♪ haidi: welcome to daybreak

australia. in sydney markets have just come online. annabelle: i'm annabelle droulers in hong kong counting down to the asian major trading opens. chinese stocks looked poised for a strong open when onshore traders returned from the lunar new year break. travel and tourism data exceeded pre-covid levels. haidi: interest rate on a one-year policy loan study seeking to shield the yuan from volatility. >> israel warns of a ground offensive in gaza's rafah area unless hostages are released by the ramadan holiday. haidi: a quiet start to the week. no lead expected until later for u.s. markets. they are closed on account of public holiday. this is trading opening across sydney. up about .2% -- .0% when we get

to the other side of cash trading in australia with a sx up about .1%. on march with earnings. a pretty robust season driving what we have seen in trading today. we saw a similar thing across the u.s. session friday. the s&p 500 back towards record levels. a lot of repricing and repositioning given stronger ppi compounding some concerns over what the fed does next after the cpi numbers came in hotter than expected last week. the aussie dollar holding steady at 6533. the greenback on the london -- longest winning streaks since september. treasury yields rising. back to the reigning in a fed rate cut wages. across trading the next hour. other major markets across the region. new zealand where trading is

already underway a downside of about .5%. chicago traded nikkei futures look flat at the moment. the big story we are looking ahead to is the china reopen after the lunar new year holiday. annabelle: we will have more on that in a moment. u.s. futures are coming online after the holiday start to the week very much flat. still around the expectations for profits at u.s. companies for the next 12 months setting at a record high. it is a blue scenario being pressed in. it will be tested. geopolitics, middle east tensions, these phrases are being uttered more on earnings calls, another watch as well. oil to track. we are seeing trading in fuel listless. brent crude wti, fractionally under pressure at the start of the week. it really is a focus on chinese

stocks monday. onshore markets reopening after the lengthy lunar new year break and data tells us it could be a bullish start because we had travel spending during the holiday break that picked up more than expected and surpassed pre-covid levels. let's get more with our chief north asian correspondent stephen engle. what happened over the past week? stephen pop authorities have been looking for the economy for this year. halfway through the first quarter the numbers and sentiment has been week. there was concern the lunar new year holiday would be muted as far as travel and spending. as we have seen. granted the last few years were disrupted completely by covid and a very weak covering last year and hesitancy to travel back to hometowns and the like. we are still waiting to see those numbers. they came out much better than expected. low expectations, but still back to pre-pandemic levels. that's a big momentum shift, if

you want to call it that. when the chinese consumer is mobilized literally and figuratively it bodes well for the broader economy. the property slump continues. overseas investment sentiment still very weak. i will get to that in a symptom -- second. there is a geopolitical haze over the investment climate in china. data for the travel period over the last week february $.19 february 17, 470 million trips during the spring festival february 10-17. it is eight days, essentially one day more than the previous year still of 19% compared to 2019. total tourism spending up nearly 8% to about 633 billion yuan,

88, a very auspicious number, 88 billion u.s. dollars. a 30% increase in railway trips, 99.5 million. people were on the move and spending. we have to throw that caveat out there. this does not necessarily offset weakness we have seen in durable goods sales, whether it is car sales dropping off the cliff in january from september down multiple digit. you have to see whether the momentum continues. investors are still looking for interest rate cuts for the investment community. pboc saturday refrained from cutting the key mlf the medium-term lending facility right now at 2.25%. they are trying to balance spurring the economy against a weakening yuan.

haidi: the fbi numbers and direction is not particularly auspicious. we have two sessions coming up. are we expecting policy signals? stephen: we are expecting some policy signals, but so far they have refrained from doing any big bank stimulus or cutting. i mentioned that mlf rate, that key one. there are other rates they could potentially tweak. we are hearing from the pboc back -- let me see this here -- the pboc backed financial news is it saying there could be a cut as early as this week in the five year loan prime rate, the lpr, the benchmark rate for mortgages. when the pboc backed news organization like the financial news is reporting that there could be easing coming down the pipe now that the government organs are back to work. two weeks until the national people's conference meets in beijing starting march 5 or thereabouts for roughly two weeks. again, we will be reading the

tea leaves to see what stimulus might be coming. but again, that fbi number reflects foreign confidence in china. it's waning. fdi into china last year by foreign businesses doing business in china in raised by just 33 billion dollars u.s. down 82% from 2020, the lowest increase since 1993. haidi: investors are desperately looking for reasons to become constructive on chinese risk assets. let's bring in the portfolio manager at tribeca investment partners. we have spoken to many people in recent weeks over the lunar new year break that are along the lines of we are poised, looking for a reason to be more positive. can you see those reasons in spending patterns? >> absolutely. this is the first of many positive signals to come and it's much needed. for the last 12 months we have all been waiting for a green

shoe to investors to put more money back. i think this is a great sign. at the core we need the chinese to bloomberg -- consumer to start traveling and become more confident. to start buying houses, as well as buying the sure market in china. it is incredibly important they build confidence and that also goes to show they have the confidence in the government stimulus. i think it is very positive. it's a good start. when you talk about it in general, it might take some time because in the last 12 months we have seen so many starts and stops for the chinese economy. certainly this is a really good start for the year to build confidence in the economy. haidi: if you are selectively

going into opportunities in china would you look at consumer stocks? all of the other economies going through reopening, the services is what you have to go into. durable goods will be tough. i think that is an area where there will be weaknesses. services, absolutely. we talked about revenge spending across services for every other economy and i do think china will experience that, but may be in a slower way because the consumer is a little cautious. but definitely they are rebuilding confidence in those areas. annabelle: i am interested in over -- other markets you are preferring in the region. jun bei: japan is going through structural changes but has done incredibly well and is becoming the beneficiary of china weakness now. where we do see chinese equity at economy coming back, which we think will be the case, that may

well become the funding market for the china -- the chinese market. we like the australian market here as well. we like a low beta, low risk way of playing the try to reopening because we have commodity exposure. we have a lot of companies that have trade with china. these markets are little more defensive. japan is certainly at risk if china starts improving. haidi: as a china proxy what is interesting is australia's economy has idiosyncratically held up quite well even in the face of a weakening china, or in spite of, if you look at commodities prices. how is the earnings season tracking for you in australia? jun bei: it is actually looking good. most of the company beat expectations on the rate of two to one. consensus analysts have not downgraded earning dartmouth -- that much.

most of the country talked to better margin expectation. revenue is slowing. consumer is slowing. but net that things aren't too bad even with guidance. that is tracking pretty good for us. annabelle: we can show a graphic here that tells us how many mentions we have had of the red sea over geopolitical and earnings calls in the u.s. and europe. by the halfway mark first quarter the number of references to the red sea or geopolitics almost matched the total for the past three months. how concerned are you about the situation there? bayo we are definitely --jun bei: we are definitely monitoring yet but we aren't completely concerned especially with companies with shipping routes across their. but net-net it is not that bad yet. there's a lot of company talk about it. the reason it is not as bad as

supply disruption a few years ago is because demand is not that strong at the moment. may of china comes back very quickly we will suddenly see a huge surge in e-commerce demand and we might have a spike in shipping. but, so far what we have heard from companies we have spoken to is some of them are already saying some of the rates are already falling somewhat. we will continue to monitor the situation but it has yet to be that material. annabelle: that was jun bei liu portfolio manager at tribeca investment partners. in the week ahead we have said and rba meeting minutes and a central bank decisions out of indonesia and south korea. bloomberg intelligence expects both central banks to stay on hold while japan will also release more economic data after slipping into recession. other reports to node. inflation numbers out of south korea and singapore and thailand's gdp print. it's a busy week for earnings.

in video reporting wednesday amid high expectations. investors keeping an eye on how well it can keep capturing the crook -- growth for ai. revenue expecting to triple for a second straight quarter. other earnings from australian miners and travel and banking giants. that is your week ahead. haidi: next israel warns of a ground offensive in gaza's rossa area unless abbas -- hamas releases hostages by ramadan holiday in march. this is bloomberg.

haidi: israel says it will launch a ground offensive in the rossa area of gaza unless hostages held by hamas are released by the ramadan holiday

in march. we have the outlines of the deadline. we can see cease-fire talks and growing condemnation warning against operations in this area. >> this strikes me as a fairly sensitive -- since a bold move by israel. it came from an opposition leader in israel. when it they are at war usually the opposition will join the government for the military cabinet. the polls show it is who israel wants as the next prime minister. the fact he has come out and had more bipartisan support and said this is quite telling, quite interesting. ramadan, keeping the war going on then, this will create all sorts of problems. giving them some sort of deadline, pledging to work with the u.s. and other countries to get civilians out of harm's way, i think it needed to be said by

israel. it was also technically quite clever too. have -- annabelle: what do these comments tell you about the progress of the negotiations? michael: it looks like they have really stalled at this stage. last week there was a meeting in cairo between the heads of intelligence agencies and other senior officials from qatar, egypt, the u.s., and israel. israel's prime minister netanyahu allowed his representatives to go listen because he was suspicious that basically there had not been much changed in the hamas's view that israel needs to withdraw from gaza and hamas is allowed to stay in power there which he says is unacceptable. after they have been there that first they -- day, talks continued and israel did not return. if one of the parties is not there it's like a three wheeled car or a three legged dog or something. it just won't work. we are seeing much progress there.

the progress from the guitar official over the weekend and suggested just as much, that we are really stalled. they are talking about humanitarian issues but i think we are at an impasse they are. haidi: it feels almost like we are getting to a point where serious discussions and wargaming is occurring on what happens if there is another trump presidency. what does it mean for europe, international diplomacy, and a security? it seems like a lot of world leaders are gaming out situations where the u.s. retreats from its usual protector status. michael: we have a really good story on that out from the munich conference. the sense is among european off that they are really getting nervous about the u.s.. it's not just the possibility of trump. it is his influence on the republican party. the fact they could not release the $60 billion for ukraine. ukraine is now having to decide when it uses ammunition and does

not use ammunition. it just lost a city over the weekend. the four tent -- portents there aren't good. if the u.s. can't get this aid through it raises questions about its reliability as a partner. a trump administration, it raises all sorts of questions about whether europe can rely on u.s. support. on one hand, that's important. europe does need to step out -- step up. countries like germany need to spend more on defense. on the other hand the u.s. is the arsenal of democracy. it's so important for global stability. german officials said there were a lot of economic importance is to the relations that perhaps republicans aren't aware of. i think they are worried about what is coming. haidi: much has been said about the bravery of russian advocate alexei navalny and news of his

death over the weekend. we sell president biden putting the blame on to 10. what is his death tell you about what is going on in russia? michael: russia under putin has been authoritarian. it has been over 25 years he has been in power and it has gradually tightened and tightened and tightened and when the war with ukraine began they used it basically as an inflection point where they would not allow any protesting whatsoever. there was an attempt on alexei navalny's life of couple years ago where he was poisoned and saved by an airline pilot that undertook an emergency landing and they got him to the hospital and he was flown to germany and survived. he was warned that if he came back to russia he would be arrested. the russian dissidents are unique breed. despite having a wife, children, etc., he took the risk and went straight back to siberia. he has been complaining about mistreatment, these sorts of things. if terrible conditions you live in there.

the idea -- the russians said he died of sudden death syndrome or something absurd like that. it's a tragic situation. unfortunately it was probably always going to be the likely conclusion. annabelle: a crushing blow to many russians. bloomberg's michael heath there. back to the munich security conference he was just discussing. beijing has called on washington to lift sanctions on chinese businesses and nationals. chinese foreign minister made the appeal to the u.s. secretary of state antony blinken on the sidelines. >> today, becoming international consensus, those that intend to shut china out in the name of de-risking will make a mistake. the ocean of the world economy can't be cut back into isolated lakes and the trend towards economic globalization cannot be reversed. annabelle: for more are china senior executor -- editor

jean-luc joins us. it seems to be the same sticking points. john: i think it is a reiteration of china's position. earlier in the show you were talking about how there is a pessimistic mood looming over china. the relationship with the u.s. is a big part of that. trump tariffs are still in place. trump threatening more tariffs. all the sanctions on technology that have come into place under the biden administration. over the weekend we got fbi data, or one measure of it, at a 30 year low. there is a real concern that is a real concern that the decoupling happening for real and there's no going back and i think that wang yi is trying to push back against that. for the ultimate objective of chinese diplomacy at this point is to get back to a better place with the united states. annabelle: how uncertain is that path given the prospects of a

potential another trump presidency? john: i think it's -- extremely uncertain and to a certain point china does not really have one candidate it likes better than the other. i think either would be -- would spell more tough policies aimed at china. more limitations on chinese access to technology. i think a donald trump administration would entail more uncertainty because there is some continuity is biden continues to stay in the white house. there would have to be a lot more clocks restarted. more discussions restarted under a new administration with mr. trump in the white house. haidi: are greater china senior executive editor john liu there. the former thai prime minister has been freed from detention after being graded parole due to

his old age and illness released before the end of his jail term sentenced to eight years in jail on corruption charges after his return from a 15 year self exile in august. we have much more to come on daybreak australia. this is bloomberg.

they'll pop you are watching daybreak: australia. fx trading flat to start the week with u.s. markets shut monday for public holiday. perhaps contributing a little bit to the thinner trading coming through. dynamics in focus as we kick off the week around synchronization among developed world central banks. because, that is really starting to, perhaps, weekend given

domestic trends are starting to overtake global trends in determining price outlooks. new zealand, for instance, could be one of the first to continue hiking instead of cutting. elsewhere, the u.s.. traders starting to understand the fed has pushed back on expectations for cuts as well. the offshore you want to notice giving it has weekend over the last few days of the lunar new year break. the onshore you want, when that starts trading in about two hours time. we will hear from the fortescue executive chair andrew forrest joining us in the hours ahead. this is bloomberg. ♪ ♪ ♪ ♪

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>> to finish the job will take fortitude. we will need to resistant take

-- the temptation to act quickly when patience is needed and be prepared to respond actually as the economy evolves. annabelle: the san francisco fed president mary daly indicating openness to three rate cuts this year short of the inflation progress continue. we are seeing those dynamics in markets over the past few weeks of an understanding that the fed will be perhaps in no rush to reduce their key benchmarks. we had inflation reports showing a certain level of stickiness. that has been weighing on or moving stocks and bond markets in turn. here the outlook for the day's trading session still comes down to the expectations for central banks. also earnings are keyed to no trade the asx 200 moving a little higher. u.s. markets shut monday for public holiday. japan setting up for losses.

it's down to the reporting and the big numbers do in the days ahead. haidi: huge week when it comes to australian minors. the hp group reporting. in particular thursday will be very busy. what highlights are you looking for? let's first half of the week we have bhp, rio, and fortescue reporting over the next few days. the iron ore space is interesting. we had a higher price than a lot of people expected first. killer li bin of rio tinto who has had about 70% of their earnings from iron ore and strong production numbers despite a lower grade. bhp might find things more challenging thanks to their net call assets. later in the week, thursday in particular we are looking at the

three lithium minors, i geo, cooper minerals, and mineral resources. they will be struggling from the much lower lithium price and we have a couple gold producers as well. a very busy week. haidi: iron or has been doing very well. what does this mean for the major producers? moshen: higher ion or prizes upset slightly by coal production. they will have the major write-downs. nickel assets look like $5.4 billion in write-downs and we have yet to see an impact on their decision making from the australian government. rio tinto we are seeing a 1.5,

2.5 uplift 27 billion. even though, as we mentioned, they did not get the same graded they had a much higher shipment number. overall we think that should more than offset that to end up with pretty good results. haidi: you mentioned how attractive lithium pricing has been. how much of a shakeup or shakeout do we expect when it comes to some of these assets? bayo mohsen: we are starting to see global lithium producers now not able to make their cost. the good news for australian producers particularly i geo and pilgrim minerals is these are among the lowest cost producers globally. though we are expecting lower margins because of lower lithium price, we think with their

expansion of production they will still deliver pretty strong cash flows. mineral resources has a slightly more challenging position. they are around the marginal cost. they will probably have to look at making decisions at some point in the future as to how much they want to produce at these prices. annabelle: gold miners, a pretty tough run. the metal price does seem to be improving. where do they stand? mohsen: absolutely. anybody investing in the gold mining space has had a challenging couple years. even as we have seen the gold price rise over the past few months miners have not necessarily followed suit. going forward, things look interesting. the margins are said to look a bit better. we think with higher realized prices what will be critical for the minors is they can show their ability to make production targets. both new grace assets and evolution mining have been

struggling a little bit to make those expected numbers. we think there is an opportunity now for them to get their costs unde control and therefore really benefit from the higher gold price. the gold price is really a question. if we see a situation where the fed follows through with a cutting cycle and we don't get another major reversal of that, that could be a very positive sign for the gold market. therefore we might see some sustained improvement. haidi: ahead of a very busy week when it comes to earnings. staying with the aussie minors, andrew forrest of fortescue says a leadership exit is at the company is a natural progression. fortescue has been hit by departments over the last few

months highlighting concerns around forests leadership style. >> i have two great chief executives that are making those decisions. they employ 22,000 people. we have up and coming people. we have younger people. across gender. they really really deserve to be given those positions and responsibilities. they are good people such as the person union -- of the person you just mentioned. we recognize that and decide to move on after mentoring those people. i look at this as unnatural, -- as a natural very healthy progression of a large company. look at the board of directors and the people that have built this company grade we have been here 15 or 20 years. >> is it fair to say there's nothing to see here and you don't need to change anything at this moment?

andrew: look, if we did not have this dynamism, we are changing the company from what it must be meet all of the future challenges of our world, great technical solutions, green electricity solutions, we must continue upscaling. we must continue changing. we must continue maximizing. >> i have to jump in because we are running out of time and i want to ask about china. obviously, it's a big issue for the metals market. there is a concern about the blood. construction season begins in march. do you think that the fiscal stimulus we have seen is enough to counteract some weakness in the economy. andrew: if you are asking me, should we be worried about critical minerals? i would say that what we need to be worried about is diversifying

new markets and you do that if you insist on a higher standard of human rights in europe with the corporate responsibility directive. if you insist on environmental practices up there with the best in the world. even deep-sea mining is a complete joke if you do the longer-term environmental and ecological studies that we do on land. these are the three parameters that if you insist on them in europe, north america, australia you will have a much more diversified a supply chain won't have a glut of one supplier slumping out everyone else. annabelle: that was the fortescue executive chairman and founder andrew forrest. next we hear from the biggest supplier of japanese electric car chargers in country's transition to ev's that is still

in its early stages. this is bloomberg. this is bloomberg. 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.

annabelle: it's time for japan ahead. core machine orders for december do in the next few minutes. expected figures to rise. after falling 4.9%. keep an eye on shares of

mitsubishi, heavy when the market opened. a few minutes time, 20 minutes following the successful launch. japan's flagship rocket had failed attempt last year. the 1989 high. let's bring in our asia equities reporter wendy -- winnie hsu joining us from tokyo. we have been tracking a steady drumbeat towards the december 1989 high but we aren't quite there yet. winnie: i think the recent rally caught a lot of strategists by surprised and we saw in the past couple weeks wall street banks from jp morgan, morgan stanley,

citigroup and bank of america, set their targets for the nikkei index and topics index. recently with domestic investors we saw them raising targets. some now say by the end of 2024 the nikkei is likely to rise to over 40,000. that's quite a milestone for japanese stocks, really saying something about how strategists believe. or, i think the rally is very likely to continue with momentum. they are citing all different types of catalysts, something quite interesting. some say it's really driven by more improvements that we will see in earnings. others say it might be strong u.s. market demand. and also how the bank of japan is maintaining that easing monetary policy that will help the yen tuesday weekend, hence, helpful for the japanese market.

annabelle: is there anything that could really test the optimism around janet --around japanese equities? winnie: right. so, i think speaking of that risk, i guess, from a technical's perspective people are seeing some overheating in the market and like you mentioned, the u.s. pbi numbers came in stronger than expected. so people's concern around how the u.s. market, how the fed's cut might come later than expected, that might weigh on sentiment. when it comes to the bank of japan, the change of the monetary policy might be slightly negative for the japanese stocks at the beginning if we expect rising rates to weigh on equities. overall, if we think that the bank of japan's change will be gradual, they yen, even if it appreciates, it will probably stay at a weak enough level to

support japanese equities going forward. when we look at the flow perspective we have seen for well investors -- for investors buying japanese stocks for six weeks straight already. you would think people would start taking profits after a strong rally, but that continuous flow is quite supportive for market sentiment. we see a lot of global funds still maintaining that underweight around japanese equities. when that flips, we can probably expect more funds to flow into the market going forward. annabelle: in japan carmakers are keeping the foot on the pedal when it comes to investing in electric vehicles despite a slowdown in sales. nissan says the ev shift won't happen in a straight line but long-term growth is still expected. subaru says the company factored

in the possibility the ev market will reach a growth plateau when formulating its tilman billion-dollar inlet -- plan for electrification. our next guest runs japan's biggest provider of electric car chargers and they are urging the government to mandate priority parking spaces for ev's. now joining us is the ceo of the company yohei kiguchi. this seems to stem from a low level of ev ownership in japan. >> thank you for having me. they ev charging infrastructure in japan is small and slow. only 4% of the market share, the lowest among the g7 nations. in ev charging infrastructure there are 40,000 ev charging

stations in japan with an average speed of three kilowatts for normal charging at 40 kilowatts for fast charging, also very slow and small. the japanese government said a plan to install 300,000 charging ports with a triple charging speed by 2030. to achieve that, the $1 trillion ust stimulus plan is also announced in public and private funding. there are key -- three key players. ourselves, enechange is a dominant player in destination and apartment charging with 60% of the market share. a company is specializing in fast charging and a large petrol station company is also launching a large fast charging network. haidi: when it comes to designing charging infrastructure what measures need to be taken to really capture japan's unique situation

in this perspective? yohei: that's a tough question. but it is a great opportunity for japan to regain momentum, to catch up with the international counterparts in the ev race. the japanese automakers are set to introduce a wide range of electric vehicles from 2026 onward. the recent downturn in ev sales internationally provides a great opportunity to bridge the gap with our international counterparts. therefore, i think the japanese oil industry will be well-positioned to flourish in the ev race by 2030. haidi: if you look at other markets around the world is there one you see as something japan should emulate and what sort of government policy would

be required? enechange sure --. yohei: sure. the japanese government planned, like the $1 trillion stimulus plan for green transformation is very competitive against similar plans by the usa, ira command european plans. japan's government has already decided to match america and europe with the green transformation. so, the plan is there. the next thing is execution. like all of the companies need to realize they need to push the green transformation in japan. haidi: obviously japanese markets are very much back in favor now. what are the aspirations for any change from year in terms of fundraising progress for its market listing? how do you see a broader

macroeconomic environment impacting you? yohei: great. thank you for asking me. we actually call it the drive to make enechange over $1 billion under the market. last week enechange was fundraising from the world government fund. with this fund enechange should be able to capture an even larger monetary share of the ev charging network. the government is envisioning to generate more from japan. there are over 500 listed startups, below the one billion u.s. market cap are the targets of the exchange. the interchanges london. the recent $30 million investment from the government fund to energies is a clear example of a government commitment to make us a $1 billion market cap for project enechange.

annabelle: that is the ceo of enechange joining us. lines crossing the terminal. japan core machine orders for december. month on month we saw an increase of 2.7 percent, which reversed the trend prior of a contraction of 4.9%. year on year the number coming in a bit better than what had been expected because the survey was for a contraction of 1.3%. the actual reading came in a -.7%. it is a trend of improvement. in the month prior it was a contraction of 5% here. the numbers for core machine orders, an indication of the health of the japanese economy coming in a bit better than what had been expected, at least, on the year on your reading. catch japan ahead every week, every monday at 8:40 a.m., 7:40

p.m. sunday in new york. bloomberg subscribers can watch us live on the term though the tv function. this is bloomberg.

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apple set to face and eu fine of over 530 million dollars over allegations it silenced a music streaming rivals like spotify on its platforms. the penalty will be set after the eu watchdog found itself out of competition rules in 14 rival music services cheaper alternatives existed outside of its app store. byd is launching more high-end luxury models this year to achieve a leading position in the market. the automaker's plans come after authorities urged of the listed company to improve quality and investment value. byd is reformulating a share repurpose plan based on market conditions. nintendo is delaying the release of its next console until early 2025. this excess of the popular switch was targeted for release this year. nintendo expects the device to come out in march 2025 at the earliest missing the key holiday shopping timeframe. the which is now seven years old

with nintendo selling over 139 million units. annabelle: nintendo is a company to watch at the start of trade. japanese equity setting up for a week or day of trading. futures down around .5%, the osaka contract, one of the most liquid ones. broadly we have seen equity strategist rushing to raise the forecast for the nikkei two we are getting closer to a record high that was set in 1989. we were of the market opens in tokyo and seoul next. this is bloomberg.

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annabelle: this is daybreak: asia counting down to asia's major market opening. u.s. markets are shot. it seems earnings is still the big focus for investors. geopolitics of course and also priced to perfection at least on the u.s. side. haidi: yes. the repricing of fed expectations, the reigning in a said cut expectations. it's a vague day -- big day watching how chinese markets come online after the lunar new year holidays. do we have a more auspicious start to the new year than the way the last year ended? annabelle: i'm sure that's what beijing wants. proxies have told us we could see moves to the upside. japan coming online. a bit of code data. core machine orders out for the month of december. i the last 10 minutes or so they came in pretty much