# Bank of Japan Preview, SpaceX IPO Makes History

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 12 Jun 2026, 22 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/58e85be7-dbb5-4043-afed-af80014dc0b3/28abb66e-5bba-4e54-a7dd-b467001f0517/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Business and finance news from the Asia-Pacific. Bank of Japan Governor Kazuo Ueda's hospitalization is generating uncertainty among investors over the central bank's messaging at its policy meeting next week, even as they remain convinced officials will raise interest rates. Ueda is expected to miss the BOJ's meeting on June 15-16 and will refrain from casting a vote, but will express his views via a statement. Deputy Governor Ryozo Himino will serve as acting chair while another deputy, Shinichi Uchida, will host a post-meeting press conference. Ueda's absence is unlikely to shift expectations of a hike, but uncertainty is growing among market participants about how clearly Uchida will communicate at the press conference. The BOJ's cautious approach to rate hikes has been weighing on the yen due to the large interest rate differential between the US and Japan. We speak to Winnie Hsu, Bloomberg's Asia Equities Reporter Plus - SpaceX has made history with the biggest-ever IPO, sending it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world's first trillionaire. The company raised $75 billion in the IPO, pricing 555.6 million shares at $135 each, according to a statement on its website Thursday. SpaceX's IPO is more than double the size of Saudi Aramco's $29.4 billion listing in 2019. Bloomberg TV hosts Haidi Stroud-Watts and Shery Ahn spoke to Jay Ritter, Warrington College of Business, The IPO Initiative Director & Emeritus Professor. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:10] Speaker 2: Welcome to the Daybreak Asia podcast. I'm Doug Krisner. So
[0:13] Speaker 2: we know war in Iran has accelerated global inflation and
[0:17] Speaker 2: it's created quite the challenge for central bankers. On Thursday
[0:21] Speaker 2: in Frankfurt, the European Central Bank raised its policy rate
[0:25] Speaker 2: for the first time in nearly three years, lifting at
[0:28] Speaker 2: twenty five basis points to two and a quarter percent. Now,
[0:31] Speaker 2: next week we have rate decisions from the FED and
[0:34] Speaker 2: the Bank of Japan. The Fed, for its part, is
[0:37] Speaker 2: expected to hold rate steady, with Kevin Walsh holding his
[0:40] Speaker 2: first post meeting press conference as FED chair. Now the
[0:44] Speaker 2: boj is expected to raise rates by twenty five basis points. However,
[0:48] Speaker 2: Governor Uweita will not preside over this meeting. For a
[0:52] Speaker 2: closer look at what's happening in Japan, let's bring in
[0:55] Speaker 2: Bloomberg's Winnie Sue, who is just in Tokyo recently and
[0:59] Speaker 2: she is now back in Hong Kong. Thank you for
[1:01] Speaker 2: making time. What is going on with Governor Uwaita that
[1:05] Speaker 2: he's not going to be able to attend this meeting.
[1:08] Speaker 3: Yeah, Unfortunately we've learned that he is for now hospitalized
[1:13] Speaker 3: and he won't be able to join the meeting and
[1:15] Speaker 3: also won't be able to cast a vote. So for now, markets,
[1:21] Speaker 3: when you look at the expectation is still expecting one
[1:23] Speaker 3: rate hike to come next week and potentially another one
[1:27] Speaker 3: further down the line sometime this year. So expectation itself
[1:32] Speaker 3: hasn't really been shifted, but it is adding a bit
[1:35] Speaker 3: more nervousness among investors because they've been so far so
[1:40] Speaker 3: used to looking at the reaction and the tone of
[1:45] Speaker 3: Governor Huida, even there his facial expression in terms of
[1:49] Speaker 3: what the next path or what the next decision might
[1:53] Speaker 3: look like. But this time around they are instead going
[1:56] Speaker 3: to have the deputy governor to do that pressure, and
[2:01] Speaker 3: hence there is a bit more focus on how he
[2:04] Speaker 3: is going to deliver obviously a bit of uncertainty in
[2:07] Speaker 3: terms of his tone, but potentially expecting maybe actually clear
[2:12] Speaker 3: or signed at the pressor just because Governor Uda has
[2:15] Speaker 3: always been trying to find that balance line whenever he
[2:19] Speaker 3: gives that speech. So when you look at the Japanese
[2:23] Speaker 3: m right now, hovering just above that one hundred and
[2:27] Speaker 3: sixty level against the dollars, so very weak currency and
[2:32] Speaker 3: still very strong inflation numbers, so the likelihood of raising
[2:37] Speaker 3: rates are still pretty high. And when you look at
[2:39] Speaker 3: actually the PPI numbers that was out this week also
[2:43] Speaker 3: very strong numbers. On an annual basis, it's actually rising
[2:47] Speaker 3: at its fastest paced in three years, so that also
[2:53] Speaker 3: reinforces the case for rate hikes. Further down the.
[2:57] Speaker 2: Road, you were just in Tokyo. Is there the sense
[2:59] Speaker 2: there that the BOJ is kind of behind the curve
[3:03] Speaker 2: right now?
[3:05] Speaker 4: Yeah?
[3:05] Speaker 3: I think overall that is what investors are are saying
[3:11] Speaker 3: as as well. But a lot when it comes to
[3:15] Speaker 3: kind of the boj's decision, a lot of it does
[3:19] Speaker 3: come down to finding that balance between the necessity to
[3:24] Speaker 3: tame inflation, but also the uncertainty around the Iron War.
[3:30] Speaker 3: So when there isn't a very clear sign when this
[3:35] Speaker 3: war is likely to come to an end, this does
[3:38] Speaker 3: give central bank a bit more pressure in terms of
[3:43] Speaker 3: when they should be moving and how far they should
[3:45] Speaker 3: be moving at what pace. So it does feel like
[3:49] Speaker 3: whenever it comes to the BOJ, unless they see a
[3:53] Speaker 3: bit more uncertainty, it is quite difficult for them to
[3:58] Speaker 3: have a very clear path in terms of where were
[4:03] Speaker 3: they how far they hid the rates.
[4:05] Speaker 2: So as you and I are talking. I'm looking at
[4:07] Speaker 2: rallies not only in Japan, but notably in South Korea
[4:11] Speaker 2: as well. We know that oil prices fell. In the
[4:15] Speaker 2: Thursday session in the US after President Trump called off
[4:18] Speaker 2: planned military strikes against Iran, we had a rally in
[4:22] Speaker 2: the equity market. Chip makers were up in a major
[4:25] Speaker 2: way in the US. We had the Philadelphia Semiconductor Index
[4:28] Speaker 2: up by nearly eight percent. So when you look at
[4:31] Speaker 2: the tech trade right now across Asia, whether we're talking
[4:35] Speaker 2: about Taiwan, we're talking about South Korea, or even Japan,
[4:39] Speaker 2: what are we seeing today? Is it really the chip
[4:41] Speaker 2: stocks that are leading the way higher.
[4:45] Speaker 4: So when it.
[4:46] Speaker 3: Comes to the AI or chip trade, So first of all,
[4:49] Speaker 3: you mentioned how the macro environment does look better today,
[4:53] Speaker 3: So overall that is supportive of risk assets, which are
[4:58] Speaker 3: growth stocks, which are these chip names. And on top
[5:03] Speaker 3: of that, yes, you have that optimism around SpaceX, so
[5:06] Speaker 3: that is also lifting the overall tech sentiment. Specifically South
[5:11] Speaker 3: Korea is still a very volatile market. We're talking about
[5:15] Speaker 3: it up eight percent today, right, but look at the
[5:18] Speaker 3: swing over the past week. On one day, I believe
[5:21] Speaker 3: it was up eight percent, another day down another eight percent.
[5:24] Speaker 3: So at this point we're no longer you know, we're
[5:28] Speaker 3: no longer shocked at how volatile it is. But a
[5:32] Speaker 3: lot of it is really driven by just how leveraged
[5:35] Speaker 3: this market is. We're talking about these single stock ETFs
[5:39] Speaker 3: really driving the market. So some investors are saying that
[5:43] Speaker 3: at this point the South Korean market is driven more
[5:48] Speaker 3: by the momentum instead of the fundamentals, although fundamentals and
[5:52] Speaker 3: earnings remain quite strong. But when you look at the
[5:55] Speaker 3: trading volume and how much ETFs are being traded on
[6:00] Speaker 3: a daily basis so far, that is a bit of
[6:03] Speaker 3: a alarm for some of the long term investors in
[6:08] Speaker 3: terms of how sustainable this rally is. And then when
[6:13] Speaker 3: you look at Japan, interestingly, there are lots of opportunities.
[6:18] Speaker 3: You talked about tech because investors are looking for opportunities
[6:22] Speaker 3: outside of Taiwan and South Korea's big names. They are
[6:26] Speaker 3: looking for the next bottlenecks, whether it's the MLCCs or
[6:30] Speaker 3: the data centers, and that's why you are seeing smaller
[6:33] Speaker 3: names in the tech space also catching up. But another
[6:36] Speaker 3: sector that is doing well is actually the bank sector.
[6:39] Speaker 3: Just now, we were talking about inflation expectation and the
[6:42] Speaker 3: Bank of Japan's rate hike expectation. That's why you're seeing
[6:46] Speaker 3: compared to some of the other regions in Asia, bank
[6:50] Speaker 3: stocks in Japan are actually doing pretty well just because
[6:53] Speaker 3: they have this additional tailwind.
[6:56] Speaker 2: We also had a rally in bank stocks in the US,
[6:59] Speaker 2: where the CAW Bank index closed at a record high.
[7:02] Speaker 2: I have to ask you about the latest China trade data.
[7:06] Speaker 2: Exports jumped nineteen percent from last year and on the
[7:10] Speaker 2: import side a twenty seven percent increase in the month
[7:14] Speaker 2: of May. These are pretty impressive numbers for economy that
[7:19] Speaker 2: is still struggling just a bit. How do you make
[7:21] Speaker 2: sense of this?
[7:24] Speaker 3: Yeah, the trid numbers were actually very strong, and both
[7:29] Speaker 3: numbers you mentioned just now top endless expectation. And when
[7:34] Speaker 3: you look under the hood, what's really driving this. That
[7:38] Speaker 3: is the AI related demand. And in fact, we are
[7:42] Speaker 3: seeing that both the export and import for computers and
[7:48] Speaker 3: chips account for half of the growth for both the
[7:52] Speaker 3: export and imports in fact, so you are seeing that
[7:56] Speaker 3: this AI trade is really benefiting China trade, and that
[8:02] Speaker 3: is actually also showing how the economy is really turning
[8:08] Speaker 3: into a K shape economy because you have the strength
[8:12] Speaker 3: driven by the high tech but when you look into
[8:16] Speaker 3: the numbers, we're actually seeing, for example, the overseas sales
[8:20] Speaker 3: for clothes and toys were down by four percent and
[8:24] Speaker 3: seven percent, respectively. So I think the numbers really show
[8:30] Speaker 3: you how there is a continuous divergence in terms of
[8:34] Speaker 3: the strength of the economy and.
[8:37] Speaker 2: When it comes to inflation in China, for such a
[8:39] Speaker 2: long time, authorities were battling deflation or at the very
[8:44] Speaker 2: least disinflation. But things seem to have turned around a
[8:47] Speaker 2: little bit, and I'm wondering maybe if you can fill
[8:51] Speaker 2: out a little bit of what's been happening with the
[8:54] Speaker 2: inflation story in China.
[8:56] Speaker 3: Yeah, So when it comes to inflation, the latest number
[9:00] Speaker 3: we got, on the bright side, we had PPI numbers
[9:03] Speaker 3: up three point nine percent, so an increase from April
[9:06] Speaker 3: which was up two point eight percent. But you still
[9:10] Speaker 3: see the weakness in the CPI number. In fact, it
[9:14] Speaker 3: was only up one point two percent year over years,
[9:16] Speaker 3: so the same as the previous month and infect missing estimates.
[9:22] Speaker 3: So this goes to show how there is a widening
[9:28] Speaker 3: divergence between the CPI and the PPI, and when we
[9:32] Speaker 3: look at the numbers, that divergence is actually at its
[9:34] Speaker 3: biggest since June twenty twenty two, and that.
[9:39] Speaker 2: The drivers the drivers.
[9:42] Speaker 3: For this divergence is one on the producer side of things,
[9:46] Speaker 3: you have the higher oil prices, higher energy prices really
[9:50] Speaker 3: lifting the costs. But then these costs were not able
[9:54] Speaker 3: to be passed on to the consumers, and that the
[9:57] Speaker 3: domestic consumption still remains we and that is also quite
[10:03] Speaker 3: a bit concern for some of the economists as they
[10:06] Speaker 3: see that it does complicate the reflationary story of China
[10:11] Speaker 3: just because how weak the overall domestic consumption is. And
[10:16] Speaker 3: that is also partly weighing on the stock market when
[10:20] Speaker 3: you look at how how badly it has been doing
[10:23] Speaker 3: so far this year.
[10:25] Speaker 2: So help me understand then what some of the key
[10:27] Speaker 2: drivers are right now for the Chinese equity market.
[10:32] Speaker 3: Yeah, so, honestly, we haven't been looking at it or
[10:35] Speaker 3: talking about it for a while, just because the Taiwanese
[10:38] Speaker 3: market in South Korean market pretty much stole the spotlight
[10:42] Speaker 3: of Asian stocks so far this year. But surprisingly the
[10:47] Speaker 3: offshore Chinese market is actually one of the worst performing
[10:52] Speaker 3: stock age so far this year. You know, Indonesia India
[10:56] Speaker 3: were worse, but you know, the Chinese stock market was
[11:00] Speaker 3: than too far behind, and the key reasons, first of
[11:03] Speaker 3: all is the lack of AI exposure.
[11:07] Speaker 5: Most of the.
[11:08] Speaker 3: AI names, you know, the new IPOs were listed on
[11:12] Speaker 3: mainland China instead of the offshore names, so they have
[11:15] Speaker 3: very less exposure of that, and instead they have the
[11:19] Speaker 3: exposure of consumers of property names, and those names continue
[11:23] Speaker 3: to struggle because of the weak economy we've just discussed,
[11:28] Speaker 3: but also just investors preferring the high tech names right now.
[11:33] Speaker 3: And beyond that, when you look at flow we're talking about,
[11:35] Speaker 3: it has a lot been driven by mainland investors buying,
[11:39] Speaker 3: so the southbound flow, but it has turned negative in
[11:44] Speaker 3: fact in May for the first time in many years.
[11:47] Speaker 3: So these mainland investors are actually not no longer buying
[11:52] Speaker 3: the offshore stocks, but they are preferring their mainland shares.
[11:57] Speaker 3: So that's another reason. But actually the most important reason
[12:02] Speaker 3: out of all this weakness in the Chinese market also
[12:05] Speaker 3: the weakness in earnings, so we have seen lots of
[12:10] Speaker 3: earnings downgrates coming through. Also for these big internet companies,
[12:15] Speaker 3: the Tensen and Ali Baba because of the price competition. Yes,
[12:19] Speaker 3: they have been investing in AI and spending a lot
[12:23] Speaker 3: of money, but that hasn't really come through to show
[12:27] Speaker 3: up in their revenues, so investors are also losing patients
[12:31] Speaker 3: in these names. So the weak earnings, the you know,
[12:37] Speaker 3: the weakness on the macro front, and just the lack
[12:41] Speaker 3: of AI exposure really have been weighing on Chinese stocks
[12:45] Speaker 3: so far this year.
[12:46] Speaker 2: Can you believe you made it to the final trading
[12:48] Speaker 2: day of the week after all the traveling that you've
[12:51] Speaker 2: been doing. I'm sure the folks in Hong Kong are
[12:54] Speaker 2: glad to have you back home. Winnie, Thank you so
[12:56] Speaker 2: very much. Enjoy the weekend. Bloomberg's Winnie Sue is Asia
[13:00] Speaker 2: Equities reporter joining from Hong Kong here on the Daybreakgasia podcast.
[13:12] Speaker 2: Welcome back to the Daybreak Gasia Podcast. I'm Doug Prisoner.
[13:15] Speaker 2: So SpaceX is set to make history on Friday with
[13:19] Speaker 2: the largest ever initial public offering. The company has raised
[13:23] Speaker 2: seventy five billion dollars through this IPO, pricing five hundred
[13:27] Speaker 2: and fifty five point six million shares at one hundred
[13:30] Speaker 2: and thirty five dollars each. And that's where we begin
[13:33] Speaker 2: our conversation with Jay Ritter. Jay is director of the
[13:37] Speaker 2: IPO initiative, and he spoke with Bloomberg TV host Cherry
[13:40] Speaker 2: On and Heidi Stroud Watts.
[13:42] Speaker 6: It seems the excitement around SpaceX is right there, the demand.
[13:46] Speaker 6: We might see this huge popum trading day, but what
[13:49] Speaker 6: does it take for that bound to actually last?
[13:54] Speaker 4: The company has to execute the value of the company
[13:59] Speaker 4: one point eight trillion dollars is based upon the ability
[14:03] Speaker 4: to grow revenue enormously and to become highly profitable.
[14:08] Speaker 5: That they've got some parts of the.
[14:10] Speaker 4: Business, the Earth based data centers that look like a
[14:16] Speaker 4: very good stable source of profits.
[14:19] Speaker 5: The rocket launches.
[14:21] Speaker 4: They've already got an eighty percent market share even before
[14:25] Speaker 4: Starship lowers their launch costs even more, which will allow
[14:29] Speaker 4: them to put Startlink satellites into orbit at lower cost
[14:34] Speaker 4: and offer Startlink Internet access at an even lower cost
[14:38] Speaker 4: to consumers, and that is likely to be a big
[14:41] Speaker 4: source of future profits. Space based data centers are a
[14:47] Speaker 4: bigger question mark. There are significant technological hurdles there that
[14:54] Speaker 4: could be a big source of profits or maybe it'll
[14:57] Speaker 4: never happen.
[15:02] Speaker 1: Historically, looking at all of these mega IPOs, what happens
[15:05] Speaker 1: usually on trading day and how sustainable is that raby,
[15:09] Speaker 1: especially for companies really going to market at very high valuations.
[15:17] Speaker 5: This is likely to.
[15:18] Speaker 4: Jump on the first day of trading. It's not guaranteed,
[15:22] Speaker 4: but very likely to jump. The table that you just
[15:26] Speaker 4: showed saying it was four times over subscribed high but
[15:33] Speaker 4: nowhere near as high as on Pigma and some other
[15:37] Speaker 4: high profile IPOs, and in Asia, it's not at all
[15:42] Speaker 4: uncommon to see IPOs over subscribed by a factor of
[15:46] Speaker 4: one hundred or more. A difference here is that for
[15:51] Speaker 4: those over subscription ratios, a lot of times many investors
[15:55] Speaker 4: are asking for a lot more shares than they really want,
[16:00] Speaker 4: or at least that they want to hold rather than
[16:03] Speaker 4: sell right away. Here, I don't think the subscriptions are
[16:09] Speaker 4: grossly overinflated. Some of the big players like black Rock,
[16:14] Speaker 4: which I think Bloomberg is reporting is going to be
[16:18] Speaker 4: getting five billion dollars worth of shares Alan, I don't
[16:22] Speaker 4: think they are asked for a huge amount more than that.
[16:26] Speaker 4: So here I think a lot of the demand is
[16:29] Speaker 4: actually true demand rather than fake demand.
[16:34] Speaker 7: It's interesting, Jay, I wanted to get back to the
[16:36] Speaker 7: point of how you justify evaluation for such a unique
[16:41] Speaker 7: business proposition, unique governance for this company, right because we
[16:45] Speaker 7: heard from Jim Channels, obviously a well known short seller,
[16:48] Speaker 7: and he's been quite critical. He's calling this a hopes
[16:50] Speaker 7: and dreams IPO, a seventy five billion dollar apio for
[16:53] Speaker 7: evaluation close to two trillion for a company with revenues
[16:56] Speaker 7: of nineteen billion and negative free cash flow. He goes
[16:59] Speaker 7: on to say, you know, if you're talking about total
[17:02] Speaker 7: addressable market, it's essentially whatever stories you want, colonies on Mars,
[17:06] Speaker 7: factories on the Moon, data centers in space. You can
[17:09] Speaker 7: use all of that to justify the valuation. Do you
[17:11] Speaker 7: agree with that? And is that the hope and the
[17:14] Speaker 7: dream that investors are buying into at this point?
[17:18] Speaker 4: Well, Historically, companies that have gone public at very high
[17:23] Speaker 4: price to sales ratios, as this company is a price
[17:27] Speaker 4: to sales ratio of over ninety on average, they have
[17:32] Speaker 4: failed to live up to expectations. Some have met those
[17:36] Speaker 4: expectations and investors have done very well, but on average
[17:41] Speaker 4: it doesn't happen.
[17:42] Speaker 5: Lots of things have to go right.
[17:45] Speaker 4: But why are private market and public market investors willing
[17:51] Speaker 4: to give the company such a high valuation, or, for
[17:54] Speaker 4: that matter, with anthropic and open AI very high valuations
[17:59] Speaker 4: as well, well, well, it's because companies like Nvidia, TSMC,
[18:05] Speaker 4: Alphabet have demonstrated that the tech business is different. It's
[18:11] Speaker 4: not like the restaurant business where competition limits profits.
[18:16] Speaker 5: There are some niches in.
[18:18] Speaker 4: The tech business where it's going to be winner take all,
[18:22] Speaker 4: or at least there are huge economies of scale that
[18:28] Speaker 4: result in competition being limited, and for the successful companies,
[18:34] Speaker 4: they're able to earn enormous profit margins. In Nvidia has
[18:39] Speaker 4: an after tax profit margin of over sixty percent. That
[18:44] Speaker 4: just does not happen in the restaurant industry. But there
[18:48] Speaker 4: have been some tech firms that have been able to
[18:51] Speaker 4: pull it off. Maybe SpaceX will be the next one.
[18:56] Speaker 7: There's a lot that's unusual about this, right, We've talked
[18:58] Speaker 7: about it. Some of it are read the Elon musk,
[19:01] Speaker 7: the limitations, the potential dilution of shareholder protections, limitations of
[19:06] Speaker 7: shareholder rights. He's retaining around eighty percent of the voting rights,
[19:10] Speaker 7: and we know so much of the company is really
[19:12] Speaker 7: done to him as a person. In addition to some
[19:15] Speaker 7: of the other things that have happened, the expedited inclusion
[19:17] Speaker 7: into indexes, for example. Do some of these factors worry
[19:22] Speaker 7: you do you think it sets a precedent for some
[19:24] Speaker 7: of the other big megatech IPOs that we're expecting.
[19:29] Speaker 5: Yes, some of these things do worry me.
[19:31] Speaker 4: But with SpaceX and for that matter, Alphabet Matter platforms,
[19:40] Speaker 4: various other tech companies that have a dual class share
[19:44] Speaker 4: structure where founders have voting control. What's also important with
[19:52] Speaker 4: these companies is that they have a lot of employees
[19:58] Speaker 4: with equity link companies stock options, restricted stock grants, and
[20:06] Speaker 4: if the stock does well, the employees are going to
[20:08] Speaker 4: be very happy. If the stock doesn't do well, the
[20:13] Speaker 4: employees will not be happy.
[20:14] Speaker 5: Some of them might walk out the door.
[20:17] Speaker 4: So while management is in control, they've got an incentive
[20:24] Speaker 4: to keep the stock price.
[20:27] Speaker 5: Doing well to keep employees happy.
[20:30] Speaker 4: And this also helps public investors know if the stock
[20:36] Speaker 4: does well, management does well, employees do well, and public
[20:40] Speaker 4: market investors do well, so the incentives are well aligned.
[20:46] Speaker 2: That was Jay Ritter, director of the IPO Initiative, speaking
[20:50] Speaker 2: with Bloomberg TV host Heidi Stroud, Watts and Sharry On
[20:53] Speaker 2: bringing you their conversation here on the Daybreak Asia podcast.
[20:59] Speaker 2: Thanks for listening to today's episode of the Bloomberg Daybreak
[21:02] Speaker 2: Asia Edition podcast. Each weekday, we look at the story
[21:05] Speaker 2: shaping markets, finance, and geopolitics in the Asia Pacific. You
[21:10] Speaker 2: can find us on Apple, Spotify, the Bloomberg Podcast YouTube channel,
[21:14] Speaker 2: or anywhere else you listen. Join us again tomorrow for
[21:17] Speaker 2: insight on the market moves from Hong Kong to Singapore
[21:21] Speaker 2: and Australia. I'm Doug Prisoner and this is Bloomberg

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