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shery: the fifth annual bloomberg new economy forum is taking place this week. haidi: we are counting down to the major market opens in asia. china takes measures steps to save its property sector. shery: the u.s. president boosted by democrats retaining control of the senate. haidi: little chance of recovery for crypto. we look at the trading here. we expect quite a bit of upside. we have seen this interesting reversal. we are starting to see some of this pullback. there is a ways to go yet.

we have seen that pick up. pretty flat trading. we will be seeing the direction of this. shery: we are not seeing that much strength in u.s. futures at the moment. we saw the best week since june. we are seeing the 10 year yield trading again. we have seen that halted on the friday session. it was a veterans day holiday. we will see how that opens in about an hour's time.

there is a little bit of pressure. a lot to do with china announcing some restrictions of covid zero restrictions. for more on today's top stories, let's bring in our shanghai china chief. we are watching china when it comes to that sweeping property package. will this help? >> definitely. it is a package of measures. including easing restrictions. there are hundreds of billions of dollars in raw material. that is very important for liquidity.

and also the rules. that will allow financial institutions to give an extension. the property sector is huge. that will make a huge difference. that is what we have heard. haidi: very crucial to the market outlook for china is the refinement of covid measures. is this a signal that we

continue to see this? >> no immediate exit. just remember this statement from china. they will continue to stick with covid zero. they are only relaxing controls of certain aspects. they have said very clearly it will be implemented in a more science-based approach. once the season is over, you may

see more easing. the markets will really cheer that. there was according to one report for 77 million that vanished after the bankruptcy.

bloomberg has learned that bahamian authorities, we don't know if there is more of an interview. there is a little bit of green on the screen. this is leading the way lower. this is tied to ftx. and that project they were doing. this took a toll on investor confidence. there are a lot of questions about bitcoin.

institutional investors were already starting to sour. haidi: those measures with the latest we are seeing play out. let's get some more on how this is playing into market sentiment.

what are we seeing this week in these moves? >> the chinese markets get better and better. this is followed by property measures. there is not a relief for the bondholders. as far as to the dollar is concerned, this is interesting. there is a bit of dollar

strength as people are coming back. shery: we do have some economic issues to consider. how much will this be a headwind? they have been holding their breath. they are going to lower pace for longer. not great. we don't need such high interest rates. indonesia is the other one we will get.

the hiking will continue. haidi: we still have that. it has not been for the faint of heart. is the worse to come? is that priced in? >> i think looking at u.s. equities, there is still potential for that. we have been saying it all year. we have been looking for clouds on the horizon. looking for recession to hit. it is starting to weaken a little bit. everybody saying this is a 2023 story. shery: that will be a big theme this week.

let's get the first word headlines. vonnie: russia and the u.s. have failed to agree on language for a joint statement in cambodia. the u.s. and partners insisted on using what they called unacceptable language about ukraine. moscow refuses to describe that situation as a war. >> this is the economic forum. there are a lot of things. it's a paragraph related to war. we are agreement. he is still trying. vonnie: an explosion in & killed six people and wounded one. they suspected's a terrorist attack. the turkish government banned

broadcasts of images showing the blasts. nancy pelosi has signaled that the democrats will seek to extend the federal debt ceiling. she says a fight with republicans could threaten the u.s. credit rating. control of the house is still undecided after the midterm elections. republicans look to take a small majority in the house. flash floods in malaysia forced hundreds of people into evacuation centers over the weekend, disrupting campaigning for the general election. forecasters expect heavy rain and thunderstorms to continue for most of this week. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: still ahead, we will discuss japan's gender equality.

a foundation is working to increase female representation in politics. haidi: coming up next, we see where we are finding value in asian bond markets. we will also get his views on whether this changes the outlook when it comes to property bonds in china. this is bloomberg. ♪

♪ shery: a busy week ahead. we are both here in singapore. we have lots of data. japan's numbers will come out on friday. on tuesday we get china's monthly data dump. we are awaiting some key figures from the u.s. as well. thursday, rate decisions from indonesia and the philippines. i am running out of breath. and we still have more. haidi: i will takeover.

president biting -- biting meeting with xi. this is their first face-to-face meeting. we have our new economy forum in singapore. all of these events are set to focus on these things. let's get some more on china policy issues. joining us now is the managing director for of portfolio management. let's talk about these measures to try to address the deepening crisis in the property market. does this materially change your outlook? >> i think certainly the news over the weekend on the various measures to support the market has been welcomed.

there is also the revelation that they have taken a much more pragmatic approach. also in terms of the zero covid policy. this has been much more precise. the thinking is revealed in these property measures that have been announced. we are looking at this with a more favorable outlook. it seems like some of these risks have been clicked. at least with more supportive measures. and more pragmatic thinking now. haidi: the question is whether it will be enough. take a look at these intelligence numbers. does that indicate to you that this perhaps is just a start? that we will need bigger

bailouts to restore confidence? >> there are these calculations we have made. the question is whether we will see these policies getting rolled out. we have been disappointed all year long. things have been more piecemeal and fragmented. from the funding side, in terms of these new measures, that should help alleviate some of that debt for the healthier developer. more explicit support in terms of the private developer. but there has been such a large amount of skepticism by the market. that's the bonds could drop to a default state more quickly.

i think the market will go up in a bumpy manner. some replacements have already been made. shery: the uncertainty continues because we continue to see price pressures across the property sector. this chart on the bloomberg showing that. 54 cities have seen prices decline in september. we are expecting the latest data for october this week. how supportive will this sweeping package be not only supporting the property sector but the broader economy? >> the risks by some measure could be 20 to 30% by indirect or direct impact. the issue still remains with the homebuyer. there has been income from households being weekend by the

week growth overall this year. we also saw covid being adjusted to a less disruptive state. that will also be coming back. perhaps bumpy and slowly initially. this will also be a gradual process. you have to look through the property developer. whether these times in between. there is some support for a guaranteed bond program that can help tie the gap. this transaction volume for new houses can resume. that is the question we want to handicap when we will be talking to many of these companies very closely to see where they stand. shery: we are waiting for trash -- cash treasury trading to

start. it was halted on friday because of the holiday. we have seen resumption's of gains in the treasury space. what do you see in terms of opportunities and value in the bond space? >> for what has transpired last week, there are a few things. you have china reopening. in europe you have the energy of the winter being more secure. there was a state meeting where they perhaps moderated some of the -- hostility. the volatility element will perhaps come down. one of the ways to play it is to be overweight on mortgage price securities.

which has had strong quality and credit and liquidity while the volatility element might be the one that can help. shery: managing director, it is good to have you with us. some of those conversations we have had will be addressed at the fifth annual bloomberg new economy forum taking place this week here in singapore. bloomberg will have full coverage with interviews on tv and radio. we will be on the ground. you can watch the full event. haidi: it is always a very prescient time to be having this conversation. we head into them with some big guests at the new economy forum. some really big topics and solutions wanting to be found. tomorrow we talked to bob moritz. and ivanhoe chairman robert

friedland joining us as well. just some of the conversations we will be having this week. you do not want to miss any of them. this is bloomberg. ♪

♪ shery: here's a quick check of the latest headlines. alibaba has decided not to disclose full sale results. analysts have predicted that they would suffer a decline unprecedented in history. alibaba says gross merchandise value was in line with last year's performance. sales last year reached $76.1 billion. haidi: son says he will no longer speak at the quarterly earnings meetings he has led for decades.

during softbank's most recent earnings brief, he said he wants to focus to take the chip designing arm public. shery: disney has announced a cost cutting drive. they have lower than expected quarterly profit. disney stock is down 39% this year. haidi: coming up next, we take you live to bali ahead of the first face-to-face meeting between the presidents of u.s. and china at the high-stakes g20 summit. this is bloomberg. ♪

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haidi: it is risk on to start the week as we get a refinement of chinese covid measures, a package of rescue policies for the sector. we are seeing oscillation when it comes to movement in the dollar with comments from the fed pushing back on the dollar weakness. take a look at trading in sydney, white 3% higher for the broader market but a big jump when it comes to materials. trading higher almost 4%. we have seen the rise in iron ore again. some signs of hope for the property sector but we continue to see again when it comes to the property sector. chicago nikkei futures looking neither here nor there as we tried to see whether these chinese policy measures will give another injection of optimism. shery: we are seeing the drop in oil prices continue at the moment. we are talking about gains of .6% to $89 a barrel, coming on

the back of gains when it came to u.s. stocks last week, the best week since june. the nasdaq 100 seeing its best week in two years, perhaps consolidation given the incredible gains we saw in the past few days. cash treasury trading was closed on friday so we will be watching for the open in about half an hour. it's all about the g20 and other high-profile meetings this week. leaders of g20 nations heading for indonesia amid heightened geopolitical tensions and a dim global economic outlook. haidi: president joe biden meeting with xi jinping on monday, the meeting we are all focused on. stephen engle joins us live now from bali. how do we i guess structure our expectations? how much are you managing expectations with this meeting? stephen: i have been here in

bali since thursday and it is on everybody's mind. the xi jinping and biden meeting on the sidelines of the g20 and the be 20, the business side of the g20. it's likely to happen at 5:00 or 5:30 this evening. expectations are low for major deliverables but it's a good sign the leaders are going to be talking. they never met face-to-face since joe biden became president. they have spent about 67 hours -- bloomberg data compilation -- face-to-face over the years. of course joe biden was the vice president. the last time the two met face-to-face was 2015. they have had five phone calls since biden took over as president but this is the first time face to face. one could argue the relationship between china and united states is at an all-time low after the trump administration. mr. biden is saying he is coming

into g20 stronger because of the midterm. i guess you could say it was not a disaster for the democrats, so they are stronger. the prospect of democrats perhaps scuttling's foreign policy agenda is less now going into this meeting with xi. all eyes are going to be on that meeting, a long day in the hot sun of bali in a thick winter suit. i packed the wrong clothes. shery: you are in beautiful bali, you should have known better. a key question is whether there will be a joint communiqué at this point. stephen: that is the more tricky one because it's unlikely. i have talked to a lot of people since thursday and the communiqué is a sticking point, especially after the meeting in cambodia that wrapped up yesterday. essentially no joint statement because the sticking point is

the verbiage on russia's war in ukraine. sergei lavrov, who is representing vladimir putin, is the foreign minister. he puts the blame on the united states and its allies for the insistence on strongly used language condemning the war. that is something g7 nations have been pushing the g20 to try and get some strong language condemning russia's war in ukraine. i spoke to the finance minister of indonesia yesterday in an extensive interview. she said they might be able to find common ground on food security, the food crisis, as well as pandemic relief. the big sticking point is the verbiage on the war in ukraine, even though it is top of everyone's minds here. >>, responsibility as a presidency is to continue bridging the gap, because we want to maintain as the global

premier economic forum. it is important for us, especially when you look at many global situations which cannot be addressed by any single country. you talk about climate change. we are talking about geopolitics. this will force us as the world to work together. we cannot alone -- >> would it be a failure if no communiqué comes out? mr. putin will not be here, mr. lavrov will be. he will resist strong language condemning the war. >> this is the economic forum so there are a lot of tangible deliverables. in finance, because we met four times, with joint finance and health, six times. we know on those particular paragraphs related to war, maybe

there will be no agreement, but we are still trying. on the deliverable, it is actually a very strong agreement. that is a concrete deliverable. stephen: the joint finance ministers did not come up with a communiqué. there was progress on the food crisis. >> when you talk about it communiqué, the whole thing will be agreed. there is one paragraph about the war that cannot be agreed. if we have 12 paragraphs, we just agreed live rubble, this is significant. about 14 paragraphs. the global context, which is geopolitical. it does not mean you eliminate the 12 paragraphs that are deliverable, so it's a good result. stephen: how concerned are you about the growing perception that there is a bifurcation happening to the global economy

because of the geopolitics between the united states and china, and china's support of russia? >> as a country, southeast asia is usually the one who enjoys this globalization as well as openness and collaboration. with the more fragmentation, it will have a significant impact. indonesia, we always establish a good relationship based on mutual respect and independence of its candidate. i think this is going to be the one we are going to be in that relationship with china, in that relationship with the united states, and that's exactly what the president is doing. stephen: so you can benefit from what the indo pacific economic framework and also other initiatives from china at the same time, without choosing sides. >> indonesia is the biggest country in southeast asia.

people see indonesia as a place in which they should have influence. if they are going to force them to take a side, that is not good for either party. . it is good for southeast asia to continue with this kind of collaboration. i think this is going to be putting indonesia in a very strategic position. we want to cooperate using the spirit of -- what you call it -- off shoring from the country that we can rely. at the same time we are not going to choose because politically indonesia is always not aligned. stephen: there might not be a public communiqué coming out of the g20, but we need to read the tea leaves in the meeting between biden and xi and what

they say after their meeting later today, whether they have progress on the sticky issues. taiwan, chips, the war in ukraine. there might be progress on low hanging fruit like climate cooperation and military to military. haidi: we are getting the latest on the president biden, president xi jinping meeting to start at 5:30 p.m. local time in bali, according to u.s. officials. we will be looking forward to your coverage of the g20, stephen engle joining us from bali. and from hot bali, we are in hot singapore, counting down to the bloomberg new economy forum this week. joining us is haslinda amin. so good to see you in person again. i would hug you, but -- i remember last year when we were here and the big topic was coming out of covid, the pandemic.

now we have the invasion of ukraine, energy crisis, on top of coming out of covid-19. haslinda: it is a world in crisis, energy crisis, food crisis, crisis in geopolitics. lots of signs of further decoupling, but the question is can they find some areas where they can cooperate? biden will be meeting, can they find common ground? allies are being split. increasingly there is increasing pressure that they have to choose sides. can't may find common ground? can they work together? forget these disagreements about a world in crisis. everybody has to come together. haidi: can we see an example of a grown-up rivalry with guardrails given that both

leaders are coming from a position of relative strength? the new economy forum, which is why we are all here to talk about this week, is an opportunity for some of the best and brightest to find solutions to some of the most critical problems, but the problems are piling up. haslinda: inflation, growth, recession coming. critical conversations on the future of work, where, what, how. there are disagreements on whether hybrid will work, whether productivity will be affected. ceos have to think about what will drive the future economy. in a gallup survey, 75% of u.s. workers are uninspired. how do you bring them back to the table, get them motivated? is it about pay, worklife balance? these are critical issues that need to be addressed today.

shery: it is a global conversation. haslinda amin hosting us this week for the new economy forum. haidi: let's get you back to new york where vonnie quinn is poised to give the first word headlines. >> china has issued relaxation measures on property at covid controls, the strongest signal yet that president xi jinping is turning attention to rescuing the economy. sources say beijing has issued a rescue package for the real estate market. the shift will likely add fuel to a market rally. authorities in the bahamas are investigating potential criminal misconduct in the collapse of the crypto exchange ftx. at least 130 entities tied to ftx have been listed in bankruptcy filings. ftx is registered in the bahamas, where law enforcement inquiries do not necessarily mean someone will be arrested or charged.

g20 nations have raised $1.4 billion for a global pandemic health fund to avoid a repeat of the covid-19 outbreak. the fund is aimed at low and middle income countries. there are commitments from 20 countries, the bill and melinda gates foundation, and others. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: the murder economy family foundation launches a scholarship program to help get more japanese women elected to parliament. haidi: we get more on that next with the foundation president rei murakami. ♪

haidi: it is time for japan ahead. stories we are tracking, watching softbank at the open after a source said the company is expected to lose $100 million of its investment in ftx.com. the vision fund flagging a $7 billion quarterly loss on tech write-downs. sony will invest $72 million on a semi conductor plant in thailand. mitsubishi ufj financial group and dentsu group are among some of the companies reporting

results. shery: our next guest has made it her mission to tackle gender inequality in japanese politics and finance. joining us now is ray murakami. we know japan doesn't necessarily have the best track record when it comes to gender equality, but finance and politics are two sectors that have been difficult for women to crack into, not only in japan. tell us about the state of things there. >> thank you for having me. i think japan, in comparison to other western developed countries, we do have a very low rate of women participation. especially in politics, we only have 10% of women in the lower house. i felt the need to increase and support women in politics throughout my job. our foundation supports nonprofit organizations working

in the field of child poverty, working women, and education. throughout my work, it made me realize a lot of the social issues that we in our nonprofit organization that we support our tackling social issues, but these social issues exist in japan because of the lack of diversity in parliament, so that is something we are trying to change right now. haidi: how quickly do you expect to see progress when in these fields culturally, economically, this is pretty deeply entrenched? >> i think that's true. when we talk about gender gap in japan, we are mostly talking about economic and political fields. women in japan have almost equal health care and education, as

men do. when it comes to the decision-making roles in politics and economic, we have a pretty big gender gap. one of the major reasons for this is send yorty system that still is quite strong in japanese organizations. when i talk about gender bias with people in my organization, the gender bias is not that strong. when it comes to the older generation, the gender bias is still quite strong. when it comes to seniority, organizations have ace in yorty system. it is difficult to have newer employees, members of political parties, to have the new people and new culture within the organization, making japan to have not progressing in the gender gap as quick as other countries that do not have a

seniority system. haidi: how much does gender change contribute to progression, or are we talking about structural inequalities in the system? >> i think the generation, in my opinion my generation in japan do have a lot less gender bias. when we talk about politics, when we look at the lower house and upper house in japan, 90% are men. the average age for politicians in japan is late 50's, so that makes it difficult for the parties to have new opinions about gender bias, implement new policies supporting women. shery: it's not just about politics, right? you are also providing financial

education to women. why is that? >> what we are doing right now is to support women who want to become politicians in their 20's and 30's with financial support and opportunities to learn about elections, social issues in general, how to run a campaign. we are trying to create this community where participants can exchange their information struggles and difficulties to support and motivate each other. combined together, this will really help women's progress in their career, because when we look at the data, women struggle with financial support more than men do. women are not that motivated to progress their career as men do. i think the package with education support and creating community would really push

women to think about their political career in the future. haidi: really great to have you with us. we appreciate your time. rei murakami, president of the murakami foundation. check us out at 8:40 am in tokyo. plenty more to come. this is bloomberg. ♪

haidi: a quick check of the headlines. blackrock has recently reportedly postponed the launch of its china bond etf indefinitely. the china times sites sources saying growing u.s.-china tensions were one of the reasons, including the risk of political backlash at the prospect of american capital flowing to the chinese government. another factor was the reversal of the yield gap between u.s. and chinese bonds. shery: a spokesperson for reliance industries has denied our report that the owner is interested in bidding for liverpool. the mirror reported he had expressed interest in liverpool football club, saying current owner fenway sports group is willing to sell for 4 billion pounds, $4.7 million. bloomberg sources say softbank is expecting to write off its

entire investment in ftx, which amounted to just under $100 million. haidi: to discuss that plus the latest earnings results, our executive editor for asian tech. let's start off with the ftx related liabilities. what are we hearing? peter: the meltdown of the crypto exchange ftx has captured the entire cryptocurrency world at this point. softbank was one of the investors, along with other venture capital firms, including sequoia. softbank had not disclosed how much the stake was worth or what they were going to do with it, but on friday the cfo did say they had about $100 million at stake and that they were not sure whether they were going to write it down but if they did, it wasn't going to be such a material amount for the company. this came after the company announced a loss in the vision fund of about $7 billion.

relative to that, it's a relatively small amount. obviously not a good move. haidi: our executive editor for asian tech, peter elstrom. we have plenty more conversations coming up at the new economy forum, the 15th to 17th of november in the lion city. bloomberg will have full coverage. haidi and myself and the rest of the daybreak crew are on site for the fifth annual edition of this forum. the market opens in seoul and tokyo are also next. this is bloomberg. ♪ shery: this is daybreak asia, e

are counting down to the major market open. we are here for the new economy forum and we have the key conversations about everything when it comes to u.s. and china tensions as we head towards president biden and xi jinping meeting in bali this afternoon. haidi: the new economy forum has been dealing with these problems, problems that are confounding global policy makers and not just what is going on in singapore and g20, we know that on the sidelines of that president jinping and president biden will be meeting later on today. we will see how they are both fresh from victories in garnering domestic support. shery: we will see how all of that plays into the market.

we have seen ongoing talk about tightening globally, that is being felt across the markets. not a lot of movements in japanese assets with the nikkei opening flat. we already had a u.s. stocks being the best week since june. we are seeing pressure in the asian session. the 10-year yield is trading at .389 level. we are seeing the come back in the 10-year yield. the japanese yen is holding about 139, close to 140. we are watching jpy on the back of softer cpi. watch, we are seeing the korean won flat. the u.s. dollar also falling with four consecutive weeks. we are seeing how they currency payers trade.

we have seen the risk on move being felt across the korean equity space for a while. haidi: when it comes to the next step for the u.s. dollar, we saw a terrible week for the greenback. that gauge of the greenback trading has seen the biggest plunge since the pandemic. that has benefited a lot of these asian currencies including the aussie dollar. you are sitting to see the comments from the governor out of the pullback when it comes to greenback strength. take a look at australian equities, it does not look like much but minors are up by almost 40% -- 4%. commodity prices are stating the rally including key to this is iron ore on the refinement of covid zero rules as well as the rescue package for the property sector. let us get on the top stories and bring in edward o'brien and our correspondent for asia

garfield reynolds joining us from sydney. let us start off with everything that is going on with china. the rescue package. let of critics say this is scratching the surface of the magnitude -- a bond of critics say this is scratching the surface of the magnitude of these problems? >> the new standing committee getting busy post congress. you have seen two big packages addressing the biggest hits to the economy. the 20 points on covid that we got on friday and then over the weekend and emerged the news around the 16 point plan for the property market. as you say, are they scratching the surface? while they week around the -- will they tweak around the issues that are plaguing the chinese economy?

whether these new easier rules are adhered to when it comes to covid and whether the banks come to the party and are enticed by what is quite a big funding promised in terms of the things that the government will help them out on. completing projects, loans for that. enticements for them to give out more mortgages. loans for other projects. whether there will be enough for them to come to the party and really act to get this property sector out of the mire it is in? shery: easing covid restrictions may help as well? >> i think it does depend on whether officials on the ground are able to eliminate cases and outbreaks which is still very much the outbreak and the mandate whether they are able to do that with these new reduced relaxed curbs.

that does remain to be seen. you may see some more intensive things go underground if they are not able to do that. continuing to have a drag on the economy. the direction is pretty clear. the lockdowns on cases, the entire city, hopefully those are a thing of the past. shery: when it comes to the market reaction, these rallies have questionable fundamentals. are these measures for both property and the public health measures, are they enough to put a system in -- to boost sentiment? >> it was really ready to be boosted which raises the concern . this is the new committee, laying out its rules. there is the potential that investors are confusing activity with reform.

we would always expect a new set of bureaucrats to say ok, these are the old rules and we have come in and we are in charge, these are the new rules we will act under. it is a question that will take weeks or months to answer. whether or not those rules end up providing outcomes that are welcoming for investors. after all, the chinese government does not necessarily consider itself with investment outcomes. it concerns itself with common prosperity. shery: how does a rate differential equation play here? we see treasury yield rising after the holiday break on friday? >> honestly, the move up in treasury yields does not really take us back to anything like the area we were in before the extraordinary soft cpi print.

it was not that extraordinarily soft but it was sickened by the market as a game changer. the game remains unchanged as you would need to see another 20 or something basis points up from here before you would even start to get concerned that we are heading back to a high-yield level. that will keep the u.s. dollar down. it has had an extraordinary year and got extremely strong. time after time with dollars invested. they got them headed straight back to them. now we are in a set up where people are looking for the idea that the dollar has peaked. we have the yen down, stronger than 140. a few weeks after it was 150 and more. the japanese government could probably put it's intervention goals away. -- tools away.

you would need to get an extraordinary jump in yields from here. even if we got further been officials -- there are a lot of fed officials coming up this week. they have stressed being data dependent. the data stock that is sitting in everybody's eyeballs is the cpi print which was soft. even when fed officials pushed back on the idea that they had done this with interest rates the chances say that the market says you say that we have been betting there has been a regime change and the data out of the peak inflation is with us and therefore peak rates. that is where we see chances by the dollar does not bounce back strongly and we will have almost certainly a couple of weeks of good times in risk assets.

shery: anytime we say that our talk about peak anything it turns out to be the other way -- say that or talk about peak anything it turns out to be the other way. our other top story is geopolitical tensions and issues are filtering through the barter economy and markets as well. leaders of the g20 headed to indonesia. head of the summit of leaders, the president will meet with xi jinping on monday. haidi: our chief correspondent joins us from bali. we have the meeting, the heat is on, literally as well as metaphorically going into this meeting? >> the high stakes, the first face to face meeting since president biden became president between he and xi jinping. they have had five conversations over the phone or videoconference since he became president. they have accumulated 67 hours

face-to-face. as joe biden was vice president under obama, they know each other by their are so many sticking issues as the relationship has in many accounts deteriorated to the point where you have cut off military dialogue and climate change cooperation following the controversial visit by the house speaker nancy pelosi to taiwan. there are sticky issues to discuss face to face. that conversation will happen today in bali starting at 5:30. we are hearing from jake sullivan echoed last two hours. we are expected to get a press conference. there will be a speed by joe biden and questions from the press and 9:30. -- a speech by joe biden and questions from the press at 9:30 . i talked to the head of international affairs for the u.s. chamber of congress. tough change will not be resolved in one meeting but it

will be a good start. >> there is no silver bullet. having a meeting of this sort is critical. you cannot confront the challenges today whether it is the climate challenge or trade challenges or national security without leaders engaging each other. >> of the big question internally in the meetings here are the g20 starts tomorrow, whether there can be some sort of communication coming from the member nations? shery: we have seen instances where it has been hard to agree on the warning for that communication? >> the real sticking point obviously is whether there can be some sort of condemnation of russia's invasion of ukraine as a war. it is on the minds of all of the participants here at the g20. it was on the mind of the finance minister of indonesia

yesterday when i spoke to her. it is on the minds of everybody including the foreign minister of russia, who is here in place of vladimir putin. he essentially is coming out of cambodia and there was a meeting yesterday saying that they did not have a joint communication from that meeting. blaming the united states and the allies were insisting on language that was not acceptable to the russians. the russians are not calling their military exercises in ukraine as a war. that is the sticking point. the finance minister of indonesia did tell me that there can be other areas of cooperation whether it is climate change and food security and pandemic response going forward. the war in you and is a big sticking point -- ukraine is a big sticking point. haidi: steven engle joining us from bali. let us get to vonnie quinn. >> authorities in the bahamas

are investigating criminal misconduct in the crypto exchange fdx. 130 entities tied to ftx have been listed in bankruptcy filings. it is registered in the bahamas, does not mean that someone will be arrested or charged with a crime. nancy pelosi has signaled that democrats will seek to extend the debt ceiling, she says it could threaten the credit rating. the house is undecided after the midterm elections. republicans may take a narrow majority in the house and democrats maintain control of the senate. an explosion in istanbul on sunday killed six and wounded 81 . turkish officials suspect a terrorist attack. the bomb exploded in a bag left on a street bench in the area

and the government banned podcasted images showing the blast and moved to limit online discussion citing security reasons. flash floods in malaysia force people into security centers and disrupting the election. there has been renewed criticism of calling an election during the monsoon season. global news 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. shery: we watch the crypto meltdown. we have seen an upside in the asian trading session but after bitcoin lost 20% last week we are getting the latest lines. this is a crypto platform saying that they have seen a failure to withdraw corona rootsy -- withdraw currency.

we have seen more than 130 entities tied to ftx or its trading firm taking the hit as we have seen some filings for chapter 11 protections. haidi: we are seeing some of the titans being affected by this. we heard most recently this month that they had to reject rumors of major layoffs saying it is making some adjustments to reflect the downturn in market conditions. the efforts in strengthening the token, but there has been an impact there. we will be discussing the risks of a global recession. the institute of global finance will join us later. shery: the australian prime minister calls his meeting with the chinese premier positive and constructive. we discussed that live -- we discuss that live.

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haidi: take a look at how softbank is trading in the japanese session. a plunge of 9%. shery: this is after vision fund posted a seven $.2 billion

quarterly loss. their investments have not been doing very well. we are watching their ftx sta ke. haidi: dramatic press conference is coming to the end as we see people stepping away from these earnings reports. let us get back to geopolitics, a business meeting is running alongside the g20 meeting in bali. steve? >> this day will be very busy at the end of the g20 and the leaders of some stress tomorrow. i am part of the australian delegation and the top of the delegation is jim chalmers. you are part of the leader

assignment, what has been top of the discussions? what is the top issue? i can guess. jim: the chaos of the energy markets, that is brought about by russia's were in ukraine and what that means for inflation and the brutal application of interest rate rises. forrest ray liotta, we are engaging in cooperating with our colleagues and counterparts. most people are expecting a bumpy ride in the global economy. it is a hostile and high-risk environment right now and it is a case we can collaborate on these challenges whether it is inflation and making sure that are budgets are more responsible and our economies are more resilient. we are building buffers against uncertainty. we have to be prepared for climate change and managing of debt in vulnerable countries and that is what these conversations are all about. >> the war in ukraine, food

prices and the like, again, communication is unlikely because you cannot find consensus on verbiage for russia and ukraine? jim: g20 and multilateralism more broadly is under extreme pressure right now because of the war in europe. that is no surprise that we should not pretend otherwise. it is putting extreme pressure on the system. i pay tribute to the efforts of the people here for keeping the show on the road when it comes to the g20. we are making progress in areas like the pandemic fund and climate change and other areas as well despite the serious geopolitical tensions. >> one needs to be done next? -- what needs to be done next? all options are on the table. it has been a few weeks since you gave the budget and talk

about pretty dire increases in gas prices for the rest of this year and next year. what options are being discussed right now? jim: they chaos in energy markets is the defining challenge. for australia and a lot of countries represented here, what we have said is we are intervening in our domestic energy markets we would not have done in earlier years. we have a big temporary spike in prices which is putting at risk a number of our industries and making it harder for ordinary australians. we are considering and regulatory intervention -- a regulatory intervention. we cannot have a situation where the forecasts for energy prices play out. there will be too tough for our industries and our people. >> when does the decision need to be made? jim: we will have a regime in

place by christmas. it is important for me to send a signal to our international partners that what we are trying to do is to act without causing any problems for operating relationships which are important to us. -- our trading relationships which are important to us. haidi: there is talk about leadership summits, is this in the works given that the foreign minister has laid the groundwork for meetings? is relationships improving? jim: all of our efforts into making this relationship between australia and china more stable, the prime minister's schedule has not been finalized for the next couple of days we have made it clear that we are thinking in engaging in a calm and considerate and respectful and meaningful way. it would make a contribution to

stabilize his relationship. i think it is in everybody's interest for our region to be peaceful and prosperous and stable and secure. to the extent we can engage to help ensure that, we obviously are interested in doing that. to the extent that we need to stand up for our own national interest when it comes to things like trade restrictions, it will do that too. >> the relaxation of covid zero and the quarantine has been reduced and the indications is it could be her last -- relaxed further, does that give you confidence? could it improve the soured relationship between china and australia? jim: one of the reasons why they chinese economy is slowing is because of the covid restrictions. that has big implications for australia. we monitor that closely. for us, we do not pretend to

take domestic decisions about covid management on behalf of other countries. the chinese slowdowns have big implications for us. we would like to see as part of a stabilizing of the relationship, some of the trade restrictions lifted. that is a priority for us because it is important for our economy. if you take a step back and look around the world, the war in ukraine and energy prices and food prices, covid related slow down putting pressure on our supply chains. australia which we take seriously, rebuild the buffers against that and that means a more responsible budget. that means a more resilient economy. engaging with partners as we all confront in one way or other these difficult circumstances. >> thank you. the prime minister takes over at the g20 starting later tonight. that biden and xi jinping talk starts at 5:30 this afternoon and president biden will give a

press conference and 9:30 local time. haidi: we are laser focused on that meeting. we will continue to bring you all of the action from bali for the g20 summit. you can catch of those conversations over the next few hours. only here on bloomberg. plenty more ahead. this is bloomberg. ♪

shery: european stocks capping -- having the best week since june. u.s. stocks seeing a little bit of pressure right no well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah!

it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about.

haidi: we do have the latest

covid numbers out of beijing reporting 404 new local cases for sunday and we are hearing that is the highest number of local covid cases in more than a year and this as we get this i guess we can call it a revision of some of these covid rules which could add more optimism to the markets hoping this is a continued language groundwork for an eventual path out of covid zero. shery:shery: that is what has been so interesting for market participants. covid cas cas you see the revision strategy. not to mention the sweeping package to rescue the real estate sector. the open in china will be very interesting today. let's get to vonnie quinn. vonnie: as you have been saying china has issued sweeping relaxation measures on property and covid controls pair the strongest signal yet president xi is turning his attention to

rescuing the economy. russia and the u.s. have failed to agree on language for a joint statement at the east asia summit in cambodia. the russian foreign minister says the u.s. and partners insisted on using what because unacceptable language about ukraine which moscow refuses to describe as a war. cast further doubt on any consensus being reached in indonesia. >> this is the economic forum shared there are a lot of very tangible and concrete deliverable. on the paragraph related to war maybe there will be no agreement but we are still trying. vonnie: g20 nations have raised $1.4 billion for a global pandemic health fund to avoid a repeat of the covid outbreak. the world bank will manage the fund. the fund has commitments for more than 20 countries as well

as the bill and melinda gates foundation and others. sri lanka's government reveals the annual budget monday as it seeks to finalize conditions for a $2.9 billion imf loan. a third round of talks with lenders including india and china will begin on thursday. in line with the imf very mark today's budget is set to focus on making the island dacians -- island nation's debt sustainable c. . global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. shery: the fallout continues from the stunning collapse of ftx which until last week was seen as one of the world's most respected crypto exchange's. haidi: su keenan joins us with the latest. what is the latest given this is such a fast-moving story and so impactful in so many ways across all corners of crypto? su: a lot of developments since the end of last week when ftx

and about 100 30 related entities were put into bankruptcy. sam bankman-fried, the former ceo and founder resigned. the reports after the bankruptcy was filed there was an unauthorized withdrawal of close to half a million and that suggests customers who were not able to withdraw funds are unlikely to recover much of their deposit. bloomberg has learned from sources who were able to review ftc's balance sheet a day before its bankruptcy filing it had nearly 9 billion in liabilities and 900 million in look at assets. most of the biggest holdings include some of the lower profit tokens. they have since plunged since the bankruptcy kid what has also plunged is sam bankman-fried or as he is known as pf's fortune. it has: off the cliff and bloomberg has learned he was

interviewed by police in the bahamas as well as bahamian regulatory authorities. told there is no criminal probe but that remains a possibility. ftx was headquartered in the tax haven of the bahamas. he has being probed by a gift -- but other regulators in the u.s.. bitcoin has joined a host of tokens in the red they have been on a wild ride. it coin trading above 16,000. down some two and a half percent on the day but it had fallen as well as the 15,000 level weight last week. big question as to whether the bitcoin mania is over. there is a view in light of bitcoins a year crypto winter that a lot of these wall street professional portfolios may not want bitcoin on it. shery: they are specifically concerned about the solana token. su: ftx was a big supporter of solana.

its serum project had offered a lot of support with ftx gone, a lot of focus on solana. it is down for a third day. it has extended its declined. there is a lot of debate on the internet whether it's future is doomed. salon a very different from ftt. drop into the bloomberg. that is the token of ftx. that has plunged dramatically since of this crisis began last week. haidi: su keenan with the latest on crypto. a reminder of why we are here in singapore for the fifth annual bloomberg new economy forum taking place this week. full coverage with exclusive interviews across tv and radio. shery: we'll be talking about some of those key issues plaguing the global economy. it has been a miserable year but things may get worse and hrh

right through. that is not sound good. the reasons behind the pessimistic view and in our big take. this is bloomberg. ♪

shery: it has been a tough year for the global economy but 2023

could pose bigger risks. enda curran has today's big take. that does not sound great. what can we expect? enda: as bad as it has been, there is a scenario where next year is even worse. bloomberg economic says you could see another 5 trillion wiped off the global economy if a trinity of things worsen. the impact of the ongoing fed interest rate. you have the big slowdown in china and the energy crisis in europe. at the three of those continue on the trajectory they are, there is a scenario 5 trillion is wiped off the economy. there is a lot of other things going on in the economy globally. that is the whole point of this piece. we look at the common risks around the world and those are slowing house prices. think about the impact that would have on development and investment should you have

ongoing geopolitical tensions with our -- which are reversal of decades of liquidity. those 10 shoots continued -- there's tensions continue to worsen. there are concerns about the impact of name back all the pandemic that now interest rates are where they are. we are seeing pockets of stress. you a u.k. economy. italy is an obvious candidate. the point of this is it is a smoke word of risk for next year. as bad as things are they could get worse next year and the hit for the global economy in 2023 could be ugly. unless it is benign and we get lucky on some of the core metrics. haidi: an uplifting way to start the week. happy monday, everyone. we keep talking about the same problems but now they are compounded. were back to talking about debt. also back to talking about

china's fortunes are going to impact what happens to the rest the world. enda: the china story if you want to call it one of the three pillars. fed rates, european energy crisis in china what happens in china impacts everyone and everyone is hanging on is there going to be a event in china or not? that is on covid zero and the property side of things. we seem to be getting news items there are changes on the covid side of things. people argue that is incremental. we will have to see how it plays out. on the property side, some hints maybe there will be a more concerted effort. if china was to head a bottom and start to turn a corner, you have economists who say that will offer a positive growth. that is clearly an upside scenario. there are other upside scenarios. if europe navigates its winter with somewhat milder weather, that would take pressure off the

guest prices. if the fed does pull of the fabled self landing, that is positive for the rest of the world. there positive scenarios. at the same time, you have to say everything has to go right for those scenarios to come off. haidi: our chief asia economist. let's get more on the major economic challenges ahead. a director at the institute of global finance. for all the doom and gloom, there are two men in this world meeting this afternoon who have every capability of changing the course of global growth and geopolitics. when you look ahead to this first meeting a person between president xi jinping and joe biden, what are your expectations in terms of how they could sustain this rivalry but in a more cohesive and beneficial way for mobile growth? >> yes and i agree it is a very

significant meeting. prior to g20 leaders summit and we really don't know what is going to be the spirit behind this dialogue. what we know is it is good for leaders to be able to face each other and talk about some of the major global challenges facing both countries as well as the rest of the world. we have to wait and see what comes out of this dialogue and that is going to influence the way the g 20 summit may unfold from tuesday onwards. shery: if we don't get a breakthrough and we have seen lowered expectations for the summit anyways, what could be the next bright spot for the global economy for better cooperation around the world? >> i think one of the challenges

we are facing is in the past economic issues were key points between the u.s. and china but now political factors are adding more complexity to economic issues and for that reason it is an uncharted territory. what is going to be next will be defined probably after g20 and the way in which the so-called red lines between these two countries are defined or refined and how they are going to pursue this spirit and momentum hopefully is going to be generated from this face-to-face meeting. haidi: with all of the energy challenges, security challenges we are facing in terms of the cohort of leadership, climate

feels like it has taken a backseat. what expectations do you have when it comes to the energy transition and the hope that was going to contribute to another leg of growth for global economics and finance? >> obviously it is very important as be too has specified they like to move to more green economy but the challenge we are facing between cap 26 and now top 27, we have noted not many countries were able to undertake some of the commitments since last year. geopolitics has influenced the whole transition as well as an ovation and investment by the private sector in energy sector and frankly we are in a very uncertain environment as to whether the private sector with

heights of geopolitics are willing to invest more in alternative sources of energy and whether national governments are in a position with the slowing down of global economy in 2023 to basically commit themselves on a sustainable basis for green economy. shery: we mentioned innovation is a key topic and we know that is one of the pillars of this g20 digital transformation. we have seen the risks associated with new technology like blockchain and crypto. tell us about the risks you are seeing out there and what are the hope the ways we could foster this technology innovation. >> i think that is an important issue. obviously we know the world needs to move toward a more digital economy. we know only 50% of the

population in the world has access to internet. at the same time it requires collaboration. among the g20 leaders. when it comes to supervision and regulation of cyber system. that in itself is becoming virtually a weapon among some superpowers as a way of advancing some of the political agenda. that in itself requires much greater level of cooperation to ensure digital economy unfolds without significant cyber risk. shery: you were talking about coordination and cooperation. coming off the back of discussing tensions between the u.s. and china. when it comes to the global macro economic challenges including soaring prices, inflationary pressures and the need to coordinate when you have

central banks around the world hiking at the same time, to global leaders need to keep in mind? >> what they>> need take into account his the pace of economic growth and national prosperity. we're living in a high interconnect global economy. the prosperity of national economies depend on the way in which we address some of the underlying causes of global challenges which are borderless. they don't recognize national ideology and i think that is very important at this upcoming g20 leaders summit. where economic, slowest -- social energy, climate change and other factors beyond national political ideologies would basically dominate their discussion and also we could emerge potentially but i'm not very optimistic with a joint statement.

at this g tony summit which taking place in an environment referred to it over some people refer to it as cold war two if you like. haidi: always great to have you with us. let's get a quick check of the latest is miss flash headlines. softbank group founder says he will no longer speak at the quarterly earnings presentations has led for decades after his vision fund posted a $7.2 billion loss amid plunging startup valuations. he wants to continue to concentrate on taking chip designer arm public. >> we believe we have to be in defensive mode, continuously keeping this investment -- this vision for new investments. shery: alibaba has decided not to disclose full sales results for the cells day for the first time. analysts had predicted the

figure would suffer a decline unprecedented in the 14 year history. alibaba says gross merchandise value was in line with last year's performance despite the covid related impacts. sales last year reached $76.1 billion. haidi: blackrock has postponed the launch of the bond etf indefinitely. the financial times sites on definite -- indefinite sources saying tensions were one of the reasons for the move including the risk of political backlash at the risk of american capital flowing to the chinese government. much more to come on daybreak: asia. this is bloomberg. ♪

>> and some total of the actions my administration is taking to push the united states on track to achieve our paris agreement goal of reducing emissions 50 to 52% below 25 levels by 2005 by 2030. haidi: president biden speaking at the cop 27 summit in egypt. saudi arabia has defended its decision to lower oil production and says its relationship with u.s. is strong enough to survive the fallout to shery: the kingdom's foreign minister spoke with bloomberg's on the sidelines of the cop 27 talks in egypt. >> your relationship with the goes back more than eight

decades. we have seen becoming and passing. we have had our ups and downs. we always move towards stronger relations with the u.s. it is natural you have disagreements from time to time between countries as you do between friends and we will continue to work on what is in our best interest. we see there is a lot of alignment of interest between the kingdom and the united states. i expect those interests will lead to cooperation moving forward as it has done in the past. >> how critical do you think facing that relationship is to achieving these ambitions and goals like climate change? >> we work with the united states in a number of areas very closely. because that is -- we have had disagreement with regards to the oil markets.

we have our position and we believe our position is correct. some in the united states think a different approach that will be able to overcome this. >> is. in -- has there been any engagement with the u.s.? have you met with john kerry avenue >> i believe i will be meeting with him over dinner. >> you think there is an easier path now to fix the relationship? >> the relationship is solid. what i mentioned in the past is and we have elections there tends to be what i call the silly season. things are said for a short-term political posturing that sometimes don't appear to be rational when you look at the long-term view. our policy has been consistent for 80 years. we make decisions based on what is in the interest of our country just like the united states takes positions it

believes is in the interest of the knighted states. will work with the united states in areas unofficial to both of us. i expect the relationship will continue because we have huge interests at stake. shery: that was the saudi foreign minister with bloomberg. we are speaking with -- we are watching the market across asia. seeing japanese indices under pressure. softbank is seeing its worst day since 2020. its vision fund arm posting a $7.2 million orderly loss. watching for what the ftx stake fallout will be. they are expect to lose about $100 million related to the ftx stake that we are told softbank has at the moment. we are watching olympus and toshiba because they cut their profit outlook. haidi: the market opening in hong kong and china is a big one today. lots to focus on.

property shares with the property rescue package in focus. the most sweeping package to bailout the country's ailing real estate markets are watching for the big names in terms of the reaction. watching all these crypto related shares as well. these fresh investigations and diminishing chances of clients recovering their assets. shery: last but not least it may be worth checking out retail stocks again with alibaba declining to reveal a single sales data for the first time. that is if rouse today but tomorrow will be bring you the new economy form of ground here in singapore. haidi: bloomberg will have the full coverage across tv and radio. bloomberg markets china open is next. ♪

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