# Asia Markets React to China's Moonshot AI, ASEAN Foreign Ministers Meeting

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 21 Jul 2026, 21 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/58e85be7-dbb5-4043-afed-af80014dc0b3/7ebb8fca-de97-479e-9dfa-b48e002090e7/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Business and finance news from the Asia-Pacific. The hottest name in China's domestic AI industry is Moonshot. The company's AI model -- known as Kimi K3 -- was released last Friday. It shows China is closing the gap on OpenAI and Anthropic more rapidly than anticipated -- even with limited access to the most advanced processors from Nvidia. We speak about the market reaction with David Savage, Bloomberg's MLIV Strategist. And -- Top diplomats from across South East Asia are gathering at the ASEAN Foreign Ministers' Meetings. US Secretary of State Marco Rubio will attend along with Chinese Foreign Minister Wang Yi. There is a lot of topics in focus, including Myanmar's future, the situation in the Middle East, China and Philippines bilateral relations. Bloomberg TV Host Avril Hong spoke to Bec Strating, Director of La Trobe Centre for Global Security. See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Welcome to the Daybreak
[0:11] Speaker 1: Asia podcast. I'm Doug Krisner. The hottest name right now
[0:15] Speaker 1: in the Chinese domestic AI industry is moonshot. His company's
[0:20] Speaker 1: AI model, known as Kimmy K three, was released just
[0:23] Speaker 1: last Friday, and it's a great illustration in how China
[0:27] Speaker 1: is closing the gap with companies American companies like Open
[0:31] Speaker 1: Ai and Anthropic more rapidly than anticipated, even with limited
[0:36] Speaker 1: access to the most advanced processors from Nvidia. For a
[0:40] Speaker 1: closer look, I'm joined now by Bloomberg strategist David Savage.
[0:43] Speaker 1: David joins from our studios in Hong Kong. Thank you
[0:46] Speaker 1: for being here. Can you give me your take on
[0:48] Speaker 1: how markets in the APAC are reacting to this news
[0:51] Speaker 1: on Kimmy K three.
[0:54] Speaker 2: What's interesting for me is the idea that we'd seen
[0:58] Speaker 2: a lot more fragility, a lot more ofvolatility in the
[1:01] Speaker 2: AI trade, particularly in Asia, really starting you know, a
[1:04] Speaker 2: few weeks back late June, and so I think the
[1:10] Speaker 2: question is, is you know, was that volatility was this?
[1:14] Speaker 2: You know, at this point, the cost be's off about
[1:16] Speaker 2: twenty five percent from its peak from late June. Is
[1:21] Speaker 2: that a correction that's been made a lot uglier and
[1:24] Speaker 2: a lot more difficult because of the the elevated volatility,
[1:30] Speaker 2: but also the embedded leverage in this market, or was
[1:35] Speaker 2: it price action that was front running, you know, a
[1:38] Speaker 2: fundamental catalyst that wasn't obvious because we saw ASML earnings
[1:42] Speaker 2: came in very strong, Samsung preliminary earnings came in very strong,
[1:46] Speaker 2: TSMC earnings all came in really strong, and the market
[1:50] Speaker 2: continued to slide. And so that's I think what the
[1:54] Speaker 2: market's wrestling with, right, Is this fundamental catalyst yet to appear,
[1:59] Speaker 2: or is it this Kimi K three model, which shows
[2:01] Speaker 2: for the first time we have an open source model
[2:03] Speaker 2: from China that isn't just competing on price, but was outperforming,
[2:08] Speaker 2: you know, by some benchmarks, some of the closed frontier
[2:12] Speaker 2: models in the US.
[2:13] Speaker 1: So from what I've read on Bloomberg, this Kimmy K
[2:16] Speaker 1: three requires far more memory capacity than earlier generations of
[2:21] Speaker 1: any AI model that has been produced in China. And
[2:25] Speaker 1: you would assume when you hear something like that that
[2:28] Speaker 1: demand for areas of memory within the semiconductor market areas
[2:33] Speaker 1: dominated by both s k Heinez and Samsung will continue
[2:37] Speaker 1: to remain fairly robust. But I think what the market
[2:40] Speaker 1: seems to be struggling with at the same time that
[2:42] Speaker 1: you've got the news on Moonshot is the fact that
[2:45] Speaker 1: China has been also developing memory products, right.
[2:50] Speaker 2: Yeah, so there's one of the largest memory chip makers
[2:54] Speaker 2: from China is looking to IPO soon. And you know, again,
[2:59] Speaker 2: I think I think some of the concerns around the
[3:03] Speaker 2: model launches that uh, you know, does it allow some
[3:07] Speaker 2: of the hardware plays in China to start to undercut
[3:12] Speaker 2: and and cut into the not just the margins, but
[3:15] Speaker 2: the market share that that currently Samsung, Micron and s
[3:19] Speaker 2: Khnix hold. I think it's all very much in flux.
[3:25] Speaker 2: But I think it's the first sort of tangible evidence
[3:30] Speaker 2: we have that there might be a fundamental catalyst that
[3:32] Speaker 2: could be driving some of this pullback rather than simply
[3:37] Speaker 2: the product of you know, an unwind that's certainly hit
[3:41] Speaker 2: some of these leverage gtfs, which has been you know,
[3:44] Speaker 2: really driving some of the momentum on the downside in
[3:48] Speaker 2: the last couple of weeks. Uh, and and some of
[3:50] Speaker 2: the margin boring that we saw on the retail side
[3:53] Speaker 2: as well.
[3:53] Speaker 3: Well.
[3:54] Speaker 1: I'm glad you brought up the leverage issue, because I
[3:56] Speaker 1: think that authorities in South Korea have really been a
[3:58] Speaker 1: little bit more proactive about trying to get that under control.
[4:01] Speaker 1: Are they being successful in that attempt or is there
[4:05] Speaker 1: still a lot of inherent risk in some of these
[4:08] Speaker 1: various products.
[4:11] Speaker 2: I think at a colleague of ours at Bloomberg, Averrol said,
[4:16] Speaker 2: you know, the leverage GTF genie is out of the bottle.
[4:19] Speaker 2: I think that's a little bit of the case because
[4:22] Speaker 2: what they basically the authorities did was they said no
[4:24] Speaker 2: more additional UH temporarily, no more additional single stock leverage
[4:29] Speaker 2: DTF listings in Korea UH, and they OpEd the investor minimums.
[4:35] Speaker 2: As I understand it, those changes don't come into effect
[4:39] Speaker 2: for a couple of weeks. So that's that's one component.
[4:42] Speaker 2: But the other component is that, you know, a huge
[4:43] Speaker 2: amount of the leverage GTFS assets actually don't even sit
[4:47] Speaker 2: in the South Korean UH domestically listed ETFs. They sit
[4:52] Speaker 2: in Hong Kong listed ETFs or US listed dtfs. So
[4:56] Speaker 2: really what they're concerned about, one of course, is trying
[4:59] Speaker 2: to protect some of these retail investors, but also the
[5:02] Speaker 2: downstream impact on the market and market structure, and that
[5:06] Speaker 2: I think is going to be more difficult for them
[5:07] Speaker 2: to control because we still see implied volatility at really
[5:11] Speaker 2: really elevated levels, and that's what's driving some of the
[5:14] Speaker 2: really violent price action we've seen in Samsung Skhihnex and
[5:17] Speaker 2: therefore the overall market.
[5:20] Speaker 1: So let's move beyond South Korea talk a little bit
[5:22] Speaker 1: about Japan because markets there are back online after a
[5:25] Speaker 1: three day weekend. In what we're seeing today appears to
[5:29] Speaker 1: be a bit of positivity, maybe some recovery, and I'm
[5:31] Speaker 1: wondering whether or not it's all tech related. What's the
[5:34] Speaker 1: story in Japan right now? And so far as the
[5:37] Speaker 1: equity market is concerned.
[5:39] Speaker 2: Japan is really interesting because one it is we've had
[5:44] Speaker 2: this start of sort of a rotation, equity rotation to
[5:47] Speaker 2: more defensive factors. In the US, I think the S
[5:51] Speaker 2: and P five hundred is only off two or three
[5:53] Speaker 2: percent from its all time high, even though you've had
[5:57] Speaker 2: real correction in semiconductor space. Japan's topics index, for instance,
[6:05] Speaker 2: is more diversified than the likes of Taiwan or South
[6:08] Speaker 2: Korea's main benchmark. Uh so that should help you know
[6:11] Speaker 2: at an index level, But in terms of you know,
[6:14] Speaker 2: the tech space.
[6:16] Speaker 3: Uh.
[6:16] Speaker 2: You know, Japan really benefited from the AI trade that
[6:19] Speaker 2: really started to broaden out beyond the familiar players of
[6:22] Speaker 2: t s MC, Samsung and as Kahnix. You know, we
[6:25] Speaker 2: started to see you know, really strong returns in specialty
[6:30] Speaker 2: chemical makers and uh, chip making, chip packaging companies MLCCs
[6:37] Speaker 2: uh so some of these names that Japan you know,
[6:39] Speaker 2: really was kind of throughout the AI supply chain. Uh.
[6:43] Speaker 2: And on Friday, we certainly saw you know, really just
[6:47] Speaker 2: selling across the board. So I think what was somewhat
[6:51] Speaker 2: concerning was Japan markets were closed on Monday. Taiwan opened,
[6:56] Speaker 2: it had a somewhat of a you know, some modest gains,
[6:59] Speaker 2: but closed lower even though TSMC was up about one
[7:03] Speaker 2: and a half percent, And so that showed that there
[7:04] Speaker 2: was still selling really across the AI supply chain. So
[7:07] Speaker 2: I think investors traders are definitely still trying to digest
[7:11] Speaker 2: what does these developments out of these AI developments out
[7:16] Speaker 2: of China actually mean. And you know, I think at
[7:19] Speaker 2: this point there's still you know, some selling and profit taking,
[7:23] Speaker 2: you know, until we get better clarity on that.
[7:25] Speaker 1: So when it comes to the advancements in AI, whether
[7:27] Speaker 1: we're talking China or the US, I think we can
[7:30] Speaker 1: agree that the rate of change has been accelerating quite
[7:34] Speaker 1: a bit. And when considering various investment opportunities, talk to
[7:39] Speaker 1: me about where the risks lie, and whether we're talking
[7:43] Speaker 1: South Korea or Japan, what is the result of this
[7:47] Speaker 1: highly dynamic AI landscape.
[7:50] Speaker 2: You know, to come back to Japan in a second,
[7:53] Speaker 2: but just I mean South Korea. You've just had over
[7:55] Speaker 2: the last couple of weeks leading into you know, this,
[7:59] Speaker 2: this pretty dramatic pullback. You had all of these, you know,
[8:02] Speaker 2: multi billion dollar announcements from likes of Samsung, s Khaynix
[8:07] Speaker 2: about expanding memory capacity on the back of what's been
[8:13] Speaker 2: clearly a shortage in the market. And as you say, right,
[8:17] Speaker 2: you now have Kimmy K three at least on the surface,
[8:20] Speaker 2: seemingly you know, you know, achieving uh you know, frontier
[8:26] Speaker 2: model performance on the back of a lot of software innovation.
[8:31] Speaker 2: And so the question, yeah, as you say, comes back to,
[8:34] Speaker 2: you know, how can you make these you know, very
[8:37] Speaker 2: large investments, multi year investments when the pace of change, uh,
[8:43] Speaker 2: you know continues to accelerate. Uh, you know, it's very difficult,
[8:47] Speaker 2: particularly in North Asia, Taiwan, Japan, and South Korea because
[8:52] Speaker 2: they really sit at the nexus of of sort of
[8:54] Speaker 2: the hardware UH play in the AI supply chain. So
[8:59] Speaker 2: it's definitely a challenge, and we've seen it particularly in
[9:01] Speaker 2: Japan because again sort of those more downstream, more cyclical
[9:06] Speaker 2: names that benefited from the build out. You know, I
[9:10] Speaker 2: think there's a lot of profit taking there until, as
[9:14] Speaker 2: you say, we get better clarity on you know, what
[9:16] Speaker 2: does that pace of change look like.
[9:18] Speaker 1: I want to be fair and widen the lens, so
[9:20] Speaker 1: to speak, and look beyond Moonshot and consider some of
[9:23] Speaker 1: the other AI players in China, especially a company like
[9:27] Speaker 1: Ali Baba. I think it is releasing a preview of
[9:31] Speaker 1: its flagship model Quinn three point eight Max.
[9:34] Speaker 2: Right, that's right. And interestingly, Ali Baba actually has a
[9:38] Speaker 2: big stake in Moonshot, so it's it's sort of it's
[9:43] Speaker 2: certainly a big player on both of those names. And
[9:46] Speaker 2: then I think the market's already starting to look forward
[9:49] Speaker 2: to we are supposed to very shortly get the next
[9:53] Speaker 2: release of Deep Seeks Model, so and again kind of
[9:58] Speaker 2: missed in all the noises we had, you know, another
[10:00] Speaker 2: launch from Grock a model there so you had several
[10:06] Speaker 2: you know, according to you know, some of the benchmark
[10:11] Speaker 2: indices that you did start, you saw several additions to
[10:14] Speaker 2: sort of the frontier model space in just you know,
[10:18] Speaker 2: a couple of weeks. So, as you say, the pace
[10:20] Speaker 2: of change is pretty remarkable, and certainly, you know that
[10:24] Speaker 2: sort of six to eight month gap between the US
[10:27] Speaker 2: and China, your frontier models seems to be you know,
[10:31] Speaker 2: no longer that that that long, if there's a gap
[10:34] Speaker 2: at all.
[10:35] Speaker 1: So you were talking about the rotation earlier as it
[10:38] Speaker 1: related to the Japanese market, I'm wondering whether or not
[10:42] Speaker 1: you're seeing a similar rotation. Maybe it's more about repatriation
[10:46] Speaker 1: out of US markets and into markets in Asia. Is
[10:50] Speaker 1: that is there any evidence of that?
[10:53] Speaker 2: I think actually a big challenge that Asia has faced,
[10:57] Speaker 2: in particular Taiwan in South Korea, as we've seen actually
[11:00] Speaker 2: a lot of net foreign selling of shares here, and
[11:05] Speaker 2: I think that's where retail got really really stretched and
[11:09] Speaker 2: positionings started to get very stretched. Because what you've seen
[11:13] Speaker 2: here to date is you know, coming into this week,
[11:15] Speaker 2: you had over one hundred billion dollars net selling of
[11:18] Speaker 2: South Korean equities US dollar one hundred billion, and a
[11:23] Speaker 2: lot of that was concentrated in Samsung and Skehihnix, And
[11:26] Speaker 2: naturally it's because these stocks have gone so far so fast,
[11:30] Speaker 2: you run up against single stock constraints, portfolio constraints, even
[11:34] Speaker 2: index you know, ETFs, you'll run into some of these constraints,
[11:38] Speaker 2: and so you get some profit taking, you get some
[11:41] Speaker 2: trimming of those positions, and retail in Asia really stepped
[11:45] Speaker 2: into the void, and so that really I think caused
[11:48] Speaker 2: some some you know issues in Asia. Japan a little
[11:52] Speaker 2: bit less. So we've had some net buying there, but
[11:56] Speaker 2: I think it's actually been been the reverse where it's
[11:58] Speaker 2: actually put on you know, additional selling pressure.
[12:01] Speaker 1: All right, David, we'll leave it there. Thank you so
[12:03] Speaker 1: very much. Bloomberg's strategist David Savage, joining from our studios
[12:07] Speaker 1: in Hong Kong here on the Daybreak Asia podcast. Welcome
[12:18] Speaker 1: back to the Debreak Asia podcast. I'm Doug Chrisner. Top
[12:21] Speaker 1: diplomats from across Southeast Asia are gathering at the Assion
[12:25] Speaker 1: Foreign Ministers meeting. US Secretary of State Marco Rubio will attend,
[12:29] Speaker 1: so will Chinese Foreign Minister Wang Yi, and that's where
[12:33] Speaker 1: we begin our conversation with Beck Stradding. Beck is the
[12:36] Speaker 1: director of the Latrobe Center for Global Security. She spoke
[12:40] Speaker 1: with Bloomberg TV host Avril Hong.
[12:43] Speaker 4: We see, you know, the ASION meeting as a sort
[12:46] Speaker 4: of platform sometimes for the US and China to either
[12:51] Speaker 4: underscore their commitment to the region or cement their influence here.
[12:56] Speaker 4: What is top of mind for you on what will
[12:58] Speaker 4: be discussed by these OIGN ministers.
[13:03] Speaker 3: Yeah, this is a very interesting and important time to
[13:06] Speaker 3: be holding the Asian Foreign Ministers meeting. And I think
[13:09] Speaker 3: the way that you framed that, I mean, part of
[13:12] Speaker 3: Asian's regional role and part of the norms of Asian
[13:16] Speaker 3: centrality is that it can it has this sort of
[13:19] Speaker 3: convening power to bring together senior leaders to discuss these
[13:25] Speaker 3: very significant geopolitical issues that are going on. And so
[13:28] Speaker 3: I think front of mind for the week in Manila
[13:33] Speaker 3: will be, of course, the regional issues, the South China
[13:36] Speaker 3: Sea tensions that were just reported on earlier will be
[13:40] Speaker 3: top of mind. Of course, it was only last week
[13:43] Speaker 3: that the Philippines celebrated the tenth anniversary of the South
[13:47] Speaker 3: China Sea Arbitral Tribunal ruling, which largely found in its favor.
[13:53] Speaker 3: There's also ongoing regional tensions. There's the crisis in Myanmar,
[13:57] Speaker 3: there's tensions between Cambodia and Highland. But then there are
[14:02] Speaker 3: also these global issues that have significant impacts on Southeast Asia,
[14:07] Speaker 3: and in particular the conflict in Iran and its spillover
[14:11] Speaker 3: effects in the Strait of Hamuz have had serious implications
[14:15] Speaker 3: for energy security for Southeast Asian countries.
[14:21] Speaker 4: Youre is the issue of the tensions between China and
[14:24] Speaker 4: the Philippines. We're increasingly seeing these clashes between either side
[14:30] Speaker 4: in the South China Seed. To what extent do you
[14:32] Speaker 4: think this perhaps undercuts the rule that China wants to
[14:36] Speaker 4: clear in the region, perhaps as an anger for stability.
[14:44] Speaker 3: Yeah, I think that's a really important question. You see
[14:47] Speaker 3: China using sort of strategic narratives about it being a
[14:51] Speaker 3: responsible party in the region and you know, talking about
[14:56] Speaker 3: peace and stability, But at the same time, are these
[15:00] Speaker 3: very assertive actions, hostile actions that it is taking against
[15:05] Speaker 3: other claimant states in the South China Sea that do
[15:09] Speaker 3: undercut that message. But the other issue here, of course,
[15:13] Speaker 3: is in the context of US China strategic competition, is
[15:18] Speaker 3: that there's a big question mark about what the US's
[15:21] Speaker 3: intentions are in the region, whether it even has an
[15:25] Speaker 3: Asia strategy, whether it is resolved and committed to be
[15:29] Speaker 3: an important partner for Southeast Asian countries, and so those
[15:33] Speaker 3: sorts of question marks about the United States can also
[15:37] Speaker 3: have the effect of allowing China to present itself as
[15:41] Speaker 3: a more reliable regional partner.
[15:46] Speaker 4: You talk about some of the commitments that perhaps Southeast
[15:51] Speaker 4: Asian leaders are hoping to hear from the US. This
[15:55] Speaker 4: is coming at the time where we are watching an
[15:59] Speaker 4: anticipation for this highly into Swede at Trumpsy needing to come.
[16:04] Speaker 4: What is your sense of the stability and relations between
[16:08] Speaker 4: the US and China and how important that is for
[16:11] Speaker 4: this region.
[16:14] Speaker 3: Yeah, I mean, I think it's incredibly important, not just
[16:17] Speaker 3: for this region but globally. Trying to understand what the
[16:22] Speaker 3: temperature of the relationship between the United States and China
[16:25] Speaker 3: is at the moment. I think part of the problem
[16:27] Speaker 3: is actually just with analyzing US approach to foreign and
[16:32] Speaker 3: defense policy is quite difficult. You have Marco Rubio, who
[16:36] Speaker 3: will be attending the meetings this week in Manila, I
[16:39] Speaker 3: think talking very much more consistently on things like having
[16:44] Speaker 3: an Indo Pacific strategy and alliances and partners in the
[16:48] Speaker 3: region being really important to that. But then at the
[16:51] Speaker 3: same time you have the Secretary of War Pete Hegseth
[16:54] Speaker 3: talking in terms of not of the Indo Pacific, but
[16:57] Speaker 3: in terms of the Pacific at the Shangri La dialogue
[17:01] Speaker 3: not so long ago. And pay Com is now back renamed.
[17:05] Speaker 3: It's not Indo pay Coom anymore, it's Paycom. So there's
[17:09] Speaker 3: all of these sorts of different signals that are being
[17:11] Speaker 3: sent out of Washington. That makes it really difficult, I think,
[17:14] Speaker 3: to assess the trajectory of the US China relationship.
[17:22] Speaker 4: Talk to us as well about the specter of the
[17:26] Speaker 4: impact from the Iran war and how that will figure
[17:30] Speaker 4: into conversations you think here, Yeah, I think.
[17:34] Speaker 3: This is significant. I mean, you have countries in Southeast
[17:38] Speaker 3: Asia that are seriously affected by an energy security crisis.
[17:44] Speaker 3: You know, just the cost of fuel on the ground
[17:46] Speaker 3: for people creates issues for how people can live their livelihoods,
[17:52] Speaker 3: but also political issues for governments. So we can't really
[17:57] Speaker 3: talk about these issues as sort of isolated in regions anymore.
[18:01] Speaker 3: They are they have these consequences. They might be far away.
[18:05] Speaker 3: In the Middle East, the Strait of Musa is a
[18:08] Speaker 3: really important strategic chokepoint for the transit of crucial supplies,
[18:16] Speaker 3: particularly in energy to not just Southeast Asia, but Asia
[18:20] Speaker 3: more generally. So I think this is going to be
[18:23] Speaker 3: a significant topic of conversation, and I would expect that
[18:27] Speaker 3: regional countries are concerned by the fact that the conflict
[18:32] Speaker 3: in Iran seems to be escalating rather than de escalating,
[18:37] Speaker 3: and this presents long term challenges for supply chains and
[18:41] Speaker 3: resilience in the region.
[18:45] Speaker 4: This is also all coming at the time where you know,
[18:49] Speaker 4: countries in the indoor Pacific have been a bit rattled
[18:51] Speaker 4: by China's firing of an ICBM, you know, nuclear enabled
[18:57] Speaker 4: or capable weapon. How do you think that shifts or
[19:02] Speaker 4: de stabilizer things.
[19:06] Speaker 3: Yeah, I mean that that is another example of where
[19:10] Speaker 3: you know, you have China talking in one way, talking
[19:14] Speaker 3: about Asia as a region of peace, but then doing
[19:18] Speaker 3: things that sort of counteract what they're talking about by
[19:23] Speaker 3: testing ballistic missiles. You know, these are flying over the
[19:28] Speaker 3: South China Sea into the Pacific and raising real concerns
[19:33] Speaker 3: not just for Southeast Asian countries, but for countries in
[19:36] Speaker 3: the Pacific as well. I mean it's hard not I
[19:39] Speaker 3: think for analysts and for policymakers in these countries to
[19:44] Speaker 3: question what China's intentions are. Are these tests symbolic? Is
[19:50] Speaker 3: this China trying to say to other countries in the
[19:53] Speaker 3: region that we are expanding our military reach and our capabilities.
[19:59] Speaker 3: Is this or warning shot if you like? These are
[20:02] Speaker 3: really important questions. And so you have, as I said,
[20:06] Speaker 3: China saying one thing but doing another. And this creates
[20:10] Speaker 3: this environment of uncertainty, which is also not helped by
[20:14] Speaker 3: the fact that countries are uncertain about the United States
[20:18] Speaker 3: as well.
[20:18] Speaker 1: That was Beckstrading, director of the Latrobe Center for Global Security,
[20:22] Speaker 1: speaking with Bloomberg TV host April Hong, bringing you their
[20:26] Speaker 1: conversation here on the Daybreak Asia Podcast. Thanks for listening
[20:31] Speaker 1: to today's episode of the Bloomberg Daybreak Asia Edition podcast.
[20:36] Speaker 1: Each weekday, we look at the story shaping markets, finance,
[20:39] Speaker 1: and geopolitics in the Asia Pacific. You can find us
[20:42] Speaker 1: on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere
[20:46] Speaker 1: else you listen. Join us again tomorrow for insight on
[20:50] Speaker 1: the market moves from Hong Kong to Singapore and Australia.
[20:54] Speaker 1: I'm Doug Risner and this is Bloomberg four

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