[Music] Bloomberg audio Studios podcasts radio news this is Bloomberg Daybreak weekend our Global look at the top stories in the coming week from our Daybreak anchors all around the world straight ahead on the program a look ahead to the November jobs report here in the US how that may impact fed policy moving forward plus a look at where oil prices may be heading in an upcoming Trump Administration I'm Tom Busby in New York I'm Caroline HEPA here in London where we're shining a spotlight on Poland ahead of the country's presidential election in 2025 I'm Doug krisner looking at president-elect Trump's announcement of new tariffs on Chinese Goods that's all straight ahead on Bloomberg Daybreak weekend on Bloomberg 1130 New York Bloomberg 991 Washington DC Bloomberg 929 Boston dab Digital radio London Sirius XM 121 and around the world on Bloomberg radio. com and the Bloomberg business [Music] app good day to you I'm Tom Busby We Begin today's program with the November jobs report nonfarm payroll numbers out this coming Friday 8:30 a. m.
Wall Street time for more on what to expect and what that data could mean for the FED we're joined by Michael mcke Bloomberg International economics and policy correspondent well Michael let's begin with a look back back at October's dismal jobs report and the reasons behind that before we look at November well 12,000 uh jobs according to the Bureau of Labor Statistics during the month of November and that was largely influenced by uh what we saw uh in terms of uh the potential Port strike the Boeing strike and uh the Hurricanes that hit during the month and so largely dismissed by most people what we'll have to see is whether we get the rebound that one might expect and if so how strong that is because at the same time that we saw this extraordinarily low number we've been in the middle of a decline in the number of jobs created each month simply because the economy is sort of plateauing at this point strong growth but uh most of the job gains have been made but it is shaping up to be a very different number for job creation in November I mean we have had some good news some mixed news like jobless claims initial claims low But continuing claims a sign of long-term unemployment that's at a two-year high so a little Troublesome there yeah we'll have to watch that uh it isn't clear why that is it would suggest that people are having a harder time finding a job but that may also be hurricane related the people who initially filed claims have done so so we don't see the initial claims keep going up but the people who lost their jobs because their jobs sort of disappeared uh may have had a harder time finding jobs because so many jobs disappeared in those hurricane areas we're just going to have to wait and see now the unemployment rate still just 4. 1% you know you talked about strike settles and and that's good news but we've also had retailers gearing up for the big holidays right travel still strong coming into Thanksgiving consumer spending still up so there is good news pointing to November's numbers I was traveling at the beginning of the month and a a lot of people were traveling the a or beginning of the week uh last week and a lot of people traveling the airports and everything kind of crowded that just suggests that people still have money and they're still willing to go out and spend it on uh things that are not necessities and so if that's the case we're likely to see uh continued strength in growth and that will continue to uh in incent companies who need people to hire people the hard part is when you get to a point in the economy now is projecting what growth is going to be like and whether you're going to need more people it seems fairly obvious that we're going to need more help uh part-time help for the Christmas season and we're going to probably need more help in the Leisure and Hospitality space so at least those two areas are someplace we can look for some kind of gates so the big question is then what right now is Bloomberg expecting to see in the November numbers and what will it all mean when the FED meets again for the last time this year December 17th and 18th well the forecast is for around 200,000 which would be a significant Snapback and stronger than we had seen in previous months the uh general feeling is that the risk is even to the upside on that uh the question is does the data between now and Friday uh continue to support that the ism numbers we're going to get the claims numbers we're going to get it and the ADP numbers uh if those are also strong we'll maybe see that even revised up uh the biggest question is uh at this point what happens with Unemployment uh the forecast is for a 4. 2% rate up from 4.
1 the FED is watching that more closely because that isn't affected by the same things that the headline numbers are the strikes and the Hurricanes don't really impact that and so if that goes up uh then it pushes the FED to maybe stay on hold right now the general feeling is that the FED knows what's happening with inflation and they have a pretty good idea of what's happening with jobs and if that's confirmed by the payrolls report on Friday then uh they will probably go ahead and cut once more and then of course with the new Administration coming in all bets are off for 20125 yeah I'll say well also poell has said in the last couple of weeks that he's in no rush it's all as always data driven but he's in no rush to cut again right away so kind of playing it both ways or or is it really just data dependent it's data dependent but he is playing it both ways what he wants is the option not to have the markets price in a given H at the moment until the FED sees the data that they have to work with if the markets were to price in a cut and believe that they are to continue that and you get this whipsaw this volatility in the markets that the FED doesn't want to see they would prefer that everybody uh stays sort of half and half until all the data are in until they're ready to look at it and make a decision well the November jobs report from the Bureau of Labor Statistics out this coming Friday our thanks to Michael mcke Bloomberg International economics and policy correspondent we move next to the energy market and what plans from the incoming Trump Administration lower demand out of China and continued geopolitical tensions May mean for oil prices in the near term and in the year ahead it's a lot to consider and for more we're joined by Alex Longley Bloomberg oil trading reporter Alex thank you for joining us I want to start with you with where oil prices are right now well and it's it's a good question in the context of when people normally hear about oil prices right in the pandemic in 2020 the main thing you'd have heard if you're not a day-to-day follower of the oil Market is negative prices then in 2022 the next thing you hear is $140 a barrel you've gone from being paid to take oil to paying $140 a barrel the last few months have been a remarkably stable period in fact most of 2024 has been a remarkably stable period for oil prices we find ourselves now um sort of somewhere in the kind of 70 to 75 region and that's where oil prices have been trading pretty much since the middle of October um and if you exclude the period where we sort of heightened volatility with Iran firing missiles at Israel actually oil has been Trading kind of in the 70 to 75 or sort of 65 to 70 range depending on what Benchmark you look at um since pretty much the end of September that's a remarkably stable period for what is one of the most volatile commodity markets in the world and uh here in the US we are certainly reaping the benefits gasoline averaging 305 a gallon a year ago it was 326 a gallon so this stability is exactly what everyone here was hoping to see yes exactly I think we've already heard of sort of prior to the holiday period the department for transportation was expecting a record travel season I think one of the interesting things more broadly about demand is that in the oil Market it is generally surprised to the upside people have been consuming more oil than generally was expected to be the case now obviously so far this year global economic slowdown has hindered demand growth to a degree but the point is oil demand is still growing and as much as we um we invest in the energy transition the fact of the matter is in various part parts of the oil market demand is here to stay another thing that's hugely important when we look at the price of gasoline price at the pump particularly in the US but actually across the world is there's been a transformation in the number of plants that are converting crude into refined products and that includes gasoline and Diesel the the fuels that keep the world ticking along um and that 2022 period I mentioned before when prices were exceptionally High the world didn't have enough oil refineries really to produce the fuel it needed and that's why you saw crazy High gasoline prices crazy high Diesel and heating oil prices and what we've seen over the last 12 to 18 months is a series of giant new plants come online in other parts of the world and that means lower prices for everyone because there's more ability to produce gasoline in the global system and we've also seen more countries come back online like Libya uh uh you know Iran I know has had you know pretty much a back and forth there but also you know with with the OPEC plus countries you know they've increased production they've rolled back production so a lot of volatility there but bottom line there's no demand destruction we are flush with oil yes exactly and this comes against the backdrop of the OPEC OPEC plus countries already kind of having several months delayed their production increases that they were planning because they want to bring barrels back to the market for precisely the reasons you say lots of countries outside the grouping have been lifting their output that includes the US where production is at a were close to a record um but also a handful of others Canada Brazil Guyana and lots of these countries have been able to lift output because oil prices have been so relatively high for several years now that's incentivized uh higher volumes of production you referenced Iran that's another country where particularly under the Biden Administration we've seen a perhaps looser approach to the enforcement of sanctions and that's meant more Iranian oil flowing to the markets that's kept the markets well supplied you could make a similar argument about Venezuela over recent years as well that combination of um what we would call non OPEC Supply Supply from outside the groups that are the countries that have signed up to the output Cuts is partly what has helped depress prices relatively in recent years and then the final thing is within OPEC itself yes that producer group has been reducing output but not everyone has been at the same pace and there are a handful of cheaters within that producer Group which have been uh promising to return their cuts to where they should be but that sort of holistic picture is why there's so much Supply on global markets at the moment and O OPEC has another decision later uh in December right on whether to gradually increase output again yes exactly we're expecting that decision we'll see what comes of that they have already begun we've reported discussing another plan to extend sort of the delay to resuming Output increases um I think what the market has been looking for in advance of that decision has been any suggestion that those curbs will be delayed for several months and this comes back to A View From The International Energy agency which pretty much every everyone in the market is talking about which is that 2025 is going to be a story of lots of oil on the market and again that's not because demand growth is particularly slow but it's because Supply growth is so high again we come back to Brazil Guyana the US the Ia say lots of barrels are going to come onto the market and that's giving OPEC a slight headache I think the real question for next year is how big that over Supply will be okay well a lot to look forward to boy our thanks to Alex Longley Bloomberg oil trading reporter and coming up on Bloomberg Daybreak weekend will shine a spotlight on Poland ahead of that country's presidential election next year I'm Tom Busby and this is [Music] Bloomberg this is Bloomberg Daybreak weekend our Global look ahead at the top stories for investors in the coming week I'm Tom Busby in New York up later in our program we'll look at how Donald Trump is already making good on campaign vows to slap punishing tariffs on Goods coming into the us but first a closer look at Poland its thriving it sector has made it quote the new Silicon Valley of Eastern Europe but it's grappling with questions about its political future it's ruling party has chosen warsaw's mayor to run for president in next year's election an ally to prime minister Donald Tusk in his current legislative agenda and it comes as Poland prepares to take over the eu's rotating presidency so what lies ahead for more let's go to London and bring in Bloomberg Daybreak Europe anchor Caroline hepker Tom prime minister Donald Tusk has begun his government's bid to secure the Polish presidency in Earnest Rafa chowski is a former member of the European Parliament and has been mayor of Warsaw since 2018 he's won the approval of 75% of the Centrist Coalition the Civic platform to become the party's Presidential nominee beating out opponent foreign minister radislav Sikorski in the process now winning the presidency with responsibility for foreign affairs is crucially important for tusk's administration which has vowed to restore the rule of law and bring Poland back towards the European mainstream incumbent president Andre Duda is an ally of the former nationalist Law And Justice Administration and has clashed with Tusk in his first year in office this the law and Justice party have nominated Carol navrotski the president of the Institute of national remembrance ahead of the ballot which is expected in May next year current president duda's second and final term ends in August but he has cultivated close ties with president-elect Donald Trump and visited him in New York in April Trump's return to the White House raises many considerations for European leaders particularly when it comes to ongoing support for Ukraine in the conflict with Russia Poland a NATO member is a staunch backer of neighboring Ukraine so what lies ahead for Poland as the country seeks to determine its next political chapter and will the country's decision bring it closer or further away from an alliance with Trump's United States it's something I've been discussing with Bloomberg's Warsaw bureau chief pus kovski hi indeed so the role of the president in in Poland is very often or has been very often underestimated um it's generally believed it's just ceremonial but as we've seen over the past few years and especially since Donald Tusk and his party took over um after winning the election last year we've seen that the president plays a very important role he can veto legislation um he can appoint judges he also sits on or represents Poland in at NATO meetings with in relations with with the UN for example so what we've seen over the past year is that whenever Donald Tusk tried to introduce his legislative agenda which was basically to reverse some of the changes in the Judiciary that previous government has has um introduced um the current the current president who is very close to the opposition um wielded his veto power um and and that was the the issue where Donald tus could not really um introduce his legislative agenda and obviously he's now trying to get someone in place who could help him um win that case and that might be warsaw's mayor uh who himself um was a European politician previously in the EU How likely is it that Rafal chowski is going to win does the ruling party normally manage to retain the president prescy normally they they do uh obviously it all depends um um when when when the um when the uh the elections are scheduled but in this case um RAF chosi um is is already an experienced um campaigner um we have to remember that um few years ago he also he already ran for the president and he lost very marginally to the incumbent and Andre Duda the current president who comes from the Nationalist law and justice opposition um saskowski um is very experienced obviously um some say he may not be as experienced as necessary when it comes to um security policy defense policy or international relations we have to remember that he's a mayor of foro and he's been running the the the city for for a very long time now but at the same time he's also a previous um EU Minister um in t government in a previous one he also um is um used to be a lawmaker at the European Parliament so he definitely has a lot of experience um in this respect and and the poll showed that he is definitely in a PO position to um to actually make it this time around in terms of Donald Tusk and his policy agenda he wants to bring Poland closer to the European mainstream obviously the law and Justice um uh opposition would disagree with that what is what is the thrust of what Tusk wants to do so over the the last eight years when when the law and Justice was in power Poland was um in constant conflict with the EU the main um the main accusations that were leveled at Poland at that time was that it's try it's it's it's start we are seeing certain Democratic backsliding meaning there are changes in the in the Judiciary that are being introduced by the by the previous ruling party that um that sort of um remove certain checks and balances on on how the the the nation is or how the administration is run now tuska promised to to reverse those changes to make Poland again the place where where Ru of law is being um um respected um and obviously he needs the president to do that I mean the changes have have have gone so far under the previous administration that he really needs the president to sign off on on reversal of those changes there are also issues that he also promised these are for example changes in Poland's very strict abortion laws he also wants his government his Coalition that he an to make changes there and to to loosen up those laws and and the current president who is very conservative is definitely against that yeah indeed that that caused a lot of protests at the time in Poland in terms of Poland's economy uh why I mentioned it's becoming an attractive destination for investors why is that and what's the economic backdrop to this yes so so polish economy has been growing very very fast um and um apart from the the period of of of the pandemic which hit all the economies across the world it's been expanding very very quickly we're seeing a lot of investment coming in from uh from across the board but it also has a very well established and homegrown um um SE it sector here and and it also attracted a lot of investment from abroad from uh big corporations it corporations that set up their backro operations um this has been a sector that's been growing here in Poland Poland is also has been a very attractive um destination when it comes to um batteries um it also attracted invest investors from for example South Korea from the US it's also building um nuclear power plant qu uh or starting to build it it has a lot of spending when it comes to defense that are being planned um it's now the biggest spender as as part of um as a share of GDP uh on defense which is also again another um place where the economy could grow um and and where a lot of investment are coming in for example from South Korea from the US so there's a lot of um pent of demand there's the the the society is still um um catching up with with Western standards so um it's a very attractive investment destination and and econom is growing very very fast in terms of the EU uh rotating presidency what might that mean for Poland I mean um you know it's only six months but often the country that holds that does get some sway perhaps over over the E EU policy agenda what do you think Poland might bring to that role yes so indeed the country that that holds rotating presidency sets the agenda or helps to set the agenda for the EU obviously it's going to be an important um Elm time at this point we have hunger which is which is the the rotating president of the of the EU and it hasn't gone very well to to to say the least now Poland wants to change that it it wants to sort of present that um as an opportunity to to Showcase its um its its strength um obviously it will be a time when President uh Trump is going to come in so it will need to uh to build relations there uh there are certain certain areas where Poland needs to wants to focus he want Poland wants more focus on defense and security so it wants to make some headways in terms of where um EU spends more on defense tries to pull more of the resources to to to for Investments there it also wants to move ahead with with enlargement so Poland has been a a a huge supporter of Ukraine and we've already heard with from one of the ministers who said one of the priorities for for our presidency is actually to open negotiating chapters with those countries that want to join in which are Ukraine and Moldova so quite a packed agenda but you know sort of hovering over all of this is us presidency of of Donald Trump and that will be probably a key Focus yeah absolutely and just in terms of thinking about the the presidential candidate for for election next year there's still a process isn't there I mean Donald Tusk and his uh Civic Coalition have have held their primary for their candidate but then Law And Justice will have a candidate too just what's the next process in terms of uh picking the presidential candidate and then the vote and so on in indeed so at this point we it seems like we the over the last weekend the the campaign effectively started so we know the um the law the the Civic platforms candidate and we know the law and Justice candidate so um the law and Justice picked um a fairly unknown figure car nski who um who is a historian and he was previously um or he's currently the head of uh National remembrance Institute um and the next steps at this point are obviously campaign will kick off we're going to see a lot of campaigning and it's quite a long campaign by polish standards because the elections are not expected until until May um and obviously the key question is whether it's going to to be resolved in the first round um for that the main candidate will have to gather at least 50% of the vote probably unlikely uh but then we're going to see to go into second round at this point these are the the two main candidates so navrotski the law and Justice candidate and and chosi but there's also sort of a Dark Horse of the of of the whole campaign um current parliamentary speaker um who who is also very keen to to gather the vote so it's going to get excited definitely my thanks to Bloomberg's wara bureau chief P skolimowski so where next for Poland will be following that story as the country considers who to pick as its next president in 2025 I'm Caroline HEPA here in London you can catch us every week day morning for Bloomberg Daybreak Europe beginning at 600 a. m. in London that's 1:00 a.
m. on Wall Street Tom thanks Caroline and coming up on Bloomberg Daybreak weekend we'll look at how campaign threats by Donald Trump over tariffs May soon become a reality I'm Tom Busby and this is Bloomberg [Music] this is Bloomberg Daybreak weekend our Global look ahead at the top stories for investors in the coming week I'm Tom Busby in New York Donald Trump's inauguration nearly two months away but he's already making good on his vow of tariffs on Goods being imported into the us we turn now to Doug krisner host of the Daybreak Asia podcast for more on what it could mean for big exporting economies Tom in the past week president-elect Trump Trump announced a new additional Tariff of 10% on Chinese Goods Beyond what's already been put in place and Trump went on to say that his administration would impose a new 25% tariff on goods from Canada and Mexico now many Market Watchers have been of the view that any proposed tariffs were simply a part of a negotiating strategy joining us now for a closer look is John Lou Bloomberg News executive editor for greater China John joins us from our studios in Beijing John thank you so much it's always a pleasure I appreciate you taking time the announcement of these tariffs came very soon after Trump selected Scott bessent as US Treasury secretary now bessent we know has called for a gradual approach when it comes to implementation of trade restrictions and he also appears to be open to the process of negotiation how are these new tariffs being read right now in Beijing uh we don't have a clear sense at the moment but all of our all of the expectations that we've heard from analyst is are that Beijing will uh be very careful and measured in how they respond to this tweet that we've gotten um this post on Truth social again uh president Trump has yet to take office and so he's not able to actually enact these tariffs and so I think in the meantime the Chinese government will be trying to communicate with his administration with officials around him trying to find what uh negotiating room there may be and looking not to overreact and make things worse one of the things that was a part of that post Trump's concern about the transmission of illegal drugs out of China entering the US he cited fentanyl in particular so it looks as though we're in a realm now that's almost separate from economic issues right it's true I think tariffs are a tool that President Trump will use to achieve various differing objectives uh fentol has been an issue that's uh he's uh been very focused on he was uh in his first Administration this was uh an issue that he brought up with Xi Jinping uh again uh President Biden has brought this up with the Chinese government as well and so it's not surprising that uh president Trump would be harping on this now that he's getting ready to get back into office so if we look at the idea of negotiation as you understand it what leverage does China have over the us at this this point well the the trade relationship is one that gives the US uh the the more powerful hand uh as it was because China is by far exporting much much more uh to the United States than it is importing from the US one thing that we've seen uh Beijing do is uh take measures that would it seems allow the government to put restrictions on the export of some strategic metals to the US to Europe to other countries and so that potentially could be one lever that Beijing uh pulls to try to gain some leverage in that negotiation now you and I in the past have talked about the vulnerability of the Chinese economy right now given how weak it is and you just mentioned that the US essentially has the upper hand should Beijing be particularly concerned given the set of given circumstances that we're talking about I think Beijing is very concerned given how uh how much Reliance the economy has on exports and how big of a End Market the United States is I think that Beijing actually probably has a little bit more time than it might first uh seem that's because uh before President Trump takes office I think we're going to see a lot of frontloading of imports from uh buyers in the United States trying to get their goods out of China before those Trump tariffs come into effect and so I think in the last couple of months of 2024 you might see a real jump in Chinese exports and in turn a lot of support for the economy in the last quarter is there a way that companies based in China can create a bit of a workaround maybe loopholes that some of these tariffs inadvertently create maybe you do a percentage of production on the main land but then transfer to a country to finish the production process that may not be in the crosshairs of some of these tariffs so this is what makes the uh 25% tariff that uh president Trump announced on Mexico very interesting because we have seen quite a number of Chinese companies uh setting up operations in Mexico doing what you said essentially uh doing some last bit of the manufacturing process in Mexico and then exporting that good into the United States there by avoiding the tariffs that are in place on Chinese products uh we've seen factories set up in Southeast Asia and other countries to take advantage of the same uh loophole in the tariffs and so it would not surprise me if we see President Trump going after these uh different channels by which Chinese exports have been getting into the US John you and I have talked about the export controls imposed by the Biden Administration on certain parts of the Chinese economy especially where high technology was concerned when you look at the choices that the incoming Administration has export controls versus tariffs let's say how do they compare I think tariffs are a very blunt instrument because they they have the the ability to impact lots and lots of different products all at once especially in the way that President Trump has talked about imposing them 60% tariffs on all Chinese Goods that that would hit everything all at once I think the difference the the question is how how much priority does President Trump put on denying Chinese access to Advanced Technology uh that is something that was front and center for the Biden Administration president Trump during the campaign at talked more about shrinking uh the the trade deficit than he did talk about limiting Chinese access to chips for example so then when when there is ultimately a negotiation I think we will find out then how much value president Trump places on denying Chinese access to technology so obviously this is Trump's second term he has somewhat of a relationship already formed with Chinese president Chi Jinping is that a good thing or a bad thing I think president Trump feels like those personal relations ships uh are going to help him get a better deal and the way that he speaks about President Xi Jinping in very respectful terms talking about their friendship it would seem that he wants to have a personal relationship that he can rely on to try and get a deal through whether or not that actually is fact and case on the ground I think we have to wait and find out and this is just the beginning of the process John thanks for joining us John Lou there Bloomberg News executive editor for greater China joining us from our studios in Beijing we move next to crypto recently as I'm sure you're well aware Bitcoin reached all-time highs as the market embraced the support for crypto from the incoming Trump Administration now the overall value of the digital asset Market has surged by about a trillion dollars since the election on November 5th a closer look now at the crypto landscape with our guest Peter Chung he is head of research at Preston research he joins us from Hong Kong Peter thanks for making time to chat with us let me get your reaction to the fundamentals that have been driving the price action in Bitcoin lately give me your assessment on uh what's driving this rally yeah I think this rally has been uh happening in two parts first is uh you know right after the election when Bitcoin was at around 67 $67,000 um it was uh in reaction to the uh election result and and uh in know was part of a broad macro reflation trade uh so that uh raised the Bitcoin price from 67,000 to around 90,000 I think second part is uh also related to Trump but more uh crypto specific I think the market is becoming more confident on Trump delivering on his pre- crypto campaign promises uh based on the Chatters around the key cabinet nominations uh so I think they gave the market a confidence that the Trump has every intention to deliver on his campaign promises there seems to be two parts to that story one the idea of friendlier regulation and the other seems to be this pledge to set up a national Bitcoin stockpile which do you think is having a greater influence I think more lately it's the uh the idea of uh Bitcoin strategic uh Reserve or stockpile I think the recent cabinet nominations and especially the Scott bessent who just got nominated I think he mentioned that U you know everything is on the table with regard to uh uh Bitcoin strategic Reserve or stockpile so the market is uh increasingly more confident that um that it could happen I think the PO Market is assigning something like a 60% probability to that yeah the other thing that we're hearing is that the transition team has been talking about the possibility of creating the first ever White House post dedicated to uh digital asset policy it's kind of stunning you were talking about everything that's happened since the election I think that a lot of the uh us ETFs that invest directly in Bitcoin have amassed about uh more than a hundred billion dollar in assets since launching back in January is this a trend that you expect to continue now yeah I mean I think so um I think uh with the ETF it basically uh has um you know paved away much easier access to for the institutional investors to uh come in and uh make a long-term investment uh I mean Bitcoin ETF has been around for for for actually two years uh but before it was a Futures based ETF which isn't really suited for the long-term investors with introduction of a spot uh ETF at the beginning of the year uh Which is far more efficient in terms of ATT tracking the underlying asset uh you know that uh removes a lot of kind of Entry barriers for many of the long-term institutional investors and now that you know the the the new president elect uh is giving far more uh Credence to this asset class with his Pro crypto policies uh I think many of the long-term uh institutional investors who were were a bit hesitant PRI prior to this event I think is is more willing to take a look at this new emerging asset class so Pro crypto policies in the US maybe we understand that to mean less regulation is that what is happening where you are in the Asia Pacific I'm thinking whether it's Hong Kong or Singapore are you seeing a move to deregulate the crypto Market a bit yeah I'm a little uh hun in using the word deregulation to describe what's happening right now it's more I think the more accurate way of describing is a regulatory Clarity uh because I think previously what was happening was it was more policy driven approach by the SEC through uh through enforcement actions uh and some of them were you know uku was not very lawful uh and uh also very vague guidance from the regulatory agency uh going forward um you know I think there's going to be more clear rule making by these regulatory bodies in the US and I think that's going to have an impact on on the jurisdictions in Asia as well I think many of the governments in Asia has been kind of looking at the US and using that as a benchmark for their own regulatory framework and now that the US is more in a position where they are willing to provide further regulatory clarity through legislative process uh as well as uh you know by having SEC who's more willing to work with the c industry uh I think that's going to have an impact on the many of the governments in in this part of the world that's Peter Chung head of research at Presto research and I'm Doug krisner you can catch us weekdays here for the Daybreak Asia podcast it's available on Apple Spotify or wherever you get your podcast Tom thank you Doug and that does it for this edition of Bloomberg Daybreak weekend join us again Monday morning at 5 a. m.
