haidi: welcome to "daybreak australia peer group markets have just come online in sydney. paul: we are counting down to asia's major trading opens. wall street looks past mixed economic data with the s&p 500 hitting another economic high. jobless claims decline. haidi: fears of a wider war in the middle east as a tax intensify between israel and hezbollah in lebanon. paul: plus, apple is readying an ai tool in developers to step up competition with microsoft. the rate dropping unexpectedly in south korea to 3%. the expectation was for a reading at 3.2%. that's a pretty dramatic slowdown on what we saw a month prior. although the revised number

three point 2%. 3% unemployment rate in south korea, interesting story as well. one out of five jobless slickers -- are jobseekers in south korea at age 60 plus, so that does tell something about the story of the aging population in south korea. let's look at how we are doing in the early going, building on some of the gains we saw thursday. we have the staggered opened in australia. we opened in alphabetical order. we have earnings today for the first time from the sx -- the a sx. ms. on revenue. ms. on earnings as well. shares declining by .2 percent at the moment. the yield on the aussie three-year and 10-year level moving. 10-year currently at 1.57%. the aussie dollar breaking back

about $.65 after yesterday's surprise -- a high unemployment rate. let's take a looking at futures, meanwhile. for the nikkei, looks like we are setting up for another positive day here at .1%. we heard from the rbnz governor a little bit earlier on. he is keeping the inflation fight well and truly alive there. peeking modest gains. the yen meanwhile dropping just below the 150 level. we're still on alert for possible intervention. haidi: u.s. futures at the moment looking broadly positive. we did see traders on wall street more or less looking past what is a bit of a chaotic and mixed set of economic data. we saw stocks and bonds in the u.s. hi before that inflation reading. that will help define where the fed goes from here.

we did mention u.s. retail sales and industrial production showing declines. homebuilder sentiment on the other hand coming to a six-month high in february, so a real mixed bag. we are seeing broad positivity, a little bit more so when it comes to nasdaq 100 futures, up about .25%. we also saw treasuries ending thursday session with small gains after pairing that advance off softer than expected january sales numbers. particularly with the unexpected jump ahead of the ppi data due out on friday as well as business surveys seeing stronger earnings out of the new york and philadelphia fed banks. a lot of mixed messaging for treasury traders to be dealing with at the moment. we did see demand searching for downside protection when it comes to treasury options, that re-cheapening of u.s. treasury yields. a quick look at oil as well. we are seeing that rise continuing just about $78 a barrel in new york.

markets kind of luring traders back into crude, and that certainly was a bigger story than the iea's slowing growth. paul: let's get more on that u.s. data with our correspondent. mixed signals. what is the key take away from this retail sales number? >> the retail sales number is weak. there was weaknesses in purchasing of gardening equipment, construction material, electronics purchases were down. on the upside, spending on eating out, spending on groceries was actually up on the month, so it is a mixed picture. it's also hard to completely ignore the effect that it's a month after the big holiday shopping season and there was pretty bad weather. heavy snowstorms in the month as well, so some seasonal factors going on. you would have to say at the very least it suggests some

softening of consumer sentiment, consumer spending. some big corporations making the point that customers are putting more emphasis on value rather than perhaps spending and splurging the way they were. the number does not suggest an end to the consumer boom or anything like that. it might suggest consumers are a bit more cautious and at the margins, maybe some steam coming out of what once were very red hot parts of the economy. haidi: when it comes to the labor market, how significant was that drop in jobless claims? >> i don't think it changes the overall story today that jobless claims did really -- broadly speaking, the labor market is in good order still. there has been a lot of high-profile layoffs here. companies have been cutting staff, sometimes in sizable numbers, but not yet enough to make a dent on the overall aggregate number. we just had really strong

figures for january. you do have some economists making the point that the labor market is softening. job advertisements, in particular, suggesting companies do not want to hire as much as they used to. some are arguing for the next stage, and that would be job cuts. we are not there yet. today's numbers pushed at story in the other direction. i think it's fair to say the job market stories continues to be pretty robust. paul: what does this mean for the fed? you mentioned the retail number might have some seasonal factors as the biggest story is still cbi. >> inflation was a soft, suggesting the manufacturing sector is still under pressure, and that's going against the grain of what people have been thinking about, that there was a pickup in manufacturing. you're getting pockets of softness, getting mixed signals. we discussed some pockets of weakness in manufacturing, but broadly speaking, the labor market is still strong, and the fed has made it clear they will be careful about they want to be

confident inflation is heading back to the 2% target, and given the strong inflation data we had earlier in the week, you have to say that sense of caution and reticence on their part to signal at least a near-term rate cut will continue until we get a material shift in the data. haidi: our global economics correspondent with a wrap up of the slate of data. let's bring in for some analysis when it comes to what this means for the markets a portfolio manager at milford asset management. always great to have you with us. pretty messy across the board. you were looking at a number of these data points in terms of how it might direct the trajectory from here. didn't change anything for you? >> makes the data is quite a good summary of that retail sales data, but we went into the year with a lot of the markets and commentators convinced that a recession was coming, the u.s.

economy would slow significantly, and of course, we were originally expecting rate cuts to begin in the u.s. in march. the data on aggregate so far this year has been surprisingly resilient and surprisingly strong. there is mixed reports like the weaker retail sales. it could have been somewhat to do with the seasonal fix in january, but there's been a lot of signs that the economy is not slowing as expected. jobs reports have been generally robust. ceo confidence has been improving. i is a manufacturer reports and prices paid by businesses have picked up, and this keeps at the moment pushing out at the time. what we have no will likely be the icing on the cake of the recent data we are seeing over the last few weeks, and it's the ppi. given in the context of a harder than expected core cpi report this week, the ppi is now very important.

the icing prices paid survey two weeks ago indicates we might see some upward pressure on the ppi also, so we are very keen to see what that number comes in tonight because i think it will drive a lot of market direction this week in the u.s. but also into next week. haidi: if the ppi is in that same trend and hotter than expected, does that reinforce that theme that we will see quicker than expected rotation back into energy resources? >> yeah, that's the risk. we are in a full-blown bull market. when you are in a bull market like this, it can take a surprising amount of contrary news to drive the rotation out of technology stocks into something else. you would've thought the consensus of data we have seen

on the streets so far this year would have already driven movement into cyclicals. but fund managers and institutions have been sucked into the sector. institutional retail is chasing it as well. we think a ppi report would give a reasonable chance that you will see a reasonable rotation tonight and next week, like we saw in the decision today and overnight with the rotation status again. paul: in terms of that tech rally, is it too early to call the end of that? we keep getting interesting news close. bloomberg news reporting that apple has new ai developments as well. is there still a strong temptation to keep adding to your positions? >> exactly. if there's people who have missed out or not participated,

very hard to dispute that most of the big technology companies reported increasing claims of capex spending, building up infrastructure for ai, and all of that supports nvidia's revenues. nvidia's result next week will probably be single key stats. i'm sure nvidia is still seeing a huge amount of demand. we would have been betting wholesale against it. a lot of the earnings growth from many of the stocks are very strong. it doesn't make the levels they are trading on two unreasonable versus the rest of the market. when constructing a portfolio, some of us out of favor sectors like energy or materials or financials so as the rotation does begin en masse, at least

you will be winning on some of the stocks that have been rotated into. paul: before we let you go, want to quickly get your views on japan as well, slipping into a surprise recession yesterday. i'm wondering if that changes your calculations about what the boj next -- about what the boj does next and your investing approach. >> japan is down, obviously. the nikkei have been a star performer. a lot going for it. a weak currency against very good earnings growth. the growth of supply chains a different countries around the world, geopolitical reasons creates a lot of demand for these businesses. and relatively loose monetary conditions, but it's all good feel for re-rating in this bull market. the challenge is if japan is in some sort of stagflationary environment with inflation still running near around 3%.

many countries around the world are getting into stagflation, including where i sit today in new zealand. if the currency continues to be weak, the boj is considering trying to push back on now. they will try to intervene using reserves to prop up their currency, but that could be the catalyst to force them to grow even tighter on monetary policy. haidi: quick word on china before we let you go, the bar seems very high for significant outperformance or rebound. are you opportunistic at all? >> we will be fast reactors. we are watching closely. for a long time, markets and consumers were always get a bit of doubt to chinese policymakers that they will come out of this. given the lack of significant

stimulus, their confidence is the consumer in china is very decreased. we have deflation and prices to consumers saving. we think the situation probably is getting weak enough that china will begin to really do some stem -- some serious stimulus measures. if we see those coming in, if we see the confidence from the chinese consumer positive, then it could unleash a huge wave of spending by the china consumer, which would be very bullish. paul: portfolio manager at milford asset management, thanks for joining us. still to come, traders flock to japanese equities as stock prices hovered within sight of a historic peak reaching way back to 1989. we will have a preview of

japan's market open coming up. first, strokes between israel and hezbollah and lebanon intensify, raising the fear of a wider war. details next. this is bloomberg. ♪ at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work.

i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

haidi: fears of a wider war in the middle east are growing as a strikes intensify between israel and hezbollah. let's bring in bloomberg's michael heath. we are seeing the focus of a more regionalized conflict taking place in lebanon now. michael: that's exactly right. we have seen this week a ratcheting up of the fighting between hezbollah and israel. obviously, they fought a war earlier this century, which devastated lebanon, and this is

real concern. hezbollah has the most powerful militia in the middle east. for israel to engage them as well, that would probably signal that we are going to start to see a widening of the conflict sort of thing. at this stage, i think the local person in the middle east is saving on a scale of one to 10, this is a one because they have always kept below a certain level of engagement, but it does seem to be grading up. it's going to be interesting to watch. a lot of people had to be evacuated from the north of the country because of the fighting with hezbollah. hezbollah is to close to the border compared to what they are supposed to do under the cease-fire drawn when they last fought, so it's an issue that is escalating gradually and unfortunately. paul: let's talk about what is happening with the other end of the gaza strip. israel says it's arrested

combatants at a hospital. michael: they have undertaken this raid at the hospital, the other major hospital in the enclave. there is conflicting reports. there's said to be al jazeera saying doctors have been injured and that israel has not been part -- precise enough in what it has been doing. israel said it went in because it had information that hostages had been held. this is part of the state of israel's policy of no one left behind. normally, they try to get the corpses of anyone who has died as well and try to get the hostages. so far, there's no sign of that. they have said they have arrested militants, including people who were involved in the october 7 attack on israel as well as orders and grenades. we know hamas does shelter among civilians. israel also says there's probably tunnels underneath like

were found in gaza city. again, it's a terrible look for israel. this is a hospital. we are in a humanitarian crisis. there's not enough medicine. there's a lot of people suffering. then you have a raid on a hospital. it does not do a lot for their image. haidi: we have also seen key u.s. allies release some strongly worded warnings. michael: yes, australia and new zealand came out with a joint statement. the interesting part is they do not normally do joint statements, these three countries. again, almost demanding a humanitarian cease-fire. the sense is that these people are sort of cornered, all these civilians. more than one millionle stuck. there's nowhere for them to go now. it's almost like it is set up for a massacre because if those people cannot be shifted elsewhere, israel can say all it

wants that it is trying to target militants, but the fallout will be devastating. we are talking tens of thousands who will die, and that is why there is such opposition growing around the world. it will be difficult for israel to handle this. paul: michael heath there. we do have plenty more to come on daybreak australia. this is bloomberg. ♪

the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

haidi: australian retail conglomerate remains optimistic when it comes to domestic growth, despite high prices putting pressure on consumers and businesses. the company reported first-quarter earnings that beat

expectations. >> this is a moment in time where households in australia are dealing with inflation, cost of living pressures, and we have worked hard to ensure we are offering fantastic value across a broad range of businesses. we are seeing that consumers are being very discerning. i would say the general level of unemployment is still relatively low. there are some positives, but as i said, value really matters. across our businesses, we are seeing growth in customers, growth in transactions. within our businesses, the stand outperformance recently was the kmart business, given the unique private label product we have. >> we did have data showing unemployment in australia is at a two-year high. you are australia's largest private employer. i wonder if you could give some commentary around how you view

hiring conditions at the moment. >> i would say that generally australia is in pretty good shape, but i think there are headwinds we are dealing with. in australia at the moment, although we have seen inflation come off a bit, there is still a lot of domestic cost pressures that are crowding challenges for business. we have labor cost power, cost accommodation cost, domestic supply chain and freight has continued to go up at very high rates, so i think that is one of the major challenges as we look to the year ahead that if we don't see those domestic cost pressures start to normalize, then inflation may be more persistent. obviously, that will then lead to businesses employing less people, providing fewer hours of work. i guess that is the risk factor on the year ahead, but it's why we across our business are very focused on trying to control what we can control to keep our cost down, drive productivity,

to help our teams be more productive and efficient on their day to day roles. haidi: some of those costs have come down, international freight cost being one of them. we have heard that inflation expectations are coming down and looking further anchored. the markets are expecting easing this year. how much of a time frame would you allow in terms of the pass-through of some of those options to the consumer? >> across our business, we have had good visibility to some of the decreases in cost associated with imported product, the decrease in raw material like timber, and fairly significant reductions, and we have flown a lot of that through to our customers in price, but as i said, some of those cost savings are being offset by domestic

cost pressures, and that is the challenge we face. paul: still to come, we take a closer look at japan's market. stock prices nearing a historic peak which we have not seen since 1989. haidi: taylor swift kicks off her terrorist -- taylor swift kicks off her eras tour in melbourne. this is bloomberg. ♪ ♪ ♪ ♪ ♪

♪ ♪

>> my guess is if we were to use

the more holistic definition of a recession, i'm not sure japan would qualify. one of the key ingredients that is missing is the reaction of the labor markets. haidi: he speaking about japan's economy unexpectedly slipping into recession. we will take a look at our setting up, nikkei futures positive at the moment. potentially a game changer at least ahead scratcher for the bank of japan in terms of the perfect timing to exit negative rate strategy. the weakness we continue to see in the yen is also part of that conundrum as well. having said that, we see some pullback when it comes to the u.s. dollar, a bit of caution going into the ppi numbers today. let's bring in our asia equities reporter for more when it comes

to trading in japan. the rally this year, about 2% away from the 1989-. is there since that we see the momentum to get there? >> we are actually getting pretty close. a couple of different drivers, one being the inflation part. even with pretty weak gdp yesterday, the market seems to have -- we look at that and japan seems to be exiting inflation at the moment. a pretty strong u.s. market and the weakness in china still continuing, which makes it a more favorable market. when you look at the fundamental sides of things, earning seem to be pretty strong as we see from the earnings season this time,

and a lot of people citing this to be one of the key major factors for japanese rally. from eight flow perspective, it's also pretty supportive, we've seen investors buying five weeks of japanese stocks straight we are also waiting for the latest data later today. paul: heading into the end of last year a number of commentators saying were setting up for correction, but it hasn't materialized. others surprised by this momentum. >> yesterday we saw citi raising their target for the topics and nikkei. in the past couple of weeks you see jp morgan coming in and morgan stanley and also bank of america all raising their targets. it seems like this rally is really catching some investors by surprise. we did caution last year that

there might be a potential appreciation of the yen on the market, but when you see the fed more unlikely to cut rates at the moment and the bank of japan maintaining a relatively dovish accommodative monetary policy, at the moment it seems to be still supporting the rally going forward. haidi: how are earnings shaping up? >> we are nearing the end of the earnings season, i would say overall it's quite positive. we see more earnings beat than miss, but also we are seeing pretty big share price reactions around the earnings, a lot of volatility in some of the data that might because by some of the newer foreign investors coming into the market trying to join the rally, but still trying to get hold of what is going on in the japanese market.

we did see a lot of the good earnings result from major japanese companies, from toyota, saw bank, -- softbank, hitting a record high after revising their earnings. those positive earnings actually provided a new catalyst for the rally this time. haidi: our asia equities reporter there. speaking of 1989, taylor swift kicks off the australian leg of her tour with the first of seven strobes across -- shows across melbourne and sydney. it could generate as much as 1.2 billion dollars in economic value in melbourne alone. our economics editor joins us from sydney. highly anticipated seems like a wild understatement. melbourne is expected to be her biggest show yet. >> i was surprised to see that

number coming from the mayor of melbourne. it implies indirect benefits from people flying in from overseas, hotels, spinning while they are in melbourne. no one is going to just fly in for those few hours and then go back, so people are making a holiday out of it. we don't have a figure for australia wide, but it is definitely going to be big, and economists and rba will keep an eye out as well. paul: the governor noted the impact of this consort in an anecdotal sense, but it speaks to something broader, she talks about her children not spending on other things so she can spend on this. what are the implications there? >> i guess that is what we are going to see from chatting with

economist, it looks like this is going to be a sugar rush, where people will spend around this time, whether it's the bead bracelets or sequined dresses. within later in the year we are going to see the cutbacks, because the economic condition is getting tighter with interest rates at a 12 year high, expected to remain there. and other issues like property prices, rent, electricity. people are feeling the pinch. while they are going to spend here, they will be cutting back later. paul: soul is set to host one of the most hotly anticipated major league baseball season openers next month. david and was spoke with the city's mayor about how he is looking to make mlb games regular events in south korea.

david: things are quiet now at the skydome, but in a few weeks, major league baseball season will kick off in seoul. it we the l.a. dodgers debut of a -- the $700 million man, show a otani as they face offer two games versus the san diego padres. according to the mayor so, there are plans for more mlb games in the future, but he's aware that the city's infrastructure does need an upgrade. >> soul has the only dome stadium in korea. it seats about 20,000 people. but it is a very popular venue. it was built about 10 years ago and needs some repairs. we are currently spending a considerable amount on renovations. >> the facility that hosted the

1988 summer olympics is undergoing extensive renovations. there are plans to build a new dome stadium that can accommodate about already thousand people. david: big sporting event, music, art, festivals, officials are confident the number is actually within reach. the big question remains, where will everyone stay? seoul does not have enough hotel rooms to house those big kinds of numbers. if authorities can pullover -- pull off a makeover, they can find a more creative solution to house those incoming tourists. >> measures have been implemented. if the number of tourists

increases rapidly, the significant number of tours can be accepted through airbnb alone if policy regulations are improved. the government has set a goal of receiving a large number of tourists, deregulation policies are being reviewed under the new administration. david: as for seeing show have tiny person, tickets for the first game were sold out in an hour. seats for the second go on sale in march. paul: you can watch live and see past interviews on her interactive function and also become part of the conversation by sending instant messages during our shows. this is for bloomberg subscribers only. you can check it out on tv . this is bloomberg. ♪

hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow.

get started today at constantcontact.com constant contact. helping the small stand tall. paul: you are watching daybreak australia. openai has teased a new system that can create realistic looking vehicle -- videos. it can quickly direct wheels up to a minute long. it will initially be made available to a limited number of creators. apple is nearing completion of a

tool for ab developers that would step up the competition with microsoft. our technology reporter joins us. we did see apple stock pop on the publication of this story. apple late to the party but often with quite a good product as well. >> this is the year of generative ai, not only for all the big tech companies, amazon, google, openai, but apple especially. that is the focal point of their software development, their services development 2024. in june, you will see them make their big generative ai related set up announcements. what is core to -- is the version of xcode, their flagship programming software that allows apple and third-party developers to write their software. this software is going to integrate generative ai in order to use large language models and

other artificial intelligence and machine learning technologies to help developers rank code to predict the code, fix the code, test the code. it's a major effort for the underlying infrastructure that will power all sorts of new applications into the future. haidi: we know that apple tends to be a trendsetter, but in this case they are playing catch-up. however urgent is this need for an ai strategy and investment, and how difficult is the competition going to be for apple? >> apple is definitely playing catch-up here in artificial intelligence. they were essentially caught flat-footed by chatgtp and efforts from openai. they we operating a little bit differently. they are trying to operate from a position of strength. the software side is codenamed ajax. we wrote about it last july. at this point, they are not looking at chat lots, they're

looking to apply the tech to applications. you can imagine the new version of their web browser that can auto summarize articles. you can imagine a keyboard that will better predict what you want to type next, based on who you are communicating with. there will be more augmented reality functions power by artificial intelligence across the product lines down to the apple watch. there is a lot to like from what apple's position will be. no matter how late it is. in terms of when we will start being able to live and breathe this stuff, i would anticipate some of the early releases for the developer community and those in the public who want to get their hands dirty with this type of stuff, sometime in june and it will be released to consumers before the end of the year. haidi: our technology reporter. australia is moving closer to mandatory restrictions on ai uses. the government has named a panel

to set guard rails. paul: our next guest is one of the 12 exports in that group, professor of law at the university of melbourne. thanks so much for joining us. give us a background on the state of the current regulatory framework around ai in australia. what are the risks? >> we don't have a regulatory framework for ai in australia specifically aimed at ai. we have a general rule that can do a good job in most things, but ai is developing so quickly, it needs some guardrails, particularly in relation to things like misinformation and disinformation against harmful uses. but we can benefit from what ai

offers to society. paul: you might've heard the report a moment ago on a new product that will convert a text prompt to a one minute video. you don't need to have much imagination to see where that can take you. how do regulators keep up with this sort of technology? >> there members of the expert group that's been gathered together to set guard rails for how to protect us. some of the solution is in the technology itself. it is possible and i think essential that we look at out -- we allow tech developers can build safeguards against the misuse of this technology for individuals in society and democracy itself. haidi: it's hard to see how regulatory and legal frameworks can keep up with the speed of the development of the technology and the ability, the

way it's being used that we cannot even imagine right now. do you think this is an area where regulators will always be trying to play catch-up? >> i'm optimistic in the ability of regulators to respond to technologies. that's because we're looking at accommodation of responses, not just one law that can fix these problems but going from education so people understand the technology more, so the typical set ups, right through to mandatory laws that put specific obligations on developers and those who use the technology. so i think a coordinated response is respond -- as possible and available to us if we act now. haidi: that seems to suggest a truly coordinated responsys and frameworks across all sectors.

do envision specific legislation covering protection of children in ai usage for example, health care and other industries? how difficult is it to get buy-in from all these various parts of the economy and society? >> i think that's part of the job of the expert group, to make sure that those voices from different parts of the economy are heard and that we understand the responses that are necessary. you are quite right, this is a coordinated effort. we already have steps in place to protect children through the safety commission, and the question is how we find the gaps to ensure that we've got safeguards. the medical field is working hard to invest in ai, so it is about coordinating with them to work out where they need assistance to promote innovation and where they need protections

against uses that are problematic. one of the big challenges with increasing reliance on ai is cybersecurity and that something we need to be more aware of. paul: it's been pretty steady in the news flow today. it's around the time the incident was gaining steam. are there any useful guidelines from the development of the internet that you could apply to ai technology? >> the lesson we learn from the internet is that we need to be adaptive. there were all sorts of questions about what would happen with the internet and whether it would be a benefit or problem. the regulation needs to be open-ended and flexible enough so you don't stop innovation, but it needs to be able to respond to those harms i mentioned and in particular, this information,

misinformation, and cyber fraud. the other point i would make is the thing we learned from the internet is that it is dangerous to predict to far into the future. this is an ongoing conversation that we need to have. paul: very quickly, many in the industry would prefer voluntary safeguards, self-regulation. is that going to be enough? >> that is one of the things this committee is talking about. i have to say that i think voluntary safeguards have a place, but i think the general feeling in the community is voluntary safeguards may not be enough, with other kinds of guardrails being put in place. an information, so people understand this technology and can take their own decisions about how they interact with it to keep themselves safe.

haidi: jeannie patterson, director of the center for ai and digital ethics at the university of melbourne. it's a pleasure to have you on with us. more head on daybreak australia. this is bloomberg. ♪ business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

gusto is easy, modern small business payroll. starting at just $46 a month. but it's so much more than that. with gusto, paychecks are deposited in just a few clicks. gusto calculates and files your payroll taxes automatically. gusto offers health insurance for nearly any budget. and gusto even connects you with certified hr experts. it's fast, easy, and affordable. gusto is payroll and benefits built for small businesses. get started for free at gusto.com haidi: you are watching daybreak

australia. the top stories were following, jeff bezos has unloaded another 12 billion shares of amazon valued at $2 billion, bringing the total soldier over 6 billion. and earlier disclosed plan to sell as many as 50 million shares. a move from florida to seattle could save millions in taxes. and a new streaming service proposed by walt disney, fox, and warner bros.. sources say regulators will look at the terms of the going venture once it is finalized. the new streaming service was announced earlier this month. general motors is mulling a ship from mainstream in china by focusing on more vehicles. it would mark a big reversal for gm which entered the market in

1997. ford chief financial officer says a smaller, cheaper electric vehicle should be available in a couple of years. the firm is looking to ramp up development in low-cost chinese ev's. the company was hit by multiple setbacks recently including strikes at some of its factories. >> we are developing a low-cost ev platform so that we can be a big part of the s-curve when it comes time. that is coming in a couple of years from now and i think it's going to be a big inflection point for the industry when more affordable ev's come online. paul: some breaking news across the bloomberg terminal, we're hearing from the atlanta fed president, raphael bostic, saying it might take some time to be sure that inflation is heading back to 2%. saying victory is not clearly in hand, we are not done with inflation, and there is a risk

to the progress that's been seen so far. saying we need more evidence, inflation is expected to fall but may be more slowly than the market is anticipating. but saying there's no urgency to cut with the labor market strong and the economy looking strong as well. so the atlanta fed president making those remarks there that it may take some time but he is sure inflation is heading to 2%. we believe it there, bloomberg subscribers can continue watching at live . later this week, the market opens insult in tokyo -- in seoul and tokyo next. this is bloomberg. ♪

when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network.

>> this is "daybreak: asia," counting down to major market opens. haidi: it's about central-bank expectations, we just heard that the fed is in no rush to cut rates and it will take some time to know that inflation is headed sustainably toward 2%. on the consumer side we are looking at the ppi, a lot of expectations that we will see upwards pressure there as well. paul: more data to come and based on what we've seen it could make the picture cloudier. one of the commons made that i found interesting is the fed expects interest rates to come down but the market expects it to come down faster. haidi: cloudy when it comes to the bank of japan at the moment, they're trying to gauge ideal timing for moving out of negative rates. this is when we see the it on economy slipping unexpectedly

i