market opens. the start of trading for japan and south korea just a few moments away. i think the focus for us is heading into the next hour because it is all about the rbnz decision, are we going to be getting some sort of surprise from that? haidi: focus is shifting back after the nvidia frenzy to the bread-and-butter of central banks. we have outlier calls in terms of whether the rbnz might move but also watching fed speak, watching inflation out of australia. repricing around boj expectations as well. annabelle: that's right. we have been forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level.

but what else we are going to be tracking in the session is the cautious tone that's going to be coming across from the wall street day. given that as you said it is the countdown to those inflation metrics. the fed's preferred inflation gauge. we have australian inflation coming out. and trading volumes have been pretty thin really over the past few sessions as we await those numbers. we are taking a look at the nikkei, unchanged at this point, but of course watching what is close to a psychological level of 40,000 points. let's change on a look at what wells we are tracking. korean markets just opening. you are seeing a little bit of positivity coming through but it's very modest as well. not much movement coming through either direction. u.s. futures you can see again fairly steady. we did not have big moves for the broader index overnight. it was those individual movers that came through, some of the big tech for instance.

a change of fortunes thereafter some of those names, but more moves. macy's another mover in the price session higher. haidi: look at trading in new zealand and australia head of the rbnz decision. sydney stocks muted, a little bit softer, 0.2%. in the negative. the biggest laggards across communication services and consumer names as well as financials. some robust gains across tech with 3%. and the leadership from miners and materials names as well. the aussie dollar holding steady. we had resilience when it comes to the u.s. dollar, the dollar gauge erasing its decline. traders are waiting the inflation data from various federal reserve speakers as well. we are also just watching what we are seeing across bond markets ahead of of course that key rbnz decision.

we are seeing when it comes to some of the trading across australian bonds, falling for the cpi numbers. kiwi debt down before the rbnz as well. when it comes to leadership from treasuries it is a big week when it comes to corporate issuance as well as sizable bond options. oil, some declines. u.s. stockpiles and the opec supply in focus. the focus for us at the moment is the rbnz decision. let's bring in our next guest who is bullish when it comes to in particular the tech space within equities. joining us is the ceo of sg capital. we had a massive week last week with the anticipation before nvidia and the big melt up following those numbers. do you think there is further to go?

there are concerns with extra neri gains -- extraordinary gains. do you think you should be adding to those positions? >> we are at the beginning of the melt up. we are not seen the irrational phase. we believe there is more meaningful upset for the nasdaq -- meaningful upside for the nasdaq. if you look at the ease with which the market has digested new expectations, they went from pricing in seven to eight cuts of the fed to three cuts in line with what we've been seeing last year. the market has not corrected because of that. that shows inner strength and solidity of the market. if you look at the blowout numbers from the semiconductor nai spaces, like nvidia and palantir, you can see that if you know where to look, there's a huge growth and huge potential in the u.s. space. if you couple that with the fact the growth overall in the u.s. remains solid and you actually see a lot of potential new

infrastructure packages or basically new investments with respect to new capabilities within the tech space and semiconductor space, what this -- this makes us extremely bullish on the tech space going forward with a not insignificant chance of a further rout with the nasdaq materially surprising to the upside here. >> does that mean you would be constructive on the asian markets that have heavy exposure to ai, to chipmakers? korea, japan, taiwan? >> the whole space is going to be seeing potential move up. but there are some areas we like more than others. for example we do like korea. we like india even though it is less exposed. japan selectively we have been seeing of course a great run, we remain a little bit skeptical and japan going forward but in terms of names if you look at the industry, the potential for

a move up is there. overall we feel the whole industry across the globe and europe as well, don't forget that, the whole industry across the globe is likely to be seeing more and more inflows for investors who still have cash available and who want to get in on the party they have been seeing so far. annabelle: if you are seeing some gains for tech heavy indexes, japan and korea and taiwan, really are you still more preferring the u.s.? with the melt up scenario? >> correct. we remain overweight the u.s. from a geographical point of view. if you look at the kind of growth, at the developments, in general, they tend to be ahead of the competition. we are overweight u.s. and we expect to remain overweight u.s. for the foreseeable future.

annabelle: we have got some breaking news. country garden has -- now facing a winding up petition here, this is coming through from a creditor. it was filed by ever credit limited, the high court of the hong kong sar against the company. it's in relation to nonpayment of a term loan facility between the petitioner and the company as borrower. the principal amount is relatively modest. 1.6 -- perhaps not relatively modest. it is 1.6 billion hong kong dollars plus accrued interest. it is interesting because it comes roughly one month after hong kong court delivered a liquidation order to evergrande. it did spark off one of the biggest casualties in the property crisis, quite a significant process to be going down that track. country garden is now facing a

winding up petition. the date for the first hearing of it is may of this year. still a couple months away. when you hear these sorts of headlines, macs, it tells us there is still perhaps a lot of pressure in the china property sector. it is still yet to be played out. even though we have seen a recent rally in hong kong stocks and mainland equities as well. do you really feel optimistic? >> well, we are talking about valuations which are cheap from a relative and absolute point of view. the rally was coming from depressed levels. talking about country garden, these headlines expect them to peek over the coming months. it's not going to be an extreme he order leak kind of development, especially within real estate which is one of the main industries with respect to china and hong kong which is going through an credible pressure all the last few years. you can expect more of these

headlines, but hopefully we are closer to the end than the beginning. it's going to get messier but at the end of the day, if we get some kind of catalyst whereby you get more visibility with respect to the kind of policies that are going to be put in place for business and real estate going forward, you could get a sustainable rally. until global investors can perceive that, you are not going to be seeing that rally which can be sustained. haidi: the rest of the year it looks like geopolitics will become more of a concern as we head into the november u.s. presidential election. are you positioning to try to find some protection against those risks? >> for the u.s. elections it is still a few months away. we are going to be hearing about it every day from now until november. but the actual outcome is only a few months away so we are not overly worried about that. we are going to be looking from

here to august and then looking to reduce before the election. in terms of geopolitics overall, yes. that is the main risk out there. there are unfortunately a number of conflicts with respect to -- throughout the globe. those unfortunately need to be continued monitoring. you need a worst-case scenario in place we are portfolios whether that is a hedge, being exposed only to liquid names which happen very easily and quickly to get out of should something escalate meaningfully. we all think and we all hope no escalations are going to happen but yes, you need to have some kind of risk of kind of switch if something does happen to protect your portfolios. annabelle: always good to have you. back to the rbnz decision in the coming hours, most economists expected new zealand's central bank will keep interest rates on hold the next few hours while

retaining the hawkish tone. our wellington bureau chief joins us now. let's throw this chart that shows the expectation. a hold is expected. there might be a chance of a hawkish surprise. 25% pricing. we did see the chance of more hikes for the rbnz. certainly a cut not until november. what is the biggest argument for staying on hold even if they think more needs to be done down the track? >> the biggest argument to stay on hold is that while some indicators have been further than expected, they are still moving the right direction. the economy is crawling. the statistics agency revised down on previous gdp options to show the economy had been in recession. a lot of the tightening today is still flowing through to the economy. it would be a bold call to raise interest rates.

haidi: -- annabelle: as heidi alluded to we had a couple of economists, we spoke to one in the last hour, we had a couple economists saying we could see a hike today. why is it that is the speculation? matthew: that is the other argument. the rbnz did and it might need to raise interest rates again. arguably it has been stronger than expected .7%. inflation is higher than it has been for the countries -- that it has been for the countries we prepare ourselves to. -- compare ourselves to. inflation expectations remain elevated. you have to look at commons from policymakers which have sounded quite hawkish -- comments from policymakers which have sounded quite hawkish. there is an argument for a rate

hike today >> what are you keeping an eye out for in the forecast? what are you expecting? matthew: the key is the forward track for the cash trade. the previous implied -- we will see whether they push risk higher, maybe apply greater risk of a hike. or they could potentially push out any future rate cuts perhaps towards the end of 2025 to send a message of higher for longer on interest rates. haidi: that was our wellington bureau chief as we count down to the decision, as to the top of the next hour. you can turn to your bloomberg for more on the rbnz decision. we are going to have a team of analysts, of expert commentary as well coming through on this decision so go to tliv to get more on that blog, kicking up shortly.

-- kicking off shortly. haidi: still ahead, the u.s. treasury secretary calling on the world's biggest economy is unlock frozen russian assets tilt ukraine in its war -- to help ukraine in its war. first apple is set to be canceling a decade-long effort to build its own ev. this is bloomberg. ♪

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haidi: 15 minutes into the session for trading in tokyo. one of the movers we are keeping an eye on his racket 10 -- is rakuten, planning to issue ¥100 billion of corporate bond type shares trying to strengthen its financial position. they are planning to sell as much as 75 million of the stocks. they are not going to have voting rights. also the company converted into common shares. it is as well about trying to avoid any dilution. rakuten one of the names we are watching. sony also in the headlines today because it is cutting some jobs. 900 positions are going from its gaming division worldwide, 8% of its employees. they are going to be closing a group in london. sony saying they have made this decision after many leadership

discussions over several months. they are saying changes are needed now for the company in order for it to continue growing. toyota we are watching and also some of its affiliates here because we do have essentially toyota restarting its japan plant lines. they were suspended earlier given there were issues with engines that were being manufactured by the company or one of its affiliates as i said. so essentially we are watching toyota. a little but under pressure. haidi: the corporate stories we are watching. bloomberg sources say alibaba has led the largest single financing round for a chinese ai startup. it joined monolith management, for of one billion-dollar funding round for moonshot ai, boosting the valuation eightfold to $2.5 billion. moonshot is among one of the

better-known startups developing generative ai in china. chinese chipmaker -- integrated circuit has been cleared of espionage by u.s. judge. the verdict comes five years after the firm was blacklisted as a threat to national security. it was alleged they had stolen secrets from micron. annabelle: one of the big stories we have been tracking is actually a bloomberg scoop because we had this big story coming out on apple. it has been a program with a lot of twists and turns. maybe that applies to different divisions at apple but certainly the one we are talking about is the electric vehicle decision. just a month ago we were saying that apple's plans for electric vehicle had been pushed out. they also scaled back their ambitions in the sector and now we understand actually they are going to be complete canceling this. as we were speaking with tom

giles, this is something they put billions of dollars into and thousands of resources or personnel. a more than decade-long effort. all about trying to build an electric car according to sources. we did have a bloomberg scoop on this. we got some disclosures made internally. certainly a surprise, to more than 2000 employees working on that project it seems. haidi: right. and it comes as we have been talking about, it's been difficult for a lot of the players within this space. even the competitors that have really been trudging through the research and development. trying to get a piece of this market. we had that pretty i guess you could say smug response from elon musk on twitter and x i should say, responding to our reporting. but as you say in terms of who this impacts, nearly 2000 employees working on the project. and it was a decision that was shared by the chief operating officer as well as the vp in

charge of the effort according to our reporting. in terms of reaction, in the long run bloomberg intelligence says the shutting of the ev project and shifting to ai is a better strategy long run given expertise is not on -- is on small devices, very different to billing a car. bloomberg intelligence saying the decision ships resources toward generative ai, it's a good move given the long-term profitability of ai revenue streams versus cars. they anticipate a large part of generative ai enhancements will he part of the apple operating system and obviously apple then has one of the strongest consumer distributional networks globally. if they can bring us together, usually lucrative operation -- hugely lucrative operation. the car team known as a special projects group will be shifted actually to the ai division. they will be focusing on what is really becoming a key priority

for the company. investors clearly seeing that as a relief. with all the stock up 1% by the close, still driving a little bit higher after hours. >> that is one of our top stories. you can get a roundup of the other stories you want to know to get your day going in today's edition of daybreak. subscribers can get that at dayb on the terminal or the bloomberg anywhere app. you can customize that for the industries and assets you care about. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns?

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annabelle: a draft of the g20 closing statement says the global economy has a growing

chance of pulling off a soft landing. the groups finance ministers our meeting in brazil against the backdrop of war in ukraine and gaza. bruce einhorn joins us for more. it seems like things are looking up a little bit. bruce: this is a draft statement. things could be changed. but from what colleagues at bloomberg have seen, the statement will talk about how there is a greater likelihood of a soft landing for the global economy underpinned to a large extent by the u.s.. janet yellen who is there in brazil for these meetings took a victory lap. she said a press conference, that america's path to a soft landing has underpinned global growth. haidi: what were the remarks being made when it comes to russia's mobilized assets? bruce: janet yellen in that same press conference did talk about that. background here, there are about

$280 billion of russian assets that have been frozen, two thirds of those are in europe. the question is what to do with them especially given the dire straits ukraine is facing with russia making advances in the war. with aid to ukraine really tied up in congress. unclear whether that's going to get through from the u.s.. there are proposals out there to do some thing with that $280 billion of assets. the u.s. and the u.k. have advocated just seizing it. there are other possible ways because there are others like, germany and france are opposed to it because of the precedented consent elsewhere. janet yellen talks about ways the money could be used. as collateral for getting funding for ukraine. it is an idea out there. unclear whether there would be

progress on this. ukraine needs the money. annabelle: we have seen zelenskyy being quite mobile talking with different world leaders of late. that includes making a second trip to saudi arabia. he met with the crown prince there. what was the outcome of those negotiations and how did he come to go to saudi arabia? bruce: good question. saudi arabia is one of the few countries that has hosted vladimir putin since this full-scale invasion started two years ago. china being another one. saudi arabia could play an important role in any diplomatic effort to end this war. president zelenskyy as you said, this is the second trip to saudi arabia this year. he has been talking up a blueprint for a peace proposal.

that's clearly something he would like the saudi's to get on board with. it's really unclear how much progress they made on that. no sign there is any agreement there. it is something he's going to keep advocating. whether pruden and the russian government are willing to go along with that -- putin and the russian government are willing to go along with that is a big question. haidi: this is bloomberg. ♪ i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey!

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haidi: we have breaking numbers when it comes to consumer

inflation. . the january reading from australia at 3.4%, actually a little softer when it comes to expectations. still staying elevated from the previous months reading of 3.4%. there were some concerns when it comes to the mismatch potentially between what we've been hearing from the rba and very aggressive positioning for rate cuts. the surge we've seen for australian bonds in particular perhaps setting up some of that relief as well. we are seeing aussie 10 years at about 12 basis points under treasuries at the moment. perhaps a bit of a relief when it comes to expectations that we continue to see that heat coming from australian inflation readings. 3.4%, a little softer than expectations, and the broad slow down, there are some concerns.

cpi could crawl further in the first quarter, but we still have lingering upside pressures from rental costs, insurance, household utilities amongst other factors that could keep inflation more to the upside. the march 18 to 19, that will be the next rba meeting so that will be heavily deliberated along with the fourth quarter gdp numbers due out. >> let's shift to some breaking news we had at the top of the hour. this was the distressed chinese developer country garden. it defaulted on a dollar bond in october and overtook rival evergrande as the epicenter of china's crisis. loretta chin joins us.

give us the headlines of who filed the petition and what they are hoping to achieve. >> we think it is a single creditor and a unit of hong kong listed company. they had a loan agreement between country garden and this company of $1.6 billion hong kong. it is not a big amount. . country garden emphasized in its statement that it doesn't represent the broader interests of its other creditors. on the surface, it does seem like a dispute between two companies rather than broader creditor dispute. annabelle: how does this play into the broader restructuring process? >> country garden is in discussion with other creditors so i think that petition comes at this unfortunate time. in the case of evergrande, we see that the creditors are siding with petitioners because they are so disappointed by the talks they have, by the failure

of that restructuring going on. the same risk could apply for country garden so we need to see more that comes out between country gardens other creditors. maybe there will be progress on the restructuring and on the other hand, there will be private settlement between the single creditor and the company. so far, we are not sure. there is a hearing hong kong scheduled in may. annabelle: something we will be tracking quite closely. you have to dig into the details today. loretta chin joining us, thanks for your time. sticking in hong kong but shift things slightly, expecting to ease current -- concerns on property transaction when the annual budget is unveiled wednesday. many local politicians have been pressuring the government to help lift a lackluster market

out of its worst slump in more than two decades. joining us is rosanna tang, head of hong kong research at cushman & wakefield. the expectation is we are going to have all property equities scrapped. realistically, is that going to shift the needle here? >> i think if you look back, the government has already announced an easing policy in the policy address last year in october. we did see that in terms of the transection folio. however, it did not really pick up the price, per se. i think for this time, even if they can completely ease all the cooling measures, it may help to restore market confidence and buyer sentiment, but it won't trigger a v-shaped rebound and booster housing price.

>> would you have any estimates on the sort of gains we could see? >> i think currently, the residential market overall is being impacted by a couple of different external factors. apart from the cooling measures that have been hinging on the market, we see that interest rate hike as well as state economic recovery pace as well as stock market volatility. all of these factors are impacting buyer sentiment. hence, we do believe that in order for the market to restore its stability, we do need all of these factors. apart from the policy itself, we do think that interest rate hike will be another important factor , whether the fed would see the peak in terms of the rate hike being delayed to half of this year, or even for the rates to

slightly come down a little bit. it would definitely help restoring market price. > when it comes to restoring the market price, a few different factors here. what do you think we'll have the biggest bearing on the outcome here? will it be government policies, some kind of pickup in mainland china's economy, or is it going to be the fed that starts to cut rates and the hkma can follow suit? >> the biggest impact would be the interest rates, in part because we do see that currently in the buying segment in the residential market. one big group would be the -- these buyers are waiting because they are afraid the market has not touched the bottom yet and they are waiting until they can see a clearer picture, whether the interest rate is going to peak or is going to come down this year before they purchase in the market. this group of potential buyers is sensitive to interest rates. the other types of buyer that we see is perhaps those who already

have a home in hong kong but purchased residential apartments for investments. these buyers put money in banks because of higher interest rates. if the interest rate can come down, they can review residential apartments in hong kong and get back to the market. haidi: do you see a better outlook when it comes to retail and commercial? >> for the commercial sector, retail, as you said, this will also be one of the key focuses of the government budget today. currently they are really keen to attract or expand tourism, attract different tourists back to hong kong. at the same time, the retail sentiment here, the current challenge is that apart from

attracting travelers back to town, we see local spending has been changing. we see some of the local residents are willing to spend their weekend across the border or nearby greater bay area cities, which can erode certain local purchasing power. i think the government would want to boost the retail sentiment at this time. >> do you think that when it comes to retail, particularly high end luxury and the impact we've seen over the past couple of years as a result of covid policy and the china slow down, do you think that restructuring and exit of these brands is permanent, and how does that play into what the retail side of commercial real estate potentially looks like? >> i think currently as far as we talked to our clients and retail easing team, most of the

international luxury brands currently prefer to stay put and observe the market for at least a couple more months. as we mentioned earlier, because of the changing spending habits of the tourists as well as local spending power, so they may be eager to see that of the government policy of this boosting, the retail sentiment to trigger more mega events in hong kong, how the tourists will react in town. currently, some of these tourists are not necessarily only looking at shopping in hong kong anymore. some of them are actually leaning towards a more experiential retail experience in hong kong. some of the retailers are waiting to see how the changing behaviors will be before they really re-strategize their

expansion plans in hong kong at the moment. >> we seen a lot of pressure on office occupancy globally, but hong kong perhaps is a little bit in a worse position in some ways than other places, given there is a lot of supply coming onto the market. we have not had a lot of mainland businesses. they have sort of been retreating from the city. other western businesses have been leaving as well. what is the outlook here? >> in terms of the new demand, it actually aligns with some of what we've seen in the other global cities. work from home will definitely have impacts in town. at the same time, the market is seeing that perhaps the opening of the border last year did not really trigger as much of new demand as the market expected before. currently, the challenge is

really the upcoming supply pipeline and -- in a way, it may be good for some of the occupiers in terms of the quality move, for those seeking high-quality buildings. we do see those relocations happening in town. from a landlocked perspective, perhaps more of them would be more flexible in providing capex and different incentives to release existing occupants in the building and keep up the occupancy rates. haidi:haidi: rosanna tang, head of hong kong research at cushman & wakefield. great to have you with us. you can go to your bloomberg, tliv , the analysis from our team of expert editors. you can get an insiders guide to the money and the people shaking up the finance hub in our new

hong kong edition newsletter out every thursday. sign up via bloomberg.com/newsletters. . more to come here on daybreak asia. this is bloomberg. ♪

>> so i look at where the best investors in the world are today, and they are places where the decision-making and the

investment are very closely tied together. i look at places like singapore and the emirates who are doing unbelievable things. haidi: the apollo global management cmo on where he thinks the best investors are. taking a look at the state of trading this midweek session, it has been pretty muted as we continue to wait for a bunch of fed speak and the rbnz decision on the slate today in the coming hours. a slight chance we could potentially see a bit of a surprise move. a pretty quiet session. the nikkei 225 pretty flat at the moment. looking at the 40,000 level, but we are a fairways away from that next milestone despite positive trading. south korean stocks up by 3/10 of 1%. a muted session here in australia. we did get cpi numbers out

before, paring those losses when it comes to the equity side after we had inflation remaining surprisingly steady in january. that potentially adds more evidence for the rba to begin cutting rates. stocks very much cautious as we get into the rbnz decision. looking to the potential sort of forecasting changes as well. when we are also seeing is quite a bit of activity in terms of the potential for fireworks from the rbnz. if you look at kiwi implied volatility at a rate -- around a seven month high. we are seeing this tick up even further ahead of the rbnz decision. we will bring you the details and reaction when it comes to trading in the kiwi dollar. the aussie kiwi certainly continuing at an advance when it comes to that pair ahead of the rbnz with the dollar a little

stronger compared to its kiwi. i should say. annabelle: that decision do in under 15 minutes. we do have that blog running. we will also be tracking shares of ocbc because we have trading that kicks off in singapore and that's after the bank reported fourth-quarter net income missed the anna's -- average analyst estimate. that's bring in our senior analyst in singapore. a miss at the top line level but still picking up on the brightest spots we have as well. >> yes, that's right. although ocbc did miss consensus forecast in the fourth quarter and for 2023 on profit, it did report overall very positive roofs -- results with good performance across the business. the consistence -- consensus

missed where weaker contributions from the sub -- insurance subsidiary in the fourth quarter. total income reached a record high in 2023 on strong margin expansion on the back of fed rate hikes and favorable shifts in its asset mix. this is reflected in the higher dividend payment which represents 53% payout ratio. haidi: what are the expectations for 2024? >> i think 2024 will be somewhat of a mixed bag. ocbc can certainly expect tailwinds from growth and wealth assets under management in 2023, and capsulized on the strategic expansion plans. we expect an uptick in fee income this year. loan growth is likely to remain relatively weak especially in

singapore. we have to factor in marjorie -- compression and expectation for the fed to start cutting rates in the second half. annabelle:annabelle: what about the outlook for m and a? we are seeing ocbc cutting -- coming a little under the radar but still somewhat active. >> ocbc has been very active in m&a, perhaps with less high-profile acquisitions than its peers after they acquired the retail units of citigroup in various regions in the asia-pacific. ocbc is in the process of acquiring the indonesian unit of commonwealth bank of australia and there is such high-growth potential in indonesia, it is an exciting opportunity, and metlife in malaysia. it's also important to note ocbc maintains a stronger capital buffer than its peers so it's on with the right money to invest

and engage when the right opportunity does arise and grow organically and in organically over the mid to long term. >> that was bloomberg intelligence senior analyst for southeast asia banks in singapore. singapore trade opening in the top of the next hour. let's look at other corporate stories we are tracking. ebay shares with a strong holiday quarter, giving investors fresh hope following steep job let's. fourth-quarter profit was $1.07 a share on sales of $2.56 billion. ebay also added to billion dollars to an existing stock buyback program. shares of dating app bumble tumbled after the bell after its revenue forecast for the current quarter of up to $268 million fell short of estimates. it's also counting about one

third of its workforce or -- cutting about one third of its workforce. they say this will help centralize engineering and product teams in fewer locations. more ahead on daybreak asia. this is bloomberg. ♪ the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality.

it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai. haidi: the ceo of gold and

copper produces says they are in a position for a once in a generation stock gain. tom palmer told us about the plans for a billion-dollar buyback are on track a looming the acquisition of australia's new crest. >> our stock is at a once in a generational price. last week was a big week, we announced following the big acquisition of new crest, a go forward portfolio that's never been seen before in the gold industry. all tier one operations, great exposure to copper, great projects behind it. if you come into new stock now and ride the value with us, back us, you are going to go for a journey with us seeing where the stock is from where it is today. >> that was a ceo answer if i've ever heard one. you are looking at cutting the quarterly dividend and had to reset the dividend policy in part because of absorbing

newcrest. you have to sell assets to make acquisitions happen and deal with synergies. part of that is $2 billion in sales assets. how is that going? >> all going to plan. we announced in may of last year, we said there would be synergies and $2 billion of cash from portfolio optimization. we expected to adjust the cap allocation to match the transform business. we will pay a one dollar share-based dividend. two dollars at least from defenseman's and a good portion will go towards the one billion-dollar share buyback. everything consistent with what we announced in may of last year. > how soon do you think those developments will come, and once they are done, where does that put newmont next? >> we are committed to work through six assets we held for investment. we worked with those for the next 12 months. process started with two of them. there's a bunch of north america

that will start in the next month or so. we are on track with clear plans to have that work through over the course of this year. our focus is on delivering the value and synergies from our forward q1 portfolio. that is the focus for 2024. beyond that, we have very big copper gold project sitting in the wings waiting to increase our exposure to copper in 2025 and beyond. we are excited. annabelle: that was the newmont ceo tom palmer speaking exclusively to bloomberg. let's look at the stocks we will be watching when markets open in hong kong and mainland china at the bottom of the next hour. stressed chinese developer country garden has received a winding up petition in hong kong for the first hearing is scheduled for may 17. we will watch the news and other developments after local media reported the financial secretary may announce easing of some

property curbs. we are also taking a look at baidu and the expectation around earnings there. haidi: baidu is a big one, we are watching in terms of really wanting to see evidence of them seizing the ai advantage to raise the 30% drop and lackluster sales growth really. going to be progress when it comes to the ai. we are going to the next rbnz decision. follow along at -- this is bloomberg. ♪

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