Caroline Hyde

Mandeep Singh of Bloomberg Intelligence, appreciate you kicking the show off with that.

Let's get more on what's happening in financial markets right now.

Fiona Sincoda, senior analyst from Citi Index, joined us.

It is the first day of December.

And actually, a couple of hours ago, we started things looking pretty bleak.

NVIDIA has turned a corner, which has kind of changed a little bit the tone, but basically tech lower, crypto lower, and we started December in risk-off mode.

Why?

So we had Bank of Japan Governor Ueda adopting a more holistic,

Now,

Now, if we're seeing the Bank of Japan raise interest rates, we've got yields in Japan, 10-year yields at a 17-year high.

There is this concern that we're going to start to see the repatriation of those funds back to Japan.

Now, this is important because liquidity changes.

And those sort of sectors of the market, such as crypto, such as tech, which are really sensitive to liquidity, are where we're seeing that sort of risk-off come through.

December, historically strong, particularly for technology, right?

And when I was on vacation last week, what a week to pick.

We had the Thanksgiving holiday.

Circular financing was a factor.

NVIDIA in particular weighing on the index level.

You just heard the reporting about how the synopsis NVIDIA deal is not circular financing to the mind of the leaders of those companies.

Do you buy it?