>> good morning, welcome to daybreak australia, i'm haidi stroud-watts in sydney. >> we are counting down to asia's major market opens. >> good evening from bloomberg's world headquarters in new york, i'm kathleen hays. tech stocks take a beating on revenue misses again. amazon and apple falling short of estimates, adding to the gloom in u.s. markets. the dollar claims as investors assess missed economic data. the lead is widened over gyro bolsonaro in the brazil presidential runoff. stocks offer a second day, tech stocks leading with a for percent drop. met a plunging other -- the

nasdaq on the day was down nearly 2%. you can see that the nasdaq futures are continuing the decline. the s&p 500 only lost half a percent. actually, caterpillar had better-than-expected earnings and sales. that helped industrials rise one and a half percent. as for bonds from the 10-year yield well below 4%, now down to 3.92%. third-quarter gdp reversed two quarters of drops in gdp. it was up 2.6 percent but consumer spending slowed, so the bond architect consolation in that. and new home construction down 26% at an annual rate, a monster decline. citi said it is all about high mortgage rates over 7%. oil taking a different view, crude oil futures are down but they were up on the day by about a wakanda have -- block -- buck

and a half. let's look at our tech board because it is another dramatic day. we can start with apple. apple is up, it's had a mixed results on its earnings report. weaker than expected iphone sales, services sales down, that was a bit of a problem and over the numbers were relatively strong. so it is likely getting a bit now, it was down for a while. amazon is down 13, almost 14%, lackluster holiday sales. google continued to fall today, the slowdown in the ad market. and i told you about meta, it's a meta mess. annabelle: any company that misses on estimates has been severely punished in the intraday session. interesting to see how companies opened. futures as he said pointing to a weaker start. for asia today, we are focused on those numbers and what they mean for us.

we have australia and japan looking to a weaker start. new zealand trading flat at the start as well. japan is really the focus, we have the big boj decision later today. let's look at this terminal chart. no change expected in terms of yield curve control or policy settings in terms of rates. that's been something putting a lot of pressure on the yen, jgb's, taking look at how traders are positioning ahead of this decision. this chart looking at risk reversals, malign in white is the one-year basis, the line in blue is the one-euro equivalent. this gap tells us that traders are positioning perhaps for a shock policy. the other thing is it tells us we could see japan stepping in to support the currency, so an interesting decision for us to watch. we are also focusing on the ecb. kathleen: it's amazing how much

a no decision at the boj meeting can get the markets on edge. the ecb is battling record inflation, up nearly 10% year-over-year. no surprise they double their key rate, 75 basis point hikes, two in a row now. the deposit rate is up to 1.5%, the highest level in a decade. all as advertised, but christine lagarde surprise the markets with a subtle but powerful shift in wording on future rate hikes. signaling again, a meeting by meeting approach. let's listen to what she said. >> we took today's decision, and expect to raise interest rates further to ensure the timely return of inflation to our 2% medium-term inflation target following our meeting by meeting approach. haidi: at the previous meeting, christine lagarde had said the ecb would hike for several meetings to get inflation down. now she said you all should

expect for the rate hikes. that made people think maybe that is less hawkish, the euro weakened on this and the dollar strengthened. markets are pricing the key rate peaking at 2.75%, they are extending their tltro, thanks can no longer part that cash in ecb accounts and earn cash pretty income which had become a thorn in the side for many people watching the ecb. let's get some more on the markets, as kathleen mentioned, those big tech stories today. let's bring in bloomberg tv's ed ludlow, and our equities reporter. let's kick this off with apple, what was your take away as we round out this week of tech earnings? >> it was a mixed bag for apple, we missed on iphone sales, partly because they knew i 14 --

launched with two weeks left in the quarter for them to get visibility on early sales. weakness in ipad, services revenue, also saying that currency headwind you and i have been discussing all we continuing to impact a company that is pretty well hedged traditionally and nimble when it comes to currency markets. bright spots including the macbook, a lot of buyers were first-time buyers and a lot of emphasis put on the internal chip the company has developed. this stock has bounced around in after hours. we jump from a to percent gain down to a to percent decline in terms of the forward-looking forecast. kathleen: how can amazon continue to do so well if people are going to spend less on staff? it was crazy during the pandemic

insuring up, amazon has that issue now. >> you live and die by the forecast you give for the current period. the forecast of 140 to $148 billion for the fourth holiday quarter was far below street expectations. in previous quarters, this rate would then look to strengthen aws, the cloud unit to offset concerns but aws also came in under street expectations. it's not often you hear either amazon or apple talk about the changing global macroeconomic conditions. but they leaned heavily into that at amazon. it's a worry for investors that expenses and operating costs continue to outpace revenue growth. under andy jassy, it was slightly more disciplined and focused on profit than perhaps it could have been under jeff bezos. a lot of work he has done has

been to undo pandemic era investments where money was poured into meeting fulfillment expectations, one-day delivery and things of that nature. this is the story of earnings season, we wanted strong outlooks and did not get them, now the market is punishing the strong names. annabelle: the s&p 500 is setting itself up for the second-best month we have had any year. could that change depending on this deluge of inflation indicators? >> we have three key inflation indicators friday morning. we have the pce index which is the fed's preferred measure to gauge inflation. we also have the employment cost index which might be more important in the pce indicator tomorrow because that is something jerome powell did flag last december when he was getting concerned with wage inflation. looking at the first quarter, that was at a record. the second quarter still hovered around that so it will be key to see what that looks like with

the employment cost index in the third quarter. also, tomorrow we will get the university of michigan's consumer sentiment survey which will have shorter and longer term inflation expectations. some thing that's interesting, cpi data actually has moved markets a lot more frequently than some of these other inflation data points this year. inflation cpi, seven of the 10 times it has come out, markets have been lower so we might not see that volatility tomorrow like we normally do on cpi days. kathleen: big picture, for years it seems buy tech, people would buy those same five shares over and over again. are people realizing the world has changed, you can't do that anymore? >> i talked to a number of chief investment officer's today to see how are they positioning portfolios for clients. they were telling me, it's not like everything is over for big tech, they were too pricey given what happened during the pandemic they were obviously the

leaders that brought the stock market back to records. they just elect those p/e ratios were just too lofty. when you look at the s&p 500 retracing all of its gains, looking back to say february 2020, the s&p 500 right below 3400 we did at a brief point get right below 3500 on the intraday low october 12, the day before the last cpi report which was the new low for this year. but in general, it's not like the party is over, but it's way to be a tough environment given the dynamic with the fed's rate hiking cycle and what that means when it correlates to their stock prices and future earnings growth. annabelle: how are bloomberg equity reported their. -- reporter there. credit suisse reporting its biggest single day decline on record after reporting that restructuring plan. let's bring in sally bakewell for the details.

this revamp has been called radical, no half measures, what was outlined in this document? >> lizzo good the top line of this restructuring which has stemmed from years of scandals and management missteps and has been telegraphed from months. it wants to raise about 4 billion francs and is selling shares to invest including to the saudi national bank. it is breaking up the investment bank and has a highly respected investor with a 500 million commitment. and it is selling at securitized products business to apollo. there will be headcount reductions. they are set to decline by about 9000 by 2025. and it has a workforce of about 50,000, so it is quite substantial. haidi: it sound like they are doing a lot, why has it disappointed investors? >> it is a painful exercise and wrapped up into this work very disappointing third-quarter earnings. but mainly the capital raise

which the bank had hoped to avoid, because the stock is trading at record lows, because of the dilution effect, but with all the outflows of assets the bank has seen. deposits from wealth clients, it ultimately meant to the bank had to go this route, in addition, to pay for this overhaul the bank is only going to pay a nominal dividend the next couple of years. it will return to meaningful dividend in 2020 five. investors think it might not be radical enough and there are questions about this debate restructuring which will be pretty complicated. perhaps more than what we saw with ubs and deutsche bank. haidi: they do so much. let's go to vonnie quinn now with the first word had nines. >> vladimir putin has lashed out at the u.s. and europe over his war in ukraine as he heaps praise on saudi arabia, and reiterated support for china's claim to taiwan.

putin casts russia as a champion of conservative values as he accuses the u.s. and its allies of seeking global domination. he denied intending to use nuclear weapons in ukraine. the pentagon's national defense strategy has rejected some limits on using nuclear weapons. the document does not rule out there use in retaliation to a non-nuclear strategic threat to the u.s. or its forces overseas. it cites china and russia as strategic competitors and potential advertisers. president biden campaigned on only using nuclear weapons to deter or retaliate against nuclear attack. the u.s. expects a deal with global allies to deliver to production equipment to china. that would expand washington's efforts to keep cutting edge semiconductor technology away from beijing and its military. the commerce department says the -- making the controls multilateral is a work in progress. the european union has reached a

deal 2:00 combustion engine cars -- to ban cmobustion engine cars by 2035. look like and set earlier this week it would stop selling combustion engine cars in europe by 2035. hong kong is planning to legalize retail trading in cryptocurrency, under a plan to make the city a top hub for digital assets. a planned licensing program for crypto platforms will be enforced from next march. regulators are seeking to allow bigger tokens but won't specific coins like bitcoin or ether. 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. haidi: the former australian ambassador to china geoff raby joins us to discuss the power plays and rising tensions with the west. we open up with the investment

playbook from wealth enhancement group. and here about a relief rally upon the way. this is bloomberg. ♪

kathleen: investors chew over the fed's rate hike path, missed

economic data and a deluge of earnings reports. let's go through all of this with a senior financial advisor at wealth enhancement group. the past 48 hours, this is been a mega cap tech show. today, we got apple and amazon, a let's start with a not so good news which was amazon. what is your reaction? nicole: not overly surprising. the day started with a gdp report that we are not even talking about and that shows us the value and true capitalization weighting of these mega cap technology companies. that they are so omnipresent and important to us that this gdp data that we were looking forward to has been completely trumped by this conversation around mega tech. and these earnings numbers don't surprises whatsoever. kathleen: amazon of course had weak demand, that had to happen.

it was so hot during the pandemic, had to slowdown. apple missed on iphone and services sales in the market doesn't quite know what to do with them. let's step back a bit though, for several years it seemed like everybody who a financial advisor, keep buying these stocks, has that changed now? nicole: now those of us who got ahead of this likable -- the cyclical rotation really emphasize with our clients the waiting away from the way the passive indices weight themselves, will have true value into merit. and will be finally understood by the investors that took that advice, meaning with every dollar that was allocated to the s&p, retailer investors were buying the same stoxx over and over. and that tilt became so present. in other words, the wealth instruction just because of meta, apple, amazon and these earnings reports.

those who waited for the slower growth environment ahead will prosper from that and there is still opportunity now. annabelle: what to these numbers this week tell you about the strength of the u.s. consumer going into a critical holiday season? nicole: the u.s. consumer still looks strong, when we look at reported earnings from companies like esa, when we hear about the demand for new jet from boeing, that plays well into the narrative of the american psyche. which is there is still strength and resilience in the american consumer. where we are starting to see underlying weaknesses in the small-cap, mid-cap business space. the worry is, will that trickle over into the larger enterprise, and then will the consumer feel a bit more pinch, as if perhaps there is some risk of job loss, real profits recession? haidi: when you look at the

currency effect playing into earnings, are you making a concerted effort to look at the currency exposure for some of these companies? nicole: we absolutely are, ha idi, the thing we're taking into strong consideration the last month is this over purchasing of the u.s. dollar, more the resilience of these blue-chip companies. and we're focusing pretty narrowly on the strength of the u.s. consumer, and making concentrated bets on some of this return to normalcy trade, what we are seeing from the aaas -- chipotles and mcdonald's of the world pre-pandemic. kathleen: people's portfolios, it seems like the yields have maybe pete, have they priced in whatever the fed is going to do next? and if you extend your duration,

you might get a bit of that rally that would boost your portfolio that way. nicole: i don't work specifically on the fixed income sector, but i have never been more excited about fixed income in my 20 year career. because i do think we are at this bottoming of the interest rate environment of the nev's on a lot of these bonds that acted for so long as a ballast. clients on my side of the business fought us on investing in bonds over the last 10 years because the yield wasn't there. they didn't understand the necessity. they had such a strong risk appetite. now there is this potential for a rebound, recession would bode well for that. you have that balance but also some income. kathleen: your equity stance, when does the market bottom? are we seeing signs, what should we look for? nicole: the bottom is so hard,

what i think excites me the most about a bottoming is these mega cap technology companies were never going to grow to the sky. and this deceleration, whether it is in semiconductor or the cloud, that bodes well for all americans in this interest-rate environment because the dominance of wealth concentration created by those companies can scale back while we still see strength across the other sectors. this trade back into his industrials -- into industrials i think plays very well into powell's agenda and more for that soft landing narrative that we have completely thrown by the wayside. so that excites me. haidi: always great to have you with us, nicole webb, terminal users go to the news on the

industries of the assets that matter to you. this is bloomberg. ♪

haidi: a quick check of the latest business flash headlines. intel shares grow in a pledge to slash costs as it weathers a slump in chip demand. it's forecast is down as much as 20% from 2021. third quarter profit fell from $7 billion earlier. net income surged 89% to 5.1 million dollars on revenue of $15 billion. china's biggest offshore drilling also boosted production for a record 157 million barrels

of oil the equipment. china life's profit fell as a stock market rout hit. net income dropped to $789 million from a billion dollars a year earlier. new business value fell 15.9%. coming up next, itau bba's head of global tech cell-side research joins us. we discussed the apple earnings report. this is bloomberg. ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color

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kathleen: let's get more on the long-awaited credit suisse overhaul failed to impress

investors. the ceo all right corner told us more about the restructuring and plans to reach profitability by 2024. >> today the bank has parts which are not profitable enough, from the shareholder perspective, that's why we came up with the need of taking very decisive actions. mainly in three different areas. the one is, radical restructuring of the investment bank. the second one is, significant reducing of costs going forward. the third one, very importantly, further strengthening of our capital basis. why is that? because we want to go through the transformation of the next three years with a very strong capital base, and leave ultimately with a strong capital base. >> are you confident that the announcement today puts the capital question to bed?

100%, what kinds of conversations have you had with shareholders? >> i think they fully understand our package, what we are doing in the area of capital because not only the capital increase, and we are doing divestments, we are partnering up with the securitized products business. >> lend does the new credit suisse become profitable? >> it will become profitable definitely from 2024 onwards. >> there is always execution risks, where you see the main risks today? >> one is obviously the market environment. the market environment is very challenging, it's the same for everyone and that is exactly how we deal with it. but it's a changing market environment and as you can assume, we figure that fully in, in terms of how we get our plans. >> does that mean a more

aggressive strategy to take account market turmoil? there have been out leave because of the markets, so did you have to overcompensate? >> market is one of the factors which we figured in. i think how we did the planning for the next two years is we tried to do it in, and call it prudent, partially conservative way, and that is very important for all of what we are doing here. we do not want to overpromise and under deliver, we want to do with the other way around. kathleen: the credit suisse ceo speaking with bloomberg's francine lacqua. let's take a look at some of these after hours movers when it comes to another solidly poor session, for big tech in terms of for guidance. apple up by about .8%. we're seeing despite of course, an earlier fall on account of

pretty tepid iphone is services sales. it was overall a pretty upbeat quarter. amazon telling a different story, still trailing by just about 12%, setting up that retreat below that $1 trillion market value level. the company projecting lackluster holiday sales going into the key session. we are looking at a drop a potentially $23 billion for jeff bezos. let's get more on tech earnings, apple specifically. our next guest is one of the few analysts who holds a bearish call on the tech giant. let's bring in thiago kapulskis, the head of global tech sell-side research at itau bba. if you take a look at the numbers with --does that really reinforce review? >> thanks for having me tonight. we can't deny that results were actually better than expected.

that was posted in the numbers today and particularly the guidance and especially among such a tougher earnings season for the big tex. -- techs. however we still think there are headwinds to overall consumption. but it's probably going to take a few quarters but definitely we cannot deny that this quarter and the next one are going to be better than expected for apple. haidi: looking at these numbers, it seems like these are the two areas, the handsets that you point out as difficult to see volume increases. is this due to broader recession concerns? is it to do with strength in the u.s. dollar? thiago: that's a good question. they basically mentioned in the

call that there are emerging market that are doing very well. and that should continue. when i look into the u.s. numbers tonight, they were not that strong. but they also didn't guide to a sharp deceleration in the next quarter. what will need to happen for that demand to be destroyed or have any problems is the work the fed is doing in terms of rising interest rates, and diminishing demand overall in the united states. that needs to go through and we're not yet seeing that on the numbers. even though we think at some point it will eventually happen. kathleen: did the tepid sales of the new iphone 14, i'm not one of those people who can hardly wait to get the next one, but

does it tell you anything about the possibility that the market for that phone is maybe topping out? if people don't get excited for the new model, that's an issue for apple. thiago: that is definitely an issue. one of the biggest complaints is lack of innovation, particularly in top of mind models. that is something to watch. however given the numbers we have, we are not seeing this particular effect yet. this is important for a bearish call to happen. that is one thing that must come through for margins to contract, for at least have some headwind

particularly in the gross margins. but yes, that is a point of concern. kathleen: in terms of innovation, you have said you don't think they have the same innovation they did before. no surprise. they have always done products, they have watches and all kinds of things, apple tv, etc. do they need to find a new kind of product if they want to continue to grow and get that oh, buy apple feeling among investors? do they get there innovation mojo back somehow? thiago: that is definitely right in my view. there are two interesting points, one is they had steve jobs who was probably the most brilliant guy in tech for a

couple of decades. it's a very high bar to actually bring innovation as he did. apple's own history is a tough comparison in their case. number two, the revenues of apple are really large. for it to keep growing, you need to find actually a very large market. what we think would be those markets probably the electric vehicle, which is something we have still yet to see. anything that could come from this end, or ar/vr devices but given everything we are seeing at meta, it is still a tough call to make.

ar/vr devices are going to come and make a big difference. kathleen: time will tell. thiago kapulskis, head of global tech sell-side research at itau bba. >> the ecb's decision to hike its key interest rate by 75 basis points was not unanimous. three policymakers wanted a smaller half-point increase. there was debate about whether to acknowledge progress in -- policy. president lagarde says more increases could come depending on data. >> it might well be several meetings, how several is that will be determined meeting by meeting. we know the path, we know the journey. we know the destination, which is not as clear as a failure that you would like to pin down because we cannot do that. >> the u.s. economy's recent rebound is looking like a high

watermark, third quarter gdp rose 2.6% annualized. the engine of the economy consumer spending rose relatively weak, 1.2% from the previous quarter. the u.n. is now the fifth most traded -- yuan is now the fifth most traded currency in the world. the chinese currency was involved in 7% of all trades in 2022, pulling ahead of the aussie and franc. the dollar kept ahead, part of 88% of transactions. elon musk says he is buying twitter to try to help humanity. he is on track to acquire the company for $44 million on friday. in a post-ahead of the closing, he said is important for civilization to have a common digital town square but he added, it cannot become a free for all hellscape.

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. haidi: coming up, president xi jinping has put himself in position to rule china for at least another decade. possibly for life. we discussed that -- we discuss that next with the former ambassador to china geoff william raby. this is bloomberg. ♪

haidi: kathleen: kathleen: you're watching daybreak australia, amazon slumping after hours with the company saying it expects lackluster holiday sales. with bring in annabelle for morning calls. howard analysts reading the results? >> jeffries is one of the analysts that is out so far with an earlier reaction to the numbers. what it is saying is the margin story has been really lost in the delivery. essentially the focus we're seeing after hours in trading is based on this projection from amazon for lackluster halliday spending. revenue fourth-quarter could rise up to $148 billion, versus the average analyst estimate of $156 billion. jeffries says there are still some positives we can look at.

two of our advertising services, that's awesome growth. fractionally above consensus but still something that can help with margin compression. the other factor is third-party seller services sales, that is providing a bit of a boost. in terms of what we're seeing ahead of the open, amazon is looking to drop more than 10% at the start of trading. that puts us a lot closer to that key $1 trillion level. haidi: we got breaking news. uob with numbers higher than estimates, third quarter net income at $1.4 billion, the estimate was just shy of $1.2 billion. the total impairment charge was $134 million, slightly less than the estimate of $272 million.

there was a acquisition in the thai and malaysian markets by the start of november. the net interest income, $2.23 billion, higher than estimates. the estimate was 1.82%, when it comes to credit losses, they came in at just under $104 million. the ratio also lower than expectations as well. we are still watching out for some of these big lenders as well. looking at higher fees from lending and income also playing a positive role. let's get more analysis into where china goes from here. we are done with the party congress, obviously. the consolidation of power for president xi jinping, and they huge turmoil we have seen in capital markets. let's take a look in sydney. the former ambassador to china geoff raby joins us now, he is

now the chairman of the firm geoff raby and associates. going into party congress, we did not have high expectations, the speech was not a huge surprise but created massive turmoil for investors. what is really troubling? geoff: it is economic conditions themselves are very challenging. there was no indication from xi, and from his work report, that the government was particularly focused on economic management issues. the emphasis for this congress was entirely political, and xi emerges as a strong and unchallengeable leader who really didn't have much to say about these economic challenges. and also, of course, it suggests that zero covered policies are here for the long haul. haidi: obviously, you represent and some of the biggest

australian and global companies that have that exposure and opportunity in china. if you are to take a glass half-full, that the road to policy execution now that he is in complete control is much faster, so you have to align yourself with the right policy priorities? geoff: what people worry about is what sort of advice will he be giving? and will he grip with loyalists that he has surrounded himself be incapable of advice that he doesn't want to hear, that worries markets and analysis -- analysts quite a lot. haidi: this sounds putinesque. geoff: that is the risk when you consolidate power into one pair of hands. kathleen: great to see you again from a distance. i'm wondering about xi, world dominance, maybe there is more

of a military threat, how big could get with that kind of statement on the table? geoff: i don't really think it changes. he was always very powerful coming into this congress. he has certainly consolidated his power but i don't think there would've been an opposition to some of those actions, such as military action against taiwan coming from the top leadership. i don't think that changes but if you look at his work report, kathleen, there is a lot of reference to struggle. this has worried people as well because it has an echo of the cultural revolution, struggling against enemies, that is the tone of the whole report. but xi feels set apart and besieged to some extent and could be very defensive. kathleen: less time you are

here, you said we should remember the communist party leadership is the greater power. given how things have shish of around, is that still true -- shifted around, is that still true? geoff: he is there by virtue of the party being prepared to give him the support to do what he has done. the party still is the main institution. he governs by virtue of the party being happy with him. but what follows is now that he is consolidated power so completely, there will be competition at the next level between themselves for influence over future policy directions, and ultimately who will position themselves to replace xi. although he is powerful, that doesn't mean he will be free to do whatever he wants to because there will be competitors now amongst that group looking to position themselves both to get

his favor, but also perhaps to be his successor. haidi: was the humiliation of hu jintao necessary, killing the chicken to save the monkey? geoff: i have real difficulty understanding why it was necessary, and i think possibly that's right, killing the chicken to scare the monkey to establish that the communist youth faction is now finished. haidi: much more to come, this is uber. ♪ -- this is bloomberg. ♪

haidi: in two days, brazilians will head to the polls for a run-up vote between the former president lula da silva, and the incumbent jair bolsonaro. let's bring in sherry and in sao paulo for us -- shery ahn in sao paulo for us, how are things holding up amid all this uncertainty? >> we have seen that uncertainty felt across emerging markets, especially in the market reaction. but as a whole different story when it comes to brazilian assets. we are talking about brazilian stocks outperforming global

peers. even today, we saw this jump in the real, when lu has pledgedla -- lula has pledged to combine fiscal and monetary response abilities. we are seeing double-digit returns from the real. although he and bolsonaro disagree on key issues, they will be watching government-controlled companies and all the renewable energy stocks. kathleen: what does the race look like right now? bolsonaro was behind, looks like he has gotten much closer. >> it seems that lula has widened his lead over bolsonaro just three days before the election. we are talking about a change in the tide. we saw another poll confirming

this trend. overall momentum fitting a bit, it has been tough for pollsters to predict this election. they underestimated bolsonaro in the first round. an analysi -- analysts tweaked their models. bolsonaro is unexpectedly winning in the first round, he is really try to hold onto that lead. kathleen: we are running this beautiful promo of all the dancing and music in sao paulo. i hope you get the chance to get out and enjoy that, shery ahn covering the election in brazil for us. for more, go to tliv to get commentary and analysis from bloomberg's expert editors. haidi: these are the stocks we are watching as we go into the market open in sydney.

my quarry -- macquarie feeding forecast, supporting their global markets business as well as commodities trading. speaking of, stocks are sinking faster and deeper out -- on slowing demand out of china. bank of japan is expected to keep his current monetary policy settings unchanged. later today, we will be asking the former finance minister official takatoshi ito where he thinks policy action might be warranted. daybreak asia is next. this is bloomberg. ♪

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