They tried to settle claims of thousands of former employees saying they were cheated of severance payments. The Billionaire Elon Musk laid them off after acquiring the social media platform last year. That is news coming through from x, or twitter, whatever you like to call it. That just breaking on the bloomberg terminal. Having a look at markets in play, just checking in with what we have, it is a day where we are seeing mixed fortunes ultimately and we have asian equities in cautious mood. We had the hang seng which started the day going great, but we have turned tail now, off by 0. 3 . The nikkei to 25 continuing its winning streak, up 1 and leading the charge across this part of the world. If you look in the column, we are seeing treasury yields layout as well and making themselves felt in this part of the world. We have got the sale of securities taking place from the bank of japan, and this is all taking place as we do sees elation mounting that the boj meeting is set to normalize policy. A quick look at australian bonds as well, holding onto early gains after the countrys Unemployment Rate was eddie at 3. 7 . Lets look at the open with regards to bangkok and also having a look at the area. The set is up by around 0. 1 . And the barths steady on relative lows. We have got attempts to get more revenues over thereby making visa free entry to thailand available for chinese tourists. Nifty prospects and the futures contract mainly to the upside for the time being. The rupee is steady at 83 rupees. It is all about the cpi report and we will read through for the dollar and certainly the dollar is at the moment caught between a rock and a hard place because on the one hand, we could see a depreciated against a lot of others, but with rates cuts being penciled in for next year, it may have limited range to go to the upside. We have Mark Cranfield joining us now. What are your thoughts on this . Mark the cpi was definitely no smoking gun for the fed. There was nothing to shock them in the cpi data this week. It looks as though the fed can comfortably go ahead with a rate next week, which is what most what was mostly expected by investors around the world. Skilled traders are pricing expectations that in november, they may raise Interest Rates again, but there is such a long time between the september and november meetings and a lot of data to come between then. It will give the fed speakers opportunity to push back if they think the market is getting too aggressive in pricing for a hike. In the near term, what matters a lot more to everybody as the European Central bank. That one is an open question and it could be the cause of a lot of volatility both today and going into next week as well, because it is not just a question about whether the European Central bank hikes, which are not guaranteed, but the majority of people seem to think will happen. What Christine Lagarde has to say today will have a huge influence on currencies, bonds, and a bubbly equities as well. Probably equities as well. Rishaad we will see if they actually do hike rates, people might sell to europe because it means growth gets more stymied. I want to look at japan and see the latest there because we keep waiting for an abandonment of yield curve control. We have seen the end continue to fall, but you see it at eight year lows against the korean won. Mark it is not just against the korean won, obviously the chinese currency comes into play as well. In a way, you can think about the three currencies in one. Because they compete in some of the same markets, export markets, where one goes, the other is likely to follow. The path of the korean won from here is dependent on a turn in the yen and to some degree, the trans chinese currency as well. Korea in a way is making policy that that thinks is domestic, raised Interest Rates already, it looks like it will hold for some time, but they are looking over their shoulder closely of all the policy settings from china and japan. If japan goes ahead with some kind of tightening, it could even influence the korean authorities to consider something more for themselves, but they will be hoping they can stay where they are and that the currency would eventually appreciate in line with the yen when it finally does start to turn, because we are clearly in space where the weakness of the yen has become inflationary for japan. They are close to drawing a limit under that. Once it starts to turn, the korean authorities can start to relax. Rishaad mark, thank you. Mark cranfield, r mliv strategist. I want to tell you what is going on in hong kong with the Property Index down 3. 1 . Most of the week, we still have all sorts of stresses and strains, not least of country garden, which made extensions on seven of its bond payments. It is still waiting on one that will be decided with the dead night of tonight, 10 00 p. M. That is a look at Sino Ocean Land despite the failure to delay one of its bonds. It is actually up 3 , but that came after yesterdays 82 drop back. A return to south korea and have a look at our next guest we used to run the countrys sovereign wealth fund, the Korea Investment corporation. They join us exclusively from the Milken Institute asia summit taking place in singapore. Thank you for joining us. We were just talking about the won. What do you think with an eightyear low for the yen, how do you think that is affecting korean exporters and that japanese exporters are becoming more competitive . Heenam hi, thank you for having me. Even though the korean won appreciated a lot, i think there is no real effect to koreas exports. If you look at the korean rate of growth, it is mainly due to decrease of the imports rather than increase of exports. So the korean won movement does not really affect our trade flow. Rishaad the thing is, is the Dollar Strength sustainable, and how is it at the moment affecting korea and koreas huge number of exporters . Heenam i think the u. S. Dollar, the strong u. S. Dollar is source for the time being given the interest on the yield rate differential, and also the strong of the u. S. Economy. We are sourced for the time being. That means the korean won, like the chinese yuan, they want to be for the time being weak, but what trade determines, i am not quite sure about what depreciation, the week won will have on trade across. By the way, it is difficult from the future of the difficult to predict the future of the korean won, but if you look at the china case, china had slow growth, looking at the fx from the august affect, yen depreciation, yuan depreciation, and usually the Market Participants would think that the korean won is then the chinese yuan, then that means the korean won might be week for the time being rishaad you mentioned china. We have got this economic slowdown seemingly deepening here as well. And all of that with real estate concerns here where as well. Has there been any envisions of that and has korea been feeling that slowdown in your view, or do you think we had that legoland crisis a little while back a year and a little back ago . Is that something which has made it easy for korean authorities to contain any spillover effects from what is happening in china . Heenam actually, the chinese economy, people tell us they are reopening the chinese sector and it shows Slower Growth in terms of exports, in terms of consumption, in terms of investments, so also, in addition that in china, there is a concern on the real estate sector, especially the Developers Like country garden, that heightened the concern about the chinese economy. But from koreas point of view, slow china growth is sometimes a risk affect to the korean economy, but on the other hand, there might be some slight opportunity if there are difficulties in the chinese economy. Korea might play a role instead of china, so i think there is some bright side and top side of the chinese economy on the korean economy. But i strongly believe that chinese authorities will have policy moves to handle these risk effects. At this stage, i am not so much worried about the chinese economy, but china definitely became the risk factor to the korean economy. Rishaad yeah, and how would you characterize this situation with regards to credit there as well . I am going back to the legoland crisis we had ins and we had some of these molar credit issues taking place, smaller local Credit Unions that have defaulted, just a few of them. Are you worried about that spreading in korea in light also of what is going on in china . Heenam let me explain this way. The legoland case, as mentioned, is a very splash pick a event and limited to local government, but korean authorities take drastic measures to mitigate credit crunch last year, so i think it was just happening, but this year, as we see the sluggish sector in korea like china, there is concern about the project financing. If you look at data over the project financing, it is increasing, even though the speed has reduced. So the korean authorities have set up a task force, including government and lenders and also the cost deduction companies to handle this product financing issue. I am a little optimistic about how the authorities can handle this credit crunch in korea. Rishaad great talking to you and thank you for joining us. Heenam choi, former ceo of the Korea Investment corporation. We will have more from the Milken Institute asia summit coming up next, speaking with malaysias minister of trade and industry, getting his look on their economy and the global one too as growth slows. This is bloomberg. Rishaad this is a look at the equities in southeast asia, which are doing well relative to the rest of this part of the world. Taking a look at what we have had, we have had sovereign bond sales up to 36 billion u. S. Dollars up year to date. Perhaps we should also be looking at what is seemingly inflationary trend as well because rise has been very expensive. But we have it falling a little bit and a bit of relief taking place for some of those companies, related to all of that. Looking also at the situation at the moment in the philippines, and we have got the philippine composite index up by 0. 3 . The latest news of their coming is that we have another one billiondollar bond sale coming next year. We are also seeing bsp taking more cash from banks under night overnight for repurchase as well. The market seeing its currency leave the pace, pretty much flat so far this year. And in asia, there is another one we are watching and looking at jakarta markets. We have got foreign outflows here gaining momentum for the country. This is the selling of foreign selling of indonesias bonds accelerating last year as the 10 year yield is actually rising, surprisingly. But the rupee has weakened. A quick look at markets overall, a bit of grain across this part of the world, not for hong kong which started off positive. The nikkei 225 is on the lunch break at the moment, close out the morning over 1 , and singapore is one of the key winners as well. Australia is are off the market after the blowout job creation data. Lets have a look at other top stories we are following with the European Union launching an investigation into chinese subsidies for electric vehicles, potentially fueling global trade tensions. European officials argue millions of jobs are from chinese tv exports and any move to curtail that trade could lead to other markets taking defensive action to prevent a flood of chinese cards cars. Such moves could also affect noneuropean ev makers like tesla. The markets are now flooded with cheaper chinese electric cars. And their price is kept artificially low by huge state subsidies. This is distorting our market. And as we do not accept this distortion from the inside in our markets, we do not accept this from the outside. Rishaad the head of the United Auto Workers union says they remain far apart with automakers when it comes to their contract talks. The unions members are planning strikes at some facilities leading to general motors, ford, and stellantis if the deal is not reached before print contracts end on thursday. The north american head of mercedesbenz says the strike can still be averted. While not directly affected from the potential strike, from which it does not take place, these factors are not of the uaw, but obviously the assumption of any issue, it would give shocking waves out of the whole industry. Rishaad we have got a lot to overcome and we have been going back to the milken summit in singapore. This is bloomberg. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. sfx stone wheel crafting the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Rishaad just looking into more news indicating how liquidity conditions are tightening in hong kong, we have the onemonth yuan funding cost is in hong kong rising again to fresh fiveyear highs. We had that high rate hit 5. 9 , so we got even further upside as well. Lets have a look at what is happening in malaysia because our next guest is seen as a pivotal figure in that countrys economic landscape. Zafrul aziz, the malaysian minister for trade and industry, coordinated malaysias exit from the covid pandemic. His joining us exclusively from the Milken Institute asia summit. Thank you for joining us. Give us a sense of where the malaysian economy is in your view. Min. Aziz thank you for having me. Four malaysia, i think we look at what is happening today and the first quarter, our numbers were strong in gdp growth terms. We grew by 2. 5 , so we should be on target to achieve what we had forecasted to be around 4 to 5 of gdp growth. What is more important is we are ensuring the newly launched plans, we launched a new industrial and National Energy condition roadmap, and two days ago the Prime Minister also talked about the Midterm Review of the strong malaysia plan. So we have under the economy a deep focus bid we will target malaysia to be in the top 30 countries of the world in gdp and expecting growth of around 6 and to achieve that. Rishaad minister, you need perhaps some luck to navigate what is going on with the slowdown in china. How does the slowdown in china manifest itself in your economic figures . Min. Aziz China Remains a Major Trading partner for malaysia. In fact, it is the largest trading partner for malaysia and also one of the top three sources of mpi for malaysia, so any slow down in china will have an impact to malaysia, and affect to the region because china is also the largest trading partner for asia. If you look at the trade numbers, this year the wto is Forecasting Global trade commodities to 1. 7 percent compared to what it was last year, which was 2. 7 . Malaysia has an open economy, trade to gdp numbers was between 130 and 140 , but we definitely feel the slowdown in moderation of global trade. Especially with china, there are always challenges but also opportunities when it comes to challenges. We are seeing the realignment of supply chains because of what is happening with the trade war, and the tightening of Monetary Policy on inflation has benefited our region. If you look at the numbers and look at fbi fdi, the global fdi for 2022 decreased by 22 , but the fdi for the region actually went up 5 . We are bucking the trend and we continue to focus on execution of some of the policies so we can mitigate the impact and slowing of global trade. Rishaad we have very short time left. Had improved investments of about 71 billion ringgit in the first quarter. How does the rest of it look so far, and how much luck have you had with people like tesla, byd, mercedes, and the like to step up in malaysia too . Min. Aziz thank you very much. Quickly, investment numbers have gone up 60 . What else, it is not just fdi coming in, but di is coming in as well. Domestic direct investment is increasing. In the sector of auto motives, we have been pushing hard on evs, because malaysia makes it up on the front end and is a major player in the global space, so thatll have a positive spillover when we venture into automotive, especially when we look at electric vehicles. Rishaad in about 30 seconds, what have you seen in terms of the decoupling or derisking taking place and rethinking of supply chains . How has this manifested itself in malaysia . Min. Aziz yes, definitely like i said, there are challenges in the longer term, but in the shortterm term we need to be opportunistic, and there are opportunities. We are seeing the realignment of the supply chain coming into asean. Malaysia is also benefiting where we can see the numbers of fdi coming in. We can get reshoring, friend shoring, but asean has been a net beneficiary of the realignment of the supply chain. Rishaad zafrul aziz they give for joining us, malaysias minister of investments, trade, and industry joining us from the a jennifer y joining us from the mthe reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. When i tell people how easy it was for me to lose weight on golo, they dont believe me. They dont believe i can eat real food and lose this much weight. The release supplement makes losing weight easy. Release sets you up for successful weight loss because it supports your blood sugar levels between meals so you arent hungry or fatigued. After i started taking release, the weight just started falling off. 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