Morgan, Charlie Pellett, June Grasso discussed on Bloomberg Best

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Percent today is j p morgan questioned the credibility of its profit guidance us equities fell for a second day is the markets took in today's economic and political developments the s and p five hundred index was down seventeen points a drop over six tenths of one percent the dow jones industrial average declined to one hundred and seventy one points lower by seven tenths of one percent nasdaq down seventy seven a drop of one percents i'm charlie pellett that's a bloomberg business flash now bloomberg best with june grasso and ed baxter continues legendary emerging markets investor mark mobius is opening a new firm and he has its sights set on china for more bloomberg's david westin and alix steel spoke with a former franklin templeton executive chairman i'd like to start with china if we could because there was news overnight is there's something we're restructuring the government has announced this part of the national people's congress and i'm i'm curious about how that might or might not affect investment in china we start with one of the big changes which was consolidation of regulation of banks with insurance companies where does it indicate that china is going with respect to those industries maybe opening up the markets and possible investment into china in financial institutions right i think they realized two things one you know the alibaba of this world the ten cents to these world beginning to take for the banking functions payless kind of functions that we see now you don't need a credit card now you don't need cash in china so that's one factor the other factor is that they realize that some of these institutions went far beyond where they should have gone in terms of lending in terms of financing and they have to bring it together again and they realized that they have a institution some kind of regulatory is that can control the entire sector rather than just individual parts so if you're an investor a western investor looking at china does that create an opportunity when it comes to the banks of the insurance companies or does it pose a risk opportunity in their opening up.

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