tv Bloomberg Markets Asia Bloomberg November 2, 2021 10:00pm-11:00pm EDT
deforestation and methane as banks are asked to do more. rishaad: david will have more in this but looking at markets overall, this -- the stability as it were. index up just about 0.1%. let's have a look at what else is going because we do have of course -- very much in view at the moment ahead of the fed meeting and the expectations of the announcementof a bond purchase taper. yvonne: that's the big mystery. circling whether it is 2023. you take a look at the rba. basically these front rates has gone bananas. and everything from the boe. we take a look at what it comes
to the australia, to the u.s., europe traders are trying to price out the possibility of some of these rate hikes. but it been kind of marginal. david: it does go to show, it is like the dynamic in ordering, you almost overestimate we can really have. end of the day, you're the one left h olding the half eaten -- getting to the point of yvonne. before the weekend we are looking at maybe june. around the june meeting. compared to friday into this morning, that is down at 60%, which by the way, is still substantial which take us into the calendar of meetings into next year. you look at and everything from january to december, it is -- two rate hikes, but it has been
pushed back. the first one as current pricing suggests this could change day today, the first one is in september. and the second one is in december of next year. rishaad: let's get to -- our policy editor kathleen hays. this taper, reduction in bond purchases, when it is expected to start. what else are investors looking to hear from the fed? kathleen: we want to point out with david's chart which is lovely, it is about the -- this is not what the fed is telling us they expect but how do markets figure out, how does anybody figure out when they will hike? you look at the economy and inflation and then a fed watcher, a trader says says this is what i think the fed will do. that is what we are seeing. the fed has been clear. jay powell started out, first he
could not think about taper and then he could not talk about taper and finally he said -- i do think it is time to taper. inflation is ripe. the economies are recovering. may be slowing but still moving ahead rapidly in the u.s. when are they going to finish the taper is the question. right now the majority figure he could finish by june, and eight months but about a third of people surveyed think it could be happening earlier. may or sooner. would the fed be so concerned about inflation that they say, $15 billion worth of treasuries in everymonth. we will start reducing it more. people do not expect that to happen unless inflation expects to be much more persistent. that is one of the big things people will looking at is what comes through in the policy statement. that will be subtle, sentence, few changes in the wording around inflation and prices and what does j policy at the press conference.
we are seeing footage of him now from one of the recent press conferences. that is where the focus is going to be. yvonne: is the fed's inflation stance some analysts pointed out is more important than the taper announcement itself. because it has implications of what it means to policy moving forward. is the transitory camp moving towards the ground? kathleen: i would think they are looking hard at what they have been saying. this announcement is important. what if they do not figure into taper? we changed our minds cared what if they said december? but there is something to that. let's look at a chart of -- really simple. showing you how high inflation. the key indicator is compared to the 2% target, 3% and change, 4% and change. the fed board, the board economies are predicting it will come back to 2022 next year. that is the big question.
bloomberg economics is pointing to, as many economists are, you have a supply bottleneck that lasts and will look worse. wages are starting to rise because of the labor shortage because so many people do not want to go back to work or cannot for whatever reason, uber economics has moved up the rate ,and @ up the rate hike. prh least one hike last year. that was five months ago so no more people have come around but it makes sense because inflation is looking like a problem, the economy is holding up. those of the things we will look at and listen to the jay powell has to say. he is going to get a lot of hard question let's hope he gives some good evidence -- and answers because that is what it will take to get any kind a move that begins to resemble what the rba started 24 hours ago. powell will have to signal
something more hawkish or dovish and so far he has been sticking to the camp of transitory. maybe that will keep investors, bond investors happy. david: kathleen hays, our policy editor. what might be coming up. let's get it over to new york, vonnie quinn with the first word news. vonnie: president biden says he will soon be announcing his fix for -- his picks for federal reserve positions. he has been meeting to decide on the best choices. it remains unclear whether the president is leaning towards jay powell replacing him with a favorite mill bernard or appointing a different nominee. the second and final day for world leaders at the cop26 is -- has been marked by two deals. the u.s. and e.u. pledge to cut
methane emissions although china and russia held out. 100 countries back to u.k. led declaration into reversing deforestation by 2030. president biden says china was mistaken -- to miss the u.n conference. he said they missed an opportunity to purchase paid in global leadership. chinese president xi jinping addressed the cop26 remotely. ?g said that russia andotely. saudi arabia leaders should have attended. facebook -- says it will no longer use facebook -- f ace recognition over privacy concerns. meta says it needs to weigh benefits against growing worries about the technology. facebook has used facial resignation since -- recognition since 2010. it says it will delete the one billion photos it has collected.
global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne: thank you. we are hearing that the billionaire founder of bytedance has stepped down as chairman and moving further away from the tech company. for more on this we are joined by our tech reporter. talk us what we know so far. >> they are telling me they step down as chairman of the company he cofounded almost a decade ago. his replacement on the five person board will be his deputy in college roommate. like he said back in may -- he already replaced zhang as the ceo of the tiktok owner. he's sort of like a changes, a signal that, as one of the most influential people in china,
zhang wants to stay behind the scenes and focus on the longer-term strategy of the company. david: did he draw any lines between what is happening here and other executives from other companies that have also gone the same sort of exodus route? >> i think each company has their own consideration but you are right. zhang is added to a long list of chinese tech founders who have quit as ceo or chairman. so, the backdrop against the sort of changes are china's tech crackdown. and it's becoming like essentially important for tech founders to stay low and stick to what the party and the government wants, which is -- a fairer society, so nobody wants
to be in the spotlight at this moment. david: our asia tech reporter from one sector in china to another we are looking at stocks today. some of which you are actually seeing. losses. that are not across the board. just on the back of this call that they may be next in line as far as the target of the -- rish. rishaad: david. let's have a look at where we have got coming up next on bloomberg west. the upbeat notes. after that, -- their profit beat estimates, diving into the earnings of ocbc. yvonne: next as the credit suisse china conference kicks off we speak about the key market trends he's watching. this is bloomberg. ♪
yvonne: asia economy has taken new downward pressure. cuts are[h■[h■fdñfdñfoádzpñbjm71 was a statement talking about stockpiling food. a lot of talk about what is happening in the winter, given the energy crunches well but as we saw with the pmi numbers for october it is not looking too. rishaad: good for the fourth quarterrishaad: and rishaad: and when you talk about stock filing of food, you talk about the pandemic which could -- these are all things which are going around and a lot of talk swirling around, david. david: these will be the challenges that will go into
monetary policy. to the point of the premier -- also needed because we are going into november. not to confuse the two things. the pboc is up against quite a bit of maturity, mid month it's 800 billion and it becomes 200 billion that becomes an terms of medium term facilities. there is no indication that the pboc is not going. to match those maturities let's put all those challenges together for you and what it means for investment strategy. asia, emea, credit suisse joins them on the sidelines of the bank of china conference. thanks as always for coming in the show. good morning. an hour back, we were calling john woods very eloquently told us to avoid chinese equities for now. the counterargument is that some of the, if not the largest come
a big part of this market is very cheap. that's really what the bulls have latched on to. flesh out that idea for us. >> we're at the -- china investment conference, and rather than a broadbrush approach where we can say the market is too early to invest what is important is that the differences in the detail is a series of factors that are definitely investment -- the market has been driven by regulation and the further away from china you get the less understanding there is around that regulation, around, prosperity and what it actually means for the long-term growth of the country. therefore, the opportunities that represents from a sector perspective. rishaad: how does the, the earnings season inform your ma cro outlook? we take the u.s. side of things -- we've got margins looking
very strong there. does the energy crunch in the latter part of the quarter and indeed -- tighter monetary prices are actually being absorbed, not really being part of the consumer as much as you would expect. what is your take? neil: we've seen that in recent numbers. there's some shock as a consequent of supply chain issues we have had across the world. we're going to seal the bit of a rebalancing. you have a global economy that is coming out of the pandemic. we've seen a very high amount of consumer standing -- spending as the social distancing eases up across different countries, and we begin to see more services, we begin to see a little bit of a rebalancing particular from an inflation perspective and we can look forward. it's going to come down to growth, but we obviously need to
look at the specific sectors that we think are going to continue to drive growth, particularly as it pertains to china. i think we have talked about a few of what those sectors might be, particularly investment in things like green technology. there were still a lot of opportunity for us to be looking at. in asia. yvonne: so, as you -- neutral on china at the moment. i'm just wondering, what do you think are the flows? neil: from a china flows perspective, there are couple of different dynamics. one, the global investors do not have a huge amount of assets. given regulation. at the same time, you have a market that is opening up rapidly. you've seen from -- 140 new q.fi quotas being approved and you've seen ipo reforms and more
foreign brokers get approved to be able to invest in markets. when you look at things like southbound flow that we have seen pick up. while the overall appetite around china may not be as high there's still a huge amount of investor interest as this market continues to reform. it presents a huge amount of opportunity which is where i think -- they've been helpful in giving a level of detailed overview around what is happening on shore, and the areas we should have a closer look at. david: neil, talk to us about your other -- emea, because that is one market that was interesting, frontloaded all the goodness and things have come off the wheels recently. what are you seeing? neil: it's coming into a period where it should present a decent amount of opportunity -- in europe. we are waiting to hear what the fed has to say. we clearly expect we will move
into a higher rate environment. europe is heavy on old economy sectors and therefore it should be a few -- a huge beneficiary when you look at the valuation difference between the large u.s. tech sectors and where we are from a european perspective, we are hopeful you will continue to see what we have seen to some degree is a pick up in interest in emea. rishaad: the thank if england and the ecb have seen interest rates and focus as inflation ratchets up. give us a view on how that really plays into what strategy you employ? neil: yes. as i said, when it comes to inflation you have to look at the drivers of inflation. it's very different country to country depending on where we are in the reduction of social
distancing. look, as i say with fears around inflation, we're going to be moving into a higher rate environment. you need to be looking at portfolios you have and adjusting for that. think that means looking at that slightly more defensive portfolio, but equally looking to ensure that you have got a bit more of an old economy -- versus where we are today. yvonne: thank you so much. coming up is one of history's biggest traffic jams. showing how the supply chain crisis risks dragging the world economy down with it. this is bloomberg. ♪
moody sees disruption stretching well into 2022 with their eff ects only diminishing in the second half of the year. analysts say there is a risk inflation may remain higher for longer in the u.s. and some emerging market countries. with the fed meeting in focus today we look at the u.s. data. analysis from our bloomberg economics team shows that there was a shift from supply -- from the excess pre-crisis regarding shortages at a 20 year high. some positive news. the world's largest contract logistics provider gfo says it is seeing more goods arriving at its facilities was me supply chain sags rae beginning to subside, at least on logistics. an adjusting take on the supply chain issue, robin brooks argued in a tweet that delays are more in the u.s. than elsewhere.
he says u.s. supply disruptions are about demand and not supply. i refer to this chart of delivery times in different locations and how far they deviate from the norm. the data shows u.s. delays are at a scale of japan's after fukushima in 2011. i'm bloomberg -- bloomberg users can read more about the stories in our newsletter supply lines. yvonne? yvonne: su, thank you. new research coming up from bloomberg shows the extremity of these supply crunches. it is one of the biggest logjams we are seeing and how this could be pushing prices higher. take a look at the supply indices in the u.s. or the e.u. these have basically shut up to two decade highs. whether it is a shortage of truck drivers to move things around to how you make that supply. this is just looking like this could get worse this year. david: in fact, already we have started talking about this -- shipping stuff around the world,
sending stuff whether air, freig ht, on roads. the rates. we really crunch the data on this whether it is services and manufacturing, labor, backlogs. the whole gamut of measures. we have gone from almost extreme excess to extreme tightness. rish, the question is at what point do central banks need to step in and should they step in, given the dynamics of the type of inflation? that eventually will affect demand anyway. rishaad: absolutely. this is the issue to take, how much ammunition to these guys have with rates being where they are, etc.? let's put this into context. we have got apple and amazon come companies that can been supply chains to their will. its fourth quarter profits have been wiped out -- part of this down to the a
synchronous recovery taking place after the pandemic. let's have a look at what they have to say. >> we have a situation right now where there is very very strong demand. it's driven by consumer demand first and foremost by americans there is also strong demand in europe. on top of that we have low inventories and -- around the supply chain. so, our customers are doing two things at the same time, trying to be's -- meet stronger consumer demand but are trying to increase their inventories. that is what is driving the very strong demand for transportation right now. yvonne: yeah. as you hear, the struggles behind that and there is no quick fix. in terms of timing, people are saying, christmas we might have to look past, whether you get your christmas gift. maybe by chinese new year, that
is a day you that you should look ahead to one -- when these supply chains will start to ease. coming up we talk about the earnings on the singapore banks. they are jumping. thanks to a wealth in lending. moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving.
rishaad: slowly as she goes. it's 10:29 in the evening on the eastern seaboard of the united states. have a look at the msci asia-pacific benchmark. ex japan, culture date, down by one third of 1%. yvonne: some of the stories we are watching southeast asia meanwhile, another central bank decision in malaysia. they are extended to hold the8j- record low of 1.75%.
this meeting letter on vietnam said its first target for carbon neutrality, aiming for 2050. thailand planning for the same date. nepalímliñ1xn e'knñ'÷ singapore raising its retirement age to 63 from 62. data starting from july 1 of next year. david: one year. okay. well, it's up. don't have anything else to add to that. [laughter] i was about to make a comment. can't do my math right now. markets have been doing this, on hold, with the exception of manila ahead of key central bank decisions. let's have a look at a lot of these earnings men through from singapore bank. you do have this chart which puts into context the damage that we saw in history and in
the form of loan loss provisions when banks provision more for expected losses. you saw this fight back during the height of the 2020 pandemic, when things were shut down in singapore. that measure has come down for most of singaporean banks. rishaad: getting to the banks themselves -- nevermind. let's getéz more on one that haa 57% gain in net income. our asian finance and investing editor is with us. >> essentially you are saying pretty decent numbers across the board for both of these banks. you are seeing a bit of net income to a reasonably sizable degree. urc and wealthy income and lending income going pretty well. there has been a bit of softness
in the shares. some of that has to do with the outlook. the two ceos of these banks are painting a picture at an outlook that is not improving. singapore has come through the hurdles of having to reopen the economy and tighten back up when you had a spike in pandemic cases, but now they see it as ultimately a pretty decent outlook for the banks. you still do have that pandemic overlay. there is still a little bit of concern as to how things develop in coming months and whether margins get impacted from that. really, it's not a bad set of results from both of these. it speaks to not just the situation in singapore, but globally, what we have been seeing from any banks globally is they need -- seeing from many banks globally as they need to set aside money so they can
slowly give that back and book that into the profits. rishaad: there has been some talk of global yield curves re-steepening, or unwinding some of the flatness. how will that impact the lenders in singapore, if any? adam: to the degree that anybody can predict that, it is still very difficult. you have seen the bond market massively reprice in the last few weeks. come another few weeks from here, we could see a move back in the way that markets are pricing the way interest rates will move in coming months and years. very much the case is still we are entering this new cycle where rates will be higher, aggressively, but i don't think anyone is expecting it to be really sharp and southern and aggressive from central banks. if central banks can offer some degree of flexibility and
telegraph what they are doing to both lenders and markets in general, than i think banks should be in a reasonably decent position to gain from this rate increase cycle. the big caveat is inflation does take hold and start to run away and central banks have to clamp down things quicker than many expected, then you could be in for a more tricky period. david: hopefully we don't get to a sustained bout along those conditions. our asian finance and investing editor. let's get it to vonnie quinn in new york. vonnie:5 keqiang says his country's economy faces new downward pressure and must cut taxes and fees. state tv reported these comments during a visitto china's top. market regulator he also says the economy needs cyclical adjustments, a phrase
associate with a more fiscal monetary approach. the billionaire founder of bytedance is reportedly resigning as chairman. zhang had already stepped down as chief executive officer in may. bloomberg learns the new ceo will replace zhang on the five-member company board. a source tells us zhang will still be involved in formulating longer-term strategy at the chinese tech firm. bytedance and tiktok declined to comment. the u.s. cdc ok'd pfizer shots for children age five to 11. the agency supported the decision unanimously for it was signed off on by the director. the decision widens access to vaccines to some 28 million people. pfizer is working with regulators on the distribution of these pediatric doses. they can only be sent in smaller packs. swiss prosecutors
indicted a suspect for fraud. he paid blatter $2.2 million after resigning from fifa. officials found the payment was made without a legal basis. they are already banned from any soccer related activity. global news 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. yvonne: the u.s. commerce secretary says a truce between washington and the eu on metals tariffs will help slow inflation in the states. she spoke to bloomberg's david westin earlier about that deal. >> of course, we want to have a strong relationship economically with the eu, but we have to protect u.s. industry. we have to protect the u.s. steel industry, u.s. steel
workers, the aluminum industry. so we maintain the tariffs, but we allow for some amount of free trade. the first 3.3 million metric tons of steel will come into the u.s. from the eu tariff free. beyond that we maintain the tariffs. the real problem is china. it's china's dirty steel that has distorted the global market through their dumping, often sending it into the eu, which comes on to american shores. we said we are not going to allow our steel industry to be hurt by chinese excess capacity. we are going to work with the eu to protect our workers and their workers. david: to pick up on china, how important was it that you banned trans shipments of steel from china into europe and on into the united states? sec. raimondo: the term is melt
and pour, which may not sound very sexy, but it is a big deal. we said we only want eu steel to come in tariff free. this is meant to work with our allies in europe against chinese excess capacity of their dirty steel. to the point i heard earlier about what comes next, what comes next is a global steel arrangement with the eu. we said clearly that over the next two years we will work with our allies to come up with a global steel arrangement that preferences cleaner steel and preferences u.s. and eu steel. david: you said we want to have a trade relations with europe, we also want to protect good jobs in the united states. there is a third element, that is climate. you are trying to incorporate trade policy and limit carbon
emissions. how does the steel accomplish that? sec. raimondo: to our knowledge, this is the first time we have said on paper that we are going to work in earnest, yqab to't arrangement that preferences clean steel, that takes into account the carbon intensive he of steel, which preferences the u.s. and eu. it is designed to block china, which continues to make very dirty steel. the other point that i think is worth mentioning -- right now we are struggling through supply chain issues. we are all seeing increase in the price of steel in america. this is going to help all of those supply chain issues.
steel, cars, trucks, washing machines, we will see prices go down on account of relaxing tariffs. that will help on inflationary pressure and the bottleneck on the supply chain. rishaad: the u.s. commerce secretary there. coming up, we are looking at world leaders as they present their plans for climate action, banks, asset managers urged to do more. we discussed this with the ifc's regional director kim-see lim. this is bloomberg. ♪
>> we have started to see climate risks becoming a key prudential risk as identified by regulators. >> our clients are demanding this, our investors are demanding this. the politicians of the world are demanding this. >> the money is laid on the street surface for us, put it to a project. >> there is a lot of opportunity to make sure the green finance happens. >> all of this ambition is going to collide when the system is unable to observe it -- absorb
it, unless these companies are given the tools they need to succeed. >> alignments with global standards will be key, both for banks that stand willing and able to finance this transition, but also for clients. >> as we underwrite them, one of the risks is do they have a plan that meets the standards the world wants them to have? if they don't, they will have a problem financially down the road. rishaad: top executives on the challenges ahead for climate financing. looking at the amount of money needed to get us to net zero, we are talking trillions of dollars. we have that pledge coming from the indian prime minister narendranf■nf■w target in 70 years' time. whether he does it or not, he's going to find out. neither am i. yvonne: we heard from southeast nations, their commitments as well. it will be interesting how this shifts the investment seen. you look at -- the investment scene. you look at ifc, they say
climate change could push 132 million people into extreme poverty by the end of the decade. about a quarter of its projects are in east asia and the pacific , focused on tackling everything from climate change and marine plastics. let's bring in ifc's regional director for east asia and the pacific. kim, thank you for joining us. walk us how vulnerable some of these asian economies are to the effects of climate change. kim: thank you for having me. the climate battle is going to be won or lost in east asia and pacific. this region accounts for 30% of the global population, 30% of gdp, but 60% of ghg emissions globally and 60% of the marine plastic that is mismanaged is in
this region. the race to net zero is anchored in east asia. this is the race that no one will win until everyone crosses the finish line. here in east asia, ifc is angering a lot of our work to help -- is anchoring a lot of our work to help the region build back in a greener, more innovative way. our work will be focused on these two pillars of development. rishaad: how did you arrive at this figure of 132 million people living in extreme poverty because of climate change? kim: we have seen that many of the countries in this region are highly vulnerable to climate because of long coastlines, for instance, in vietnam and the philippines, island nations. with rising sea temperatures, we see erosion in coastal lines. therefore, more people will
either have to lose their livelihoods and migrate, or be forced to migrate. that is how we arrived at some of these numbers. david: that then brings up the issue of who does the heavy lifting. disproportionately, as you outlined, it is the poor countries that get hit. at the same time, some countries like india and china would then push back and say it is developed markets that should carry the burden of this cost. how much money is needed? where should that money go, specifically to address that immediate impact on poverty you just mentioned? kim: as i said before, it is a race that we all have to win together. i think the investment opportunities are there. we estimate there is up to $21 trillion of investment
opportunities or investments that are needed to address climate change in the next 20 years or so. the types of investments and the types of solutions that are needed will vary from country to country, whether it is a country that is contributing to emissions or is suffering from climate change. yvonne: what are the investment implications around cop26, for example? you mentioned it is different from country to country, but you have india pledging to go to net zero, talks of reducing methane. what are you looking at? kim: we are looking at renewables. one example we recently committed is a project that is a hydro project. with that project, we literally
transformed the whole country of the solomon islands from being dependent on diesel to now a renewable source. there are many others that we are also working on. we are also looking at innovative fuels like hydrogen. we are also tackling the climate issue from different angles. there is the energy piece, the transportation piece, also the cities, agriculture, and heavy industries. we are looking at different solutions that are tailored to the different industries, and of course the country. rishaad: this is a challenge also which has been made rate large because of what happened with covid-19. we also saw gender gaps widen. it's also something that you are suggesting also will widen unless we do something about climate and climate financing.
the trick has to get the private side of things involved in order to create incentives and create a virtuous circle. kim: absolutely. before covid-19, we saw that women owned businesses in places like the philippines and indonesia, the majority owned sme's that are owned by women recorded higher sales than that of men. post-pandemic, that number has reversed. this suggests that the pandemic has disproportionately affected women and women-owned businesses, mostly because of the need for the women to take care of children, the disproportionate social responsibilities that they bear, as well as access to financing. we are helping women through our programs. since the beginning of covid, we
extended up to $1.4 billion of financing for women-owned sme's to get their businesses back on track. we are also working with several large private employers to provide childcare on the work premises so that women can go back to work and get quality jobs. david: the fact that we are all talking about this, we can put forward drastic and fairly dramatic figures, trillions of dollars are needed in funding, but this is over the next 50 years. wars have been fought and forgotten in less than that. if you average it out every five years, my question is are these targets achievable? kim: yes, absolutely. we have shown that before the pandemic, women-owned businesses were already doing better. this is a region that has the highest proportion of
women-owned sme's. what we need is to help these women get back on their feet and continue their growth trajectory. we are very confident that these targets can be achieved, access to financing, access to health care, and closing these gender gaps. women in this current region have also been able to access financing more easily regions, but that doesn't mean the financing gap has been met. we at ifc and our partners are trying to help close this gap. rishaad: kim, thank you so much for joining us. if you are a bloomberg subscriber, you can catch up with all of our interviews by using our interaction function. -- our interactive function. use tv. check it out.
a speech and talking about how personnel data production is high on the agenda. big tech is part of the issue. yvonne: they say it -- basically when it comes to production issues, this control of data. we talked about yesterday how data security is open and the inflation for investors could be quite large. let's do a check of the latest business headlines. one company debuted on its -- doubled on its debut in seoul. it surged after pricing at 90,000 won per share. it is a litmus test for investor sentiment in south korea, where a regulatory crackdown has hit tech stocks. don't miss our interview on
bloomberg markets at 10:30 a.m. in hong kong. nintendo reportedly plans to produce 20% fewer switch consuls this fiscal year -- consoles this fiscal year than originally planned. nintendo is struggling to get enough semi conductors to make the machine. the company hoped to make 30 million consuls, but demand has been strong. nintendo shares dropped more than 20% this year amid concerns over the new switch. david: we are hearing some news when it comes to fintech. an interesting 12 months since the ant ipo was pull. the hang seng index back below levels. we are now at 24.880. yvonne: you look at the likes of barclays, which came out with their china tech sector coverage. alibaba they say is one of their
announcer: from the heart of where innovation, money and power collide. in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in seattle. coming up, the meta-verse will be more than just fun and games. microsoft unveils its version of virtual worlds for business. my exclusive conversation with ceo satya