"daybreak asia." we are counting down to the major market opens. we are looking at a flat finish to the week. particularly as we head into a u.s. session that has nonfarm payroll numbers. huge implications for the shifting expectations for the fed, as well as the yen. we are getting some more jawboning from lawmakers. paul: shinichi suzuki trying to jawbone the yen lower, keeping the pressure on that we saw to thank to the fed. we saw a rise in oil prices. haidi: a relief as we get back to profit for samsung. so much of this is on the ai demand story. we will be watching that as a top stock to watch. but take a look at the open. a huge amount of negativity when it comes to the nikkei 225 as we

see some of that carry through from the u.s. session. it was down about 1.3% at this point. the topix also trading lower. this seeking of value trade has become more tricky for what has been a breakneck record rally for japan. we are seeing more japanese companies making valuation boosting plans, but this is becoming a riskier play if you take a look at the gap between winning and losing shares trading in japan at this point. dollar-yen, 151.30. we have seen attempts to go through the 152 level, largely unsuccessful, but some of that is jawboning from the finance ministry again, hoping to keep that stability as we get into the u.s. session where we get the nonfarm payrolls. take a look at korean stocks. samsung in focus, as well as the other adjacent ai and chip

related names. the broader kospi down, even as we heard pretty decent numbers out of samsung. profit rising along with improvements across its chip division. also along with the sales of galaxy smartphones. whichever way you cut it, this is seen as a pivotal turn around here. let's get more from this. reporter is with us. the expectations were upbeat. this would be a relief to see this turnaround, particularly in the chip business. youkyung: that's right. if you look at the recent interpretations from analysts, they have been raising their estimates of the first quarter operating profits, but the results show that samsung may have exceeded even their higher expectation that had been adjusted in recent weeks, and that is probably because there chip division posted better results than expected. this is coming after four

quarters of losses in samsung's crucial memory division, and this might be the first time that samsung can force a turnaround. that is largely thanks to big demand coming from the artificial intelligence, and also from some of the personal smartphone and personal computers. and we will get more details from samsung later this month in april. but it looks like they have done a lot better than what has been expected from the market. paul: the market is certainly buying the samsung story at the moment. shares gaining in recent weeks. where to from here? youkyung: the next leg the market is looking at is samsung's development of the hbm front. the company has been seen as falling behind its rivals in the race for high-bandwidth memory

chips, which is crucial for the ai accelerators. but there is growing expectations that samsung may finally be catching up in the later half of this year, providing possibly its own hbm chips to some key clients, such. as nvidia. there have been huge price surges in recent weeks, and that might be coming from some of the demand from the ai data center according to a citi analyst. that may be driving expectation for higher gains for samsung going forward. if you look at samsung during the first two months, the share has been lagging behind. but that is making a change. investors are seeing more share price gain in samsung, and they

might finally be able to catch up with the gains that we have seen in their rivals. paul: asia stocks reporter youkyung lee talking about those strong samsung numbers. let's take a look at how we are tracking in australia. not too well. it is a risk off day, the market off by 0.5%. we have one sector in the green and that is energy. energy stocks up by 0.1%. brent crude, 24 hours ago we were talking about it touching $90 a barrel, blowing through that at 91.17. israeli prime minister bennett jim and who says the country is getting ready to operate against iran and its proxies and the conflict is showing signs of possible escalation. the question of the day, when does brent hit 100? treasuries have been moving. yields slipped when we got the

remarks from neel kashkari. he was talking about the possibility of no rate cuts in 2024. the market didn't like that. we are looking -- waiting for the u.s. job numbers as well. we are expecting 200,000 more nonfarm positions for a fourth straight month, so very strong labor market in the u.s. being forecast, which suggests there is no need to ease and pushes the rate cut expectations out further. let's hear what neel kashkari had to say. >> i would not say they are off the table, but they are also not a likely scenario given what we know right now. if we continue to see strong drug growth and consumer spending and gdp growth, that raises a question in my mind, why wouldn't we cut rates? paul: our next guest expects the fed to cut rates starting mid year, leading to a range bound dollar.

let's bring in a steve bryce, cio of standard chartered. you are sticking with the expectation as much of the market is that we will see rate cuts this year, but do you see the repricing going on? do you think you will have to revisit the call in a few weeks? steve: i guess the answer to that is no. we have kicked the tires on the sand we think the first rate cuts will come in june. that is of you we have had since the end of last year. no reason to change it. you have just had a fed governor who is not a voting member saying if things are worse than expected from an inflation perspective and the economy remains stronger than expected, they may not cut rates. i could tell you that as well. if things go as expected, obviously the fed has signaled since december and reiterated more recently that they want to start on this easing, that they

see monetary conditions as being too tight and therefore they are really looking for an opportunity to cut those rates. obviously, the employment report tonight will be critical input into that decision. paul: we are seeing markets pull back on those remarks. also, geopolitical tensions as well. when you see pullbacks like this, do you think, buying opportunity? is good news actually good news? we had good results from samsung. this broader story still intact. steve: i think we are probably and a little bit of shaky water in the very major future. if you look at employment data, the consensus is for a pretty goldilocks scenario in terms of wages decelerating, employment growth holding up pretty well. we have gone straight line up from an equity market perspective since the beginning of october last year.

some pause in consolidation, maybe a slight pullback should not be totally unexpected. we have reduced risk in our portfolios a little bit this year, but we remain overweight equities because we see the rate cuts coming through supporting investment activity in an environment where the central scenario is for a soft landing, not hard landing. haidi: we also heard that rates are depending on more stability or certainty. that tells us the boj is probably in no rush either. as long as it continues to exist, does that goldilocks scenario for japanese equities continue to play out? steve: certainly our favorite market at the moment is still japan. we see a little bit of vulnerability coming through. what was interesting is when the bank of japan tighten -- tightened policy, the japanese

market has been on the tear. we expect that after a short period of weakness to continue. this is not just an economic story, although that is important. but it is also a big long term change in our view of investor behavior locally, where investing in bonds, negative real yields makes no sense, and obviously equities have an inflation hedge. it will be a gradual process but could have very important implications for the outperformance of japanese equities. haidi: it is interesting to me that you are overweight korea because the expectation is when it comes to the governance and belly up efforts it will take a number of years the way it has taken japan to get to this point. in the meantime, you see opportunities still? steve: i guess what we are

seeing, and there's two things going on from a korean market perspective. first, you have the semiconductor story that we are all aware of, but we are also seeing increasingly other markets in north asia, and korea is one of them, looking at what korea is doing on the government side and saying, we look at the market and try to say, a lot of the stocks outside the tech sector look undervalued. can we do something to encourage investor activity and increased optimism in those sectors? the car industry as a major part of that. i think people are starting to borrow that. we are seeing a little of that. i think people are saying, why are we seeing structural devaluation and what can we do? those two drivers for us should lead to korean market outperformance in the next six to 12 months.

haidi: steve, great to chat with you. steve brice. argentinian president javier millet is looking for a softer turn when it comes to trade talks with china. this is bloomberg. ♪ do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management.

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haidi: u.s. treasury secretary janet yellen has arrived to the southern chinese city of guangzhou, starting her seven-day visit. christopher condon is traveling with her and joins us live. going into this visit, there were stringent remarks being made on wanting to press her counterparts in beijing about overcapacity. >> sure. good morning. this is just the latest in an ongoing set of meetings that yellen has pushed very hard to establish in her quest to regularize relations with china in respect to economic issues. but you are right, in the run-up to this trip, the treasury has

been extremely forthright on this issue of overcapacity. yellen spoke about it in georgia last week. it was a statement that preceded the trip. she spoke about it to reporters during the trip. senior treasury officials speaking with reporters. it is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made it clear they don't expect any deliverables. you will not see any memorandum of understanding. i think the goal is for incremental progress in convincing the chinese

government from the treasury side that the overcapacity that they view as fueled by excessive state subsidies is not good for global markets. they are going to get blowback not only from the u.s. but several other countries. and they are getting blowback from other countries already. but it also won't be positive for the chinese economy that is by its own standards struggling at the moment. i don't think we are going to see any grand agreement or statements that we all agree on how it is that we are going to address this problem.it is more about communicating concerns. i must say, i am among reporters who have asked the secretary directly whether she will be giving a message, sort of a threatening message, about retaliatory action that the u.s. could take if the chinese do not respond in a favorable way. she has shied away from any talk about retaliatory action. she has stressed she wants to

keep these talks instructive. i do think it is a case of both sides wanting to make their arguments. put them out there, perhaps listen to each other, in a setting that is positive for the moment, then down the line perhaps see what else can happen. paul: bloomberg reporter christopher condon in gong show. argentinian president javier milei striking a more pragmatic tone when it comes to china. it was six month ago he threatened to curb ties and called china an assassin. milei spoke exclusively with john micklethwait. >> as for the chinese government, what we have always said is that we are libertarians. people want to do business with china, they can carry on. business as usual. what i said is i would not be aligned with communists. and that is precisely one of the things.

who did i say i was going to align with? the united states and israel. do you have any doubt that is my alignment, the united states and israel? >> now. you have a very good example at the moment, and i will take back -- come back to the united states and israel in a moment, but in argentine other is a focus on a chinese space station in patagonia that your predecessor allowed to get built. the u.s. says the space station has military purposes. will you close it down? >> the point is this. negotiations are beginning to audit and inspect that because the chinese say it is not the case, so we will move towards a situation where we will be looking at that. so that is not a problem either. >> is a factor in this the fact that you have that $18 billion currency swap line with china, which you do need? you need it for the reserves at

the central bank. it is a big portion. does that influence your thinking on china? >> that situation has to do with an agreement that was entered into and which has to do with the trading exchanges between countries. i won't modify trade exchanges because i think they are between privates, just as we have a party and our central bank. they have their central bank counterpart. i don't see a problem. the trade relations haven't changed. not a problem. >> the problem would be if i am the chinese government and you called me an assassin, i might be less keen to renew the line. >> have trade relations changed? they haven't, not one bit. so that is actually counterfactual. there is no truth. paul: argentinian president

javier milei speaking with the bloomberg editor chief. we have more from their conversation, including his views on israel and the u.s., coming up later on bloomberg television, online, and in the terminal. subscribers can get more right now by going to ni big take . this is bloomberg. ♪

haidi: bringing you up-to-date on the latest in the middle east. president biden has told benjamin netanyahu that u.s. support for israel's war in gaza depends on new steps to protect civilians. his warning comes after an israeli strike killed seven people delivering food to displaced palestinians in gaza. the u.s. leader is facing increased pressure to take a hard line against israel as

civilian casualties rise. a cease fire talk between hamas and israel remained deadlocked. israel's economy minister told bloomberg he does not trust qatar to act as a mediator with hamas.qatar 's minister of foreign affairs has called the comments lies and beatles accusations. >> qatar is giving safe haven to hamas leaders funding trillions of dollars, buying their ideology in the u.s., buying their way in. they are wolves in sheep's close. them along with iran are a big threat. haidi: israel is scrambling navigational signals over the tel aviv metropolitan area as the country prepares for a potential iranian attack. measures were taken to disrupt gps navigated drones and missiles that iran and its proxies might fire on israel. tensions have soured between both sides after a strike that

killed senior iranian military officials earlier this week. paul: let's take a look at the yen, jumping the most in nearly a month. briefly pushed through the 150 level as rising tensions are in the middle east. the japanese finance minister said this morning they will not rule out any options against excessive fx moves. let's get more from david trinity. an interesting moment. it seems to be the fed is rediscovering its status as a haven. david: if you look at the s&p equities, certainly about 2:00 asia time in the morning, especially the last two hours, it dropped about 100 points. 100 points is still a decent move. that risk off money going into safe haven assets, the yen and a dollar benefited come up at the yen benefited more with u.s. yields pushing lower.

the question is, will that continue when we have payrolls coming out today? obviously, if that came out strong, it would add to the idea of this higher for longer rates in the u.s.. you might see mike it -- markets having to dial back rate cut expectations, which would support it. at the moment, the risk off is helping the yen and i'm sure the minister of finance is quite happy about that. in the medium and longer-term, it does not seem like the fed is in a hurry or the boj either. they said they want to see more certainty around inflation numbers since they -- before they pick up momentum. does that mean that narrative continues to play out? david: yes. certainly, it is a good point. the governor has come out and said they still need confirmation that the goal will be met. you look at the wording, they want all this to come in. that will indicate automat the

earliest before another rate hike does come. that sets up the october meeting as a potential one. if that is the case, the ball goes to the u.s. side of the equation, and it goes back to the fed policy. as you said, it comes back to how the data came out. if you have cpi next week or payrolls today, both very important. if they come in strong, that is because the interest rate differentials favors dollar strength. having said that, as we have seen several times, the markets very happy to parse in rate cuts. if the data comes in weaker than expected, the market will more likely run with that, particularly after the data says we see signs that the june rate cut is on the table. haidi: david finnerty with that rhetoric among other things weighing on traders looking at energy and commodities markets.

take a look at the movers in the session, particularly concentrated here in energy. we are seeing a number of energy suppliers. woodside energy up. santos gaining. and s-oil corp gaining. brent pushing over $90. israel increasing preparations for that possible attack on iran. this is the picture across mining in australia. a bit of a mixed picture. emerald resources seeing gains. gold pulling back from the record, but also

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maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. haidi: we are getting trade numbers crossing the bloomberg when it comes to february trade

surplus coming in at $7.28 billion, a little shy of expectations of 10.5 billion aussie dollars. we are seeing february imports rising of 4.8% month on month, a decline when it comes to the exports of 2.2% month on month as well. watching these numbers when it comes to impact on the aussie dollar. and when it comes to expectations from the rbo. potentially we will see better trade relationships with beijing after the recent boost in communications and expectation that these tariffs will be dropped as well. we are seeing a bit of a mixed picture, a weakness in exports and imports. paul: on the subject of weakness, take a look at how major equity markets are tracking. all in negative territory. the nikkei performing off by

1.75%. we have had a modestly strengthening year, briefly a 150 handle. it is just above 151 at the moment. the kospi off by 0.5%. samsung losing ground, off 0.7%, despite really strong first quarter numbers. just not enough to defeat this risk off sentiment at the moment. here is one of the reasons for that. take a look at the oil price has. strengthening quite aggressively. brent crude been creeping higher. it is right now trading at 91.12 . we do have oil from contracts, all on geopolitical conflicts. we heard from the israeli prime minister benjamin netanyahu saying earlier that israel stands ready to operate against iran and its proxies. the conflict showing signs of possible escalation. haidi: we are watching

china-u.s. relations, as always. let's get more from the treasury secretary's visit to china. she is in guangzhou before heading to beijing. with us is claire reed. she previously served as the assistant u.s. trade representative for china affairs. great to have you as always. i did love the phrasing of that, 1000 cuts. the delicacy of this is particularly pressing at when talking about an election year. can they get the balance right? claire: that is the $64,000 question. and i am not sure that they will because the expectations are going to be different on both sides. if yellen is coming with a

message to china that tariffs are going to rise on strategic goods in the united states, i think it is going to be hard to concede that china will not have some reaction. so, we are really balanced on a bit of a knife's edge. but both sides really have incentives not to derail the relationship entirely, as president xi demonstrated in his recent meeting with the u.s. and other multinational executives. haidi: the overcapacity issue was one that some strident remarks were made going into this. we know this is an issue with the eu and u.s. feel the same way about china. the data bloomberg has crunched is interesting because it shows a lot of the overcapacity that the u.s. has no interest income out low-tech goods. how much of this is going to be

necessary political posturing during an election year? claire: i think the interesting thing about some of the data is it is indicating that china is putting money and its industrial sector writ large. you are right that a number of these products may not be ones where the united states is concerned. but the effort includes the technology frontiers, electric vehicles, etc. it is really of real concern, and frankly it is of concern indirectly even in the other sectors because of the impacts on developing countries' ec onomies, to the extent that china causes deindustrialization. that is also a problem. paul: having been a u.s. assistant trade representative,

i am just wondering if you can give me your thoughts on this. if janet yellen does take a necessarily harsh line against china, is there an appreciation on the chinese side that this is just optics? claire: first of all, i think secretary yellen's baseline principles are those of an academic economist. she is going to be, and a sense, the most sympathetic interlocutor from the u.s. side because she will recognize the importance of the macro trends and will not be overly excited about embracing pure political ends. but that having been said, if she is trying -- if he is going to indicate that tariffs could

be placed higher on some key goods because of chinese behavior, that is not going to be temporary. and when you look at the bipartisan consensus on the need to be tough with china and then need to not have a repeat of some of these other problems, for example in the aluminum and steel industries with serious difficulties for market economy industries with china flows of product, i think it is not going to be easy to just wave this away. paul: there seems to be a desire on both sides to keep the engagement up. but the way you place the risk of china decoupling, particularly post the november election? claire: i think that really could depend on who wins. i think the by then effort --

the biden effort would be to maintain the core noncontroversial, nonsecurity related, non-technology frontier trading and investment relationship intact, because the two economies are very interdependent and are complex supply chains. it is counterproductive to try to blow it up, and frankly, we are not an authoritarian regime so our companies are going to do what our companies feel they want to do, in large part. if trump returns as president, i think things become massively unpredictable because his views are very personal and they can blow hot and cold and they are

not based on macro economics, but they are based on pure politics. so, that is really uncertain. paul: claire reade, unfortunately we will have to leave it there. she is a senior counsel at arnold and porter. next, we review india's rate decision, and we will hear why mk global fields they will wait for the fed to move first. this is bloomberg. ♪

haidi: china's economy is slowing, and india is vying to take its place as the biggest driver of growth. however, the path is filled with obstacles. we have been exploring the rivalry and the relative advantages of the two asian powerhouses. >> the indian economy is booming. this year, the country's gdp is expected to grow between 6% and a 7%. >> india is the world's fastest growing economy. >> we see india growing for $3.5 trillion in 2023,, $7 trillion by the end of the decade. >> even though the u.s. and china still dwarf in terms of growth domestic product, india could become the leader in global economic growth. >> many of the world's investment banks have keyed in

on india as a real destination right now. morgan stanley, goldman sachs, barclays. >> with so much investment coming in, companies around the world may soon need to have an india strategy. but what will it take for the country to get ahead? for now, china still holds the crown as the main driver for global economic growth. it's economic opening in the late 1970's only accelerated after 2001, when it joined the wto. >> it was the country that attracted foreign investment. it was the driver of foreign markets and global capital markets. every company around the world needed a strategy to deal with china. >> india did not start to liberalize its economy until the 1990's, and it has been a slow climb sense. but with current levels at about 7%, growing just a bit faster is all it needs to surpass china.

>> india's per capital income has grown sevenfold from the early 1990's to now. there has been significant progress in the financial markets. >> these boxes represent economic growth in 2023. china on the left contributed close to one third, while india took second place. but look how this changes if india grew about 1% faster a year. by 2028, the new picture is this. geopolitics and china's own internal struggles are tipping this trend in india's favor. >> what you have seen recently as investors around the world as they shift out of china are actually putting a lot of new funds into india. >> nowhere is this more evident than at the samsung factory in the outskirts of new delhi. this was farmland a decade ago. now, it is the world's largest mobile phone factory, producing 100 20 million handsets of the year. samsung opened the plant in 2015

when business in china was becoming increasingly difficult. it isn't alone. as the chinese economy stumbles, companies from apple to boeing are looking elsewhere, and at india in particular. >> our democracy delivers. >> india was growing fast enough to take the lead as recently as 2021, and at the government says it can do it again. but first, it must overcome major hurdles in these key areas. manufacturing, urbanization, and infrastructure. let's start with manufacturing. >> for decades, china has been the world's dominant force in manufacturing. >> manufacturing makes up 26% of china's economy, while in india it is only 16%. >> the government aims that the share of manufacturing should move up to 25% by 2025. >> to boost manufacturing, some 150 million indians still working as farmers would need to

move and take jobs at factories. this change would drive urbanization. >> decades ago, both china and india had huge rural economies and were largely dependent on farming. in the 1990's, china very rapidly urbanized its economy, moving away from a traditional rural agricultural economy and to a much more modern urban industrial economy. >> 64% of china's population lives in urban areas. in india, it is 36%. >> india needs a lot more cities. >> there is a lot of progress already happening in terms of interconnectivity for the cities. more railway network, better infrastructure for airports, and so forth. but there are crucial problems, like water, like traffic, like housing that needs to be solved. >> an urban population supports a robust workce. in 2023, india overtook china is the world's most populous

nation. while china's population is aging, more than half of india's is under 30, prime working age. >> it is going to be her -- harboring the youngest workforce in the world. this is important because history has shown that country grows really rapidly. >> there is no point having a young growing population if you don't have enough jobs for the mall. >> unemployment remains stubbornly high at around 7%, and in part because of poor quality of education, about half of all college graduates remain unemployable. on top of this, not enough women in india work. china has a female workforce of about 45%. in india, it is 29%. closing the gender work gap could expand india's gdp by nearly one third by 2050. >> a lot of economies believe if china can find enough jobs for

all these people, the sky is the limit in terms of what can happen. >> that will create a demand for new service jobs and incentivize people to join in urban workforce. but to achieve this transformation, india needs infrastructure, and lots of it. >> for a long time, india has been plagued by inadequate roads, insufficient or poorly maintained railroads, not enough airports, not enough seaports. infrastructure is one way in which china overtook india early. >> in the 1990's, india's railway network was 15% bigger than china's. but as china's economy started growing, it quickly took the lead, and its rail network is now 60% bigger. india is making progress. the country's national highway network has expanded more than 50% since 2014. if india can address these challenges then foreign investment would increase. that flow of money is an essential driver of growth. but accomplishing all of this is no easy feat.

>> they need to increase their ease of doing business. it is such that it is not easy to start a business in india and operate. >> even though the modi government is behind its goals, mindy in india -- many in india remain optimistic. >> one thing working in india's favor more and more recently is simply that it is not china. the administration of narendra modi recognizes that the u.s. and other countries in the west are looking for a partner in the region that is not china to partner at a time when china is growing more assertive in the region and more closed off to foreign companies and foreign investors. paul: subscribers can see that report right now on the terminal and at bloomberg.com. it will be up later on the

bloomberg originals youtube channel as well. the central bank is likely to keep its repurchase rate unchanged for a seventh straight policy meeting. just three of 23 expect a change to neutral. our next guest thinks the rb i will not precede the fed when it comes to cutting rates. let's bring in the lead economist at emkay global financial in mumbai. in terms of the reserve bank of india waiting for the fed, we have remarks today from neel kashkari saying maybe we will not get cuts at all in 2024. to what degree is a potential lack of urgency from the fed at cutting rates going to impact the are b.i.? madhavi: to a large extent. i think the last few years, there has been respect for the fed. what you have seen is when there has been any violence, they have been led with other reaction

functions. we are analyzing that there is not much merit at this point in time. it will lead to more noise in domestic asset classes. it is best that policymakers follow what is being followed by the whistleblowers. at this point in time, given that we have not seen it worsen or improve dramatically, it makes more sense to see how the global dynamics are panning out. paul: domestically, what is the case for potential easing by the rbi? madhavi: at this point in time, inflation is definitely not a big worry. we will see an uptick in inflation. but if you look at inflation, it

is trending down. but that gives the sense that there could be cyclical global factors beyond that. for example, brent has been up 17%. the fact that we are replacing the fed first rate cut every week now but also bother them. but domestically, things were the way they were when they met in february last year. haidi: how much of a concern is the weakness in the currency? madhavi: has it weakened? i am not too sure. if you look, most other agents

have fallen more. we have seen consistent flows in equity and debt. we have also been structurally improving. the pressure will be what we have seen the last six months or so. but i think as we get into the new world, we will be seeing most asian central banks seeing an edge than was deemed because we are trying to compete with china in the manufacturing space. against that, they can be stronger. to that extent, we have been

extremely stable because we have seen foreign flows coming into india led by equity flows, which i think will continue in the coming six months as well. haidi: how do you address the issue of youth unemployment? madhavi: it is here. at this point in time, they are trying to focus on manufacturing. we are still lagging behind our asian peers who are creating the jobs to observe what we have at this point in time and will stay for the next decade or so. i think it will be a tricky process. they want to ensure that they create demand. it will be a tough task. i think they have to find ways and means to ensure it is not boosting only one part

of the story. just focusing on manufacturing employment. it will ensure everything is observed. it is in most of the economy. haidi: madhavi arora from emkay global financial services ahead of the rbi decision. more ahead. this is bloomberg. ♪ to me, harlem is home. but home is also your body. —last one everyone. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick—and—mortar in new york is not easy.

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actively invested. paul: let's quickly check in on samsung. rebounding off session lows, up by about 0.5% despite posting a good set of numbers for the first quarter. preliminary operating profit, $4.9 billion. that was better than expected. strong sales of the galaxy smartphone as well. that is it. markets coverage continues as we look ahead to the start of trade in hong kong and chinext. ♪ wealth-changing question -- are you keeping as much of your investment gains as possible?

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david: happy friday. you're watching the china show.

yvonne: