# Oil Pares Gains, Iran War Jolts Global Central Banks

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 16 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-af80014dc0b3/9ab907a6-2f87-464f-b250-b40f00193d0c/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Oil erased early gains as traders sought to gauge the impact to supply after US attacks on Iran's main export hub, another escalation in the war that's all but cut off global customers from the region's energy supplies for more than two weeks. We spoke to Steven Schoenfeld, CEO at MarketVector Indexes. Plus - The world's top central banks convene this week facing a renewed inflation threat from the war in Iran and the possibility that they'll be forced to delay interest-rate cuts and in some cases consider hikes. Changes aren't imminent yet: The Federal Reserve, the European Central Bank and the Bank of England are all expected to keep borrowing costs steady as they assess how much surging energy costs will feed through to consumer prices and growth. But for them and the other 18 central banks that are about to set policy — overseeing about two-thirds of the global economy in total — the tone will turn more cautious as they acknowledge the risk of another inflation shock. We heard from Diana Mousina, Deputy Chief Economist at AMP. She spoke to Bloomberg's Haidi Stroud-Watts and Shery Ahn on the Asia Trade. See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:10] Speaker 2: Welcome to the Daybreak Asia podcast. I'm Doug Chrisner. The
[0:14] Speaker 2: market's attention remains on developments in the Middle East. Over
[0:17] Speaker 2: the weekend, the US struck military sites on carg Island.
[0:21] Speaker 2: This is Iran's main export hub for crude oil. Then
[0:25] Speaker 2: on Sunday, late in the day, President Trump told The
[0:27] Speaker 2: Financial Times the US was prepared to launch new strikes
[0:31] Speaker 2: on Carg Island. He also said the US could target
[0:34] Speaker 2: Iranian oil infrastructure, and at the same time, Trump told
[0:37] Speaker 2: the FT NATO faces a very bad future if US
[0:41] Speaker 2: allies failed to assist in opening up the Strait of Hormuz.
[0:45] Speaker 2: Now those comments come a day after Trump appeal to China, France, Japan,
[0:50] Speaker 2: South Korea and the UK to join a team effort
[0:53] Speaker 2: to open up this choke point. Trump also said he
[0:56] Speaker 2: could delay his summit with Chinese President Chi Jinping later
[1:00] Speaker 2: this month as he presses Beijing to help on block
[1:03] Speaker 2: the strait. To help us understand some of the market action,
[1:06] Speaker 2: I'm joined by Stephen Schoenfeld. He is the CEO at
[1:09] Speaker 2: Market Vector Indexes. Stephen, thank you so much for being
[1:12] Speaker 2: here so when you digest the latest news regarding the
[1:16] Speaker 2: Middle East, what do you come away with?
[1:20] Speaker 3: So the US sent a very strong message by hitting
[1:23] Speaker 3: military targets on carg Island, specifically avoiding energy targets for now.
[1:30] Speaker 3: It's basically put a line in the sand on that.
[1:34] Speaker 3: There's been lots of back channel discussions about different ways
[1:38] Speaker 3: to get ships through the Straits of Hormuz. India is
[1:43] Speaker 3: talking on its own deals some countries in Europe, but
[1:47] Speaker 3: I think the Straits of Hormuz are more blocked than opened.
[1:51] Speaker 3: Certainly for the next few weeks a lot is going
[1:55] Speaker 3: to depend on how much Saudi Arabia cant get out
[1:58] Speaker 3: through the Red Sea. They're pumping more than ever that way,
[2:03] Speaker 3: and it was very encouraging that. Already today the UAE
[2:06] Speaker 3: opened reopen Fujira, which is on the other side of
[2:11] Speaker 3: the Straits of Hormuz. So that's back on. I think
[2:15] Speaker 3: the pop in both Brent and WTI is natural. I'm
[2:19] Speaker 3: glad to see it's easing off. US futures are flat
[2:25] Speaker 3: to hire. Asian markets don't seem to be like they're
[2:29] Speaker 3: going to drop as much. So my guess is that
[2:32] Speaker 3: this week is going to be a little bit of
[2:34] Speaker 3: a consolidation. I don't see oil surging back up to
[2:38] Speaker 3: one point fifteen or one twenty as we saw early
[2:41] Speaker 3: last week.
[2:42] Speaker 2: So the S and P five hundred right now is
[2:45] Speaker 2: holding just above the two hundred day moving average, and
[2:48] Speaker 2: you know the old Ada John Wall Street, nothing good
[2:51] Speaker 2: happens below the two hundred day. Is there a risk
[2:54] Speaker 2: that we puncture that.
[2:56] Speaker 3: Yes, there is a risk. The Nasdaq is actually sorry.
[3:01] Speaker 3: The NAZAK one hundred is solidly below the two hundred day,
[3:05] Speaker 3: and we've seen topping patterns even in such high flying
[3:11] Speaker 3: sector indexes such as our Market Vector Semiconductor index. The
[3:16] Speaker 3: markets are vulnerable. The area for Hope Doug is that
[3:22] Speaker 3: three straight weeks the markets have been pushed down and
[3:26] Speaker 3: yet buyers keep coming back in and it's not like
[3:28] Speaker 3: there's the bad news isn't in the market. So I
[3:32] Speaker 3: think not just the two hundred day, but also the
[3:35] Speaker 3: lows of December and the S and P five hundred
[3:37] Speaker 3: are going to be very critical to watch this week.
[3:41] Speaker 3: I would have a bias to the downside. What I'm
[3:43] Speaker 3: hoping to see is that Asian emerging markets Japan find
[3:50] Speaker 3: some support. Japan is very dependent on oil exports from
[3:56] Speaker 3: the Gulf, and if it could find some support, I
[3:59] Speaker 3: think it's kind of flat to positive so far in
[4:03] Speaker 3: the futures. That would be a very good sign. So
[4:06] Speaker 3: I'd say I'm nervously bearish and cautiously optimistic at the
[4:11] Speaker 3: same time.
[4:12] Speaker 2: What about the financials? Private credit worries really continue to
[4:16] Speaker 2: cause headache for the entire banking system. Nothing yet has
[4:20] Speaker 2: manifest in a way to suggest that there is systemic risk,
[4:23] Speaker 2: but nonetheless a lot of the banking stocks have been
[4:26] Speaker 2: hard hit. How do you feel about the financials here?
[4:29] Speaker 3: So it's beyond the banking stocks what we've really We've
[4:32] Speaker 3: seen almost all the asset managers, not just private credit
[4:36] Speaker 3: asset managers, but even very large asset managers like Blackrock
[4:42] Speaker 3: and Franklin Resources. So I am concerned about it. But
[4:48] Speaker 3: as you said, systemically, this does not feel like two
[4:53] Speaker 3: thousand and eight two thousand and nine. I think systemically
[4:56] Speaker 3: we're in good shape. I wouldn't be surprised if the
[5:01] Speaker 3: statement or Palace press conference on Wednesday afternoon we'll touch
[5:06] Speaker 3: on this. I would I'd actually be very surprised if
[5:09] Speaker 3: he wasn't asked a question about this. So we'll get
[5:12] Speaker 3: a view from the fed this week as well.
[5:14] Speaker 2: So, Steven, what's your strategy in an environment that that
[5:17] Speaker 2: we find ourselves in right now? How do you make
[5:19] Speaker 2: the best of it?
[5:21] Speaker 3: Well, the starting point, as if you're going to talk
[5:25] Speaker 3: about adages or all adages, is diversification. We advocated at
[5:31] Speaker 3: the beginning of the year more international diversification. That worked
[5:34] Speaker 3: great for the first two months, but of course as
[5:38] Speaker 3: the war broke out in the Gulf, all markets, European, Asian,
[5:43] Speaker 3: emerging all fell. Korea was really hammered because of its
[5:48] Speaker 3: energy sensitivity, but also the speed at which it went up.
[5:52] Speaker 3: It was up over fifty percent for the first two months.
[5:55] Speaker 3: I would still advise investors to broadly diverse. If one
[6:02] Speaker 3: is heavily heavily overweight in US equities, we have a
[6:05] Speaker 3: great opportunity now to diversify further into both developed and
[6:10] Speaker 3: emerging markets, and also take a look at markets that
[6:14] Speaker 3: are not as negatively affected by the energy In particular,
[6:19] Speaker 3: we like Brazil for a number of reasons which I'm
[6:22] Speaker 3: happy to go into.
[6:23] Speaker 2: The bond market has been troubled by the inflationary implications
[6:26] Speaker 2: obviously of higher oil. If you look at a ten
[6:29] Speaker 2: year that is just above four twenty five right now,
[6:32] Speaker 2: give me your view on the treasury market.
[6:36] Speaker 3: So earlier this year it looks like we would have
[6:40] Speaker 3: a move toward lower rates as inflation numbers weren't as painful.
[6:45] Speaker 3: I think that's off the table. I think at best
[6:49] Speaker 3: we're going to be vacillating between three point ninety five
[6:54] Speaker 3: and four point four in the long bond. I don't
[6:57] Speaker 3: see room for much higher rates at this point because
[7:02] Speaker 3: I think the economic slowdown effect of higher energy and
[7:06] Speaker 3: how it pushes through the economy will temper that. But
[7:10] Speaker 3: I do think the Fed has a real dilemma. Whereas
[7:15] Speaker 3: before the war you might have hoped for interest rate
[7:17] Speaker 3: cuts by June, it may get pushed back. We'll get
[7:20] Speaker 3: more signals about that again on Wednesday.
[7:23] Speaker 2: Where does that leave the dollar.
[7:26] Speaker 3: The dollar had been steadily weakening going into the Mid
[7:30] Speaker 3: East crisis, and it found a lot of support. The
[7:34] Speaker 3: Euro and the Swiss franc have both weakened a lot,
[7:38] Speaker 3: but they've not broken their trend. I do think the
[7:41] Speaker 3: longer term trend is for a weaker dollar again. That
[7:45] Speaker 3: is why I believe that non US diversification in equities
[7:49] Speaker 3: will have the tailwind of a weaker dollar. Adding to
[7:53] Speaker 3: the performance as well.
[7:54] Speaker 2: So at what point do you believe that Trump administration
[7:57] Speaker 2: really takes what markets are to telegraphing to heart and
[8:02] Speaker 2: looks at the impact that this will have this policy
[8:05] Speaker 2: on economic activity and change course. Do you have a
[8:09] Speaker 2: sense that that's even a possibility or is the Trump
[8:12] Speaker 2: administration so beholden to this strategy that it's going to
[8:16] Speaker 2: take it to the wall, so to speak.
[8:19] Speaker 3: So there's a lot of hope in the markets that
[8:22] Speaker 3: the taco phenomena could come into play. Clearly, the president
[8:28] Speaker 3: and his advisors are sensitive to the equity market and
[8:31] Speaker 3: the economy. But when it comes to national security and
[8:35] Speaker 3: the commitment that the US has made publicly to ensure
[8:40] Speaker 3: that Iran does not have nuclear capabilities, and now that
[8:43] Speaker 3: energy is at play, I do think it's a little different.
[8:47] Speaker 3: It's not the same as tariffs, and I think the
[8:49] Speaker 3: administration will be firm, and as we learned from their
[8:55] Speaker 3: attack on the military side of carg Island, the US
[8:58] Speaker 3: still has plenty of cards to play. There's an amphibious
[9:02] Speaker 3: ready group that's coming in from Japan, will be coming
[9:05] Speaker 3: into the Persian Gulf that will add pressure. So I
[9:09] Speaker 3: remain of the belief that the administration is going to
[9:13] Speaker 3: continue to press it, but I don't think it'll be
[9:15] Speaker 3: to the wall, because I do think the United States
[9:18] Speaker 3: will prevail in this conflict.
[9:20] Speaker 2: When you look at markets offshore, whether it's China or India,
[9:24] Speaker 2: I know it's probably a very difficult call to make
[9:27] Speaker 2: right now, given the fact that both economies are very
[9:30] Speaker 2: much exposed to imported oil. Is there a case to
[9:34] Speaker 2: be made that you need to take a look at
[9:36] Speaker 2: China or India in this environment?
[9:39] Speaker 3: So I believe there's a broader case for both China
[9:42] Speaker 3: and India. India really was poised for a good recovery
[9:46] Speaker 3: this year. The fact that India is negotiating on its
[9:49] Speaker 3: own about oil shipments, and in fact, some shipments from
[9:53] Speaker 3: Saudi Arabia to India have already made it through. I
[9:57] Speaker 3: think both China and India will somewhat insulate themselves, and
[10:02] Speaker 3: I think investors can gradually trend in to increase India
[10:07] Speaker 3: and China exposure. And then, as I said, I think
[10:10] Speaker 3: Brazil is a very attractive market because they're energy independent
[10:14] Speaker 3: and they're really on a different cycle. They're only going
[10:17] Speaker 3: to begin to lower interest rates in the next month
[10:21] Speaker 3: or two, so I think it adds further. That is
[10:24] Speaker 3: three of the five bricks, and those are the ones
[10:28] Speaker 3: that I would certainly put a little more money to
[10:31] Speaker 3: work in.
[10:32] Speaker 2: So I know your firm market vector indexes typically doesn't
[10:36] Speaker 2: address cash positions right now, that's not really the focus
[10:40] Speaker 2: of your firm's practice. But if you had to advise
[10:43] Speaker 2: right now based on the likelihood of a pullback, let's
[10:46] Speaker 2: say in the equity market, do you want to gather
[10:48] Speaker 2: a little bit of dry powder at this point and
[10:51] Speaker 2: resist the temptation to try to find a bottom or
[10:54] Speaker 2: to buy the dip.
[10:56] Speaker 3: So I think if an investor's heavily heavily overweighted US,
[11:01] Speaker 3: it's not too late to reduce exposure. I wouldn't necessarily
[11:05] Speaker 3: allocate it all to cash. I think commodity equities, so
[11:10] Speaker 3: companies that make money from commodities across all the spectrum
[11:15] Speaker 3: could be a very good place to diversify. They're going
[11:18] Speaker 3: to benefit from some of the trends we're seeing. Also,
[11:24] Speaker 3: not to plug your indexes, but the Bloomberg Commodity Index
[11:27] Speaker 3: and the ETFF tracket have also performed very well in
[11:31] Speaker 3: the last few weeks. It's another area for diversification.
[11:34] Speaker 2: Isn't there the risk though, that those are crowded trades
[11:37] Speaker 2: at this point.
[11:39] Speaker 3: Not the broad commodity index. I think it has exposure
[11:45] Speaker 3: to energy, of course, and precious metals, but it also
[11:48] Speaker 3: has grains and industrial metals. I think it's pretty diversified.
[11:53] Speaker 3: I think the gold mining trade and silver mining got
[11:56] Speaker 3: a little crowded. We've seen a correction. Do you think
[12:00] Speaker 3: that's also an area that people can ouncate to.
[12:02] Speaker 2: Stephen will leave it there, Thank you so very much.
[12:05] Speaker 2: Stephen Schoenfeld is the CEO of Market Vector Indexes, joining
[12:09] Speaker 2: us here on the Dave Break Asia podcast. Welcome back
[12:19] Speaker 2: to the Dabreak Asia Podcast. I'm Doug Krisner. It's a
[12:22] Speaker 2: major week for central bank decisions. We'll hear from the FED,
[12:26] Speaker 2: along with the Bank of Canada, the European Central Bank,
[12:30] Speaker 2: Bank of England, and the Bank of Japan. They are
[12:32] Speaker 2: all seen as being on hold. We'll also hear from
[12:35] Speaker 2: the Reserve Bank of Australia and the RBA is seen
[12:39] Speaker 2: as raising its benchmark interest rate. Obviously, the big unknown
[12:43] Speaker 2: is the economic impact of war with Iran, and that's
[12:46] Speaker 2: where we begin our conversation with Diana Mussina. Deanna is
[12:50] Speaker 2: deputy chief economist at AMP. She spoke with Bloomberg TV
[12:55] Speaker 2: host Heidi Stroudwatts and Sherry on it feels.
[12:58] Speaker 4: Like an historically difficult time to be a central banker
[13:01] Speaker 4: at the moment.
[13:02] Speaker 5: I mean, I wouldn't want to be in their shoes
[13:03] Speaker 5: right now, because the goals of inflation and keeping growth
[13:08] Speaker 5: are sort of at odds with one another. I think
[13:12] Speaker 5: the RBA is really the only central bank in our region,
[13:15] Speaker 5: not really the only major central bank around the world
[13:17] Speaker 5: that's even considering the prospect of hiking race besides the
[13:21] Speaker 5: Bank of Japan, of course, and that's really because we
[13:27] Speaker 5: are an outlier in the inflation story. Besides what's going
[13:31] Speaker 5: on with oil markets, we have a lot of domestic
[13:34] Speaker 5: services inflation. And I think the RBA is also less
[13:37] Speaker 5: tolerant to hire core inflation compared to some of the
[13:40] Speaker 5: other central banks around US.
[13:42] Speaker 4: Do you think in these uncertain times that they should hold?
[13:47] Speaker 5: I mean, my personal view is that they should hold.
[13:49] Speaker 5: And this was a difficult decision when we were thinking
[13:51] Speaker 5: about what was going to happen tomorrow. Would the RBA
[13:54] Speaker 5: hold or would they hike? And our view at AMPS
[13:57] Speaker 5: that we think that they should be holding because it's
[14:01] Speaker 5: just too uncertain when things are going to slow down.
[14:05] Speaker 5: The war would end this week and oil prices could
[14:08] Speaker 5: moderate again. I mean they probably will take a while
[14:11] Speaker 5: to moderate back to their pre Iran levels. But there's
[14:17] Speaker 5: the hit to consumer spending and to business spending from
[14:21] Speaker 5: high oil prices. Is sort of the negative growth implication
[14:24] Speaker 5: that we could have from high oil prices. It's not
[14:28] Speaker 5: just that inflation impact. I think we're more cognizant of
[14:30] Speaker 5: the secondary hit to growth that could occur. So in
[14:33] Speaker 5: those times, our view is that's probably better to wait.
[14:36] Speaker 5: But given the RBA is quite concerned with already elevated
[14:39] Speaker 5: inflation Australia, they probably will will look to hike.
[14:43] Speaker 4: I think that point is an interesting one that you say,
[14:46] Speaker 4: if the Energy Secretary is right, this war finishes in
[14:50] Speaker 4: a matter of weeks, we know kind of the pass
[14:52] Speaker 4: through to oil process will take X amount of time
[14:54] Speaker 4: to dissipate. Do you think there could be more of
[14:57] Speaker 4: a permanent or a longer term shocked or confidence because
[14:59] Speaker 4: I'm sure there are households and businesses out there that
[15:02] Speaker 4: are thinking, we didn't you know that this war wasn't
[15:05] Speaker 4: on the being card. What else could happen, we're not
[15:08] Speaker 4: going to be as risk taking as we were previously.
[15:11] Speaker 5: Well, it sort of felt like that for a while,
[15:13] Speaker 5: it really hasn't. I mean, we've had so much policy
[15:15] Speaker 5: uncertainty in the past twelve months to get what came before.
[15:19] Speaker 5: That's right, And I mean consumers are quite short term focus.
[15:22] Speaker 5: When we look at inflation expectations, consumers basically expect inflation
[15:26] Speaker 5: to be whatever it was, and petrol is actually a
[15:28] Speaker 5: key driver of inflation expectations. So consumers generally are a
[15:32] Speaker 5: bit shorter lived. I guess in that process of thinking
[15:34] Speaker 5: about what's ahead. Businesses, yes, it might it might take
[15:37] Speaker 5: a bit longer for them to become a bit more
[15:39] Speaker 5: confident again. But again, the macro environment is just changing
[15:43] Speaker 5: so quickly. I mean a few months ago we were
[15:45] Speaker 5: talking about the impact of tariffs, and then the Supreme
[15:48] Speaker 5: Court decision around tariffs in the US, and now we're
[15:51] Speaker 5: talking about a war. So what could happen next? Is
[15:53] Speaker 5: just when we look at things like trade policy, uncertainty
[15:56] Speaker 5: around the world is actually around a record high, and
[15:59] Speaker 5: that is fundamentally due to the politics and the policies
[16:01] Speaker 5: that are coming out of the different of the different
[16:04] Speaker 5: governments around the world and in particular the US.
[16:09] Speaker 1: In the US, you guys were talking about the gas prices,
[16:12] Speaker 1: retail gas prices averaging at the highest level in more
[16:14] Speaker 1: than two years. When you have a midterm election coming
[16:17] Speaker 1: up in November. How does this change sort of the
[16:21] Speaker 1: retrajectory and the views on inflation expectations for the Federal
[16:23] Speaker 1: Reserve And what are the implications then of those change
[16:26] Speaker 1: expectations for central banks across Asia.
[16:31] Speaker 5: Well, we know that Trump in the administration is very
[16:34] Speaker 5: cognizant of the housing affordability store in the US and
[16:38] Speaker 5: just the general cost of living affordability story. So I
[16:42] Speaker 5: think from that point of view, that's a major constraint
[16:45] Speaker 5: on the war in the Middle East, that they have
[16:47] Speaker 5: to reduce the cost of living pressures for consumers, and
[16:51] Speaker 5: that's likely that is one of the main reasons why
[16:54] Speaker 5: the war probably will not be prolonged for the rest
[16:56] Speaker 5: of this year, because they do have the midterms coming up.
[17:00] Speaker 5: I think for the FED, they're probably more comfortable with
[17:04] Speaker 5: holding rates steady for a bit longer compared to a
[17:07] Speaker 5: bank like the Reserve Bank, because growth is holding up
[17:11] Speaker 5: a k In the US, it's sort of been mixed lately.
[17:14] Speaker 5: Inflation is at an okay level too, you know, they're
[17:17] Speaker 5: sort of obviously higher than the target, but it's not
[17:21] Speaker 5: at a runaway level or a problematic level like the
[17:23] Speaker 5: RBA would see it here. So, I mean, the FED
[17:27] Speaker 5: is being put in a difficult place right now because
[17:29] Speaker 5: inflation is going to increase in the short term, but
[17:32] Speaker 5: there's probably no real need right now to cut interest
[17:36] Speaker 5: rates at a very quick level. In the US.
[17:41] Speaker 1: We're seeing sort of a similar feeling across the world
[17:44] Speaker 1: with major central banks. Traders thinking that major central banks
[17:49] Speaker 1: will actually delay any rate cuts and perhaps being a
[17:52] Speaker 1: little bit more hawkishly given those inflation expectations. One of
[17:56] Speaker 1: the implications for banks like the Bank of Japan because
[17:59] Speaker 1: that also it's more pressure on the Japanese yen.
[18:04] Speaker 5: Yeah, I mean, all the central banks are sort of
[18:07] Speaker 5: going through the same thought process, I suppose. I mean, again,
[18:12] Speaker 5: for Japan, the focus will probably be more on the
[18:16] Speaker 5: fiscal side in the short term rather than on the
[18:19] Speaker 5: monetary side. My personal bias is that at a time
[18:23] Speaker 5: when inflation's rising mostly or mostly due to supply issues
[18:29] Speaker 5: because of higher oil prices and the impact that that
[18:32] Speaker 5: has going through the supply chain. It doesn't really make
[18:35] Speaker 5: sense to be raising interest rates when the impact of
[18:40] Speaker 5: that is really on the demand side. So I think
[18:43] Speaker 5: that's probably just means that most central banks will probably
[18:47] Speaker 5: want to wait and see what happens in the next
[18:49] Speaker 5: month or two, because we keep on getting headlines from
[18:51] Speaker 5: the US that this is not going to be a
[18:52] Speaker 5: prolonged war, that they want this to end soon, and
[18:55] Speaker 5: clearly they're trying to find ways to reduce oil prices
[18:58] Speaker 5: right now, through through trying to open up the straight
[19:03] Speaker 5: of Haull moves, for example. So I think most central
[19:06] Speaker 5: banks will probably try and look through some of the
[19:08] Speaker 5: supply is shoes right now and hold policy unchanged.
[19:11] Speaker 2: That was Diana Mussina, Deputy Chief economist at AMP, speaking
[19:15] Speaker 2: with Bloomberg TV host Heidi Stroudwatts and Sherry On bringing
[19:19] Speaker 2: you their conversation here on the Daybreak Asia Podcast. Thanks
[19:24] Speaker 2: for listening to today's episode of the Bloomberg Daybreak Asia
[19:27] Speaker 2: Edition podcast. Each weekday, we look at the story shaping markets, finance,
[19:32] Speaker 2: and geopolitics in the Asia Pacific. You can find us
[19:35] Speaker 2: on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere
[19:40] Speaker 2: else you listen. Join us again tomorrow for insight on
[19:43] Speaker 2: the market moves from Hong Kong to Singapore and Australia.
[19:47] Speaker 2: I'm Doug Prisner, and this is Bloomberg

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