>> good morning. welcome to dayb australia. -- welcome to daybreak australia. >> good evening. i'm shery ahn. we're counting down to asia's major market open. haidi: dubais -- did buyers boost ahead of a rate hike in

two decades. the r scene isb raising rates for the first time since 2010. and enforces new covid restrictions. slow down in china -- really shaping up that risk aversion we continue to see when it comes to asian markets. take a look at australia futures. we are pricing another -- pricing in another 1.2%, looking at the fall of 0.3% according to the futures relevant percent value. not much of that sentiment passing through to asia. we're seeing part of the momentum selling continue when it comes to the kiwi dollar. the aussie on track for its worst month since march 2020. investors anticipate the rba will move for the first time

today since 2010. 14 basis points to the high since november 2014. we saw with the yen in focus as well. not a lot of people are thinking any intervention with that hike from the fed on the horizon this week. shery: what is interesting we saw the global bond yields rally and the nasdaq 100 i performing the benchmark index with the likes of microsoft and tesla gaining ground and we are seeing u.s. futures down 0.1%, after we saw the late afternoon rally here in new york but not really surprising that we are coming off the worst month since the start of pandemic. we are seeing a little bit of pressure for oil. this as we've seen refined products leading the markets higher. but it was really about the treasury yield rally. that selloff we saw on the new york session as well because we had the 10-year benchmark yields

now hovering around that 3% level, at the highest since november 2018. we have already seen that 20 year yield with the force of the benchmark indices turning and topping that 3% level early. we already had the 5 year, 7 year and 30 year turning higher than 3% in april and we continue to watch it as we head towards the -- the fed rate decision. we could see a 50 basis point rate hike. we continue to see real yields rising. this to do with inflation at the fastest in 40 years. what does that do for your investor, for your portfolio allocations? the narrative was for the stock market rally is going to be a hedge. but now with the huge inflationary pressure, inflation around 5% over the february 2020 peak in stock prices, until now, while the s&p 500 gained 11

persimmon, you're talking about half of that equity increase being wiped out. haidi: if you're looking at treasuries, there is quite a bit of opportunity when it comes to the premium -- u.s. treasuries and what we are seeing in the 10-year in australia now at 32 basis points. a lot of these traders are pricing in as much as -- basis points with rate increases from the rba. towards the end of 2022. they could be caught complete by surprise because remember it as a history of exercising caution. he waited almost three years from when he took the helm in september 2016 for that first move in interest rates, in june 2019. the markets are pricing in basically the last time we saw a raise in rates by more than 25 basis points was back in the year 2000. there is a chance we can see a

lot of traders get wrongfooted today and in the months to come. shery: let's discuss the rba's upcoming rate decision and bring in our bloomberg reporters. let me start with you because as haidi was talking about, the markets have seemed to behind the curve. what are expecting today when it comes to the rest of the hiking path later this year? >> expectation is really strong that the rba will finally bite the bullet and raise interest rates by 15 basis points. there is a chance, however, as haidi was saying that the rba stands back and does nothing and avoids a rate hike during an election campaign. there are very few economists who are predicting that, but there is that possibility, given

his history and the fact that the bank is cautious and does not want to get into political partisanship, etc. so, there is a probability. economists are not expecting the results bank to be very aggressive in its rate tightening cycle but interest rates are expected to go up every month by 25 basis points. haidi: it is the case for a jumbo size move. the fed, 25 and then 50 and then 75 -- is there a chance we could see about -- twice as high? >> the difference between the reserve bank of australia, fed or the rbz is that the reserve bank of australia meets more recently. every single month except in january. they meet once six months or so,

so they probably have a bigger need to go big because they are not meeting as often as the reserve bank. so, the consensus is that, the reserve bank, they will move 15 basis points now and 25 basis points in the coming months. >> we are seeing money markets betting big on how much the rba could do. andrea: yeah, that's right. we are seeing the diversion between what the money markets are expecting and what economists are expecting. we know that phillip -- has been quite timid when it comes to interest rates but the markets are pricing in a much much more aggressive move. overnight index swaps had a cash trade target as 2.5 by the end of the year from the record lows. and that could be the sharpest increase in -- sincce 1994.

it also implies two occasions of the central banks that raise rates by more than a quarter-point. at the same time economies are expecting the cash rate at 1.5% by the end of the year and is already mentioned because they rba has more flexibility, meeting more often than the fed. that only has meetings compared to 11 from the rba. there is this potential from us trillion bond markets to outperform each of the markets -- >> we are seeing already the market reaction. bond yields jumping, the stock market -- what are we expecting this week? andreea: what's interesting, the bond markets are going to be a major -- feature for investors this week. you have got the fed, you have got the rba, you have the bank

of england also expecting to effectively raise rates. it's interesting we have this survey which clearly shows the majority of market participants project the 10-year yield to climb above 3.15% and only peaking in the third quarter. it is not pricing and perhaps all of the expected rate increases. so, it does reflect expectation of much more hawkish central banks perhaps being a lot more aggressive than investors expect. to keep pressure on treasury yields and going to have an impact of equities. we did see the nasdaq, the tech stocks bouncing last night but these are stocks that are under increasing pressure from rising treasury yields.

haidi: with the letter from the rba. let's get to vonnie quinn with the first word headlines. vonnie: thank you and good morning. european union energy ministers are tempted to seek a united front against russian demands. poland's finance minister is calling for an embargo on russian gas. the e.u. is hoping to gradually phase out imports of russian oil but hungary has indicated it may veto the move if it happens to quickly. meanwhile the european union will seek to step up cooperation with african countries to replace imports of russian natural gas. a draft document says countries including nigeria, senegal, and angola offer untapped potential. the bloc aims to reduce reliance on russian supplies by two thirds. germany has confirmed plans to invite the indian prime minister

to a summit in june as part of an effort to grow the global alliance against russia. the chancellor has modi for talks in berlin on monday. he didn't mentioned the invitation in a statement. india's supreme court has directed the government to -- give results on covid vaccine trials and rues people cannot afford inoculations. . while asking it review restrictions on the unvaccinated. all data from past and future vaccine trials must be released to the public. global news 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in 120 countries. i am vonnie quinn. this is bloomberg. shery: our discussion continues on australia's rate decision in the middle of a highly charged election campaign. plus, we get the market outlook with fed the expected deliverance biggest rate hike in two decades.

this is bloomberg. ♪

>> if inflation does not break

soon here's going to have to -- he's going to have to hit the brakes hard. that will put us in recession. i think people who have benefited from this extreme low rate, high liquidity environment where all manner of growth have been rewarded, i think that is where the greatest correction will come. >> it is simply unfeasible that economics or economies -- their human beings and their livelihood and well-being a shutdown because of the fuel industry i think we are saying this live in europe with the russian crisis. >> if inflation is transitory, if we are heading towards a 4% rate by the end of the year, he has a a lot more room to maneuver rates in 2023. >> speakers at the milken global conference. let's bring in our next guest to says market multiples are still high relative to what we might expect with this level of inflation. joining us is a co-cio

investment. always good to have you with us. with rising inflation we're also seeing rising real yields, as charts on the bloomberg showing how earnings yields tends to rise with this. how much more challenging will it get for the stock market? >> i think we have pain to go for sure. there is some good news, of course, some indicators -- about inflation, clearly the jobs market is very strong. and you do not usually have recession unless there is a weakening in the job market. but a slowdown certainly, i think -- is inevitable at this point. more market volatility and you have the war in ukraine expanding and have the fed talking very hawkish lee, we will get 50 basis points on wednesday. to the upside and that, if there is risk, even 75 which is

something the markets are anticipating. but painful for stocks and growth stocks in particular. >> how do you hedge? >> it's interesting because we have had a decent earning s season thus far. the market is not impressed. what we have seen which is to be expected is that markets are starting to come in a little bit, basically you have got these pricing spaces -- increases that companies are trying to pass on. an area that i think is particular to this environment, looking at small cap companies, if you are sitting in large caps only, you would want to have a small cap position. higher profitability. even research suggests that they outperform over time and they beat inflation over time. and certainly if you excise the

least profitable of them, they are -- [indiscernible] haidi: how do you trying to maintain a lower volatility if you are trying to as shery suggested, trying to hedge against the risk of the greater volatility coming from the administration? dana: fixed income which is not super attractive at the moment for sure but you need that to a certain extent for balance in a portfolio. i think certainly we are seeing big rotations in the census. and that is a place where folks are going in terms of equity. you want to have a more defensive posturing. my recommendation is to look for kind of -- type of a product where where still maintaining some limits on your -- from the market in terms of sector allocation. [indiscernible] those types of products will diversify well but also take advantage of low volatility

stocks in general. if you do a more concentrated positions such as for example utilities, you have to be careful because number one we are going through a rising rate environment. their momentum tends to mean reverse. sorry recommend more of a diversified approach. haidi: when you look at the buying that we saw in tech, does that tell you that the oversold levels we are starting to make at least some of the growth -- parts of the market look ripe for rebound? dana: i wish, my read of the data is not so much that we are oversold really. certainly, it is hard looking at the multiples. i would say, i would be the last one to say you should trade on multiples. they are not good short-term indicators for telling you how to trade. we could see rebounds to your point but if you are mid to long term investe lookin for

posturing, i do not think -- valuations will tell us we still have some traction, value is much better deal from a valuation perspective than growth. shery: in this very uncertain environment, is there still room for retail investors? we saw during the pandemic how meme stocks were all the rage. we we see that when everyone is anxious about what comes next? dana: you know, i think the advent of all of this directed brokerage training and newer investors getting into these meme stocks, i'm guessing it does not get discontinued because they are engaging in the market in a different way with different generations but isolating the investment industry at large has a job to do in terms of getting -- those into investments. and their ways to do that -- but not putting all the eggs in one backet.

i do not expect to see that the stock will be moving. i do think we should be trying to help them move into something more diversified with their -- the bulk of their assets. haidi: always great to have you with us. you can get a roundup of today's news -- on this edition of daybreak. n-terminal subscribers can get it at dayb this is bloomberg. ♪

>> taking a look at the day of ahead for australian new zealand. the rba decision, the governor expected to raise rates for the first time since 2010. new zealand's government will be setting a cap for budget

surpluses and -- higher than previous investments and allows a greater investment in infrastructure. an 11% strake in australia's biggest electricity generator agl. the company's largest shareholder said it would vote against a demerger. shery: here's a quick check out the latest business flash headlines. elon musk is said to be in talks with wealthy individuals about taking on more finance in the purchase of twitter. he's wooing the likes of apollo and aries. musk's sold tesla shares for a $12.5 million loan. citigroup's london trading debts is believed to behind -- be behind the flash crash in european stocks caused by a sudden cellophane swedish equities.

the selling western goodbye along erroneous transaction that caused the index to plunge 88% in fiv minutese that left the m ain european indexes losing 3% and wiping out $315 billion at one point. citigroup is in active dialogue with potential buyers of its consumer and commercial banking operations in russia. the ceo also said the financial -- on many of russia's largest banks -- to exit its operations in the country. citi is seeking buyers in russia, poland, china and mexico. >> we are -- sending our commercial banking franchise on there and we are in active dialogue around that. we have also been focusing on helping the multinationals on the ground because a lot of our client base, are the fortune 500, they are names that we all

know. and many of those are looking at exiting. you can't exit if you do not have your bank on the ground there. shery: trading after reporting eps beat estimates. adolescent been expected the company to report on losses the company also announced a public tender offer for all of its mobile gaming company which mgm says is a to expand the international online gaming. haidi: sell off strength continues to dominate across fx. with big moves in global central banks. rba today and we've gotten fed coming up with that jumbo size hike expected. when it comes to aussie tra ding, we saw the worst month since march 2020, that bearish -- that 70 cent level on the rate. we are seeing momentum trading

when it comes to the kiwi dollar. risk and commodities as well as currencies are seeing a bit of weakness. watching dollar-yen, as we expect that big move from the fed but most traders not exciting any intervention from any of the -- the finance minister even as we see that -- again. and there you have it, you see that big move when it comes to the dollar index. a performing other g10 currencies ahead of the fed meeting. treasury yields rising, the 10-year at the highest since 2018. coming up next, we get more analysis, the count on for the reserve bank frustrates decision. our guest, the central bank moving cautiously. coverage from the -- australia conference today on day one we were talking all things with a rba news and extrusive interviews. plus the founder of pinnacle

investment will be joining us. that live rba meeting today. much more to come. this is bloomberg. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today.

quex look at the markets we are

expecting. traders are seeing a modern 16 basis point hike. look at how much that ramps up. an increase of 260 basis points by december, and that trajectory conflicts with the low of history proportion. let's take a look at the lows ahead. the trajectory we might be expecting. i want to bring in the chief economist. always great to have you, we have been talking about a super sizing move, particularly when it comes to the fed. 75 became the new 50, we saw that as the rpm fed. government has a low. is there a target that could underwhelm expectations. >> there is a chance that they could stay on hold today, two reasons for that. one is, some people would suggest that the rba will be hesitant to move in the middle of an election campaign. the other argument not to go is that their commentary from the last meeting was reasonably clear that they wanted to see labor cost numbers, which don't come out until later this month in early june, and they reference data overcoming months. so some people are saying if they signal that from a credibility point of view, they should wait for the data and then go in june. that is not our view. we expect a 15 basis point rate hike today.

you said it will be very challenging for the households. we will see real wages try to catch up but inflation and tightening moves from the central bank, what is the risk of staying behind the curve? what you more and more see is that this is our transitory, there will be elements from the inflationary push that are going to be more permanent. >> i agree. i feel like transitory was the word of 2020 what we are hearing in 2022 is that some of those transitory prices that you stop becoming embedded in inflation, we could see that in the australian march quarter cpi data. for me, the surprise wasn't that we saw petro places -- petrol prices higher or construction costs higher, it was the fact that it was broad-based price increase. every item captured in the main measure of core inflation rose

in adjusted terms, and that does not happen often. i think you are right. it's indebted, that shouldn't mean that you shouldn't lift rates away from crisis settings, it just means how far you get with a terminal rate is lower than it would've been otherwise. you have the uncertainty globally, crisis in ukraine setting prices higher. once the rba starts moving, what will the trajectory look like? especially when you factor in sentiment of households being hit? >> we will get to the weekly consumer confidence read this morning, but as of last week it was still below 100, which means there's still more pessimism, optimism, certainly as the reserve bank starts to tighten ranks, they will watch consumer sentiments, retail sales, leading indicators of how the health sector is responding. the rba has more meetings this

year, so there is plenty of scope to raise rates out of 25 basis point pace, rather than having again -- get to the 50 basis point that we have seen other points get to and still get to the cash rate we are at today. we will end this year with the cash trade at 125, but i think there's a little bit of upside risk to that. shery: how was the governor factoring on what it might do? they could raise rates by 50 basis points on wednesday at a time you have the aussie coming off its worst month since 2020, the start of the pandemic. >> the governor seemed very clear about this. he is in feel the pressure from other central banks, but clearly they are watching the environment, the global economy having a look at what the growth poll looks like for australia, and that growth and inflation factor, which we do know has commonality. what happens offshore tends to hit australia at some point.

that global environment is important. in terms of the australian dollar, obviously had a very, very poor month. ahmadi prices are elevated, we have a tightening cycle. some of that is because the rba is lacking. some is because we have risk off lagging and global capital -- global capital markets. the aussie doesn't do well in those environments. haidi: we are just under 20 days away from the federal election. do the results tend to outlook for the economies for the risk, and what would you want to see from the next governor? -- government? >> there is so much of economist would like to see from the next government. australia economist have been talking for a long time about the need to do more on the supply side of the economy. competition policy, proactivity

and reform, improving labor market flexibility, and, if we had done more on that supply side, perhaps we would have less inflation pressure than we've got right now, having said that, we are unlikely to see the new government take on a bold reform plan, neither of the major parties are election in on big bang reform. it's very small -- very small targeted in terms of the economy. in terms of how we see the outcome playing out on growth, for example or unemployment, there's a lot of momentum in the economy. households have got a big chest of savings. corporate balance sheets are very strong. the economy for 2020 looks quite solid. i think in 2023 we will see the headwinds to the consumer start to come to the fore. shery: it was good having you on, let's get to first word news with vonnie quinn. >> this is dell founder things the federal reserve will be able

to ease off monetary tightening if inflation goes up to 4% by year-end. we were -- we ward inflation remains around 8% level. it tightens aggressively and tips the economy into a recession. the billionaire also highlighted the big disconnect in the labor market. >> we are better off having the economy with a slightly higher risk inflation and trying to bring as many people back from the workforce as possible. letting people on the workforce for their skills and employability crumbling quickly with time. >> u.s. manufacturing had an unexpected drop today. growth and ordered production in cell phones. the factory activity fell the 55.4. one estimate in the group -- bloomberg survey had a production of 57.6. the lingering supply constraints made worse by the lockdowns in china.

new lease -- new zealand's government will raise the debt ceiling to allow for more investment in infrastructure. in a pre-budget speech, the finance minister said it will be added sera percent to 2% gdp at time. the budgets to be handed down a set to return to service by 2025, one year later than originally projected. hong kong's economy likely projected a growth corridor as there was tough covid curves as the omicron outbreak disrupted curve with the mainland. gdp is expect a have fallen 1.3% in the january through march time frame from one year earlier. hong kong's first contraction since the end of 2021 it was a historic two-year recession. global news, 24 hours a day, on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries. shery: cautious signs emerge that the covid outbreak is subsiding. the capital beijing is saying

more social restrictions and testing to keep infections at a minimum during the on comb -- oncoming labor day holiday. let's bring in stephen engle, we have learned during the pandemic that long weekend on holidays are great for covert outbreaks. what have we learned this weekend? stephen: the numbers are coming down. numbers of new cases are coming down but restrictions are not following suit. we still see tight restrictions in shanghai, which has been under lockdown for five weeks, entering its sixth week. all the manufacturing bottlenecks and the like, in beijing, the center of political capital of china, they saw the numbers come down as well to 41 on sunday from 56 on saturday. but restricting in more mass texting are ongoing. i agree completely with the no put out this weekend by nomura

economists who said we remain deeply concerned about growth, the economy, despite the wrath of policy measures announced by the bureau meeting, that was held on friday in beijing. we still believe market should remain focused on the developments of the pandemic and the corresponding zero covert strategy. all other polity -- policies are of secondary importance. i have been hammering on this for a long time because as long as their zero covert strategy, they could throw the kitchen seek at the economy but the economy will get going because people are essentially restricted from spending and moving in the economy is seeing so many different bottlenecks. yes, we got stimulus and from the likes of xi jinping in the politburo, we had other stimulus pledges by the pboc, the central committee of finance in the state council. but in still -- until zero

covert relaxes and goods could get out of the warehouses, you are going to have tough times for the economy. shery: no wonder we see tough numbers when it comes to data out of china. stephen: we got that shot in the arm on friday and markets rejoice, but the very next day we got the pmi numbers, manufacturing and services. the number was horrible, 41 point nine. we were expecting the estimate for 46. anything below 50 means pessimists are piling up quicker than the optimist. we saw inventories of finished goods rose to the highest levels in more than a decade. products are piling up at the warehouses because of the supply chain bottlenecks at ports and the trekkers in the legs. the economy is going to be facing extreme pain. one economist said in the second quarter we could see negative growth. until zero covert relaxes, and i won't relax until the numbers

come down, we are going to have continued pain in the chinese economy. >> coming up, apollo global management sees a big correction ahead and growth in tech stocks. our interview ahead is next. this is bloomberg. ♪

haidi: australia and new zealand bonds. australian bonds are being pulled off as we see the global drop in bonds with the treasury for love being extended overnight. investors are anticipating they will raise rates for the first time since 2010. we saw the 10 year yield continuing to move higher. 14 basis points with the move we saw there. and it's the highest. if you want to take a look, that 14 basis point move takes the premium to 32 basis points over the more invasive treasury. global bond suffered the most on record, we see a similar move when it comes to kiwi bonds as well. when it comes to the kiwi and aussie dollar, strong performance continuing for the greenback.

shery: take a look at morning because ahead of the asia trading day. investors are now saying get ready for more losses for the $23 trillion market. according to the latest survey that shows traders forecasting the 10 year yield surged to 3.5%. some even see it hitting as high as 3.4%. with the fed leaving this week, most are betting on a half-point hike. they are watching for jumbo, 75 basis points i, so watch out for that. watch out for more downside in the u.s.. morgan stanley's michael wilson saying the s&p 500 could slump 15%. wilson always saying that is the most negative since the 1950's. markets are still wrestling with higher costs and growing recession risks.

haidi: apollo global management cofounder and ceo is warming -- warning of a volatile market. he told bloomberg that 14 years of money printing will likely see a big correction and growth in tech stocks. >> seeing things correct. we are long way from means were mediums in the equity market where it's 30% from the medium, which is pretty scary, the credit market, we have a long way to go. but i do think that the mentality with which investors have focused, they have been brought into the sense that everything is supposed to go well, because we've had, one could say 30 plus years of declining rates, but extreme liquidity in the past 14. >> so if you thick about what

you see and what you anticipate, you have an idea of what businesses of yours still work, what businesses don't work, yours or others? >> i think the on the run long only markets business are very difficult, to the extent you have been the beneficiary of trends. so there will be a number of speakers who will come here and we will talk about the massive increase in technology on the technology growth curve, and i would say tech and growth in particular have benefited from low rates because their business plans are further out, they are discounted back at lower rates, therefore they have been beneficiaries of this speculative move into one of the speakers we will hear from later, technological change is real, it's fundamental. that does not mean the purchase price doesn't matter in the entry point doesn't matter. i think people who have

benefited from this extreme low rate high liquidity environment where growth -- all manner of growth have been rewarded, i think that's where the greatest correction will come. >> and that is not just the etf manager whom you thinking of, that presumably extends to growth equity, it extends to late stage venture, early age venture, full-spectrum? >> it extends to all markets. i'm looking at traditional alternative market and so much of the market has become beta as well, even with our own firm, my joke internally is, you've worked for me for 10 years but i still know if you are a good investor. i think we are about to find out. >> any sense, having lived through, wet now, three solid months of cycles, for?

how long this lasts? >> no. >> known, unknown. >> we profess to know we just mix lead. shery: speaking with bloomberg's erik schatzker. coming up we will have more on banks, citigroup's london office has -- while goldman sachs says it's traders have crashed the 100 million mark once every other day in the first quarter. more on that ahead. this is bloomberg. ♪

shery: price action has a selloff in the markets just before 10:00 a.m. on monday. traders and monitors are pointing towards a potential portfolio trade. it's likely exacerbated by the holiday and the u.k. this is what bloomberg has learned about this. we bring in bloomberg su keenan. we know that both equity markets really rebounded from the crash, but this sharp drop is pretty rare. su: pretty rare, and even if it's a brief drop, it could cause billions of dollars of losses in this era of computerized trading. that's what happened here. sources close to bloomberg with

knowledge of the matter say a largest transaction made by bloomberg's london traders is likely to blame. the nasdaq was quick to point out there was no technical glitch on there and that could have been cited as a cause. it was very clear that the cause of the move was a very substantial transaction made by a market participant. sources tell bloomberg that the erroneous transaction came from the citigroup london desk and that 8% sudden drop in the stockholm index left five minutes of havoc from paris to warsaw, which wiped out as much as $350 billion in value. at one point we did see the market recover. i think the lms stockholm 30 index closed 2% lower. no, from city. market observers say this kind of error could potentially cause both monetary and reputational

damage to the city. nasdaq said it will not cancel any trade made on the nordic markets. haidi: goldman-s trading desk is in the spotlight for a different reason. su: -- and the regulatory filings goldman sachs reported a winning streak by the trading desk. 32 days on the first quarter, which is at least once every other day. the trading desk revenue exceeded $100 million. that is the best run for goldman traders and 11 years, and that trading revenue accounts for 61% of goldman's total for the quarter of seven point 9 billion. in these volatile times there have been other times of goldman-s revenue producing that haven't done as well, and clearly it has more than compensated for that. the past two years have brought a lot of volatility to trading desks when we look at the early

days of the pandemic right up into the russian invasion of ukraine. and while that has been weighing the fallout of the recent drop in the market, goldman has pounced on opportunities. i will leave you with one drawer dropping stat. it took three months of 2022 were goldman has as many 100 you days as it did in the three years before the pandemic. back to you. haidi: let's get you a quick check of the latest business/headlines this hour. the billionaires personal offer has just over 11% of agl energy to oppose the company's low exit from coal. they are now the market shareholder and will close the utilities plan to the emergent power generation assets. agl says it remains committed to the plan. spirit airlines board

unanimously rejected -- enlisted a 3.6 billion dollar takeover on concerns the deal might not go through. they will stick with the lower frontier group and accepting the 3.9 billion dollar cash offer this year. the more jet blue stepped in last month. facebook is pulling out of plans to remove them altogether from the social media service. the company will stop letting people add to the service starting this week i will discontinue similar audio services. live audio rooms will be integrated into facebook live, many users could choose to go live with just audio, or audio and video. shery: don't miss our coverage from the conference, haidi is live from the event and will discuss the moves that explicit interviews. plus, the founder of pinnacle investment management joins us as well. australia daybreak asia is next. this is bloomberg. ♪

haidi: a very good morning. day one of the australian conference in sydney. shery: we are counting down to