>> a very good morning.

i'm haidi stroud-watts. annabelle: we are counting down to asia's major market open. kathleen: i'm kathleen hays. now for the top stories this hour. president brian says -- president biden says he is not reinvested in production. haidi: bond yields climb ahead of the fed. jp morgan says the global hiking cycle is nearing an end. kathleen: the australia central-bank, expected to raise rates by a quarter percentage point as a housing downturn extends in every major city across the country. a quick check on wall street now, talking to you about an october rally that ended on the downside. the first of the week, the last day of the month, a decline. we had dennis stuck down 1.5%. big tech, the s&p, down three quarters of a percent today. the question now is where we go

next. you can see a little bit of a bounce here. not much of a move. of course the big banks are saying the pivot may be just around the corner, as the economy starts weakening. when you look at bonds, i don't see any pivot being priced into the bond market. certainly not the u.s. treasury market. the 10 year yield, back to .05%, the 10-year note back up to 4.5%. 75 basis point rate hike this week, already priced in. the question is december. a solid job report on friday. another thing that has the bond market a bit nervous in here. as for oil, an interesting day. oil was up 9% after those big production cuts earlier in the month. now on the day, the weak china pmi's are making people worry about demand. oil demand destruction now is seen, weighing on oil. there are of -- course --

of course, president biden, with a lot to say on it, too. haidi: you are looking at pmi readings for s&p global us really for manufacturing coming in a 52.7. a final reading for october. certainly we are seeing further slippage in other parts of the economy. namely the property market. the housing downturn is extending into october. prices in every major australian city, declining in response to rising rates and expectations of further policy tightening ahead. at the same time we are still expecting the rba to hike by a quarter of a percentage point today. taking the cash rate bell the 2.5% purity level we have not seen since april of 2013. it will be interesting to see how the broader markets react to that. annabelle: we've got the asx 200

futures in the green. new zealand already online. a pretty muted move across the board -- pretty muted moves across the board. not so much for the size of the hike at this meeting, but of course what comes out in terms of the signals at the conference, the pace of hikes ahead. then you have the key jobs data due friday as well. the yen is fairly steady now. it's been steadily trending lower the past few sessions. we know that officials spent $42 billion in that race to try to pop up the currency -- prop of the currency. you mentioned the rba, the bigger one on the day, on the docket for us today. we are going to get the economist view in a few minutes. in terms of investors, this is how they are positioning in the futures and contracts markets, traders are pricing in the rates to be higher at the end of 2023.

a big difference for the fed, expected to be cutting by then. we are also focusing on the outlook for the ecb over in europe with those inflation numbers coming in yesterday. kathleen: i thought about -- it's all about inflation for everybody. even though people were expecting a stronger number, higher than 10% in september, it was expected at 10.3% year-over-year, it actually came in at 10.7%. this is one of the highest numbers on record. back at the beginning of the year, the number for euros on inflation was 5.1% -- eurozone inflation was 5.1%. in a year, it's more than doubled. the gdp was supposed to come in a little negative. up in the third quarter, that is something that looks so far like the aggressive rate hikes which make it more aggressive from the ecb, if they continue with the 75 basis point rate hike in december, the

leading hawks on the ecb, maybe that helps them feel they are probably going to get a recession, maybe a mild one. they don't see it so far. but this is a number i think investors are on the world took note of. haidi: we know a big part of the inflation fight has been the volatility and energy prices, oil prices as a result of the ongoing conflict in ukraine. take a listen and a look at what we heard from president biden. when it comes to the windfall profits from oil majors. he's threatening to seek a tax on the profits of these companies are not reinvesting those profits back into production. we know u.s. gasoline prices are still high ahead of midterm elections. you actually do see global energy companies with margins we saw a decade ago when energy was at around the same

level. this is what president biden was getting at. take a listen. >> oil companies, record profits today are not because of doing something new or innovative. the profits are a windfall of war. the windfall from the brutal conflict ravaging ukraine. >> let -- let's get su keenan in here right now, this has been a big story all day. can he follow through on this? >> the short answer? most people would say no. it is highly unlikely, but impossible for this kind of proposal to get through. let alone the midterm elections are two weeks away and many think the republicans will gain control. no such proposal's likely to pass, even in the current senate, which is evenly divided. that's because -- let's look at those energy profits on the bloomberg once again -- this is not new. over the past decade, democrats have many times tried to impose a so-called windfall profit tax from very -- tax for various

reasons. oil had been close to $150 many years ago. and it's just not been successful. the idea had renewed tensions, when we had prices back about five dollars a gallon. industry groups also said texas would hurt you. so it might be counter productive. let's take a look at how big oil reacted. there was a big drop across the board in many major oil companies. but they all quickly paired those losses and returned to gains. that shows you what the market is getting in terms of this happening. oil prices year to date have come down a bit. a lot of the gains from june, still healthy gains. we had the first monthly gain since may, almost 9% on the month, closing above 86. we had opec coming out,

giving more explanation on why they cut monthly output in the early october meeting for november and going forward. they see a major surplus in oil. they see recession in europe and likely in the u.s. president biden as you know had vowed to post consequences on the saudi arabians for their role in cutting back output. it is not clear what those consequencess will be -- consequences will be. the effect we are seeing in cutback prices. haidi: we saw bond yields climbing. investors awaiting clues on whether the fed will indeed dial back the pace of rate hikes as early as december. what did we see in terms of the price action as we get into this fed week? >> the first thing i was thinking about that at the close

is, how surprised are we that stocks closed lower today? on friday we saw such a mess of -- such a massive rally. it fell less than 1% today. one thing to think about going forward is how volatile this market is going to be this week. and into the next few trading sessions of next week as well. there is the fed decision we are waiting on, we've got the jobs report also coming through. of course we are still in the thick of earnings season, we have not heard from the major retailers in the industry like walmart and target yet. we have bellwethers coming through. so it is a lot. we also have the midterm elections. once we have the fed decision and heard from jerome powell. there's a lot going on. i would expect a lot more volatility this week. going into all these major

events for the stock market. kathleen: you mentioned the big things on the plate. bloomberg was writing today about the midterms. how they can be bear killers, even in a bear market. it is either luck or coincidence. what do you see over the next week and a half that could actually shape the rest of the year? >> i think it really comes down to the fed at this moment. wa -- what is that interest rate hike going to be? what is going to say? -- what is powell going to say? is he going to hint the interest rate hikes are going to be smaller? they have been talking about and easing up of these interest rates. mike wilson in particular was getting quite bullish on the market.

he is somewhat the biggest bear out there. also saying there's a possibility we are going into this easing phase down the road and there's a chance the market could rally. on top of that, are the midterm elections going to impact the market? maybe. it's possible. it will certainly affect some sectors, once the bolts come through. -- votes come through. >> we do have some personal changes at apple the report. the online store and information systems troops are leaving the company, stepping down. they had been in the role since february of 2020. we are hearing she -- we are hearing they are stepping down from the company. challenging for apple particularly.

zero policies being implemented in china. we did see some of the weakness reflected in handset sales as well as services in the most recent earnings. the rba, facing a tough task in deciding whether to possess with smaller rate increases or you turning -- u-turning. perhaps there could be some regret they didn't do 50 in the last move. what are we expecting, particularly against the backdrop of some of the weakening data we have seen, like from the property market? >> yes, the biggest concern that economists have with today's interest rate meeting is that we had a much harder than expected inflation's report last week -- inflation report last week. which is why there are

economists who are saying the rba will take a u-turn and do 50 basis points. which is not the consensus view. the majority or so predicting 25 basis points. there are a lot of considerations for the rba. this going to be another tricky meeting. a tricky communication challenge for them. whatever they decide to do, it will be a difficult meeting for sure. kathleen: we know the housing market has been hit pretty hard by rate hikes in australia, in new zealand. a lot of countries around the world with aggressive rate hikes. how is the australian economy doing as rba testified inflation -- rba tries to fight inflation? >> the housing market is one of the biggest i guess victims of this interest rate tightening cycle. we have seen not consecutive --

nine consecutive falls in house prices in sydney and further losses are expected. overall, two big things that are still going for australia, in australia's economy's favor is consumer spending which is still strong. we had that i yesterday that showed people were continuing to spend, eating out, food, retail, clothing, footwear, all those are still pretty resilient. and exports, we are still making money from exporting commodities to the world. kathleen: a lot can happen in the next few hours. i know you will be standing by for us. our bloomberg economics reporter. vonnie: the brazilian president bolsonaro has yet to be seen or heard from after yesterday's runoff election, keeping voters guessing on whether he will concede. lula da silva's victory has been recognized by the

supreme court and some bolsonaro allies. the intruder who allegedly attacked u.s. bigger nancy pelosi's husbands with a hammer has been charged with assault and attempted kidnapping. the 42-year-old faces two counts, which carry maximum sentences of 20 and 30 years in prison. federal prosecutors allege nancy pelosi was the target. he broke into the san francisco home armed with a zip tie -- with zip ties, tape, rope, and at least one hammer. experts say crowd density above a critical level may have triggered the crush and south korea that killed more than 150 people. one academic told bloomberg once density rises, turbulence can happen without any specific misbehavior. 140 police were on duty saturday and the nightlife district. -- in the nightlife district. some of wall street's biggest names are landing in hong kong since the pandemic, despite

growing tensions with china. goldman sachs, morgan stanley, and blackrock executives are among the attendees at the global financial leaders investment summit. through top executives have dropped out including the box alone president, jonathan gray -- including the blackstone president, jonathan gray. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: still ahead -- economists expecting the reserve bank of austerlitz or continue to lift rates on tuesday to fight the hardest inflation in decades. coming up next, we are talking market strategy with optimal capital. we will look to the fed and any sign of a downshift, a pivot, a pause, the pace of rate hikes. this is bloomberg. ♪

kathleen: morgan stanley strategist michael wilson says the campaign to raise interest rates is approaching and jp morgan's mark oak a lot of edge also agrees an end is near for the most aggressive rate hiking cycle in decades by global central banks. for her analysis, let us bring in optimal capital's director of strategy, frances stacy. it is great to have you here. it feels like we have been on the eve of a fed meeting for the last week and a half at

least. are you in the camp that says it is about time? that there is enough signs the economy are starting to weaken and the fed is going to signal the slight shift down to 50 basis points in december and beyond? >> they may. the only person that's, but i can recall as mary daly has started to soft and the rhetoric a little bit, which is a bit different than having jay powell soft and the rhetoric. which created that sort of temporary pivot trade. what is most interesting to me is what is occurring with the balance rate. raising rates disincentivizes future lending and future borrowing, adds to the money supply. when you're talking about these assets, which off of the balance sheet, that liquidity is taken out of circulation immediately. so when you theory about the fed is that this is a controlled burn. they are going to keep going until they break something, because they have to actually find out where that threshold of liquidity exists, and they are

not going to be able to do that until they see a meaningful crack. and i do think that they have their pivot plans. obviously the pivot during covid was historical. and they know they can pivot things very quickly. my new theory is the controlled burn theory. kathleen: but that theory could write investors along the way, we have seen a couple of instances of liquidity that people thought was a sign of pending potential a little bit of financial stability -- pending potential, a little bit of financial stability. jim bullard said, they are not worried about financial stability right now. they are watching for any signs of liquidity. with the scent mean for investors potentially if we do go on a bumpy ride -- what does that mean for investors potentially if we do go on a bumpy ride? >> they are going to look for something that risks the system. they will have a pivot in place. but the problem is, given the transitory negative in the questions around credibility, which i'm not really in that camp, have a lot of compassion for we are jay powell to sitting with the tools he is restricted

with at the moment, but the problem is, all of these rate hikes have a lagging effect. we don't actually know where that threshold of liquidity is. you can take the money and the future liquidity out of the system. it is much harder to remove debt from the system. so you still have that liquidity threshold to service at record amount of debt that came from the covid fiscal monetary policy. that's the thing. the controlled burn approaches like, we've done all this tightening -- is like, we've done all this tightening and we don't see major credit market science, we do see swaps heavily inverted. we do see credit spreads sort of crawling higher in the background. but we just don't see anything that looks super systemic just yet. some of the areas they are going to wait until something super systematic and then pivot higher than ever before, and the higher, the more dry powder to pivot with. >> -- haidi: it doesn't sound like there's a conviction trade zone in either matter.

are you just looking for a best way to stay neutral with balance -- neutral and balanced? >> absolutely. we really thought they were going to pivot sooner. without the liquidity wasn't going to hold up. we looked at the last iteration of tightening on the only got 750 billion dollars off the balance sheet before they had the third quarter spike in the overnight market. which address liquidity issues. -- addressed liquidity issues. duration has continued to selloff. every time that pivot trade has come into play, with gold, duration, selling off in dollar, people have just gotten burned on both sides. if you are going to trade this, you've got to be very tactical. as far as a portfolio, -- the portfolio, we have securities on the portfolio that do well with rates rising and do well if they do pivot. so we are just balancing out the risk. haidi: i want to ask a a

question, we got from midterms, what are you see as the most bullish midterm outcome when it comes to stocks? >> goodness, that is a great question. [laughter] i don't know. i haven't actually thought about it. i want to see if this rally ends here. this is a significantly lower high. which would continue with this sort of bear market rally situation, which would be consistent with the project that rate of balance sheet reduction. so if this starts to threaten the last high, that is what i'm going to start to say, hold on a second, something else is being priced in here. but i don't have a number to call for you today. kathleen: we will call you back, as soon as we have the midterm results. [laughter] >> awesome. kathleen: optimal capital director strategist, frances stacy. there's plenty more to come, we will keep an eye on the markets today. we will be taking a look at the rba decision. plenty more to come on "daybreak: australia."

this is bloomberg. ♪

>> we saw u.s. instructs -- stocks trimming the big october rally, look up u.s. futures at the moment, glad to trading wickham to the s&p, nasdaq 100 futures up by .1%, not much when it comes to the job -- the dow. this is awaiting clues to see if you will see the pace of rate hikes being paired back. looking at australia, some gains when it comes to the millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them...

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>> "bloomberg daybreak: australia you are watching." u.s. history -- u.s. futures are

flat, we could see a huge move of the s&p 500 post fed meeting. a possible jump as much as 10%, do they really expect that? >> n, you have to say there's a lot of caveats around that happening. jp morgan acknowledging this is the least likely scenario. this is what they say could lead to such a big move. you would have to see a 50 basis point hike from the fed. jay powell would signal that only is he comfortable with high -- tolerating higher inflation but a tightening labor market. it is not so likely jp morgan concedes that. what they do think is the most probable outcome, how we would -- how it would affect the equity set up. jp morgan says we are likely to see a 35 basis point hike from the fed and -- 75 basis points hike for the fed and a hawkish

press conference. the s&p 500 is testing the 50 month moving average, a significant support level that is been in place since the financial crisis. only has been crossed a handful times. will we see further downward pressure? jp morgan says the outcome is most likely come it is also being guided in the bond markets. given that they do not expect it moves from yields following the decision. they expect the s&p 500 to drop as much as 1% or moving .5 percent higher, it is fairly range bound. >> what about expectations of the post rba decision today? >> this is most likely to appear in the bond space, i will get to widen just a moment. talking about what bank of america is seeing, they expect the rba to stick to the 25 basis point hiking rate, taking the key to 2.58%.

they said he cannot rule out the 50 basis point hike, with third-quarter inflation coming in hot. just on limiting risk to growth, that is why they are making the case for slower hikes, in terms of micro--- market reaction a change is most likely to come through in the bond space, we have seen the steepening of the aussie bonds-year-old -- bond yield curve. you see this dovish pivot from other central banks around the world, globally that movement in bonds as well as the -- second you have the markets that the rba has been behind the curve. >>9 let's get someone rba, our sex -- next guest says the rba might be regretting not hiking

50. let me bring up the market implied expect patients. they are -- expectations. there expecting around 125 basis points coming, the meaning that's currently scheduled if you look at the expectations for how much they will move today, this is what we are getting in terms of 25 or 50. is there a chance of you turn given how hot cpi came in? >> there is absolutely a chance, we think basis is still 25 basis points, the fact that is slow down last meeting was quite revealing as you mentioned earlier, there's been a slight shift. from other central banks as well. likewise, it would have given them a bit more uncomfortable thoughts to think about, we will get that forecast later this week. the inflation forecast particular that the end of this year, there will be

uncomfortable with their sitting right now into temptation to go 50. the time do that was at last -- was last month. they can go 25 from the florida get that under control. >> to be fair, the rba has been criticized, for follows -- policy missteps and wrong footing expectations looks like fx markets are looking at more dovish path of your on forward. is it an issue of transmission where we do want the rba to be a livermore patient to see how this transmits -- a little bit more trans -- patient given how this transmits? >> potentially. they are still waiting for the impact of the previous hikes to catch up. there are good reasons to be a bit more patient, do have monthly meetings to come to to raise if they need to gain as well. again, that set the cpi print,

who -- if they do go 50, people feel it is wrongfooted, they could justify it easily. >> that seems to be -- >> go ahead. the risk reward for being long into this meeting is that is a low but dangerous for that side of things. you would not be putting as much work. >> that is the question when economist look at any country, like australia, u.s., eu where inflation is looking more entrenched, they think you are better to air on the side of doing more weather than glass do you see that? >> they have done a lot of the

charts they rolled out recently with the sheer pace of hikes they have been doing. they've been doing 75's in the hundreds like some central banks come the fact that they made monthly means the pace has been very stable to the global central bank. it will feel like they have done quite a lot, some of the criticism behind the curve, they started late, they been quickly sense that. >> how does the bond market factor into this right now> the bond market helping the rba, hurting the rba, will the reaction be if they do 25 or 50? >> there will be a reaction either way, there is not a 100% scenario to go with as there was last week. in some respects 50 was a hit or them, they did not take that path this month, they are erring towards the 25. we should see a bigger bearish reaction of the go 50 basis points, they go 55 there should be a small bullish reaction,

quite as large. the key will be communication come how close we think we are to inflation rolling over. if it is a matter of getting to the peak of the next few months with inevitable rollover as some are expecting. we are cautious for now, we think rate hikes will come to an end. they are pricing more for the rba than in our profile. >> we still have the three year yield drop in the most since 2011 of last year, would you become to both saying the rig outperformer for -- the big outperformer force trillion bonds has passed it speaks? >> -- four australian bonds have passed its peak? >> i think the outperformance on that part is probably as far as it can go for now. that is not to say we cannot

grind a little lower we are under the bulk of it right now. >> obviously capital markets micro rates strategist with us there ahead of the rba to -- rba rate decision. >> president biden says he will seek to impose higher taxes on oil companies that reap windfall profits without reinvesting in production. gasoline prices remain high ahead of the midterm elections. biden called on big or the book consumers before profits come a promise that could be difficult to deliver with many democrats to have fought to oppose the tax for decades. >> any company receiving historic windfall profits like this has to act beyond the narrow interest of the shareholders. they have to act in the interest of consumers, community, and country. invest in america by increasing

conduction -- production and refining capacity. >> the supply glut was behind the decision to cut in october, they told reporters in an energy conference opec sees a surplus into early 2023, the cut angered the u.s. warning consequence for the saudis. it is possible to global economy is shrinking. >> we need all industry stakeholders to work together to ensure a investor climate, one that is sustainable that works for producers and consumers, for developed and developing companies -- countries. opec is ensured to picture oil has a sustainable and stable environment to make sure investments can be made. >> hong kong point -- gdp

plunged 4.5 percent to september period from the year earlier, well below economist forecast. the city is now set to end the year in contraction for the third time since 2019, september retail numbers out tuesday. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> brazil's president, bolsonaro has yet to be seen or heard from publicly after his defeat in sunday's runoff election, that will keep investors guessing if you will concede defeat to lula. >> it was not only a dramatic comeback for former president lula but also brazilian assets. they are expected to benefit from the presidency, rallying education companies, homebuilders, retailers were among the best performers.

investors are cautious. truck drivers against lula's election blocked roads in seven states, there is a divided congress, bolsonaro's allies control the three most populous states including são paulo, the composition of the incoming economic team as well as clarity on fiscal plans will be the key drivers in latin america america's biggest economy. >> up next, elon musk has become the sole director of twitter after removing all nine other board members. we will look at his plans for content rules and job cuts. this is bloomberg. ♪

>> elon musk has consolidated his control of twitter after dismissing the entire board. we will get an update with sarah frier who leads bloomberg technology coverage. maybe not as much of a big surprise that he released all the board. the layoffs are looking at 25% of the employees to be let go. what are you hearing about what elon musk feels like he is doing now. is this cleaning the deck? clearing the way to bring in his own people? what is a strategy? >> absolutely has wasted no time

in putting his mark on twitter. we reported, he has tesla engineers come into twitter headquarters, they are reviewing the code of twitter employees trying to determine, help them make a determination over what should stay and what should go. who should stay and who should go. it is a really nerve-racking time if you are a twitter employee. the stock vest if you are an employee tomorrow, a lot of people are counting down will i get fired before the stock vesting happens. beyond that, wondering what parts of twitter musk will bring back or cut away. we have heard, he will restore fine coming wants to make google pay for verification. there are all sorts of ideas percolating. with his trusted product advisors on his side and venture

capitalist helping him, this is just an incredibly turbulent time for the social media platform that has upwards of 250 million people using it every day. we as users have yet to see how it will affect us. >> right, he is wasting no time in making changes to the product. also there is a big question over the editorial element. he says it will not be a free-for-all hellscape, there is question if the lines between free speech and hate speech and misinformation will be drawn. >> you cannot have a commercially viable social media product unless you have some level of moderation. especially if you are back by advertisers or you want people to subscribe to your service, do not want the content showing up alongside extremist content, hateful content, people want to be able to be in a place where they feel safe.

that is why twitter made a lot of changes to enforce moderation in the first place. he does not want to reinvent the wheel. he is thinking of bringing together this content moderation council, one that he said would be a diverse set of viewpoints before he makes any major decisions about who to bring back on the service, who has been pertinently man. he does not believe in permanent ban. you can imagine he wants to really make sure that when he makes a decision he can stand by them. i think there is can it be a loosening, perhaps of the thought on misinformation. elon musk himself has a spread conspiracy theories in the past including the -- this weekend including about nancy pelosi's husband. it is a turbulent time at twitter, people losing their job, also see their platform have a different set of eyes going forward.

>> sarah, who lead's bloomberg technology coverage, the sure to tune in on bloomberg radio, you can get in-depth analysis from the daybreak team we are block has -- broadcasting live from the hong kong studio. some of the biggest names on wall street, are just ending on hong kong for the time since the pandemic began. let's want to come. this is bloomberg. ♪

this is daybreak: asia. some of the biggest names on wall street dissenting on hong kong for the first time since the pandemic began to take part in the investment summit starting on tuesday. and fintech week. regulations are impeding innovation in the financial sector. he spoke alongside jp morgan president. >> whether that manifests itself in helping people feel secure with their savings and their money, custodians overpayment flows on behalf of citizens but

also governments, those roles are structural. and they are protected by regulation. we complained about regulation but in many ways it is a solidify her of the roles of bank -- banks. they put a lot of hurting's on us as well as banks. the role of banks is pretty secure. >> do you feel the regulations are catching up now to the technology? >> no, i think regulation is a big impediment. the way we have shape technology within our organizations to be fit for purpose runs counter to a lot of the regulatory incidents but regulators will eventually catch up. >> how do you think banks are adapting to this new digital reality? how do you thrive? >> nice to see you. thank you for inviting me.

it is an interesting time. technology is at the core of pretty much every bank. we need to adapt to what the clients and customers want to consume. -- the way they want to consume the product. they want a digital offering. we will deliver on that. in the u.s., in retail business, the uptake of digital services is very slow to now. now it is growing substantially. the challenges for banks is that we are developing all of these digital experiences for our clients but we need to transform the underlying technology underneath so the amount of investments we need to make on those is billions of dollars. in our case it is $14 billion a year to help with the

transformation creating an amazing digital experience for our customers and clients around the world. >> when it comes to the competition, and some of the competition is out there today at fintech week, do you see this as more of a friend or a foe? >> you have different segments. you think about the big platform companies -- those are clients of ours and we are clients of there is an we compete with them. the smaller fintech's, in most of the cases what they do is they have done a very good job in finding a solution for a particular point or segment. but they also realize that client acquisition is very expensive. in their case we are more of a

partner in the sense that we may have an investment or not in them and we have distributed their services through our client base. it is a bit of everything. but more of a partner then a competitor. >> that is at the jp morgan president and bill winters speaking with yvonne man at hong kong fintech week. that's get a quick check of business headlines. credit suisse has hired 20 banks to help raise money for its restructuring. it picked morgan stanley, deutsche bank and societe generale. the saudi national bank has already committed to one third of the offer. american express is joining a small but growing number of firms choosing to post salary range even though not required by law. all companies with four or more employees must add salary ranges to job postings in new york city

getting tuesday. it is a same level of transparency across the united states. a billionaire acquired a stake in the hotel and casino company. he has a 6.1% stake in wynn. >> let's take a look at the dégas head for australia and new zealand. we are checking the reactions to the manufacturing pmi for october folding to 52.7. new orders were shrinking from last month. the rba is expected to raise rates again i 25 basis points today and signal that future rate hikes will calm. and the melbourne cup -- it is a race that stops the nation. the most lucrative handicapped

race in the world. let's take a look at some of the stocks we are watching one trait opens in australia. we heard from white house official saying president biden will call on congress to consider tax penalties for oil and gas companies recording record profits. we are watching the energy related stocks. let's take a look at the asian markets. this is how australian futures are trading. pretty flat. investors are on the sidelines. we are seeing 10-year gilts yielding 30 basis points less than treasuries. this is bloomberg. ♪

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