Rba on october and december. We have that bad aussie jobs number yesterday. Rishaad if you look at the headline numbers. Lets have a look at the markets. This is what we see now. The Central Bank Governor david the Central Bank Governor, just wanted to mention that. Rishaad of course. You have to talk about the philippine fed governor. David why not . Let the filipino do it. He will be coming up in eight minutes from now. He might bookmark it. Rishaad profiling, thats what it is. [laughter] rishaad lets move and have a look at the markets. Hang seng up to positive. Just below the gain line. Zhang line, signing up to the upside. Feeling that we may see Interest Rate hikes coming cuts, should i say, coming in october november. This is the position for the nikkei to 25. Up 5. 5 . Look at the topics. Doing rather well. Five straight weeks of gains for the broader market. Lets have a look at the constituent movers and take a look at these different Asset Classes and how they are behaving. We had davidhat saying, one basis point to the upside. Hasty evening of the yield curve is something which is desirable. That as they did cut the amount of bond buying they were doing on various parts of the yield curve, in three different maturity levels. Thats the reason why we see an effect on the 10 year yield as it continues to lurch higher over than last couple of days. 1 rling, up around 8 10 of in the last 36 hours. The latest move to the upside coming as a Jeanclaude Juncker hinted that he could be open to new suggestions concerning the irish backstop and dealings with boris johnson. They want to hear what they have to say on what proposal they have. At the moment, they have been ruled out, the ones that have been. Crude oil, 1. 1 up. Ratcheting up between tehran and washington. That is not helping crude Oil Prices Move down pure they are moving to the upside, 1. 1 . Platinum futures, they were higher. 941, . 60. They are part of the reason we have seen etfs have been buying gold, trying platinum, and selling silver. There we go. With all that in mind, lets find out what else is happening with yvonne. Yvonne wrapping up all that centralbank action that we saw, we also heard from the governor, maintained the growth in india is a priority and said the feds rate cut this week will help spur inflows to emerging markets. Take a listen. Shaktikanta any cut in Interest Rates would mean greater flows into emerging markets. And i think india is among one of the most attractive destinations. Yvonne emerging markets and cross over to arco anchor, Haslinda Amin at the milken Asian Institute with our next guest. Haslinda thats right. Lets get his take on it. Manages 46 billion in assets and in management. Good to have you with us. We just had the governor of india say that the rate cut by the fed would cause an inflow into ems. Do you agree . Listen, i think we are at an interesting juncture right now in terms of uncertainty in the market. On the one hand, we are talking about recession in the u. S. On the other, we are talking about a fair amount of slowdown that is happening in markets around the world. Intoer that translates countries like india, we will have to see. Many countries are facing those kind of challenges. Taking a longterm view, the growth stock of the Growth Prospects are attractive enough to attract longterm institution. Haslinda including the likes of india, indonesia, china . Brian very much so. You are having very large sections of the population that are coming into wealth. Disposable income is increasing as gdp is increasing. And that is creating lots of opportunities for consumers to start spending money in areas of the economy, products and services that have not necessarily in the past been innovative for them. That is the opportunity for the private markets. For the public markets, to offer these products and services to these consumers and capture th that market share capture that market share. Haslinda australia is looking pretty fine. Brian australia has had almost 28 years of uninterrupted economic slow. Haslinda slowing growth. Brian it is slowing down, part of the growth is reliant on trade with china in terms of resources. It does have correlation to china. But australia is a mature economy with a very sophisticated set of companies, industries. Incredibly agile in adapting to different economic environments. We think that when we are investing the product markets, we can pick out we are not an index, we are not investing australia. We are investing in attractive sectors haslinda like . Brian like health care. Like catering to the aging population in australia. And helping the government. Because the government cannot fund all of its health care by itself. It is relying on us to do so. Providing opportunities for services that cater to that market. When we are investing in the capital markets, we are able to find the sectors and companies within the sectors that have the tailwinds behind them to be able to grow, to spike, a darkening environment at the back. Haslinda one of the key trends in the space, some say eft is one. Brian it is very important. I think it has become important in the last few years. Folks10 years ago, some could not spell esg. Today, that is very different. I think the prominence of pushing for change in how inc. Esgonal investors considerations into their investment, it become so prominent that you cant hide anymore. You need to take it seriously. Haslinda is it true in the private space, the g is easier, it is easier for the public space . Brian i thing that is a good observation. I think the private equity model is very inline to strong governance. You have a very tight shareholding structure, usually with a very handson operator from the private equity side. That is very much aligned with a management team. It is more dispersed and the public market. I think what many private Equity Investors are grappling with today is how do they effectively cooperate environmental and social concern into their investments . I think it is clear to everyone today that there is a lot more tension and need for the environment environmental matters to be taken into account. It is a big area of environmental wreck reputational risk. It would be unwise for private equity as well as any other investor to not Pay Attention to it. Haslinda investors having to navigate all sorts of uncertainties. We had the Central Bank Government asked governors saying trump is the biggest risk. Brexit, the u. S. China trade war, or the volatility in oil. In your opinion, which is the biggest threat . Brian its a good question. We are longterm investors. We are investing over five to 10 years. The seeds and reaping the rewards in 10 years. We can afford to take our time and pick our spot in different parts of the market. Asia is a very diverse country with a different dynamics. And i think it is dangerous to just look at the headlines and think that it is impossible to make strong return. You really need to look at the micro rather than just the macro. Time is your friend. And over time, over different countries, over different sectors and companies, it really helps you navigate those risks. Partner brian lim, theyre coming to you live from the milken asia summit here in singapore. Woman on tv,siest Haslinda Amin, live for us as she mentioned at the milken asia summit. Right, lets get it to su keenan. She has your first word news. Su thank you, david. Lets start with japans key Consumer Price gauge. It hit the lowest level in two years. Speculation ofs, additional stimulants next october. Prices excluding fresh fruit of rose. 5 in august from a year earlier. Account it matched economists estimates. The key inflation gauge has not risen above 1 in years. It is expected to remain subdued in the coming months. A new report from the oecd meanwhile sees Global Growth slipping to its weakest in the decade. In a this as the escalating trade war pushes momentum towards lows last seen on the financial crisis. The organization is cutting almost all forecasts it made for months ago saying governments are not doing enough to prevent the longterm damage to the world economy. The oecd says protectionism is increasingly hurting confidence and investments. President trump is continuing his criticism of the fed chairman, jay powell, saying he is safer now, but Interest Rates should be lower. The fed cut rates for the second time since july but only by a quarterpoint which President Trump says is not enough, given other Central Banks have acted more aggressively. Trump told fox he is very disappointed with powell and he does not know how to play the game. Sticking with the federal reserve, the fed is to add liquidity to a vital corner of the funding markets for a fourth straight day on friday. This amid signs that the stress seen earlier in the week is rebuilding. The new york fed said it will once again inject as much as 75 billion to an overnight repo operation. That follows liquidity doses up the same size on thursday and wednesday, 3 billion on tuesday. Global news, 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. More than 120 countries. Im su keenan. This is bloomberg. Rishaad a busy week for central bankers. It is one where they can have a wellearned rest. Gearing up for a policy decision next week. Could it be the Central Bank Governor, benjamin diokno. Thats coming up next. This is bloomberg. If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate. Some from an indian point of view, any cut in Interest Rates would need a better flows into emerging market. It is right to say we are more inclined to additional easing then at the last meeting. Investing is not the main concern about domestic Growth Prospects and fiscal risks. I think all Central Banks realize that if it prevails and it goes on and on, there are some negative effects over rates being negative. I do not think we would be looking at using negative rates. I dont think those will be at the top of the list. The boj has more room to ease than the ecb has. We will have a strategy if we use the ecb. Personally, she has no reason to change our inflation. Central bankers commenting on the futures of monetary policy. David all right. Next week, and a lot of centralbank physicians decisions, one of which the philippines is the most wide eating. Stay tuned for the annual milken asian summit. The reason i put those together is because has is with a very special guest. Right. A thats the man of the hour. Benjamin diokno. Central Bank Governor of the philippines. Hes been making headlines this morning. Good to have you with us. Benjamin thank you for having me. Haslinda you are making headlines because you say trump is the biggest risk to the global economy. If he gets a second term, that risk will persist. If he gets reelected, andill be more sensible have the right solution and get the problem solved. That is the other risk. If this problem persists after he has a second term. He will say look, i was voted because of that. Lets see. Haslinda it could get worse from here, is not what you are saying . Benjamin it could get worse. Haslinda but trump is the biggest risk. Benjamin yes. Case, i would like to point out that our monetary easing is of a different nature than what is happening globally. Increase my predecessor hic increased it by 175 basis points last year. Address the elevated inflation. Inflation reached a 6. 7 last year. Now, inflation is back to 1. 7. That is a sharp decline. Maybe byate is that our inflation of last september, it will be about 1. 4. That is the nature of our monetary easing. We have more space, we want to normalize it as soon as possible from 1. 7. Haslinda can i read into that . Does that mean we could expect a further 25 basis point cap next week cut next week . Can we expect it next week . Benjamin maybe. [laughter] haslinda thats not good enough. Benjamin the decision is not mine alone. There is a board and we discussed in debate. Haslinda inflation is the overriding sector. Benjamin of course. There are other factors like what is happening globally. That is of secondary importance. It is really inflation that makes a difference in our decision next week. Haslinda we saw how oil prices spiked. Pretty volatile now. How does that play out in your business . Benjamin i asked my staff to review the situation. If thelysis is that price reaches higher than 90 per barrel, we are still ok. We will be within our inflation target of 3 plus or 1 . Or minus 1 . Event of a full price increase, persistent for three months of 80 per barrel, we can up the cost. We are ok. We are prepared for that. Haslinda pretty comfortable. How does it translate to your projections for the year . Benjamin our growth projection this year, as you know, the first half was 5. 5 because of some delay in the budget. But there are there is a cutting plan and we are optimistic that we will hit 6 this year, and maybe six points ive 6. 5 next year. Haslinda what is the biggest risk to that projection . Benjamin right now, i dont see any risk. Haslinda you have talked about having a basis point cut in the rrr. Could you shed some light on the pace of the cut . How will you be doing that . 20s the ratio was 20 before. Then it was cut by my predecessor to 18 . Now when i came in, i promised 200 basis point cut over a period of three months. 100, 50, 50. We are looking at another 100 cut 100 basis points to come in as soon as possible. Could be coming next month, for november. Or november. I made a promise. This is part of the new central bank. We want to be transparent. We want to tell what is going on ahead of time. We wanted to be at Single Digits by 2023. That is the end of my term. Haslinda in terms of where it is now, are you comfortable with the level of it . Benjamin yes, very comfortable. As you know, we have a Floating Exchange rate to allow the special to be determined by market supply and demand conditions. We only intervene if there is a sharp increase or decrease to smoothen the influx. We have not intervened for a long time. We are very comfortable. The, right now, we have highest Gross International research at 86 billion. 7. 5 months of imports. The rule of them is three is good enough. Haslinda we are seeing how emerging markets, like the paso, like the indian ruby, are susceptible to the movements of the yuan. Given the yuan devaluation has been pretty stable and gradual, do you see any risks to the emergingmarket currencies . Is then no, the peso second most appreciated currency among countries in this part of the world. The behavior of the yuan does not bother us. We have an arrangement with china so there can be direct things between the yuan and peso. We dont have to rely on the dollar. We are doing the same thing for japan. Welinda one more question, are seeing how trade negotiations are going on in the u. S. How optimistic are you that a deal can come through . Benjamin well, there are discussions. I think they may come up with an agreement. But i think what is important is the nature of the agreement. Is it a substantial agreement or just a central agreement so that it can be looser for political purposes . After what has been done, it will take a while to unwind all the stops. There are some movements in china and the u. S. For their behavior. We dont know. Even in take about, november, it could take a while before they can unwind the process. Haslinda we will leave it there, governor benjamin diokno, coming to you live from the milken asia summit here in singapore. Back to you. David all right. Good stuff there. Have a look at the peso. Nothing has changed. 52. 21. It also comes to the equity market. We will flip it. It looks exactly the same. Lots more coming up. This is bloomberg. Lets get the latest business flash headlines. Launch,ade a phone superfast 5g and hightech cameras, but does not come with any license google apps. It is equipped with an open source version of the android os without access to placer apps. It is huaweis first launch since the access was blocked to u. S. Tech and components. David lion air is investigating a data breach that led to personal information of passengers on its malaysian antiaffiliates being leaked online. Its at its data was hosted on amazon web cloud for service and it is working with tech to find the problem. It says it does not store and you any passenger payment details. Rishaad one of the worlds best subways, could the hong kongs mtr be losing its shine . We are about dutch we will talk about how the signals are working there and the impact of the protests. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. 10 29 a. M. Im su keenan with the first word headlines. We start with tensions rising once again with the u. S. Agreeing that the attack on aramco was a questionable he sponsored by iran . Anyan warns that retaliatory strike would be met by all out war. President trump remains noncommittal about any military action. Mike pompeo ended a short visit with talks in abu dhabi. I think it is abundantly clear, and there is an enormous consensus in the region that we know precisely who conducted these attacks. It was iran. I didnt hear anybody in the region who doubted that first single moment. Su to france. Now the country has repeated the impose retell a cherry tariffs on the United States if washington moves first in a dispute over aviation subsidies. In may, the two ruled the. E. U. Had illegally supported airbus. France says the u. S. Should understand that the e. U. Is ready to act. The new head of the federal Aviation Administration has tested the boeing 737 max 8 simulator to get up to speed on the controversy surround