♪ haidi: hurricane irma pounds florida, slumping miami and knocking out power -- swamping miami and knocking out power. betty: the damage bill that could reach $200 billion, the potential to u.s. growth. haidi: the electric cars, china raises a deadline for the solar powered vehicles. betty: leaks reveal more on the 10th anniversary iphone, the most important new products in years. that will be unveiled tuesday.

haidi: no doubt the highlight of the week -- hello from sydney. this is daybreak australia, two hours away from the open of asia's first major market. p.m. int is past 6:00 new york. all eyes are down south and in hasi where hurricane irma reached land. these are live pictures of the miami shoreline, palm trees being knocked around by the wind of 135 miles per hour, category three storm when it hit land. $200 billion is the assessment right now of the damage in the u.s., but that could go higher as we see the storm track interestingly enough west, and area people did not think the storm would hit. haidi: always unpredictable. you cannot track the path of the

storm. you can track it using the hurricane go function. let's see this. you talk about the cost, $2 trillion of property being threatened. you want to look at the cost of natural disasters in terms of widespread economic look, we , consumerl sales prices, all of that data coming through. we will be getting a better idea of the idea of hurricane harvey on that set of numbers. betty: the recovery efforts there in houston well underway. already 2 million are without power and 10,000 flights have been canceled owing to this hurricane. in the meantime this is where stocks ended friday. there was a lot of nervousness in the markets would irma would bring, so we ended mixed. nobody wanted to take any big positions going into the

weekend, the s&p closing unchanged. the dow also barely adding on. flat.losing about that is likely to set up the asian trade, a mixed start to asian trade. this is where it u.s. futures right now are pointing. very like trade, but it is pointing higher. the s&p in many futures, 0 -- up 0.4%.ures haidi: you can see the other risk we are looking into, which missile tests in north korea. there is a sigh of relief as they get trading underway. the kiwi dollar making small gains early this morning, and futures in australia looking like this. lower by two points and the

aussie dollar after hitting 81, now 80. positive reaction for the aussie and kiwi currencies, and that ppi number. that is how the aussie qe is. let's get you caught up to the first word news. haslinda: the u.s. -- rosalind: the u.s. has cost for -- call for a vote over north korea's loop de loop test -- nuclear tests. celebrated its foundation day on saturday, kim jong-un held a banquet for nuclear scientists and technicians, saying it was a great victory. the u.k. brexit secretary has rejected that they are doing a power grab with legislation on leaving the e.u.

lawmakers blocked of the bill on it vote monday. -- a vote monday. prime minister theresa may's policy in june. apple's most important new phone will be called the iphone s. the software code three new odels called iphone 8, 8+, and 8x. unveil them tuesday. the leaky comes after they've accidentally published software that promoted the iphone features. prices climbed for a 12 months. the government reduces excess industrial capacity. the price index rose 6.3% in august from a year earlier to 5.5% in july. the consumer price index climbed.

china will set a deadline for automakers to end sales of vehicles powered by fossil fuels. the prime minister of information technology said the government is working with other regulators on a timetable to end production and sales. this will begin the electric car market and follow several positions like the u.k. and france. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm rosalind chin. this is bloomberg. haidi: getting back to our top story, hurricane irma has made landfall in florida and is hogging the coast as it moves north. it is category two with wind under 180 kilometers per hour. we have erik schatzker in orlando. what are you seeing, and how are things on the ground? i am in orlando, and we have not seen the worst of the

storm. the rain is heavy, they are steady, we have gusty winds. we will not see the peak of the storm as far as orlando is concerned until after midnight. we will not see the eye of the storm either. we will be distracted by the bands of the hurricane. at the moment it is further south. it hit marco island, made landfall on the peninsula and marco island and 4:00 eastern time. we expect 1:00 in the morning eastern time the storm will be in or around tampa bay. tampa is an area of 3 million residents, and if were -- it were to take indirect hit, the damage could be very -- a direct hit, the damage could be very considerable. haidi: they have been warned for quite some days. what are the emergency services situation, preparations for

evacuation, how are things on that side? erik: anyone in either low lying area has been evacuated. been a low-lying area has evacuated. the governor is behind this. some people have chosen to stay. those people put themselves in a precarious position. think of the florida keys. .hey got the brunt of the storm some people chose to say. emergency authorities, further south than where we are now, despite the situation and humanitarian crisis, we do not know if there have been fatalities or the situation. it is too early. most of the regional and municipal authorities have ordered people to evacuate the low-lying areas. i have spoken to folks who have homes in zone a and have backed

into other areas, staying with friends or hotels or motels or even other cities like orlando. that is an effort to minimize the human loss. what is almost certain -- it is certain, there will be property loss. there could be tremendous damage to florida's crops. there are 2.5 million people without power. there will be millions more. the question is whether all of the huffing and puffing, the effort to try and attach every possible superlative to this storm will be proven accurate. right now it is category two, not as bad as it could be. the losses may not exceed the $200 billion estimate you have seen thrown around. it may, but he is possible florida will be spared the worst. that is the best case scenario. certainly people have hurricane katrina on their minds and whether that damage will be

the same or worse. there is a lot of assessments to be made. tell me more about the damages. you mentioned the crops, power stations, being shut down. tell us about the numbers. erik: i will give you a sense of how the damage takes place. first the wind. we know hurricanes are high wind storms. when the hurricane was in the eastern caribbean it was 185 miles per hour, one of the most powerful. it is nowhere near that strong, 115 miles per hour, 180 kilometers per hour, and do damage as with houston. but most of florida will likely come from a storm surge -- the damage in florida will likely come from a storm surge.

this mayor was describing why the surge is the most important thing. surge us it is always the . we are low-lying, we are on the water. if we had category three that came up tampa bay, my office would be 15 feet underwater. i don't think that will be the case. that is what we train for. it is impossible to estimate what the damage will be , but to give you an idea, the city of naples and ft. myers a little south of tampa, st. petersburg, they may get a surge as high as 15 feet of water over and above the high tide mark. nineat tampa, eight or foot storm surge, naples which you may have seen and has a lot of high-value residential property. new yorkers in chicago have vacations here. vacationscago have

here. you can imagine the property damage. i'm not even talking about the wind and flooding. i'm just talking about the storm surge. difficult to estimate what the .osses might be that gives you an idea how much inundation there will be. we have not even begun to talk about what irma will do in the panhandle and if it situates itself over southern or central georgia, the kind of flooding that could occur as it stations itself, raining inches upon inches like we saw in houston. you stay safe as well. we'll be back with you to get a further update as she makes her way up the coast. erik schatzker in orlando. hurricane irma leaving a trail of destruction, could be worse

then harvey in texas. the combined impact taking a bite out of u.s. economic growth. delaying the next fed rate hike. now a three have su keenan. -- now we have su keenan. su: the impacts are pretty dire. goldman sachs think it will be of long-term short-term impact. they mean it will be a full 1% bite out of gdp and could mean jobs.st out to $100,000 let's going to video of storm .hat has hit miami i mentioned the calm before the storm, but we have seen damage from harvey and already seeing it in the caribbean. what goldman sachs is hurricane irma will deepen the slow down slowis already -- the recovery in the u.s. that is already reeling from harvey. up to 100,000 dollars in lost jobs.

but look at the full screen because this is the details. harvey knocked out the refining. the power outage, flooding, it is one of the largest cities. jobless claims have jumped since 2012. in addition, hurricanes hit the payrolls, hurt car sales, impact inflation, and it could cut points off of gdp growth. harvey is going to cut three quarter gdp growth. it below 2%, but goldman believes third-quarter gdp will end up rising 2% down from a prior estimate. they believe there is going to be a rebound. we see the hiring that takes place, the rebuilding, they believe overtime the weakness is going to reverse, more than

recouping the loss. haidi: you mentioned the impact on inflation. what about that? su: it means a lot for the fed because it will distort the data. when you look at the way the up thesee beaten buildings, you can only imagine the damage and displacement in terms of workforce. it will be hard to read the norm of what is just related to this storm. it is good to weaken inflation, pushback about rate hike plan or create obstacles. william dudley with the fed said the hurricanes could affect rate hike timing. we have a full-screen quote. when we think about the impacts, first of all it will make it difficult to read the data, because it will be hard to know what the data would have been after the hurricanes.

work is the function, and you can see hurricane volatility could be over by the december meeting. right now most of the bond traders seem to be betting the fed will not raise rates anytime soon. this could push it back further. haidi: thank you so much for that, the economic impacts of weather events. we will get more from the fallout next. we are joined by a market strategist on how the market to be handling the hurricane and the risks. this is bloomberg. ♪

♪ betty: good morning. i'm betty liu. haidi: i'm haidi lun. the full economic impact of hurricanes harvey and irma is not yet known, but this could

dent the u.s. jobs market, retail sales, factory, and investors are looking at the market. let's look at this. we have a market strategist. happy monday, good morning. forhis just another reason the fed to stay the course when it comes to be a more dovish than when we would have -- what we would have expected a few months ago? >> it is not going to help in the short term, and the jobs aren't -- if you look at the u.s. two-year treasury trading 126, it is above the top end of the fed fund range. it is just about the interest on access reserves. if it goes any lower, it goes to the range the markets could give discussion as opposed to rate hikes. they have made a move higher on the 10 year, and that is despite

from dudley's comments. pricing thing is market . it could be cap news, and the inflationary numbers are coming through. be bad news. explain and line -- implied volatility. missed fourber has or five times in a row now. that is a big one for the fed, looking at it closely. we could be talking about better trends coming through. in china, ppi number is anything to go by. these moves in commodities could have a positive thing for the fed. haidi: i want to throughout this quick chart for china. this global kind of reflation china story is not over. over the weekend you had the

hurricane story in the u.s., north korea story not materializing, and then surprised with the chinese factory inflation. is going to this continue until we get to the party congress? right.ink that is the congress is getting more attention from trading in the market, so that will filter write-down. the inflation number in china was very strong. that was largely fueled by commodity prices and the gains of the input level. taking a step back, from what we said this morning, it is not just the idea florida is being missed from the hurricane. that is a positive, but you have seen a few people warning hedges the south korean press getting

back last week was focused on missile tests happening this weekend. you see dollar-yen up a little bit, prices stabilizing and moving higher. it helped we saw the oil count down. and s&p futures have pushed up, and that should give us back wind for a largely positive open in the asian region. pull up aant to chart. it is 9474. we looked at this last week, shows you where jobless claims, how they spiked after the previous hurricane, the blue one. you may not be able to see it, but for the viewers, the blue is katrina, yellow is hurricane sandy. we saw a notable spike but then rivers and down to the trend going down -- reversion and down to the trend. these job numbers will be skewed from the hurricane and these two

hurricanes. how do you interpret the upcoming jobs report? do you miscount trying to separate expectations -- set rate expectations? chris: absolutely. we will be focused more on the earnings and how that plays into it. these disruptions, people will not give that data less treatise . the impact felt less. so the jobless claims were a bit of an issue last week, but for a long time it has been inspiration for the markets. it is short-term, but i would not be moving money based on uplift -- upcoming jobless claims. the payroll number is something we will talk about and how distractions have paid into it. betty: and very quickly, this impossible, which

we thought would be inevitable in january. do you want to throw that out with your -- that out? chris: it is a long way away when we start talking about the markets pricing in, going further down the line, maybe 20 basis points next year. not even one rate hike priced into the curve. the argument is about whether the 10 year treasury 2%, as i said earlier, the next income markets pricing in a lot, it would be fixed back into the curve right now. betty: thanks so much for joining us. we are closely watching the market given the hurricane. chris weston of oig, chief market strategist. this is bloomberg. ♪

>> i am jonathan ferro with 30 minutes for the bloomberg real yield. whatever you look at, leverage has been building up. >> we are seeing a bond bubble because yields -- >> the fed behind the curve. >> they are probably somewhat behind the curve. >> the cyclical trade may be getting longer. ♪ ♪

let's get a look at the business flash headlines. bloomberg may not have accurate -- adequate insurance against a cyber breach. the equifax hack was one of the biggest. they may have coverage for more than $150 million, but the expenses would be many times that amount. it put as many as 143 million consumers at risk, only reported last week though it happened in july. haidi: jps has handed himself to police following a supreme court order. the chief prosecutor said batista and another company executive -- concession to corruption and other crimes. they will receive protection in return for the admission. have: uber and lyft

been offering free rides to shelters in tampa. the emergency management publicized the free ride on the twitter feed and will review mobile services listed. they were also giving free rides. this is bloomberg. ♪ ♪

♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver.

♪ haidi: you are looking at live pictures of the chaos, hurricane irma making across florida's west coast. these are beaches of naples, florida. you can see the wall of water and heavy winds wreaking some havoc across the state. the country is still reeling from hurricane harvey and the economic damage and damage to homes and properties, expecting property damage up to $2 trillion in hurricane irma. we continue to watch as it makes its way across the state. betty: certainly not over yet as

if you land. . million people -- it hit land 2 million people without power, ,lights canceled, roads shut everyone has been evacuated. first word news with rosalind chin. more on hurricane irma which is pounding florida's west coast, making landfall and driving a wall of water and wind that has submerged miami. inis giving tampa its worst decades, alabama and georgia also affected. it is shutting down gasoline stations. the damage could cost $200 billion. the mexican government is flying survivors of the earthquake, which is -- killed 19 people. some people are feel full -- fearful of more collapses.

the magnitude 8.1 quake is the strongest to hit mexico in a century. damage across several states. angela merkel has called anti-integration demonstrators rowdy in her strongest reaction to stop the election rallies. despite discontent over her liberal refugee party, this man leads two weeks before the vote. don't miss this german show. this is 5:30 p.m. in sydney. germany decides, we bring you the latest in the lead up to the election. a former white house strategist, steve bannon, will speak in hong kong. he is hosted by china's biggest state owned brokerage. last week steve bannon said president trump's economic

advisor gary cohn should have resigned. a break can resign. the stuff that was leaked by certain members of the white house was unacceptable. you find it unacceptable, you resign. i am talking about gary cohn and other people. if you don't agree, you have an obligation to resign. >> gary cohn should have resigned. >> absolutely. rosalind: moore with that interview on charlie rose. p.m. monday. tradingbank is removing currency forward. this is after the yuan depreciation in at least a big get -- a decade. the pboc will stop requiring

financial institutions to set aside cash when buying dollars for clients. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ thanks. we left a quick update on the markets -- let's get a quick update. new zealand looking to extend kiwiownside 0.2%, the dollar 72.48. we got some upside with the kiwi and aussie dollars. trading, positive reaction to the china factory inflation, slashing it out of the ballpark. look at how it is in australia ahead of the sydney open. looking pretty flat at the moment, downside of two points, the aussie dollar 82.51 after hitting 81 in friday. the risk events have not materialized. irma getting downgraded, north

korea, the missile test over the weekend did not happen yet. we are waiting giving the u.s. is expected to seek a vote on the un's security council resolution. a big week ahead. let's go more with what is happening in asia. we have global market adam haigh with us. much of the move this morning has been retracement of dollar coming back up and kind of fleshing out what is happening. looking at u.s. banks, it was interesting given what we have been talking about this morning, but yields and 10 year yield, the banks have had an interesting move. they have had a tough move, it has been difficult to september. 4688, you see the price ratio, which is the gold standard for u.s. banks in the u.s.

it shows you the move down with the u.s. 10 year yield over the last 10 months, and much of it has to do with expectations swinging from interest rate increases earlier in the year two a lot more uncertainty around the pace of that trajectory. this is being felt in the prices of the bank stocks. you can see it now we are back to where we were in december. a little pocket of value for people that want to get back into u.s. banks. the latest fall in china, that is a reminder why investors are slowly warning about investing in the bond market. why is this a bigger message to investors? firm yeah, this is a called guiyang construction. they start in the east of the

country, it is a small example but one which is resonant of what is happening across the country or what may happen over the next few years. worth of1 million defaults, and that is part of the opening up of china's domestic bond market to foreigners. $9 trillion, and we had the bond connect program that began in july. i think what these defaults in this company show us is the level of scrutiny now being placed on these companies, it is higher than what it has been in recent years. in 2015 we have seen the sixfold increase in the number of in china. companies it cannot be assumed you definitely have that guarantee that you may have done five or 10 years ago. for foreign investors looking

in, there is more scrutiny. and this investor letter we obtained from the shanghai stock exchange, the investors are making the point they did not disclose previously defaulted loans by wu yang from previous years. if that is the case, it is a serious allegation against the company. we try to reach out, have not been able to the to them yet. -- speak to them yet. it is 35% of the market in china, but these stories will be important as the scrutiny remains first and foremost for foreign investors. betty: thank you so much, adam haigh with that perspective. let's stay with the markets and in the u.s., this damage from the one-two punch of irma and weeks before will dominate headlines, but there

are other events like economic numbers. su keenan is back with us. su: the will be a couple of things like the apple watch that will vie for attention. dollarmentioned the bouncing back, the korean threat and the hurricanes lifting. we have a mixed open in asia and the compliment events. let's look at the comedies -- commodities chart. orange juice has been actively traded since the hurricane was bound to hit florida. it was thought is that was was a direct hit, orange juice would become unaffordable. it will be interesting because the hurricane is not as much damage as the totals we thought. it will be interesting how that plays out. you see the nymex is up, had been down on friday. it will depend on the rebound. let's go into the stoxx that are

likely to be massively traded -- stocks that are likely to be traded. --ures, they have -- in sur have got to be in the spotlight. 4128, catastrophe bond. this drop is fridays at 16% record drop. these are investments people go to bet against natural disasters. with hurricane sandy in 2012, hurricane matthew 2016, you have not seen this drop ever before. it is the return index, priced on friday, the previous record of this size, you have to go back to 2002. rebound, you could see it,

but there is already a major loss taken by these investors. a big round of reports and earnings this week. su: what we are looking at is inflation, consumer prices. we have also video for you willse the hurricane impact of this. you are looking at damage in the hurricane harvey zone. you will see a lot of workers pop up, electricians, carpenters . all of that may have boosted the retail sales because in the last week we saw incredible shopping at home depot and lumber repairs in the texas area and florida. in terms of what is expected, retail sales have been a solid plan, may not reflect last week's huge sales. the data will show us what ifnomists are saying

consumer prices increase in august. inflation creeping, but not exactly there. gasoline prices again are up some 5%. that has been a result of hurricane harvey, so that will play out. these are expectations according to economists surveyed why bloomberg. let's go into the earnings numbers, hearing from companies like oracle as those numbers vie for attention. betty: there will be a lot to chew on. answer was mentioning inflation numbers and whether we get a spike or not, seems like investors, the bond market are all but certain that we are in not inflationary but disinflationary environment. 3978.s g #btv

it shows you how much bond strategist have dialed back their forecast hike. you see a noticeable spike in the yield forecast, we had the june rate hike here. cap gettingsts lower and lower, now we are 2.47% by the end of the year, nowhere near 3%. not until 2019, and there is a sense of uprising at the market we have not had the local inflation, the fiscal stimulus policies that have come to fruition with the trump administration. but i love this quote from the strategists. if you forecast -- update your forecast. it is very interesting. you can see the function how these expectations have been

fading accordingly. we will continue to wait and see when it comes to the bond market. 3% looks pretty far out. apples big review, the company unveiling its new product on tuesday. we will look at the evolution of the iphone and what to expect on the 10th anniversary. this is bloomberg. ♪

♪ marks the 10thr anniversary of the release of the original iphone. apple had big plans. according to the latest leaks, it is called the iphone and -- iphone x. emily chang took a look at it. emily: apple has set a date for its most significant new product announcement in years. the tech giant will announce three new iphones with a variety

of features including facial recognition and gesture control, a move that will transform the way people use it. the ability to change the way we interact with technology is not new after customers got their hands on the first iphone to 29, 2007, the -- june 29, 2007, the market has revolutionized. destroying heavyweights of the day and spurring on new rivals across the growth -- globe like xiaomi. it is a large chunk of the company's revenue. app sales have generated $100 billion in gross revenue for apple with 16 million developers worldwide, ranging from uber to snapchat. this did not change the way people work and socialize but also the company itself. apple grew by every dimension from company with a staff of

116,000.e-iphone to apple salesman from $19 billion in 2006 to $19s billion -- apple has sold 1.3 billion iphones. that blows other iconic devices out of the water including game boy which sold 108 million units and the sony walkman which sold 200 million in 38 years. with the astronomical growth rate comes heavy dependence. it makes a whopping 62% of apple's revenue, making it the crucial product. heavyweights are sounding the alarm on this march -- future of smartphone. peter thiel said it is not an area where there will not be anymore innovation. tim cook said he sees things differently.

we are just getting started. i am excited, and there is nothing that i think virtually anybody would say is going to replace the smartphone. emily: apple looks to the next decade and the competition continues to ramp up. a major question remains, how long can the iphone remain at the core? with: that was emily chang a look at the past 10 years and anticipation going into that product unveiled, suggesting one will be called the iphone x, or the iphone 8. let's look at the business flash headlines. qualcomm has lost his miss for apple contracts to resume paying hundreds of millions of dollars for the technology in iphone. a judge in san diego denied qualcomm's request to make the

asian contract. they had stopped paying. talking about a lapse in dispute over the value of their technology. betty: japan is launching a tv advertising campaign to reassure investors ahead of an ipo. this is being aimed at retail investors, and invest is waning. share cells will be announced monday. saudi arabia has plans to sell its stake in aramco. privatization's program is on track despite the droning of a key economic blueprint. the kingdom plans to sell as much as 5% of aramco next year and what could be the world's biggest ipo. betty: there are a lot of big names coming up. we will hear exclusively from

jonathan sloan and later howard davies joining us at by 3:00 new york time -- 5:00 new york time. do not miss our interview with volkswagen ceo. that is midnight if you are tuning in in sydney. this is bloomberg. ♪

♪ betty: good morning. i am betty liu in new york. haidi: you are watching daybreak australia. china will set a deadline for automakers to and sales of saleses powered by -- end powered by fowler -- fossil fuels. tom mackenzie has been watching for this. what does it mean those were -- mean? , a linewill put a flag

in the sand for automakers and accelerate what we are seeing, which is a significant amount of investment across the board and ecosystem around electric vehicle space, charging stations, the end product themselves. in terms of where we are at now, the automakers leading the pack are the likes of duid and they act -- bayac. saw 45,000 electric vehicles and vehicles -- bayac saw 1.2 million, so still scratching the surface, but trajectory pointing up. this is the momentum being driven by governments. subsidies, a big push by automakers whether private or state owned to really start to focus on electric vehicles.

this new regulation is still being drawn up and worked out and will accelerate that. it is part of the push by the chinese government, threefold to cut down on pollution levels because pollution is a terrible problem in china. the other is to reduce reliance on imports of foreign oil. the third aspect is an industrial policy in china to start to master and lead the ande when it comes to e.d. battery technology. regulators will work out a safety system like the u.k. around 2042 end diesel and gasoline powered auto sales. betty: what about the foreign carmakers in china? tom: they have been desperate to get into this market. it is the largest auto market.

and now the expectation is electric vehicles will be number one. we have a chart that shows projected sales, tv sales for the u.s. and china, picking up in 2030. the white bar is the u.s., the blue is china. sales9, 11 million cars in china, 18 million in china. so honda, nissan looking at the door. he sand and honda are releasing vehicles around 2018, then you have chinese startups in this space also buying in. thehe implications for foreign automakers be significant. betty: certainly a big change. our correspondent in beijing. let's quickly take a look at the status of irma. this is west palm beach,

incredible pictures live of west palm beach, the devastation that is occurring of for it -- hurricane irma. it was category four now category three, and that is also resulted in one researcher, a georgia-based disaster modeler, reducing their estimate of the damaged by hurricane irma to $49 billion. they said it could be $200 billion, but the numbers are moving targets as we have seen with the course of hurricane irma. guesstimates as you take into account the exports.gricultural florida is a key for this. billions of crops according to some analysts, we already have 2.5 million households that don't have power.

looking at these pictures, you really are kind of hoping most of the people in west palm beach have evacuated. more to come. this is bloomberg. ♪

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♪ >> this hurricane irma pounding florida. swamping miami's financial district and knocking out power to millions. we will be live in orlando with an update. >> we have forecast of a damage bill in the tens of billions. we will look at the hit to u.s. economic growth. set a deadline for the end of fossil fuel-powered vehicles. >> x