key newsmakers and investors. asian stocks edging higher as focus turns to wednesday's u.s. inflation data. treasury yields standing at the 10 year rate the highest since november. the yen a whisker away from the 152 level with a warning that a hard cpi number from the u.s. could send it tumbling into intervention territory. we have jp morgan asset management solutions and joining us to discuss solutions is the commissioner from the cftc, caroline pham. gains ahead of cpi prints. annabelle: there has been a lot of tension coming down to what we get from those u.s. inflation numbers on wednesday.

there are a couple of themes developing. you have equity gains extending for another session. traders feeling optimistic though we do continue to see the repricing around the outlook for fed rate cuts. we were at seven at the beginning of the year and went down to three. traders favoring two reductions for 2024 bond yields moving higher. we have gains coming through. the materials sector is the index standing out. yesterday there was the story of the jump in iron ore prices. generally we sell gains for copper, aluminum, zinc. that trend continuing for another session today. if you look at those material stocks moving, bring up some of the movers in focus because it comes down to the chinese names. we are getting better chinese

economic data especially around the manufacturing sector. there are some of the big gainers. it really does come down to the expectations for the fed, the conviction that an have around the outlook for rates over the year. the session we saw the 10 year yield jumping to the highest of 2024. fairly steady but we are seeing a move in the activity so far. haslinda: core inflation likely to stay sticky. we heard from james bullard that the fed has been right so far. we have also heard from fed officials including neel kashkari saying he expects price pressures to further ease. i spoke with the st. louis fed president james bullard. james bullard: my base case

scenario is that inflation will continue to fall this year and i jotted down in march that we would have two interest rate cuts, 25 basis points this year. at was my base case and ariel. i explained that if we do not see progress in the inflation and it moves sideways, that would make me question, why do we cut rates. >> i think we should take the committee and the chair at face value. their best guess is three cuts this year. and of course, the data can go one way or another but that is the base case. haslinda: investors turning their focus to wednesday's cpi report as a key indicator of fed rate policy and direction of dollar-yen. the belief that the most

important drivers of u.s. inflation are trending lower. let's bring in jin yuejue from jp morgan asset management. good to have you with us. your thoughts on what can be expected of the core inflation in particular. jim: our base case view is that we will continue to see inflation trending down but through a rather bumpy path. we have seen in the last two months that the data are surprising to the upside and i think along the way we will continue to see data probably giving some surprises but overall the trend is downward trending. haslinda: is that enough for the fed to do with three or two? there has been recalibration in terms of the number of cuts expected from the fed this year. we have gone from seven to three and now increasingly two.

jin: our view is that the fed is likely to cut between 2-3 times. everything needs to be data-dependent so we are closely monitoring the cpi data coming through. overall we do think the fed is likely to start the cuts around june with 2-3 cuts this year. haslinda: where do you see two's and 10's ending the year? jin: our view is that we are likely to see yield to be range bound until the first fed cut later this year. over the last few weeks we are seeing some price action taking 10 year towards the top level of the range. but the expectation is that the fed will cut rate, we don't think there is much room for the

yield to go further up from the current level. but on the other we are's -- with resilient growth the scope for bonds to rally from the current level is quite limited. haslinda: how do you play the bond market right now? jin: that is why -- our current view on duration is neutral. we see better opportunities in the bond market. for example, we are currently overweight in core euro bonds and have an underweight in japanese bonds. we are very much trying to explore more of the relative value opportunities in the bond market. haslinda: my conversation with james bullard earlier this morning he talked about the need to reverse the inversion of the

yield curve. what would that take? jin: i think everything still comes down to the data. the fed has been very clear in terms of they will be very patient and data-dependent. so i think this year, the key lessons for investors is that everyone needs to be very agile and nimble in terms of watching the data and adjusting the portfolios accordingly and also adjusting the market expectations accordingly. haslinda: the market has been surprised by usg exceptionalism. how much longer will we see that? and what does it mean for dollar-yen? jin: we are also turning a bit neutral on u.s. dollar. we are looking at the economic growth coming from the u.s. it continues to be quite

resilient. and even the timing of the fed rate cut and the magnitude is also becoming a bit uncertain. so i think given the gross differentiations and the rate cut differentiations well not narrow as much as expected. we do see the u.s. dollar is likely to continue to be more resilient. but on the yen side, unless we are seeing the risk of economic recessions sparking up, we don't foresee the yen strengthening by a large margin from the current level. haslinda: how about in terms of euro-dollar? we know the ecb is expected to make a cut earlier than the fed. jin: our view is that ecb is still likely to move on the monetary policy around the similar timing as the fed.

so, from a rate differentiation perspective, we don't see that as a catalyst to move euro, to move dramatically versus u.s. dollar. haslinda: in terms of the best course out there, how do you play the fx space? jin: right now our focus is really looking on the others of the opportunity set i.e. the overall equity bonds and also the relative values within equity and the bonds. with fx, we really don't see a very significant opportunity right now. haslinda: just one final question before we resume our conversation after the break, the risk for the market right now, is is will u.s. inflation or geopolitics? jin: i would say the core risk

we are seeing is coming down to inflation which is that if u.s. inflation becomes sticky at the current level, we will see that could potentially delay the cut from the fed or other central banks and that would be in our view a key risk to the current market levels. haslinda: jin yuejue a from jp morgan asset management is sticking around and we will get her views on markets shortly. still to come, we will speak with caroline pham at the hsbc global investment some and get her thoughts on the future of digital assets and smart etf's, ether. but first, janet yellen wraps up her chinese trip by warning her host on moves to aid russia.

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>> we continue to be concerned about the role that -- of any firms including those the prc are playing in russia's military procurement. i stressed the companies, including those in the prc, must not provide material support for russia's war and that they will face significant consequences if they do. haslinda: that was u.s. treasury secretary janet yellen wrapping up her talks in china with a warning against any moves to boost russia's military capacity. stephen engle joins us now for more right now.

how receptive was beijing to janet yellen's criticism of excessive industrial capacity? stephen: there were a couple of prickly issues janet yellen brought up. and that quote about russia's letteri capacity and the potential aiding of that from beijing. there are no allegations but just a warning. the treasury department telegraphed both for janet yellen went for this visit to beijing and that was the concern that subsidies from the government in two priority industries essentially new energy vehicles, high-capacity batteries and solar equipment will eventually flood the world with cheaper products as china works off its excess capacity and excess inventories at a time when the chinese domestic economy is sputtering and not soaking up that mistake manned. xi jinping highlighted at the

national people's congress putting emphasis in new productive forces including new industries that will not slow down and there will not be an abatement in investment because that is a strategic priority from the top border from the government in china. it is a catch-22 for the united states. they will raise these issues no doubt but again, what can china do at this time when they have a struggling economy domestically? haslinda: that is right, russia's military capacity was also a focus. janet yellen warning beijing about any attempt they might make to boost that. what stood out to you? stephen: the timing. what was known is that her comments came on the same day that the russian foreign minister, lavrov, arrived in beijing to talk among other things, the war in ukraine. any bank that facilitates

transactions, that channel dual use or military goods to russia's military base expose themselves to a risk of u.s. sanctions. she added that would include potentially chinese banks. the ultimate weapon by the united states as they have used against moscow because of its war in ukraine -- extreme sanctions including cutting off access to the u.s. dollar which would be quite punishing to beijing. again, it was another warning. she did say that most of the tree, the last few years trade between china and russia has surged, but most of it has been nonproblematic according to janet yellen but the big issue is, is there and will there be direct aid militarily and would there be dual use goods that could be sold into the russian economy and also used for military purposes. that is what the treasury

department is trying to cut off and warned beijing not to go down that road. haslinda: it does seem that janet yellen had some down time. she had a beer with nicholas burns. to someone you spoke with recently. stephen: nicholas burns is the abbasid are there and she told her to a brewery -- nicholas burns is the ambassador there and he took her to a brewery there. janet yellen had a more stout ipa and burns had a lager. is this newsworthy? i don't know but it is an insight into her visit. haslinda: [laughter] beijing made her a priority rolling out the red carpet for her. stephen engle, thank you so much for that. for more on her china outlook,

let's get back to jin yuejue. your thoughts on china and its economy -- we heard the trouble just yesterday. is the property crisis getting better and impacting the outlook of china further? jin: our current view on china is neutral. we continue to see the property sector remains relatively weak but there are other economic data coming through over the last few months suggesting that on the manufacturing side, things are slightly improving. right now it is a fairly mixed picture in china but given that property sector is still a core part of the downturn currently, we are still holding a neutral view on china.

haslinda: what would it take for you to upgrade from a neutral stance? would it be earnings, more fiscal stimulus from the pboc, the government? what would it take? jin: all of these are pretty much required but the court to that is to see whether the government will push out some more policy support both in terms of physical support but also on the monetary side. until then, we probably need to be patient. but once there is more stimulus policy, we might start to see earnings start to stabilize and more importantly, the domestic momentum and confidence may start to also improve. i think that is when we will probably start to be more positive on china. haslinda: of course the y

uan has been under a lot of pressure. still weakness in the currency. where do you see the yuan headed? what is fair value for the currency? jin: i think overall it is a dilemma and it is an important policy position from beijing in terms of how strong they want to maintain yuan to be. if we look at the u.s. dollar, we explained earlier that we will continue to see relatively u.s. dollar will remain resilient. the pressure on yuan will likely continue. that is a very important consideration, whether there is room for them to allow monetary policy from easing more aggressively and that is

something we are closely monitoring. haslinda: in terms of the action from the pboc for the coming months, what do you see the pboc doing? jin: well, we are watching this area very closely. and i think, as we said earlier, we do expect to see more policy coming through china if they continue to see we data. -- weak data. the worry is that for the last few months some of the data coming through better than expectations. there is also a worry in the market that could potentially delay or maybe, the moment, they might start to see that pushing out more policy is not necessary at the moment. so this is a definite area that

we are closely monitoring. haslinda: what assumption are you making about china's growth? is it achievable or is it at risk given what we are seeing right now? jin: i think there is a risk in terms of the current policy support because over the past few months, the policy has been relatively moderate and the more reactive in nature. i think in order for them to achieve that target, there needs to be a more aggressive policy support. haslinda: right. and if -- imposing 60% tariffs on chinese goods, would that gdp target be at risk? jin: i think geopolitics has always been a norm instead of an

abnormal for the markets. china-u.s. -- whatever you call it, has been in the market for the past few years now. so we don't necessarily see that as anything that is adding to the current pressure but it is definitely not a particular positive for china either. so everything in to consideration, i think it is down to china, how to have the right policy and to have the right focus and to push the economy through the current status. haslinda: jin, thank you for your time. jin yuejue, jp morgan asset management. keep it here with us. plenty more ahead. this is bloomberg. ♪

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haslinda: welcome back. a hero the global stories we are following. senior is really officials say progress has been made in negotiations for a cease-fire in gaza including the release of hostages and palestinian prisoners. the defense minister says israel has reached an important point in returning hostages. a cabinet meeting has been called for tuesday. germany is forging ahead with a sweeping military overhaul costing as much as $7.6 billion. the ruling coalition wants to order armored vehicles and two naval frigates. this is part of germany's push to modernize its military and

will require approval from lawmakers. still to come, we speak with the cftc commissioner, caroline pham about the challenges of regulating digital assets and currencies. she joins us live next year at the hsbc global investment summit. keep it here with us. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain,

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>> we are still investing in china because we see that long-term potential. the transition is taking place. now is the time to invest in china to be part of that transition and future growth. >> investors right here are looking for growth companies in china but have been hearing about that they have been

seeing. that's starting to simulate secondary market growth. >> we are underway china at the moment. the overhang of the real estate going into consumer confidence, business confidence. we're starting to see net inflows. we're starting to see that policy is coming through. haslinda: china front and center. hsbc executives again exclusively at the bank's global investment summit. annabelle droulers also in hong kong. annabelle: chinese markets and equities, we are seeing them go into their lunch break. a little out of the red but i wanted to talk about one of the sectors advancing so far in the session read gaming stocks, you can see less trade because some of those are in their lunch break. but still we are getting quite a few movers to the upside coming through. what's driving that is interesting.

we had a note from citibank and they are saying we can possibly expect more gaming approvals to come this year from beijing. we had latest list for april. china approved 14 imported titles. less than what we saw in february, but still an uptick in the frequency of green lights coming through, so positively constructive for gaming. let's change on because what's really moving to the upside today is taiwan. it is certainly the stand out so far. it relates to one story, this is tsmc, this is got a 11.6 billion dollar grant from the u.s. and they are giving loans for ship plans. tsmc going to be expanding its factories in arizona. a big development for its major suppliers. they are the ones listed below. finally, what we often track is what we are seeing in the crypto space. quite close to my area of interest.

you can see in this terminal chart looking at either. that's the line in blue. this is the line for bitcoin, that rise in white. both of those gaining over the course of this year but ether is getting close to catching up. what's driving that is speculation perhaps we could see the u.s. sec green lighting spot ether etfs. the possibility is muted. we have seen major players putting forward applications. whether they get the go-ahead is a debate for many regulators. haslinda: thanks, our crypto queen. let's get more perspective on the possibility of u.s. ether etfs with the commodity futures trading commission commissioner caroline pham.

we are debating whether it is a security or commodity when it comes to ether, you say it is a security but the sec thinks otherwise. caroline: it's great to see you in hong kong. pleased to be here. this debate seems to go on but the answer is always the same. i like to say everything is a commodity, even securities, is just that the sec has exclusive jurisdiction over securities in the united states. haslinda: it is problematic. back here again debating what is the solution. caroline: it's important for purposes of regulatory clarity, we need this settled once and for all. i would love to see the cftc and ftc have cooperative working arrangements that we have gone in the past including advisory committees, joint attack risk forces or public roundtables were we have dialogue about this and have change in interpretation can have a devastating impact on markets

that had been in place since 2017. haslinda: the other topic of concern, spot bitcoin etf options, after we had regulations, where are we with that, is that something you are looking at in terms of regulating? caroline: we look at the options market, there is a portion of it that would be regulated by the state ftc -- cftc. when we at innovations is important for regular leaders, whether u.s., or u.s. and non-us, to work together to make sure we have a system that will promote access to markets, but also address regulatory gaps where you could have -- conduct. haslinda: what is the likely outcome of this? market participant say these options are a hedge against volatility within the crypto space. it is essential, it is required. caroline: that's exactly at.

derivatives are a risk management instrument. people forget that derivatives are risk to transfer markets. they are there to take the opposite position to provide hedges against people's cash or spot positions. it is important to have a healthy derivatives market but there needs to be strong rules in revelation. for people who think there ought to be a different standard applied. that's not the case. the rules for derivatives markets whatever the underlying might be, it's the same, while there it is equities, fixed income, fx, commodities, is the same. haslinda: what's your biggest concern? caroline: with the price action and volatility in spot bitcoin markets, when you have this speculative activity, it's more important than ever for regulators to be looking for anything that might be unusual as far as market activity. we do this for all commodities markets, whether it's energy, physical metals, grain.

and in this instance, bitcoin. haslinda: where are we with that, which ones in particular? caroline: congress overseas me. i just want to say i am pleased congress is working on a solution to this important problem and we will have to see what happens. haslinda: which are the most significant for you in terms of the bills? caroline: in the house, there is a bill called fit 21 that would resolve some of the market structure issues between jurisdictional lines for the sec and cftc. that one has got a lot of attention. haslinda: we are in hong kong. we have had gaps in relations in the u.s. as well as hong kong, how do we bridge those gaps, because there needs to be a global regulatory environment. caroline: it's important that jurisdictions around the world are moving to the implementation phase of the financial stability

board's international standards. we have seen jurisdictions across europe, asia and so on working towards implementing those standards into their own national laws. what i been doing in the united states through my sponsorship of the cftc's committee, we have come out with the first-ever cutting edge digital asset taxonomy. that is designed to reach u.s. policymakers and would help establish foundational concepts that will promote the alignment of the u.s. to international standards. that's important to ensure that we're protecting against systemic risk and promoting financial stability. haslinda: when do you see regulations being observed globally? caroline: the fsb has a timeline they have published for the implementation of their standards. that is something they are monitoring that other international groups like the

organization of securities commissions are working on. in the united states, it's a big year in the u.s. we will have to see what happens. haslinda: what can get past before the election? that is the target, some say. caroline: not my area of expertise. [laughter] haslinda: in terms of corporate relation, what would be priorities for the cftc in 2024? caroline: we have looked at different areas in our regulations. most importantly is the strength of our enforcement program. we just had another groundbreaking complaint we filed against another non-us derivatives trading platform that has crypto assets. it's important that we continue to promote and put out there that if you are touching u.s. persons, if you are trading derivatives, if you are in our jurisdiction, whether you come to be outside of the united states are not, we have jurisdiction to pursue you for failure to register with us. that is one of the election charges we have in that

complaint. but importantly, we're working where there is parallel actions with the doj, for illicit finance and money laundering violations. haslinda: are there still parts of the crypto world that are still going wild that needs regulation? caroline: yes. when you look over all of the crypto asset sector, there have been positive movements towards overall maturation of the sector but i think they are not there yet. haslinda: when it comes to that global rulebook, if you can look at where we will be in 12 to 24 months, what are your thoughts on that? caroline: things will be shipping up a lot more. we will have a lot more clarity in 24 months. like i said, all these national authorities will have been well on their way towards implementing their framework for crypto asset regulation. many jurisdictions in asia, japan, south korea and hong kong, have put together a framework. so you will see those gaps

closed. certainly within 24 months. haslinda: what's the message you are sending to asia, here in hong kong? caroline: i think that having a positive approach to innovation, but a responsible approach to innovation, is key. regulators need a tech neutral approach. they need to truly understand what is the activity they are regulating. there is no one-size-fits-all approach, that's why i appreciate programs like them when i have proposed in the united states. haslinda: the rally in bitcoin and either testing new ties. caroline: when you see this kind of price action and speculative activity, that's when you need to be on guard for fraud and misconduct. haslinda: always a pleasure. caroline pham, commissioner of the u.s. commodity futures trading commission. still to come. we take a closer look at the indian markets and the gauge emerging as an opportunity for

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haslinda: the nifty next 50

index emerged as the hottest stock gauge in india. the market made up of potential candidates for the benchmark gauge is hovering near record highs with forward of estimates climbing 20% this year. let's get more from ishika. tell us more about this next 50 index. why it's all the rage right now. >> the nifty next 50 in india is all the rage right now. the index is up 18% this year versus the nifty 50, which is the indian stock benchmark. nifty 50's advance of about 4% this year. the main reason is the earnings excitement around the nifty next 50, which as you said, is made up of potential candidates to get into the benchmark index. it's got a earnings upgrades of upwards of 20% this year, by far beating any other index in india.

these stocks in the nifty next 50 index are the main beneficiaries of narendra modi's push for making the indian economy bigger and better. they will benefit the most from economic growth of 7% in 2024. which of our the consensus forecasts right now. industrials and material stocks have a high rating on this index. that compares to the nifty 50 we are i.t. services firms, which got a lot of revenue overseas, are among the biggest components. this is one of the key reasons this benchmark, nick state -- nifty next 50, is seen as a direct play on india's economic boom. haslinda: there is interest from foreigners as well. how much interest when compared to local investors? are they the ones driving at this point in time? >> what's interesting is that foreign investors have typically

played among the biggest stocks in india. the large cap ones in the nifty 50. but what's happening is with rising valuations in the market and people looking at these stocks as credit trades, floor investors have diversified. by looking at the stocks in the nifty next 50 index which is expected to see earnings growth of 40% over the next 12 months. more than any other benchmark in india. sanford c. bernstein did analysis and saw that foreigners are getting into hindustan aeronautics, and these kind of names within the nifty 50 index. this is becoming more of a playground for foreign investors that it has been in the past. haslinda: when this urge is so rapid, you talk about risks. what are some of the risks to the rally? >> there are many risks on the horizon.

one is of course that this pocket of the market has not seen correction yet, unlike the small caps in india and there is bound to be profit taking after a 65% rally over the past year for the next 50 index. secondly, the earnings potential needs to be matched by actual increases in corporate profit. if investors see that earnings are coming through, they are likely to take money out of these companies. especially as other markets such as japan in asia are booming, and china is also rebounding. if this rebound in china seems more sustainable, you could see tactical outflows out of india, and the next day next 50's -- the nifty next 50 is a candidate for foreign investors to take profits out of. haslinda: thank you so much for that. india has been trading for a couple of minutes right now. let's check on where they are. positive territory across the

board. the sensex index up about 0.3%. markets looking ahead to inflation data out of the u.s. with traders' conviction on three quarter-point hike from the fed this year quickly dissipating. let's bring in mark cranfield. we help markets are reconfiguring their predictions. in my earlier conversation with bullard, she says three is still a base case scenario. >> it's going to be difficult for the market to still price for three interest rate cuts. if we get a repeat where the core inflation in the u.s. is again above the headline inflation, which has been the case quite a while now, so if we don't see change in that, and the prediction is the core numbers will continue to be sticky, after the jobs report last week we had 3.8%

unemployment number, way too strong for people to consider interest rate cuts. that will feed into the inflation data. average earnings were above 4% as well. the indications are that it will be very surprising if the inflation numbers are soft today. they probably will beat expectations which are still too high from the federal reserve's point of view. time is running out. we are looking to head to the may meeting of the federal reserve were again nothing is expected in terms of changes. traders will have to make a big decision about whether they think the june meeting is realistic for a rate cut. the way the data is going, it increasingly looks as though that will not happen. this cpi report this week might be the final thing that persuades people there is no chance for the interest rate cut coming in the second quarter. and then the speculation move towards july. you have a lot of fed speakers coming out. kashkari is saying he doesn't

see any rate cuts at all this year. we have had people saying one cut is sufficient. there is no consensus within the federal reserve. if we get to june, they may have to change the dot plots, simply because time is running out and they can't squeeze three rate cuts are in before the end of the year. haslinda: what are the risks that the fed could be behind the curve? >> they are more concerned that because they had a bad experience with inflation. they are willing to take the chance that they hold back for longer. the last thing they would want to see is they take an early interest rate cut and inflation goes back up. and they put themselves in a situation -- difficult situation then. as rome powell is saying, they can afford to take their time. the u.s. economy is doing extremely well. the data keeps surprising people at being stronger-than-expected.

actually, the fed is in pretty strong position here. they don't need to panic unless something completely blind sides them in terms of turning the economy weaker. they can sit back, let the inflation data unfold, let numbers come towards the 2% target, then respond. if they continue in this respect, the fed doesn't need to worry about being behind the curve. the treasury curve is already inverted, so traders are pricing lower rates anyway. maybe it comes in the third or the fourth quarter. as far as the equity market is concerned, as long as interest rates don't go higher, they will be happy with the outcome. haslinda: how about in terms of where yields are headed? today alone, yields are at the highest level this year. >> particularly in the short end of the curve. the two-year yields are going possibly towards the 5% area again. i don't think anybody in the

bond market is expecting a huge breakout in either direction. we have been range trading since the third quarter of last year. that's likely to continue. people will be watching each data as it comes out. we have got inflation this week and pce data to come. there will be another jobs report and more inflation before the fed meeting. we are more likely just to go back and forth. probably the biggest risk is we might see cuts deepening. if people lose patience thinking the fed is on hold for a long time, you might see the inversion come out of the curve, and 10-year yields rise relative to two-year. in terms of absolute direction, we don't see a huge movement either way in the next three weeks. haslinda: if you were to hazard a gas, when do you see two-year yields getting to 5%? >> if it happens, it is the next

couple of months. if we get a repeat of the strong jobs data, an inflation print which comes above expectations, and the pce follows that later this month, if it will happen, it will happen soon. bond traders have been building up short exposure again in the treasury contracts. if we see 5%, it will probably happen within the next 3-4 weeks. haslinda: conviction there. mark cranfield, thank you for your insights today. keep it here with us. this is bloomberg. ♪

haslinda: here are some top corporate stories. another story that we have is a tesla's ceo elon musk says the shortage of chips spurred by explosive development in ai is starting to ease. he is warning of new challenges ahead in the supply of transformers and other hardware. musk spoke in a live discussion in his x platform with the norges bank cio of investment management. >> we cannot get enough supply

of ai chips particularly. this year is starting to transition to a shortage of trans former supply. if you look at three years, it is just electricity availability. those are the constraints on the hardware side. haslinda: bloomberg learned that ubs is planning a stake swap to get full ownership of its china platform. it is proposing to buy its remaining 33% stake in ubs securities from state owned asset management. it would sell off its entire 51% position in credit suisse's onshore arm. the development adds a new twist to the months long bidding process with aunt group and citadel earlier vying for the china venture. we are continuing live coverage at the hsbc global investment summit in hong kong. we will speak to the bank's chief greater china economist in a few minutes. later, the tesla co-founder martin eberhardt, joins us to

discuss his outlook for the ev industry. the concerns around a tesla's growth after q1 sales missed by a huge margin, the stock is down about 34% year-to-date. hong kong heading off to lunch break in a few minutes. plenty more ahead on "bloomberg markets asia," keep it here with us. this is bloomberg. ♪

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♪ >> it is 12:00 in hong kong, i'm haslinda live from day number two of the hsbc global summit. stocks are