>> city ceo jim fraser weighing in saying there could be more small lenders with similar issues to svb. and we speak with india's hatem president and group cfo joins us. >> asian stocks up 1% for the ms ca asia pac index, trading at sessions highs, driven by north asia market. csi 300 in positive territory. two things come to mind. perhaps it is a case of how they are insulated from the fed moves

and the movements from tencent is one of them. asx, p, we are looking forward to the bsp rate decision. it could be a 25 move up. green across the fx space because the dollar is down the lowest in five weeks. taiwan dollar up 6/10 of 1%. poised to go higher. bond markets, same story, trending downward. aussie 10-year yield down seven basis points. two-year yields tumbled 20 basis points. >> we continue to see extreme volatility.

let's get more on the fed decision and bring in kathleen hays. he highlights. kathleen: let's start with the fact that the fed reserve opted for the 25 basis point rate hike instead of pausing like many suggested they could or should. if you listen to bill dudley, former vice new york fed president and alan blinder, former fed vice chair. they both thought they should pause. they didn't because they are still worried about inflation but kept the door open to at least considering rate hikes. let's listen to what jay powell said. >> if we need to raise rates higher, we will. i think for now, as i have mentioned, we see the likelihood of credit tightening. we know it can has an effect on

the macroeconomy, demands, labor market, inflation, and we will be watching to see what that is. kathleen: they are cognizant however this banking crisis plays out that it will impact the economy and therefore on prices. the median dot is still looking for a ceiling of 5.1%. four weeks ago we would've been looking at 5.5% or higher. so there is an acknowledgment that maybe the terminal rate will not be as high as the most hawkish people in the fed had thought and that this is something they also have to watch very closely. it is interesting you just mentioned [indiscernible] follow in the fed footsteps and do a smaller rate hike the meeting later today.

whatever the fed is doing, it ripples around the world. it will be interesting to see, even if we look at the bank of japan if the fed does not hike as much and they start cutting rates as bond market investors are betting they won't, that is what the fed's signaling as well, it is certainly something that could filter through to japanese bond markets and what the boj does next. it is something to watch around the world. yvonne: there was a bit of confusion because we also had janet yellen the speaking to a senate hearing and it was interesting what they both said about the banking sector as a whole. >> are banking system is sound and resilient with strong capital and liquidity. we will continue to closely monitor conditions and the

banking system and are prepared to use all our tools as needed to keep us safe and sound. in addition, we are committed to learning the lessons from this episode and to work to prevent events like this from happening again. >> considered or discussed anything having to do with blanket insurance or guaranteed's -- guarantees. >> conflicting messages. let's get more on how u.s. banks are digesting the messages from adam in sydney. >> the one take away you can have from yellen is at least she is being open to investors so they know there is not an overarching back stuff, it will be a case-by-case situation. that is the message she is trying to enforce but it was not

full marks for communication because there were differences between what we hear from the fed chair and treasury. now that we have had the meeting, at least people know where we stand, whether things are more hawkish or dovish reacting to how the fed has moved and that the banks, the fed is doing the review and looking at what went wrong in the last few months and preparing -- prepared to step up and make changes off the back of what we have seen in this turmoil in recent months so that is one positive takeaway for banking. >> thank you, adam. let's bring in our guest, the head of asian fixed income at

principal asset management. good to have you with us. bonds rallied. three year yields below for basis points. the bond market is certain the tightening cycle is over. >> what stood out to us yesterday was not so much the 25 basis points, but the linking of what the rate hikes will be and they did not need to do as much with financing -- financial tightening. it cost the market to think about how different it could been a now you see where markets are pricing. >> but there is a disconnect between markets and the fed. powell says no cuts this year and yet the markets still think it will happen. >> we expect the market ran a bit in terms of taking out and more importantly rate hikes.

they are greatly needed by the second half of the year and by the end of the year we think we are closer to the end of hikes but for rate cuts to happen so quickly we might need to see inflation and labor markets [indiscernible] yvonne: so if i think of the fed hikes are close or overcome i can i expect the yield curve to flatten or steepen more? >> that kind of makes sense. in a way we like playing long and. when we are closer to the end of the rate hectic cycle -- rate hike cycle, this is when it gets down to. [indiscernible] yvonne: i want to ask you about what we have seen with credit suisse. obviously we have seen embroiled in the market.

in asia it has been a little limited. does that give you the opportunity to buy? what opportunity do you see in that space? >> first we need to understand the fundamentals, the situation, what we are seeing is that in asia the way the loans are being maintenance are the deposits what we own our different than what we see in europe and european regulators have stepped in and see what happens with cs, it is an isolated incident, i think there is a risk [indiscernible] instead of alcohol the market has adjusted than for us it can be fairly interesting. >> how do you trade powell's comments, if you look at the stock market there is a rally in

markets insulated from the fed. is it how you play it? >> yes. a clear preference. probably there is a near-term play which in our minds is a relative outperformance what is going on with the u.s. and europe versus asia and china. china recovery is ongoing and markets can -- but the underlying story remains where as in u.s. the credit tightening story with or without how we are thinking about rate hikes is already underway and whether it is a signature bank, credit lending standards have risen and tightening is ongoing and what more regulations might tighten further so that is underway compared to what we see in north asia and china. there is a story there and that is why i think it is right to

see markets [inaudible] >> is china looking cheap right now? would you buy evergrande? >> it's a very large entity and there is an element of what the family is doing, how the chairman is involved in this so i would say it is isolated story. regarding where they have moved, the willingness to want to have a plan worked out will be positive and this can have a positive impact on the rest of the sector but in our view i think prices are already pricing this correctly and there is a good chance they might get through. >> what does that mean then because it sounds like we are having inklings of a restructuring plan and that you think might go through in the housing market is recovering, does it make high-yield more attractive now? >> i think the key story here is

that china property is really its own story compared to what we see in the rest of the world on that allows us to kind of take risk in a very different space and you are right we did see some recovery, year on year home sales are positive factors. what is more important not only within the property sector is the linkages consumption story in china and how it can rise the virtual cycle within the recovery story will be a key factor here so in our view i think where this china property recover is is slow and positive. >> dollar-yen headed for lows for the year. where is it headed given the policies given by the two central banks? >> a fair amount of confidence of boj hitting the target.

japan inflation will like what is going on in u.s. and europe. the key thing we are watching, at prices we have not seen in 20 years can have a big player and how the boj thinks about it but for them, steady is the most important thing. no drama. >> always steady. that is it. thank you for your insights. let's get to the headlines. china and russia have reached a deal to develop key nuclear technology as part of a series of agreements that was signed during xi jinping's visit to moscow. the u.s. has raised the alarm over what it says are major conditions to beef up atomic weapons arsenal and china has rejected the claims, saying they are focused on nuclear energy. antony blinken told senators the state department needs the full budget request to tackle threats from china and russia.

senators said the 11% budget increase sought will be a tough sell in the republican house. lincoln cited acute threat from russia and highlighted long-term challenges from china. >> we are happy to talk about why it should be preceded this way. for new innovated investing it has to be china including ensuring we and fellow democracies are able to offer maritime security, disease surveillance, digital technology , is more attractive than any alternative. >> you cape has emerged unscathed from a parliamentary drama after convincingly winning a key brexit vote. a crucial element of his new northern island -- northern ireland.

former prime minister boris johnson faced a three hour committee grilling over a series of downing street gatherings during covid lockdowns. evergrande has announced an ever -- along long-awaited restructuring plan. they say they will give credit option to swap debt into new bonds. evergrande has become the poster child for china's property crisis and seeks to return to normal operations which would require additional financing up to $43 billion. yvonne: still ahead, and interview with atf cfo to get insights on india's digital payments and the sec is tightening security regulations after the collapse of several prominent crypto companies last year. what it means for crypto offerings, next. this is bloomberg. ♪

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>> let's get a check on cryptocurrency. bitcoin currently flat. they rallied 70% so far this year. under pressure from news from sec, coinbase, they were you least -- they received a notice of potential violations from the sec and that must be putting pressure on the currency right now. yvonne: ceo of coinbase has commented saying he welcomes the

sec plan to take enforcement action against the crip so exchange. -- crypto exchange. annabelle: we have to put in bay -- in perspective what coinbase resaved. -- received. this can signal intention to sue and this is what we have from coinbase. but we can expect is action relating to some aspects of exchange, staking services, coinbase prime and coinbase wallet. what is at issue is where offerings are securities, the allegation the sec is making. coinbase says it is not what they are, they have a thorough vetting process and do not have to register. yvonne: so would do we look at next? this is not the first time they received this notice.

annabelle: they received one and 2021 over a staking progress -- product and withdrew from the launch. so now we are waiting for more details of whether we see the sec move forward and sue the company but the ceo of coinbase has been active on twitter, saying he would welcome the opportunity to go before court and say their case. they say they are abiding the law and confident of the facts but that was perhaps more optimistic. coinbase executives meeting with regulators 60 times in the last nine months to try to get an understanding about regulation and clarity on the subject. >> just strong sued by the sec. what is happening. annabelle: this came through as well. the sec is suing justin son for

violating securities rules. he was an early investor in crypto and the founder of tron. the lawsuit was filed wednesday in new york alleging he worked with companies he owns and controls to engineer and offer the sale of unregistered securities. that is what they allege. there are a number of celebrities caught up in this. the most notable is lindsay lohan. sec is alleging these well-known faces promoted the tokens without disclosing any compensation. six of the eight celebrities have now resolve the complaints outside the court by agreeing to pay a fine but they do not actually admit or deny the findings.

something hitting the price of the token associated with the tron network. yvonne: how will this affect crypto sentiment? there are lawsuits but then you deal with the fed. annabelle: it's been an interesting morning. one thing that led to the rally is the uncertainty around the banking sector so bitcoin has risen 25% in the past few weeks alone but it has been sent to this morning trading. -- subdued this morning trading. something else interesting, not just the fed move signaling for the rate hikes, but what we heard from janet yellen because she is saying they will not be stopping bank deposits, which could be more supportive for bitcoin but today a little uncertainty. yvonne: annabelle, thank you. plenty more ahead. this is bloomberg. ♪

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yvonne: live pictures out of cape canaveral. a look at the launch of the world's first 3d printed rocket. this is by relatively space. this is the company's third attempt at left off for this rocket -- lift off for the rocket. 85% of the rocket is made from massive 3d printers. 30 seconds until launch. the last attempts were aborted. probably the biggest test is the fact that it is a 3d printed structure and if it can withstand the dynamic pressure while going through the lower atmosphere. weather conditions seem to be

good enough for the launch today. hoping the third time's a charm. here's a look. >> lift off. >> look at that blue fire. there you go. third time attempt to when it comes to the first 3d printed rocket and the company behind it, relativity space is based in long beach, california. we will see if the third attempt can continue to fly. >> can you hear me over the

cheering? the vehicle is headed in an easterly direction over the atlantic. >> so much excitement. i do not know about a 3d printed rocket. it makes me nervous. let's look at the markets right now. we continue looking at the movers. we are tracking tencent on the beat currently trading up more than 5%. related stocks jumping in china. foxconn coming up about 5% as well. plenty more ahead. keep it here. this is bloomberg. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult

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>> if we see the rearview we can see the revenue increased 1%.

for the numbers, nonprofit, we've seen 90 year growth. it's a strong bid, i think. yvonne: tencent earnings is in focus. we are up 5%, lifting sentiment overall in hong kong and the rest of the region. we are talking about more about gains in asia. the weaker dollar is helping things. it's helping some of these tech names like alibaba, bilibili heading in the opposite direction. haslinda: of course tencent playing up the international gaming in ai, potential. here is how it is looking in u.s. futures, pointing to a higher open, .4%, after slumping after the fed meeting. we had jerome powell pushing back on rate cuts this year. the bond market, not listing -- listening to what fed powell has

to say. citigroup ceo says the u.s. banking system is sound and the fallout is not something that will spread across the industry. we spoke with -- he spoke with david rubenstein at economic club at washington event. >> the fed's job is fighting inflation. we want the fed to be very dependable in fighting inflation. that should be. there most important priority. there are ramifications. but, there are certain banks, isolated few, that have been impacted negatively, that did not manage their balance sheets that well in retrospect. david: in 2007, the u.s. government passed hard legislation. under the tarp legislation, large amounts of capital were injected into banks including citi. everyone took it who was offered it. effectively, that meant that the

shareholders, the creditors and the depositors were all protected. this time around, silicon valley bank, only the depositors were protected, over a made by the biden administration. do you think that was the right decision to protect only depositors and say goodbye to the shareholders and creditors? jane: it is very important to protect the depositors. right now the banking system, everywhere around the world depends on confidence. that confidence has to be in the safety and security of deposits. so in terms of the most important job here, they did the most important job, making sure that depositors were whole. david: in the old days, you used to see people lined up outside the street and get their money out. now, you go on your iphone and you can take your money out. money move so quickly. was that a factor as well in having the money get out of the bank so quickly? jane: it's a complete game changer. you're absolutely right.

there are a couple of tweets. then this thing went down much faster than it did in history. frankly i think the regulators did a good job in responding quickly, because normally you have longer to respond to this. they acted with quite a lot of speed in how the -- quickly this happened. david: some say you have a moral hazard when you protect people. by protecting all the depositors in silicon valley bank, the implication was if somebody else has a problem, we will protect them. the $250,000 limit is meaningless, more or less. do you think the federal reserve and secretary-treasurer, saying we're not going to protect every depositor or certain depositors? jane: i don't think they need to go out right now. the banking system is pretty sound. we're talking about a few banks. we heard from chairman powell today, this is not something

that has a spread across the entire banking system. this is not like it was last time. this is not a credit crisis. this is a situation where a few banks that have problems, it's better to make sure we nip that in the bud. yvonne: that was jane fraser, citigroup ceo. when she talked about the fed, she said what jay powell did was sensible, according to jane fraser. it goes to what our polls question has suggested. this is hours after the fomc decision. how soon will the fed cut rates? you are seeing a slight majority saying not until 2024. police listening to powell on that front. -- at least listening to powell on that front, rate cuts or not the base case. the most significant risk in the market it went from banking crisis for the last two weeks, now it seems we're back to looking at inflation once again,

39% think fighting inflation is still the big risk out there for the fed. haslinda: that's right. the disconnect comes through really, really clearly. take a look at where we are in fed front -- fund futures. there is another hike ahead. how do we make sense of it all? that disconnect has been maintained. do we listen to jay powell? no. not as far as the bond market is concerned. let's get more with mark cranfield in singapore. what do we do? mark: we are going to have a lot to digest between now and the next fed meeting is not until early may. you look at the speed at which things have been happening over the last couple of weeks. a lot can happen between now and then. the fed has given themselves a lot of wiggle room to positive things develop in the banking sector that they don't like. or if they see other headwinds coming into play. or if they get a surprise improvement in the inflation situation. the inflation one, which was

their major issue, could start to be solving itself resume. initial consumer data, after the past couple of weeks when people were getting nervous about the banking situation, in america, credit card spending is dropping fast. that is a good indicator that consumer confidence is going down. that will translate into other data. before you know it, your inflation problem is no longer a problem. consumers not spending so much. that takes away one headache. the fed will be watching that closely. they will also be watching the messaging from janet yellen closely as well. she, for her, enemy number one is the banking sector, no longer the inflation sector. they will be watching her signals on how they make their decisions. haslinda: policy farming it could be appropriate. that doesn't mean there could be a tightening through rate rises, it could be through qt. mark: they don't want to take

anything off the table. for them they will consider pausing, but continuing with qt. anything else which comes to mind, they don't want to close any door right now. they're not exactly sure what's coming around the corner. because the number of banks, which suddenly needed help would've been a shock to them. there also regulator, not just the policy center. part of their job is to supervise the banking system. something caught them by surprise. they need more time to digest. they will be looking at a whole avenue of things. they will keep their mind open. yvonne: swaps are not listening to the fed. they are still pricing in cuts after the fomc decision. does that how fit -- have to be priced out? will people continue to add bets? how high of a bar is there for some sort of easing from the fed? mark: in terms of what the swaps market is pricing, they go too far on the upside and downside. it's nothing unusual in that respect.

if you look at the volatility you have seen in the u.s. rates curve over the past couple of weeks, that helps to explain the positioning it was skewed for higher rates. it may be too skewed in terms of rate cuts. we don't need to read too much into that. but, what you may well see is that the u.s. yield curve, which has been inverted for so long between the two year and tenure, if people get the sense -- and 10 year, if people get the sense that the fed is close to taking a pause but the inflation numbers are going to stay relatively high, then you need to see this curve in version come out. the 10 year yield is way too low, if the fed are going to be looking past inflation, a bit more and more worried about the banking sector in the short-term. the curve can flatten. you can see the tenure, relative to -- 10 year, relative to the short-term. positioning is starting to get too far in one direction. yvonne: mark, thank you. mark cranfield joining us from

singapore. we are talking about treasury secretary janet yellen saying secretaries have no plan to provide blanket deposit insurance for u.s. banks in her testimony. she handed raising the fbi see cap in a one-time assessment. she says shareholders and care holders -- shareholders of failed banks will be held accountable. >> it is important to be clear. shareholders and debtholders of failed banks are not being protected by the government. and no losses from the resolution of these banks are being borne by the taxpayer. deposit protection is provided by the deposit insurance fund which is funded by fees on insured banks. yvonne: the sec is suing justin son for violating security rules for selling unregistered crypto securities. regulators accuseds un of

breaking -- sun breaking market regulation rules. the fcc, named lindsay lohan as one of the celebrities for promoting the coins. a global recession is still not off the table. th lender ise reviewing its global growth forecast following china's lifting of its covid lockdown. they have told bloomberg that the lack of investment in developing economies is a concern. >> in the latest, what we have seen as advanced economy growth expectations had gone up late last year. that is the u.s. and china in particular as china lifted the embargo, the lockdown. so, as we are looking at it now, the growth is slow, but positive in advanced economies. but in developing countries, not much investment is taking place. that's the big challenge. yvonne: and those are your first

word headlines. has, we have a bit of disappointing news. haslinda: that's right. third time unfortunately, it's not the charm. relativity rocket has failed midflight. it does not reach orbit. this is the third time it has tried to do so. when he think about 85% of the rocket, made of 3d printers. a lot to say about technology. until it makes it there, not a success yet. yvonne: mmm. yeah, certainly one we watched the launch with optimism. we'll see what the next plans for relativity will be going forward. coming up, we will talk more about payments, lending, with the pay tm president and ceo, they outlook -- the outlook for indian the payment sector. this is bloomberg. ♪

yvonne: life pictures of mumbai -- live pictures of mumbai. nifty. slight losses. we'll see how things play out. let's talk about india's leading digital payments plan paytm. it is planning to grow, the company is looking to invest --

convinced investors after a third-quarter loss with us urgently revenue. joining us is paytm president and group ceo. great to have you in hong kong. it's interesting to see how your strategy has changed when it comes to paytm. it has been scale to know growth and profitability. that is helped your stock. what about when it comes to sustaining the momentum in lending? >> thanks for having me. it's a pleasure to be back. over the last couple of years we have seen a seat change in our business. our payments business continues to grow currently about 90 million users in over the last two years the teams executed well on our lending strategy. now, we have about 4 million customers who take a loan from us every month. we disperse about $6 billion on our platform for our lenders. that is contributing to the growth and margins and profitability. last quarter, we posted the

first quarter of profitability. that is a great milestone. we continue to build. yvonne: how soon can you say freak cash flow generating -- free clash fro generating? madhur: when you're that profitable, a few quarters later you can start generating cash. you asked about sustainability. we continue to invest in growth, particularly in areas of payment and lending. we probably invest about 60% more now per year than we did two years ago. so, despite the market volatility and everything else, we are building the business for long-term. we continue to invest in growth. as a result, we think all these numbers are sustainable. haslinda: it's looking promising finally for paytm. but your girl investors saw selling out. the likes of alibaba. why do you think that is the case? madhur: i think it is typical for investors to change their

strategy as well, as you go forward. alibaba had been with us for eight years. so it's not unusual that they would hope to sell their stake. softbank has been with us for six years. the small part of their stake, they hold onto the rest of it. other large shareholders, hasn't sold any shares. so, we are very privileged we have the support of all of these great investors, while we were a private company. the company has moved in a different direction. now we are a public company. we have public company governance. our stock is liquid. asia dish -- each investor makes their own decision. we're fortunate that we have a large number of blue-chip funds that have come since the ipo. that is the intention to create a company that creates well in a public market with support from a lot of great investors. haslinda: i know investors, svb,

which imploded recently, it's made an exit from paytm. has that been an impact on paytm from the implosion? madhur: not really. silicon valley bank was an investor 10 years ago. they sold their shares in the private market four or five years ago. they had exited fully. we don't have banking relationships with svb, being an indian company. so there has been no direct impact. we do see, as a broader theme, the discipline in global tag benefiting our business. in the last 1.5 and two years, we have not seen any in rational -- irrational activity by competitors. that is helpful to the business. we're trying to build the business for the long-term. it's great if there is no sort of irrational competition.

yvonne: how have the bank failures we have seen, not just svb, credit suisse as well, does that change the indian it causes them, when it comes to --indian ecosystem when it comes to startups? madhur: those a lot of factors for indian startups. the higher interest rate environment causes more discipline. there are a lot of companies that were expanding in many different directions, one money was free. now when the money has cost attached to it, people need to focus on generating real return on capital. in many cases we see them reverting to the board. the indian financial system still remains very strong. rbi is a very good regulator. they've done a phenomenal job of keeping the banks and financial institutions safe. yvonne: india, everyone talks about this long runway of growth when it comes to digital payments. how does paytm -- what is the game plan for more market share?

madhur: it is very early in india. digital payments is early. lending is very early. digital lending is just getting started. in both of our core markets, payments and lending, there's huge runway ahead. we are getting started. paytm's main operations are in one country, in india, the last big market in the world. if you have the fortune of that being your home market and that being so early in the core businesses we do, why would you bother with anything else? haslinda: we saw, i one-time, how startups went into the market big, went to see them going back to public markets? is there a timeframe you are looking at? madhur: i think it's a function of what the company's performance is, and what the company's readiness is. the learning for us is that one needs to have a clear ambition and very clear vision of what

the company will look like over the next three to five years. you need to have a story that you can tell simply, especially in the current markets with focus on a couple of core areas. and you need to have strong governance. i think if you have those three boxes check, then there will be receptivity in the markets. whether it is bullish markets or bearish markets, you will see receptivity. it will be company specific. if companies have done that part of the journey and become a company that checks those boxes, i believe the markets will be open. yvonne: given that there is a lot of macro risk, you talk about the rates volatility, what are the begin -- biggest challenges for paytm? madhur: the challenge continues is to remain focused. over the last couple of years, the focus on payments and lending has benefited esther medically. as the businesses -- dramatically. do we focus on those businesses

and try to make them better every day or do we try to do new things? for us, we have taken the decision that we continue to focus on the businesses we have established with market presence in, that we are doing a good job of and try to do better every day. that has huge payoffs. yvonne: we will leave it there. thank you so much for joining us. welcome back to hong kong. president and group ceo of paytm . haslinda: lots of visitors in hong kong. let's check in on indian stocks, five-minute into the trading day. the index is under pressure at this point in time. equities have outperformed all g20 peers in almost all time horizons ranging from one to 20 years. giving back for the nifty index. not too bad. currently down by .5%. plenty more ahead. this is bloomberg. ♪

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haslinda: there you have it. indian markets under pressure. sensex down .5%. india, seven minutes into the trading day. let's do a quick check of the business flash headlines. bloomberg has been told that elon has gained partial access -- newmont has gained partial

access to new crest. they released a $17 billion takeover saying the company is worth a lot more. it's due diligence on newcrest may signal a revised offers in the works. the u.k.'s auntie trust watchdog -- antitrust watchdog will propose of $60 billion takeover of the cloud computing company, unless it offers remedies to deal with the agency's concerns. regulators say the dealer will lead to substantial reduction in competition. it's preparing to list its electric vehicle business. the french carmaker has invited investment banks to pitch for a role on the planned ipo. renault is considering listing on the paris boards as soon as the fourth quarter, aiming for evaluation of nearly $11 million. coinbase shares a sliding in after hours.

trade after the company says it received a notice from the sec on regulators intent to sue over its crypto offerings. coinbase -- says the notice is focused on the staking and assets listings. the notice typically precedes an enforcement action. the company says its products and services will continue to operate, as usual for now. let's take a look at how u.s. treasuries are faring. the bond market in focus. we have two year yields slumping more than 20 basis points overnight, currently still under the 4% mar. -- mark. 3.87. 10 year yields at 3.6 -- 3.45. it raised basis points as much is expected but where does it go from here? the bond market pricing in rate cuts, even though jerome powell is clear to say no rate cuts are

expected, given the current situation. this is how it is looking for s&p futures, up by .5%, revising some of those losses we saw overnight. nasdaq futures also in positive territory. the picture in territory -- in asia, gains lifting by north asian markets. they seem to be buffeted from the fed movements. but, a mixed picture, losses for australia, malaysia and india, as you see on your screen. and yields trending downward. tracking what we saw on treasuries. that is it from bloomberg markets asia. daybreak middle east is next. keep it with us. this is bloomberg. ♪

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