haidi: good morning and welcome to "daybreak: australia." i am in sydney. anabel: we are counting down to asia's. major market opens. . shery: i'm shery ahn coming to you from são paulo. the top stories this hour, president bolsonaro and his challenger as the numbers come in. haidi: asia starts to build on gains last week. the dollar edging up against most of its peers. south korea in morning after the halloween crowd crush that killed more than 150 people. the president promising a thorough investigation. shery: in brazil, we are watching the presidential election with 81% of votes tallied. we are seeing guatemala at 53

percent with a sharp edge when it comes to the vote count. bolsonaro 49.7%. the caveat is in the initial results, we are expecting bolsonaro to take more votes since they come from the southern states where he has greater support. we continue to watch. if we get a close election, the key question will be whether we could see more turmoil or if both candidates will accept results when we continue to see challenges for the economy, inflation rising. the silver lining in brazil seems to be the central bank primitively tightened so that might help the economy as well as market optimism. haidi: with emerging markets as well as developed markets focused on the tug-of-war between what the government is

trying to do and what central banks are trying to do, the key focus is on job markets. we have seen job markets around the world defy central bank efforts. we have seen robust labor markets. great news for workers but bad for inflation. signaling to world central banks that they cannot ease up. we are watching the fed this week as well as the rba. goldman sachs expecting the fed rate peak at about 5% in march rate that is higher than previously predicted. they are expecting the lift of the benchmark to 5% in march. that is 25 basis points than earlier expected. we have gone from potentially a pivot to perhaps the narrative that central banks will need to do more. shery: a dovish take when it comes to the bank of canada or the ecb has been felt across the market. . .

look at where wall street ended the 10-year yield falling to 4%. u.s. stocks also had their best to-week performance since november of 2020. we continue to watch moves on the asian session on monday as we have seen some economic data filter through with perhaps more indications the fed fight against inflation might be working. we saw u.s. pending home sales sinking last month. it is also earnings season. iran that is right -- annabelle: that is right. in terms of the set up today, we are looking to take their cues from wall street. aussie features last up 1.3%. new zealand in the green. dollar wise, it is in a tight range ahead of the fed decision.

beyond the fed, there are other events in asia on the calendar this week. you have other central banks making their decisions. australia, malaysia later on. we are expecting a 25 point hike from both. the rba in particular we watch because we could not get signals for the end of the tightening cycle. we have pmi ratings later. this is an economy struggling to rebound. you are focused on the outcomes of the brazil election. it is looking like it will come down to the wire. shery: we are getting the latest when it comes to brazil's vote count at 86%. we are seeing little at 50.4% against bolsonaro's 49.6%. we have seen optimism in the first round of the election where we saw bolsonaro having a stronger showing than expected.

this is how markets closed in the final session with the uncertainty pressuring brazilian assets. we continue to watch the link to etf it will start trading in about two hours. it will give us the initial reaction to the election results. for the latest on the brazilian vote, let's bring in the bloomberg managing editor. 50.4 against 49.6. how close is this? how nervous are investors? >> this is a very close election. less than one percentage point for lula ahead. even though this is within what the polls were telling us, they were telling us it would be tight, now with 86% counted, the key question is, what is going to be the reaction of the loser?

we need to see what happens with the next 14 points to be counted. if lula loses, will he accept the results or not? that will be key for markets. if he accepts it, the market will have one reaction. if he does not, it might be bad. shery: he has been hinting he might not accept the results. we've seen bloomberg economics saying if we get more turmoil, we could see $12 billion of economic costs because of market losses and appreciation. what could be the repercussions of that? >> let's not get ahead of ourselves. that's wait for the results. bolsonaro in his four years in the presidency has repeatedly questioned the validity of the electoral courts. this friday before the vote, he says he will accept the results.

he only knows what will be the reaction. we will have to see the results in the market. shery: how much this information has there been during the campaign that has made markets nervous? >> was a lot of that. there was a lot of that. this happens in every election in the world, i would say. i think this ends up being a fair election, but we will have to see the end results. the good news is, in general times, almost 156 million people were supposed to vote today. that is a big number of people. it has occurred, the election, in normal courses. we did not see episodes of violence. that is something to celebrate. shery: we continue to watch the vote count as it trickles in

this evening in brazil. haidi: we will be checking in as the numbers are updated. it is a big week when it comes to central banks. the fed and bank of england can both unleash 75 basis point hikes this week. our chief correspondent joins us now. is the timing of the pause being pushed back? >> we have reached an interesting stage close to the end of the year. how will conditions be going into the new year when we get through? there are a lot of technical things that change around the year end that add to the concerns. people tend to look for something optimistic in the new year. the optimistic part is the heavy lifting has just about been done so central banks can, let's not

say pivot, but they can plateau, they can slow it down. they can say we've got the chance to take it easier to see the impact of what we have put in. the counter to that is we have this set up where investors look to be coming in this week hoping the big rate hike for the fed is the last one. the conundrum for the fed is, do they want to let that narrative gain much traction? if it does, markets themselves could start loosening conditions in the economy. i don't know if the fed is ready for that or not. it is finally balanced. the data might matter more than what the fed does. the jobs data at the end of this week, if that comes in hot, you will immediately get the markets

pricing and 50 to 75 basis points again in december. that data point could do a lot more to rock your markets narrative than whatever the fed says on wednesday. shery: they are calling the elections in brazil saying lula da silva is put to become the next president of brazil. it was a very close election. we still have to see whether bolsonaro concedes defeat. right now, they are calling lula as poised to beat elected the new brazilian president. da silva has howard already a two-trump presidency 2003-2010. what happens to bolsonaro's

privatization move when it comes to key industries? what does it mean a leftist president is coming into government in brazil is what investors are thinking. earlier this week, i spoke to the commodity giant cfo. he said the markets may be overreacting to a lula presidency. when he was president, the economy was not bad. we have seen the commodities super cycle supporting brazil's economy during his presidency. we are going to look for market reaction in about two hours when we have the etf to brazil's socks opening. stocks opening. haidi: we can see about potentially at the start of trading in asia monday morning with how brazilian assets might travel.

the etf listed in japan could see a move that is one of the best options for asian traders beginning about 8:00 p.m. in new york. we will be looking for asian stocks that have brazil exposure as well as agrochemical names listed in tokyo as well. we continue to follow the race as it does come down to the wire. we are looking at the latest numbers with 90% of the votes tallied. haidi: -- shery: we are talking about a one-point difference and what it means going forward. as j.p. was telling us earlier, if the vote is very close, will bolsonaro concede? we have seen you might not.

on friday, perhaps more optimism when he said he would respect the results and whoever gets one more vote will win the election. he has four years cast down on the electoral system, especially when it comes to electronic voting. haidi: we are seeing one of the leading posters are saying lula is poised to win brazil's election. the question is whether the concession will happen if we see turbulence as a result of the results. 90% of the votes counted. we will get you the latest as it gets to us. in the meantime, su keenan has the first word headlines. su: we start with turkey and the u.n. looking to salvage a deal to safely export ukrainian grain following moscow's decision to leave following the attack on

its fleet. russia said it was suspending the agreement after its ships were hit by drone strikes it blamed on ukraine. the extent of the damage remains unclear. workers are leaving apple's biggest iphone plant in china after covid measures left many of the 200,000 staff facing inadequate living conditions. official online posts show local officials arranged buses to take them to mandatory isolation. elsewhere, fresh lockdowns have been imposed. beijing is also boosting international flights and so-called fast lanes in a bid to boost inbound investment. president has blamed political rhetoric for the attack on nancy pelosi's husband. he says this includes denial of the 2020 election results. an intruder hit her husband with a hammer inside the couple's

home in san francisco. the attack has put u.s. lawmakers on edge with midterm elections less than two weeks away. bloomberg has been told elon musk is preparing a round of layoffs at twitter days after taking ownership of the social media platform. a source tells us he asked them to list team members that could be let go. they plan to cut up to 30% of staff in some departments. global news 24 hours a day on-air and on bloomberg quicktake. i am su keenan. this is bloomberg. haidi: the south korean president has promised a full investigation and support for those affected after the crowd crush in seoul killed more than 150 people. take us throughout we know so far. >> the tragic crowd crush

happened saturday night during an annual halloween party. it was happening when young people were enjoying the first outdoor no-masked party since the pandemic rate there were thousands of people packed into a narrow alley. suddenly, it went out of control as people described falling like dominoes. so far, 153 people were killed. more than 100 were injured. among them, 26 were from foreign countries. most of the victims were young people in their 20's and women who could not endure the pressure from the crowd crush. haidi: this is another challenge for that administration. what has been the government response so far?

>> right. after holding emergency meetings from midnight to early sunday, the president gave a speech and said this was a tragic tragedy that should have not occurred. he declared national mourning that would run until this saturday. public officials and institution employees will wear armbands to express condolences. the government designated the district as a special disaster zone to get support for the people who suffered the tragedy. haidi: still ahead, more on brazil. who is watching and how the military might respond to a possible lula victory. they have called the election

for lula. we will get the latest results. this is bloomberg. ♪

haidi: we are live in são paulo brazil where they have called the election for former president lula da silva with 90% of the votes counted. 50.5% for lula, 49.5% goes to bolsonaro. we are watching what happens next. let's bring in our guest, bloomberg's brazil chief. this is a very close election. what happens next? will bolsonaro conceived? -- conceived? -- concede? >> it was a close race.

a few moments ago, bolsonaro was ahead and then lula overtook. lula overtook the vote. they just called it. we are at 90%. we expect the electoral court to call it soon. they usually call it closer to 100. it should not be long. it was a very fast tallying of the votes this time. shery: when we had the first round before this run-up, we saw huge market reactions. the reaction was mostly positive. perhaps a win-win for lula in the future if he prevailed would have to move more to the economic center. is that still the expectation? what we see investors worried the government in brazil seems to be heavily influenced by bolsonaro still? >> i think the first reaction is likely to be negative because bolsonaro lost. there were some market players

positioned for a surprise come back. tomorrow, you can see some knee-jerk reaction. there were forecasts of falling 2.5% as investors reposition. in the first round, we saw a stronger bolsonaro not only increase his chances of winning but seen at four thing lula more towards the center. i think a 50.5% win is bound to make that as well. there is very much a reformist or pro bolsonaro bins in congress are elected in the first round. shery: we continue to watch. in an hour and a half, we will have the etf with the first reaction to the election. haidi: it will be interesting to see how investors react. given you had gone through

economic performance aspects of a lula presidency, take a look at markets. a big week when it comes to central banks with the boe, the rba as well. our next guest says it would be highly negligent to pivot too soon. he joins us from l.a. always great to have you with us. it seems a discussion about a pivot, a pause, or a plateau, is more nuanced now. when do you see the timing as being right? >> thank you for having me again. i would say on wednesday the decision regarding the interest rate is not in question. what is going to be more important is what jerome powell says in his press conference. if he gives the slightest

indication that he and the fed will go easing the future, which is what you call a pivot, it does not have to mean interest rate increases come to a stop, if he indicates it will only be 50 basis points in december, any sign of easing will cause equity markets to take off. i have been saying that it would not be the proper thing to do because core inflation by the fed's own measures is running at extremely high levels. it would be a very bad signal to switch at a time when inflation is high. i know shery is in brazil, a country i followed for four decades. there we want some sign of stability from the united states. if you have a situation with uncertainty between bolsonaro and lula, that would add to the global uncertainty.

keep in mind that lula's first presidency, when it came to office, there was talk he would be very socialist. he was the workers party leader. but it turned out to be a very investor friendly party during his administration. everything fell apart only under his successor. i think the more important thing is to stay where they are. shery: you are completely right. a lot of people who talk about lula talk about a very pragmatic former president. tell me about the background. we have seen brazil preemptively tighten even before the big countries did. what are some of the other economies that might follow brazil's example? what does that mean for recessionary risks as well? >> that is a great question. i think in addition to brazil,

which has been very responsible in terms of central-bank hiking of interest rates, we have seen similar moves come out of the second largest latin american economy from mexico as well. both countries have followed a very responsible policy. when it comes to latin america on the whole, there is a lot more early response to the possibility of inflation picking up than we have seen in the last three or four decades. latin america on the whole is in very good shape in terms of the delay on hiking or being easy when they should not, the two countries that stand out are china and japan, where you see not as much tightening or easing taking place, especially in the case of japan where you have a negative rate. latin america is in much better shape. haidi: you say dollar strength

will continue. how much does that way on earnings as well as e.m.'s? >> one measure has it that in the third quarter, it is going to have as much as $10 billion worth. i don't think the dollar strength is ending. as long at the fed keeps tightening, the dollar is going to get more strong. haidi: more to come. this is bloomberg. ♪ when it comes to tech, everyone wants the next best thing. now with xfi complete from xfinity, you can get updated wifi technology with the new tech upgrade program. plus, protection from cyber threats at home and now on the go. so staying up to date is easier than ever. you look great by the way. right? unbeatable internet.

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>> south korea's president gave

a tv address promising a review of safety measures after days -- saturdays crowd crush in seoul that killed at least 150 three people in a narrow alley as tens of thousands of people celebrated halloween, the first such festivity since covid restrictions were lifted last month. 97 of those killed were women and 20 were foreigners. china will host a top foreign leaders this week as president xi jinping kicks off his third term in which he has vowed to increase his nation's global influence. vietnam's communist party chief was due to become the first foreign leader to meet xi jinping and is also expected to meet this week with pakistan's prime minister, the german chancellor, and the tanzanian president. macau residents have been ordered to do three days of rapid covid tests from sunday

after three new cases were found. these new cases are dampening hopes that the gambling hub could allow tourists back from mainland china. officials locked down the mgm resort in qatar after a worker there tested positive with her two sons following a visit to the mainland. staff and guests are being put in quarantine and china has updated a decades-old women's law days after the communist party excluded women from the elite bureau for the first time in 25 years. the latest amendment to the women's rights and interests protection law prohibits restricting the promotion of female employees due to marriage or maternity leave. the law will be adopted starting in 2023. global news 24 hours a day --global news 24 hours a day on air and on bloomberg quick take powered by more than 2700 journalists and anaylsts in over 120 countries. i am su keenan

and this is bloomberg. >> let's get to sao paulo where shery has the latest results of the brazilian election. what are the implications, particularly, as we have concerns there might be violence, that the concession may not happen from bolsonaro. there are allegations of fraud as well. there is so much when it comes to this round of voting. >> yes. especially now, we have 90% of the votes counted. the election results are so close. we are talking about 49 point 5% for bolsonaro and 50 point -- 50.5% for lula at a time when bolsonaro has really ratcheted up tensions and concerns about the electorate -- electoral authorities and for years cast doubt on the electronic voting system in brazil. i was really curious what that meant given that this has given rise to fears he might not

concede the seat. i went earlier to a polling station. take a look. i am at a polling station in sao paulo where brazilians are coming to vote for president and governor. there are three steps. first, show your id to confirm who you are. as then, you move and register your fingerprint. when you are ready, you go behind this booth and then you vote. at one of the world's most watched political events of the year. to break down what this means for the elections, and whether or not we could see bolsonaro concede, and the risks around that, let's bring in our senior brazil analyst mario braga joining me in sao paulo. were you expecting such a close election? what does this mean? >> we know that bolsonaro has

been competitive and has used all of the tools in his hands to increase his popularity, especially among low income voters. in addition, we had today some operations from the highway police, and how that could turn out for voters in the northeast who would like to back . -- like to back lula. all these elements together indicate that this will be a very tight race. >> i mean, right now we can hear all the noise, all the honking on the ground as perhaps lula supporters are celebrating the election victory. but, you are talking about how earlier there were allegations that some voters might not have been allowed to get the polling stations. we have already seen violence this week, last week as well. what are some risks associated with more turmoil in the country? to get worse? what does it mean for businesses

and investors? >> we have not only a polarized race, but parts of the electorate are really radicalized and that means in addition to social unrest or political demonstrations that we usually associate with elections, in brazil specifically this year, we have the risk of sporadic political violence, gun violence that you saw yesterday. a congresswoman drew a gun on the streets in a posh neighborhood of sao paulo. this praises that poses security risk to personnel. they might not attend demonstrations. think of the fact that this could result in somebody being exposed to some gun violence. what we can expect over the next weeks and months are sporadic, again, political demonstrations. but, we do not expect these to

escalate to widespread violence. we are just like it is the occasional -- we are just likely to see occasional clashes with opposing groups or police forces, but not really impacting businesses in widespread unrest. >> at the polls earlier today i had a chance to speak to a voter. she was telling me about what her motivations were to vote. right now, we are taking a look at live pictures of sao paulo. really, the motorcades are going now through the streets. the voter i spoke to, they did not seem to have much insight into the policies or the differences even between the two candidates. listen. >> it is important to vote and try to make the country better and believe they will change things that really need a change.

>> has this political apathy we might be seeing in brazil helped the misinformation and disinformation we have seen rapid on social media? >> definitely. this was a campaign based on the rejection of both candidates. bolsonaro's rejection rates are as high as 50%. for lula, around 45%. instead of running a campaign based on proposals, economic platforms, or policy overall, they tried to result to tools of misinformation to fuel the adversary's rejection rates. that means plain with fears, emotions. instead of platforms, we had people talking about the fear of communism, or, the fear of how right-wing groups are in brazil. >> we are now taking live look -- a live look at rio de janeiro where president bolsonaro cast his vote and also in sao paulo.

we are seeing voters wearing yellow, the colors of brazil. green as well for lula. we saw redshirts. we watch what this will mean and whether we could see sporadic violence or turmoil given how closely contested this race has been. we want to hear whether president bolsonaro will come out and concede defeat. we are waiting for that. mario, when it comes to the policies of the president and the former president, when it comes to businesses, what is important to them? >> there are certainly aspects where there will be continuity. think about macroeconomic policy. the central bank remains autonomous. we do not expect radical change in policymaking, in terms of monetary policy. we think about the physical aspect, fiscal policy, a concern in brazil continuing to drive financial volatility, lula is

likely to replace the constitutional spending cap, trying to provide assurance to market participants in terms of adopting a new framework that, a dell -- although it is more flexible and allows room for social spending, is credible. that would be his attempt. and who he picks as his finance minister would be crucial for markets. we can rule out any possibility of lula resorting to privatization. the oil -- state oil company, post office, these will not go private under a lula administration. >> will lula do something that his successor did when he forced petra grass to sell fuel at lower prices. do you expect more interventionist policies? >> compared to bolsonaro, there would be some degree of political influence, perhaps. we think that lula will see and

used state owned inter-prizes -- enterprises as policymaking tools. if we have a price shock and fuel prices skyrocket as they did because of the crisis in ukraine, the administration will likely adopt some subsidy in terms of pricing policy as bolsonaro did not. overall, he will try to adopt a business friendly or somewhat romantic approach to the market and businesses. -- pragmatic approach to the business market and businesses. they need to rely on the private sector and foreign investors to make investments in brazil. the concessions program will likely continue to have moderate progress in the coming years. >> we continue to look at live pictures from rio de janeiro where the incumbent president bolsonaro's headquarters is. as we have now seen, the polls

called the election for the former president ignacio lula da silva. mario, you are talking about intervention or how to pay for some of the spending that lula has pledged. we saw that long letter earlier this week. at first, markets were happy. it kind of felt like we did earlier in the 2000s when he released a letter that eased investor concern that he would not turn too left. but, there seemed to be a lack of detail on how he plans to pay for all this. what are your thoughts? >> basically, it depends on how the next administration is assembled. the name of the finance minister. lula has said he will likely pick somebody with a political leaning, with political sense. they will not make a liberal agenda just for markets, they will pay attention to the challenging social and atomic -- economic backdrop.

at the same time, lula has built a coalition and made nods to the center-right. that basically means he will seek to adopt policies that will not scare investors, especially foreign investors. part of his rhetoric when it comes to esg, the environment, human rights, will help him improve the country's standing and also attract investors to brazil. >> mario braga the control risk senior brazil analyst, thank you for joining us on election night as we see the latest -- latest election results. in rio de janeiro, president bolsonaro's supporters are talking to the public. we are watching for, will barth tomorrow -- bolsonaro concede defeat? this is bloomberg.

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>> the fed and boe may both unleash 75 basis point hikes in the coming days. annabelle, there is this increasing trade-off confronting some central banks. >> that's right.

we are getting more and more signals of economic weakness making it difficult for central banks who had been really intently focused on inflation until now. for the fed, it will come to a crossroads this coming wednesday. we have does -- a 75 basis point hike. that is the headline central bank moving this week i have -- aside from the boe. economic readings came through at the end of last week. we had a contracture in the manufacturing and services center and home price sales that did not look as good as expected. goldman sachs raised their forecast where they see the fed funds rate, 5%, that is up to 25 basis points higher than where they had it before. according to goldman sachs, that means a 75 basis point hike this week and a 50 point hike in december and 25 basis points in january and february. they are three reasons they are saying this. they say it is uncomfortably

high inflation, that's one factor. they also say there is a need to call the economy as fiscal tightening ends. on the flipside, you have the wage adjusted or price adjusted income climbing. and the third factor is the need to avoid premature easing of fiscal conditions. >> we see premature easing when it comes to brazil. they held the rate steady last week. now the question seems to be, when is a cut coming? >> there is a lot of anticipation around that. look at the terminal. inflation in brazil has been high. we saw three straight months of deflation. that was off the back of tax cuts, lower gas prices. but, then it actually started to climb in the latest reading. that is something being watched by the economists. the texas is among those saying -- natixis says inflation

will moderate by years end, they see it as 6%. brazil's central bank recently held the key rate at 13.75%. natixis says given that they held and we have inflation moderating it will allow the central bank there to start cutting by mid next year, haidi. >> more from natixis when it comes to brazil after the election. asia may be heading for a reordering in cryptocurrency markers with hong kong moving to legalize retail trading of digital tokens as singapore looks to impose fresh restrictions on consumers. singapore's central bank chief told us the city state wants to limit risk to retail investors and won't stand in the way of other centers introducing more

relaxed rules. >> it depends on what we both understand a crypto hope to be. if by crypto hub you mean we want to be a hub for digital asset activities, for application, use cases come across product payments, trade finance, post-trade and pretrade capital market activity. yes, we want to be a crypto hub. if you mean that we want to engage in organization of real assets and financial assets to fractionalizing them, to monetize their use, monetize them. yes, to unlock economic value, yes, we still want to be a crypto hub. but if you mean we want to be a hub for the trading of cryptocurrencies domino. -- currencies, no, that's not part of the vision. we did not stated emphatically before, but now we are stating

it more in fact -- is radically. we want -- don't want to be a hub for the mere trading of cryptocurrencies, there is a digital asset ecosystem we are promoting. >> its singapore losing out as a crypto hub to the likes of japan, dubai, australia. >> i do not think we set ourselves up to compete with other jurisdictions, especially on regulation. we have to do what is right for us and necessary contain -- necessary to contain risk, primarily, harm to retail investors. there is some risk on money laundering and retail financing. almost every jurisdiction is on the same page. i don't think any jurisdiction is lax when it comes to anti-money laundering controls. we have tighter controls on retail investment. you may have seen the latest round of measures. i think they would be among the

strictest in the world when it comes to retail access to cryptocurrency. we think that's necessary. i do not think that the crypto industry is only looking at that. most players are only looking at selling to retail investors and won't come here. they will move to other jurisdictions. those who want to do other things i think will find singapore compelling. the innovations through project guardian, project dunbar, and so on, we are working actively with industry to experience -- experiment in use cases for digital assets and that is not easy to see other places. >> is intended -- isn't it important to consider retail to be start of the system? rito gives you the volume that allows it to function. >> we are not saying it has no

place and that is why we continue to give licenses to these places. we have just put stricter guardrails. i think it will reduce the volume of trading. i think the main point is we accepted that cryptocurrencies have a place in the larger digital ecosystem because they are the token's native to the blockchain that power much of the activity. they need to have an expression, let's say, in the form of financial sector and access to investors. hopefully, the more accredited investors and institutional investors rather than retail investors. so, they do have a place and we allow it. but, i think we do need to tilt business models towards use cases where the revenue stream comes mostly from those use cases. >> singapore's central bank chief ravi menon there is

speaking exclusively to haslinda, and. we are broadcasting live from hong kong. listen in via the app, radio plus, or bloombergradio.com. more ahead. this is bloomberg.

>> these are some of the stocks

we are watching when trade opens in australia. energy names could move. we heard in the government is considering measures to control the price of energy costs. we continue to, i guess, be on concession watch given the, i can say, acrimony leading into this round of voting in brazil. we have to wonder how the results will be received. >> yes. that's keep at -- that is key at a time when we have heard the election called for former president lula da silva. loking at live pictures of rio de janeiro near the headquarters of president bolsonaro. those are his supporters. what he says,, or does not say, is key this evening.

it will be interesting to see how we see brazilian exposed assets as well as the brazilian exposed etf listed in japan that begins trading at 8:00 p.m. new york time, whether we will see investor reaction to that. of course, it was pointed out earlier that economic performance under lula has been stable. there are key economic -- implications from energy and climate policy as well. we want for that reaction from investors. there are brazilian exposed assets in korea and japan as well. that is it for daybreak australia. daybreak asia and the start of trading here in sydney is next. this is bloomberg.