>> good morning and welcome to "daybreak: asia." annabelle: we are counting down to asia's major market opens. kathleen: i am kathleen hays in new york. now the top stories. xi jinping warns of dangerous storms ahead, opening china's party congress with a defiant message. haidi: asian stocks may tumble. fx traders are bracing for possibly an intervention, the currency tumbling toward a key psychological level. kathleen: financial markets had to deliver the their verdict on the u.k. prime minister's economic reset she fights to save her premiership. annabelle: this is the start of another trading week in asia and this will be the first chance for traders to react to xi jinping's speech at the weekend, the two hour address at the national party congress

highlighting key areas, specifically the environment. tech. national security. some strategists are saying what happens, this is basically china's answer to the nasdaq and we saw it rallying into the party congress on sunday. otherwise, covid zero, the maintain infosys on very strict virus measures. life over the economy. that will hit trading sentiment. the property sector as well, one to watch. mixed signals in that sector. let's look at the set up across asia. china a big driver of sentiment in the region. we've got new zealand in the red. also keeping an eye on what is happening in the japanese yen because we are coming off of nine straight weeks of losses. that is a key intervention level as we get closer to the key 150 level.

kathleen: let's get a check on wall street so we can see what sentiment may carry over. the big story on friday was the university of michigan consumer survey. inflation expectations. the one year ahead a look is five point 1%, up from 4.7%, after 300 base bites -- 300 rate hikes since march. s&p 500 down about 2.5%, erasing the week's gains be at the nasdaq down about 3%, the lowest since july of 2020. today, not too surprising after a rather nasty friday. some rebound and we will see how that carries over into asian trade later today. 10 year yield, on target about 4.01% in the cash market, above 4%. esther george in the kansas city fed saying they may have to

raise rates more ticket inflation under control, also boosting the dollar index on friday, about 0.7%. looks like carrying through to today. looking at the pound, it continues to climb after it was said he is not onboard with big tax cuts in spending. it gave the pound boost, but andrew bailey endorsing it, that was another factor. haidi: this idea that perhaps investors are feeling like more of those unfunded tax cuts might see a u-turn from liz truss. the u.k. prime minister facing market judgment. now without emergency support measures from the bank of england leaving the u.k. evermore exposed. it is interesting how we continue to start to see the crack's between going from all hands on deck central banks and governments on the same page as we got through the pandemic and

now those paths are diverging and we are starting to see the cracked relationship. u.k. financial markets, whether you talk about the fx markets or gilt markets, will be key this week after we saw yields spiking. the pound advancing so far in the early session, after the selloff on friday. we continue to watch for volatility. kathleen: sure. the rally in the pound started over the weekend. it was interesting at the imf meeting on friday, at the g 30 section, something done every year on the sidelines, we saw andrew bailey, a very interesting conversation on a big panel of central bankers. he said he thinks this move by jeremy hunt, they had talked about it ahead of time, and it was important to the markets that the doe is endorsing his move. -- boe is endorsing his move.

he also said they will not hesitate to raise rates to meet the inflation target. in august, they raise rates by 50 basis points. from the bank of japan, governor kuroda sticking to his guns, and this was after dollar-yen got to nearly 1.49 on friday, the weakest since 1990. governor kuroda not sure it will stay there. led by cost push, not demand. finally, one of the hawkish members of the ecb, the head of the dutch central bank, he said it will take two more significant hikes to get to neutral, that could include 75 basis points. there was an audience question to him where this woman asked what keeps you awake at night? you sound ok but what keeps you awake? he said nothing, unless we were to have a crisis like the u.k. that got applause and laughter

from the audience. a serious issue but certainly one that everybody even in washington can joke about. haidi: the other major risk to markets is what is going on in china. we heard from a defiant xi jinping over the weekend, on sunday taking to the podium to open the communist party congress, reaffirming policies at the center of frictions with the united states. let's get more on the speech and what we learned. let's bring in stephen engle in hong kong. it was a two hour speech and a lot of it felt like it was built on the idea that he has spoken about it before, the chinese nation standing up. what stood out to you? stephen: this was a speech that did not surprise me much. only in the fact that it was much shorter than it was five years ago. it was in excess of three hours in 2017 at the opening of the party congress. this time it was just under two hours, but he touched on the hot button issues but didn't really get into many specifics.

if investors are waking up this monday morning weathering -- wondering whether he gave a roadmap out of covid zero policies, you will be disappointed. others say perhaps the fact that he didn't harp on the negatives and the need for further lockdowns and the specifics of that gives room for the party and xi jinping to perhaps relax going forward. if you gave any hard criteria to relax, perhaps he would be bound by that. that is, in a way, good news, if you are concerned by the continuing economic dampening effect of covid zero. he did touch on a lot of ideological main points of his rule so far the past decade. he referred to marxism more than markets. common prosperity more than property woes. he did not even mention the property market. it was not too surprising, given that is a negative aspects.

but again, he has a firm hand on the tiller. he talked a lot about in metaphorical terms of strong wind and high waves and dangerous storms. that is where the defiant tone came through, that he can offer an alternative to the world led by the u.s. and its allies. kathleen: he also talked to on taiwan. should we take this as boilerplate, of course he will say that over and over, or did you get any sense that there is more a sense of moving forward on that, that this is bothering him and he wants to address? stephen: obviously reunification is a key part of his leadership. he wants to see it. he said complete reunification must be revealed -- must happen, excuse me, and can be realized. essentially he is reaffirming

the same kind of messaging. i am messing up my words, let's hear from him directly. pres. xi: resolving the taiwan question is a matter for the chinese, a matter that must be resolved by the chinese. we will continue to strive for a peaceful reunification with the greatest sincerity and the utmost effort, but we will never promise to renounce the use of force, and we reserve the option of taking all measures necessary. stephen: again, speaking in metaphors, he essentially said the wheels of history are rolling toward reunification and also the rejuvenation of the chinese nation. kathleen: all right, stephen engle summing up so well the key points of that important speech. onto a delayed statement from

g20 finance ministers and bankers that has laid bare opinions on a variety of issues. let's bring in eric martin, who has been in washington, where he always is, covering the imf world bank meetings for about a week. what was in the statement? it was delayed for three days, unusually, showing there were major disagreements. eric: that's right. we were at imf headquarters since thursday, awaiting this statement and trying to get any kind of a draft copy to know what was coming, trying to get inside the room metaphorically in terms of understanding why the g20 was taking so long to come up with a statement, and what we finally got today was a chair statement, this is different from the communique we are typically used to getting out of the g20 meeting. what we heard from sources the last couple of days is the reason this took three days

longer than it normally does come up with any kind of a readout or statement from the meeting was because of the divisions in the room. i will read to you from the statement, i want to get it verbatim because these are the type of statements every word and every comma is parsed and socialized within the countries represented. it says many members strongly condemned russia's war against ukraine and expressed the view that russia's illegal and unprovoked war of aggression against ukraine is impairing the global economic recovery. that was many, but not all of the g20 nations. the g20 includes russia, includes countries that have not been as steadfast in their criticism of the war, including china and india. trying to get close to 80% of the world's gdp, countries that represent that, to come to a consensus on an issue this contentious has been a tough order for the president of the

g20 this year, indonesia. haidi: these meetings also come in a time when we are seeing an emerging tug-of-war between governments and central banks. eric: absolutely, and that was something else talked about here as well. there was a section about currency and currency policy my want to read to you from that -- many currencies have moved significantly this year. we reaffirm our april 2021 exchange rate commitments, and those commitments were to not target exchange rates for competitive purchases -- purposes and refrain from competitive devaluations. we know the u.s. officials present did hear from officials from emerging and developing countries about the pain being caused to them and their populations by a strong dollar, which of course increases inflation, increases their debt burden in dollar terms. it is something that spoke

earlier in the week, we spoke to the finance minister of indonesia, in charge of organizing these meetings and trying to get consensus, she visited us in washington and talks about a hurricane of risk, in her words, very strong hurricane facing emerging and developing countries. we know this is something that these countries and their delegations pressed the u.s. and pressed treasury on during these two days of meetings. haidi: eric martin with the latest. as eric mentioned, fx currency traders bracing for yen intervention after it hit a three decade low against the dollar, very close to the psychologically key 150 level. let's get more from garfield reynolds. he joins us from sydney. kicking off the new week with currencies and focus, not just en, but the car -- but the pound

as well. garfield: the yen and pound are caught in this conundrum between monetary policy and politics. in the u.k., the problem is relentless timing the be out -- timing they are part of, including gas supply shocks and inflation. in japan, the central bank is sticking with the world's only loose monetary policy. the problem is the yen keeps sliding and that becomes a political and societal problem because the japanese are not used to this sort of level. even if the boj insists there is not a structural inflation, that whatever inflation there is is a transitory, it does have an

inflationary impact, especially on ordinary people. anything imported is driven up in price. it becomes difficult for the authorities to say we will keep pursuing this policy for inflation when they are looking at the in, -- the yen, japanese are looking at the yen and there is inflation, you have to stop it. the particular difficulties the japanese authorities face is they have intervened once, times gotten a lot weaker sense. and what went on with the michigan survey and some of the fed comments, the expectations are the fed will be at 75 basis points in november and maybe it will do so again in december unless you get an impact. in that situation, can the japanese really do anything to stop the yen going past 150 and beyond in the medium-term? kathleen: u.s. bonds and stocks

selling off last week on friday, a lot of traders assaying oh my gosh, the fed will cause a recession and thinking that will slow them down. interesting to me at the imf world meetings, i spoke to various people, should the fed slow down, should they do less? they said no, they have to do this. that was mainly the sentiment at these meetings. it is this mean for the markets? just sit back and realize this is where they are going and don't get too bullish until we are closer to done? garfield: that's the difficulty. markets are kind of hardwired to be bullish as soon as i can. the fear of missing out, the infamous fomo is always around the corner. bond yields are the juiciest in years, but that is based on the idea that inflation will revert to where it was. breakevens are looking at 2.5%

inflation in the coming 10 years or so and that extremes -- that seems extremely unlikely. unless you get progress in achieving that, the fed will keep hiking rates and we risk recession and elevation staying -- maybe it will come down, but will it come down to 2.5%? all of that makes and actually difficult trading set up not just for bonds also for stocks. probably the easiest one, looks like plenty more dollar strength coming down the pipe. kathleen: that looks like it. garfield reynolds. let's get over to vonnie quinn. vonnie: the u.k. chancellor jeremy hunt has declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax such a move would amount to another u-turn on a key plank of liz truss's mini budget. he made clear that coming the economy is his priority and the government can account for every

penny of its tax and spending plans to the european union executive arm's planning to curb price volatility in the world's biggest gas market place. it want to prevent extreme price spikes and derivatives trading. the temporary mechanism would impose a dynamic price for transactions on the dutch title transfer committed see, -- transfer committee. the australian government will reportedly pledge 6 million u.s. dollars for infra structure in its budget. the prime minister said it would unlock jobs and productivity. the prime minister told sky news it would not add to inflationary pressures. 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. haidi: still ahead, president xi jinping says china's global power has increased, striking a defiant tone to kickoff the

communist party's five yearly congress. more on that. first, a neutral strategy on the s&p 500. more from the market playbook next. this is bloomberg. ♪

kathleen: even though september u.s. inflation came in stronger than expected last week, our next guest inks a strengthening dollar might force the fed to slow down. let's get more from kim forrest. i want to start asking you about your view of inflation and how it will integrate with the markets and how the dollar might help. the university of michigan inflation expectations chart, you can see the one-year out expectation rose from 4.7% in this very closely watched survey, a very important measure of inflation expectations, to 5.1%. after 300 basis point rate hikes

since march. the fed in many ways, especially you look at the strong are than expected cpi, it is a lot of rate hikes and not much reaction. is there any room at all to give the market that kind of fed easing up a bit that it wants? kim: well, i think the consumers have spoken, because that is who was asked in that survey. they are saying the fed has not done anything, even though they have increased rate hikes -- rates really quickly and you can see that through the world. we have the highest interest rate, overnight rate, of all of the central banks. i would say consumers say it is not working. kathleen: what does that mean then if the fed looks like it is in a position not to slow down but intentionally even to get more aggressive in keeping rate hikes big and having a higher

terminal rate possibly next year? that's what esther george in the kansas city fed was indicating on friday. kim: sure, i completely agree, even though my notes say i don't agree. but the fed is going down its path and it refuses to divert because it has been told it has a two focus mandate, one is controlling predictable prices, and employment. they are willing to sacrifice employment for inflation at this point, but i think we all have to think deeply about where inflation came from this time, and given our low interest rate the past 12 years, and we only had inflation really start last year, i would say the fed did not create this by low rates. higher rates are not necessarily going to fix it.

haidi: i thought it was quite interesting that you said the current oversupply we see in some areas is temporary and that firms are getting better in the post-pandemic era of forecasting demand and supply. if you look at the stocks and the companies particularly good at this, are those some of the opportunities? kim: they are. actually the semis are pretty good at this but everybody got confused, and i think both clothing manufacturers, clothing seller's, and those that use semi conductors got confused because of the great supply chain issues that we had starting in 2020. once they got that through, kind of contained, we now have oversupply. i think most businesses now, because they use technology to track what their warehouses have

in it, and that would be erp or accounting systems, that is pretty good now. they also use crm, or customer relationship management software, to figure out where their pipelines are. most companies can figure out what they need to buy and who will buy it. haidi: kim, always great to have you with us. we will chat more later. kim forrest. more to come, this is bloomberg. ♪

haidi: titrating for the dollar -- we are watching the yen close to those

>> for chinese people and their

lives above elf and to -- they covid policy brought about a historic rise in china's economic strength while the central government exercised restriction over the special administrative regions as prescribed by china's constitution in the hong kong illustrated region to ensure hong kong is administered by patriots. it is a matter for the chinese that must be resolved by the chinese. we will continue to strive for a peaceful reunification with the greatest of sincerity and utmost effort, but we will never promise to renounce the use of force. we much meat obstacles and difficulties head on, ensure

both development and security and dig deep to surmount the difficulties and challenges of the road ahead. haidi: that was chinese president xi jinping speaking at the opening of the communist party congress over the weekend. let's get some analysis now. you spoke at the outset of this with a bit of caution -- you should be humbled when it comes to predicting what might come out of this meeting. did the speech give you any further indication? >> this speech is about continuity. there were no big shocks them a continuity on taiwan, continuity on covid zero, continuity on his style of managing the economy, continuity on ideology and the strength of the party. where one needs humility is about personnel changes and we are going to get that in a week or so. haidi: we spoke to someone on

friday who said building on these themes, we will see a china that is more paranoid and more reactive. it seems like the chinese nation will stand up feeds into that. richard: that is possible. we have a sense in western company -- in western countries that china is decoupling from us, but they are not decoupling from other parts of the world -- the middle east and the like. the one that runs through chinese policymaking is with the united states and that feeds into the things you talk about there, the possibility that it could lash out at some stage. the aim to take taiwan is baked into the cake and sooner or later, that's going to come to a head. haidi: these are the policies that won't change regardless of the leadership. long term strategic rivalry for

that geopolitical tensions, the public health policy with covid zero. but the approach that matters is that he has been very forceful in his policymaking. richard: i'm of the other school that a stronger china, and china is stronger these days -- it is richer and more stronger, inevitably that leader of the country will be more assertive. xi jinping is particularly more assertive, particularly in his control of china as far as to foreign policy. but i don't think it matters if he is there are not. we are on a certain path and it's hard to know when we get off that. kathleen: a lot of attention, the remarks he made very forcefully, i think, about technology and not being held back and moving ahead, a lot of

contention vis-a-vis the united states with the chips. where is that heading? richard: it is hard to know where it is heading except both sides are digging in, trying to make sure they have their own indigenous technologies to make sure each country doesn't have leverage over the other. that has been settled chinese policy for some time. that has been hardened by the measures announced with the united states, particularly last week, which were potentially the most far-reaching ever. each side is going to be investing massively in their own independent technology. kathleen: the commentary about the challenge for china, a lot of the technology they have has come from other countries, whether it has come directly or from back channels, that may be a spot where they are our -- where they are not as strong as

xi jinping may like them to be. what do they need to do? is this a bigger challenge than people realize? richard: they are deftly not as strong as xi would like them to be. i don't think any country ever becomes totally technologically independent, but to be fair, china has done extremely well in some areas -- in electric vehicles in the supply chains surrounding solar power, wind power and the like. china making batteries, china has a dominant position in those industries already, so it is other countries playing catch up. it's not as though china is behind in those areas. whether it can never catch up on semi conductor, it is possible they will struggle. haidi: you pointed out his ability to spin crises and turn them around. is that limited? we are getting to a point where perhaps growth is being

constrained by china's mode of governance. richard: i think his achilles' heel come and no doubt about it, is the economy and that has been exacerbated by covid zero. there is no end in sight for covid zero, so how does that flow onto other policies? the big one that he spins to his benefit is u.s.-china competition. if people believe you are in an existential battle with the united states, he can wrap himself in the flag or the party and the flag like any natural leader can -- any national leader can. how that plays into lower growth, living standards are not rising as quickly, that is difficult to note. but i expect -- i suspect there is a negative interplay there. haidi: it plays into the existential threat of the party. i wonder, the assertiveness of this political transition, does that become proof of this or is there a chance of a backlash?

richard: i think there's always a chance of a backlash against xi, and he has enemies of all kinds. the problem is he has the system lock down so tightly. the security, the military, just about anywhere you look. after the transfer of personnel in the next week or so and the government next year, it's likely to be even more the case. he has demanded loyalty, he has the means to enforce it. it is hard to see where the challenge comes from. it will require a real crisis within china for that to happen. haidi: always great to have you with us. richard mcgregor. sticking with the china party congress, let's look at the key takeaways for investors. what are we hearing from goldman sachs? annabelle: goldman sachs has done an analysis here and have looked at some of the key terms.

the ones that disappeared or dropped insignificance from this party congress to the last 15 years ago, there were terms like economy, market, reform. compare that to ones that rose -- security, people, socialism -- it does give clues to the broader outlook for xi jinping and the party moving forward. goldman sachs says it is not an inflection point for policy changes. they are looking at where covid zero goes from here and they say we are not going to see any sort of pivot until the second quarter of next year. they are sticking with focus areas like common prosperity. as for what they see in terms of the equity market, goldman sachs is sticking with their preference for a shares over offshore equities. this chart having a look at

a-shares, we are trading at about a 50% premium. a little higher than the five-year average, around 32%. kathleen: what about the reaction from hsbc? annabelle: they are taking a slightly different take on this. rather than an absence of the economy, they are looking at these key themes that came out like the environment, like sustainable growth, tech innovation. all of these can be sustainable growth drivers in the years ahead. the other areas they are focusing on is the property sector. what was interesting is he dropped a key term -- housing is for living. that came out five years ago and did start this crack down on affordability. because it was absent in this text, we could start to see a housing support package come through in the next couple of months and that would be welcome

news for any property sector investors. kathleen: may be an investor want to be. let's get the first word news with vonnie quinn. vonnie: hong kong media reports say they may relax border restrictions by the year end. they cite hong kong's deputy to the national people's congress standing committee saying the current seven day quarantine could be cut to four. they also report the mainland may allow more visitors to cross the border from hong kong each day. a delayed statement from g20 finance ministers has laid bare divisions on issues including russia's war in ukraine and ways to deal with climate change. the statement was based on meetings last week as part of the imf and world bank's annual meeting. it's usually released within hours of those discussions but clashes between major nations meant this time it took three days. a senior white house official says the u.s. could change at

the club -- approach to providing security assistance to saudi arabia. jake sullivan told cnn that president biden could make a decision on relations after consulting with lawmakers following november's midterm elections. biden told cnn last week there would be consequences for saudi arabia after it voted for opec to cut oil production. the south korean president has ordered the government to help a leading messenger app get back to full operations after a severe disruption over the weekend. any south koreans rely on it for online banking and trading. a power outage caused by a fire led to widespread failures in public anger. 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'm vonnie quinn. this is bloomberg. kathleen: australia's treasurer says his country's economy faces tricky territory in the near term is the world grapples with inflation and the pandemics aftermath. i spoke to jim chalmers in

washington as he prepares to deliver his first budget later this month. >> i think now is the time for some block talk about prospects for the global economy. the truth is the global economy is treading a narrower and more perilous path right now. i think that is recognized across the board around the g20 and the participants in these discussions. australia enters this difficult time from a position of relative strength, but we might be spared a global downturn. we are putting a budget together i will hand down in less than two weeks and it's crucial we can factor in the real time thinking of economic decision-makers around the world and that's why the last couple of days have been so valuable. kathleen: what is the most worrisome thing you've heard here? >> i think everyone is worried about inflation. that's why we have this

tightening of monetary policy around the world and that risks a hard landing. that's the most confronting reality we face. it comes to us currents -- courtesy of the war in ukraine. all of these have come together at once and i'm relatively optimistic about australia's medium-term prospects. in the near term, we are going to have to navigate some tricky territory. kathleen: what does the australian dollar mean to you? down about $.12 recently. part of it has to be the aggressive fed rate hikes. it has made the dollar very strong. looking over your shoulder, in australia, you see a global economy that is slowing down. >> certainly what is happening with the u.s. fed is putting pressure on our dollar at home. we have an australian dollar down in $.60, which is quite low

by recent standards. more broadly, the issue is the u.s. fed is confronting, and i had a good conversation with chairman powell yesterday about this, the issues americans are facing our pre-common around the world. we have a combination of high and rising inflation, rising interest rates in one way or another. the challenge is to build defenses and both -- and buffers against uncertainty in the best defense is responsible budgeting. that is our focus. haidi: the australian treasure speaking to kathleen in washington. coming up, we take a look at latest earnings from washington. investors are focused on a slowdown in loan growth. we will get more on the banks.

this is bloomberg. ♪

>> there is a possibility of a mild recession. >> we could well see a mild recession the second half of 23. >> we have not seen clarity around inflation abating. my guess is we will see that clarity and it will be more

evident by the middle of next year. i think the fed will be successful in this journey. >> there is a possibility of >> a soft landing. >>we believe the u.s. economy is well-positioned to expand it. all else being equal in the geopolitical arena. >> i have not changed probabilities this quarter versus last quarter. >> big banks speaking about recession risks and they remain in focus as bank of america follows its peers reporting early monday. everybody wants to see how it is going. su keenan joins us now and the message from j.p. morgan, wells fargo, city, the big guys are ok. su: at least for now. there is a letter that bank rates were not terrible and that seems to be enough for investors, at least for now. thank earnings kicked off with

four of the biggest banks out there, everyone waiting to hear because it has been shown this was a brutal year so far. especially investment banking. we knew there would be a sharp drop in profit because of the deals and ipo's, but they were fine. you're looking at year-to-date losses, so that is the brutal year. their investment banking revenue fell more than 60% from a year ago. wells fargo surge with an earnings beat but there were costs tied to a private scandal. jp morgan, its shares under pressure for the year. it gave an optimistic look forward.

a 17% drop from a year ago -- its quarterly revenue rose to nearly 33 billion -- record net interest income. it did have a mixed assessment of the economy going forward. morgan stanley missed on fixed income, the ceo indicating they may have to cut jobs. this got a lot of attention. this is not -- i had count is under review, this is echoing what so many banks are saying in terms of taking a closer look at how may people they need. morgan stanley says they showed strong signs of stability in what had been difficult times and a difficult environment. it has been a rough ride but they made it through.

haidi: we know mortgage lending has slowed. su: bank of america is one of those banks tied to consumer lending. it's about to release third quarter earnings and it has delivered some of the best earnings so far this year, long before some of the others too. one been -- one big banking analyst says and i i to this guy has legs. that has been a theme. loan growth is in focus from a customer loan payments minus what the company pays depositors. it's expected to total 14.6 billion, up from 12.4 billion in the second quarter. big focus on that. goldman sachs reports later in the week. revenue and profit may decline from a year ago boosted by investment gains.

they have a strong banking arm and that's the area that has been hit. a lot of focus there as well. haidi: you can turn to your bloomberg for more on bank of america as earnings. you can get the commentary and analysis from bloomberg's expert editors. the key earnings to watch include netflix -- they could see a turnaround in the stock performance as they move into advertising. tesla reports third quarter earnings as well, stocks battered by disappointing deliveries and 11 musk's decision to revive his offer to revive putter. kathleen: tune into bloomberg radio to hear more and get analysis from the daybreak team broadcasting live in our studio in hong kong -- as you can see right there. this in the at the app, or bloombergradio.com. 20 more ahead. stay with us. ♪

kathleen: a quick check of the latest business flash headlines -- elon musk sets spacex will continue to find it startling satellites in ukraine a day after saying it could not do so. the defense department says it wasn't talks with spacex and the u.s. was looking at other options. withdrawing it -- cnet says

profit -- see knock says profits jumped jiechi record output. at a merry net income jumped as much as 108% from one year ago according to a company filing. they did not break out its third-quarter results. the company is scheduled to release its final earnings on october 27. rupert murdoch is selling -- is exploring up -- exploring options for a potential deal. discussions involve and all stock merger that would require approval by a majority of nonfamily shareholders. haidi: let's take a look at the day ahead for australia and new zealand. we are watching star entertainment following reports the casino operator will be

fined a maximum of 100 million aussie dollars for allegedly failing to stem criminal activity and money laundering its casinos. the singapore prime minister is visiting this week for the seventh australia-singapore getting. that's it for daybreak us julia. daybreak asia is next. this is bloomberg. ♪

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kathlee