♪ >> u.s. stocks rise as geopolitical tensions ease, the s&p 500 returns to gains for the year so far. betty: the dollar near an april low as president trump brands russia and china as currency manipulators. gettingank of america costs under control as earnings rise to a record. betty: netflix jumping after beating forecasts for new users. hello from sydney.

i am haidi lun. this is "bloomberg daybreak: australia." of hours from the open asia's first major markets. betty: i am betty liu. action look at how the on wall street will play into the trading day. different session today than what we have seen with the stomach churning volatility over the last several weeks. disputescs and trade on the back corner as you mentioned. earnings in focus. better than expected retail sales numbers. let's see where we closed and trade today. it was a green day. , the dow adding 200 points, the nasdaq also rising by .7%. long is thisis how going to last? haidi: volatility is here to

stay. a bright spot before we get some more shakiness to calm, but the s&p the highest in a month. farave erased the losses so , and that is setting up in asia hopefully for more positivity. the day to drop, china gdp front and center, the major calendar event you'd we will be waiting into these currencies like the kiwi and all see. some downside in the start of trading in new zealand, the kiwi dollar at .7364, the u.s. dollar holding against most pairs, the lowest since march. another accusation from president trump that china and russia are devaluing their currencies. sydney futures looking like a flat open in sydney. .7782 when it comes to the aussie dollar. as that place of

resistance. the kiwi at 1.0568. let's get across to commodities. this is how it's looking when it comes to gold, new york accrued slipping under $67, the first retreat for crude futures in new york for more than a week, and some broad-based weakness across commodities.ls and let's get first word news with jessica summers. >> president trump intends to a new vice chairman. he is seen with experience in the markets after more than a decade of pimco and insight into how washington works from his time at the treasury under george w. bush. clarida is a long time columbia university professor. he will secede stanley fischer. the reason may has come under fire for not leading a comments debate on airstrikes in syria. she spent three hours justifying

her decision to support attacks them of but agreed to schedule a debate, possibly tuesday. jeremy corbyn told the prime minister she is accountable to parliament, not president trump, when it comes to approving military action. the usn u.k. have issued an unprecedented joint alert, saying russia is using compromised network equipment to attack government agencies and companies. the department of homeland security center warns of attacks on routers. they say individuals and businesses should ensure software is up to date and passwords are secure. is national football league taking action to protect players from potential brain injury, banning 10 varieties of helmets found to be inferior to others. until now players could wear any helmet that passes certification standards. six of the helmet types are banned immediately, while the

remaining four may not be worn by new players. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. and on tick-tock on twitter. thank you. stocks rising as geopolitical tensions faded and earnings took center stage. netflix jumped as subscriber numbers beat estimates. su keenan is here with more. certainly seemed to be a day for the bulls. america, andank of many believe the earnings will rescue the market and bring back the mojo, but check out the market snapshot. there is no guarantee. a lot of strong earnings have already been priced in. stocks drift after trump talked.

injuring the session weaker and drifting lower. let's talk about some of the big movers. the risk appetite partly boosted by u.s. corporate earnings. , a turnaround,re buyout talk by volkswagen that boosted the stock. volkswagennd investors in navistar. cvs benefiting from a --erse-amazon , the casino,cana there are plans to sell the casino in a big deal. carl icon has been involved in another big deal, selling off

federal mobile. let's go into the bloomberg. flying high is what we call these charts, u.s. banks closing the highest earnings per share fiscal crisis. rank of america reported record profit. more on that in a bit. , wells the green here fargo, the blue is citigroup. this has a lot to do with cost-cutting and the benefits from the new tax plan. what is important to keep in mind even though we see profits rise to the highest earnings per share since 2007 is there is a lot of other news with this, and , a lot ofs a whole strategists are warning the spectacular results anticipated may already be priced in. we saw with the commodities, the shot in the arm from the geopolitical worries last week, but lost momentum

quickly. >> yes, they did. reticular the with oil. we had a better than 8% gain less week for new york traded oil futures. that came off in a big way. the trend is higher for the month. no one is expecting there to be extended hostilities. this was a one and done event. involved infund trading oil said pretty much this was a strategic matter, and so you are seeing some of the big expectations for disruptions come up in this latest trade. we also look that cold, even though the tensions are lower -- gold, even though the tensions are lower. it etched higher, so despite the relief in the market, many are still hedging their bets that there is not going to be any reduction in the trump trash talking, if you will, which

rattles the markets. there has also been a lot of etf buying of cold -- gold. haidi: trump trash talking trade, maybe we will call it that. su keenan with a look at the overnight action. president trump has thank you china and russia of devaluing their currencies and breaking from his own treasury chief views, tweeting this. let's get over to washington and our editor. why the focus on currency devaluation? it is a common stance this is an old argument when it comes to china. >> china's currency has long been a whipping boy of the u.s. for trade issues, but there are a couple of curious things about this. the treasury department on friday issued its report on currency manipulation that did

not name china as a currency manipulator. been rising against the dollar in recent months. russia is even more curious. the ruble has been falling, but some of that may be due to sanctions the u.s. has imposed on russia and companies -- russian companies and some of the oligarchs in the country. russia does not rank in the top 15 of u.s. trading partners. the white house did not have any further clarification of what president trump was getting at or whether the signal some it may beection, so just as much a bit of venting for his core base as anything else. haidi: is their strategy to drive down the dollar to alleviate trade imbalances? >> there is speculation the u.s. was indeed looking to keep the dollar a little bit weaker to

but some trade imbalances, it is hard to see that there is an overarching strategy, and it is hard to tell from one there isial tweet that some sort of strategy involved here. often times these things come .ut at heart -- ad hoc there does not seem to be any move by the treasury department or anywhere else in the ,dministration to move on this so it is really quite unclear there is any strategy behind us. betty: what about these russian sanctions? nikki haley said she would be announcing these on monday. >> right, she had a rather that treasury secretary steven mnuchin and would be announcing them on monday and they would be going after russian individuals and companies that helped to supply syria, and suddenly it was rolled back. the administration official said

we weren't really ready. the washington post reported that the president was rather out, that this had come that he had not signed off on it and was not ready to go that are. they have not announced any timeline for that, and the suggestion has been there is not anything imminent coming, so we are back to where we were on saturday before nikki haley's comments. betty: we are indeed. , more on those netflix results smashing estimates or another quarter. just ahead, market strategy with citigroup private bank as earnings season kicks off properly on wall street. this is bloomberg. ♪ street. this is bloomberg. ♪

counting down to

the open of trading in sydney and across asia. terribly inspiring, pretty flat when it comes to the session there. more optimism coming through from the u.s. session. betty: i am surprised by that. maybe a limp opening in sydney given the run-up in the u.s.. liu in new york. joining us now is the global chief investment strategist at citigroup private bank here it wasn't surprising to you how we brushed aside some of the you political concerns? >> the geopolitical concerns tend to be short lived, unless they completely derail the world economy. they are a catalyst for a major turning point. you can look at april 2017 and

the first event with the u.s. taking countermeasures in syria, a month later share prices were higher across the world. that is typical of what happens with security concerns. trade may be a slightly different matter. betty: i want to get to that in a moment. the middle of these geopolitical tensions, earnings revisions go up and up. i want to pull up this gene keady chart that clearly illustrates this. chart that clearly illustrates this. global earnings have been revise skyward despite these tensions. >> we will have i think a 20% plus u.s. quarter. that is history, the quarter that just ran. flowts are a continuous for business and if we can do 20% plus in the quarter that just passed you will be able to

sustain higher profit margins for the year than estimated. that will mean that we have a nice, big year for earnings. in the united states case, we had corporate tax cuts, so maybe 25%. tax is in betting a lower cou t rate, but i think you will see lower than 15% eps gains. valuations in the case of non-u.s. stocks below average, and the u.s. above. betty: is this too optimistic in the face of these trade risks? >> watch what will happen with a earnings. in the event there is no trade disruption, it is not too optimistic. you see a lot of economists talking about the impact of measures against gdp, that if you measure that against corporate profits, it can be larger for the affected companies. have are going to bilateral trade dispute, you should not extrapolate that to

the whole world. europe, latin america and competitors trying to fill in the gaps that come when you have had tariffs against a u.s. or chinese competitor. economic impact numbe has been overrated in many cases. haidi: when you look at that chart and it skyrockets going ,nto these earnings, optimism but i'm wondering how you reconcile that with the fact we are at the tail end of the growth cycle. does fiscal stimulus and tax reform is elongate the cycle? tariffs andtrade trade wars, how do they shorten it? >> the peak acceleration of growth into the year by some of these really sensitive measures, you might have already seen that , but if we can actually hit these earnings estimates, reports in the coming weeks, tell me why it was too

optimistic? i think we should be careful here and realize that forward-looking earnings are telling us a good deal of where the economy has been, but we still have a very good opportunity here. i think now that markets have faded and don't expect significant earnings gains, if we come through with them, we will be in pretty good shape. haidi: i want to take a look at this chart. , one of myna gdp day favorite days of the month, but looking at the target growth and monthly tracker there, everything is converging pretty much. that tells me the data is getting more reliable, but how looking at this and beijing's goal to maintain stability and a measured slowdown as a result of the campaign?ng

and you also mentioned a couple of minutes ago that the world is globalized enough to fill in the cap's and provide support, even in the case of a trade war. does that mean your case for china is still pretty bullish? >> my case for china is bullish on the basis of valuation, on new technological industries that are not copying western developments, that this is not just a commodities play. it is not about faster headline economic risk. it is about capital discipline, restraining financial risks, reforms in state owned enterprises. these things are risks in china that seem to be waning a bit of a wild trade is a significant issue. let's remember that if the u.s. and china were to completely stop i o goods trade, there would be big disruptions. as a meaningful risk for the world, a low probability, but important for companies and for the world with a slowerhina

growth rate and capital discipline is much more likely to have strong corporate profits going for than it has in most of the last decade's when growth was unrestrained and undisciplined. provided you are looking at these companies that are not so impacted by targeting on ch,na, so chinese finte homegrown companies, alipay, tencent, are these stocks you would continue to get into? >> i would be careful about one thing, there has been powerful short-term performance. in the u.s. case and chinese case, we are expecting powerful earnings results that will deliver and the markets have gone up fast. there is certainly an overweight to holdings among all kinds of clients. if you take for example in this earnings quarter, you will see companies in the energy sector just met estimates, then i would

be more bullish than the market expected, but if we rotate away from technology companies, those companies that do have and maintain technological domination and transform their industries, those same companies outperform over long periods of time. betty: i want to ask you about the fed. we got that news about the new vice chairman. we will get a lot of fed speakers this week. theserious if, are speeches coming up going to be market-moving events in your view? >> i think how much turmoil we have had in the market where implied volatility is high, stock to stock and regional correlations are high, you have the markets to worried about trade disruptions, security risks of the margin. i think more legitimately they can worry about and just rates and inflation, but the hurdle

for these fed speakers to tell us we are off course, that would be a tall order for a fed speaker to scare us a lot right now. betty: thank you so much. good to have you with us. you can get a roundup of that story and more you need to get your day going in today's edition of daybreak. bloomberg subscribers go to dayb on their terminal. you can customize your settings to get news on industries and assets you care about. this is bloomberg. ♪

betty: good morning. i'm betty liu in new york. haidi: i am haidi lun in sydney. you are watching "daybreak: australia." electric fell the most on the dow after goldman sachs said its financials put the 2018

profit forecast at risk. analyst joe ritchie said and outlook cut is certain could come in the report this week. said itth, j.p. morgan expects ge to lower its profit forecast. and 2017ed 2016 results last week and said it saw no impact to this year's forecast. winning the backing of richard ellman for its restructuring deal, investors will get 15% of equity from 10%, and richard ellman committed his 18% holdings to that deal for noble. does notgoldilocks share his confidence, saying the revised plan won't reflect the truth i you attributable to shareholders. expanding why it collects data from people who are not users. mark zuckerberg said it was based on security reasons. the company has now expanded on that answer and said other sites .nd apps uses its services

the company says that is because other sites and apps don't know who is using facebook. netflix erased losses, jumped in late trade come after topping expectations for new users, adding 7.4 million subscribers in the first quarter, one million above forecast, the strongest start since netflix went public. it sees second-quarter additions of 6.2 million and a beating the average estimate in a bloomberg survey. coming up, tax cuts and cost cuts helping to boost bank of america's bottom line. breaking down those results next. also, more on netflix, the company saying it is looking for new intellectual property and other assets to buy, also expanding on the former obama ambassador you and susan rice joining the board, so

plenty more to come from netflix after posting its best start to the year in 16 years. plenty more to come. this is bloomberg. ♪ welcome to the xfinity store.

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haidi: it is 8:30 a.m. in sydney. futures looking flat despite positive signs, investors turning their focus to the earnings season, expected to be the next stage in the syrian conflict not materializing, and concerns over geopolitical's and trade tensions taking a backseat as well. betty: i am betty liu in new york. you are watching "daybreak: australia." let's get to first word news with jessica summers. >> thanks. president trump has overruled his own experts and accuse china

and russia of devalue their currencies despite the latest treasury report saying neither country is a manipulator. he said china and russia are playing the currency to buy you asian aim as the u.s. is raising interest rates. the president did not provide any evidence to substantiate his claims. the president has halted plans for new sanctions on russia and is unlikely to approve further moves without a new incident. the washington post sites several forces, which contradicts nikki haley. she said sunday sanctions are are coming and would be announced imminently. moscow had condemned the plan is overly punitive. suffered arump setback as a federal judge rejected his request to prevent prosecutors seeing evidence seized from his longtime lawyer. the white house went to court to block material taken from michael on the basis --

cohen on the basis of attorney-client privilege. china's holdings of u.s. treasuries rose in february by the most in six months. that highlights the attraction assets.can beijing's ownership increased by 8.5 billion dollars to $1.2 trillion. china remains america's largest foreign creditor, followed by japan. this is "bloomberg daybreak: australia." global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. a quick update on markets as we head into the opening of trade in asia. new zealand seeing a tepid session. , we arein australia

watching the chinese gdp and domestic activity numbers, retail sales, industrial production all out today. sydney flat after the u.s. dollar falling amongst most of those pairs, in fact the lowest since march after trump level these twitter accusations against russia and china for currency devaluation. the is where we are seeing yen as shinzo oblique battles falling approval ratings. sterling surging to the strongest and 22 months, but could see resistance as we get the you case cpi numbers, more brexit trade negotiations, as well as u.k. earnings reports and the bank of england as well. u.s. 10 year yield unchanged. 1%,s&p 500 gaining almost the highest in a month, wiping out losses for the year. let's get more as trading gets

underway in asia. asia is a mix to start. china data is pretty distracting, but you have been looking at one indicator of market stress. >> people are familiar with the vix, now down five straight days. there is a bank of america merrill lynch stress indicator that you can access in your gtv library on your terminal. ands showing the risk stress affecting market participants across the board is coming down significantly now. lowse now not back to the where we were prior to the end of january and early february turmoil, but it is well below those stress levels we saw in the early part of the first quarter, so it is signaling the incremental risk taking, and global portfolio managers

wanting to add risk around the edges. that is coming back and the by the dip mentality remains alive. the question is whether this can gain momentum. there is uncertainty with the earnings season this week and over the next few weeks. it will be very key, but what we also hear about u.s. monetary policy, john williams, the incoming new york fed president, he is speaking later today. that will be interesting to see what he says in terms of how the u.s. economy is developing, but from a market stress point of view, those coming down and people feeling relaxed. one feature of earnings season has been a rosy profit picture from companies. positivet causing share price reaction. is that because expectations are too high? is happening, and bear in mind we are early in this earnings season, it is fairly

remarkable, 29 companies on the s&p 500 who have reported through friday, not including the monday reactions yet, but all of those, including those that eat on the earnings front, actually saw share price weakness, which speaks to an idea of expectations being pretty keen. if share prices are declining, it shows you how tough it is. netflix one example overnight in the monday session, some good numbers, and were seeing a push soher in the stock there, clearly a few outliers, but one of the big test is valuations. as this chart shows in your library, it is a keenly tested the anyway should for u.s. equities, and something we have been debating for months about global money managers continuing to dial down u.s. asset exposure

, and what we might find over the course of the next few weeks with earnings is if those earnings are not blowout numbers, it might be difficult for them to get a positive stock reaction. thank you so much. our bloomberg markets global editor. users can interact with the .hart you just saw on gtv browse charts and save them for future reference. netflix shares surging in after-hours trade, so private or growth and forecasts exceeding expectations. concernsere have been in prior quarters about netflix subscriber numbers, so was this a big surprise? >> it is another one of those low out quarters. domestics, subscribers, international describe her's,

the forecast wrong -- subscribers, the forecast is strong. it continues to amaze. it does and continues to disrupt the tv industry. how the results compared to the rest of the television world? stock prices, netflix up 60% this year, and more tomorrow from the looks of it. , and most of the rest of the guys are struggling, cbs and viacom trying to get together to get more scale. it is a story of netflix and everybody else in tv. huge, impressive subscriber numbers, but if you are an investor what do you need to be worried about? there is this phenomenal business that is netflix, then there is this phenomenal stock that is netflix. years,ver the last 10

like a phenomenon, best performer in the s&p 500 this year. if anything goes wrong, it's not a netflix problem. it is a stock problem. there is still negative cash flow coming out of the company, $3 billion to $4 billion this year and for the foreseeable future. they will have to borrow to make up some of that spending, hundreds of millions of dollars going to start to tv producers stealing them from other outfits. it is amazing to watch, but frightening. haidi: frightening, chris, thank you for that. our los angeles bureau chief they're taking us through those netflix results. bank of america hit a new milestone in its effort to get costs under control. first quarter profit was a record $6.9 billion, a 30% increase year on year, beating analyst estimates. brian moynihan had this to say during a conference call with

analysts. 2017st like last year for we've made money every day in the first quarter in the global markets business despite the pickup and volatility. more on bank of america's results. remy inocencio will walk us through the successes. thanere is more positive negative, especially when you look at j.p. morgan and citibank on friday. we are looking at better equity trading, better cost cuts, and we are looking at those tax cuts and the knock on effect they are. let's look at the first chart i have here. the cost cuts are what investors are happy about. look at that number on the right-hand side of your screen, 60%. the last time the expense to revenue ratio was 60% or lower was more than five years ago, so clearly brian moynihan getting his costs under control, under that $53 billion mark.

saying this is that -- ever core isi sing this is the gift that will keep giving. 2%, butd as much as bank of america is up 31% the past year or so. hop into the bloomberg. i want to show you more in terms of share price movement. the past year, 31% jump. hereof this we are seeing is in terms of equity trading and fixed income trading. i will talk about fixed income trading first, actually and negative. that is in white, falling 13% year on year, but the positive here is the equity trading i mentioned before, up by 38% year on year, so these are the positives that investors are looking ahead to. betty: the stock acted strangely. declined, then made its way

back up, so there was some pessimism here? >> when i was watching in the morning i was like there is something negative before going into the data, but then it popped up early afternoon. the reason is a couple of things. one was loan growth. let me hop back into the bloomberg. growth for notn just bank of america, but j.p. morgan and citibank and wells fargo. bank of america in purple. this is not the trajectory they want to go in. looking at all the growth for the other companies, flat, maybe marginally higher, but loans are a problem in part because of interest rates rising. we have seen a couple of interest rate hikes there. j.p. morgan and citibank getting hit their come up there are mortgage fees. mortgage fees in terms of what bank of america is reporting, now they have been lumped into the other category.

how would you like to be loved into an other category? not so great here. look at production revenue on your left, servicing revenue on your right, 2009 in yellow, 2017 in orange. non-existenty much , the revenue line once regularly top $1 billion. now you can see it is less than $0.2 billion, just lumped into the other category. finally in terms of what is happening with net interest margins, those didn't improve for the bank of america numbers, higher on the year, but it is still lower on the quarter. extrapolating that to the rest of the banks come at you can see where they are going in what investors would say is the wrong direction. betty: thank you very much. remy innocence you on those shares, particularly bank

of america. what trade war? we are live to beijing next. this is bloomberg. ♪ ♪

haidi: betty: good morning. china's gdp report is expected to show the economy expanded 6.8% from a year earlier. with more is tom mackenzie. what are we expecting? 6.8%, so in line with the last three quarters of growth in china. 2017 the full-year growth at 6.9%. the target set by the government

this year is 6.5%. 8%, theyet six point will be on their way to hitting that target, no surprise for china watchers. we are seeing strong domestic and global demand, as well as continued and for structure spending insulating the economy from the fiscal and monetary tightening and china, as well as trade tensions. what we heard from the pboc governor last week was interesting, sing the economic indicators leading to this number were looking positive. he was pretty bullish on the outlook for global growth, or chinese growth, i should say for 2018. as you said, we will get these numbers around 10:00 a.m. local time, as well as retail sales, industrial production, and fixed assets investments. -- acid investments. haidi: what are the headwinds we should be looking out for? >> trade is front and center in

people's minds. we are seeing steps implemented, china putting in place $3 billion worth of retaliatory back on pushing washington, likely to have a small material impact for the time being, not particularly strong impacts on growth. it is a ratcheting up of trade tensions that concerns many. we will have to see if in the second quarter and the second half of the gigi picture we get a stronger impact. sector, of the property real estate has been in focus. they have struck something of a goldilocks balance in terms of taking keep out of the market, particularly in first and second while pushing a way inventory in the third and so that is cities, something to watch, the real estate sector.

president xi jinping's three priorities, tackling pollution, another polluted day in beijing, but also poverty and debt, and those three areas could prove if policies are in acted to the degree many expect something of a drag on growth. those are all the potential headwinds. trade is front and center for many watching china right now. holdings, u.s. treasuries, that rose the most in six months. did that put an end to speculation that china could be holder ofrage as a u.s. treasuries in this trade spat? it certainly calls it into question, doesn't it? a number of economists say it would be a very dangerous move for china to start reducing dramatically its holdings of u.s. treasuries in retaliation, because china would suffer as much, equally, as the u.s.

should they rotate significantly out of u.s. treasuries. the u.s. treasury market is so liquid and deep and there are few other places for china to put its money. you have others well versed in what happens in china warning that this was potentially something china may look at further down the line in any heated trade dispute if these trade tensions continue. you have the u.s. or chinese ambassador to the u.s. not ruling out looking at u.s. treasuries, so it is an does remain a concern, but for many it feels like a rest -- last resort move. treasury holdings picking up by $8.5 billion in february, china billion in.8 treasuries, making china the largest holder about japan, which comes in at number two bank. u.s. bulking up on

treasuries as the u.s. is looking to sell more debt to cover the deficit as a result of tax cuts. betty: that's right. in tandem with this, the chinese currency has strengthened as it puzzling to hear president today calling china currency manipulator? of course he is going against what the u.s. treasury have said. they have not labeled china a currency manipulator. as you say, the renminbi is up 10% over the last year versus the u.s. dollar, and you would expect that if china was to the trading reduce ban and remove capital controls that you would see a weakening of the renminbi, so it could be argued that china is doing the exact opposite of what president suggesting. they have capital controls in place.

the training band remains within that 2% range, so the idea that china is actively evaluating the renminbi is confusing to say the least. what they appear to be doing is to ensure the currency does not weaken too much. there are those concerned about what the strength of the renminbi means for exports. in march, we saw that surprised deficit being notched up. there will be some scratching of heads over president trump's comments on china's handling of the currency. betty: thank you so much. , can see in beijing, our bloomberg china correspondent. watch us live and see our past interviews on her interactive tv function, tv . you can dive into the securities are functions we talk about here it you can be part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ erg. ♪

betty: a quick check of the latest business flash headlines. maker isse telecom being blocked from exporting sensitive technology as it faces allegations. the commerce department says zte made statements in 2016 and 2017 and the company did not disclose painful bonuses to staff engaged in illegal contact and failed to defend them. banned business trips to south korea, where it faces labor unrest and possible bankruptcy. union members entered the office of the company and destroyed equipment after it moved to skip bonus payments scheduled for april 6. union has said management told them that bankruptcy is likely if a deal can't be struck on

wages. betty: ridesharing start up ola once to roll out 10,000 electric rickshaws with any year, and one million battery-powered vehicles by 2021. it is in discussion with state governments and potential partners. last month, prime minister narendra modi called for most indian vehicles to be elect powered by 2030. it forthat is almost this morning. up next is daybreak asia. taking a look at what is coming up now. >> we will talk more about the china data dump at 10:00 a.m. beaching time. gdp numbers the main focus. 2018 starting out at full throttle according to our next guest at the 8:00 hour, undeterred by policy bumps along is way, but the question

growth liking to cool from here and at what pace? we will watch that along with the retail sales and industrial production numbers. those what happened to sanctions, right? we were coming into the week, particularly monday, thinking we would get these announcements on russian sanctions, but we did not. one persons who focus is on the economic effects of sanctions will be joining us to talk about what the affect will be whether we get these are not, what the expectations are, and how companies are positioning themselves as we see a tougher road ahead. haidi: we will take a look at the road ahead when it comes to the fed. the jerome powell inner circle taking shape with news of richard clarida coming through. , we will get his what on fed policy and kind of vice chair richard clarida will be.

he is a monetary economist and has experience in private sector as well come so maybe adding a little academia to that mix. plenty more to come. that is it for "daybreak: australia." ♪

>> 7:00 a.m. here in hong kong. i am yvonne man. welcome to "daybreak asia." the top stories this tuesday, asia-pacific markets face a mix to start after a broad-based rally lifted u.s. stocks. the s&p back to gains for the years. a new maple low as president trump rants china and russia currency manipulators. from bloomberg's global headquarters, -- betty: from bloomberg gode global headquarters, and betty liu. profits top quotations as earnings rise to a record. record, netflix jumping in late t