the yen extending declines, hitting 155 per dollar in -- for the first time in more than three decades, heightening the chances of intervention. also ahead, secretary of state antony blinken is in china on a mission to press thorny issues including beijing's support for russia and industrial overcapacity. plus, sony and amazon offering streaming service of hollywood movies for just $.30 a month. >> we are actually seeing a pretty mixed picture today. we heard from tesla a day ago and always knew this was going to be a big week for earnings. plans coming from the ev maker help to reinvigorate markets,

but today, we see how meta's outlook drag markets into negative territory after disappointing markets. but we have that outlier in hong kong where they hang seng, as you know, has been among the top performers globally this week, and hang seng tech is actually pulling ahead as well, but we are seeing a lot of concern for the japanese currencies, so let's take a closer look at what we are seeing on dollar-yen. it has breached the 155 level. take a look at how it has gone past -- remember when 152 seemed to be the line in the sand. we have gone way past that now. this is the weakest level we have seen dollar-again since june 1990. then it was just a matter of a couple of days before it moved past to 160. the finance minister speaking in parliament saying they are

watching very closely, but they cannot say much for now. what? because we have the boj decision that is due tomorrow. it's not expected to change anything on rates, but given how weak japanese currency has been, it might send some hawkish signals, and some see the finance ministry potentially stepping in, intervening post-boj. i want to take you to one of the key drags on the asia stocks gauge today because it is those chipmakers, and that is sk hynix, samsung, tsmc as well. this is despite sk hynix really knocking things out of the park saying that it expects a full recovery, given the expanding demand for ai chips. that meta outlook really casting a shadow on stocks today. haslinda: thank you so much for that.

good to have you with us. let's pick up where april left off. when you take a look at the movements in tech, what is really driving the tech space? >> good morning. one thing we really have to recognize is that with the technology sector, companies periodically go through investment cycles where effectively the impact is that margins come under pressure, and that sometimes unnerves investors, but if the company is able to construct a narrative on why that investment is necessary and have visibility on what kind of revenue growth and a future revenue path that can deliver, you can assuage those concerns. i think the reaction we have seen overnight has been investors not quite confident enough around the storytelling and the narratives to i this significant investment upgrade guidance is necessary and what kind of benefits it will deliver

and that will therefore have implications on other businesses that are in a similar situation and the kind of business opportunities that they will identify. haslinda: do you have to draw a distinction between tech in the u.s. like the mag seven and chinese tech, perhaps? we have seen it go gangbusters perhaps on the promise of recovery, perhaps on gaming instead of ai. should you be drawing a distinction between the two? >> first of all, there's a distinction in the business models. the second distinction to draw is the level of sentiment, of optimism, and investor positioning that it is experiencing going into the results season. in the case of communications companies that have been reported most recently in the u.s., investors were somewhat

heavily positioned in these names, so the bar for beating estimates was high. a number of technology companies, if it's e-commerce, some of the gaming companies, so evaluation multiples much more subdued, and therefore the risk/reward, the asymmetry of the reaction potential is a very different situation. haslinda: risk/reward subdued in this part of the world. enough for you to consider picking up some of those shares? >> the way we approach investing is we look at the economic fundamental, the center, and the technicals, so we have identified that from a fundamental perspective, valuations are pretty much low these days, particularly in asian technology, but the earnings growth side is subdued, partly driven by regulatory uncertainty but also menial economic growth in the local economy. there is an acknowledgment that

there is a valuation opportunity, but what we are also striving to identify with a high degree of conviction with the catalysts are. haslinda: in terms of correlation, tech and dollar and yield and fed path, how are you looking at that? >> we are seeing a stronger dollar because rate differentials and rate pricing has favored u.s. assets over other assets significantly year to date. we have seen a number of rate cuts priced in by market for the u.s. go from seven to one point five or two now. that has led to some upward pressure on the dollar. the other reason is u.s. economic data, soft data and hard data has come in with a positive surprise, so a relatively resilient growth picture compared to other regions has meant there has been a flow of capital into the dollar and dollar assets. how that correlates is in general, you would say with high yields, higher rates, long

generation assets, may see some pressure on their share prices as a result of cost of capital the discount rate rising, but many -- one thing that sort of muddies the waters is and a lot of these businesses with long-duration have very strong balance sheets. in some cases, they are in a net cash position so they are not borrowers, they are lenders. their sensitivity is much lower than it would have been in previous cycles, so it's a mixed bag in terms of direct correlation between higher rates and those factors within equity markets that are rotating in terms of leadership. haslinda: a lot of people talk about how those high-end yields will impact appetite. we are seeing 10-year yields at 4.65% and people are asking when it will get to 5%. there is conviction it will get there. your thoughts on that. >> we focus more on real yields, so the spread between nominal

yields, and it's also the speed of the move, not just the absolute level. it's fair to say that in the last six weeks or so, real yields have clearly risen, albeit not as fast as nominal yields because inflation expectations have been rising as well. what we are looking for is real yields as a way to explain the relative tightness of financial conditions and current monetary policy settings. if we have a steady build higher to a 5% nominal yield on the 10-year that's also driven by nominal growth in inflation expectations, it may not necessarily have a deleterious impact on equities, but if you have a sudden sharp move higher in nominal yields and it's not driven by rising growth in inflation expectations, that would essentially be a significant tightening in expectations and in that scenario, you would see a significant pick in equity markets. haslinda: hang tight. mark franklin is hanging around.

let's go to beijing as this year's auto show gets underway. it's being held for the first time since 2019. our chief north asia correspondent stephen engle joins us from the busy and loud event. the key themes arising from this year's show -- i notice a lot of excitement given that five-year hiatus. stephen: there's things to grab hold of. we are in front of ne-yo right now, which i guess you could call it one of the legacy ev makers in china. a lot has changed. so many new competitors. of the top 10 cars, the actual models sold here, ev models sold here in the first quarter, nine out of those 10 were chinese brands. the other outlier was tesla, of

course. eight of the 10 biggest ev sellers here in china are chinese players. only tesla and volkswagen cracked into the top 10. so that begs the big question -- what happens to foreign legacy players? bmw, volkswagen, mercedes, toyota, chevrolet and the like have come in force to see how they can regain some of that gravitas that they had during the internal combustion engine era, if you want to call it that. ev's are definitely dominating the news flow and out on the street here in china in those five years since we were last here covering this auto show. that also talks about the domestic economy because it is sort of weak right now, and there's a price point that has been launched -- a price war that has been launched in china. that is also kind of a race to

the bottom because if you look at the top 10 selling models, there are two of them which sell for below 11,000 u.s. dollars, so that begs the question about the third thing, the export situation. how can the legacy automakers in their home markets of germany, the united states potentially, and elsewhere compete on the export front, on the import front from china if they are selling cars at a cheap price because, again, of the political situation? janet yellen calls this overcapacity, and allegations are in the market of potentially doubling by the chinese into these foreign markets. that's why the eu and others have been talking about potential tariffs of upwards of 20% on chinese ev imports. there's so much to talk about here and we are not even necessarily talking about the cool new designs that we all came here for, obviously. haslinda: lots of issues there. you will be speaking with a guest later this hour. what can we expect?

stephen: we will obviously be talking about who is going to win and who will be left out of the ev space. bill russo is going to be our guest coming up at 11:30. he is a long time analyst and well regarded in this area. automobility this is company based in china. if we can just see this here, nobody really knows much about it, but it is a quality-link -- huawei-link carmaker that at 11:20 will be launching some new car. there's a bit of buzz because the new era of smart ev's is here with phone makers and chipmakers, tech companies going into the ev space. we just heard from show me -- from xaomi and update on the

recently launched su7. huawei also has its fingers in the ev space. they are not a brand of huawei cars, but they have partnerships with chinese automakers, and they are very much part of the ev space here at the auto show. haslinda: china displaying its strengths. our chief north asia correspondent at the beijing auto show for the first time since 2020. plenty more to come. keep it here with us. this is bloomberg. ♪ orry yois spent on golf? nah. sinking putts? the only thing sinking is my savings... there's the kid's braces and my parents to care for. i'm gonna caddy forever. with empower, i get all my financial questions answered,

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haslinda: welcome back. u.s. secretary of state antony blinken raise concerns about trade and economic practices in his meeting with the shanghai party secretary. quite a different tone compared to yellen when she visited china. you've got to wonder how blinken wants to stabilize relations. >> i think ultimately they are both two sides of the same coin. you had to yellen in beijing a few weeks ago talking about industrial overcapacity. that is certainly on blinken's agenda now as he meets with top communist party officials in shanghai. he is also meeting with some leaders, possibly xi jinping. his also hitting a lot of china's ties to russia. a lot of that comes down to how

that may be bolstering russia's defense capabilities in its war with ukraine, so ultimately i think from this foreign policy perspective, from lincoln's point of view as the top diplomat, i think it is really about driving home that harder message. we will see how that plays out during this trip, but i will remind you, we are not expecting a lot of major political deliverables on this one. haslinda: china likes to be up in arms. we saw how the aid for taiwan, ukraine, pretty much linked to tiktok ban, divest or get banned. >> this visit coincided with joe biden signing into law this tiktok act. they have 270 days, bytedance, the parent company, to divest entirely or it has to cease operations in the united states. so far, we have not seen a ton of major reaction out of china

on this. there are a few things that the government could do. it could have a tit-for-tat response and target u.s. debt companies. the problem there is there's not a lot of u.s. companies that are really operating widely in china anymore. linkedin pulled out its business a couple of years ago. meta, facebook does not have a large presence. there's only so much they can do their. another thing is let's say bytedance does agree to divest tiktok, its chinese regulators that would have to sign off on that deal before it proceeds, so there is a lot up in the air. tiktok obviously intends to sue or at least has talked about this potential intention to sue. there's just a lot up in the air right now. haslinda: also lots of ways they could hit back not the tech, but also the south china sea, so lots of issues. let's get back to our guest, mark franklin. he is still with us. he cites geopolitical tensions

deepening and broadening as one of his key market risks. we are seeing that and we are likely to see it again. how do you play geopolitical risks? where do you hide? mark: that's a great question. the first question we have to ask ourselves is what that does to the macroeconomic regime. are we in for a decade ahead of us which looks very different to the prior? one area we do think will be a consequence is higher and more volatile inflation than of the previous 10 years. the second point is that kind of asset classes are likely to attract attention and capital either because they directly benefit from an increasingly uncertain world or they are commodities or asset classes that would show resilience should there be a demand impact. on the first question about inflation being higher and more volatile, from a fixed income portfolio perspective, wheeling more heavily on -- we lean more

heavily on asset classes like notes, treasuries, bonds. in terms of asset classes which will directly benefit, we think diversifier will serve as a very good strategy in the years to come. maybe we go through a period of consolidation, but generally speaking, the demand drivers and fundamental reasons why they perform well year to date are still intact. it's just a case of a bit of a technical pause, but we would expect types of asset classes to perform resiliently in the quarters and years ahead. haslinda: it's also about taking shelter in the dollar, a traditional haven play. we have seen that playing out already, and it has forced the likes of bank indonesia to intervene to support the currency. how might this play out, and which crosses are the best crosses? marc: indonesia is a great case

in point because the central bank did a fantastic job of anticipating this cycle of higher inflation and got nominal rates of healthfully so real rates were comfortably above long-term averages, and yet it has been forced into resuming rate in order to stabilize fx and keep fx volatility under control. one of the reasons why bank of indonesia did that is because foreign ownership of the indonesian sovereign bond market is very high, so it does suffer the risk of capital flights to higher yield markets, in particular higher rates. on the flipside, those economies and currencies which are running current account surpluses starkly have had low fx volatility. they should show more resilience in this type of environment, and the taiwanese dollar would be a case in point. haslinda: we have to take a look at the young getting smacked, 155 and change, but some say

it's not dollar-again we should be looking at. we should be looking at yen-you want -- again- -- yen-yuan. marc: we believe it's not just about industrial market overcapacity and flooding export markets but also trying to convince the pboc to consider a devaluation cycle like we saw in 2015. that was quite damaging for the chinese economy and the global financial markets at the time, so it would not be an easy decision to take, but the pboc and chinese policymakers have expressed behind closed doors extreme concern and dissatisfaction with the weakness of the end because ultimately japan and china are competitors in export markets. you are right to point out we have to watch the yuan quite carefully. it has been managed within a very tight range recently, but all signs point to the fundamentals continuing to see the dollar-year and continuing

to move in the existing direction which is weaker yen because the differentials are widening. yen is still seen as a funding source for carry trade and the bank of japan still has an instinct, so any policy adjustments would be incremental at best. haslinda: before i let you go, at the start of the year, we made all sort of assumptions. they have all been wrong. are we at an inflection point where you need to rethink inflection -- rethink investment strategies and 60/40 may not be the way to go? marc: a60/40 portfolios have done well recently, though at the heavy lifting has been done by equities. we have to consider a different approach in terms of blending assets. i talked about energies and commodities being a good diversifier. we should look at alternative assets as well, particularly those that offer diversification and boost the overall sharp ratio, so if that's private

credits, hybrid public credit, infrastructure, risk premia, trend-type stresses, all these things blend well with traditional asset classes. the other point we highlight is that we are in a world of data dependency for central banks because they lack resiliency and therefore we have to adopt a more nimble approach. haslinda: thank you for your thoughts. plenty more ahead. keep it here with us. this is bloomberg. ♪

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make more of what's yours. haslinda: let's do a check on how ev shares are doing. we know great wall motor earnings beat estimates. export growth is what it is looking at. byd up more than 2%.

xiaomi also in focus, if secured 75,700 orders for its suv since last month launch, paving the way for the giant to challenge the likes of tesla. we will be back with a ceo from auto mobility. this is bloomberg.

haslinda: welcome back. china markets just heading to lunch, the csi 300 eking out some gains of 2/10 of 1%. we know global emerging market funds have been turning neutral on chinese stocks, sentiments changing somewhat.

taking a look at where we are, this one stock we are keeping an eye on, surging as much as 36%, the most in three years. the company is blacklisted in the u.s., it highlights our intense interest in china's efforts to develop its own generative ai. we are tracking the yuan of course. pretty flat against the greenback. let's do a check on japanese assets as they come back from lunch. avril: we are keeping focus on the japanese currency as it weakens. in 2020 when it hit 155, it was

a matter of days before it hit 160. it looks like the depreciation of the yen is picking up about whether it qualifies as rapid moves, which has been laid out as criteria for stepping in, the finance minister said he can't calm out -- comment much. the reasons for the finance ministry to step in seem to be gaining ground, especially if you have a look at how the yen is not just weakening against the greenback also losing ground against the aussie and euro. some think we could get intervention post boj. the sheer timing, especially as we wait for pc numbers out of the u.s. late friday asia time and next week consider japan is on a public holiday on monday, these are among the things to consider. let's foot the board and take a

closer look at the stock markets in japan. they are feeling the pain, a reminder of how fragile the rally in japan has been and how it perhaps needs to broaden out to domestic oriented stocks. haslinda: thank you. let's dig deeper into the yen with our editor. 155 and change, down 1% versus usd this year. you say intervention is unlikely, right? mark: a couple things. i remain staunchly bearish the yen, long-term bear and i think the yen yen will continue to weaken this year. but i don't think it will continue to weaken much more against the dollar. i think the risk reward is changing. in the short-term, while i don't

expect intervention, i don't think it's a high probability risk, the fact is you do have the boj risk of being hawkish and precedent for a dovish boj having it on the friday afternoon. if there was intervention, there would be better numbers for bearish next week but the last eight months this year, i think it will be more cross he and rather than higher rather than being purely about dollar-yen. haslinda: isn't it true it's better to raise rates than intervene into the market? it makes more sense. mark: 100%. from almost every policy since, it would be logical for the bank of japan to hike rates tomorrow. i don't think they will because this is a politically fraught

situation, very difficult and we know with the boj if they are likely to move probably would have seen some prepping in the market. i think the chances of a hike tomorrow are extremely small. i'm not expecting one but it would be sensible ultimately i think we will have to see the bank of japan preparing the markets for more hikes and i think we will get more hikes. the last couple of years it has been wonderful times, bearish the yen, a more difficult traded to be bearish at the end because as they get more serious about hiking, there will be volatility that doesn't mean you should be bullish the yen, it's a currency to be fundamentally bearish. economists -- an economy that needs to import almost all its commodities in a world where commodities are higher and higher by the week. haslinda: talk to us about your sx macro scorecard. what are you learning from that?

mark: this is something i've been publishing for bloomberg the last 10 years and i'm delighted you have given me a moment to promote this. it works purely on fundamental factors but with momentum overlay. since late 2021, 1 of the favorite shorts has been the yen and luckily it got out of that short and then again at the end of 2022. one of the most popular logs has been next see in. i think it's worth putting out this is a model, it's not got subjective input. when you run a model there is intraday volatility and last week the yen fell and it was a brief move before rebounding. fundamentally it is saying yen

is a wonderful short, swedish krona is a wonderful short and mexican peso remains one of the best longs in the world for a fundamental basis. haslinda: people don't talk about fundamentals enough. mark, thank you. the beijing auto show getting underway today, returning for the first time since 2020 with domestic and global manufacturers ramping out new product launches. stephen engle is there with a guest to discuss china's ev market outlook. stephen: we've been away a few years because of the pandemic and the landscape has changed. the ev space has grown so much and dominated by domestic players. this year the theme is smart ev's. we heard from late june, the chairman and founder of xiaomi gave an update on their first entrance into the ev space.

75,000 orders already, over 5000 deliveries since it was launched in march. a lot of demand to have connectivity in the ev in this market. my next guest knows everything about this, he's the man to talk about it, he isn't bill russo, the ceo and founder of automobility. you know the auto space. how significant is this launch or this initiative behind me where there are fingers in many domestic chinese ev's? bill: it's a union of companies using the huawei platform to present a new user experience in the vehicle. i tell people who come to china, you have to really get in the

car to understand the difference. it is an influence set of technology. the car is becoming a rolling smartphone. it's part of the internet of things and people expect that software and user interface experience to be present in the car. that's what you see from huawei and xiaomi. stephen: they've been careful internationally not having the huawei brand. one company's number five in the sales list. they are doing something right with their mobility platform, telematics and music systems and the like. bill: while weight is inside many different brands already, they are kind of the trojan horse, they don't want it to be so overt. part of it is geopolitical, but also they want to sell their

capabilities to anyone. if it is smart, come to us and we can put it inside your car. this is their own product built by a contract manufacturer. you see the sales of the brand rocketing to one of the top positions in china. stephen: selling for as much as 45,000. bill: a family vehicle, people like the flexibility of extended rage ev's. stephen: what about xiaomi? bill: it has the benefit of being a smart device opening coming into the car, in a world like china where you've got more than half a billion ecosystem owners, whether it is television or rice cooker, you can get a xiaomi rented something.

getting a car that is affordably priced, i think they have a built in investable market. stephen: can legacy western automakers still complete -- compete? volkswagen are still in the t op tenant but there only two foreign automakers for ev's. what do they need to do? is this the last gasp to get any share of this market? bill: the first question is do people in the ev lane shop for traditional brands? does equity cross over? stephen: no. bill: maybe outside of china is different, but in china people are shopping for a different kind of product and traditional companies don't make those kinds of products. the way out is frankel you've

got to figure out a way to bring that mindset into your company and you've got to start doing that here if you hope to stay relevant in the world's biggest market. stephen: you were the former head of chrysler in the united states, north america. and and china. what are they doing wrong? bill: multinationals in general are relying on decision-making purely other headquarters level and not allowing the mindset about what is different about the consumers in the way they shop for technology in the evh. china didn't invent the ev but it's created the conditions to which ev's can be in at a massive scale and redefining the product specification with internet futures. ev's are tech, it's not just about the wheel. stephen: how much capacity?

bill: basically if you empty the cup by 10 million, you have at least that plus what they are anticipating, so we are looking at 10, ab 15 to -- maybe 15 to 20 million for gasoline vehicles. there are only 17 companies operationally producing cars a significant volume. a lot of companies built factories that are on -- are not operational today. stephen: the economy is slowing here, there's a lot of excess capacity and they are making a ton of cars. they are bringing the price down. some of the cars are below 10,000 u.s. dollars. is that the trend? bill: they were already

affordable before the discount, so the discount made them even more affordable. it is shrieking the icu lane even further. the combustion engines. they are affordable relative to gasoline vehicles. that's the logic of the price war, or rapidly eat into the other lane. the problem is the average selling price goes down and if you're not building enough volume, you are basically losing more money. stephen: consolidation here? bill: inevitably. there were 100 ev startups and there are only a few companies today. stephen: what will it do to them if ev goes ahead with dumping tariffs, upwards of 20%? these players are not really in the u.s..

the batteries are, but they've not really gotten into the u.s. can they dominate in the local market without going abroad? bill: they think they need to go global to legitimize the brand domestically. they can get a foundation but going global is where you will be able to accelerate your business and prove yourself as a viable company internationally. byob already selling significant vehicles outside of china. they surpassed tesla as an exporter from china. stephen: they have 33% of this market, byd. bill: tesla saw the signs of weakness already on the horizon in china. they aren't even at the auto sure -- auto show, they don't have new products that are relevant to the chinese consumer. it's the disruptors like xiaomi

and huawei that are really the ones to watch. stephen: so good to talk to you. we could have a whole show just with you talking about the auto show. you just heard the themes, smart ev's and the chinese export rooms, protectionism, we are covering all of the themes here on bloomberg tv. haslinda: stephen engle with ill russo -- bill russo. we thank you both for those insights. we are counting down to the india open, any moment now. still a lot of confidence in this particular market. when you look at where india is right now, falling to a record low, dropped 20% on tuesday alone even though we are awaiting results from the six-week long national election. the benchmarks throughout india also under pressure.

the rupee trading at 83.26 versus usd. the dollar slightly holler today -- higher today. we are watching india's fourth largest lender. they have been barred from adding additional customers online and issuing credit cards. they say they have taken strips to strengthen their i.t. systems and will continue to work to reserve -- resolve issues. investors getting spooked and the stock is currently down more than 9%. still ahead, and indian streaming service unveils an aggressive pricing plan to take on international rivals like netflix. we will discuss its impact on the media landscape next. this is bloomberg. ♪

haslinda: audiences in india can access hollywood movies and shows for just a penny per day. that's part of a new promotional plan from a streaming service that is expected to further intensify competition in the battle for india's more than one

billion viewers. for more, let's bring in our reporter in mumbai. you talk about aggressive pricing. >> you are right, this is a moment for the streaming platform. they are offering content in local languages. just 29 rupees for one month. and a family can excess of four screens. -- access four screens. they want to make this a daily

viewing habit. in other words, they want to get all eyeballs from sewn-in, amazon, others -- from sony, amazon, others. they want to leverage this. they have launched one rupee per day for access. they are expected to create a base and could be a defining moment. haslinda: if cheap is not good

enough, you have to go free. i just have to wonder, whether it is sustainable. when would they have to rethink their strategy? >> that's a great question. all live content would be free. so indians can get access to their great cricket content. what they are planning to do is get all of those cricket viewers , to offer them great content. for example, house of the dragon in multiple languages. they think these people would stick with them. haslinda: thank you for that.

our reporter in mumbai. plenty more ahead, keep it here with us. this is bloomberg. ♪

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under pressure after meta lunch after hours on -- plunged after hours after announcing it plans to spend more than planned on ai development. ed: meta has put itself in a position to be the leading ai company in the world and there is a commitment to spend on the infrastructure to support that, build future generations of models on the success of llama three. but investors are buying it. it's going to take time for it to show up meaningfully on the top and bottom line. what we are talking about is meta ai. they are trying to scale that. smart investors would be able to see that even if revenue is not immediately obvious from ai, you can see products like ai scaling

and the monetize a bowl opportunity. but meta's business is still mostly advertising, they are seeing the average ad price growth go up as well. and you could argue that's where ai is showing value. they're kind of damped if they do and damped if they don't. segments of the market have been calling for them to spend more on ai infrastructure and then there are those that want to see the prudence. that's the message, be patient, trust us. it will cost billions of dollars to get there but we will get there. windows this largely advertising based business see serious topline growth from ai? apparently it is coming. whether investors believe it we will find out in the markets. this is at the low -- ed ludlow. haslinda: tech leading asia on

the back of meta's disappointing outlook. the fed -- there are bets that the fed won't be cutting it all this year. the yen front and center, 155 and change in investors looking for intervention. daybreak middle east and africa is next. this is bloomberg. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours.

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