# Iran War Outweighs Oil Release Plans

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 12 Mar 2026, 20 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/58e85be7-dbb5-4043-afed-af80014dc0b3/7065035a-c667-4234-b882-b40b001ed7d1/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Business and finance news from the Asia-Pacific. Oil's advance showed concerns over an escalating Iran war outweighed relief offered by an emergency release of crude reserves by wealthy nations. The US plans to release 172 million barrels from its emergency oil reserve as nations around the world work to ease surging crude and fuel prices. That's part of the plan by member countries of the International Energy Agency to discharge 400 million barrels from reserves globally, its largest-ever release. For more analysis, we spoke to Mark Cranfield, Bloomberg's MLIV Strategist. And for markets perspective on the oil story, we heard from Dilin Wu, Research Strategist at Pepperstone. She spoke to Bloomberg's Haidi Stroud-Watts and Avril Hong. 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 deg Chrisner. The
[0:13] Speaker 2: global economy is grappling with dramatically higher oil prices after
[0:18] Speaker 2: the US and Israel began attacking Iran back on February
[0:22] Speaker 2: twenty eighth. Well, now the Trump administration is taking part
[0:25] Speaker 2: in a move to bring those prices down. Energy Secretary
[0:29] Speaker 2: Chris Wright has announced one hundred seventy two million barrels
[0:32] Speaker 2: of crude will be released from the US Strategic Petroleum Reserve.
[0:37] Speaker 2: This is part of a plan announced earlier by the
[0:39] Speaker 2: International Energy Agency. Nations from around the world will be
[0:43] Speaker 2: releasing a total of four hundred million barrels from their reserves.
[0:47] Speaker 2: But despite these moves, the essential problem remains. The closure
[0:51] Speaker 2: of the Strait of Horn Moves the choke point for
[0:54] Speaker 2: about twenty percent of the world's seaborn oil. It's also
[0:58] Speaker 2: a critical passage for liquefied natural gas. Now. On Wednesday,
[1:02] Speaker 2: three vessels in the Strait were hit by suspected projectiles,
[1:05] Speaker 2: and according to two US intelligence sources, Iran began laying
[1:10] Speaker 2: mines in the strait using small watercraft each carrying two
[1:14] Speaker 2: to three mines and now we are learning Iraq's oil
[1:17] Speaker 2: ports have completely stopped operations. For a look at how
[1:20] Speaker 2: this is impacting market action, I'm joined by Bloomberg strategist
[1:23] Speaker 2: Mark Cranfield. He joins us from our studios in Singapore.
[1:27] Speaker 2: Thank you for being here, particularly on a day like today.
[1:30] Speaker 2: I'm going to take a step back. Mark, give me
[1:32] Speaker 2: your sense of the bigger picture here.
[1:35] Speaker 3: Well, it's really all about this, the fear that investors
[1:39] Speaker 3: have the long term supplies are going to be hit.
[1:44] Speaker 3: They don't really see an end to it. As you're
[1:46] Speaker 3: talking about. The key point, obviously is the strait of Homus,
[1:50] Speaker 3: and until traders are really happy to see oil flying
[1:55] Speaker 3: through that on a regular basis, they're going to be
[1:57] Speaker 3: extremely cautious about pricing what's going to happen. And we've
[2:02] Speaker 3: already seen a big premium, a so called war premium
[2:06] Speaker 3: is being priced into oil. If you look at where
[2:09] Speaker 3: the prices are in the market, and you look at
[2:11] Speaker 3: where global demand was before the Iron conflict began, prices
[2:17] Speaker 3: are substantially higher, maybe as much as thirty dollars is
[2:21] Speaker 3: into the price which people are taking as a risk
[2:23] Speaker 3: element related to the conflict in the Middle East. Now
[2:27] Speaker 3: even if the hostilities were to end this week, even
[2:32] Speaker 3: if the strait of horr moves was fully open initially,
[2:36] Speaker 3: people would still want a premium, fearing that it could
[2:40] Speaker 3: restart at any time. That doesn't go away us. What
[2:42] Speaker 3: we learned from previous conflict is that the premium will
[2:46] Speaker 3: stay in place. It might get a little bit smaller,
[2:48] Speaker 3: but there will be a premium embedded in oil prices,
[2:52] Speaker 3: particularly for quite a long time. And so because of that,
[2:56] Speaker 3: it feeds through to bond prices, it feeds through to
[2:58] Speaker 3: equity prices, even currencies are all dependent on what they
[3:02] Speaker 3: see going into oil. Everybody has to become an oil trader,
[3:05] Speaker 3: even when they don't want to, and that is a
[3:08] Speaker 3: very uncomfortable position for asset managers who usually like to
[3:12] Speaker 3: see oil as being something which is quietly in the background,
[3:15] Speaker 3: not right in their face.
[3:16] Speaker 2: Or you touched on the inflationary implications. Obviously that will
[3:20] Speaker 2: bring about in most cases, higher sovereign yields. There seems
[3:23] Speaker 2: to be a dull or positive story, does it not.
[3:27] Speaker 3: Things have changed dramatically because the United States no longer
[3:32] Speaker 3: needs to import oil as once did. In fact, it's
[3:35] Speaker 3: a net exporter of oil. So if you remember backsay,
[3:40] Speaker 3: for example, to two thousand and eight, when oil prices
[3:43] Speaker 3: were at record highs. I think WTI got to about
[3:45] Speaker 3: one hundred and fifty dollars a barrel. At the same time,
[3:48] Speaker 3: the US dollar was plunging because at that time the
[3:51] Speaker 3: United States still needed to import. The conditions have changed dramatically,
[3:56] Speaker 3: so rather than being a negative for the US dollar,
[3:58] Speaker 3: it's a slight positive for the US dollar this time around,
[4:01] Speaker 3: because everybody else the rest of the world needs to
[4:04] Speaker 3: buy the US dollars too, because everything is priced in
[4:07] Speaker 3: that currency, So the US is more immune to the
[4:11] Speaker 3: conflict from that point of view.
[4:13] Speaker 2: What about the distribution of the economic impact. Obviously Europe
[4:17] Speaker 2: is a heavy oil importer, there's a lot of risk there.
[4:20] Speaker 2: But I was struck by a report on Bloomberg earlier
[4:25] Speaker 2: that since the war with Iran began, shipping data show
[4:28] Speaker 2: that Iran sent more than eleven million barrels through the
[4:31] Speaker 2: straight bound for China. Do you think the Chinese economy
[4:35] Speaker 2: is in the same situation, let's say, as the Japanese
[4:38] Speaker 2: economy or the South Korean economy, both of which happened
[4:42] Speaker 2: to be heavy oil importers.
[4:44] Speaker 3: According to some stories, we have on Bloomberg. China is
[4:47] Speaker 3: far less dependent on oil than it will, say, ten
[4:51] Speaker 3: years ago. It's even less dependent and relative terms than
[4:54] Speaker 3: the United States. Definitely less dependent in Japan and Korea.
[4:59] Speaker 3: China has done a lot to It's got nuclear energy,
[5:03] Speaker 3: it's got various other Coal is still a big factor
[5:07] Speaker 3: of energy in China as well. It has a much
[5:09] Speaker 3: better protection in that sense. It's not totally immune, but
[5:13] Speaker 3: it is much more insulated than other Asian economiess.
[5:16] Speaker 2: So, do you think the bigger question mark right now
[5:18] Speaker 2: is whether the Trump administration at some point begins to
[5:21] Speaker 2: dial back on its aggressiveness. The risk is that President
[5:26] Speaker 2: Trump continues with this move to kind of reorder the
[5:31] Speaker 2: Iranian political leadership and the economy as well. But I'm
[5:35] Speaker 2: wondering whether or not at some point there's a breaking
[5:37] Speaker 2: point potentially for the president. We use the term taco
[5:40] Speaker 2: sometimes as it related to movement in the equity market
[5:43] Speaker 2: around the issue of trade and tariffs. Do you think
[5:46] Speaker 2: the same thing could happen again in the oil patch?
[5:50] Speaker 3: Investors would certainly be happy if they saw a dialing
[5:55] Speaker 3: down of the military action in the Middle East. There's
[5:58] Speaker 3: no doubt about that. As we were speaking about earlier.
[6:01] Speaker 3: The bottom line is the Strait of Hormus. Oil needs
[6:05] Speaker 3: to flow freely through that area, particularly to get to Asia.
[6:09] Speaker 3: Asia is so dependent on what not just for oil,
[6:13] Speaker 3: but for LNG as well, so that strait needs to
[6:18] Speaker 3: be Everyone needs to be safe and secure that it
[6:21] Speaker 3: can open operate as normal. Insurance costs can come down,
[6:25] Speaker 3: Tankers don't need to fear pay extra premiums for going
[6:29] Speaker 3: through there. That's the bottom line for everybody, even more
[6:32] Speaker 3: so than suddenly military action stopping. Because even if the
[6:38] Speaker 3: United States says there's no more military action, who knows
[6:43] Speaker 3: what they're on from their point of view, what they're
[6:46] Speaker 3: up to. So investors are very cautious from that side
[6:50] Speaker 3: of things, and they will continue to price a premium
[6:52] Speaker 3: for oil based on that.
[6:54] Speaker 2: So, as we mentioned earlier, bond markets globally have been
[6:57] Speaker 2: forced to reprice inflation risk. Where does that leave actual bankers? Though,
[7:00] Speaker 2: at the end of the.
[7:01] Speaker 3: Day, between a rock and a hard places very very
[7:06] Speaker 3: difficult job. We've got I think eight central bank meetings
[7:08] Speaker 3: coming up next week. The timing could hardly be worse
[7:11] Speaker 3: from that point of view. As you were suggesting, it's
[7:15] Speaker 3: going to be some very cautious language from the central banks.
[7:17] Speaker 3: Reserve Bank of Australia probably is going to be one
[7:19] Speaker 3: of the first to respond with higher interest rates. Others
[7:22] Speaker 3: will certainly be thinking about it. How quickly they pulled
[7:25] Speaker 3: the trigger will vary, but certainly everybody will have to
[7:29] Speaker 3: give warnings that they see inflation ticking up and in
[7:34] Speaker 3: some cases they suspect it's going to go above the
[7:37] Speaker 3: thresholds that will make them very uncomfortable. So the common
[7:40] Speaker 3: thread will be warning signals everywhere from central bankers that
[7:44] Speaker 3: inflation is going in the wrong direction. Some of them
[7:48] Speaker 3: will respond quickly, some of them more slowly. But it's
[7:51] Speaker 3: a complete sea change, because, of course it's only a
[7:54] Speaker 3: few weeks ago that we're hoping US Federal Reserve is
[7:57] Speaker 3: going to lower interest so rate. It's more most other
[7:59] Speaker 3: people will at least be on hold, not really thinking
[8:02] Speaker 3: about raising interest rates. The conditions have changed completely. That's
[8:05] Speaker 3: why bond yields around the world are going up so much.
[8:07] Speaker 2: So is it a case of stagflation? Potentially? Is that
[8:10] Speaker 2: really what we're describing here?
[8:12] Speaker 3: I think a little bit early to be calling that.
[8:15] Speaker 3: If you look at what's going on, it doesn't appear
[8:18] Speaker 3: that economies are grinding to a halt by any means
[8:23] Speaker 3: in six months time, if we're in the same situation,
[8:25] Speaker 3: if the Middle East is still locked down in six months, yes,
[8:28] Speaker 3: people will be taking stackflation very seriously. But it's a
[8:31] Speaker 3: little bit early to be discussing that.
[8:33] Speaker 2: What are the other things that you're most concerned about
[8:35] Speaker 2: when you look at some of the price action here.
[8:37] Speaker 2: I was wondering about the level of leverage. A couple
[8:40] Speaker 2: of weeks ago, you and I were speaking about the
[8:42] Speaker 2: meltdown in South Korean stocks, and it seemed like a
[8:45] Speaker 2: lot of that moved to the downside was catalyzed by
[8:50] Speaker 2: forced liquidation as the result of maybe excessive leverage. Has
[8:55] Speaker 2: most of that leverage exited the system, would you say,
[8:57] Speaker 2: or is there still maybe a few things that need
[9:00] Speaker 2: to be shaken out further.
[9:03] Speaker 3: The resilience of the Korean stocks this week especially suggests
[9:07] Speaker 3: that a lot of that leverage has been taken out.
[9:09] Speaker 3: The immediate concern for everybody's private credit. Just in the
[9:12] Speaker 3: past twenty four hours, JP Morgan has said they're going
[9:17] Speaker 3: to write down some levels Morgan Stanley today saying they're
[9:20] Speaker 3: restricting access. This is a huge factor for markets partly
[9:25] Speaker 3: because it's so a lot of people don't understand what's there.
[9:29] Speaker 3: They can't see the data behind. They know it's a
[9:32] Speaker 3: big aspect in financial markets, but as the name suggests,
[9:36] Speaker 3: there's not much public information on private credits, so people
[9:38] Speaker 3: a little bit in the dark. But when they hear
[9:41] Speaker 3: that two of America's largest financial institutions are very concerned
[9:45] Speaker 3: about what's going on, suddenly everybody is on edge because
[9:48] Speaker 3: if they're worried about it, then we should be worried
[9:50] Speaker 3: about it too, So we could be at the beginning
[9:53] Speaker 3: of what is a very unpleasant story in the private
[9:56] Speaker 3: credit space that would impact across equities. Everybody will be
[10:02] Speaker 3: subject to the fallout from that. So people now scrambling
[10:05] Speaker 3: to try and find out is it really a very
[10:08] Speaker 3: serious situation, how bad is it and how quickly is
[10:12] Speaker 3: it going to unfold.
[10:13] Speaker 2: I'm wondering whether some of the redemptions that we're seeing
[10:16] Speaker 2: in the space, though, may be tied to weakness and
[10:19] Speaker 2: other as said classes, which is to say that you
[10:21] Speaker 2: have to raise funds to take care of the business
[10:24] Speaker 2: elsewhere that may not be working so well. Is that
[10:27] Speaker 2: a possibility.
[10:28] Speaker 3: If it is, then it's a very dangerous situation because
[10:31] Speaker 3: once these things start to spiral, if you need to
[10:35] Speaker 3: sell in one asset class to make up for losses
[10:37] Speaker 3: in another, then yeah, it can turn into a very
[10:41] Speaker 3: nasty position. And we're hearing that hedge funds having a
[10:45] Speaker 3: very bad time at the moment because of the commodity losses.
[10:47] Speaker 3: So I think Gold and Sachs had a report this
[10:50] Speaker 3: morning saying that it's the worst period for hedge funds
[10:53] Speaker 3: since the Liberation Day sell off in April last year.
[10:57] Speaker 3: So everywhere you look, the certainly vulnerabilities in the system
[11:01] Speaker 3: here which investors will have to digest and they'll have
[11:04] Speaker 3: the price accordingly, which will make them much more defensive.
[11:08] Speaker 3: And we're coming towards the end of the first quarter
[11:10] Speaker 3: as well. Not great timing, really, not.
[11:12] Speaker 2: At all, Bark, Thank you so very much. It's always
[11:14] Speaker 2: a pleasure. Bloomberg Strategist Mark Cranfield joining from our studios
[11:18] Speaker 2: in Singapore here on the Daybreak Asia podcast. Welcome back
[11:29] Speaker 2: to the Daybreak Asia Podcast. I'm Dog Krisner. Let's get
[11:32] Speaker 2: some more analysis on what we're seeing in oil markets
[11:35] Speaker 2: today with Dylan Wu, research strategist at Pepperstone. Dylan spoke
[11:39] Speaker 2: with Bloomberg TV host Heidi Stroud, Watts, and April Hong.
[11:43] Speaker 1: At this point, there's no sort of real opportunity or
[11:46] Speaker 1: site of an off ramp for either side. Clearly, releasing
[11:49] Speaker 1: more suppli in oil markets is not releasing that oil
[11:52] Speaker 1: premium from investors either. So how do you kind of
[11:56] Speaker 1: view this energy driven a shock? Is it a temporary hit?
[11:59] Speaker 1: Is the beginning of something more structural and problematic?
[12:04] Speaker 4: While I stay really cautious about calling it a sustainable
[12:08] Speaker 4: pullback in oil prices, I mean, some of the headlines
[12:12] Speaker 4: may have briefly lifted market sediment, but they are far
[12:16] Speaker 4: far away from enough to justify a lost in decline oil.
[12:19] Speaker 4: I mean, on the giubilical side, Donald Trump just suggested
[12:23] Speaker 4: the war could end soon, but Iran has hinted that
[12:26] Speaker 4: the reciprocal strikes could turn into continual strikes, and it's
[12:31] Speaker 4: also taking a very hard line on the reopening of
[12:34] Speaker 4: the Strait of Hormis. So at this stage we're really
[12:37] Speaker 4: not seeing any clear size or signals of this kind
[12:40] Speaker 4: of de escalation, and the geopolitical risk premiums do very
[12:44] Speaker 4: much alive. And then let's come to the strategic reserve story.
[12:50] Speaker 4: So the IEA members have a grade to release about
[12:53] Speaker 4: three hundred to four hundred million barrels, which sounds like
[12:57] Speaker 4: a big number, but when you read we run, the
[13:00] Speaker 4: mass is actually quite small compared with the potential distruction
[13:04] Speaker 4: from hormers. So roughly twenty million burros passed through the
[13:08] Speaker 4: strait of hormers every day. So even in a very
[13:11] Speaker 4: very coordinated scenario, those reserves would only cover about two
[13:15] Speaker 4: to three weeks of supply. And that assumes a perfect release,
[13:20] Speaker 4: I mean, which is quite unluckily from my perspective. So yes,
[13:25] Speaker 4: reserve releases can ease price pressure for a while, but
[13:28] Speaker 4: they can't really fully offset a large supply distruction. That's
[13:32] Speaker 4: why we only sort of brief pullbacking oil after the
[13:35] Speaker 4: headlines Dylan.
[13:37] Speaker 1: As we're speaking, we're also being reminded that trade still
[13:40] Speaker 1: remains a major uncertainty for investors in the markets as well.
[13:43] Speaker 1: Right to that end, the US Trade Representatives Office has
[13:47] Speaker 1: begun a Section three oh one investigation totally three hundred
[13:50] Speaker 1: and three oh one probes related to manufacturing sectors in
[13:53] Speaker 1: two countries including China, the EU, Singapore, Switzerland, Norway, Indonesia,
[13:59] Speaker 1: Malaysia and Cambodia. And Thailand also among them as well.
[14:01] Speaker 1: Hearing will be held on May fifth, but they've requested
[14:04] Speaker 1: consultations with the economies that are under investigation. This comes
[14:07] Speaker 1: as we're looking at a series of new trade probes
[14:10] Speaker 1: after of course Donald Trump's so called reciprocal duties were
[14:14] Speaker 1: struck down by the US Supreme Court. So this is
[14:17] Speaker 1: just another reminder that that tower of war, that the
[14:20] Speaker 1: trade uncertainties remain even as we are contending with war
[14:25] Speaker 1: and energy crisis as well. So with all of the uncertainties,
[14:30] Speaker 1: not to mention the implications on global growth and inflation,
[14:33] Speaker 1: are there markets or sectors where you see places that
[14:36] Speaker 1: investors could potentially find a respite or a place to
[14:42] Speaker 1: hide while all of this is playing out.
[14:45] Speaker 4: Yeah, I mean that's a really great question. And first
[14:49] Speaker 4: of all, I think, apart from the high will of
[14:53] Speaker 4: higher energy sector, I think the tech sector, including the
[14:57] Speaker 4: US tech equities, are quite resilient at the moment. I mean,
[15:02] Speaker 4: in the first place, people are putting many of their
[15:05] Speaker 4: capitals into the Asian tech sectors, including some of their
[15:09] Speaker 4: memory ships and the surge name. But at the moment,
[15:12] Speaker 4: because US is less reliance on this kind of energy
[15:18] Speaker 4: imput and Also, we're seeing great corporate earnings from the
[15:23] Speaker 4: previous queue for earning season, so I think we can
[15:27] Speaker 4: potentially looking into some of the buy the deep opportunities
[15:31] Speaker 4: in US equities. But that's sad. We really need to
[15:35] Speaker 4: looking into the potential development in the jeopilical site. If
[15:40] Speaker 4: we are seeing a sustained elevated oil price, then the
[15:45] Speaker 4: inflationary pressure can come into the US market and that
[15:49] Speaker 4: could potentially burden to the bullish sediment.
[15:54] Speaker 5: Dylan, does that mean that when it comes through the dollar,
[15:59] Speaker 5: some of these uh, you know, tailwinds from the US
[16:03] Speaker 5: being an exporter of energy are going to offset the
[16:07] Speaker 5: trade risks ultimately.
[16:11] Speaker 4: Well, I think that's a fair core. I do have
[16:17] Speaker 4: a cautious optimism about the dollars further testing to the upside.
[16:24] Speaker 4: I think three key factors are currently supporting the dollar performance.
[16:27] Speaker 4: Rising safe haven demand, higher inflation expectations alongside climbing treasure yields,
[16:33] Speaker 4: and also the possibility that the US could emerge as
[16:37] Speaker 4: an alternative energy supplier. I mean the third reason is
[16:42] Speaker 4: perhaps more interesting here. As the world's largest oil and
[16:46] Speaker 4: gas producer, the US may actually gain a relative advantage
[16:51] Speaker 4: when we're seeing some of the energy facilities in salt,
[16:55] Speaker 4: the Qatar or Israel phase disorptions and shipping through the
[16:59] Speaker 4: strait of war is becomes somehow constraints. Market are starting
[17:03] Speaker 4: to pricing in a new narrative, which is the US
[17:07] Speaker 4: could step in as a stronger alternative energy supplier. I
[17:11] Speaker 4: think as well as inflation expectations remain elevated and geopolitical
[17:16] Speaker 4: tensions posis, the downside for the dollar may remain quite limited.
[17:21] Speaker 5: Where does this leave Chinese assets? Did in what's been
[17:24] Speaker 5: interesting is China's been seen as a sort of haven
[17:27] Speaker 5: amid the war because of its energy reserves. Then we
[17:31] Speaker 5: are looking as well towards the end of the month
[17:34] Speaker 5: where Trump and Sea are set to meet, you have
[17:36] Speaker 5: these tariff developments. China is not part of. Chinese is
[17:40] Speaker 5: part of some of these investigations. What are you seeing
[17:43] Speaker 5: in terms of the trajectory for Chinese assets?
[17:47] Speaker 4: Well, I think I'm quite bullish on the Chinese asset.
[17:51] Speaker 4: Although from the NPC just concluded, Chinese revised down it's
[17:56] Speaker 4: twenty six GDB target and it was sad are from
[18:00] Speaker 4: a four point five percent to five percent. And you know,
[18:03] Speaker 4: some people are concerning about the economic outlook for China.
[18:06] Speaker 4: But I think it's basically the government saying we're okay
[18:10] Speaker 4: with moderate growth if it gives us more room to
[18:13] Speaker 4: push through structural reforms. So market shouldn't you know, to
[18:18] Speaker 4: to be overreacted to the headline Nomber. The focus is
[18:22] Speaker 4: still on the policy direction and the room it creates
[18:24] Speaker 4: for for longer term transformation. So at the moment, I
[18:28] Speaker 4: think China is pushing forward to you know, transform from
[18:33] Speaker 4: solely rely on export and like the infrastructures two more
[18:41] Speaker 4: on the high and tach and this kind of development.
[18:44] Speaker 4: So I think I'm quite bullish on China as long
[18:47] Speaker 4: as it can find another driven forces to boost their
[18:53] Speaker 4: domestic economy and consumption.
[18:55] Speaker 2: That is Dylan will Research Strategistic Pepperstone speaking with Bloomberg
[18:59] Speaker 2: TV hosts Heidi Stroud Watts and April Hong, bringing you
[19:03] Speaker 2: their conversation here on the Daybreak Asia Podcast. Thanks for
[19:08] Speaker 2: listening to today's episode of the Bloomberg Daybreak Asia Edition podcast.
[19:13] Speaker 2: Each weekday, we look at the story shaping markets, finance,
[19:17] Speaker 2: and geopolitics in the Asia Pacific. You can find us
[19:20] Speaker 2: on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere
[19:24] Speaker 2: else you listen. Join us again tomorrow for insight on
[19:27] Speaker 2: the market moves from Hong Kong to Singapore and Australia.
[19:32] Speaker 2: I'm Doug Prisner, and this is Bloomberg

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