>> good morning and welcome to

daybreak australia, i am paul into sydney and markets have just come online. annabelle: i'm in hong kong, counting down to asia's major trading open. the top stories this hour. agent stocks set for a positive open after wall street ended at record highs despite further fed pushback on eminent interest rate cuts. ron desantis drops out of the u.s. presidential race and endorses donald trump. making tuesday's new hampshire primary two horse race between the former president and nikki haley. australian software firm cannabis set to be close to completing a $1.5 billion share as it ramps up business with adobe. >> opening up trade, difficult to get a read on things, they are positive modestly by a few points at the moment. new zealand has been trading for

a little while, a bit of positivity up by a tenths of 1%. this is a positive finish to the week for u.s. markets. if we take a look at the yields on the tenure, the has been creeping up over the past week, the aussie dollar lost a bit of ground, we had encouraging jobs figures, the aussie jobs below $.66 u.s.. your looking at the open in japan, the nikkei has been charging, 100 points shy of a record and the future is for japan and also positive territory for the nikkei. if we look at the yen also, pretty weak. supporting equity prices to a large degree, 148.26 at the moment. annabelle: what has been driving that you and has been the differential between the fed and

policy. this estimation coming through from wall street still that the fed will be forced to cut rate once the big stocks are seen and defined a close, we see big news coming through the nasdaq and uc futures pointing higher and the s&p 500 index or tech index also hitting a record or two year high, the focus is coming down to what we are seeing in the bonds space. a pullback we have seen in treasury volatility and also helping traders position for risk on wall street. oil is pretty sensitive to those fed rate cuts, what is happening in the red sea and we are watching a breakthrough for the start of trade monday, freshly off the week here. the question for investors going into this week is where the data we are going to get including the fed's favorite inflation

measure, how that will stack up against what we hear from policymakers, if you get any small pushback on the urgency to cut rates because it continues to hear the fed chorus and policy makers including from the san francisco fed president, mary daly. >> we do not want to loosen policy too quickly. only to find that inflation gets stuck and off target, that would be a menace and a very scarring menace. we do not want to try to get to it so quickly, like overnight, to get that squeezed out and we end up having this big run-up in points. >> let us get to the big political news of the hour, ron desantis dropping out of the 2024 u.s. presidential race. he is he is endorsing -- he is endorsing donald trump. >> i'm suspending my campaign, i

am proud to have delivered on 100% of my promises and i will not stop now. it is clear to me that majority of republican primary voters want to give donald trump another chance. i signed a pledge to support the republican nominee and i will honor that pledge. he has my endorsement because we cannot go back to the old republican guard of yesteryear. >> we are joined by a senior editor in new hampshire, windy, ron desantis, hugely popular in florida and it did not translate to the national stage, why not? his campaign had trouble from the start. >> he had organization problems, staff problems, then he avoided mainstream media and he is stuck to conservative outlets and the negative feelings about him just kept growing and really, it is difficult for any republican right now to beat donald trump.

we will see if nikki haley can pull it off but at the moment she is still behind in the polls. he really was just sort of trumpet without the trump personality -- trump without the trump personality. it turned off wall street with his anticorporate, behavior. anticorporate positions. i think it was a campaign that was doomed after a promising start. >> where does that leave nikki haley in particular? it is a two horse race between donald trump and nikki haley on the other side. people who had been backing ron desantis, who do they turn to? >> almost everyone is turning to donald trump as the inevitable republican nominee at this point. there are still, nikki haley does have backers, there was a group called americans for prosperity that spoke to us

today about their support for nikki haley and they are backed by one of the huge political donors. the governor chris sununu in new hampshire supports nikki haley. if she wins it will be with the support of democrats and independents who have decided tomorrow night to register temporarily as republicans. which you can do in new hampshire. vote in the primary for her. that is more as a stop donald trump move then it is necessarily a pro nikki haley move. she has the latest polls or shawn donnan pump with a 50% in her with 39%, she has a lot of room to make up if she will pull it out tomorrow. on tuesday. paul: this is a different set up to 2016 as well where there was a very crowded republican field, now before super tuesday we are down to two. what will make things different this time around? >> and makes a donald trump's

ascension to nomination more inevitable. in 2016, people did not really know who he was. some republicans are willing to take a chance on him. they are hearing his speeches and they are carried live on cnn all of the time and he was a novelty. people voted for him then and also hillary clinton and the democratic nominee was not that popular a nominee and there again, the democrats. it just means that the primary season if he does as well as he is expected to in new hampshire, the primary season is pretty much over. paul: that is windy benjamin's, with the news on desantis dropping out of the republican primaries. benjamin netanyahu has rejected what he says are unacceptable terms assented by hamas to release remaining hostages. let us get more from michael and

sidney. no appetite at all from netanyahu to reach some kind of peace agreement? what is his problem. >> the argument from the is really government is they have to win the war to release the hostages. one of the members of the war cabinet have broken ranks and said the reality is if your going to release the hostages you need a deal. -- if you are going to release the hostages, you need a deal. talks are going on behind the scenes and wall street journal is reporting that the u.s. and egypt and qatar are awaiting a proposal that would face an end to the war, there has not been a lot of public movement at this stage anyway. annabelle: there is also what is happening in the red sea and we are also just getting more of a sense of how long it could possibly take to stop these ship attacks from the militants. >> that is right, it does not

seem to be -- there does not seem to be any progress, the u.k. and the u.s. have been attacking the houthi missiles. deepen the iranian ships, a key backer and supplier of the houthis. the u.s. is saying that it is going to take time, how long that takes is unknown. these are fairly wild areas except there is no ships on the ground or anything like that, it is all being done really by surveillance. -- aerially. that will take maritime companies using that. using on national a lot of positivity -- not a positivity to report. it is a concerning issue again for me, whether it is from world trade or from civilian

casualties in gaza. >> the risk continues to develop into a wider regional conflict. i was michael and sidney, turning now to china, we have most of the economists expecting lenders to keep their loan crime rates steady on monday, after the pboc's surprise hold of the analyst last time. investors are expecting the yuan in government bonds to underperform over the course of this year. let us get more on that now and bring in our chinese economy editor. the chinese economy is in the doldrums here. the expectation is we would be forced to see some sort of major economic stimulus. the actions of the pboc of last week, what does that follow by the chinese lenders today? how is not likely to stack up against what is the fundamental

issues in the chinese economy? >> i think that at this point today it is pretty widely expected as you said that these primates are going to be kept on hold, these are set by major banks and tied -- china, no matter what the pboc does to keep policy rates with sway over that, we have seen cuts in the past. maybe the pboc cuts one way and maybe the lpr's have a tighter shave. we are not seeing a cut versus a fold in the pboc. the expectation of forwarding to date. the fact of the matter is the chinese economy is under a lot of pressure and the reason we are not seeing a ton of easing is one, the pboc does not have a ton of room to actually cut rates a lot further and there are concerns about how it is affecting the interest or banks with record lows last year,

sustaining volatility within the yuan. concerns whether that goes further and obviously, the rates with what the fed is doing. another major concern here, we saw the fed, they are hiking on till the next couple of years, the pboc was cutting rates. not a ton of room to move a lot further. as we get into this year expecting some stimulus, we have policymakers, nothing will be incredibly fast. paul: greasing chinese stocks taking a real -- we are seeing chinese stocks taking a real beating. does this go into other assets as well? >> it is impacting the yuan a little bit further, we see that way on chinese government bonds. at this point, we are looking at economic indicators that come out of china. just the past couple of weeks, it has been continuing the

narrative of this economy not really going through these major issues, that they face inflationary pressures in particular and they are made with a critical concern going into 2024 the economy also continues to show a lot of signs of weakness. it is weighing on sentiment here. i also point you to the terms of the lack of interest and bond investors, getting into china. we saw the recent data from the ministry of commerce showing that by one measurement and china, it fell to a three year low, but a ton of optimism about getting china more broadly right now. paul: i china economy, thank you very much -- the china economy, thank you very much. the largest number since 2019 we get more analysis later in the hour. white wealth management thinks 2024 will be a very eventful

year. this is bloomberg. ♪

paul: let us take a look at the week ahead, we do have a number of central bank decisions do. but a start with the bank of japan on tuesday, bloomberg economics sees the boj to stay

with a holding pattern until clearer signals show wage increases investor to emerge. the ecb holds its first monetary policy meeting of 2024 on thursday. christine lagarde told us a demo so that the european central bank will cut rates later this year. decisions we will be watching in canada, sri lanka and malaysia. other economic data to note as well, as we have been discussing we get china's loan crime rates in the u.s. from the preferred inflation measure on friday. as well as gdp figures. netflix and tesla are expected to report record corporate revenues, tesla's profitability continues to be hit by vehicle price cuts and watch earnings from asml and sk hynix lead optimism for the global chip industry. that is the week ahead.

annabelle: let us stick with that outlook for tech because our next guest says that the sector, the magnificent seven, both very volatile in the early weeks of 2024. and very eventful year, joining us is rebecca, president of wolster wealth management. the opportunities are becoming tougher to find now? >> absolutely, i think the investors going into 2024 were ahead of it and expecting her to 50 basis point cuts over a six times even though the dot plot for the fed only showed three and you had the investors rotating to long-duration yields. as the fed cuts their yields, it is the opposite. we may pull back with the ecb saying we are not leaving that event looking until summer or

june timeframe. i was saying last december that there is no way i do not think we will get the large cut because the ecb and the u.k.'s cpi print would not even come until april. a lot of pressure on the fed to cut first and that is not a position that they like to be in. annabelle: a lot of the moves in tech have been predicated on this expectation that ai would deliver these huge productivity gains. boost the company's bottom lines. what we see that playing out at all or will that be something that continues to drive strength in the sector? >> it is a mixed bag because we are moving to ai and there is massive revolution of jobs and quantum computing with ai. it will, as well as the blockchain. we are in this fourth industrial revolution. for 2024 it will be a central bank macro store even though we do expect ai to bring

long-term compounding growth that we have not seen since the.com. it is a great ai story and investors should be prepared for longtime runway growth. we need the technology to be delivering profit, it will be like unicorns who do not have revenue like tesla initially and all of those things that had to get monetized. it will be a longer row but it is the fourth industrial revolution. 2024 is going to be still how many central banks deal and really deliver a soft landing after all of the issues of 2024. we have never been here before. economists who say we are in a soft landing do not know what they are talking about because we have never had this happen before and that is why we keep getting mixed data. the central banks have to keep pulling back what the market expects them to do. paul: i want to come back to

that ai issue in a moment. the central banks had a lot of strong data out of the u.s. recently, markets continuing to push higher. does the economy really need these rate cuts? are we in a situation where we could use good news again? >> if you look at the gp -- gdp now, they are asking for fourth-quarter gdp is 4% annualized. that is a far cry of where the central bank normally is when they are feeling like it is time for them to cut rates. add that to the cpi, the uptick that we saw, we see .3% month over month for december, then we have 3.4% annualized. you have a slight cpi take up. we understand that. when you have cpi ticking up and 2.4 percent annualized gdp growth and inflation-adjusted and you have retail sales in

december, until you get some kind of massive economic weakness showing, it will be really hard for the fed to be a head -- to be ahead of the world cutting rates. christopher waller came out and said these are not the conditions under which the fed are losing and stimulates that fed funds rate at a lower rate. paul: we can imagine a scenario that the government needs -- economy needs support and we come back to the ai section, this is the fourth industrial revolution. you need to expect creative disruption that comes along with that. any stocks you are avoiding as well? >> unfortunately, this industrial revolution is the one that is going to change the face of human capital as we know it. there are so many people that think this is a blue-collar situation and you go into your fast food restaurant and it will be all dramatized.

it is beyond that. drivers, universally, potentially losing positions, blue-collar, but also chatgpt for example, we already have had lawyers submit briefs that have been quickly generated by chatgpt. you have all of the data of the united states and the court cases into a singular database and you say craft me a brief, leading these arguments using these case laws, everything eventually will come down to canopy systematized through ai -- can it be systematized through ai? the shifting of human working as we know it and of course, every industry will be impacted by that. annabelle: something else that can infect every industry, covid being the most recent, when you have got two wars underfoot and a host of elections over the course of this year including the u.s. of

course, tensions between china and washington. on geopolitical risk is standing almost to you and how much do you see pricing for any unknowns? >> i would say that we are certainly concerned about the middle east and the geopolitical risk there, getting shipments through that area, any kind of additional stress in that area and de-escalation. the united states reclassified that the houthi in the middle east area as terrorists. intervention could begin on the usi to protect whatever needs to be protected. you have that situation and ukraine and russia not resolved and potentially a five-chinese escalation sometime this year. we have all of these things happening in the middle of the presidential election year, investors expect it within the year. paul: the president at walser wealth management, thank you for joining us with your insights. plenty more to come on daybreak

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annabelle: you are watching daybreak australia, much computers have come online this morning, pointing to some further upside in the following session, the moves in the part one driven by the tech space and we saw the nasdaq 100 closing at an all-time high. an upgrade for apple, tsmc lifting the apple for chipmakers, a lot of you can make money the hard way as a bullfighter or a human cannonball... or save money the easy way, with xfinity mobile. existing customers can get a free line of our most popular unlimited plan for a year! not only will you save hundreds but you'll also be joining millions who have connected to america's most reliable 5g network. sure is a lot safer than becoming a stuntman for money.

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misinformation, the election interference is going to be a challenge that we all have to tackle. >> we are talking about donald

trump in europe and he should -- we should prepare ourselves for a possible second term and for donald trump fostering our european competitiveness. >> the best defense if that is the way we want to look at it is attack properly to be strong at home. that means having a strong, deep market. having a real single market. >> we have two trillion dollar deficits with no end in sight. i do not know that the country frankly, is prepared for four more years of that. those things all pull very negatively. >> i think it is going to be a bumpy year, more than anything else, we have got to be resilient. we have to be prepared to react. >> the path is probably that inflation is passed. they're going to start lowering at some point when they are

ready. they're going to be prudent and thoughtful. >> they get three rate cuts and are more this year, i expect it will. >> very probably, rate cuts this year. it is a question of the season. paul: some of the highlights from our conversations from last week's world economic forum and divorce -- in davos. we have been up and running for over 30 minutes, we are seeing positivity for the asx, up by .5 percent. the heavyweight financial sector doing well, up by .9%. new zealand also in positive territory and we go up to s&p futures, pointing up as well after risk on close to the week in the u.s.. annabelle: moving to the tech

space because bloomberg has learned that australian software company canva is close to completing a share sale of $1.5 billion. let us bring in our asia tax senior reporter, tell us more about this round, it was a secondary transaction? >> canva is in the final stages of closing secondary transactions totaling about $1.5 billion. it is not new capital. essentially it is for allowing existing investors and employees and current employees and former employees to cash out. this is inconsistency with the company's policy for a long time to allow a lot of people to exit if they want to, giving them the opportunity to cash out as the company grows.

this is one of the biggest secondary strength actions -- transactions we have seen in the recent years. canva has been profitable since 22017 and cash flow basis and they have really escaped the downturn, even though the evaluation has been declining ever since a few years ago when you hit $40 billion. the company, time was able to raise new funds which is similar to last year. paul: canva is not listed, but we often discuss it as a potential for an ipo. what can you tell about the plans as business performance? >> sure. the company has been embracing ai in a big way in recent years.

a 10-year-old company founded by melanie perkins and cliff. they have been trying to really go to the next stage as they hit the 10 year mark. they are being in the game against companies like adobe and obviously, they are doing well and they are according to our sources, their annual revenue has a 2 billion dollars annually on a basis last year. that is an increase from the previous year and they are able to increase their user base consistently. we understand that their monthly users are in 198 countries, they are on track to really hit their mark. this allows people to think that they are a good potential candidate for going public.

in this climate. the company has been tightlipped about it, our sources have told us that there are new developments and this new secondary transaction is related to the ipo. it remains to be seen. paul: ok, your technology senior reporter there. you are watching they make australia. russia says ukrainian shandling has killed at least 20 five people near the russian controlled city of donetsk. the attack hit a busy market and shopping area on the city's outskirts. russia wants the un security council to discuss the incident later on monday calling it a treacherous attack upon civilians. russia's air transport agency says a rescue team has found survivors at a scene of a private jet crashed in afghanistan. four of six people aboard the plane were injured but alive. the jet was operating as an air

ambulance flying from thailand to moscow. germans protested against the anti-immigrant party. a large crowd protested in front of the government building on sunday, following that the afd and the christian democrats had discussed a re-migration scheme that followed nazi policies of the 1930's. annabelle: they were davos. panel summarized at the world is finding an uneasy equilibrium. there could be a more benign economic backdrop of that is being overshadowed by a range of geopolitical risks and that includes u.s. china tensions. >> the u.s. china relationship is the central access of tension when you look at the largest

problems we face in the world. it has to be refashioned into the central access of partnership -- axis of partnership. we look at each other as adversaries and look for opportunities to cooperate within that framework. it has to be flipped around. they have to be partners. china is the north face of the sale. climate change, a lack of global order, a breaking up of the global trading system. they challenges that both of them face and suffer for it, the two absolutely essential to any solution to climate, to peace, and to an open, global trading system. within that you can argue and ensure competition, ensure that

that there is a way of dealing with each other that is consistent with the principles of openness and fair play. we flip things around, you are not fundamentally adversaries, you are fundamentally partners and then you argue about specifics. that is the fundamental repositioning that is required. it is not just about a pause in the relationship, it is about repositioning the relationship. >> if we move it forward, there are pillars we need to put in place to foster growth. i do not know whether this year there will be a lot of distractions that keep us further away from that goal. what would you focus on to bring back longer, sustainable growth? >> with respect to what are the pillars we should look at for restoring growth, i think that is a good conversation. we focus a lot on the pessimistic things that might happen. there are some bright shoots that i want to talk about on the trade side. i want to mention that despite

of all of the uncertainties, that we talked about and i pointed to in the beginning, traders are largely resilient. it is because of trade that europe was able to find other sources of energy from the u.s. and the gulf and elsewhere to make up for the withdrawal of energy from russia. it is because of trade that 35 countries dependent on the black sea region from africa were able to find alternative sources of fertilizer. trade has been a forceful resilience. there are some bright spots in trade that we need to be conscious of. the digital prayed, services trade, it is growing fast. especially digitally delivered services. that is a very interesting thing.

we are talking of digital platforms, ai, this is a positive sign. we should be preparing ourselves to say how do we support such trade? how do we make sure that it benefits small and medium enterprises? women and those at the margins? grain trade has tripled from -- green trade has tripled in value, another opportunity. i want to say that the reshaping of supply chains, i want to see that as an opportunity and not a challenge. annabelle: that was singapore's president, among both panelists at the final davos panel. tune in to hear more from the big newsmakers and get in-depth analysis on the daybreak team broadcasting live from our studio in hong kong. you can listen via the app,

radio plus, bloombergradio.com. 20 more ahead, stay with us. -- plenty more ahead, stay with us. ♪ that first time you take a step back. i made that. with your very own online store.

i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. paul: it is time for japan to

hit on daybreak: asia, a japanese business

boost for the economy that shrank in the middle of last year at the sharpest pace since the height of the pandemic. so let's get more perspective on the outlook for tourism in japan and go now to our chief north asia correspondent, steve engle in tokyo, who is joined by our next guest, steve. hey, thanks a lot. bell. of course, the japanese economy is doing well on the backs of tourism numbers as you just rightfully said, the highest number in 2023 of 25 million since 2019, when fewer than 2019, 32 million. but the travelers that are coming here from south korea, taiwan, even china, even though chinese numbers are down from pre-pandemic levels, they are spending more per capita than

2019. it's all good for signs pointing for 2024 and beyond. let's get a take on that from agoda. north asia associate vice president hiroto oka, thanks so much for joining us here. thank you. so what domestic focus, tourism boom, many people could not go to the domestic skiers, now, international inbound with the week yen is boosting that? >> we are seeing about 90% increase in searches compared to 2019. pre-pandemic levels, that is pretty good. >> how much of this is attributed to the weekend? it averages 1.45 to the dollar,

it is now 1.48 and change. how much is that boosting inbound travel? >> that is a difficult question to answer because we have not done an impact analysis. however, there is somewhat of an impact. but, if you look at the outbound from japan, we are still seeing close to 80% increase in searches. not just the japanese yen but overall i think it is coming back after the pandemic. >> you think it would be the opposite because they have less spending power abroad. in places like the u.s. where the has been inflation for many years, you are seeing the numbers going up. >> exactly. >> do you expect that to continue? >> yes. >> as far as what are the changes that travel services online have seen through the pandemic and into this year? what are the trends that stand

out to you most? >> we are seeing the online travel, online booking compared to other ways to book. >> you are talking about the japanese customer here? who usually used to travel like jt b and traditional ways? you are seeing a definite shift? >> two online, yes. the other is we have been looking at the japanese market and because of that, we are seeing more and more, actually, number wise, i talked about inbound and outbound search numbers. look at the domestic number which is japanese people or people living in japan traveling to other places in japan, that is more than 300 percent increased compared to last year. >> what kind of changes did you see in the pandemic? i noticed that there were more

real traditional japanese inns on your website and other travel bookings? that did not use to be the case? you had to get the regular hotels and things like that. there is more options now. that is something that changed over the last four years? >> it is because of the pandemic and there was no inbound during that time. agoda focused on domestic travelers which means more ryok ans and hot spring areas and more customization of the features that we have. in japan when you book a hotel you want to make sure your family gets the best service which means do you have a different meal for your kids? do you have a specific bed for a baby? those are very japanese specific. they can customize that within the website. >> what are the biggest technological changes you have seen?

japan is a cash heavy market. credit cards for people coming abroad. sometimes these online payment services, whether it is alipay or other western ones do not necessarily work as well across borders? what are you doing to mitigate that? >> we are adding payments, more option of payments, and in japan, but globally, that is our focus. having more mobile options to consumers. >> all right. 2024 will be a good year. inbound and outbound. thank you so much for joining us. ok. back to you from the tokyo studio. paul: all right, thank you very much, that was stephen engle in tokyo. you can catch japan ahead every week, that is on monday, if you are walking in tokyo,; 40 p.m.

sunday in new york. subscribers can watch on the terminal using the tv function, this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

annabelle: the global chip outlook remains in focus with holiday quarter earnings due on thursday, south korea's second

most viable companies expected to close 35% revenue job as a i adoption picks up. let us get more from our breaking earnings specialist. rachel, in the earnings, what are the key things we need to be watching out for? >> sk hynix because of the global pick up in ai and also chips, we are excited to see higher quarterly revenue from them. -- expecting to see higher quarterly revenue from them. they may do more than their peers due to their dominant market share, with memory chips. in terms of sales they will also see inventory restocking and a pickup in smartphone demand in china as well. this is a higher selling price. paul: earnings being reported later on this week, can we

expect there? >> for hyundai we are expecting to see profits surge due to their overall contribution in shipments but there are some concerns that sliding sales in china may impact earnings. that highlights the company's challenge to go into the world's largest market as well. we are expecting to see the company make a stable profit on advanced motors. the small business and the automotive union should remain solid. although we are expecting to see a loss in electric motors. paul: breaking news, earnings specialist rachel here, thank you for joining us. these are the stocks we are watching when stocks opened in korea and japan shortly. we are monitoring shares of sony as we await any updates on those merging deals with the

entertainment. the company says it was committed to the merger and was discussing a deal extension date with sony. keep an eye on south korea's battery makers following processing plants in july providing u.s. market -- chile providing u.s. market. we are up by half of 1% right now, most of the sectors on the asx or in positive territory. some information technology discretionary stocks leading the way, he hedwig financial sector also doing pretty well, up by about .9% right now. we do have market opens coming up as i mentioned in japan and south korea. futures pretty much in positive territory for the nikkei and, 100 points away from eclipsing the high that we saw way back in

1990. we will have more market analysis with ubp, why they are bullish on u.s. tech and cautious on china and other emerging markets. we will preview this week's bank of japan decision with moody analytics. up next. this is bloomberg. ♪

annabelle: this is daybreak asia we are counting down to asia's major market open. it sentiment for the start of the trading week is one that is quite positive. u.s. stocks inching higher with the friday close and the investors calling the fed to be forced to start cutting although we get the pushback from policymakers. paul: a real disconnect between what the market thinks will happen with the fed says will happen. mary daly talking about that's being premature. the markets keep on pushing higher. the nikkei closing on a record we have seen for a long time. annabelle: really going back to the days of economic bust of the bubble in the early 1990's. japan, the focus as well for markets come into this week is what we get from the doj because the policy decision is due on tuesday, no changes expected in terms of negative