS A RACE OF MULTIPLE INVESTMENTS AND MULTIPLE APARTMENTS YOU DO DIFFERENT THINGS WITH WEATHER THAN A SINGLE COMMITMENT TO A PARTNER ON SHORE. TOM: ANY PLANS FOR ACQUISITIONS TO KEEP THE COMPETITIVE EDGE? > > WE DO CONTINUE TO LOOK FOR OPPORTUNITIES. WE WENT TO SEE THE DUST SETTLE FIRST ON INTERNATIONAL RELATIONSHIPS, HOW THE U.S. -CHINA RELATIONSHIP PANS OUT. HOW THE EUROPEAN AGREEMENT OFFERS OPPORTUNITY AND WHETHER SWITZERLAND CAN JOIN THESE ENDEAVORS. TOM: WE ARE SEEING SOME VERY REAL IMPACTS OF THIS U.S.-CHINA CAPITAL MARKET DECOUPLING IN THE LAST FEW WEEKS. WHAT IS THE EFFECT OF THE DECOUPLING OF THE CAPITAL MARKETS, THE IMPACT ON A BUSINESS LIKE UBS? > > UNDER THE CURRENT ENVIRONMENT, YOU WILL SEE SOME HEADWINDS FOR CHINA. AT THE SAME TIME, CHINA IS SUCH A STRONG GROSS FACTOR AND DRIVES THE GLOBAL GROSS THAT IT IS IMPOSSIBLE TO NOT HAVE DIVERSIFICATION IN YOUR PORTFOLIOS. YOU SEE U.S. BANKS TAKE A BIGGER CHANCES IN CHINA. EVERY THING THE GLOBAL BANKING COMMUNITY DOES INVESTING IN CHINA IS SOMETHING THAT WILL BRING CAPITAL TO CHINA AS WELL AS BRING THE HUGE CAPITAL RESOURCES CHINA HAS TWO THE GLOBAL ECONOMY. THE KEY THING ABOUT CHINA IS THE MASSIVE CLIENT BASE IT CAN OFFER. IT HAS A MIDDLE CLASS THAT IS BECOMING STRONGER AND STRONGER. FOR US AS A WEALTH MANAGEMENT, THE INVESTMENT NEEDS OF THAT MIDDLE CLASS ARE THE KEY DRIVER FOR FUTURE PROFITABILITY. TOM: DO YOU HAVE A VIEW ON WHERE THE RELATIONS BETWEEN BEIJING AND WASHINGTON WILL IMPROVE OR CONTINUE TO DETERIORATE UNDER A BIDEN ADMINISTRATION? > > I DO NOT THINK THEY WILL CONTINUE TO DETERIORATE. I THINK THE BIDEN ADMINISTRATION IS NOT GOING TO WILL BACK SOME OF THE MEASURES IN TERMS OF TARIFFS THAT HAVE BEEN DECIDED BY THE TRUMP ADMINISTRATION. THEY ARE NOT GOING TO ADD NEW ONES. IN A WAY, WE ARE GOING TO SEE A MORE FRANKLY INTERNATIONAL ENGAGEMENT WITH THE UNITED STATES. THERE WAS THE WHOLE NAFTA DISCUSSIONS WE HAD. I THINK IN GENERAL THE BIDART ADMINISTRATION WILL BE A MORE INTERNATIONAL ADMINISTRATION. IT WILL BE MORE REMINISCENT OF THE ADMINISTRATION WE HAD UNDER OBAMA. INTERNATIONAL ENGAGEMENT WILL BE A LOT MORE PREDICTABLE. DAVID: THAT WAS THE UBS GROUP CHAIRMAN AXEL WEBER. THE PBOC IS OUT WITH A DAILY FIX. WE ARE LOOKING AT -- THE ESTIMATE WAS 648 .06. IT IS VERY EARLY INTO THE YEAR. THAT TREND HAS BEEN UP ON THE DAILY FIXING. TODAY, 648. 648.23. TOM: LET'S GET YOU A QUICK CHECK OF THE LATEST HEADLINES. MICHAEL JORDAN HAS RACKED UP ANOTHER IMPORTANT WHEN IN CHINA FOR INTELLECTUAL PROPERTY RIGHTS. A CORE IN SHANGHAI HAS ORDERED A LOCAL COMPANY TO STOP USING THE NAME THAT LITERALLY TRANSLATES INTO JORDAN. THE COMPANY MUST ALSO STOP USING HIS FAMOUS NUMBER 23 AND MAKE A PUBLIC APOLOGY. THE RULING IS THE LATEST IN AROUND 80 SEPARATE LEGAL CASES ORGAN HAS FILED. CREDIT SUISSE IS SAID TO BE CONSIDERING CUTS OF AT LEAST 10% TO ITS BONUS POOL AFTER A SERIES OF CHARGES HIT PROFIT LAST YEAR. THE BANK IS FINALIZING 2020 DISCRETIONARY PAYMENTS AND WILL TELL STAFF IN THE COMING WEEKS. REDUCTIONS COULD GO AS HIGHS 15%. IT WOULD BE A MARKED CHANGE FROM THE PREVIOUS TWO YEARS. TOM: JUST SOME BREAKING NEWS COMING THROUGH HERE. THE BANK OF AMERICA IS THE LATEST COMPANY THAT IS DECIDING TO TOSS SOME POLITICAL -- TOSSED POLITICAL CONTRIBUTIONS. THEY ARE THE LATEST IN OUR REPORTING. BANK OF AMERICA STILL REVIEWING THE FUTURE CONTRIBUTIONS. THEY HAVE NOW DECIDED TO PAUSE THOSE SPENDING DECISIONS. LET'S TELL YOU WHAT IS COMING UP HERE ON THE PROGRAM. OUR NEXT GUEST SAYS PRESIDENT TRUMP WAS THE BEST GIFT TO THE COMMUNIST PARTY. WE LOOK AT THE PROSPECTS FOR THE U.S.-CHINA RELATIONS. THIS IS BLOOMBERG. ♪ DAVID: WELCOME BACK TO THE SHOW. WE ARE GETTING SOME INITIAL MOVEMENT. A LITTLE BIT OF UPSIDE. A COUPLE OF ANALYST RATINGS. PLUS, THE BONUS TRACK OF THE PRICE TARGET THAT IS COMING UP IN 10 MINUTES. 60% ROUGHLY SPEAKING. STAY TUNED FOR THAT ONE. FLAT ON THE HANG SENG INDEX. STUCK ABOUT GEOPOLITICS. PRESIDENT TRUMP'S LAST FEW DAYS IN OFFICE HAVE BROUGHT FRESH TURMOIL WHEN IT COMES TO RELATIONS BETWEEN BEIJING AND WASHINGTON AFTER -- BOTH WASHINGTON AND BEIJING TAKING STEPS THAT WILL LIKELY WORSEN THE TIES BETWEEN THE TWO COUNTRIES. JOINING US NOW IS THE DIRECTOR OF ASIA INSTITUTE AND PROFESSOR OF FINANCE AT THE UNIVERSITY OF HONG KONG. THANK YOU FOR COMING ON THE SHOW. WE WILL HAVE A NEW PRESIDENT NEXT WEEK. WHAT DO YOU THINK CHANGES AND WHAT DOES NOT? > > THE APPROACH BY BIDEN WILL BE VERY DIFFERENT FROM TRUMP'S APPROACH. TRUMP HAS BEEN [INDISCERNIBLE] IN TERMS OF HOW HE HAS DEALT WITH MANY THINGS, ESPECIALLY CHINA. OVERALL, TRUMP HAS BEEN VIEWED AS A BIG GIFT TO THE CHINESE COMMONEST PARTY. MANY LEADERS IN BEIJING HAVE REALLY LOVED DEALING WITH TRUMP. ALTHOUGH ON THE SURFACE TRUMP HAS REDUCED A LOT OF NOISES THAT SOUND VERY SCARY, AT THE END OF THE DAY, THEY KNOW IN BEIJING THAT THEY KNOW HOW TO DEAL WITH SOMEONE LIKE TRUMP BECAUSE TRUMP IS A VERY TRANSACTION ORIENTED PERSON AND ALSO HE HAS DAMAGED AMERICAN DEMOCRACY AND AMERICAN INSTITUTIONS IN TERMS OF A ROLE MODEL FOR COUNTRIES LIKE CHINA TO FOLLOW AND SO ON. TRUMP HAS MADE THE ROLE MODEL UNDERMINED, WHICH HAS BEEN A BOOST TO THE CHINESE COMMONEST PARTY. -- CHINESE COMMUNIST PARTY. DAVID: IT HAS ALSO BEEN A PLACING FOR PLACES LIKE HONG KONG, WHICH HAVE BEEN A RECIPIENT OF MANY OF THESE SO-CALLED HOMECOMING IPOS. DO YOU THINK THE TREND OF CHINESE COMPANIES COMING BACK AND LISTING, DO YOU THINK THAT CONTINUE? > > YES, THAT TREND WILL CONTINUE. THE PRESSURE FOR CHINESE COMPANIES TO MOVE OUT OF THE U.S. STOCK EXCHANGE, THE NASDAQ AND BACK TO HONG KONG OR THE ASIAN MARKET, THAT PRESSURE MAY BE LOWERED SOMEWHAT AFTER BIDEN MOVES IT IN. ON THE OTHER HAND, IT IS A PARTY CONSENSUS THAT THE U.S. HAS TO BE MUCH TOUGHER ON CHINA. THE ENVIRONMENT FOR CHINESE COMPANIES IN THE U.S. IS GOING TO CONTINUE TO GO DOWN. I WOULD NOT BE SURPRISED IF IN 2021 MORE CHINESE COMPANIES WERE TO DO A SECONDARY LISTING ON THE HONG KONG STOCK EXCHANGE OR ON THE ASIAN MARKET. IN THE LONG RUN, THIS IS NOT REALLY A GOOD DEVELOPMENT FOR CHINESE COMPANIES BECAUSE FOR THEM TO DEVELOP ON A SUSTAINED BASIS IN THE LONG RUN, THEY HAVE TO BE ABLE TO ACCESS NOT JUST MARKETS IN GREATER CHINA BUT ALSO CAPITAL MARKETS IN THE U.S. AND BEYOND. TOM: HOW FAR DO YOU THINK CHINA'S REGULATORS WILL GO IN TRYING TO REIN IN ANT GROUP? > > I THINK -- THEY ARE WORKING VERY HARD TO SEE HOW THE ANT GROUP CAN BE BROKEN UP AND HOW THEY CAN MANAGE THE COMPANY TO MAKE SURE THAT ANT GROUP'S INFLUENCE ON THE CHINESE ECONOMY WILL NO LONGER BE AS BIG AS IT USED TO BE. ONCE THEY FIGURE OUT A WAY TO BREAK IT UP AND THEN MAKE IT MANAGEABLE AND UNDER THE PARTY'S CONTROL, THEY WILL BE READY TO GO AHEAD WITH EITHER MULTIPLE IPOS OR SOME OF THE PIECES. TOM: WHAT IS THE FUTURE OF JACK MA? > > I THINK HE HAS TO RETIRE IN SOME FASHION AND MAKE HIMSELF LESS VISIBLE IN THE LARGER CHINESE SOCIETY. THE HEYDAY OF HIS INFLUENCE IS BEHIND US. DAVID: OK. I GUESS WE WILL LEAVE IT AT THAT. THAT IS A GOOD STARTING POINT FOR OUR NEXT CONVERSATION. JACK MA HAS TO RETIRE. THE CHAIR PROFESSOR OF FINANCE AT THE UNIVERSITY OF HONG KONG. NOTHING MUCH TO TELL YOU ABOUT AS FAR AS FUTURES. A BRIEF LOOK AT THE AGENDA FOR TODAY. WE MIGHT GET SOME CREDIT NUMBERS AS EARLY AS TODAY. WE ARE GEARED FOR THE OPEN. MINUTES AWAY. KEEP IT HERE. YOU ARE WATCHING. ♪ -- YOU ARE WATCHING BLOOMBERG. TOM: WELCOME BACK. WE ARE COUNTING DOWN TO THE OPEN OF TRADE IN THE MAINLAND AND HONG KONG. INVESTORS STILL -- STILL GRAPPLING WITH THE IMPLICATIONS OF THE ACTIONS BETWEEN WASHINGTON AND BEIJING. WE HEARD THAT ARTICULATED BY THE CHAIRMAN OF UBS, SAYING HE WANTED MORE CLARITY BEFORE MAKING EXECUTIONS ON ADDITIONAL ACQUISITIONS IN THE CHINESE MARKET. > > A COOLING OF RELATIONS. FUTURES ARE POINTING DOWN. THE WEATHER HAS BEEN KIND OF COLD IN HONG KONG. YOU'RE OPEN, HERE WE GO. THE FOCUS IS ON THE 11,000 H-SHARES. I WILL TELL YOU WHY IN JUST A MOMENT. NORTH OF 2000 RENMINBI AND ALSO SOME CHANGES WITH UBS PLAYING OUT ACROSS THESE MARKETS. TELCOS, WE WILL LOOK AT THOSE CLOSELY IN JUST A BIT. CREDIT SUISSE, RATED TO OUTPERFORM. TELCOS, THE BIG THREE IN HONG KONG. A LOT OF MONEY COMING THROUGH SOUTHBOUND. NOT MUCH CHANGE COMPARED TO YESTERDAY. REMEMBER RIGHT NOW TO TAKE A SNAPSHOT OF THESE PRICES AND WE ARE GOING TO CHANGE THE BOARD. THAT IS ACTUAL. THE 12 MONTH PRICE TARGET, ON AVERAGE THE IMPLIED RETURN, ABOUT 60%, 64% TO BE EXACT. WHETHER WE GET THESE IS ANOTHER CONVERSATION ALTOGETHER. THE CONSENSUS IS WE GET MORE SUBSTANTIAL UPSIDE WHEN IT COMES TO THESE TELCOS. TOM: LET'S GET MORE ANALYSIS ON THAT STORY AND MORE ABOUT THE H-SHARES OUT OF THE GREATER CHINA UBS CONFERENCE IN SHANGHAI. JOINING US IS WENDY LIU, THE HEAD OF CHINA STRATEGY. LET'S KICK OFF WITH THAT STORY THAT DAVID FLAGGED, THE CHINA TELCOS. THE COMPLEXITY FOR INVESTORS LOOKING AT THE MARKETS, PARTICULARLY IN HONG KONG WHEN IT COMES TO CHINESE INVESTMENTS AND THE PUSH BY THE U.S. TO DELIST THESE COMPANIES, HOW COMPLICATED DOES IT MAKE IT FOR INVESTORS? WENDY: I THINK THIS IS A VERY RELEVANT QUESTION. WE HAVE A LOT OF INQUIRIES ON THE U.S. ACCOUNT RELATED TO TRADING. SOME OF THE NON-US ACCOUNTS ARE ALSO ASKING ABOUT TRADING AND POSITIONING. WE ARE SEEING TELCO USED TO BE NEGLECTED BY ONSHORE INVESTORS. WHEN PEOPLE WANT TO YIELD COMING TO HONG KONG MARKETS, THEY TEND TO GO TO BANKS AND INSURANCE. IT SEEMS BECAUSE OF THESE SANCTIONS, INVESTORS ARE REDISCOVERING TELCOS AND FINDING THEM AT A LOW VALUATION. THAT'S THE SUPPORT FOR THAT SECTOR. I THINK BROADLY PEOPLE ARE EXAMINING WHETHER THIS DOD LIST COULD FURTHER EXPAND AND SETTLE POSITIONS ELSEWHERE, AND TELCOS ARE NOT THAT WELL OWNED BY U.S. INVESTORS. THEY HAVE BEEN D RATING SINCE 2015, SO HAVE THIS EXPANDING TO OTHER STOCKS WOULD BE A BIGGER CONCERN. TOM: LET'S GET YOUR FORECASTS FOR CHINESE EQUITIES FOR 2021. WE SAW AN UPSET OF 20% FOR 2021. WHAT ARE YOUR TARGETS FOR THE CSI 300 AND MSC 21? WENDY: OUR UPSIDE FORECAST FOR THE CSI 300 IS 5950. OUR MEDIAN TARGET IS 5450 FOR CSI 500, SO IT IS GETTING THERE FAST. MS CI IS 114 AND 125 FOR BASE AND UPSIDE. THE MARKET HAS REALLY CONTINUED WITH ITS MOMENTUM FROM 2020, BUT IT LOOKS LIKE IT IS STARTING TO TAKE A BREATHER NOW BECAUSE SOME STOCKS I'D HAVE RUN AHEAD OF THEMSELVES IN TERMS OF VALUATION. THE GROWTH OUTLOOK STRUCTURALLY IS VERY STRONG BUT IT DOES NEED TO CONSOLIDATE AND ALLOW TIME TO ALLOW APPRECIATION TO MOVE MORE IN SYNC WITH THE GROWTH. TOM: WHERE ARE WE IN THE SHIFT FROM MULTIPLES-LED GROWTH TO EARNINGS PER SHARE GROWTH FOR CHINESE EQUITIES? WENDY: WE SAW MULTIPLE EXPANSION LAST YEAR. THIS YEAR OUR THESIS IS YOU HAVE EARNINGS GROWTH IN THE THIRD QUARTER OF 2020 AND THE GROWTH IS GOING TO BECOME MORE PLENTIFUL. HISTORICALLY WHEN WE HAVE SEEN THAT, MULTIPLES TEND TO DECLINE. THAT'S WHAT HAPPENED IN 2012 TO 2014, AND WHEN THE REVERSE HAPPENS, THE MULTIPLES EXPAND. THAT WAS GLOWING -- GROWING CLOSE TO 20% ON CSI 300 AND MSCI CHINA RESPECTIVELY. MONETARY POLICY IS ALSO RISING IN ADDITION TO GROWTH BECOMING MORE PLENTIFUL. THERE IS ANOTHER MEDIUM-TERM DRIVER, WHICH IS THE CHINESE HOUSEHOLD APPEARS TO BE ALLOCATING MORE ASSETS INTO EQUITIES AND ONSHORE DOESN'T HAVE ENOUGH QUALITY SECONDARY EQUITIES, SO THAT IS HELPING TO BOOST THE DEMAND FOR EQUITIES. IF THERE IS ANY UPSIDE RISK THAT MULTIPLES MAY NOT COME DOWN, IT WOULD SHOW UP IN A-SHARES FIRST. > > THAT IS ONE OF THE KEY THEMES YOU ARE SEEING FOR 2021, THE SHIFT IN ALLOCATION FOR CHINESE HOUSEHOLDS. WHAT KIND OF NUMBERS ARE WE LOOKING AT? HOW SIGNIFICANT COULD THIS SHIFT BE? WENDY: THAT IS A VERY SIGNIFICANT TREND ON A GENERATIONAL BASIS. UBS ESTIMATES THE CHINESE HOUSEHOLD HAD ABOUT $17 TRILLION U.S. IN HOUSEHOLD ASSETS, AND ABOUT 17% OF THAT IS INVESTED INTO FUNDS, INSURANCE, AND STRAIGHT EQUITIES. WE FORECAST THAT BY 2022, WE ARE GOING TO SEE THAT BASE FOR THE 17% RISING TO 19% AND THE NET INCREASE FOR THOSE THREE CATEGORIES BY $4 TRILLION U.S. SO THE ONSHORE EQUITY MARKET CAP IS $12 TRILLION U.S. AS WE SPEAK NOW. HONG KONG IS ABOUT 3.8 FOR CHINA-RELATED LISTINGS, EXCLUDING LOCAL HONG KONG LISTINGS. THE U.S. IS ABOUT $1.6 TRILLION. > > WHERE DOES ALL OF THAT LEAVE YOUR SECTOR PREFERENCE AS YOU LOOK AHEAD TO THE REST OF THIS YEAR? WENDY: WE HAVE A MODEL PORTFOLIO AND WE ADJUST THIS. THE LATEST ADJUSTMENT IS MOST OVERWEIGHT ON INDUSTRIALS AND TELCOS, INDUSTRIALS BECAUSE AS WE SEE IN THIS CONFERENCE THERE IS A LOT OF MANUFACTURING UPGRADES. YOU SEE THIS PERIOD WHERE THE PANDEMIC IS TAKING PLACE IN CHINA, WAS ABLE TO USE THE EARLY RESOLUTION OR MEASURES THAT HAD TAKEN THE VIRUS UNDER CONTROL. AND THEN THERE IS MORE TIME AND WINDOW FOR RAMPING UP OF CAPACITY AND TO SOME DEGREE OF IMPORT SUBSTITUTIONS. I THINK WHEN GLOBAL GROWTH RECOVERS, THE SECTOR IS GOING TO BENEFIT. WE ARE OVERWEIGHT ON INDUSTRIALS AND MATERIALS. WHAT WE UNDERWEIGHT THE MOST ARE BANKS, FOLLOWED BY INTERNET. THANKS' UNDERWEIGHT IS STRUCTURAL BECAUSE CREDIT COSTS MAY HAVE ROOM TO COME DOWN AND THAT IS THE REVENUE FOR THE BANKING SECTOR. THE INTERNET IS MORE TECHNICAL BECAUSE INVESTORS WANT TO UNDERSTAND THE IMPACT OF ANTITRUST AND NEW REGULATIONS AND THE U.S.-CHINA RELATIONSHIP. THAT IS A NEW RESULT AND THE FIRST QUARTER RESULT FOR PEOPLE TO DIGEST AND CALIBRATE RISK FOR THE REST OF THE YEAR. TOM: ALWAYS VALUABLE INSIGHTS, WENDY LIU, UBS HEAD OF STRATEGY JOINING US FROM SHENZHEN. DAVID: JUST SOME BRIEF NEWS OUT OF MALAYSIA. YOU ARE GETTING SOME INITIAL MARKET REACTION. THEY HAVE DECLARED A STATE OF EMERGENCY ACROSS THE COUNTRY IN A MOVE THAT COULD ALLOW THE GOVERNMENT TO DELAY ELECTIONS. KEEP IN MIND, NEW RESTRICTIONS WILL BE IN PLACE UNDER SOME FORM ACROSS THE COUNTRY FOR TWO WEEKS STARTING TOMORROW, WEDNESDAY. YOU ARE LOOKING AT A GOVERNMENT FORECAST. DAILY CASES COULD JUMP 8000 BY LATE MARCH. THE RINGGIT IS DOWN .49% AGAINST THE U.S. DOLLAR. WE ARE ALSO TRACKING THE H-SHARE MARKET AND CONTINUING THE CONVERSATION TOM WAS HAVING WITH WENDY LIU. WE ARE ON TRACK WITH PRE-CORONA LEVELS, VERY CLOSE TO CLOSING THE GAP WE SAW THIS TIME LAST YEAR ON THE ENTERPRISE INDEX. LET'S GET IT OVER TO NEW YORK. KARINA MITCHELL IS STANDING BY WITH YOUR FIRST WORD NEWS. > > IN THE U.S., HOUSE DEMOCRATS HAVE LAUNCHED IMPEACHMENT PROCEEDINGS AGAINST PRESIDENT TRUMP WITH A VOTE POSSIBLE ON WEDNESDAY UNLESS VICE PRESIDENT MIKE PENCE REMOVES THE PRESIDENT FIRST, BUT THAT SEEMS UNLIKELY. TRUMP AND PENCE MET ON MONDAY FOR THE FIRST TIME SINCE THE STORMING OF THE CAPITOL. AIRBNB IS REVIEWING BOOKINGS FOR THE WASHINGTON AREA AHEAD OF JOE BIDEN'S INAUGURATION. IT SAYS IT IS ENHANCING SAFETY MEASURES TO BAN INDIVIDUALS LINKED TO POTENTIAL CRIMINAL ACTIVITY. AIRBNB SAYS IT WILL CANCEL RESERVATIONS IF RENTERS ARE ASSOCIATED WITH HATE GROUPS AND WILL TAKE LEGAL ACTION AGAINST GUESTS IF THEY SHELTER OTHERS PLANNING VIOLENCE. THE RESERVE BANK OF INDIA IS WARNING THAT SURGING BAD DEBT IS A RISING THREAT TO FINANCIAL STABILITY. THE RBIS SAYS THE NONPERFORMING ASSET RATIO NEEDS TO RISE 13% THIS YEAR, ALMOST TWICE THE LEVEL OF A YEAR AGO. IF THAT HOLDS THROUGH THE FISCAL YEAR ENDING MARCH 2022, IT WOULD BE THE WORST SINCE 1999. GLOBAL NEWS 24 HOURS A DAY, ON-AIR AND AT BLOOMBERG QUICKTAKE, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN MORE THAN 120 COUNTRIES. I'M KARINA MITCHELL. THIS IS BLOOMBERG. TOM? TOM: A TAIWANESE LAWMAKER JOINS US NEXT AS TENSIONS WITH CHINA GROVE OVER THE ISLAND'S RELATIONSHIP WITH THE U.S. ALL THAT DETAILS AND ANALYSIS. THIS IS BLOOMBERG. DAVID: CHINESE STATE RUN MEDIA ARE CALLING FOR RETALIATION AFTER THE U.S. REMOVED DECADES-OLD RESTRICTIONS ON DIPLOMATIC INTERACTION WITH TAIWAN. THE DECISION COMES DAYS BEFORE JOE BIDEN TAKES OFFICE. THE STATUS WITH TAIWAN ONE OF THE MOST SENSITIVE ISSUES. LET'S GET REACTION FROM A TAIWANESE LAWMAKER, ALSO CHAIR OF THE FOREIGN AFFAIRS AND DEFENSE COMMITTEES. PLEASURE TO HAVE YOU, GOOD MORNING FROM HONG KONG. I WOULD IMAGINE THIS IS GOOD NEWS FOR YOU. HOW DOES THIS REALLY AFFECT THINGS IN? TELL US HOW DOES THIS MANIFEST REALLY? > > THESE LIFTING OF RESTRICTIONS DEALING WITH TAIWAN IS A BIG ISSUE TO TAIWAN. FOR DECADES THE INTERACTION BETWEEN THESE TWO COUNTRIES, OUR MILITARY PUT THEM THERE. TAIWANESE MILITARY PERSONNEL CANNOT TRADE UNIFORMS, CANNOT SHOW OUR NATIONAL FLAG. OUR DIPLOMATIC PERSONNEL IN WASHINGTON, D.C. IS NOT ALLOWED TO ENTER STATE DEPARTMENT BUILDINGS. ALL THESE RESTRICTIONS IS UNFAIR TREATMENT TO TAIWAN. IT IS TIME TO LIFT ALL THESE RESTRICTIONS. IT IS GOOD, IT IS BACK TO NORMAL , BACK TO A FAIR ARRANGEMENT TO TAIWAN. THE PAST THREE YEARS WE HAVE DEALT WITH ALL THESE RESTRICTIONS FOR A PERIOD OF TIME. OUR INVESTOR IN WASHINGTON, D.C. HAS ENTERED STATE DEPARTMENT BUILDINGS LAST YEAR. 2017, OUR MILITARY GUYS EXERCISED WITH UNITED STATES MILITARY WEARING OUR UNIFORMS AND WITH OUR NATIONAL FLAG. ALL THIS CHANGES LITTLE BY LITTLE. IT IS BIPARTISAN. WE APPRECIATE THE ANNOUNCEMENT, BUT WE DO HOPE THE INTERACTION BETWEEN TAIWAN AND THE UNITED STATES -- WE HAVE TO DEAL WITH BY OUR OWN NEED AND DEAL WITH CHINESE ANGER OR THE CHINESE MOOD, BUT WE CANNOT DEAL WITH IT 100% BY APPEASING THE MOOD. DAVID: MY COLLEAGUE TOM MACKENZIE IN SHANGHAI IS GOING TO JOIN US. HE SPOKE WITH A FORMER U.S. AMBASSADOR TO CHINA. I WANT TO PLAY THE SOUNDBITE AND GET YOUR REACTION, TALKING ABOUT RELATIONS BETWEEN THE U.S. AND TAIWAN. > > UNITED STATES FEELS TAIWAN NEEDS TO BE PROTECTED AND WE HAVE SUPPLIED THEM WITH MATERIAL , BUT WE HAVE A DIPLOMATIC RELATIONSHIP WITH THE PEOPLE'S REPUBLIC OF CHINA AND OUR RELATIONSHIP WITH TAIWAN IS INFORMAL, NOT FORMAL. DAVID: JUST TO UNDERSCORE THAT LAST POINT, RELATIONS REMAIN INFORMAL. THE REASON WE HAVE PLAYED THAT OUT IS NEXT WEEK WE HAVE A NEW U.S. PRESIDENT. WHENEVER WAS ANNOUNCED ON THE WEEKEND, DO YOU THINK THAT CONTINUES WERE DO YOU THINK THERE WILL BE A RETHINKING AGAIN? > > WE ARE NOT NAÏVE. WE REALIZED THE RELATIONSHIP BETWEEN TAIWAN AND THE UNITED STATES AND TAIWAN AND CHINA IS COMPLICATED. FOR NOW CHINA AND THE UNITED STATES HAVE A FORMAL DIPLOMATIC RELATIONSHIP. WE PARTNER WITH THE UNITED STATES, BUT WE DON'T HAVE A FORMAL DIPLOMATIC RELATIONSHIP. WE NEED TO ENHANCE THE RELATIONSHIP BETWEEN TAIWAN AND THE UNITED STATES. WHEN TAIWAN GETS A CIVILIZED RELATIONSHIP WITH UNITED STATES OR THE WORLD, THAT IS HELPFUL FOR THE REGION. AFTER THE TRUMP ADMINISTRATION, I BELIEVE IT IS BIPARTISAN. WE RESPECT THE DOMESTIC ISSUE IN THE UNITED STATES. YESTERDAY ONE OF THE BIDEN ADMINISTRATION ANNOUNCED THEY RESPECT TAIWANESE PEOPLE'S RIGHT TO DEAL WITH OUR OWN FATE. THE SO-CALLED ONE CHINA POLICY IS NOT INCLUDING TAIWAN'S FUTURE. WE NEED TO WORK WITH THE BIDEN ADMINISTRATION IN THE FUTURE. THE APPROACH TO DEAL WITH COMPLICATED SITUATIONS WILL BE DIFFERENT WITH THE TRUMP ADMINISTRATION. BIDEN CLAIMS TO COMMIT TO TAIWAN. WE BELIEVE THAT. WE DO HAVE A LOT OF INTERACTION WITH DEMOCRATIC PEOPLE INSIDE THE BIDEN TEAM. TOM: WHAT IS THE SIGNIFICANCE OF THE PASSPORT CHANGE THAT YOU MADE THIS WEEK? > > WE NEED TO -- I THINK WE NEED TO WAIT. LIFTING ALL THE RESTRICTIONS FROM THE UNITED STATES SIDE. I BELIEVE OUR INVESTOR IN WASHINGTON, D.C. NEEDS TO MEET WITH PEOPLE FROM THE STATE DEPARTMENT. WE APPRECIATE THE CHANGE WITH THE ADMINISTRATION, BUT WE RESPECT THE SITUATION INSIDE THE UNITED STATES. YOU ARE IN THE PERIOD OF TRANSITION, SO WE NEED FURTHER MEETINGS WITH PERSONNEL FROM THE STATE DEPARTMENT TO GIVE US DETAILS ABOUT THE SITUATION. FOR EXAMPLE THE BEST -- WE HAVE NATIONS IN OUR FACILITIES AND OUR MILITARY PERSONNEL'S INTERACTION WITH UNITED STATES TROOPS. HOW DO WE PUT THIS INTO ACTION? A LOT OF GUIDELINES NEED TO BE SOLIDIFIED. EVEN POMPEO ANNOUNCED ALL THE RESTRICTIONS, BUT WE NEED FULLER MEETINGS TO GET THE DETAILS. TOM: I WANTED TO GET YOUR VIEWS SPECIFICALLY ON THE NEW PASSPORT FOR TAIWAN AND THE SYMBOLISM OF THAT AND IF YOU CAN LINK THAT ANSWER TO MY FOLLOW-UP QUESTION, WHICH IS THERE IS A STRONG VIEW ON THE MAINLAND THAT WE ARE COMING TO POINT WHERE THERE WILL BE A REDLINE CROSSED BETWEEN THE U.S., CHINA, AND TAIWAN AND THE PLA AND THE GOVERNMENT OF XI JINPING WILL FEEL COMPELLED TO TAKE MILITARY ACTION. THAT IS A REAL THREAT, IS IT NOT? > > CHINA IS ALWAYS A REAL THREAT TO TAIWAN. FOR EXAMPLE, OUR PASSPORT IS TAIWANESE INSIDE ISSUE. TAIWANESE PEOPLE -- WE WANT TO REMIND THE WORLD, CHINESE LEADERS, THEY DON'T DEAL WITH THINGS BY EMOTIONS, THEY DEAL WITH THINGS BY CAPABILITY. IF THEY ARE ABLE TO INVADE TAIWAN, SWALLOW TAIWAN, THEY WILL DO THAT. EVEN YOU FOLLOW CHINESE GUIDELINES. LOOK AT HONG KONG. YOU GO WITH CHINESE MOOD, DOING WHAT THEY WANT TO DO IN HONG KONG, THE NATIONAL SECURITY LAW. THESE INCIDENTS, WE NEED TO DEAL WITH THEM CAREFULLY. DON'T GET CONTROLLED BY CHINESE WORDS OR EMOTIONS. THERE RESTRAINT IS CONCRETE BUT THERE CAPABILITY IS NOT ENOUGH. WE NEED TO OPERATE TO ENHANCE -- DAVID: I THINK THIS IS PERHAPS THE DIRECTION WE ARE GROWING -- GOING FOR THE FINAL QUESTION. THERE IS A POLITICAL REALITY AND HOPE. THE ECONOMIC REALITY IS THERE ARE TAIWANESE BUSINESSES THAT HAVE COMMERCIAL INTERESTS ON THE CHINESE MAINLAND. DO YOU THINK IT IS POSSIBLE TO BALANCE THOSE TWO WHILE THERE IS A POLITICAL LONGING FOR SOMETHING ELSE? WHAT IS THE HOPE FOR MANY TAIWANESE BUSINESSES IN CASE WE GET SOURING RELATIONSHIPS? SHOULD THEY WORRY ABOUT WHAT HAPPENS WITH THEIR ASSETS ON MAINLAND CHINA? > > TAIWAN, WE DON'T WANT TO IRRITATE CHINA. THE PAST FOUR YEARS, WE ARE DEALING WITH THINGS AND FACING REALITY. WE DON'T DO THINGS TO ANNOY CHINA, BUT WE DON'T SURVIVED BY CHINESE PRINCIPAL. WE HAVE AROUND A MILLION PEOPLE WORKING IN CHINA AND WE HAVE A LOT OF ECONOMIC TIES WITH CHINA. IT IS NOT CHINA RELYING ON TAIWAN ONLY. CHINESE INDUSTRIALS RELY ON TAIWAN. WE WANT CHINESE LEADERS TO UNDERSTAND THIS. WE CAN HAVE A PEACEFUL DIALOGUE. THAT'S WHAT WE HOPE. FOR NOW, CHINA WANTS TO DRAW A REDLINE. THAT IS NOT ACCEPTABLE TO TAIWAN. DAVID: THANK YOU FOR YOUR TIME THIS MORNING. WANG TING-YU, A TAIWANESE MEMBER OF PARLIAMENT JOINING US LIVE. A BRIEF LOOK AT THE MARKETS, NOTHING MUCH HAPPENING. YOU HAVE LENOVO. WE WILL TELL YOU ABOUT THAT LATER. THERE IS LOTS MORE COMING UP. WE SCHEDULED INTERVIEWS OUT OF THE UBS GREATER CHINA CONFERENCE.

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Bloomberg Markets: China Open Full Show (01/12/2021)

Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. Rishaad Salamat, David Ingles, Tom Mackenzie and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. And powered by more than 27-hundred journalists and analysts in more than 120 countries, we get you the global stories that will impact the region's markets. (Source: Bloomberg)

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