shery: welcome to daybreak asia. haidi: we are counting down to asia's major market opens. agent traders have new records ahead of key banking decisions by the rba. singapore's monetary authority will act on inflation. we hear from the chief. india's surprises with pledges

to hit net zero emissions by 2070. shery: breaking news out of south korea. we are getting inflation numbers. when it comes to the year on year figure, we are talking about a jump of 3.2%. slightly missing expectations but big jump coming from 2.5% from the rate of inflation for the month of october. it is really reflecting the government subsidies we saw last year. it has that one-off spike in communication. a one-time mobile phone subsidies given on october 2020. month on month is a gate of 1% against missing some expectations. a bit of a slowdown from the previous month. take away prices and the core year on year cpi is coming on at 2.8%. the broader picture is take away those one off and we are still

expecting to come up above the 2% target. we are expecting another rate come november, haidi. haidi: seeing a bit of a cold done when it comes to the bond market as well as a people back in trading of the aussie dollar. waiting to see if they will ban on its control on the policy announcement today. when it comes to training equities, we are looking at that staggered opening today. being overshadowed by the action we are seeing on the bond market. we could still see a boost if there is a bit more clarity on that yield target. morgan stanley for one, saying they's expect to scrap the target policy and that could help value and cyclical stocks that dominate the benchmark along with the energy component as well. of course, watching any kind of reaction. on the short and longer end of

that yield curve. shery: let us discuss the rba rate decisions. we have a preview. what are we expecting? kathleen: they said they expect to drop the yield target. they said don't be so quick. there is some drama behind this given this all kind of flared up last week. how did it flare up for the rba? on tuesday, they got news. the inflation report showed there preferre method is the trim cpi year-over-year. it is not all that high. look at that purple line. it is on that 2-3% target. tickets jump they've had in six years. you can see that this got them thinking it is pushing up against that 0.1%.

when the rba the next day did not come in and buy bonds to push that three year no yield back down, that is when that speculation got going. if you are not going to defend the target, you can see what happens to that yield. they got 1% and has come back down a bit. that is what got this going. they must be getting ready to tell us that they will no longer keep it at such a very low rate. a couple things we have to remember. traders have said that no rate hikes until 2024. maybe something sooner in 2023. they are even pricing in a rate hike for next year. there is no indication of that yet. they want to see inflation sustainably in the 2-3 percent target. for that you need raises -- wages to raise faster. according to bloomberg economics, don't expect them to

make a move on the rate hikes because as you reopen borders, wage mental will be caps off and you will see that pressure pulled off. big debate between economists and traders, i would say. inflation -- haidi: inflation comes to mind because they stand ready to act. that hearing and excessive conversation we had it was exposed to these pains. take a listen. >> we know it cannot last forever. how long they will last will have to see. the longer they last, we run the risk that some of the expection that's expectations will build up. that is a risk factor.

shery: not surprising given their latest figures came in at 2.5% which is slightly above what the bank wants to see. isn't this exciting? these meetings turn out to be market moving like the ones we are expecting from the rba. we have not seen any movements from central banks. these meetings, really leading to new policy changes given these price pressures. haidi: there is help we will get more policy changes coming from the outcome of cop 26. the big surprise was india committing to that 2070 zero emissions target. let us get it over to maria who will give us the details from the first day of the summit in glasgow. reporter: at cop 26, biggest climate conference in the world. we heard from a number of leaders including joe biden and boris johnson acting as the host nation but french president macron calling for immediate

action when it comes to climate change. two big things coming from this conference so far is that call on the big polluters of the world to be much more ambitious when it comes to their targets to get to that net zero. the other one is the emerging economies of the world to ask rich nations to provide financial support. this is a transition that can be very expensive. the highlight so far is the indian prime minister who detailed the five-point plan to take his economy to net zero by 2070. this is something that india is finally putting on paper. they are insisting this new plan is having india become a much more sustainable economy. this should help the effort to keep the temperatures in check. shery: let us turn to vonnie quinn. vonnie: democratic senator joe

manchin has slammed the door on the hopes of party leaders for quick action on the economic plans. he said congress needs more time to assess the impact of the 1.7 5 trillion spending package on the economy on the national -- and the national debt. he presented the plan as a compromise. to unite the progressive and conservative wings of the government. >> i will not support the reconciliation legislation without knowing how the bill will impact our debt, economy and our country. we will not work through that unless we note the text. vonnie: they have expressed concern on the cu in myanmar. they must provide a return to democracy. they met on the sidelines of the cop 26 conference where they also discussed the environment and the pandemic. the ceo of barclays has resigned amid a investigation into his ties with jeffrey epstein.

he stepped out after u.k. regulators shared deployment area findings of their multiyear inquiries into what he told them about his relationships with epstein. they can protest the finding spirit -- findings. 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. our guest will join us to discuss houtz sustainability leader counsel would advance the climate change agenda in asia. coming up next, we discussed how advances impacting them get the broader outlook as well. this is bloomberg. ♪

shery: markets closed at a record high. we had strong corporate earnings outweighing disappointing eco-data. our next guest says excess liquidity should feel like there rally in the u.s.. let us bring in this ceo and chief investment strategist at er shares. always great having you with us. let us get you started with this chart on the bloomberg. it shows how we continue to see these record margin expansions despite the fact that we have these supply chain disruptions. going into the year end, do you expect bottlenecks to ease and will that help the rally? how fragile could it get? we see these input costs rising. guest: the disruptions are here tuesday. for the foreseeable future. they might come down a little bit but that being said, usually what is happening is markets that appreciate more than this

percentage by august. the thing that will be consistent regardless of the supply chain disruptions is we have record profits, we have a lot of cash on the sidelines. one thing we can say is that there will be more spending. the question is the availability. people with inventory will have a major advantage and gift cards are going to be a big winner. shery: tell us about those winners but the losers. especially when you see inflation concerns rising. you continue to see the energy crunch and a slowing economy in china. this could potentially spill over into other economies. guest: we think it is a dichotomy market with counter forces and the inflationary pressures and supply pressures

are not felt equally across the market. you have, for example, you have this increased cost in terms of wages and food prices but at the same time, they can increase their own prices as matched. on the other side, you have technology companies that are benefiting for two reasons. geographical and technological. they are using the work from home movement, taking advantage of it by hiring people at other parts of the world or even parts of their own country where wages are not rising as quickly. when it comes to technology, more and more companies are investing in automation in order to reduce their dependence on the labor market. haidi: how do you avoid the value trap in that state? guest: we do see unfortunately,

companies are falling into the value trap and paying dividends and buying back stock to increase their prices artificially. we have to avoid these companies. we like companies that are thinking ahead and preparing for inflationary environment. companies that invest in cybersecurity. extensive cybersecurity, automation, they want to automate their operations. they will be able to, if they do with the right way, not only keep their margins constant but widen their margins. these are the companies we like. they are usually found inside technology areas. haidi: how much concern is there over the loss of momentum in the recovery in china? how does that it impact global investors. ? guest: analysts don't realize that you have the ever grand event unfolding globally.

you also have the energy crisis and you have reduced manufacturing because of the zero covid policies. that will reverberate across the world. we think we might see some commodities and the cyclical dropping. we saw it dropped 16% in commodities. this will not be the case going forward. the rise and drop of construction is correlated with the rise and drop of cyclical and materials. we might see more of this trend going forward the good news about this is that it has a downward pressure on inflation. you have less demand from china. it will somehow calm down inflation. it will not drop below 2% but it might stabilize or drop a little bit. haidi: always great to have you with us. coming up next on daybreak asia.

our exclusive conversation. we will talk about the risks of surviving the global supply chain disruptions. this is bloomberg. ♪

reporter: we are tracking the fallout of the global supply chain crunch. here are the top stories today. manufacturing data took a hit from system bottlenecks in october. delivery times taking a five month high indicating longer lead times faced by producers of raw materials. shockwaves from a national energy crisis may soon feed into the chemical supply chain. this is affecting demand. meanwhile, soaring chemical prices are stirring up inflation risks. in japan, we will gaze the impact on automakers in the next week biggest names will be reporting earnings.

they were among the companies that slashed output as a receipt -- resurgence for factories. there are higher profits. terminal users can learn more about these stories in our website. haidi: authorities say they are on rising prices on supply-side disruptions. we spoke with the director ahead of his appearance at the fintech festival. >> we are seeing higher inflation then expected. this is expected to last into 2022. the spike in inflation we are seeing now will moderate as we go into the later parts of next

year. some of the factors are likely to be resolved. i will at a third point but overall, the balance of risk has shifted towards that. we need to keep all three perspectives in balance. the covid related supply side disruptions have been more pervasive than people expected. with supply-side disruptions, it is hard to tell how long they last. we know they cannot last forever. there will be adjustments made but how long they will last i will have to say. the longer they last, inflation becomes entrenched and expectations build up. that is a big unknown. that is the risk factor. anchor: taking into account food and energy, fuel. taking a look at where we are

with the energy crunch. 100 for next year. that will add to the cost. what are the risks from the energy crisis? >> i would not characterize it as an energy crisis as such. certainly, the energy market has heated up a lot more than initially thought whether it will go to 100 is anybody's guess. this will be one of the factors that will be in underlying inflationary risk going into next year. we have other factors. the supply chain wattages will probably start to unease over the course of next year. it will be a mixed picture but as a central bank, we will be more watchful of inflation risks. when the risk as shifted towards inflation, we will be very watchful of any risk or

escalation in prices. we stand ready to act. the other factor driving these prices is the premature switch out of coal into renewables. as china seems to be doing. that makes perfect sense in the medium to long-term but if the adjustment is too fast, you will see those prices surge. those economies he don't have the option of switching to renewables will face some of those pressures. look carefully at the energy priced -- price impact. it will drive inflation. we are not overly excited about the projections for energy prices going into next year. it is a small positive for inflation. anchor: the fed is indicating that tapering is coming soon although rate prices will not follow. what sort of dislocations will

we see as these ease and stimulus -- >> one thing we should look out for is what is happening to emerging-market assets. the pricing of emerging rocket assets that has not gone out of line. i would say the emerging markets are in a better place now. that is not to say we know volatility but taped with taper tantrum and other episodes, asian economies are in a better place now to manage any dislocation it provided the global economic recovery continues. there is a setback in recovery and then there is the tightening and market dislocations. you have a quandary. or keep its -- i think what the recovery ongoing and the gradual pace of normalization expected, i think they will pull it off. shery: speaking exclusively with us. here is a quick check of the

business flash headlines. review on will raise 8.4 billion dollars in an ipo that could be the guest ever by an ev maker. the trust maker will sell 130 5 million shares at a range of 57-60 two dollars a piece. on top of that, they will have a market value of 53 billion dollars. they have attracted cornerstone investors such as black stone. singapore-based buyout firm has applied to list a spac with a-based exchange. sources say tech industrial firm will raise between 148 million dollars and $185 million. this offering could take place as soon as the end of this year. singapore began allowing specs to list in september and have challenges to be the first.

they have become one of the first tech companies in china to officially mandate shorter working hours. internal document says employees who only work 10-7 monday through friday and advance commissions will be needed to state longer. their hours have come a new scrutiny under this year. not surprising giving that they have started over these tech companies with the government trying to clamp down on monopolistic practices. we are seeing these working hours becoming an issue. we have heard from a tech worker in china that they work 10-12 hours a day. this campaign to shorten those hours have a balance between life and work has really gained traction across the country. haidi: all of the supported by

this anonymous campaign we saw spread in the middle of last month. this idea that workers lives matter pulling for this better work bounce when it comes to working at bigger tech companies which we know has been hard. it really spiraled 40's workers into the spotlight. this is being organized. they describe themselves as recent graduates and they released -- calling on employees to speak out on the companies they work for. also, their working hours. put into a spreadsheet. we had thousands of respondents to this saying that they work at these tech giants. providing that. it does feel like this movement is really happening now. shery: we will continue to watch

that campaign for 996. there letting up a sale of them which was acquired for years ago. more on that just ahead. this is bloomberg. ♪

>> we are counting down to the start of trading in tokyo. over in seoul, the latest inflation data showed that cpi accelerated 3% for the first time in a decade. that would be above the bok's 2% inflation target. the central bank will release minutes at 4 p.m.. samsung and cacao bank among the firms reporting today. today we will be watching those results.

in japan, the nikkei is reporting that the government will ease entry restrictions for short business trips but the policy change does not apply to tourists. sony has emerged as a standout winner in japan's earnings season so far with shares reaching a 21 year high monday after it raised full year operating income forecast. softbank is considering a sale of fortress investment group. the asset it acquired four years ago for $3 billion,haidi. haidi: let's get more details on that. our asia technology reporter choices. what is the latest that we know? >> morning. we know the bare sketch of these intentions, the fact that softbank considered a sale of fortress is very intriguing. as negotiations -- still at an early stage but it does fit in the broader patter of

transformation of softbank from the big operating company in technology investors who pretty much are private equity funds/venture capital funds. they have sold off a lot of the operating units, including sprint, their domestic operations in japan as well as no -- now in chinese media. it does make sense that fortress will be next on the list, simply because the intention for this purchase back in 2007 never played out. the goal was to have fortress operating a $100 billion vision fund which was set up early in the year in 2017. but because of the restrictions put on because of the committee on investment in the united states, they had to take completely -- an independent approach and fortress is basically an independent operating as a separate union, -- never meshing with the rest

of the operations. haidi: if they get rid of fortress, does that mean that they could be looking to potential purchase of another similar company where they could get regulatory approval? pavel: whatever he gets on this negotiation, what will he do, right? one, one topic onthe top of everyone's mind is whether softbank will use the money to do another buyback. last year, they spent $23 billion buying back shares and push their stock to a record high this march. but shares have plunged since then. with no new announcements the hopes for the new buyback have petered out. every time we get news of -- some cash, the hope revise. but we've seen so far is that whenever softbank cashes in on an investment, the money goes to its vision fund. to the tune of $40 billion and

they have burned through half of that already. it's anyone's guess but i we think that they are more interested in investing in startups rather than acquiring large firms like fortress again. haidi: our technology reporter with the latest on softbank. here's how asian equities are trading. we are seeing the asx 200 holding steady, given we continue to see pressure on financials. low real estate and health care are gaining ground to the moment. unchanged. as we head towards the rba decision today potentially market moving there. kiwi stocks at the moment unchanged after gaining 2% -- gaining .02% in the previous session. not a little bit -- a lot of movement. s&p 500 futures also unchanged, lacking clear direction despite the fact we have reached another record high in the new year's session as we continue to see solid corporate earnings.

let's turn to vonnie quinn for the first word headlines. i believe you have more on the rba. vonnie: the target is in the spotlight, holding a meeting tuesday. this all after it allowed the market selloff last week without taking action. some economists not expect australia's central bank to abandon the .1% target for the april 2024 bond. but bloomberg economics thinks the rba is likely to keep policy unchanged. singapore's momentary authority says the city needs to cement itself is a key player for condo currency or risk being left behind. financial centers around the world are grappling with how to handle one of the fastest-growing areas of finance. mas managing director -- told is that the best approach is strong regulations. >> we are interested in developing crypto technology, understanding blockchain, smart contracts, and preparing ourselves -- for a tokenized

economy. we want to make sure we are well-positioned. vonnie: hong kong is set to end quarantine exemptions as it tightens up the strictest policies with the aim of reopening the border with china. exceptions for senior -- and bankers will enter november 12. carrie lam says tighter restrictions would create quick conditions to resume two way travel with the mainland. engine prime minister modi has surprised the cop 26 climate summit with the promise of net zero emissions by 2070. so, india's goal is to decades behind richer nations such as the u.s. and the u.k., it is compatible with what scientists say is needed to avoid catastrophic global warming. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries.

i am vonnie quinn. this is bloomberg. >> coming up next we will speak life with -- the ceo of -- about sustainability targets and how private sector leaders can help push that agenda. this is bloomberg. ♪

>> the united states is not only back at the table but hopefully we by the power of our example. my administration is working overtime to show that our climate commitment is action, not words >> the european union as was the united kingdom are today ready to their commitment. >> india is the only big economy in the world that has delivered both in letter -- on its paris commitment. >> all those promises will be nothing but blah, blah, blah, to coin a phrase. and the impatience of the world will be un-containable unless we make this cop26 in glasgow the moment when we get real about climate change. haidi: world leaders setting out

their plans for curbing global warming. a japanese beverage giant says the world needs asia to address climate change. to create the sustainability leaders council to create action oriented sustainability movements for governments and the private sector. for more, we are joined by -- always great to have you with us on bloomberg tv. what do you hope to achieve with this new initiative? >> well, first of all, we have to remember the fact that asia, including china and india, is the largest greenhouse gas emit ters. and we are not in serious discussions of creating, led by mostly europe and u.s. and without them, the asian effort, we cannot resolve the sustainability issues.

so, the purpose of the council with ian bremmer leading eur asia is to bring global leaders to take action for asia agenda in the space of the sustainability. and we can't follow the european or western standards, because of the huge changes in climate and geography, huge differences. so, our purpose of this council is to give lots of opportunities for asian countries and global leaders. ian bremmer and i are working on it. asia is foremost, and the most important to achieve the net zero goals. haidi: so, when you take a look

at that graphic that we just put up, two of the world's biggest emitters are in asia, china and india. we had the surprise commitment from india in the first day of talks. have you been encouraged by what has been announced so far? >> not really. because, first of all, asia is still in trouble --so, the first thing for india, eurasia leaders have to tackle still is the economic issue and plus asia needs lots of support from their economies in terms of technology. because we cannot rely on the conventional renewables like wind power, like solar panels. we need more technology like geotherm. hydro power and nuclear.

we need that variety of technology to cure energy shortages. more than the conventional ones. haidi: how much collaboration is their right now when it comes to those goals, whether it is on technology and other issues between governments, and the private sector and businesses like yourself? >> yeah, well, we have committed to providing support like plastic issues and like the greenhouse gas emission things. giving technology and providing funds from the government of japan, for example, to southeast asia. >> when it comes to your goal specifically we know that you have targeted some ambitious goals, including reducing water usage by 15% of 2030, 50% by 2050, net zero gas emissions.

give us an update about how much progress he had in the past year. >> ok. our targets are remomte. -- are remote. we are setting all of our goals to 2030, because we have to show that we are building correctly and we are honest about the reality. so, first of all we achieved almost in japan, we achieved the goal to double the water replenishment, and we are working with the civil societies in north america, asia, and europe to achieve the net positive water. because in the world, we'll be -- there will be so much

suffering by the lack of natural water by 2050. we we specked that is much as 4 billion people will be -- we expect that is much as 4 billion people will be in danger to secure natural water. it has been progressing for natural water. and greenhouse gas emissions, we are progressing toward the 2030 goals in cop1 and cop2, almost 50% reduction. but our factory is -- scope 3. it comes from mostly asian. asia is the center of the problem and asia should be the center of the solution. asia is the center of -- in the world. we should not -- it's a fact we have got to work together with the asian countries as well as sme's who are big supply chain

players. 2030 -- yeah. haidi: i am curious. does the energy crisis, higher import cost make it more difficult for manufacturers being able to commit to the carbonization and renewables -- to de-carbonization and renewables? >> we are working on it but we need, again, more energy sources. we might have to consider nuclear, too in asia, in japan, because we do not have -- we have these long term, rainy season in asia. so, the solar panel is not solely the solution. wind power is not the sole solution. technology matters to achieve our goals. haidi: always great to have you with us. suntory ceo there.

>> the cop 26 climate summit is entering the final day of leaders talks countries committing to end deforestation and cut methane efficient but bloomberg has seen only a 43% chance of achieving meaningful progress towards the overarching goals of the prayers agreement. let's cross to our head of research. so, let's start with the good news coming out of cop26. one of the some of the positive development so far -- what are some of the positive developments so far? >> just before the summit got underway, new zealand's prime minister actually gave a very positive message by announcing a new, more ambitious target, a 50% reduction by 2030. this puts new zealand at the forefront of emission reduction in apec, but also globally so that was really positive. it was a nice contrast to the re-commitment that the g20

produce. there were a couple of good speeches last night. bolsonaro brazil announcing that the country will target net zero by 2050, 10 years ahead of the original. but also he's taken a u-turn around deforestation. previously much more economic development in amazon which was problematic. it was really nice to see that. we also saw vietnam and thailand also announcing net zero targets which was nice to see as well. haidi: what was a disappointment, though? [laughter] >> the big three emitters, china, u.s. and india, they did not have a good day. the u.s. in particular is in serious trouble. president biden showed up at the summit without a new legislative

success. and to even put -- salt on the wound. just as he was about to speak last night, senator manchin held a press conference which dampened further potential action around legislative process in the u.s., around getting the targets that he wanted to achieve by 2030. the other thing to be honest is that his own delivery of the speech at the summit wasn't great. he appeared to be jetlagged, which was unfortunate. for the other two, prime minister modi's net zero announcement by 27, this created a lot of excitement. the challenge with this one is that it really depends on how much emissions gets reduced now so india's own 2030 target would not mean that a netero by 2070

would be complied with. what sometimes gets forgotten is that climate change is impacted by the accumulation of emissions over time. the more we reduce emissions now, the more time we have in the future. if you reduce emissions more today, then we can actually had net zero at a later date, so 2070 would be fine but if you do not accelerate emission reductions now, the reaction -- net zero is much earlier, 2050. in the case of china, it is primarily a perception challenge. china's 2030 and 2060 targets are a bit better aligned with -- but the fact that a written statement was submitted sort of didn't make the optics look good for china. haidi: bloomberg head of aipac research in seoul. e.u. council president charles michel said leaders at cop 26 must work together. he spoke about the chances of

any significant breakthroughs. >> we need to know immediately, two years ago, we decided to make europe the first -- by 2060. we decided also to strengthen our goals for 2030. and put in place a package -- in order to eliminate -- but, of course, it will work only if all of the world, if all the countries, the prime companies if they are all in the same boat, following in the same direction. >> is that your message to china, russia, also president bolsonaro brazil, that they need to do more? >> yes. yesterday we were together in the g20. such an important moment. most countries in the world. of course, we understand -- there are different situations.

but it's important to decide to have clear ambitious goals. it's important -- [indiscernible] and carbon pricing. those two are the most effective. >> imagine such a breakpoint which was the carbon pricing. there are hopes that by the end of cop we will get something like an etf for global. are you confident it is going to happen? >> sometimes there is the impression that everything is blocked but sometimes -- it will accelerate. it will have more political will. and this, which are experienced in europe, has put in place for many years an etf system that will work. haidi: that was the e.u. council president speaking with bloomberg. we are just getting those boj minutes up from the its september meeting, head of a big day when it comes to asian central banks as well as it being weak for policymaking more broadly. we're seeing minutes board

managers saying they will not hesitate to add to easing if needs. that they must particular -- continue with the easing process. the members also saying in these minutes about the closest we monitoring the you can up impact of covid-19. one member saying they do need to be persistent when it comes to the continuation of easing. and we do know when it comes to -- it comes to inflation, the bank of japan as one bank that has not had to really worry about that. in the last meeting we saw a bit more focus to the post covid risks, to the broader economy, but, as we learned over the weekend, there is a lease for now more political consistency with the ability to hang onto the parliamentary majority of the elections. so, we really are watching to see the impacts of the stimulus and more debt issuance. >> no wonder we continue to

see pressure on the japanese yen. given the win by the majority. the japanese yen against the u.s. dollar continues to be under pressure. we have plenty more to come on "daybreak: asia." this is bloomberg. ♪

haidi: let's get a quick check of the latest business flash headlines.

airlines plans $1.5 billion of new capital to keep flying as thailand reopens. it is making about half of that from existing creditors and financial institutions in half from the government. thai air i s under a court mandated structure and program to pay down $5.1 billion in debt after record losses during the pandemic. internation flight carrier -- needs $1 billion of additional funds to keep flying. the government said it is open to giving up the majority control of the airline in order to raise funds. according to a minister, they are in talks with creditors to restructure $6 billion worth of debt and expects to reach an agreement in the second quarter of 2022. softbank is said to be considering selling fortress investment group. it acquire the asset manager four years ago to manage its vision front. softbank was not able to mesh fortress's operations with his own because of u.s. regulatory

hurdles. something's has been shedding non- core holdings. it sold several billion dollars worth of doordash shares overnight. >> we will discuss the market outlook with fidelity international. this is bloomberg. ♪

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♪ >> hello and welcome to the 20th annual samuel j. heyman service to america medals. i am very excited to be her host as we honor pioneers from all across the federal government from the nih to nift to the fcc and so many other important names. roughly two million civil servants work in the federal government and tonight, we'll celebrate as many of them as we can in an hour, which honestly, isn't enough. i