a.m. in singapore and shanghai. welcome to "bloomberg markets: asia."stoxx sliding ahead of the u.s. jobs report with geopolitical tensions bolstering oil's gains. one fed officials suggesting no rate cuts this year. samsung's profit rebounding in the first quarter thanks to a rebound in its chip division and smartphone sales. an interview with argentina's president, hobby or mal -- javier milei, plus a big lineup of guests. we previewed the upcoming rb i decision with credence family office. enter markets we go. it is risk off asia. the nonfarm payroll expect out of the u.s. numbers set to be pretty hot,

200,000 new jobs in march, a sign of further robust activity, perhaps justifying a delay in the federate cut. geopolitics also in play -- fed rate cut. geopolitics also in play. neel kashkari, minneapolis fed president, saying perhaps there may not be any rate cuts this year if progress on inflation stalls. china, taiwan, thailand on holiday. but we are on watch when it comes to the chinese yuan, pretty flat versus the usd. japan, losses for the nikkei. the yen extending gains after riling the most in a month. it is about a -- rallying the most in a month. it is about a haven play. esx currently down, extending declines for the day. markets will be closely watching

the march u.s. jobs report for more insight on the fed's next steps. this follows the latest weekly jobs claims data, which topped estimates. officials, including minneapolis fed president neel kashkari, are preaching patience on rate cuts. >> i wouldn't 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 job growth, if we continue to see strong consumer spending and strong gdp growth, then that raises the question in my mind, well, why would we cut rates? haslinda: our next guest says the dollar faces downside risks with looming fed cuts. joining me now is charu chanana, head of fx strategy at saxo. first off, no rate cuts, a possibility or not? charu: from the lens that i see it, as of now, neel kashkari's comments are a bit of an outlier

from what we heard from the other fed members. like you emphasized, if inflation runs high, that's the big if. we have seen inflation going higher for two months in a row. but what jay powell says for now is it is a bump in the disinflation path. while oil prices are, it is a little bit of a concern where inflation could go from here. my sense is that oil prices are a little bit of a less concern for the u.s. economy and they could obviously shift focus more towards core inflation to kind of ward off those risks. the real threat for the u.s. inflation is actually coming from the housing side. that's something that needs to be watched but i would not be concerned about not getting rate cuts this year as of now, because neel kashkari does not vote and he is a known uber hawk. haslinda: he has been wrong before. charu: the whole dot plot has been wrong before so it's hard to see where it leads to. but right now, the whole outcome

of this disparity in commentary that's coming out of the fed is that there is really no consensus. it goes back down to the fact that data is all over the place. so we are just continuing to be data-dependent. haslinda: you are not concerned about oil prices. why not? bearing in mind it was oil prices that prompted the whole inflation crisis in the first place for the world. and we have seen oil surge in a very short time. if $90 a barrel is not a concern for you in terms of inflation, at what oil price would you start worrying? charu: why it is not a concern, specifically for the u.s., i would say the u.s. is an oil exporter right now. so for them, it's not really a problem. it is certainly a bigger problem for the eurozone if we continue seeing oil prices go up from here. fundamentally speaking, the opec-plus cuts we have seen are actually voluntary cuts. they still have a lot of spare capacity. if we see oil prices heading

towards $100 per barrel with elections in the u.s. coming over, i think there would be reasons for opec-plus to reconsider those cuts that they have in their production right now. so yes, i mean, it certainly is very high level of oil prices right now but it's because of the geopolitical premiums that are in place and it's hard to price that into markets. with the spare capacity and with the elections coming. haslinda: neel kashkari may not be right by saying there may not be any cuts this year. could we see a fed that cuts rates either in june or july but pauses after that? charu: yes, i think that is a real hawkish possibility. i don't see how the fed is able to postpone the start of its easing cycle beyond june or july because of, you know, they need to save their credibility and they don't want to be seen cutting too late to the u.s.

election. if we continue to see the amount of resilience in the u.s. economy, it continues to surprise us. . the recession concerns have not materialized. the u.s. consumer looks a bit better now compared to what they were in the fourth quarter of the year. there are risks on the commercial real estate side or the high levels of debt in the economy. if we continue to see this economic outperformance, i do think we could move the expectations of rate cuts this year from three to two. but the start of the easing cycle so has to be, in my opinion, june or july. haslinda: if you are right, we are looking at usd exceptionalism dwindling away. how best to play the fx market right now? charu: second-quarter is going to be a tale of two haves. for the first half, we are continuing to see that pushback on the rate pricing a little bit. on a relative basis, it doesn't seem like the central banks from

europe, you know -- it does seem like the central banks from europe,, you know you look at the swiss national bank, the riksbank, the ecb, they may be the wants to start cutting earlier than what the market is pricing in and many of them even earlier than the fed. that means the dollar could be stable to higher. whereas the currencies of the european countries, they kind of suffer a little bit more. but things what i think really take a turnaround in the second half of this quarter when i do see that u.s. exceptionalism really fading away and an urgent need for the markets to start to price in rate cuts. because we have already priced in much of the pushback that has come through from now -- for now. haslinda: people saying the swiss currency is the carry trade. how about the yuan carry trade? what happens to the yen carry trade? charu: as long as volatility is low, certainly carry trade's

remain in demand. the problem with yen and swiss franc is the positioning is extremely shot there. that is why yuan is where the markets are really testing the grip of the central bank of china, whether they continue to hold it off. i think from a very macro perspective, it seems logical to expect that the chinese authorities would not mind a weak yuan to help them get that boost on exports, which is the only driving factor for economic growth right now given consumption is where it is, property sector issues continue to stay there. going into the the second quarter, the concern is about, can volatility remain as low as it's been all this while? given geopolitics, given the elections? we all know carry trade's, they reverse very quickly so i would be on guard for that. haslinda: in terms of conviction calls, what are the best crosses out there -- currencies out there? charu: i would think sterling is

quite interesting to look at. since the start of the, the story has been around how the bank of england could be late to join the rate cut party. it is quickly turning around up. i think q2 will be a story where u.k.'s disinflation narrative really comes to the forefront because we have seen their wages coming down quite materially. the downturn has been quite material. q2 will be the months where we see most of that come through so we need to price in a more aggressive easing cycle for the bank of england compared to some of the other central banks. that's why potentially the sterling could continue to face some pressure. haslinda: great insights. charu chanana, head of fx strategy at saxo, she expects the rate cut to come either in june or july. a headline out of china, where janet yellen is visiting for the second time in several months. yellen now seeking "healthy," in her own lord, seeking healthy -- in her own word, seeking healthy

china ties, worrying about overcapacity. she is expected to speak with her counterparts in china. yellen this morning making her way to china. and we will bring you the very latest from the ground from our correspondent. are exclusive interview with the president of global satellite mutations company viasat. we discussed their business strategy for the aipac region and their recent acquisition. but first, are exclusive with the argentinian president as he strikes a more pragmatic tone on china after previously calling the country an assassin. that is next. keep it here with us. this is bloomberg. ♪

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♪ haslinda: welcome back. argentinian president javier milei is striking a more pragmatic tone when it comes to china. just six months ago, he had threatened to curb ties, calling the asian nation an assassin. javier milei spoke exclusively with bloomberg's editor-in-chief. >> as for the chinese government, what we have always said is that we are libertarians. if people want to do business with china, they can carry on,

business as usual. what i said was i wouldn't be aligning with communists. and that's 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 that's my alignment, united states and israel? >> no. i will come back to israel and the united states later. but now as you know, in argentina, the focus is on a chinese space station in patagonia that your predecessor allowed to get built. the u.s. says that the space station has military purposes. will you close it down? pres. milei: well, the point is this, negotiations are beginning to audit and inspect that because the chinese essay that is not the case so we will move towards a situation, we will be looking about, so that's my

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 needed for the reserves at the central bank, it's a big portion. does that influence your thinking on china? pres. milei: 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 trade exchanges between privates. just as we have a part in our central bank, they have, of course, their central-bank counterpart. i don't see a problem. and honestly, the trade relations have not changed. not a problem. >> the problem would be if i was the chinese government and you called me an assassin, i might be less keen to renew the currency line. pres. milei: have trade

relations changed? they haven't, not one but. so that is actually -- not one bit. that is actually counterfactual, there is no truth. haslinda: argentinian president javier milei speaking exclusively with bloomberg's editor-in-chief, john micklethwait. we will get more on that in every coming up later on -- on that interview coming up later on bloomberg television online and on the terminal. here are some pictures from u.s. treasury secretary janet yellen's meeting with business leaders in china a short time ago as her weeklong trip to china gets underway. yellen commenting she seeks healthy ties with china while warning on overcapacity. we will have more details on her agenda in just a moment. but first, a team of bloomberg economists also recently made trips to shanghai for meetings with the as well as locals. -- joins us now -- david joins

us now to talk about his impressions from that visit. what were some of your impressions from that visit? david: overall speaking, people are still conservative about the economy. although we saw a rise in the pmi in march. this recourse, what happened last year when we also saw that the rise in the pmi in the first couple of months, but then the economy, then the economy softened in the following quarter. so, that's, you know, on the ground survey tells us we should still be cautious about the reading of the pmi so that that is the [indiscernible] haslinda: what do you make of

that divergence between the pmi data that you talked around the sentiment on the ground you are seeing? is there reason for the government to address that? is the government looking at it the same way? david: well, i think this time, the government can be also conservative or cautious about reading it as a strong rebound. because, as saw last year's experience, so i think that the government should continue to boost the economy with more stimulus to avoid repeating the misstep in last year. haslinda: you also talked about how investors are still conservative in their asset allocation. why is that? what is your understanding? david: well, after beginning, as i said -- at the beginning, as i said in the beginning, there are still very cautious about the

outlook of the economy based on last year's experience. another reason is that they are looking at it on a long-term growth trend of the economy. and they think that the long-term trend, or the long-term growth rate, should be, you know, we cannot expect it to be as strong or as fast as previous. so that was the reason behind them. as we find that, they were in favor of the long-term government bond because they think that the long-term growth should be slower than before. and they expect the pboc to do more easing, not only in this year, but also in the next couple of years. haslinda: so you talked about pboc expected more easing -- to do more easing. how aggressive might it be? how much of a possibility that we might see qe, for instance?

david: i think, i know that there are a lot of talk or bets in the market that the pboc is going to do some kind of qe. but i have two comments here. one is that the pboc is somehow different from other major central banks because the pboc is always doing something in the quantitative side. because the pboc has both of the price side and the quantitative side tools in their toolbox. for the former one, we usually refer to the interest rates. and for the quantitative one, the pboc has the rrr adjustment, it also has the mlf and also psl. these are other tools for quantitative adjustment. the pboc is worried about debt. and we don't think that the qe can solve the problem of debt. haslinda: david qu, bloomberg

economist, thank you so much for that. u.s. treasury secretary janet yellen is in the southern chinese city starting a seven david. christopher condon -- chinese city starting a seven day trip. christopher condon, what is her agenda? >> she has a meeting with a group of americans and other western or i should say non-chinese business leaders whose companies are active in china. there were executives from companies in europe, japan, and from the u.s. and then she went from that meeting and is right now in a meeting with the governor of the guangzhou province. she is currently speaking with

them. she had some remarks at the top. some of them were very positive about wanting a healthy relationship with china. but once again, she hit very hard on the issue of what the u.s. is saying industrial overcapacity in china fueled by excessive state subsidies. she is hitting this at every opportunity. and i have to say, one other thing i picked up on is that the u.s. seems very keen to present this as not just a u.s. complaint, but that other countries around the world are also concerned about how overcapacity in china, especially as china's domestic economy has slowed, will begin to distort global markets. i think that's why you had executives from japan and europe in on the first meeting this morning, kind of marshaling their criticism together in something of a coordinated fashion, i think, and want to present that to the chinese in

that way. so i thought that was quite interesting. haslinda: we know that this is the second visit in several months. will janet yellen accomplish what she set out to? just how significant is this trip? christopher: well, i wouldn't say that you should expect this to be a watershed in any way. we are not going to see major announcements at the end. there aren't going to be quote unquote "deliverables." they are here to make a strong case on this issue, to have talks on a whole host of other issues they've already begun talking about in these meetings, going back even before her visit here in july. i don't think, you know, at the end of it, we are suddenly going to see some quote unquote "results." i think she is not yet to the point where the u.s. is threatening new trade barriers over this issue of overcapacity. it's not quite coming to a head

yet, so it's going to take a little while and we will have to see where it goes from there. haslinda: chris, thank you so much for that. bloomberg's chris condon, who is traveling with janet yellen. plenty more ahead. to be here with us. this is bloomberg. -- keep it here with us. this is bloomberg. ♪

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let's do a check on how samsung is faring, along with other chip stocks. samsung under pressure as we speak, down about 1.2%. revenue coming in a short of expectations despite the fact that we are seeing a turnaround for the chip sector. sk hynix, tokyo electron also read. flip, take a look at where we are in terms of energy stocks as well on the back of oil surging past $90 a barrel. those stocks currently trading higher. plenty more ahead. keep it here with us. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock.

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we are taking a look at hang seng index, currently down about 1%. our gauge of chinese stocks listed in hong kong following among broader risk off sentiment in asian markets dragged by u.s. interest-rate uncertainties. the property index also in negative territory. pretty much red across the board. the nikkei to 25 coming back from -- the nikkei 225 coming back from lunch break very shortly, down 2.5% as we speak. the yen extending gains after riling most in about a month -- rallying most in about a month. pulling back from a levels that prompted intervention speculation, the yen boosted by haven play on the back of geopolitical tensions that we see in the middle east. the nikkei 225 extending its

declined to about 2.5%. the topix also down. currently lower versus the greenback at this time. we have thai inflation to tell you about, falling 0.47% year on year. thai inflation has been in focus, down for five consecutive months, prompting the likes of the bank of the government to persistently ask the bot to start to cut interest rates. thailand march core cpi rising year on year. investment was for a rise of 0.4% so missing, in fact, lower than what was estimated. perhaps drawing a bigger case on the part of the bot to start thinking about cutting rates.

we have yet another line out of china. yellen heard that overcapacity concerns in some chinese industries, of course, this is on the back of her visit to china, her second one in several months. we will bring you the very latest as they come along. now, to the business of space-based communications. u.s.-based viasat acquired the u.k. -- for $4 billion last year, creating the u.k.'s biggest -- company. joining us exclusively now here in singapore is viasat president, guru gowrappan. the last time we spoke, you were heading another company. what brings you to singapore? guru if we think about --

guru: if we think about viasat, we are leaders in maritime and aviation. singapore is one of the largest tubs for us. a lot of key customers, as you know. shipping and maritime is fairly massive. we have a large chain here which is mainly legacy. but we are focused on expanding. that haslinda: you talk about how the merger gives you the scope and scale to expand and perhaps compete even better against your competitors. give us a sense of the scope and scale and what can be expected? what can the translate into? k guru: first, -- guru: first, it's a very exciting time to be in space and satellite. market is growing to more than $800 billion by 2030. it's an exciting time. now we have global coverage with high-capacity that viasat brings into play. we have now about 19 satellites

that are operational, we've got seven new coming in within viasat and inmarsat. aviation is a great play. we are roughly 40% market share. what it does for us is are globally and bringing those two networks together. haslinda: how much of that market are you targeting now? you a bigger player, surely you can secure a bigger part of the market? guru: we would already -- we are already, i would say, take a pack as an example, only 20% of aviation market has connectivity so you are still starting. all the maritime customers want high-speed broadband connectivity. are deal is barely starting. that's why the growth rate is one of the extent markets. haslinda: elon musk up in arms against the merger. does he have a case that it is anticompetition? guru: the key is the market is large enough for multiple players to exist.

it is, in our view, he's gonna aggressive play about how they are approaching it. we are more of a geo based satellite providers. as i said, the market is expanding enough that there will be multiple players who can have share in that. we do not see a case. that's hence the reason why the merger is approved. we enjoy having competition. in the end, the customers win because you have more choices. haslinda: is it right to say the likes of new players in the satellite spacelike starlink and oneweb are in fact for some consolidation within the industry so that they can look at competition differently? guru: we have been going through, like we acquired inmarsat, so there's some consolidation happening. there are certain players who will be focused on certain geographies. one may be positioning that way, starlink is more focused on fixed broadband today, not so

much aviation or even maritime when you look at the market. there are multiple segments that some of the players will play a better world the new players coming in. the service quality is what the customer, for us, we focus on having enterprise customers so having an enterprise grade product matters a lot. it's not just consumer side. the other big piece i would say which is leo versus geo. what we do is being capital efficient. . we can cover the entire earth with the entire earth with three satellites. a leo satellite, you get 100 kilometers kind of a viewpoint. a lot of that is what now customers want, that capacity, call it density economics that matters a lot, having that flexibility. space sustainability is a very key part as well. you cannot have tens of thousands of satellites in space, the resources are still limited, versus when you're thinking about is your player, we are trying to do this as -- about a geo player, we are trying to do this as efficient as possible. haslinda: in terms of asia, what

are the growth markets? when it comes to maritime, you have china, singapore, malaysia even playing a usual and that. guru: i would say pretty much all -- playing a huge role in that. guru: i would say pretty much all of southeast asia, china, this is a massive mark and the connectivity business has just started. aviation, we talked about singapore airlines but you talk about cathay, you talk about air india, you have the same massive plays in china as well, all of them are just going started. in the u.s., similar model. we've gone through a good expansion as viasat. the future, we are also thinking about direct to device. that's just getting started as you thing about l-band and narrowband director device. about $120 billion market. this is connecting direct to mobile phones. you have seen any players, already apple has -- many players, already apple has done some work there. you start having multiple use

cases that start stacking up, not just aviation and maritime, but beyond that as well. haslinda: how will satellite change these industries? if you were to look into the future, you're talking about free, available, good quality wi-fi on points. how will satellites change these industries? guru: we talked about connecting the unconnected. you have 2.7 billion people that have no connectivity at all today. satellite will play a very important role in bringing connectivity to all those people. you later in places where you don't have connectivity, airlines, ships, middle of the ocean where it's not just broadband connectivity where it's not just essential but life-saving in many ways. we always talk about now you talk about food, shelter, and water, connectivity is now fourth-quarter human need when you look at it. satellite i think is -- fourth core human need when you

look at it. one of the things we are building is the at ecosystem. bats don't fly. we can have much better quality for an advertiser. in the shipping world, there are a lot of enterprise-level software systems that the shippers want. i will give you an example, thick about route economics, right? on aviation today or shipping, they all want the best route from a climate change perspective that you are not burning a lot of fuel. all of that needs a lot of data, real-time data that can help them reroute on a real-time basis. i think we save airlines about $4 billion on fuel costs and about 49 minutes are saved, same happens in shipping as well. communication is the base layer. and it's what we do with it that's the key. haslinda: there is increasing number of players in the

satellite space. do you see further consolidation? is restructuring inevitable? guru: i would say market is so nascent right now still within the growth, i think a lot of players will focus on much narrower use cases. we are broad and deep as we exist as a large player. at some point, i think people who specialize in certain areas, there might be certain consolidation. we are all following our own strategies. haslinda: all prepared for competition. guru, thank you. guru gowrappan, president of viasat. coming up, we previewed the bank of india's rate decision. here why credence family office -- hear what credence family office expects. more on that, next. keep it here with us. this is bloomberg. ♪

♪ haslinda: welcome back to "bloomberg markets: asia." you are watching india focus. futures pointing to a flat open. india's central bank is releasing its latest policy decision in the next hour. economists surveyed by bloomberg expect the are b.i. to keep rates unchanged for a seventh straight policy -- the rbi to keep rates unchanged for

a seventh straight policy meeting. why is th -- why are they expected to remain flat? >> this will be the seventh policy meeting where the rbi will be keeping policy rates unchanged. that's primarily because of high inflation and high growth. inflation is higher than the rbi's target range. rbi's governor has repeatedly said that rbi is not going to start easing anytime before the inflation comes out the 4% target rate on a durable basis. that is the number one reason. the second reason is, of course, high growth. india remains one of the fastest-growing economies in the world and its expected the rbi

is going to clock 8% for the full-year just ending in march. the third reason is the possible indication by federal reserve of a rate cut. i think that gives rbi some breather on monetary policy easing. i think these factors will guide rbi's decision. haslinda: when will we see a rate cut by the rbi? some say not until the end of 2025. >> some economists have pushed back their forecast, you are right, they have pushed back their forecast for monetary policy easing from june until later in the in october. one of the reasons is higher than expected growth rate. india as i mentioned as one of the fastest-growing economies. there is optimism that andy a wilcox 7% plus growth in the current financial year -- there

is optimism that india will clock 7% plus growth in the current financial year. the april to june period, there are predictions there will be a heat wave across the country and that may impact inflation. that's why some economists believe the process of disinflation is going to slow down a bit because of the heat wave concerns. that is something rbi would be watching out for and be cautious about. some economists believe the rate cut, the monetary policy easing is not happening anytime soon. haslinda: that's right. wait and see. we have heard that before. indian economy government reporter in new delhi, thank you. india is starting it's trading session in just momentarily. we are seeing the u.s., the indian repeat trading 83.42 at this point in time, pretty flat against the greenback. it has been pretty

resilient against the greenback. the other benchmarks in india also under pressure. let's get more on rbi's rate decision, bring in chanchal agarwal, cio of credence family office. we heard the rbis set to push back its first rate cut. what are your thoughts on when it is likely to move? chanchal: likely, a couple of countries like brazil and mexico have started announcing rate cuts. and i think likely u.s. is not in that. unfortunately, india is tied to the hip on the macro economic factors, india is still quote unquote linked to u.s. overall, you have seen inflation stoping hike. you've seen growth factors

strong both in u.s. and back in india. one of the important considerations would be oil. oil is close to $90 a barrel. i think at this level, there is still some comfort but if oil catches up soon, then your inflation printss, your food prits all start picking up higher. that leaves various room for our rbi to announce rate cut decision. haslinda:haslinda: if oil continues to search higher, how might that influence and shape your thinking in terms of where you invest the money? chanchal: macro factors aside, we understand oil has always been an overhang. the second overhang for india has been china. china i think is going on in easing spree where the presidency has -- the pboc to start infusing money, to start buying government bonds.

if china starts easing, i believe a lot of market liquidity will start going back to china, and largely given the fact that old real estate concerns are known and factored. i think that's one big risk for somebody like indian the shorter-term. in the longer term, i see a lot of money getting pushed to new consumption to see what government is doing next. the other two macro themes that i have in mind. haslinda: right. venture investing, how is that coming along? chanchal: sorry, could you repeat that question? haslinda: venture investing, where are we with that? chanchal: so, venture investing in the past two years have seen some kind of winter season. but interestingly, i think in 2023, the interesting fact that happened was you see almost 1.7 --you almost saw $6.6 billion

of exits out of ipo's. venture capital investing has matured. earlier, it was largely centric to fintechs, consumer fintechs, etc. venture capitalists are looking at the new growth india initiatives. is that something happening in power, solar, consumer take, etc. -- consumer tech, etc.? i see them investing into new india sectors soon. haslinda: we know that india is pushing geo city in a big way. how are you advising your wealthy clients? chanchal: i talked about outbound where wealthy clients need to invest out of india. traditional option available to them. with family investment fund coming in, they can now diversify in a more meaningful

way outside of india. i still understand that there are some regulatory overhangs around that clarity of what could be a opi structure versus odi structure, it is still remaining. a couple of initial filings over there are still in the process. i think we will wait to see how that pans out and the response we get in the system before we start working and advising clients on that. haslinda: there is intense competition in the wealth space. . we know that for a fact. how is it impacting independent wealth advisors like yourself? chanchal: in fact, the pie is only growing bigger. i know all of us know the stats where the financial investment concentration in india by itself is close to 3%, four odd percent. you have a lot of investments coming from to2, to3 cities.

a lot of know-how in terms of the initiative. i think that's grown the pile much larger to absorb all the new independent advisors that are coming in. i would like to believe that they are close to 1200, you know, with more than 100 million portfolio. this number is only going to double in the next five years. there is ample growth and ample space for many more of us to come and start working on this. haslinda: but are you thinking about new products to attract new clients for the money? chanchal: i think that's right, yes, that's right. the whole credit space in india is still very underdeveloped. back in u.s., you have a lot of opportunities for retail masses. the credit space was earlier limited to the mutual fund.

after the whole credit crisis, i don't think that mutual funds are also actively participating in the high-yield scenario. for hni's, you still have a i's, but what happens for retail clients, those in the middle? there is a lot of scope to fractionalizing the credit investment in india. you have structures like sdi's, which allows you to bifurcate units across papers. i think sdi's is one thing which could help broaden the credit space in india. haslinda: thank you so much for that. have a great weekend. chanchal agarwal, cio, credence family office. india has started trading about six minutes from now. it is under pressure, like the rest of the region, ahead of that nonfarm payroll. plenty more ahead. keep it here with us. this is india. this is bloomberg. ♪

♪ haslinda: now, the top geopolitical stores we are following. president biden has told israel prime minister benjamin netanyahu that u.s. support of israel's war in gaza depends on

new steps to protect civilians. . this comes after an israeli strike killed seven people delivering food. the u.s. facing increasing pressure to take a hard line against israel as civilian casualties rise. israel scrambling navigational signals over the tel aviv metropolitan area as the country prepares for a possible iranian attack. the measures were taken to disrupt gps navigator drawings and missiles that iran or proxies might fire on israel. tensions have stored on both sides following a missile strike which killed senior irani and. military officials earlier this week the french and russian defense ministers have held a rare telephone conversation on the war in ukraine. the fence ministry in moscow says there's readiness for dialogue on ukraine but the french readout did not mention any possible talks. nato members are reading in expectations about a proposed $100 million fund to support

ukraine as flooded by secretary-general jens stoltenberg. you can watch our interview with the nato secretary-general on bloomberg tv this friday as the alliance marks its 75th anniversary. that's happening on "bloomberg surveillance" at the times of n your screen. let's get a check on markets. it is expected to standpat. that sizzling heat wave in large parts of the country will raise concerns for india's policymaker. a nifty index down 0.2%. that's it from "bloomberg markets: asia." daybreak middle east and africa is next. keep it here with us. this is bloomberg. ♪ lctoriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence.

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