>> it is almost 1:00 p.m. in sydney and 11:00 a.m. in hong kong and shanghai. welcome to bloomberg markets: asia. i'm paul allen. the yen's weakening extends, paring a stirred -- search unsuspected intervention that saw the currency gain 3% in minutes. fed chair powell sounded less hawkish than expected or the hang seng poised to enter a bull market with the longest win streak since 2018. we speak with the german software giant sap about how it's helping customers utilize ai and cloud technologies. we will be joined by the head of asia fixed income with her strategy on the back of the fed's rate outlook. let's check how the markets are doing. no trade in china today but hong kong up and running. what are you watching, avril? >> a lot of upside in hong kong but in general a mixed bag across the asia-pacific.

it seems like investors were bracing for a more hawkish fed. we got a fed that downplayed that the move would be imminently a rate hike. also the shrinking of the balance sheets to ease pressure on money markets. yet powell also signaled that while keeping the cuts on the table, they might not come so soon, especially given how he sees inflation in the country. have a listen. >> in recent months, inflation has shown a lack of further progress toward over 2% objective and we remain highly attentive to inflation risks. avril: lack of progress on inflation, that is the highlight. that's why perhaps we are not seeing that much convincing moves to the upside. the kospi is down. nikkei futures pointing to a

slight gain when markets return to the lunch break. the focus has really been on the hong kong stocks. quite a rally. a well beating rally despite the crucial pillar of support today, mainland investors. of course, china is shot. a lot of the upside we are seeing might be thanks to what investors are expecting that optimism from chinese tech earnings do in the middle of the month. we also have the hang seng poised for its eighth winning session. this will be the longest streak since 2018. it is also edging toward 20% gain from its most recent lows so that would meet the technical definition of able market. although this is from a low base. among the currencies, we are keeping a close watch on the korean won. don't forget, we did get some of the inflation numbers out of korea today and they are

weakening in general, although that's not what we are seeing today. that might close challenges for the be ok. the cpi print did show a cooling that was better than expected. let's take a look as well on the japanese currency, because it is not just the korean won we are focusing on. it has really been about dollar-yen. remember how earlier in the week, we saw the moved sharply. more recently, the yen had weakened towards the 157 .5 level after powell spoke, and then a shock move toward the end of the new york session towards 153. smelling a lot like intervention. the currency chiefs say you cannot say anything about intervention but note here that we are seeing weakness. the yen is testing how far

japanese officials will go in defense of the currency pole. -- of the currency. paul: thank you very much. we are getting breaking news from sk hynix. we have news that memory chip orders almost fully booked until 2025. they also will commence mass output of nexgen high-bandwidth memory chips in the third quarter. this is according to exclusive reporting from bloomberg. sk hynix off the pace from korea today. the news being reported, sk hynix will aim to begin mass production of the next generation memory chip in the third quarter seeking to capitalize on the surge in demand for semiconductors. it's also saying 2025 production for the high-bandwidth memory almost fully booked. that really does underscore not just the boon in intelligence services, but also just how much

demand is outputting supply at the moment. let's bring in our strategist mark cranfield. i want to start with that rally in hong kong. >> there are a couple of things that make it all the more impressive. china was out today so there are no inflows from the mainland. it would normally be a good factor for them. it's impressive because if you look at the performance for the last couple weeks, it's been of -- against the trend in the last couple weeks. hong kong markets have done pretty well in the face of it. that is a gain. clearly there's optimism about what's coming up in terms of tech earnings. we have the big ones, tencent, alibaba, show me -- show me.

they report within two days of each other. given what we've seen from the u.s. tech companies and around the world, that will also be a positive for hong kong as well. if they see improvements, it will translate that as being positive for their own companies as well. certainly there's optimism that one first quarter results come through for the big hong kong tech companies, that will be another booster. it may well be to keep the good move going until we get there. than the real test will come on people see the hard numbers. if they genuinely beat, maybe the rally can continue. paul: mliv strategist mark cranfield will stick with us. . we will talk about the fed and bank of japan in just a moment. we do have plenty more to come, this is bloomberg. ♪

paul: we talked a little bit

about that rally we saw on the hang seng. let's get back to our mliv strategist mark cranfield. seems like hong kong didn't really get the memo from the fed. it was a bit of a master class in how to say something without saying anything at all. the fed promising it will not lift rates. is that what passes for dovishness these days? mark: i think between the lines, it was not a dovish outright statement, but it was a lot less hawkish than people had feared going into the fomc decision. the highlights, as you say, the fact that rate hikes are not really on the table. more importantly for the bond market especially, talk about the cutie, -- the talk about the qt, reducing the balance sheet run. it will be down from 60 billion

a month, to 25 billion. that's a much bigger change than expected. it also comes in more quickly from june. they brought it forward. in a way, that's like kind of a stealth easing in itself because it takes a lot of pressure off the barn market. -- bond market. it's also for the equity market as well. from a portfolio point of view if you are an asset investor from the u.s., you have relative good news from the fed and good news from jerome powell. it's not saying interest rate cuts will start soon, but under the circumstances, it was a much better outcome than people had seen before the fed meeting. paul: perhaps not the news policymakers are trying to defend the yen in japan were looking for either. we saw another big news today, raising the question that we've had two interventions this week. the question i think was where

does the ammunition come from? it comes from foreign reserves. but how much ammo does the boj have? how many more interventions? reporter: they can probably do quite a bit more. the amount of ammo they have is somewhere in the region of $150 billion u.s. in total. we are not quite to ask the authorities for even more which they could do but let's say they start from that premise. it looks as though they spent about 35 billion dollars monday. probably spent a bit more last night. they are probably not even halfway through. they do need a lot because these days we are talking a foreign exchange market that runs at about $7 trillion a day. the last time the biggest move they had with $60 billion u.s. worth into the market.

we are talking very big numbers. a long weekend for the japanese, they are off on friday and monday. they had some success on monday which was also a holiday so people are on the edge of their seats. there's a decent chance they will add to what they have been doing this week, possibly tomorrow, if not a gain on monday. the aim is to get dollar-yen below 150. if they can do that, that can be momentum because traders are going with the flow. if not, the line will be much more difficult for them. they did not get a lot of help from the fed last night. in the meantime, you can expect they will push a little harder to get traders on their side. paul: our mliv strategist mark cranfield there. let's get a little more on those moves or lack of moves we saw from the fed, and the moves we

did see from the yen. i just want to start off with what we heard from the fed today. really not a lot of new information remaining. have you given up on the idea we will see easing at all in 2024? >> i guess there is still some possibility but they have pushed that to the later part of the year given how much data that will require them to be able to move anything. but i think the thing we need to refocus now is the inflationary pressures and how the economy is doing. there are some signs that it is beginning to have pressure on it. i think that is equally important for the fed to make sure we don't have the economy slowing down. so that we don't have stagflation in any form.

paul: stagflation definitely becoming part of the conversation. that's the buzz word we keep hearing. we will get an important piece of data this week with the u.s. jobs report. what are you anticipating? do you think it will change the picture at all for the fed? >> i think it will be really quite important. the inflationary pressure does not seem to be receding. that's also negative for the jobs market but it's not necessary helpful for productivity and others. i think a number that is too high or too low will be problematic. too low in the range is probably less for the market i would think. paul: of course the yen at the

behest of what happens with the data and what the next move is from the fed as well. we have a chart on the terminal that shows the wild swings we have seen in the yen this week. from 160, down to 155.94. we are looking at maybe two interventions now. i wonder what this is considering the yen is hostage to macro events beyond the control of the ministry of finance. >> it is. i think this is about the yen weakness but however, there are still some policy that can be helpful for the markets looking for. we are going to have rates moving in the opposite direction , hopefully as the fed. i think this is where the

economics add to the rate action. people are still on edge about the yen. that picture is not clear. what kind of risk can be normalized and have impacts on the economy? that is still very much untested and that's why we continue to see volatility as the market tries to figure that out. paul: we might have an opportunity to return to yen policy in a moment but let's look at what we see in hong kong at the moment. we have the stock at the property development, about 14% right now. where do you think we are in terms of china property at the moment. these problems have not really gone away. how are you explaining these outside moves we are seeing right now?

>> it comes from a very low base, it looks like people feel like the authorities are trying to erase the underlying inventory and making sure we don't double-dip again. i think that's why the market is more positive. i think a cyclical upturn is actually helping the market overall from a very bearish scenario within china. the stabilization is from cyclical up terms. i think that's what's causing some of the news we've seen recently. paul: we also got the news today that the third planning will take place in july. this is an off schedule year. we are not meant to have one. the only thing we don't have is

an agenda at this stage so it's unsettling for markets. what do you think will come out of this in terms of policy? >> they are clear they are losing -- using this to front run things they might have thought about anyway. i think pushing on both monetary and fiscal policy, pushing on the cyclical upturn. i think this is why the market feels like they are taking action when the market is already on their side so it could be quite nice on the side of converging. so this is why i think the market is getting a little more excited that this could be pushing on a trend already there in the market. paul: in terms of monetary policy though, do you think the pboc's appetite for easing is somewhat wanted by the weakness in the yuan right now? >> yes, and like everyone else,

the u.s. policy is not helping anyone taking the policy in the direction they would like, but having said that i think the yuan, they are upset they will have to try to cut. maybe the pressure on the yuan will be less than other currencies out there versus the dollar. paul: you specialize in fixed income. i'm wondering how you manage a fixed income portfolio in asia under the current environment, especially when it comes to credit. >> probably at some of the tightest levels so i think there will be a focus on quality trade. i think the markets are already optimistic. think second differentiation and focusing on ideas because the market does not seem to be differentiating as it was

several months ago. i think we are still looking for volatility that we would expect to be good opportunity to buy and we see volatility every now and then given macro conditions. paul: all right, thu ha chow from robeco singapore. we have much more coming up. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

paul: let's take a look at how we are tracking on some of these hong kong benchmarks at the moment. the hang seng index having a pretty good day considering the rather nothing burger statements from the fed earlier on. other markets looking less exuberant. the hang seng better by 2.3%.

no trade in china today, public holiday there. the hang seng tech index having an outstanding day. china vaca stock better by 14% in the property index more broadly. just a shade less than 3% higher. china's top climate chief is warning the claimant fight will be too costly without chinese products. our chief north asia correspondent spoke with them. >> if the western countries continue to insist to decouple from the imports on china products for clean energy, it will cost the world additional

$6 trillion u.s. meaning a 20% increase of cost. we need to maintain low cost. otherwise, no one will be able to afford this energy transition process. reporter: officials in the u.s. and europe say china is giving unfair subsidies which has led to the situation right now that could distort global trade in these clean products. >> i think the u.s. economy and european economy will talk to the chinese president. you can see the renewable energy equipment technology, they innovated and developed manufacturing by private companies. it is very unique. i think private companies normally do not receive any government subsidies. i think we should really appreciate the dedication and

contribution. so after more than a decade, now we have cheaper solar and wind products which are affordable to start the energy transition. i think this will be positive for china and the world. reporter: well we talk about overcapacity, we have to talk about the domestic. we have been seeing profitability sink, a lot of these solar companies and ev companies, price wars are driving down margins. what does that do for the climate if the world is bifurcated on trade? >> we look at it in two different ways. from global demand, china domestic demand for renewable energy products, we would think to determine to increase renewable energy capacity to a high percentage, may be over

80%. i think for the next decade, we are still in the process of increasing renewable energy capacity. globally i think it is much slower than what the chinese are doing. high demand for renewable energy, the so-called overcapacity, the chinese manufacturers, it is a temporary issue. it will be good. let it be through this competition. they can continue to improve manufacturing and make it -- make much better products. paul: that is china's special envoy for climate change speaking with stephen engle in beijing. let's take a look at china ev stocks moving. we want to take a look at ne-yo -- neo jumping strongly at the moment off session highs.

nio reported a 32% jump in vehicle deliveries in april compared with the previous month, with preparing to ship a new model. byd also in positive territory. what is not in positive territory, oil. slipping back a little bit. big jump in u.s. crude. still to come, the german software giant sap is eyeing a billion-dollar investment on ai over the next two years. there chief revenue officer will join us for an exclusive interview, next. this is bloomberg. ♪

>> the whole game plan is basically unchanged. we will keep rates here until we are highly confident we can get

inflation down to 2%. no hint whatsoever of a rate hike. >> i think there's a lot of relief here that the chairman stayed true to what we've seen from the chairman. >> i think jay powell was discipline here. i think he stayed on message very well. there's a clear bias towards easing. >> they have left wide open the question of why has progress been less than expected on the inflation front? >> the federal reserve is not living up to the commitment of inflation that other central banks are. >> let that type policy work for longer. i think that's about as far as they are ready to go today. that is hawkish in may. we will see what hawkish might look like in june. >> this is really good for the markets. here is a fed that's telling us, look at the longer term. look where inflation was and look where we've gotten it to. don't worry about the last couple months. we will see what happens. paul: some of our guests reacting to the latest fed

decision to keep rates unchanged as anticipated. let's check in on how markets are doing in the wake of that. not a lot of movement really except for hong kong. what's going on? avril: a lot of upside in hong kong, but you know how japanese markets have been moving sideways for much of the session. i think it's really following from the month of april where we saw stocks underperforming. a lot of it had to do with how the fed privet re-think was going on. today is a bit more of the same. don't forget what we got from the federal reserve is downplayed that the imminent move is for a hike, but given what powell had to say about inflation, it's not like we are going to see rate cuts any time soon. this is what we are seeing in japanese equities. of course we have kept a really close eye on the yen earlier. it moved to 153 after hitting

157.5. no pushing above 156, those young bears pushing how far japanese officials will go in defense of the currency. the fundamentals are on their side. it is the yield cap pushing things along let's talk tech. we got sk hynix saying on the ai memory chip, those orders pretty much fully booked until 2025. ai boom driving the demand in terms of mass production of the chips, looking at the third quarter. this is really a sense of how we see the ai sentiment coming into the markets. sk hynix which declined earlier managing to pair losses on the day where tech is not really performing very well in the msci asia-pacific, except if you are looking at hang seng tech. chinese gaining with optimism

about earnings coming shortly. paul: thank you for that. i want to bring you live pictures now from kuala lumpur where we have the microsoft ceo satya nadella making an announcement in malaysia saying microsoft will invest 2.2 billion dollars to build digital infrastructure in malaysia. they will spend the money over four years and build infrastructure for cloud computing and artificial intelligence services. satya nadella with a two point 2 billion-dollar announcement. europe's biggest software firm looking to migrate customers from its legacy premises system to the cloud. sap is offering ai services to sweeten the deal and plans to invest more than $1 billion into the technology. joining us exclusively right now, we have scott russell, executive order member and chief

revenue officer at sap. thank you for joining us. let's talk about the detail of this billion-dollar investment over the coming two years. can you give us some specifics about what you are developing and what the applications of your developments will be used for? >> sure. there's no doubt the growth of ai, it's real, not hype. it's here to stay. and for businesses who are already on their growth journey and transformation journey to the cloud which we have seen resulting in q1 earnings growing at 25% here in asia pacific and japan growing at 35%, businesses are moving to enabling comp capabilities which you need. that means businesses can use and leverage ai. why is ai so relevant to us? we are the business applications leader on the planet. most businesses, their most powerful and important data they run about customs, people,

financial, sits within their sap platform. that's what sap is doing. they are bringing it to life with customers around the world whether around sustainability or helping them in the supply chains, driving financial performance or simply serving customers more effectively, pervasively embedded into applications, willing to unlock the data with public information to the business value. paul: one of the stories we are always reporting on that we mentioned a short time ago, sk hynix making the announcement that it is sold out of all the chips, manufacturing until 2025. a lot of challenges around getting the hardware needed for these developments in terms of acquiring what you need.

how much bang does $1 billion get you? >> it has been a journey for over 10 years. we have over 27,000 customers leveraging ai capability. companies here in the region like business leaders able to leverage this. the beauty of the ai capability of sap, which i think the market is demanding as there are so many large language models and providers out there. we are able to abstract that and we are partner orientated so we can leverage computing power, leverage best practices, but join in a secure, reliable way for our customers with that mission-critical data. we are able to do it not only in leveraging the best capabilities and companies that microsoft and many others will be partnered with but also able to help with the cost of compute. you are right, the demand is

very high. so is the expectation of results. we are all about business value. how do you use this capability to drive business outcomes? obviously, we see a huge potential including here in singapore. we have a large lab for mission-critical capabilities of ai. we partnered with the edb to leverage the innovation here in singapore to serve not only the asia-pacific region but globally. leveraging talent pools around the world to serve the market. paul: is that where you see the biggest growths? you are europe's largest software company. is that not necessarily where the strongest growth is? >> there's no doubt asia has been the growth engine for sap for a number of years. growing at 35% in cloud revenue. the customers around the world in north america and in europe are also growing at a similar pace. i think what's important is

businesses are global by operation, managed in a really secure way. not only do we see the growth engine of the asia-pacific this year, but as they move into local operations and different markets that can leverage that capability in a secure manner. i think one of the challenges around ai from a business standpoint is the ethical and reliability standpoint. not only are they using sap applications and data for mission-critical processes, but they have the same comfort that when they are private -- apply generative ai that they have the same guardrails sap puts in place making sure whatever we do is sustainable and beneficial, and aligned to the regulatory framework which is a dynamic place right now around the world including here in the asia-pacific. paul: for sap specifically, cloud revenue is up.

no doubt this is a growth area for the business. what is your outlook for this sector in the context of the ai boom? > we have been on a growth journey for many years and q1 was a very strong quarter. businesses want to do several things. first of all, they want to transform and be able to have resilience and powering core mission-critical operations and that is what we provide. business capability to help them react and respond to the needs of today and tomorrow. companies who have a great sap history but they are leveraging out cloud capability to do the mixed iteration of transformation. but they are wanting the infusion of generative ai into the core business process. being able to use that to leverage more inside to automate their invoicing and document management, using visual inspection of the supply chain for defects and inventory.

being able to build and transform into new businesses as they expand around the world. even companies like kohls who have a core tip ability running operations on sap but leveraging the capability to be better service in australia. all of these are embedded. think businesses are saying i don't want to build generative ai separately. i want to infuse the way i do business on daily tasks and that is what sap brings. the outlook is strong and optimistic about the growth of sap to be the number one business application company and number one in business ai. paul: we are also in a complex geopolitical environment where we have the u.s. and allies strength to squeeze china on the ai journey. to what degree is this impacting the way you are conducting your

business? >> there's no doubt the geopolitical landscape is difficult to navigate for businesses. i guess one of the things sap brings is because we are a global operation, we are supporting not only chinese businesses but over 100 local operations. one core value is to ensure business operations meet the regulatory environment. when you think about generate of ai, data sovereignty and residency becomes a critical element in what businesses are looking for. local proximity in markets like china, asia and around the world, we are able to provide that assurance as we move into markets to help provide that resilience and navigate changing geopolitical environments. the good news is our investments in generative ai will not only

benefit local businesses but businesses who are expanding globally and provide that assurance. they have a mission-critical platform that brings the best capabilities that not only wins but makes sure they can adapt to the regulatory changes that are no doubt hitting us all. paul: scott russell of sap, thank you for joining us today with your insights. on the topic of tech among let's look at the tech index, definitely the bright spot in asia today, the broader index better by 3.5%. very strong day for the hang seng tech index. for more on this rally, i want to get over to our bloomberg intelligence senior analyst robert lee. some of these names were pretty beaten up. as i was discussing with scott

russell, tech and assurant has been squeezed by u.s. curbs. how do you explain the sudden rally? too cheap to ignore? >> hong kong market has underperformed for some period of time. i think the beginning of this year, the index has bottomed out and we have seen bottom fishing coming in. so that is something that has been apparent for the last two or three months. the market and the index has begun to rally and that trend seems to be continuing at the moment. whilst the growth outlook for china tech stocks and hstech stocks might not match, it does not. with the magnificent seven. the valuations trading on where lower. if you look at nasdaq and the index potentially topping out, we know of expectations potentially having got a little too high, people are looking for areas where there is still

growth to be had at more reasonable valuations. i think that's one of the key reasons. as avril hong said earlier, we are heading into earnings season so there's an expectation the outlook for a lot of companies should be fairly decent. i think it is the valuation attracting people back to this index and market at the moment. paul: where's the demand coming from? chinese investments or offshore? >> asian markets in general are quite retail driven so absolutely on the retail side. but china has been, i don't want to use the word off-limits, but the increasing geopolitical tensions have been something fund managers have not been looking at and some are forbidden due to their internal rules from adding china

positions so i think we are seeing incremental signs of interest from foreign investors. i would say in fairness, this is still largely a domestically driven rally which may well raise questions about the sustainability of that rally. things are looking good at the moment with high expectations into guidance and in theory things could continue to evolve in a positive way. paul: we are on the eve of hearing from another member of the magnificent seven as well and we will get results from apple and u.s. trade early on. we are not expecting great news here, perhaps sluggish earnings, china has been a little slow. is generative ai on iphones the next big thing from apple? >> apple has been a bit behind the curve on that. that may well be to their

advantage in the long term. there was some speculation in the market they could partner with google. they may be using their technology to help narrow the gap on the ai side. the potential advantage is they have foregone spending with tens of billions on capex unlike many other mag seven peers. i think the core focus for apple will remain product business, particularly iphones and specifically in china where it's likely we will see ongoing weakness for the foreseeable future. the results coming overnight, the focus will be on the product area. whilst i think my u.s. colleagues think revenue overall could come a little bit ahead of expectations because of better pricing and premium phones, the focus is all on the guidebooks, really. paul: you mentioned product. we will get our first look at

sales of the vision pro. are we expecting great things or just a blip? >> being a cynical weatherbeaten british person, i think this is interesting for your techno philes and apple lovers. i think it's highly unlikely. is it likely to be a major earnings driver for the business in the long run? again, i think it is highly unlikely. great if you are an engineer or someone who loves tech, but this is not a mass-market product in my view. paul: bloomberg intelligence senior analyst robert lee. still, indian conglomerate godrej gets split into two to maintain family harmony. we will tell you who is getting what, up next. this is bloomberg. ♪

paul: welcome back. you are watching the india focus. what we are looking at here, shares in the various members of the god ridge family of companies. this is a 120 five-year-old diversified conglomerate with all sorts of things from consumer goods, financial services, real estate. property is weaker by 1.5% but

the rest of the bag of stocks doing pretty well. a lot of changes in the wings at godrej. we are hearing that this group will be split up to maintain family harmony. what is the business case behind doing this? >> you are right there there are a few points. godrej group is one of the oldest conglomerates in the country, number one. this is such a landmark deal for the indian conglomerate landscape. it has been done very amicably. maintaining the harmony between the companies. for more clarity, the god ridge group -- god ridge group is split into two. the industries group will have

five listed companies including consumer, properties, unlimited etc., led by two of the family. enterprises will be guided by others. both companies, both groups can use godrej brand name, which is the fabulous thing about this deal. in the case of the face of the godrej group, step down in 2021. his son will take over from 2026. from what we are getting, it is very amicable and a decent settlement. the reason behind the set up is to make a test strategy very clear. they don't want to spend, they

want to make best use of the managing bandwidth. this will give more clarity and we can expect more listing from the group at this point in time. paul: it does sound an awful lot like sorting out family politics. what do analysts think about this move? >> they are thinking there's more clarity to the group. under godrej industries, there planning to list 12 more companies. this creates a split without any fight. they think the management can now get to different areas. for example, godrej enterprises group, they have 3400 acres of land in mumbai, prime land to develop. one group can focus on developing those properties in mumbai. you know mumbai, when it comes to land, it is really a priced asset.

both companies and listed units can focus on their work and develop or make this conglomerate two different units integrate heights. -- into great heights. paul: our bloomberg conglomerates reporter, thank you for joining us on the breakup of godrej. plenty more to come. this is bloomberg. ♪ ♪♪

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paul: here are some of the top finance stories we are tracking today. the dbs first quarter profit woes as it continues to benefit from higher landing income and strong wealth management fees. income expanded 15% to $2.2 billion which beat analyst expectations are the ceo says the bank saw momentum across the business and highlighted the treasury custom sales that reached new highs. the national australia bank says it will buy back up to one point $5 billion australian of its own stock. cash earnings fell 13% and the six months ended march 31. the ceo says disciplined execution of strategy helped the bank manage the impact of slowing growth and competition. they took charge of nab last month and appointed rachel's late head the business bank. a trader in hong kong said he

was fired after the bank found risky bits that went undetected by the risk management systems. it comes after bloomberg earlier reported that kataria and another trader left which could have cost the business hundreds of trillions and costs. let's look at how the market is trading. hong kong performing well at the moment. dbs up 2.2%. national australia bank, shareholders licking that story. standard chartered, we will hear from them in a moment. first quarter earnings a little later. that is it from bloomberg markets: asia. daybreak middle east and africa up next. this is bloomberg. ♪ when you automate sales tax with avalara,

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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg l.p., its affiliates, or its employees. >>