>> this is daybreak: asia. another station in a row where we've. not much through coming through for the wall street session, but asian stocks looking perhaps a trend to the downside. heidi: most of the moves across the bomb market. -- the bond market. that is going to be a key piece of data for the rba as it heads into the mid june meeting. we are expecting the hawkish hold to be capped, but closely watching the price numbers from today. annabelle: we are trained keenly to any inflation data. we have the preferred u.s. inflation gauge from the fed coming later this week. there is the open we are tracking for japan. the yield gap has been putting downside pressure on the japanese yen, trading north of

157 here. lots of different currency crosses we are having, the pound versus the yen one of the key ones today, giving levels we have not seen in about 16 years. the boe being amongst the g10 countries that could be the last to cut rates, a bit of a laggard there. what else we are tracking is the move so far for equities, fairly steady, quite range bound. u.s. stocks overnight did not really move much. the action more in the bond space. speaking of bonds, you are still seeing the japanese 10 year yield itching higher past 1% mark. quick check on what is happening in korea so far. the action fairly muted, a little bit of downside coming through. watching the korean won as well. just a little weaker against the u.s. dollar, but we are watching for any sort of details around the fx trading hours in korea, because we are expecting a joint statement for the finance ministry and the bank of korea

on an extension to that pilot program. and their future plans. haidi: this is what we are watching as we head into the first couple of minutes or so of trading in australia. bhp will be want to watch. they seem to be at a stalemate when it comes to negotiations. but more broadly that sector could move. we have a trade deal signed with the eu when it comes to the mining of critical minerals. linus could be want to watch as they get a boost. this is all kind of piling into the move by the west to try and loosen china's grip on supply chains involving critical minerals. that is one to watch. bhp is another. we are seeing a bit of a downside as we get started with a staggered open in sydney. the aussie dollar is flat at the moment, .6648. we could see a move when it comes to a small slow down with

expecting inflation to move lower but still some upward bias coming from the likes of rent, insurance, utilities costs that will complicate the view for the rba. but we still could see some resilience from the aussie dollar at this point, given that we still see some key minerals ranging pretty strongly. it was largely the treasury story overnight, as we see the idea that hikes are still on the table. a couple of weak u.s. no sales did not help either. securities about the pre-auction level. he did see weakening in an earlier offering as well. take a listen. >> i have been asked many times when we take potential interest rate increases off the table. i don't think anybody has formally taken them off the table, even me. i think we could sit here

for as long as necessary until we get convinced that inflation is sustainably going back down to our 2% target. i am not ruling out potential interest rate increases from here, but i think sitting where we are for next and did time is more likely the outcome. but if we get surprised by the data, we would do what we need to do. annabelle: joining us now is the head of equity strategy, daniel lam. kashkari is one of the more hawkish on the fomc. do you see that risk, though, of a possible hike the and very much overblown, or do you see rate cut expectations really being sustained through the end of the year? >> right now, i believe that we are actually somewhere stuck in the middle. because the inflation data, the latest one, has been slumming somewhat, but do not forget that

over the previous few and most of the inflation data has been higher than expected. so right now, i believe we are probably looking at that castle between the zero to one rate cut at this moment in time. but depending on the data, it could swing the other way. therefore, you see the equity markets actually aren't able bit stuck right now after all the earnings have come out. we have a few quiet sessions. asia is not really getting a lot of cues from the u.s., and that is the reason why. people are deciding what to do at this moment in time after the earnings. haidi: one of the metrics they are looking at, what would be the next catalyst if earnings are in the rear view mirror as well? we are not expecting any big moves from the fed. >> by and large, if you look at

the mega caps stocks in the u.s. , the future guidance overall has been pretty decent. if we do get a milder fed, a little bit less of the hawkish speak, we can get more upside in the growth stocks in the u.s.. we are just waiting for that queue to clear. annabelle: more upside in the growth stocks. which ones are you looking at, and are you also concerned about valuations? daniel: the ones we are looking at are the ones in the technology space and the communicative services space. the mega caps group stocks, those should be looking pretty good, given the fact that even the ones that have been showing some wobbly results after the

announcement, they have been bought ready well. we are looking at those. but in terms of valuation, there have always been relatively expensive, but the numbers have been delivering, so we are not too concerned about that. haidi: what are you looking at specifically for this next leg of potential gains in japan? daniel: japan right now, as you know, the yen is under some kind of pressure, but the earnings so far have been pretty good. also, you are getting a record amount of share buyback in japan. all of that is looking pretty good for japan. at this moment in time, though, i would still say that the ones that, in the financial space, the banks, those we quite like, because we believe that the yield curve in japan, the trend

is that it stevens at is going to favor those, so look at those. haidi: interestingly, you are not ignoring china. there is a lot of concern about how you invest around the kind of rebound or at least the bottoming out of valuations. what do you like selectively? daniel: in china we had quite a strong rebound since the middle of april. that had to do with the fact that the chinese economic data has been surprisingly on the upside. they have been beating low expectations, and compared to the u.s., the u.s. had high expectations and they are barely beating or sometimes underperforming that. you see at that time chinese equities depart from u.s. equities. it is all about the low base effect here. of course, it has gone from 16,000 to nearly 20,000 for the hang seng index. right now it is pulled back by

nearly 1000 points. we expecting that we can get the hang seng index consolidating around the current levels for quite a few sessions. but we do believe that the ones you should be focusing upon are the internet stocks, because the valuations are still cheap versus the u.s. counterparts, and they have been beaten down. with the potential more upside in china market, those can rebound the most. annabelle: with that in consideration, your views on the chinese economy, how does that play into investing on the -- in the bond space? and also em as well? daniel: if the china market does recover more, it is beneficial for the em space.

we have seen some fund rotation out of markets like taiwan and korea into china amongst the em rotation. so that could happen further, but like i said, if the china economy stabilizes and risky assets are looking better, been it is going to benefit the em space as a whole. haidi: daniel lam there with us. take a look at some of the movers. bhp is want to watch. time is running out when it comes to the extension in its talks with anglo. there are still a lot of concerns over the structure and the two sides still seem to be at this impasse at this point. we are watching that, given that there are still risks being seen by anglo. 5:00 p.m. wednesday is the deadline for bhp to commit to an offer. watching some of the aussie minuses, the steel signed with

the eu when it comes to collaboration investment across critical minerals. we have been looking at this potential kind of improvement when it comes to apple's iphone shipments, up 52% according to some data from the china academy from information and communications technology. that rebound could play through to some of the upper suppliers in this part of the world. get a roundup of the stories you need to know in today's edition of daybreak. bloomberg subscribers can get it on their terminals. it is also on the bloomberg anywhere app. you can play around and get the news on the industries and asset classes you care about. this is bloomberg. ♪

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haidi: israeli tanks have reached the center of rafah. residents have been reporting clashes between israeli and hamas forces in the center of town. marco heath joins us now for more. in an operational offense, it looks like we are getting pretty

close to a declaration of this offensive being done for netanyahu's kind of purposes. does that mean that the goal of eradicating hamas has been achieved. >> it is hard to say that. even if they do wipe out the remaining militants there, hamas is more than likely, the fighters, the leadership, even the hostages are likely to melt away. as real has destroyed some of the tunnel networks, but they have had a couple of decades -- israel has destroyed some of the tunnel networks, but they have had a couple of decades to build the tunnel network area. that will likely melt away if they have not moved to other parts of the gaza strip. the fighting will go on, but netanyahu has political imperatives as well. on one hand, he wants to be able to tell the public that yes, rafah has fallen, they have eradicated these remaining

militant units, but it is difficult to see that is the case. outside of hamas, there would be new groups that have popped up. hamas has offices in other areas that can move to other nations that are sympathetic, but outside of that, they are more than likely to move to other parts. it goes to your perspective of rafah falling. >> clear learning more about this strike that killed dozens of civilians. -- we are learning more about this strike that killed dozens of civilians. israel pointing to some signs that perhaps they did not intend it to be quite as deadly. is there much weight being put on that? >> that's right. israel is insisting that he used a very small munition in this strike. we are not talking about it being a precision strike that

killed these two senior hamas officials. i think they were quite taken aback at the devastation, and it was horrific. 45 died, more than 200 injured. children killed as well. the spokesman for the israeli military has been saying they are picking up signs that perhaps there was a secondary explosion. the notion being that israel had fired this weapon and it caused this inferno that killed so many people. the u.s. seems to be on board with that to some extent. they have been very strict about what they expected in terms of rafah, and they said this attack is not going to change their view and they see what israel is doing as reasonable in terms of not bringing in really heavy weaponry. but this is a real fog of war situation here. hamas obviously says this is a war crime. when you look at the pictures,

they are horrific. you can understand where everyone is coming from. but israel also played a tape of two gazans talking in referring to a second explosion. but until there is an independent investigation, we are not going to get to the bottom of this. there is too much at stake for both sides for us to get a clean picture on it. >> a lot of reactions from the international community. a lot of condemnation, and a lot of soul-searching in terms of where the red lines are after the images from the refugee camp. we also had countries like norway and ireland and spain formally recognizing the palestinian state. how much fracturing of positioning is there on an international scale? the u.s. obviously still wants a two state solution. is that likely to play out? michael: the pressure is certainly growing, and there are reports that other countries in europe are going to follow that

lead and recognize a palestinian state, which is real does not want to happen. -- which israel does not want to happen. as real is going to file -- israel is going to find itself reasonably isolated, the government in charge. it is extremely right wing, and it is, really, they would be more than happy to be isolated. it relies on those people to stay in power. he had a court case against him as well. in government, it is easier to manage that court case in a position of power. but the pressure is only going to build for some sort of solution. what we have seen in the past eight months is horrifying, from the hamas attack in the first place, which was devastating, what took place there, and then tens of thousands of innocent for billions -- of innocent civilians being killed here. it is not one where the war ends and everyone forgets. there is too much that has happened now.

with netanyahu in charge, it is difficult to see israel stepping up to the plate. there is so much history there and so much desire among those coalition members. they want to settlers in the west bank, in gaza, and they do not want palestinians to have their own place. annabelle: some other stories we are tracking, saudi arabia's crown prince, mohammad bin salman mss's father has recovered from a recent illness. the saudi government announced earlier this month that the 88-year-old monarch was being treated for fever in a lung infection. questions over the king's health came as -- hong kong's national security police have arrested six people using a new security law for the first time. among them is a former organizer of a now banned annual visual to commemorate the 1989

tiananmen square crackdown. police say online posts were made with seditious intent, asking people to join unlawful acts. she is currently in detention for a separate charge. taiwan's parliament has passed legislation that could curb the authority of the new president. the new measures allow lawmakers to summon the president for questioning and give access to confidential documents. thousands of protesters gathered to oppose the changes. the bill was backed by the opposition kmt and tpp, both of which have backed closer ties with china. china's biggest cities have ease requirements for home down payments and mortgages. it follows china's moore's faux scroll -- most forceful rescue package with 41 billion dollars in funding to buy unsolved homes. for more, let's bring in our shanghai bureau chief. how much do these moves from

megacities set a precedent for other ones in china? charlie: good question. it remains to be seen. as you mentioned, the chinese government is doing a lot, doing -- it is going all out to revive buyers' interest in the housing market, which has seen sharp declines in prices and transactions. but from the people we talked to on the ground and state media reports, the impacts seem to be fairly limited at the moment. they are seeing a lot of viewing of properties over the last two weekends following the announcement of the central bank funding to buy unsold homes by the local governments. the transaction volume remains limited. anyway, it is still early days. we will not see the official date until may be weeks later.

the reality is chinese households don't have a lot of confidence about their job security, their future income. that is why they are not rushing to buy homes. and to get them to open wallets for property purchases, you need to make sure the economy is recovering and the income prospect is back to the track. but the official data show recently a lack of confidence about their future, as reflected in the increase in savings and bank accounts. households account for 70% of the nearly 300 trillion yuan in

china's banking system. that is up sharply, 10 percentage points from a few years ago. haidi: as you say, it is the competence slump. have we seen any more optimism from economists in light of these measures? charlie: we did a flash survey of some 12 economists. the estimate is the impact would be fairly muted. it ranges from 0.1% to 0.4%. the reality is to get the economy going, to get the property market, to get people to buy homes again, you need to make sure that people are confident about their job security, which is a huge problem at the moment. unemployment among china's youth is still at very high levels.

the official rate is 15%. xi jinping just held a session yesterday saying that chinese governments should prioritize job growth, especially among the youth. haidi: more to come here on "daybreak: asia." this is bloomberg. ♪

>> if we stipulate that we want to inflation to go down lower, there is still the question, should we be happy with the process where this goes down gradually, or do we need to go there right away? the fed has not been clear. my argument is we have seen steady decreases in inflation, so there is no reason to be more aggressive and risk causing a

recession. wherever the fed funds rate stabilizes, it is going to be at a level lower than we are now. annabelle: cap was the boston college professor paul roman on the fed's invasion flight. certainly the uncertainty around numbers is casting a shadow on the markets, because we saw u.s. stocks range bound in anticipation of the fed's preferred inflation gauge you later this week. the future set coming online, they flipped overnight because of the uncertainty coming in from inflation data from germany and a host of other euro area nations. watching as well the pound.

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haidi: take a look at how we are tracking when it comes to the

first half hour of treat in sydney. it is cpi day. very keenly watched reading today given we are expecting this is one of the last key pieces of data the rba has to mull over before their middle of june meeting. we are expecting some progress to be made when it comes to the inflation fight but some elements like rent, utilities, insurance costs as well are elements that could remain sticky in this reading. that is one to watch. seeing a bit of downside and we didn't get much of a read from wall street other than a big move in bond yields. of course we are seeing that play out today as well. the 10 year breakeven rate also for australia, inflation rate rising to 2.443%. mining shares today, we had that trade deal signed with the eu as well as a concern that time is running out on that wednesday afternoon deadline between bhp and anglo-american to seal that deal. critical minerals is in focus in

particular in today's trading session. 6644 is what we are trading, some weakness for the aussie dollar but it is seeing potentially the resilience we have seen in trading and the aussie can withstand even a small move in that inflation number. but the broader picture of the less certain for the aussie, given some prolonged weakness and the fade we are getting from the policy measures out of china. we are of course getting the westpac leading index seeing just a marginal decline at this point. mostly unchanged, 0.03% month on month. annabelle: fairly quiet so far in parts of the equity market but more of the action coming through perhaps in bonds. as well as moves around the dollar. here we are tracking the japanese yen around the 157 mark but take a look at this chart here because you are seeing the japanese yen versus the british pound today. you at a level you have not seen going back 16 years.

the weakest since august 2008. it is really that bet on a stronger pound. there is that view developing that the boe is going to stay higher than longer -- higher for longer than most of their peers in g10 countries. and the boj, yes, perhaps appointing a path ahead for some rate hikes but still very early days on that front. you have the japanese yen against some bigger crosses this morning. the japanese yen versus the u.s. dollar at 157. haidi: let's get back to watching the investment conference getting underway in singapore today. it is one of the largest investor conferences in the city bringing together global asset managers and hedge funds. let's bring in managing director and head of asia self markets at citi. great to have you with us. what a vibrant region you are covering grit we have seen so much momentum across these

markets. across on cnn and the market darling for india as well. what has been the market activity for your business and outlook? sue: good morning and thank you for having me on your show this morning. we are really excited about this macro and pan asia investor conference in singapore today. it is a bit of a mouthful because we are combining two of our flagship events in one venue for the first time ever. this was an exclusive investor conference and our main equities access event combined into one venue. the idea is really to showcase our best in class global thought leadership and expertise to a broader set of clients. really showcasing our global network and sharing conductivity with our institutional wealth and corporate clients all in one setting. haidi: when it comes to those

clients, one of the questions they are most interested in at the moment, particularly when it comes to emerging markets, there seems to be more excitement even excluding china. but is there a concern with the fed kind of staying put that that is going to detract from some of the fund flows that might otherwise go into emerging markets in asia? sue: definitely emerging markets is a big feature of the conference today. it is a very vibrant geography. i think many exciting things happening. india you mentioned. the region of asia south is a clear beneficiary of supply chain shifts also featuring in our conference today. it is a vibrant gdp growth country and clear beneficiary of supply chain shifts in manufacturing hubs as well as service centers. another exciting event is obviously india. the emerging markets index inclusion. we have been inviting our clients for many months preparing for this event.

haidi: what is your strategy when it comes to these key markets? they are obviously a strategic focus for citi. what is the path for more growth across these countries? sue: sure. and you mentioned the interest rate hikes. i think a big focus of our interest rates in when the fed pivots is the market environment has turned to adapt to a higher for longer interest rate environment. so, more of our clients are looking for more diversified liquidity. we are looking for diversifying the financial suite but also we have a long-standing franchise here in local markets, having been here with coverage of multinational corporate's sense 1902. so, a key focus for me has been

to maintain and grow local franchises in the countries as well. also, we want to be advising our clients around episodic events such as m&a linked and fundraising activities. actually, just last week on that topic, we were advising clients on a mega bond issuance where we played a key role in mitigating dilution risks there. annabelle: can you give us an update on what is happening with citi's restructuring? because we know the geographies of citigroup within asia are being changed somewhat with new leadership as well in place. what is happening on the internal front? sue: thank you for the question. i know we have been in the press quite a bit around this. it is more of a simplification

rather than restructuring. strategy is unchanged. we are a global bank with presence in over 90 countries. it has really been a simplification of our five core businesses with markets right at the center of it. it allows us to work closer with our core business partners. that is banking, wealth services, markets, and u.s. personal banking. as we have said earlier in the quarter, we are done with the changes to our organization and we are excited for the future. i think this event also is a great opportunity for citi to reinforce that we are well-positioned to support our clients. annabelle: does the restructuring mean that further job cuts are on the way? sue: no. as mentioned, changes to organizations may be done. i cannot say that there are no further cuts because there are bau ongoing changes to our

organization. but the main changes of our organizational simplification is done. annabelle: that was sue lee from citi. we will continue to have live coverage from that citi investor conference 2024 taking place in singapore. we are going to be speaking to the head of emerging market economics about the impact of the fed's higher for longer policy on asia markets at 11:00 a.m. if you're watching from hong kong or singapore. we will have more ahead. this is bloomberg. ♪

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annabelle: taking a look at shares of bhp this morning, fairly steady so far but certainly was something that could be moving as we just count down to the very ambitious takeover plan from bhp that is a $49 billion proposed deal for anglo american. the two sides remaining at odds over this. it has been a very complicated deal structure that has kept it from progressing any further pretty the deadline for this deal is wednesday. i believe 5:00 p.m. and wednesday -- in london. let's get more now.

it seems like it is this impasse over the structure of the deal here. >> that is true. initially we saw from anglo complaints about both the price and the structure. that has now changed and it is really about the structure and in particular the question of who pays for the additional cost of spinning out the south african businesses and managing those pieces of anglo that the hp does not want in their portfolio. that is the platform business and iron ore. if bhp has its way it will be handed over to anglo shareholders, as well as the risk. haidi: who has more leverage? with the long term structural bouquet for copper there is likely to be more competition for m&a across the space. is there a sense that anglo could maybe wait? clara: both of them anyway have significant leverage. bhp could tell their shoulders they have worked very hard to come up with a credible and competitive deal.

but they will be restrained and go no further. so if they walk away they will be able to walk away head held high paid anglo has their own self-help plan. so the clock is ticking for them to execute on that plan. either the plan executes or fails, anglo becomes a very interesting target for the sector. a couple of years down the line whatever happens today, even if the deal is extended, if it does not happen, a couple years down you would be sure anglo -- annabelle: we have other media reporting perhaps bhp could look to extend the deadline on this. clara: bhp would like that to happen. the question is whether the anglo board, who ultimately have to ask, if they feel they have

anything to gain. if they feel like within another week they can bridge that gap. haidi: clara ferreira marques there. as we continue to watch bhp as one of the movers today as we take down to that wednesday 5:00 p.m. deadline. taking a look at other commodities, we spoke about copper and we are seeing copper getting back to gains after a pretty steep fall. ministers are continuing to boost sentiment after the biggest losses that we saw. 3.2% last week, the biggest decline since february. we have seen that kind of long-term or structural booster to the outlook for copper with the climate transition as well as recovery the chinese economy. also watching iron ore which is one of the aspects we are seeing keep the aussie dollar pretty resilient as well. quite a bit of optimism for these chinese property support measures despite concerns this

is not going to be enough to boost consumer and household dent emmett. politics is never far from the fray. 2024 is the year of elections across the world. voters are also having to contend with that being a year of heat waves. in india, maximum temperatures in several states have topped 50 degrees celsius for the first time this season amid deadly heat waves. voting in the world's biggest election is set to end june 1. mexico has been setting heat records ahead of its presidential election on june 2. mexico city posted new all-time highs above 32 degrees, well above the long term monthly average. annabelle: let's take a look at what is happening in japan because we have the government there embarking on a major review of its energy strategy. a debate is heating up over restarting its fleet of vital nuclear reactors. that could include the world's biggest nuclear power plant operated by tepco and that

actually is the company that is blamed for failing to prevent a 2011 disaster at his fukushima facility. let's more was bringing the host of our big take asia podcast. why exactly is japan looking to restart these nuclear power plant's right now? >> it is quite the debate. if you look at japan's power mix right now in 2022, nuclear was only just 5% of its power mix. japan imports about 70% from overseas from abroad and the open market to meet its power needs. that is a huge energy spending bill. about $170 billion u.s., that is more than it imports in cars. so while japan has this huge need for energy, at the same time it is sitting on nearly two dozen nuclear reactors that are shuttered and idle, not in use. any other country would love to have that including the world's biggest nuclear power plant

facility that is still idle right now since 2011. and of course the holdup is there is still a lot of concern and angst about operating power plants in a country that is very prone to earthquakes and natural disasters. haidi: is it because of political sensitivity, that there are so many idle reactors in japan? oanh: it all boils down to fukushima, that nuclear accident in 2011 really derailed japan's nuclear ambitions. before new cosimo, nuclear -- before fukushima, nuclear was about a quarter of the mix already and it was on its way to being 50% of the power mix. and then afterwards it basically shut down all 54 of its nuclear reactors including the big one, the kk facility. the biggest sticking point now is there is a lot of debate about restarting that facility. local lawmakers are meeting next

month and they are going to likely very much debate whether to restart it. the biggest holding point is whether or not to give tepco, the tokyo electric power company operated the fukushima plant at the time of the nuclear accident and was basically held responsible for that accident, whether or not to give kk and tepco the green light to restart. of course it is a huge and symbolic vote of confidence for nuclear energy if they restart it, but the debate is still very much on. annabelle: and there is so much debate as well around reassuring or on shoring and around sovereign capabilities across a lot of different sectors. energy of course is one of those. is that playing into the debate as well? oanh: yeah. everybody of course now wants green energy. they want to clean up energy. if you look across the globe there is a nuclear revival. about 15 countries are building

new nuclear reactors. china of course is at the top of that list. it has 24 in development. in the it wants to triple its capacity in the coming years. even saudi arabia, which of course is an oil giant, it is talking to the u.s. to increase its nuclear program. so everyone is chasing nuclear and there is this concern that if japan does not jump back into this nuclear restart, it really will be left behind in this race for clean energy. haidi: what is the next step in the debate then? oanh: well, of course restarting nuclear power plants is not as easy as flipping a switch. to restart a power plant you have got lots of hurdles to go through, including regulatory approvals and of course making sure that safety standards are in place. all of those have been updated and very stringent. on top of that, you actually have to get approval in japan --

the green light from the government of the prefecture as well as the mayor where the power plant sits. in the case of kk, which is the world's nuclear -- largest nuclear power facility, there is debate going on whether to restart it. lawmakers are meeting next month. but the debate is still very much on. you have lawmakers and local residents who are really questioning whether this is the time to restart the power plant. there is a lot of concern still about safety. haidi: oanh ha, the host of the big take podcast. you can listen to it on iheart radio, apple podcasts, and spotify. subscribers can also read more in bloomberg's big take on the terminal. more ahead on "daybreak: asia." this is bloomberg. ♪

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haidi: some top corporate stories, official chinese data suggesting apple iphone should -- iphone sales jumped. sales showed signs of stabilization in march after steep declines. apple and his chinese retailers have been cutting prices since the start of 2024. toyota's proposal to reelect

their chairman to its board is coming under pressure from two leading proxy advisory firms. institutional is urging shareholders to vote against the family member citing regulatory violations. they also recommended a no vote. a chinese -- chinese carmaker byd unveiled a new powertrain capable of driving more than 2000 kilometers without recharging or refueling. danny lee joins us with more. what are the implications of this? danny: this is putting more daylight between lagging legacy rivals going through this electric transition. when you look at toyota who has been big on hybrids, or even volkswagen, they have been very much struggling over the last couple of years of trying to grapple with where they go and pursue this electric transition. for someone like byd who is a

leading seller of electric and hybrid vehicles, they have just come out with a new set of technology for its hybrid powertrains. basically you can essentially drive from new york to miami, or even brisbane to melbourne, on a single charge and with one full tank of fuel. for them, it is really -- it is quite fascinating to see the pace of development. particularly for someone like byd who has decided that this new technology will be in some of its cars coming out immediately and will be priced under ¥100,000, which is 13,000 u.s. dollars. annabelle: you are making the point that this range is a lot bigger than its rivals within china. what do japanese or korean

automakers think about this? danny: i think for japanese automakers, particularly like toyota, even yesterday they came up with their own pursuit of hybrids where they are banking on alternative fuels on top of gasoline to help it manage this transition to ev's and hybrids in the future. toyota is making their own bets in particular on how they want to pursue this future transition. it is taking as little bit of a different step but they are very much in a development phase. so they still have a long way to go even though they have existing hybrids but they are not as powerful as byd's. they will have a lot more to do in order to catch up. haidi: danny lee there. taking a look at australian and kiwi bonds. a big move when it comes to the 10 year. that yield extending the rise of 10 basis points.

we saw treasuries at this point holding pretty steady after what was a tepid auction demand spurring that selloff which dominated the market momentum on tuesday. we are also seeing bond sales in australia as well as singapore. investors in japan waiting for a speech from the central bank board governor. quite a lot of action when it comes to the debt markets today it at the moment we are seeing relative stability. we saw a big move across both the two-year as well as across the 10 year debt in the u.s. and that is playing out across bonds in australia and new zealand. that is just about it for "daybreak: asia." markets coverage continues as we look ahead to the start of trading in hong kong, shanghai, and shenzhen. this is bloomberg. ♪

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david: half an hour away from the opening bills. you're watching the china show. let's get to your top stories