♪ >> we are counting down to asia's major market open. our top stories this hour, global bond yields tumbled, with investors pairing rate had like after the boe's surprise decision to hold. rejecting president biden's call for big production boosts, leading to speculation he will tap emergency oil reserves to

ease prices. and we will speak live to the airbnb co about a record of -- co about a record of quarterly -- ceo about a record of quarterly revenues, despite the covid search. >> -- surge. >> the trade numbers for the month of september, rising to 9.454 billion dollars. we have seen strong external demand, holding up for the economy. the risks remain on the flowing economic growth in china. not to mention the ongoing supply chain disruption around the world. for now we continue to see the widening number when it comes to the current account balance, now above $10 billion. paul: it just opened up for trade here in australia. we saw decent gains yesterday, kind of flat at the moment. we do have the staggered open

here in the early going. we have the construction company, performing recently well. the steel company, also higher at the moment. we will check in again, as stocks come online. new zealand has been trading for a couple of hours. the index is higher by .4%. nikkei futures are pointing toward a slightly stronger opening as well. olympus and honda, to name a few. >> we are watching bond yields across asia, we continue to see them under pressure. we've seen the boe's surprise decision to stay on hold. that, shocking markets. yields tumbling and treasury yields tumbling as well. we are talking about the biggest daily decline for short-term yields here in the u.s. global central banks seem to be pushing back on market expectations for aggressive poion. paul: we've got oil right now

hovering below $80 a barrel. goldman sees a lot of volatility in that price going forward. opec-plus, we were listening to present bidens appealed to bring on more supply, sticking with a pledge for 400,000 extra barrels in december. so oil deficit, remaining unresolved. the bullish view was unchanged. any release from the strategic reserve by the u.s., it could potentially backfire next year. >> opec-plus, really putting a strain on the u.s. relationship with its strongest middle eastern ally, saudi arabia. one relationship that could be really easing and becoming perhaps a little bit cooler might be the one with china. president xi jinping, at a trade conference saying he is open to talks over subsidies, industrial reforms, state owned companies. that was the key area of tension with the u.s..

-- a key area of tension with the u.s. paul: airbnb, reporting record sales and earnings for the third quarter even as the delta variant triggered travel restrictions around the world. emily chang a standing by for us with a special guest. emily: thanks so much. the airbnb ceo, joining us now, fresh off the earnings call. great to have you with us. a big quarter for you. we are seeing the travel rebound happening in your numbers. you have told me quarter after quarter that trouble will never be the same. i'm curious, with this rebound, do you still believe that trouble will never be the same? >> yeah, because a world is ever going to be the same. we are not going back to 2019 and that means trouble is not going back. what i think has happened is -- travel is not going back. what i think has happened is before the pandemic, most people were tethered to where they were, they had to live near where they work. now for tens of millions of

office workers, many of them are no longer tethered. there ceo's are now offering flexible work policies. we just saw amazon, procter & gamble, pwc, i'll put out remote, flexible work policies -- all put out flexible work policies, remote. many companies are following this model. if you believe in the world of zoom, a world where people have more flexibility and we can travel to more locations, we can stay longer, this fundamentally is a revolution in how we travel. emily: longer stays are a big opportunity for you, how big do you think that opportunity can be? >> it's going to get so much bigger. it's hard to know how long it's going to take to grow. to give you a point of reference, this was the fastest growing segment before the pandemic. what i think the pandemic did is it accelerated an inevitable trend. we were already going to see more and more people book homes

for a month at a time. what was i with the pandemic was a massive acceleration. it's not 1% of our business. -- what we saw with the pandemic was a massive acceleration. it is now 1% of our business. the longer you want to be in a home, increasingly, people are going to want this let's ability -- this flexibility. i don't know how long it's going to take, but it's clear where the world is going. emily: you've got australia close to international tourists until just about now, hong kong with ling for quarantines, thailand still grappling -- hong kong with quarantines, thailand still grappling with this, what is it mean for this region? >> what we have seen is, to give you a point of reference, before the pandemic, half of our business was cross-border.

the majority of our businesses are people crossing borders or staying in cities. what we have seen is the biggest growth we have seen as people not crossing borders, traveling domestically, and not traveling to cities, going to vacation destinations or rural communities. what we've now seen is as borders assert to reopen, travel cross-border surges. when borders reopen november 8, the week after, within one week of that announcement, cross-border bookings into the u.s. were up 44% in one week. obviously, we are closed, cross borders are still restricted, but we think there's going to be a lot of pent-up demand. the longer the borders remain closed, the more pent-up demand there is after. travel is one of the things that people miss the most that they think has been taken away from them. i think you're going to see more one supporters reopen. emily: how do you see the mix of

domestic and cross-border travel shifting, as we move forward? >> it will come back a bit. i don't think you are ever going to see the world looking like 2019. business travel welcome back, but it will never come back to 2019 levels, at least in the way it was, people getting on airplanes for a meeting. now you can do it on zoom. it's much cheaper. there will be new types of business travel, which i think could make up the gap -- people working remotely going back to headquarters for weeks at a time. there's a major shift from business to leisure. there's a major shift in people traveling everywhere. no matter how travel recovers, the genie is out of the bottle -- increasingly more and more people are going to travel nearby and stay longer, and they are going to travel in off-peak hours. when we do see porters reopen and when we do see urban combat, it's going to be a rebound -- urban comeback, it's going to be a rebound.

it's hard to know exactly where. that exactly between 19 levels. emily: were you expecting? -- not exactly to 2019 levels. emily: what are you expecting? what if there is a new variant that takes off across the globe? >> it's going to be a big holiday season, most people and travel are saying that -- because i think, you know, not everything from the pandemic that we lost, we all probably want to get back. i don't know if everyone wants to go back to the office five days a week of bital have to. but i do think most people -- five days a week if they don't have to. but i do think most people want to travel. i think that is absolutely important. now, i also would say this -- about what if there is another variant? i think anyone predicting the future last year was humble. if i can't predict the future, i can't adapt to it. our business model is highly adaptable. we have nearly every type of home with nearly every type of

community at nearly every price point for every type of trip. that means however travel changes, our model can adapt. i'm veryistithty over models, because we have searchable network. however change is, we will be prepared. emily: we are still seeing a lot of cities slow to recover. how are you working with cities to help revitalize tourism? >> that's a great question. we have now worked since the start of the pandemic with 100 destination marketing organizations, dmo's. the tourism arms of government, cities, states, countries. what we found was, covid was a bit of a reset on our relationship with cities all over the world. because many cities that felt like maybe before they had too much tourism now say they do not have enough, because when borders get closed off and people don't travel for business, suddenly there's not enough people going to the cities. we are seeing an inevitable

solution to some of the economic shortfalls that many of the cities are seen. we're working closely with them. we want to be good partners. fund fact -- we've collected -- fun fact -- we've collected $4 billion in hotel tax since we started airbnb. we are not the biggest collector, we will eventually be and we will continue to work closely with the cities. emily: you talked about here and become a going back to its roots, the homes business -- about airbnb, going back to its roots, the homes business. now that the homes business has fully rebounded, are you looking into extending further into hotels, track to become more of a full-service provider like a booking or an expedia, capturing more of that while the share of your travelers -- wallet share of your travelers? >> never say never. nothing that we paused is off the table to restart once again and go really big. that being said, i most focus on the most perishable opportunities.

and we have this huge travel rebound we are anticipating that i think is turning into a revolution in travel. so, we are focused on our core, because i think this is a defining moment in this industry. we are focused on getting as many hosts on airbnb, making the process as seamless as possible. i think short term stays, long-term stays, and experiences are the bread-and-butter -- it is all about hosting. which makes us different. i'm 40 years old. i started this company when i was 26. i don't want to feel like my best days are behind me and the biggest innovation i did was in my 20's and 30's. all that is to say, we are going to lunch really exciting products that year end in many years to come -- launch really exciting products this year and in years to come. emily: can you tell us more? give us a hint. >> next tuesday 8 a.m. pacific standard time, we are unveiling the airbnb 2021 winter relief, with more than 50 new upgrades. we will show you updates that

you will find flexible, a feature that you will use hundreds of millions of times, ways that are easier to host, we have a new offering for hosts that if you are interested, this is going to be compelling. next year, there's went to be a lot of new innovation built around this idea that you cannot live anywhere -- going to be this new innovation built around this idea that you can now live anywhere. that is an opportunity for us to design around. emily: experiences was going to be her next big thing. i wonder if you still think that will be. you talked about netflix as a competitor. how big do you think the opportunity is there overtime? >> it is just huge. and i only saw it that 2020 was going to be a breakout year for experiences. that is all the data was indicating, the next breakout year was 2020, then the whole thing had to be put on pause. it is just now ramping back up as people get comfortable. you have to be comfortable

standing next to a stranger. this is going to be ramping up. but i'm very bullish for experiences. you said netflix -- netflix is wonderful. you can only stay home and watch so many shows on netflix before you have to get out of the house and have a real experience with real persons. i think that this is going to be a -- be something that a lot of people want to do next summer. the more people travel outside of cities, the more opportunities for alternatives, for things to do. we are now looking out further, because a pandemic has really slowed the recovery, but i'm expecting some pretty big opportunities in the years to come. emily: we've been looking at some of your new marketing campaigns, it's good to know that you can bring your cats to airbnb once in a while. >> you have to bring the whole family when you travel. the dog, the cat. emily: the whole family. including the kitty. brian chesky. thank you so much. back to you, sherry.

-- shery. shery: a good conversation. we can't leave them home, our poppies. emily chang, with a great conversation, on the future of traveling. we will get more in the next hour with the ceo of star alliance, to global network with 26 number airlines. let's get to vonnie quinn with the first word headlines. >> marketing spec patients are decided by keeping interest rates on hold. putting us good ability on the line, prioritizing risk through economic growth over central inflation. officials voted 7-2 to keep the benchmark rate at a record low 10 basis points. traders/rate hike bets. -- traders slashed rate hike bets. >> market pricing, i think, if you could tell from the comments we made today, are a

bit overdone. >> president xi jinping said china is open to discussing key points of trade tensions with the u.s.. including subsidies to industrial firms and state owned companies. he said china will take an active and open approach on talks on issues like trade and the economy. the opening of the china international import expo in shanghai, he mentioned boosting imports. u.s. markets regular rejected plans for at least two bitcoin riveted base funds -- bitcoin derivative based funds. the first bitcoin etf launched in october nearly a decade after the first applications were filed. it seems regulators are not yet ready to greenlight more complex derivatives.

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'm vonnie quinn. this is bloomberg. ♪ paul: still to come, we discussed the outlook -- discuss the outlook for commodities. our guest will join us to discuss, martin lakos of macquarie wealth management.

-- let's discuss more with

martin lakos, division director at macquarie wealth management. his president biden -- is president biden overcooking it a bit or does he have a point? >> he has probably overcooking it a bit. when you look at the statistics, this plan to slowly raise production, there's no doubt the white house wanted to see the fuel pump prices come down for consumers. when you look at the iea's forecast of demand, there's still a gap between demand and supply by about 1.4 million barrels a day, going into next year. that's probably a bit of a swing factor for opec and the opec-plus group. so at this stage, it is a little bit of positioning with regards to the pricing of the end products. from the supplant demand suspected -- from the supply and demand perspective, it is what we were

expecting at this point in time. paul: it does invite a response of some sort from the u.s. what are you anticipating, a relief from the strategic reserve or more shale drilling? will that move the price at the end of the day? >> i guess part of opec's calculation is the fact that u.s. recount is going up. the u.s. is going to improve their own production over the next six months or so. that's will take some time -- that will take some time to come on stream. it suggests they don't need to be drawing on their strategic deserves at this time. it is not a critical position at this point in time. shery: with rising oil taxes, stoking inflation expectations and volatility, when it comes to the bond markets, especially in the short-term side of things, where do we go from here, now that opec-plus is not really

coming to the rescue of global energy markets? >> was certainly have -- >> we certainly view core inflation as fitting in that trend a tory category for us. -- transitory category for us. with regard to the supply chains disruption, the fed overnight commented until we start seeing employment liver markets headed toward more maximum or full employment, you are not going to get the wages growth, which is the key component for us anyway. clearly we've seen house prices and -- in the developed world's go up, food prices rising modestly, but it is related to the supply chain disruptions. the fact that the global economy is improving, i guess to some extent when you look at the supply chain issues, we are seeing industrial production is now 11% higher than where it was

pre-covid, in january of 2020. the world is getting back to work. but it's want to take a while for that's a -- for that to start to flow through, in terms of the goods and services. in the u.s., u.s. consumer staples and a number of other consumer goods such as computers, demand is up 27%, so you've still got this double-sided sword. we are not able to meet supply quite yet, but demand is rising. shery: central banks in advanced economies seem to be sticking to that dovish statement. whether it is the fed or the boe or the rba, yet you have emerging markets' central banks being more hawkish pair would how do you play the divergence when it comes to really how you position in the market? -- more hawkish. how do you play the divergence when it comes to really how you position in the market? >> what is interesting to note

is going into 2022, the fiscal cycle, the fiscal spending by government is starting to peek. we are seeing that peak in japan and some other asian countries. we've seen the government of singapore started raising rates, as has the bank of new zealand, etc.. i think central banks are still of the view that they want to see this recovery and for more sustainable terms. obviously the tapering side is the start of removing those emergencies. bond markets have run ahead of themselves to some extent. we are just starting to move away from emergency settings. quite comfortable to see a tapering take place, on obviously a very planned process by the federal reserve and other central banks around the world. shery: martin lakos, division director at macquarie wealth management.

thank you. we will get more on the outlook in the coming hours, when we speak to citigroup's global head of commodities resource, ed morris -- commodities research, ed morris. paul, we have seen these inflation pressures coming also from the commodities side of things. weather really not helping here. we are getting the latest you one -- u.n. a gauge of food prices move into 2011 highs. with global food cost jumping last month, extending towards a record, we are continuing to see governments really more worried about with the future holds. -- what the future holds. paul: the planets are really aligning and not necessarily in a good way for food prices, with the head of other variables here

in australia thrown in the mix, not limited to a mass plague in new south wales, and also labor shortages. the borders have been closed for so long here, there is now a plantar draft in civil servants to help with the harvest -- plantar draft in civil servants to help with the harvest -- a plantar draft -- a plan to draft in civil servants to help with the harvest. hopefully that will ease some of the labor shortages and price issues as well. let's get a quick check of the latest business flash headlines. dbs group reporting third quarter profits, topping estimates. with higher fee income. net income rose 31% in the period, rising to $1.3 billion. strong earnings for singapore banks. the three major lenders come all posting a better-than-expected result. -- three major lenders, all posting a better-than-expected

result. nintendo, expecting to sell about tony 4 million consuls this fiscal year -- 24 million consoles this fiscal year. the company raised its outlook for full year operating profits, citing confident software sales and network services can boost the bottom line. uber forecast adjusted income for the fourth quarter that fell short of expectations, overshadowing its first profits as a public company. mid earnings of 25 to 75 million dollars. boosted by a recovery in ride-hailing and sustain demand in its delivery business. moderna's sales badly missed estimates. shares saw a downward slide. the company previously said it signed agreements for sales

worth $20 billion this year. moderna lowered its vaccine production forecast for 2021. still to come, the bank of england defied expectations and rattled others by keeping interest rates on hold.

♪ paul: just getting an alert across a bloomberg terminal at the moment, household spending for japan for the month of september, coming in, contracting by 1.9%, the expectation was for a contraction of 3.5%. this did cover a period for the number of holidays -- with a number of holidays and a state of emergency, perhaps explaining why these numbers are improving, household spending rising 5%. on year contracting one point

9%, better than expected. we've got the nikkei opening at the top of the hours. the yen right now, one -- here's the yen right now. shery: here are the stories we are counting down to the start of trade. we are watching nintendo after it cut sales targets for its switch consoles, citing supply issues. qualcomm missed estimates for quarterly operating income. also viking listing its income forecast by more than $2.6 billion. -- softbank missed estimates for quarterly operating income. also daikin listing its income forecast -- boosting its income forecast by more than $2.6 billion. more gainers today, petrochemical, widening to just

over $10 billion in september here on year. paul? paul: the bank of england defined expectations, keeping rates on hold on thursday, drawing criticism from traders and putting its credibility on the line, as it chose to prioritize risks to growth over inflation. speaking with bloomberg, governor andrew bailey hit back against this critics -- his critics, saying the bank's job is not to seal the markets. >> two messages, one, we will meet a rise in interest rates. two, however, because we condition our forecasts on the market curve, our forecasts suggest that by the end of the period, inflation was coming under target, in a declining trend. and we have an output gap opening up. that would it be what we are wanting to see. >> if we can go back to markets,

it was this act, pretty hawkish, why did you not temper it? did you actually at the time -- where you at the time actually not that worried about growth? >> we are seeing inflation expectations, and we will have to act. [indiscernible] >> did the markets misread you, was there a communication problem? >> not at all. what i would say however is nobody have said we will be raising interest rates in november. we have never said that. you published -- here economists, about what we were going to do -- your economists, but we --

about what we were going to do today. >> [indiscernible] >> we pick up a lot of commentary that matched your survey. it is pretty close. my view would be yes. it was pretty close. it is a very finely balanced situation. [overlapping voices] i think, as you can tell from the commentary we made today, the right direction is a bit overdone, and my candid view -- in my candid view. >> there's a lot of traders that said if members had not spoken so much over the last months, market pricing would've been aligned with the segment. would npc remarks be more valuable if they were less frequent? >> well, i do take that with a fair pinch of salt. we get comments other times that

the mpc does not speak, then the markets get no guide. of course, we don't speak to the guide markets, put it that way. the markets must draw what conclusions they will from what we see. -- what we say. i take that with a fair pinch of salt. what i would say is, we have seen a correction in markets, from the pricing we saw over the summer particularly. i'm not surprised about that. it puzzled me at the time, to see that pricing. shery: the bank of england governor speaking with bloomberg's francine lacqua. let's get more on the boe's surprise decision with kathleen hays. we saw the decision hitting the market really hard, we saw the pound tumbling and yield some blink. what does it -- and yields tumbling. what does it mean going forward? >> it remains to be seen.

that was a great interview with governor andrew bailey. this 7-2 do not raise the rate, to not do anything with bond purchases, just keep them as is, after he has made many comments suggesting he was worried about inflation, starting back in the son hole conference, he was sounding more hawkish, that in september, -- then in september, he was alluding to the boe having to act. you see inflation is way above target, wages are rising, and inflation expectations have been rising a lot in the u.k. he was widely criticized for not pushing back. then holding all the rates steady. people are throwing around the term, unreliable boyfriend, a reference to mark carney, his predecessor, the bank of england indicating rate were coming and they never came.

-- rate hikes were coming and they never came. it's a becoming occasions mistake among other things. the bank of england's warning, there shouldn't be pricing in hikes. -- it is a communication mistake among other things. the bank of england's warning there shouldn't be the pricing enough hikes. they are just being -- in hikes. they are just being cautious right now. they don't know what's going to happen with growth and wages. energy prices could fund a year. that is expected. that can push inflation done. in fairness to andrew bailey, there were people who didn't think they should raise the rates because they thought it would put too much pressure on the economy, with brexit and everything else, it still has a lot of uncertainty around. paul: upcoming employment numbers in the u.s. will take on extra importance.

jay powell, putting so much emphasis on getting to a stronger job market. what are we expecting? >> we are expecting a stronger jobs report. it's important jay powell said it is our target for 2% of higher and we still have to go on jobs -- where exciting to see a good report after two disappointing ones. let's take a look at one bloomberg chart to show you what i'm talking about. you can see the october number just 194,000, the september report just shy of 400,000, nothing like the nearly $1 million increase -- one million-dollar worker increase we were seeing. the forecast is many people -- the forecast is what many people call a very strong number. 4.8%, it's been falling pretty sharply. jobless claims are under 300,000

in the u.s. you don't see numbers like that very often unless you have a tight labor market. powell said this over and over again. everyone recognizes some of the weakness we've seen in jobs is workers reluctance -- workers' reluctance to go back to work. everyone's going to be factoring that number into this. it could be a big one for the markets as well. paul: kathleen hays there. coming up, the new abortion law in texas may be putting the security of women under threat. we will discuss more with kate bahn, the equitable growth director at the washington center.

-- the washington center for equitable growth's director.

shery: this is "bloomberg: daybreak asia." the white house as opec and its allies are putting the global economy at risk after they rejected president biden's pleas to high production by more than planned. opec will raise supply by 400,000 barrels a day in december, setting pressure on oil demand from the coronavirus. u.s. asked for at least double that to alleviate high crude oil prices. the biden administration mandated covid-19 for all staff at u.s. companies with 100 or

more employees. under the federal rule, workers must be fully vaccinated by january 4 or submit to weekly testing. those that ignore the rule will face fines. at least 70% of u.s. adult have received at least one jab. he wanted to turn new york into a crypto friendly city and a hub for growth and innovation. he also said he's looking to set up a so-called city coin cryptocurrency, similar to one recently launched by miami. a london court has allowed malaysia to continue -- it's role in the multibillion-dollar 1mdb scandal. malicious government challenged the 2017 arbitration settlement between the two sides in the u.k.. a london case is one of a series of legal and regulatory investigations around the world linked to one mbd -- 1mbd.

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'm vonnie quinn. this is bloomberg. ♪ shery: for this week's equality segment, we will look into the latest on the abortion law in the u.s.. the supreme court justices grappled with the court's power to love texas' abortion law , the most restrictive been in the u.s.. they will hear arguments next month on the implications. we will discuss more about this with kate bahn. give us your reaction to these court battles being fought here in the u.s.. >> we are ignoring the total five that women's ability to plan for their futures, their families is critical to economic outcomes. we are coming off the most

shocking economic crisis we have gone through in recent history that really demonstrated how women are the backbone of the economy. women's ability to invest in their families is critical to having a healthy economy. when we do think that limit women's ability to do that, it could have widespread negative economic consequences. shery: explain to us how family planning choices directly affect women's job opportunities and financial security then. >> research has shown that things like women that have more access to abortion services are more likely to have increased education and occupational mobility's -- mobilities. they have access to better jobs when they have access to family care services. this is really critical for the economy. it is not just about the individual women. women having higher labor force per dissipation has been the

single thing that has maintained family income in the past 30 years in the u.s. doing things that might have a negative consequence on family income is going to have a broad spillover effect for families. paul: in terms of the abortion laws in texas, which are now some of the toughest in the u.s., do you see any concerned that that can spread to other jurisdictions as well? similarly strict rules might be brought in? >> i think it's pretty likely. what we've seen since abortion became legal with the rope he weighed court case is that immediately states began enacting restrictions on abortion -- with the roof we weighed -- roby wade -- roe v. wade case. we know it's going to be similar to what we've seen in research. when you model the restrictions that are going to have negative impacts on women, then you see the second effect that it has

negative economic onset quenches for women in those places. paul: there's a substantial spending package navigating its way through both u.s. houses of the moment. how do you see that spending package matching president biden's, rhetoric in terms of equality -- president biden's rhetoric, and terms of equality? >> it's not unrelated to the access to family planning. we know that people's personal lives -- how families are doing, how their parents are doing has a consequence on how they decide to join the labor market. the types of jobs to go into. things like the build back better package sent to the social infrastructure, the ability of families to care for themselves and loved ones. that plan has things like increased access to childcare, increased access to time off to care for family members, and that is not a phenomenon, to be able to decide when and how to

have a family, we need to give women that security, so that they can make the second step to having security in the labor market as well. shery: how do these gender aware policies differ here in the u.s. versus, say, other countries? >> the u.s. relies a lot on market-based solutions and employer-based solutions versus having a wide body of a public social safety net that some other countries particularly have, for example, most health care providers or employers, there are limitations on what you can use, publicly funded medicaid programs, you can't use them for abortion services, for example. it is different state-by-state and different based on what employer you end up on. it ends up having and a stable foundation for families. if you have that stable foundation of what you need, provided by a broad social safety net, it is hard to sort of take that next step and invest in your career, get into a better job, stay in your job

for a longer period of time, having come growth over your lifetime if you don't have that stable foundation. it is critical to have a broad, stable foundation, which the u.s. lacks, compared to our partners -- to some of our partners. paul: kate bahn, thanks so much for joining us. let's get a quick check of the latest business flash headlines. blackrock is planning to add a new metric that will allow clients to track the climate impact of its investments. the world's largest asset manager says so-called temperature scores across portfolios will show how much warming investment can cause. credit suisse will exit the hedge fund business after the archagos scandal costed billions. it is discontinuing some services and will move through billion dollars of capital to its private bank from its investment bank. -- $3 billion of capital from

its investment bank to its private bank. the chinese developer, the company says it is facing unprecedented liquidity pressure, citing credit rating downgrades and a challenging property market. bonds plunged after canceled meetings with investors in october. next, nintendo cut its switch sales targets due to the supply chain crunch, showing no signs of easing. we will get to the details coming to. be sure to turn into -- we will get to the details, next. you can listen via the app, video plus, or bloomberg radio.com. bloombergradio.com. plenty more ahead. stay with us.

>> we are tracking the fall of the global supply chain crush. airbus deliveries stalled in october with a european playmaker set to have only delivered about 35 aircraft amid worsening supply delays. that would recommend the slowest month for deliveries since february. it comes as airbus is targeting a 600 jet handover by year-end.

peloton is facing a double whammy from the end of its pandemic sales bone with supply chain constraints and soaring costs of commodities and freight weighing on its outlook. the fitness company slashed there outlook for next year by up to a billion dollars. the semi conductor act will help provide the lens of dollars to ease the shortage of chips which has reverberated across industries. qualcomm has signaled it expects the global squeeze will be easing soon. >> i have seen reports that companies probably will still be seeing shortages of supplies in 2023. that's not the case for us. you can find markets and areas that will have more demand. but largely, we will see a lot more balance between supply and demand, as we navigate into 2022. paul: the check crunch is the

big -- a big issue for some of japan's biggest firms, from carmakers to some game manufacturers. the shortage prompted then tend to slash forecasts for the year. these are among the worst ormers on the nikkei 225, also due to cheap issues -- chip issues. you can read more stories online. shery: nintendo has cut its target by 1.5 million units in its latest response of the white spread soup -- the widespread supply chain squeeze. when it comes to the chip shortages. what were the key takeaways? >> the first thing to say, nintendo was blunt about it. the president says he sees no

sign of the component shortage recovering. that actually echoes lenovo, the chinese company also disclosing today that it is not easing at all. there will be no relief through the first half of 2022. as far as the outlook goes. so these companies have more of an exposure to the consumer market. lenovo and nintendo. they contradict qualcomm, on the other side of the issue. chipmakers are seeing a bit more of a recovery. if you look at measures such as leadtimes, waiting times for when you can get your chips into start assembling things, those have stopped increasing. they are plateauing there. in terms of the consumer market and impact, nintendo is saying no sign of recovery. paul: let's look at the size of the cut. from 25.5 million units down to

24 point million units -- 24 million units. does this figure seem achievable? will nintendo have to take another look at it? >> in this situation, nintendo's highly conservative forecasts play in its favor, analysts would expect something to 20 -- analysts expected something closer to 28 million for the year. in reality, nintendo might've been able to do more. the president did say that nintendo will not have enough components to satisfy demand for this year. so if you want a switch, they're still going to be an issue with supply, especially with the latest model. the company did -- the supply chain changed. paul: vlad saviv there. we are getting news out of qantas at the moment. we are waiting on some headlines

for that at the moment. i will get back to you with more information on that. qantas, off by half of your percent in the early going here in australia -- a percent in the early going here in australia. shery: there are demand for seats. in short, travel demand and confidence levels remain high. he is providing trading updates to the market in december. he is also sort of breaking down how covert is likely to have cost over 20 billion aussie dollars in revenue by the end of 2021, pa paul. paul: we do have 20 more to come. we will have more on the outlook for travel. we will be talking to star alliance, a group covering 26 airlines. the ceo is going to join us for an exclusive interview. we have the market open in seoul and tokyo coming up in just a few minutes' time.

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