>> we are counting down to asia's major market opens. at the start of the session, that focus is coming down to what we are seeing in the bond space is because a whipsaw in trading start to the year. bonds are starting to rebound after we had that selloff to end the week and also to start this one. i focus as well on chinese stocks and what happens there. >> yeah, and if we could potentially see these bets on china or if stabilization could bolster risk appetite across the rest of the session and the rest of the region. the bounce back from that selloff, we see a little pullback in the u.s. dollar as well that we are seeing in the session. >> taking a look at what is happening with the yen, we are back down fractionally, closer to 140 seven. stocks-wise, we are coming online with a bit of weakness,

so not quite tracking the u.s. session because there was that rebound we had into the close, but certainly traders thinking and paying close attention to what we are hearing from fed officials. overwhelmingly, this course is saying they are not looking to cut rates any time soon. for investors that are taking longer term bets, yes, the direction is that rates will eventually move down, if that's much or perhaps not too much over concern, but let's look ethic start of trade for korea today. likewise in the session, you are seeing stocks moving fractionally to the upside a little bit. the korean won fairly steady so far, but we did had that current account data coming up. we saw them logging a surplus for the eighth straight month on the back of an increase trade surplus, increased dividends we are seeing as well from overseas, something that could help boost the korean won somewhat. we are also continuing to track

that currency. yesterday, there was that story of further internationalization, given they had the experimental trial, expanding the local currency trading to 2:00 a.m. >> we are continuing to watch the central bank effect. we are seeing about .7%, and it was kind of a mixed message from the rba's governor bullock yesterday with the first of the rebound communications regime with the press conference as well. some comments could adequately be interpreted as hawkish, but certainly keeping the door open to the need for further cuts. the aussie dollar, we saw the u.s. dollar after the big surge the highest since november, pulling back from that 12-week high as we saw yields sleeping from november as well.

some of that earlier weakness across u.s. banking shares playing there as well. we are seeing new york crude marginally higher. u.s. crude stockpiles seeing an increase last week. there are some of those long bets being cut by all traders on these concerns over rate retrenchment, the fed as well as ongoing concerns over what we see out of the demand side for asia as well. take a look at treasuries as we continue to react to fed speak, we are hearing from the philadelphia fed president in the text of a speech at the moment saying that -- data pointing to continued disinflation or labor market rebalancing in the united states, he sees a soft landing inside, and he's optimistic that the fed can achieve that, also commenting that recent inflation data highlights ongoing progress is being made. not commenting on the outlook for rates, but certainly adds to

what we heard from cleveland fed president loretta mester overnight saying policymakers will probably become more confident in cutting interest rates later this year if the economy continues to evolve as expected. on the demand side, we had a pretty good recession -- reception for this week's trade in bond options. that set the mood. let's get to our next guest who sees asian markets as reasonably attractive, being led by china. great to have you with us. this is a bit of a refreshing view. in what ways are you constructive or feeling a bit bolder on china over just about everyone else we have spoken to? >> if you look at things from a fundamental, free cash flow generating perspective, yes, based on our fair value estimates, china is pretty much

discounted. i actually do think the market does understand that, but the concerns, generally, are on the scale front and racketeering front. the way we would play china, obviously trying to limit those risks as much as possible. >> in particular, you talk about some names for china being selectively interesting. is this perhaps on the back of perhaps more confidence on the part of the consumer? >> yes. there's a few key elements, drivers this year that we see. one is falling global interest rates that should be positive for most sectors. then we have the hope for the belief that the consumer in china will become more confident. that could come from measures that intensify and help to

support a clear floor to property sales and prices in china. that comes through. we do think that consumer sentiment should get a boost and that with some of the sectors, like particularly consumer cyclicals, for example, upward. a lot of this is reflected in current valuations. it is one of the plays we look at, but we do note that investor appetite is settled over the next six months. we are in an election year in the states, so we have rhetoric against china as probably a given, so we will need to avoid some of the companies that are more sensitive or have more activity exposure to the u.s.

>> i just want to bring viewers up to speed with a breaking news headlines crossing the terminal here. that is new york community bank being cut to junk by moody's. we actually had seen that lender on a review for downgrade from moody's, but essentially, the bank is bracing for regulation. it has had deals that lifted its assets about 100 billion dollars, particularly its purchase last year of signature bank's deposits around some of its loans as well as potential weakness in office and multifamily properties and markets. so quite a concern for the regional lenders. i'm curious. last year, we had that regional banking crisis in the u.s., and it really did send shockwaves or potential shockwaves globally. do you think we've seen the worst of that? is that something we can track or see any sort of bearing on this part of the world as well? >> yes because i think there's a

little bit of a known factor now. that weakness is more or less concentrated to smaller regional banks. in that regard, i think we should see less of a reaction this time around because of that. we do need to be mindful of location banks that could have access to or exposure to global property risks and commercial property exposures in the u.s., for example. that is a particularly weak area to watch out for. it may come in as a risk factor in terms of costs. >> orange is one we have watched really closely regarding commercial real estate in the u.s. in terms of areas you are more

positive on, what names are standing up to you in particular? >> one of the things we see in the fourth quarter last year is the turnaround and basically the optimism for the chip cycle to turn upward. we do still like tsmc. we also do like because of a similar sort of trend, to increase capex to be coming through semiconductor names as well. we do like the factory automation space. the other area, as i mentioned, is the domestic consumer names in china. we do have a preference for heavily sold quality names.

>> director of asia equity research at morningstar, we are just about 10 minutes into the session so far, drawing your attention to some of the movers we are tracking, and one in particular is standing out to us. that's mitsubishi. you can see it actually is traded at this point. essentially, we are seeing it jumping here. we had adr's up 11%, but the japanese trading company has announced a share buyback of ¥500 billion. it has reported net income for the third quarter that beat average analyst estimates. it is something we are tracking closely here. nintendo, another name in focus here. it has lifted its profit and outlook for the switch console. again, we are seeing some moves to the upside for that name. one we track in terms of general exposure to tech companies in

this part of the region. we can see adr is likewise gaining about 4%. we will see perhaps some further upside. let's switch on because automakers in focus. yesterday, we had toyota reporting during the lunch break of japan. we did see shares rising into the afternoon session, and we actually saw toyota, it's market value topping ¥50 trillion for the first time. we are also seeing that automaker stink spending on eb production in the u.s. by $1.3 billion. toyota, you can see here, continuing to advance. it also had an upgrade from mcquarrie, but lifting other automakers in turn. >> still had, taiwan's digital affairs minister joins us live to discuss security priorities amid a delicate balancing of relations between the u.s. and

china. first, the latest on negotiations for a pause in fighting in gaza with a hope that a deal can be sealed soon. 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

>> hamas responded tonight. we are reviewing that response now, and i will be discussing it with the government of israel tomorrow. there's still a lot of work to be done, but we continue to believe that an agreement is possible, and indeed essential, and we will continue to work relentlessly to achieve it. >> u.s. secretary of state antony blinken speaking in doha following a proposal to halt fighting at the gaza strip in

exchange for the release of some israeli hostages. hamas has sent "a positive response" to the plan. positive signaling -- explain. >> definitely. there will be discussion today. we are in baby steps, though, though it is obviously much better than them rejecting it. this is early stages, but positive, and obviously, those hostages have been held for four months now, and conditions must be fairly awful outside for the people in gaza under the bombing. whatever happens there, any chance of getting a cease-fire is really positive news, and the repercussions will be quite significant. you might see an end to the h outhi attacks on shipping as well, which would be good for

the economy. there is a lot at stake, but again, we are still looking at very early stages. both sides still have slightly conflicting views of what they want from that cease-fire, so we will just have to see how it plays out. >> something that could perhaps complicate matters, at least from the u.s. side, is what has just happened in the last few minutes, the u.s. house failing to pass this nearly $18 million funding package for israel. does that play into the dynamics at all? >> it is hard to say at the moment. support for israel is very strong among political parties of the u.s. unlike ukraine, it is hardisty that there will be an issue given the day in israel, receiving its funding and then

receiving arms and supplies. one of the issues is if the u.s. needs to use a little more stick and a little less carrot. the general support within the political class means i don't think that's going to be something that is at stake here, but again, for prime minister netanyahu, just to bring it back to the israeli side, it is kind of complicated. he's got some pretty right wing ministers and made some pretty inflammatory comments as well, so getting to this deal will take all of his skills. it is obviously a lot of differences with the u.s. on how they see things unfolding as well, so, yeah, these are important times, and it could be we are on the verge of something quite hopeful.

yet, there's a lot of bits that need to come together. >> very delicate balancing act. that was bloomberg's michael heath. other stories we are watching, president biden is blaming donald trump for sinking a bipartisan bill linking border patrols with -- linking border controls with a package for aid to ukraine. >> all indications are this bill will not even move forward to the senate floor. why? a simple reason -- donald trump. he would rather weaponize this issue than actually solve it, so for the last 24 hours, he has done nothing, i'm told, but reach out to republicans in the house and senate and threatened them to try to intimidate them to vote against this proposal. and it looks like they are caving. >> a u.s. federal appeals court has rejected donald trump's argument for presidential

immunity, moving him closer to prosecution for trying to overturn the 2020 election. it is one of four criminal cases from is facing including a similar election case under state law in georgia. his campaign says he will appeal against the d.c. circuit court ruling. a roundup of the stories you need to get your day going in today's addition of daybreak. you can customize your settings so you only get the news on industries and assets that you care about. this is bloomberg. ♪

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. >> you are watching "daybreak: asia." taking a look at some of these big moves today in wall street

after hours because it is it's all about the earnings story and the numbers that came out after the bell today. some of the big ones we are tracking here -- snap, you can see plunging more than 30%. it is really struggling with what has been a slump in the digital advertising market and social media giants. that is what is behind that. disappointing holiday revenue. ford you can see moving to the upside. posted fourth-quarter results that was a very sound beat on expectations. it's also forecasting higher profits in 2024 even though it is actually seeing losses in the ev division and rising labor costs, so good numbers out of ford, and yum china the stand out, up more than 20% in after-hours trade given it posted numbers that were better than expected for same-store sales, but let's get more on those numbers, bring in someone who knows a lot about it, our bloomberg intelligence senior consumer and technology analyst. what stood out to you most in

these numbers? catherine: as you rightfully highlighted, there were many beats. same-store sales numbers actually came in stronger than what we were looking at. margins held up better than what we were looking at, particularly in a quarter where there were multiple discounts that the company seems to be putting into the market, so overall, i think it is a great delivery from yum china in the fourth quarter. >> what are some of the likely highlights watching out of alibaba, particularly as we have seen the share price do quite well in the last couple of sessions? catherine: right. i do think that the consensus numbers which have been cut about 10% in the last four months may have been too pessimistic, and there is some

upside to the deliveries tonight. another thing to watch out for would be the share buyback program that the company had in the market. there seems to be room for them to upsize it over the next couple of quarters, so these would be some of the highlights i will be looking out into tonight's results. haidi: our bloomberg intelligence senior consumer and technology analyst. we will be watching alibaba and we will also be speaking exclusively later on with yum china's ceo about their latest earnings and their outlook. that conversation taking place at 10:00 a.m. in hong kong, 1:00 p.m. if you are watching in sydney. jamaica's mic posted better than expected profits. net income was just under 175 million dollars in the three months ending in september -- in

december. last year, australia bank says andrew irvine, who replaced ross mcewan as chief executive officer. he will start in the new role on april 2 when mcewan retires from executive roles after more than four years in charge. >> new york traded shares of ubs fell the most in 11 months even after it announced an $11 billion buyback after fourth-quarter earnings missed estimates. the ceo told us the bank is willing to sacrifice growth in order to improve returns as the merger with credit suisse concludes. >> if you think about the journey, the first six months are very tense. we are going to go through the merger of the two operating

entities. ubs and credit suisse will merge in the first half of the year. this is the prerequisite to be able to realize our synergies. we already achieved 4 billion of cost savings. we plan to have other growth savings of nine units between 2024 and 2026. partially this will be reinvested in the business to make our platform more resilient , and come to speed with the requirements, but also to invest in our future. >> how important was this investment update? just give a blueprint of the kind of growth you want to achieve and how. >> i think it is very important for investors to understand how we are connecting the dots between what we see in the summer and last year and in respect of our long-term plans

and 2026 plans and going beyond that. today, we are providing few doubts how we achieve cost savings, how we manage our balance sheet, how we want to manage growth. we give also some indications about what to look forward after the completion of the restructuring, which is then going to enable us to harvest the work with quite attractive returns. haidi: ubs' ceo speaking to francine lacqua in zurich. this is the picture across european futures. the euro stoxx 50 looking modestly higher. european stocks did gain in the

previous session. this picking up the if the medics coming through from earnings winnings and losers. we saw in particular the lights of -- the likes of bp earnings. plenty more to come here on "daybreak asia." this is bloomberg. ♪

haidi: taking a look across asian markets as we get into half an hour of trading in some

of these major markets including japan and tokyo. an hour and a half into the start of trading here in sydney. the nikkei down by about .5%. the fluctuating session. we are seeing that retreat from tech. some earnings support coming through. the nikkei seeing a bit of a decline. we are also seeing a bit of a rebound when it comes to the yen after it hit its weakest level in the week. tech is seeing the biggest sector seeing that drag. a bigger picture across korean stocks. the kospi how by more than 1% after we had a bit of a pullback. the best weekly gain since 2020. seeing a little bit up profit taking. here in australia, it is broadly and pretty optimistic session. consumer discretionary seeing some weakness, but we are seeing

some very strong gains from the likes of real estate. kiwi stocks modestly higher as we see a pretty positive session so far across the asia pacific. taking a look at some of the big movers so far in the session, in particular we have been talking about the impact, of course, of earnings across japan in particular. we see a bit of a move to the downside. third quarter operating income missing estimates. we are watching toyota. that is a big story for japan today. we see toyota up by 5% with market value topping 50 trillion yen for the first time, and of course, watching mitsubishi as well, up close to 10% in the session. >> certainly a lot of movers in the session today, but let's shift gear now to taiwan.

three weeks since the island held its presidential elections, it has been left with just 12 diplomatic allies accounting for around 0.17% of the global economy. reuters is now reporting that taiwan's most powerful diplomatic partner, guatemala, is considering formal ties with china. beijing has been peeling off taipei's allies for years as it ramps up economic and diplomatic pressure. to discuss the challenges and how taiwan is dealing with threats to its security is taiwan's minister of digital affairs. as we said, really not long after elections, it is not something they wanted to hear, but counting down to

inauguration, what are the things you want to focus on the apple >> it is important for ordinary people to recognize we will in their lives. our election proved that cooperating with civil society, we can overcome information challenges, so we look forward to continuing the strong partnership and also working with our american allies that are going to have elections this year. >> talk us through more of what you see in terms of deepfakes. was that an issue that cropped up significantly across the course of the election campaign? >> es, according to domestic measurements, deepfake technology and generative ai in general were able to put a single narrative, but instead of repeating the same talking

points, to paraphrase it, so it looks like 10,000 different accounts telling 10,000 different life stories. >> following the election, head of the inauguration and beyond, are you seeing tactics and strategies and threats changing or evolving at all? what in particular are you seeing from overseas threats? >> it is is essential to distill messages that are being spread. mostly what we are hearing around election time is to cast doubt toward election results overcast doubt around institutions in general, and the main idea of the adversaries' talking points is the idea.

we have seen after the election, people trusted our democratic institution more and also trusted each other more. we have seen messages evolving toward highlighting the divisions between the parties, between different ideologies, and so far, they are having little effect. >> you have talked in the past with us about the need internally for you to turn conflicts into creation. in terms of the creation of new strategies to be able to futureproof taiwan, the threat of cutting taiwan off from communications. can you tell us more about efforts that might be being made or progress being made on that front? >> i believe you are referring to our idea of local communication resilience. a year or so ago, the subsidy

cables were cut by cargo and fishing vessels flying and piracy flag. we have been deploying not just satellite connectivity and microwave, but also so essential infrastructure can be mounted and hired domestically so even when our connectivity is hindered, our domestic communications can flow naturally and we can retain access to international correspondence. haidi: you thought about the threat to information integrity. what about ai? what is the right approach? do you see it equally as a

threat and opportunity? >> our main idea is a collective alignment of ai, meaning, for example, for the past year, i have been training using email correspondence. the advantage is that it opens up ai to everyday people is not a black box tuned by someone else, but rather anyone can use their own data to ensure the accuracy and fairness and so on. so through the collective intelligence project, there was a democratic conversation to co-create an constitution document for ai. such collectively aligned ai is equally capable and far less biased, far less discriminatory and so on.

more fitting to the local norms, so we are looking to systemize this kind of process so any community, any enterprise, any group can freely tune ai to their liking and therefore have their hands on the steering wheel, so to speak. >> you are quite big on open source ai. do you see any sort of risks associated with that? >> open source in cyber security only works if the entire supply chain and here to the vulnerability discover -- vulnerability, discovery, and information gathering frameworks and so on. there are standard cybersecurity practices that safeguard our information ecosystem. what is important is we need to democratize access to this kind of testing verification assurance systems and taiwan has

just set up an evaluation center to centralize -- centralize this capability but rather democratize this capability. it can help to look at emerging threats and also possible mitigations. >> you have talked about 2024 as being a deadline for taiwan needing to bolster its defenses. are you comfortable in being able to meet that deadline, and where do you foresee vulnerabilities within either the government sectors or corporate taiwan as being the most susceptible to outside attack? >> i'm happy to report that in addition to our satellite alliances, we have also received a lot of friendship and

collaboration from the international open source community. the open source community that want to use their technology not just to safeguard software but also safeguard information integrity, contextual integrity, to work on contextualization engines. i think that is very heartening. it also pays dividends to safeguard other democracies as well. >> really great to have you with us. we appreciate your time. watch us live and see our past interviews on our interactive tv function, tv . you can also interact with any of the bloomberg functions. you can also send us instant messages on our shows. this is bloomberg subscribers

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ahhh haidi: dbs has reported fourth-quarter profit that missed expectations.

the ceo is also facing a big pay cut after a spate of banking outages last year. let's take a look at these earnings. what was the biggest drag? >> hi, there. they reported very good second-quarter results for the full year of 2023 with profit growing 25%, record levels last year, chiefly off the back of fed rate hikes. it did post lower profit growth in the fourth quarter chiefly due to slight margin compression and seasonally slower fuel pump as well. we saw a net interest margin expand by 65 basis points last year, but lending activity was relatively slow at around 1%, and without the acquisition of citigroup's retail assets in

taiwan, dbs would have seen its loan book contract last year. as you mentioned, its management team has taken a bonus pay cut on average of 21%. the ceo took a cut of a larger figure, 30%, in the wake of a couple of years or so of digital outages that the bank has been suffering and the ongoing regulatory probe into that. >> dbs is the first of major singapore banks to report results. we will have other peers later in the month. as that pressure on margins likely to translate to other lenders, do you think? >> i think margin has definitely hit its peak for singapore banks , but it is interesting with dbs. we expect and management expects that net interest income growth could hover around similar levels in 2024, deploying

modestly, because of the fed rate cuts which could come as early as march. in dbs' case, the negative impact could potentially be offset because this acquisition of citigroup's retail assets in taiwan and therapist in lending and wealth fees is likely to gain over there. [crosstalk] loan growth has been relatively capable. singapore lenders are likely to see it recover a bit this year, and i think it is important to note as well that dbs is likely to see further growth in its wealth business this year on tailwinds from the 23% rise in assets under management last year and also leveraging new regulations throughout family

offices in the city. haidi: we will be tracking dbs when it comes online with singapore. let's take a looking at where we are at in the session today. you can see we are posting gains for the board index, up around .8% at this time. pretty broad-based as well because you have every single sector in the green so far with the exception of consumer staples. what's interesting is to the flipside, does -- consumer discretionary is leading the gains so far, up one point 5%, but if you want to dive into that, you would see there's one main stand out in particular today, and that's toyota because we are extending gains for that stock. toyota has already crossed the ¥50 trillion market cap mark. as well, we also have earnings out after the bell. we saw the stock jumping the

most since november of last year , but they boosted their full operating your outlook, so a very rosy outlook for toyota there. haidi: we do have a little bit of corporate news breaking here in australia. we have been focused on these ongoing merger talks. woodside confirming they have seized talks on that potential merger with senators, saying the talks have concluded in the regulatory filing. they have ceased discussions regarding a potential merger. they will be continuously assessing organic and inorganic growth opportunities. the ceo saying they will only pursue a transaction that is value accretive for shareholders. these talks have stopped. it was sort of toward the end of january that we heard that these talks were still continuing. sort of these alternative

options to try to increase value , but these negotiations have now come to an end. >> we know that the japanese parent of the world's biggest convenience store chain is making a case for worldwide growth. some of that could be through acquisitions, but we heard from the ceo who spoke to us exclusively about plans to expand in the u.s. where the brand began a century ago. >> as a small store, you must constantly change your product mix to meet changing customer needs. if a large store has a certain range of products, it can respond to changes in customer needs with its overall product mix. however, a small store will only carry about 3000 stock keeping units. therefore, you need to be sensitive to changes in seasons, times, and demographics. in this sense, we are the

industry that must continue to adapt to change in order to grow. >> clearly the japanese model of convenience store works in other countries and regions in hong kong, thailand, taiwan it works. what about further afield? the united states is very familiar, obviously, with 7-eleven brand, but it's different. it feels different when you walk into a 711 in the united states. what is your main priority when thinking about expanding in a place like the united states? >> we are now focusing on fresh food products in the u.s. market. we are in the process of building a system to provide fresh, high quality products to stores while working together with our japanese supplier to build a factory over there and develop products together. we believe that we need to change our business model from

one that relies on gasoline and cigarettes to one in which customers choose us based on our products. the key to this change is fresh food. >> do you have a store number goal for the united states? i heard it was going to be maybe 20,000 stores. after the speedway purchase, 9000 stores plus 4000 for speedway and your goal was 20,000. is that a reasonable goal, and by when? >> i think there are more opportunities, but we are not targeting concrete numbers at this time. unlike japan, the u.s. market is very segmented. the u.s. has about 150 thousand convenience stores, and the top 10 account for only 19% of the market. therefore, we would like to expand the number of stores while improving the efficiency of chain operations as much as possible and proactively developing m&a if other companies would like to work with us. >> minority shareholders would like to see perhaps a spinoff of your local supermarket chain and

to unleash the true power and your true asset of the 711 brand. can you give us an update on if you are thinking about what value x capital, which is a 4.4 percent minority shareholder, but very much of an activist investor, would like to see you make in terms of structural changes? is it something you are considering, to spin off perhaps your most valuable asset, 711? >> we have certainly received such comments from many of our shareholders, not limited to value act, but what we are explaining is if we are to transfer the growth of 711 japan to the rest of the world, we must transfer the success of 711 's food business as well. if we simply increase the number of stores, we will be building a tower on a very weak foundation.

haidi: just taking a look at market movers, seven nii holdings fairly steady so far. another convenience store chain in japan, lawson, standing out. essentially we have the telco company, kdi, and trading house mitsubishi that are taking loss it -- lawson private. kddi already owns a share in lawson. the proposal is worth $3.3 billion. that is what we are watching their. mitsubishi planning on very strong third-quarter results. this is bloomberg. ♪ get help with j.p morgan personal advisors.

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work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com. creative planning -- a richer way to wealth. haidi: biggest gainers so far in the session. toyota is leading the consumer discretionary index higher, and that is what is leading gains for asian equities that are around .5% to the upside. toyota standing out because we had those numbers due yesterday around noon, and they showed very strong outlook for the company here, so we saw its market cap surpassing 50

trillion yen for the first time ever. again, it was the upward revision to its full-year profit guidance that stood out to us, but shares are up more than 60% over the past back of the year. strong sales and a weaker yen also playing into that, even though we have seen those recent issues surrounding certification and testing of vehicles. but investors continue to pile in to this, and there is optimism generally around japanese equities in turn. that is it from "daybreak asia." our market coverage continues as we look ahead to the start of trading in hong kong and singapore. standby for "bloomberg markets: china open." ♪

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david: that is