haidi: welcome to "bloomberg daybreak: australia." [inaudible]

haidi: it will keep striking isis-k targets as they may face another terrorist attack soon. kathleen: let's see how wall street absorbs all this at the end of the week, particularly, jay powell and his speech at jackson hole. another record high. s&p 500 gaining fractionally, showing a positive that is help markets see it. it will reduce their bond purchases. they would do it slowly and this sparked a rally in bonds. 1.3 5% on the 10 year treasury starting today on friday cutting day. got down to 1.31. we will see how that goes over the next three hours as asia absorbs this rally.

the high low price in march but up about 10 basis points from the end of the previous week. crude oil doing quite well. you can see the gain. up to 69, almost 70 not -- $70 per barrel. the taper is not just helping the economy, not pulling the tightening strings now, but remember there is a lot of oil refining in this area, in the gulf coast and new orleans. that is a big factor. commodities also rallying. weaker dollar, gold rising, it all fits together in a big picture. let's get deeper now into this its story. they have got hurricane ida at a category four, but the damage this will cause. winds up to 150 mile-per-hour. the cost only estimate it to be

$40 billion and that is far below katrina 16 years ago. we are on the eve of that anniversary. hurricane harvey, much worst at 136 billion. the differences, though water problem, the surges were bigger under hurricane katrina. under ida, it is the wins. nevertheless, production is being shut down. the amount of reduction, oil refining production capacity is 18%. in new orleans alone, it is 12%. haidi: this comes at a time while the affected are wrestling with rising covid cases. here in new south wales, we have reports of over 2200 new cases of covid-19. the delta variant is ravaging through parts of sydney. despite the fact that the vaccination drive, we are about

halfway to that 70% level where policymakers said we can see more freedom from lockdown. kathleen: very interesting on meet the press. dr. fauci saying he is open to giving kids booster shots. he is open to doing it before that eight month mark. he has to look at the data. this question of schoolchildren. he said it is a good idea for measles, mumps, and more. parents are concerned as this is a new vaccine. what data exists on how this will affect children is an issue as well. white house and cdc will have to deal with it. haidi: kathleen: let's see how asian markets are reacting this and more. sophie: we will see how investors will weigh the risks events happening this week. the military withdrawal from afghanistan on tuesday. sentiment is looking steady

looking at the start of trade with futures pointing to gains. that has not entirely quell concerns for headwinds. the chief economist flooding caution to tapering to the emerging-market state. they say there is a vona building such as weak gross and rising inflation. he has to go about troubled places like philip and sue cannot whether a 2013 like tantrum. we will watch for any details for plans to comply with regulations that may affect revenue growth's during the crackdown. they have faired relatively recently compared to other chinese internet shares. switching up the element heard turning to commodities. they will be tested this week. data do this week.

as well as results on monday. this will offer insights into domestic steel mill activity. iron mill prices took a step back in july. that has been turned around slightly with futures in singapore around that 160 level. let's check up on oil now. with 12% capacity affected by hurricane ida, we will see how that shakes up oil prices. this after we saw near crude clinch the best week since june 2020, rising 11% by friday. haidi: let's get back to hurricane ida. it is pummeled into the coast as a category four storm with winds more powerful than hurricane katrina. investors will have to adjust the situation in afghanistan and the jackson hole speech from powell. weather report. let us start with the natural disasters side of things.

we are also joined by bloomberg's chief asian correspondent. i will start with you. it was the latest we know about the impact of i debt? -- ida. >> it is about 45 miles south of new orleans with the winds of 130 miles per hour. distill a category four storm. a lot of flooding that still -- this is still a category four storm. a lot of flooding. a lot of wind damage so far. it will take a little while before we get a full picture of the destruction this is causing. kathleen: i want to ask you about the u.s. saying it stopped echo and expected second attack at the kabul airport? what happened there? -- saying it stopped? and expected a second attack of

the kabul airport? >> u.s. forces took out a second target today. based on the description, it was a car loaded with explosives which was described as an imminent threat to kabul airport. this is what the administration presumably fears the most. that another attacker or attackers could get through as they did last week on thursday. in this case, it was a drone strike that neutralized that threat today. that doesn't mean that the threat isn't still very active as we have been told repeatedly by u.s. officials. haidi: of course one comes to the eco-side, we have been counting down to jackson hole. it was admirable. the bounce tone that we heard from chair powell. >> clearly, the fed is inching

towards tapering. there was no sense of timing, pace, or composition in this speech. the overall tone was dovish and cautious. there were two big messages. one was the idea that employment level is still 6 million below where it was in february 2020. jobs are the all-important benchmark when it comes to the fed and monetary policy. the other side of things, they view that the pickup in inflation we are seeing is up to supply chain. it should look like we will flow through the system, it will be a mistake for banks to restart -- respond and titan. the overall tone was one of caution. there still on a trajectory for tapering. some details may come in the months ahead towards the end of the year. kathleen: more reason to watch the job numbers. big economic that's writing all

of this. now, let's go to vonnie quinn with the first word headlines. anchor: record number of coping number -- covid infections in new south wales. this is australia's most populous state battling a delta variant spike. vonnie: i saw a of 1200 infections. despite a lockdown and ramp-up of vaccination since june. they are about halfway to a full dose vaccination rate of 70%, a threshold they said they would have for listening lockdown spirit they are 80% fully vaccine it, outpacing most advanced colonies. they link the milestone to gradually opening up more economic and social activities as well as quarantine free travel. they have stricter measures than many other capitals outside of asia. anthony felt he says the door is

open to administering booster shots in the u.s. sooner than eight months after a completed vaccination. a possibility that the president had race. top experts say he is open to a variation on the timeline based on data. u.s. is out letting a plan to administer this or shots next month as efficacy weakens over time. the vice head of china's national health commission has rejected a u.s. report laming beijing for stonewalling investigation into the origins of the coronavirus. in a statement posted on their account, health officials says that china opposes politicized the matter and the u.s. should treat origin tracing is a scientific matter. they report that the chinese vice minister includes no scientific basis or credibility. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than

2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: still ahead. more on the taper plans. no surprise at jackson hole. the former fed chair will join us with his views. we get the market outlook from our guest who says they do not expect eight taper in asset purchases. big interview in a few hours time. elizabeth gains join me after they release the results. this is bloomberg. ♪

haidi: you are watching "bloomberg daybreak: australia." it is time with the week ahead. he market agenda topping the week ahead. kathleen: a lot going on.

a number of earnings today. chinese angst amid the the tory onslaught in china. tuesday marks the data as they continue the withdraw from afghanistan. not only watching governments around the world. we may see the clear impact of the delta outback in the august pmi's. can they shrug off what the fed is doing now and keep that recovery going? australia's growth will slow in the second-quarter gdp report on wednesday. there watching it closely. as i debt causes shutdowns on the gulf coast, there will be an opec meeting. it will boost production and continue to do so. the main event will be the u.s. jobs print to caps off the week. expected slowdown in hiring from delight. 938,000. is almost a million. that is a number that the fed

chair wants to cease they can move forward with tapering and rate hikes. their estimates over one million. this will be a closely watched report. especially if people are watching earlier signs that the dairy -- delta variant is hitting the economy. >> the pace of recovery has exceeded expectations with output surpassing its previous peak after only four quarters. less than half the time following the great recession. as is typically the case, the recovery in employment has lagged that in input. nonetheless, employment gains have come faster than expected. kathleen: that is your week ahead. haidi: our next guest says the jackson hole speech made it clear that tapering will not defend hiking rate. we will see tapering in november. let's bring in our guest was the head of product. when it comes to continuity and communication side of things, it felt like he could not do more

to keep markets calm. >> i think you are absolutely right with that assessment. chairman powell made it explicit that what remains heavily on the gas pedal and they're not necessarily inking about going to another gear for the time being. because they have been so emphatic about emphasizing the tapering process will be disconnected from actual rate rises and will be extremely get -- gradual. i will also note he made great strides in mitigation strategy as we know back in 2018 and the speeches he made, causing interest rates. i believe that the belief that we would learn about tapering, whether that is september or more likely in november when it begins, causing significant volatility in the market. with how fast equities are raisin -- was in year, it may have been misguided. haidi: where do you go from

here? jack: dave: even with uncertainty, geopolitical risks that are always on the rise, investors need to pick their spots. there still significant opportunity across stoxx in particular but identifying opportunity for long-term transition away from what is in the past. what i mean is that if they are focused on growth, maybe tilt away from the mega caps and move towards micro caps or small crop -- cap growers. great example is what is happening in clean energy. we know the infrastructure package that president haydn campaigned on in the u.s. is actually seeing potentially, it's best ever chance of passing. even with what is happening with afghanistan meaning it will be significant amount of money spent on clean energy, areas

like hydrogen. i think there is opportunities for investors to take a step back on thing about what long-term disruption is happening in the face of this uncertainty. kathleen: for example, our stoxx team suggesting that after such a big run up, people will look over their shoulder with the china crackdown, out the variant, has the pandemic peak -- peak, etc. even with having better-than-expected results in the second order, what is the pitfall here? dave: the bar gets higher and higher. when you have all these companies eating earnings, it will be hard to see 90-100 and any market. especially in the one we find ourselves in where evaluations have gone up significantly. what i think they need to be cognizant of is that there's a risk on the table. of course, there will always be. in this market, we continue to see investors focused on buying the dip.

these are products used by capital traders to take adventure short-term opportunities in the market, we continue to see money being put to work on the bull side. what that tells me is that for the time being, investors are not being contrarian. that will contain to happen if we see months and months of money moving exposing the upside, not providing hedging exposure, that might change my opinion but it is not necessarily the ratio meaning, not too much on the bull side. it is a unique indicator that investors may want to pay attention to going forward. kathleen: keep track of it and let us know on daybreak australia. we would love to hear you -- from you. still to come. default risks are easing after the company released their overdue annual report. he parsed to the numbers. this is bloomberg. -- we parse through the numbers.

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haidi: they have released their long overdue financial statement for last year and the numbers are not pretty. they posted a record 15.9 billion dollar loss for 2020. let's get the latest with our correspondent who is with us out of hong kong. new it would not be a great report but what stood out to you? anchor: the loss is stood out. of course, the stack up begin in march when they did not release their financial statement and the big speculation is what the state come to the rescue daca as we know more than a week ago, they did with a $7.7 billion

rescue package from some of the state own investors including civic. the saga is not over. a lot of housecleaning having yet to be done but these numbers pop out at you. $15.9 billion record loss for the full year, slashing equity by almost 85%. it basically had 11 billion in yuan. going forward, the capital adequacy ratio has dipped to 6.3%. a year prior it was up 13.5%. keep in mind, regulators have a minimum adequacy ratio of 12.5% for bad debt managers. they are well below that. of course, the big bailout and disposal of assets will improve that. the chairman in the statement yesterday saying that a review

of asset and risk last year had a significant impact on the operating results and it is a harsh lesson we learned. kathleen: a harsh lesson. what have they learned deck out is next? -- what have they learned? what is next? anchor: very few details were given. the rescue package from civic and the other investors. in the near future, they will do " disposal of non-core subsidiaries." buy in for monday these measures and this capital boost they got, will ensure operations for at least the next 12 months. they have a lot of getting their house in order over the next 12 months to be a growing concern again. it will be downsizing considerably. they need the cash flow from the asset sales and essentially,

going forward, delete investors providing that bailout, it is a state own lender. it will eventually take over control from the finance ministry and we will have to see what kind of concern it will be after that. kathleen: too big to fail, doesn't it? let's get a quick check of the business flash headlines. he returned to profit in the first half after the chinese recovery had a high demand and plastics. they reversed a $3 billion loss from last year. rising fuel prices created attractive profit margins. they make vr headsets. they were founded in 2015 and employed 300 people an investment in the company would park their first step into vr. the acquisition support the

long-term investment into the emerging field. they are hoping to raise all this money in a share sale to boost the balance sheet for the 5g rollout. laying to offer existing shares at 35 rupees a piece. 10% discount from the closing price. india's wireless companies are making larger investments to launch superfast 5g services in the next year. haidi: taking a look at the day ahead for australia. we are watching local media reports that they are considering taking control of the battling interconnect or between electricity grids and tasmania as well as a contract with them. give more earnings to out later. the government just released this review of the payment system. we will await policy regulation of this sector. we have a big interview in a few hours time.

elizabeth gains will join me after they released their result. it will look ahead to the outlook for demand out of china as these environmental curbs start to bite. this is bloomberg. ♪ introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you can get. like sharpening your cooking skills with a top chef. join for free on the xfinity app and watch all the rewards float in. our thanks. your rewards. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling.

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>> we are open to data as they come in. this have to go through the fda process and the advisory committee and immunization practices that advises the cdc. right now, we are sticking with a we are open to any variation based on the data. haidi: anthony fauci opening the door to administering booster shots earlier than the estimate we had for eight months that was put forward.

new south wales had another day of record covid cases as the out rate continues to spread. the prime minister says the daily case numbers at -- are not as useful as number of people in hospitals or the vaccination rates. are we shifting the strategy when it comes to dealing with the upright now? reporter: we are seeing the gradual change in the narrative of this issue. 1 -- 1218 was another record as you say. the new south wales premier saying it's not as important as a hospitalization numbers which is at 800 number people in icu is 120. the number she is focusing now is vaccination rate. 50,000 shots is the most administered on saturday and new south wales hitting 35% of fully vaccinated that is halfway to their target of 70% where they

are eyeing some easing of restrictions. there is a similar reduction in victoria as well. there rising at a slower rate at the vaccination rollout proceeding strongly this is opening up the whole conversation in australia now about when we get around to living with the virus? there are states doing western australia. queensland wants to keep lockdown despite low cases there. they are employing states to open up these lockdowns costing the country about three -- $3 billion per week. the question is no one can those internal borders open and when can they live with covid. kathleen: that is the biggest question. new zealand, slowing down the covert resilience ranking. had 83 cases reported yesterday and they get back to covid zero? >> we heard from the prime minister singh elimination is the right strategy for new zealand. you see how fast their delta variant spreads.

their decision to go into lockdown with just one case. now it looks rather inspired because the case is now 429. that all happened in less than two weeks. elimination is still on the table but i one epidemiologist saying look, he hopes cases hit a plateau but they may not have. it is just a case of new zealand cannot return to restrictions at level 1 as they knew them or so long towards the end of last year and the start of this year. conversations starting to happen in new zealand as well. one piece of good news as well is that the out rake is mostly confined to auckland. there is discussion about loosening restrictions for the rest of the country. kathleen: always nice to end on some good news. we continue to track the guest vaccination campaign in history. check out our vaccine tracker on the terminal and on our website.

let's get the first word news from vonnie quinn. vonnie: a u.s. trundle of a vehicle carrying suicide bombers headed towards kabul airport according to u.s. central command. ap reported afghan officials saying that three children were killed in the strike. it came shortly after u.s. national security advisor said there is still serious danger in kabul where suicide bombers killed at least 88 people including 13 u.s. service members. president biden attended the event at the air force base. hurricane ida will make landfall as a catastrophic category for hurricane. top winds of 240 kilometers per hour. the storm surge threatens to inundate new orleans with mass flooding. testing the rebuild levy system.

there are more than 450,000 homes and businesses without power across louisiana. the monster storm hits on the 16th anniversary of hurricane katrina which claimed 1800 lives. u.s. motorists can see higher costs at the pump due to hurricane ida. several refineries shut about 12% of the fuel making capacity ahead of the storm. guess prices could climb if they suffer extensive damage or can get power for an extended period. they have originally chartered tankers to give any gas and supplies but those could be as much as two weeks off from the atlantic. in the wake of recent rallies staged by crypto leaders, bitcoin and ether, lesser-known coins have been outperforming. a token called avalanche has tripled in august.

a recent survey by this group so that a quarter of the 6000 investors queried owned crypto. ed as not, the actor best known as the gruff but level news meant from the comedy the mary tyler moshe has died. -- mary tyler moore show. he later played the same character in the drama. he is the third mary tyler moore alum to die in recent months. he was 91 years old. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. kathleen: investors digest the taper plans after powell gave no big surprises but there is signs that something is coming.

many say the criteria has been met for tapering to start. they told bloomberg that an announcement in september might yearly. >> the economy has made a lot of progress. i think that is the great thing about what we did early in the pandemic. now the question is: is it time to step back from some of that extraordinarily accommodative policy that we put on? and in particular, the asset purchases. the criteria that we put in the statement about what it will take for us to begin tapering, i think we are pretty much there. inflation, we made substantial progress since december of 2020. i think we also made substantial progress on the labor market. we'll get another labor market report before our next meeting and i will be interested in seeing that. the only real risk here is whether the delta variant will

cause more of a pullback in demand than we are expecting. i think basically, we have met our criteria. there's not a question of communicating in an appropriate way to make sure we are not surprising the markets in some way. i think the chair did an excellent job of spreading out the thinking of the committee. anchor: should people be thinking that the september 22 meeting is a possibility for announcing a taper? >> we started out talking about it a meeting ago. we will talk more about the september meeting. my own personal view would be would want to use that meeting to lay out some of our own thinking about the pace, the timing and i would be satisfied if we begin tapering this year. i am looking to end those purchases and complete them by

the middle of next year. kathleen: that was cleveland fed president talking to michael mckee. taking a look at the taper plans after the plans at jackson hole. haidi: we do have some breaking news when it comes to earnings. for your income coming in at $10.3 billion there. that number coming in at 16.3 8 billion final dividend being declared at 2.11 aussie. will speak to that ceo later on to get her gauge on what the men out of china is given that we have seen some volatility in that market on account of the environmental curbs. also coming through and saying they see the four-year iron or shipment at 180-1 hundred 85 million tons. maintaining that expectation.

-- 185. just getting a little more flesh around those numbers when we speak to elizabeth gaines. miners shipped more in the third quarter than the second quarter according to estimates early on. lots more to come on "bloomberg daybreak: australia." this is bloomberg. ♪

>> the criteria we put in the statement about what would it take for us to begin tapering, i think we are pretty much there. >> weasel have a fair amount of energy and momentum. i think we can do our tapering faster. >> let us phase out purchases and give ourselves some breathing room in 2022. >> keep it simple, stupid. >> it will give us more flexibility down the road on our decisions on the fed rate. >> this will not be intended to carry a direct signal given the timing of in -- interest-rate layoff which indicated a different more stringent test. kathleen: federal reserve

officials speaking from the virtual jackson hole symposium. let us bring in our next guest who has been an official invited attendee to the symposium for 37 consecutive years. he is chairman of the board trustees at the group of 30. he previously serves as a chairman of jp morgan international. with all that, you have gone through all these people and when you are this must from jay powell, what is your key take away? as dovish as the markets interpret it? >> i think it is very professional and forward-looking. i would say clarity for the key element there. the words perry clear. the economy is recovering. i'll be and in uneven way. things are booming. inflation is surpassing the objective of the fed.

it sounds like mission accomplished. well, almost. the question is whether a temporary spike in the inflation will remain temporary rather than be translated. i think this is the issue: risk management. the chairman powell was very clear in saying we need to look into the medium term. we cannot leave the subject of yes or no. he also drew a very good distinction between tapering in the sense of reducing the pace of asset purchases versus tapering and the sense of raising interest rates. we are not talking about raising interest rates at this stage. it is just in quotation marks. tapering the pace of purchasing the assets. it is important. as you know, if you look at the type of assets purchased, it

will be very healthy to get them out. kathleen: also, the night before jay powell gave his speech, we reported that the white house advisers are telling president biden that he should reappoint him to another four years as fed chair. should he? is he the right guy or is it time to move on? >> absolutely. it is a no-brainer. there is no characteristic of the chairman of the federal reserve that jay powell has not met successfully. he is very, very clear. he is disciplined. he is independent. he demonstrated his capacity to stand and work under pressure. let me tell you, jackson hole is probably the most international form of the federal reserve. it brings governors and economists from all over the world.

the standing he has in the world is a very significant and i think at this stage, we need to reduce uncertainty rather than create more noise. haidi: how much are we underestimating the unknown eventualities because of the pandemic echo we keep saying this is an unprecedented disruption. are there unexpected models we are not prepared for? >> it is indeed unprecedented, especially with the unevenness of the impact. unevenness across sectors, population groups and were prices of change significantly. however, let us not get confused. monetary policy is an aggregated policy. it is not a factor all policy. to me, this unevenness of the impact of the pandemic and the

economy has caused for a policy mix. we need to bring into the game an entire orchestra, fiscal policy, structuring policy and monetary policy monetary policy alone will not do it we need to increase the flexibility of the economic system. haidi: systemic risks is another big concern. we saw the bank of korea moving last week largely because of this warriors debt burden. is there a fear that the fed and other central banks might be behind the curve? >> this is a serious matter. if you look at all the prices that have gotten to us the past decade, there ability has been there kelly's heel. the banking sector is much stronger now than it was in the previous crisis but in the financial industry, there are

still quite a few elements that may create vulnerability so their aim of increasing resilience over the financial sector is key. kathleen: when we look at inflation, is there risk? speaking of risk, jay powell seems convinced that the search that other officials say is spreading out will not end soon. so try -- supply concerns will not end soon. patients that is not warranted. >> this is a very central question. we talking about risk management. should we err on the conservative side or on the more easy side? we have had an extraordinary accommodative monetary policy now for many years. for very good reason. along the way, the system has accumulated huge amounts of

debt. the system got huge to cheap debt. the question is is the system ready for the world in which interest rates will start rising or had they been so addicted to low-cost debt that it may create a disruption? it is essential to have this answer sooner than later. kathleen: one final quick question: you mentioned tapering, mortgage backed securities. do you get a sense of the consensus of the fed right now echo and how important is that question? -- right now? >> building what one would expect much earlier. you have the reports of the various governors and people voting in the next round. tapering mainly is around the

corner. starting with them, it is an important element. nobody wants to wait much longer. the debate is if it is september or october? a world in which communication is key and clarity lends credibility, it really won't matter much as long as it is clear that the fed is going to do. the issue is not this year or next year but rather this month or next month does have issues that in the macro context are much more important. as long as the clarity is in place. haidi: great to have you on bloomberg tv. you can watch us and watch past interviews in the interactive tv function's and other functions we talked about. you can join in the conversation

by sending us a message. check it out. this is bloomberg. ♪

kathleen: commodities in focus as the index showed -- sword the most and last -- soared the

most in the last 10 months. you can see crude gaining. up to $69 a barrel. hurricane ida threatening oil, natural gas, and fuel supplies in the u.s. this as sent energy prices -- has sent energy prices soaring. let's look at metals more broadly. they are facing a critical week as we await the big number. china's purchasing manager index is coming up. iron ore is seeing a sharp rebound after a prolonged slump. hopes that the delta virus may be curbed eventually. vaccination rates are rising around the world. we are watching copper prices. mr. copper? top producers to hike taxes. you can see these futures

rising. commodity is getting a boost. we got the weaker dollar. we got jay powell being on the dovish side. many things but a good week for that is coming up. time for morning calls ahead of the asian trading day. what is on your radar? sophie: i want to highlight a report from jp -- jp morgan. the research teams they are saying there is less of a worry of downside risks to current quarter growth. the ss that the delta drag will be modest. the anticipation of the service sector will about a boost to global growth outlook. flipping the board, j.p. morgan says while there is regulatory reform headwinds providing a drive, they're looking for a policy shift towards stimulus that will be a catalyst for a china growth rebound. unlikely to show a balance. they are stabilizing credit growth that suggests that the macro policy wheels are in motion. haidi: let us get you a quick

check of the business flash headlines. -- flash headlines. they are reporting a loss of $16 billion revealing their result for 2025 months late they booked 18 billion on impairments but it returned to profit in the first half of 2021. the bad debt manager plans to shed all of its non-core subsidiaries and that should ensure operations for the next 12 months. property giant is an exclusive talks to buy the airport and logistics hub near perth pending a review. deal could be worth one billion aussie dollars and that talks are in and an advanced stage. this is one of australia's busiest and has more than 50 pennants on site according to the current owner. candyman, universal chair and horror film reached up the top of the box office knocking free

guy into second place after it talked -- top ticket sales for two straight weeks. it made over 24 million dollars after being delayed by the pandemic paired -- pandemic. she will join me to discuss the latest results and outlook when it comes to iron or after reporting four-year profits that met estimates. there will be at 2:40 five if you are watching in sydney. we'll take a look at the eco-week ahead. plus, more insights on the market. that is just about it for daybreak australia. daybreak australia -- asia is up next. markets going the first reaction to those comments from jay powell at jackson hole. that communication consistent at separating tapering from the potential for the next hike. we are seeing asian futures looking positive and stocks with

this part of the world set to climb on the consistent dovish stance from fed chair powell. lots more to come. this is bloomberg. ♪ it's moving day.

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>> welcome to daybreak asia. >> we are counting down to asia's major market open. >> good evening new york. now our top stories this hour, asian stocks sets to climb after jay powell signaled a conscious and two pandemic era supports.