shery: you are watching daybreak

asia coming to you from new york, sydney, and hong kong. haidi: australia has just come online. asian stocks are set to rise after posting their first game this month. the chinese premier says the country's growth will keep picking up as changes to covid control or amended. and the ftc looks to block microsoft's acquisition. shery: breaking news out of south korea. the current account surplus and for october to $883.4 million. the goods trade has fallen into a deficit of 1.40 billion dollars from a surplus in the previous month. the numbers have been all revised downward for september but the current surplus

narrowing to $883 million. possibly not surprising given high energy prices and external demand pressuring economies, including japan where we saw the surprise current account deficit this week. >> keeping the yen in the overnight session. we come online snapping a three day job at the start. a lot of optimism around the fed is expected to moderate the pace of the rate hikes next week. bonds locally -- look subdued. the aussie dollar has been one of the biggest gainers against the green black. -- greenback. the vix index is one to watch. it is back around the 22 level even though some say it could be

-- investors are optimistic and less cautious near-term even as we see nikkei futures looking flat. a lot around the region are pointing high. one thing that could be helping is the positivity coming from china. michael wilson at morgan stanley and jp morgan sticking to the bullish call. shery: also positivity in wall street. it u.s. stocks gains. a mutated picture in u.s. futures at the asia open but the s&p 500 moved away from the 100 day moving average. five sections of losses in the week. a little rebound. a reversal in the 10 year yield

rising to 3.5%. oil prices are down and we saw another year low. perhaps not surprising. a lot of volatility. the keystone pipeline was shut for repairs and we did not get a timeline on when it will come back. upside in the asian session, around 72 u.s. dollars per barrel. we are also watching positioning for ppi numbers coming out of the u.s. on friday, one of the last data points before the fomc decision next week. continuing jobless claims rising again to a february high. haidi: let's look at the asia trading day ahead with david ingalls who joins us in hong kong. happy friday for traders today. >> as things stand, that seems

to be the direction across these markets. we are coming off successive days of losses. ahead of ppi in the u.s., also inflation numbers out of china. that is the transmission effect when you look at the macro pic -- macro picture. will the recovery save the global economy from a recession? will china be the source of perhaps unwanted inflation in other parts of the world that have tried to contain the story? that is that transmission effect china into the rest of the world. it is expected to drop. measures of risk appetite, aussie yen, i would zero in on that now. that gives an indication we might clock in a sixth day

across asia pacific. shery: we've talked about china as a bargain but really overall and more broadly there has been rotation to the bargains. what specifically have you noticed? >> and the equity market, an example is southeast asia. indonesia is a good example. that is one market that has done very well this year. down 7% from the peak. the other side of that is the philippines. coming close to a bull market. i think we are going into next year with a lot of extreme positioning up until the summer largely behind us. the dollar is another good example. that is why people are looking at the next few weeks as perhaps more downside in dollar china

because things like corporate's like exporters and china might want to book some of the gains when you look at dollar china. a reversal of sorts over the next few weeks as perhaps warranted. haidi: where we at with the reopening rally in china and hong kong? what will be the next focus as there is potentially more property market easing? >> that is one part of the market we will watch. steve will talk about recent reports on what they might say about the property sector. shery mentioned bargains on china. when you look at earnings forecasts, given how far price has risen, some benchmarks are actually already back to 10 year averages because of how depressed earnings forecasts are . we have seen revisions pick up

at the same time news flow came out on speculation of reopening. looking at the current valuation of the market and comparing it to the 10 year averages, the hang seng china index is already above the 10 year average at these levels. so we are looking at earnings forecasts and revisions and whether they can support the rally we have seen in the last five weeks. shery: that's the latest on the markets. we are awaiting u.s. ppi numbers . kathleen hays is here with the latest. cup -- numbers cooled more than expected. kathleen: good news on the producer price index, the price of wholesale index. it's different than consumer.

it has more to do with that cost companies paid to manufactured goods and the prices they get when they pass them into the retail market. you can see the producer price index headline is supposed to go down to 7.2% from 7.8%. that has to do with lower oil prices and food prices. taking out food and energy, going to 5.9% from 6.9%, demand is cooling off domestically and globally. supply chains are improving. and a strong dollar. those help. these are the numbers we expect. you can see headline cpi has already cooled off. and that pce deflator is also coming off. so we can take heart. one other thing the fed could be watching friday in asia,

university of michigan inflation expectations. this chart indicates four year out inflation expectations are steady around 4.9%. that lower white line, they are not worried about because it bounces around more. if the top line moves up tomorrow, that will worry the fed. if it comes down a bit, they will like that. haidi: inflation numbers out of china. the ppi will be further deflated. what do we expect? kathleen: you can't help but feel this is old news. we were just talking about the stock market and how much more quickly china will reopen and how much that will pick up the economy. but until november, the weakest

deflationary since the second half of 2020 when china was starting to recover from the pandemic. the number on the ppi is down but bloomberg economics is in a deeper come -- deeper decline of 2.4%. there are all kinds of signs that this sector, wholesale prices, more the pipeline when it comes to raw material, still a lot of weakness. cpi is also expected to come down but it is still positive. food inflation is easing. energy prices are going down. i think until recently, people were wondering if china started reopening, if they might import some inflation overseas and that becomes more of a worry as they think the economy will pick up more quickly. i think this is a picture almost any central banks in the world would love to have.

haidi: indeed. kathleen, thanks. the outgoing premier of china says economic growth will pick up as policies balance covid control with economic development. stephen engle is in hong kong. the question is how they get there. what to see say about how they will achieve this? particularly when talking about a 5% gdp target? >> he's not saying how, just that they will get there. you have to go back to the infrastructure -- infrastructure spending and fiscal spending to prop up growth, in the first part of the year especially. consumers are not coming back anytime soon. ing lowered their forecast for growth to 2% for the current

year. any talk of a 5% growth in 2023 as there seems to be talking beijing about if that will be the target they set at the congress coming up in march, some would say that is ambitious. keep in mind just by reducing covid curbs, there could be a net benefit to gdp growth. if you are taking out the two-month lockdown in shanghai, which they have not said that they will do that come up with new measures they will wipe away some pcr requirements and encourage people to get out and shop and encourage home corn tea of isolation centers, but there is still risk, especially if there is a massive jump in cases this winter, but cities could still be lockdown. but in theory if you take out potential lockdowns and supply chain disruptions we saw this

summer because of the drought and lockdowns, it could be net positive for gdp growth. world bank and imf were told yesterday that gdp growth will keep picking up as it implements the easing of covid curbs. we will have to see. the devil will be in the details. probably expect more growth in the second half than the first. shery: how much could a rebound in the property sector help? >> it is one of the main pillars of the chinese economy. the consumer and the platform economy have been dampened by policy and circumstance but in the property sector, it has been under many years the pressure

with evergrande and others, the poster children for deleveraging campaigns and debt issues. but we are hearing that the work conference that starts december 15 in beijing where they set priorities for next year and be outlined in the congress in march, and follows up all the headlines we got earlier this week, essentially sources tell us they will deemphasize covid and emphasize economic growth and the return of the consumer and deemphasize something she xi jinping has said since 2016, that housing is for living, not speculation. if they do that, it could indicate the multiyear campaign to suppress property could be

completed and 2023 be the year of the consumer. vonnie: china and saudi arabia have signed a number of deals. they agreed on a strategic partnership and plan to harmonize economic initiatives and deals on solar power and housing. xi was greeted with with a horseback parade at the palace. joe biden has said brittney griner has been released from detention in russia. she was exchanged for a russian arms dealer known as the merchant of death. the administration is still negotiating the release of paul wheeling who is serving 16 years on alleges -- on alleges spy charges. >> this is something we work on every day.

while we are elated at brittany running home -- coming home, we worked relentlessly to bring paul whelen home as well. vonnie: pedro castille is facing 20 years in prison if found guilty of rebellion. he was arrested while trying to dissolve congress and was detained on the street as he tried to reach the mexican embassy, fleeing peru. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: coming up, japan has the g7's worst record when it comes to a gender pay gap. what this might mean, later. wells fargo says be careful what you wish for because as inflation comes down, so will corporate profits.

we will look at that next. this is bloomberg. ♪ avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

>> we do not think the bear market is over yet, because our forecasts next year for earnings

are even below the new level people are talking about. haidi: morgan stanley's chief investment officer giving his outlook. wells fargo says be careful what you wish for. as inflation goes down, so do corporate profits. gary, we appreciate your time. we talked a lot about the idea of if the profit recession is behind us, even if we get a broader u.s. recession next year. is that likely? >> we think the worst is yet to come but we are looking for a moderate recession next year, which means moderate decline in corporate target -- profits. our target is $205 a share. like morgan stanley, our view is

below market concessions -- consensus at the moment. it will pose a more challenging environment for the stock market. careful what you wish for. if the inflation rate comes down, it is to some extent a byproduct of a slower economic environment. haidi: if we are going to look at being more selective, what are you looking at? >> we continue to focus on the u.s. market. we think it will hold up better in the midst of a global recession. we look for moderate recovery from china. there will be growth but it will be moderate. the european recession might already be underway and we think it will be more severe than the u.s. market. the focus is on liquidity.

strong balance sheets, resilient earnings growth, and it means a focus on sectors that are less sensitive to the ups and downs of the economy, like health care. there is a disproportionate share of earnings generated overseas. as the fed starts pulling back, we will see a dollar peak in the early part of 2023 so the headwind should begin dissipating and turn into a tailwind in the latter part of the year. there are other attributes to large-cap stocks that support our review. liquidity, earnings resilience overall, healthy balance sheets. shery: in fixed income, where do

you find opportunities? >> a barbell strategy. shorter duration assets will ride further interest rate increases with credit rate increases by the fed in early 2023. yield on longer data securities is still attractive, particularly in anticipation of a break in interest rates, moderate decline in interest rates in the second half of the year, which long duration assets provided lift prices. haidi: the great hope is china if we get a broad-based reopening next year. how do you get exposure to that? >> we think for a moderate recovery the focus should continue being on their favorite sectors of the economy, less economically sensitive sectors

like health care, consumer staples, less sensitive sectors. we are still skeptical of a strong consumer led recovery. we think with covid infection rates on the rise, it will act as a restraint in the early part of the year and discretionary's ending might be more -- discretionary spending might be more problematic. in a difficult global environment we think there will be headwinds. much the same strategy toward less economically sensitive sectors of the market. that goes for multinationals. shery: gary, always good catching up with you. global strategist at wells fargo instituted. more to come on daybreak asia. this is bloomberg. ♪

haidi: let's take a look at trading in sydney. a tailwind from a rebound after a five-day day slide in u.s. stocks. sidney stocks up 4/10 of 1%. china exposed names could get upside continuing -- given the positivity continuing to flow. hi, i'm jason and i've lost 202 pounds on golo. being a veteran, the transition from the military into civilian life causes a lot of stress. i ate a lot for stress. golo and release has helped me with managing that stress and allowing me to focus on losing weight. for anyone struggling with weight and stress-related weight gain, i recommend golo to you. this is a real thing. this is not a hoax.

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vonnie: this is daybreak asia. chinese authorities may soften their stance on property policies. sources say officials at the

work conference will downplay the significance of preventing speculation in the housing market and beijing might declare their deleveraging campaign completed. the u.s. is said to begin the first round of negotiations in australia working on indo pacific framework. officials will meet counterparts from 14 member countries representing 40% of global gdp. some u.s. lawmakers have criticized the ip even half for stopping short -- i pes for stopping short. and passage of a same-sex marriage bill has passed the house. it will be sent to president biden's desk for signature.

and south korea has approved a measure that would revise how they count age. everyone would become one or two years younger. north korea already adopted the global standard in the 1980's. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: china and saudi arabia have signed a partnership deal's ignoring beijing's growing ties to the kingdom that has been a longtime ally of the u.s. talk us through some of the deals and agreements that were reached on the trip, john. >> what we know so far is president xi xi jinping expressed a willingness for china to increase collaboration

with saudi arabia regarding energy, buying oil and also agreements when it comes to solar and hydrogen. the world is moving away from carbon-based fuels and saudi arabia is no different. the crown prince has been trying to wean the economy off the dependence on oil and china has led the global effort to move to renewables. this comes on the heels of a spat between saudi arabia and the u.s. about opec and russia and the output of oil in the global market. shery: it seems reactionary and away but at the same time when you talk about harmonizing vision 2030 in china's initiative, how much of a long-term commitment is this? >> i think both the countries

are watching the future. we are at a point of transition not only in terms of energy, but the global environment, the increasing rivalry between the u.s. and china, the world to be increasingly live in and both countries are looking to the future and trying to map out how best to go about building the world they want to say. it china tried to increase influence around the world and saudi arabia trying to increase their place in the world beyond energy in their 2030 vision plan. shery: john with the latest on the saudi arabia and china relationship. let's get annabelle to check the markets. >> in terms of oil prices, wti

trading a little higher this morning. brent crude still 90 minutes away from trading. longer term we see oil has erased gains year to date. when you put that in the context of the fed meeting next week, energy and food prices have had the biggest impact on consumer spending in the last few years so now that they are lowering inflationary pressures, perhaps it means that 50 basis point move from the fed could be the last big height in the current tax hike in the current cycle. that would bode well. in asia, mostly high trading. australia trading to the upside 30 minutes into the session and japan futures coming online in singapore, starting in the green. it will be interesting what happens in china given we are getting messages around the outlook of the economy. premier league saying growth

will abounds next year. we are still seeing the impact on covid zero restrictions and the underlying economic weakness in the chinese economy. watching tesla supplies closely. they are pointing to the signals of week consumption in china. in response to that, tesla could cut back production in the factory and slow the pace of hiring. shery: elon musk bankers are set to be considering replacing some of the high interest date he -- debt he layered on twitter. that would make post -- that would make elon musk personally responsible for repayments. what would this accomplish? >> we have reported the bankers who helped muska arrange the debt to acquire twitter and musk

steam have discussed margin loans. these could be used to repay some of the most expensive debt on twitter steib balance sheet. it was essentially reduce the interest -- the expense burden for twitter. the most expensive debt pays an interest of 11.75% per year. it is estimated twitter's annual interest expense is more than the company generated in earnings last year so it would help alleviate the burden of the debt. shery: why would he do this? what is the motivation? >> high interest expense is a problem for twitter and musk because he has invested so much and equity of the new company. he would replace some of it with

debt that is personal that he would take against his stock in tesla. what he would get on the others is a lower interest rate. typically those margin loans are not as expensive as unsecured twitter debt. and it would give twitter more breathing room and a better chance to get on a sustainable financial and operational path as he is also stretching with strategy and management and trying to decide what the company will be. shery: tesla is having its own issues. what is happening with the company? >> that's the other side of the story, what it means for tesla. stock has been under pressure, down 50% this year. we reported there have been reductive -- there have been production slowdowns in china and in hiring.

some workers were told to delay their start dates. these signs point to a picture where demand is not as strong as anticipated in china. they are also launching new products. they have a new pickup truck launching next year. a lot on their plate. the concern for tesla stockholders is margin loans could put pressure on the stock if musk ever needs to sell holdings to come up with cash. and is this a ceo who is now internally focused on twitter and who is in charge of tesla and handling the big decisions the automaker needs to make? haidi: up next, japan's new gender pay gap rules are set to be strengthening. the company -- the country has

the worst on record in the g7. we will discuss what this means, next. this is bloomberg. ♪

shery: japan's gender pay back -- pay gap is the largest among g-7 nations.

women in japan accounted for a less than one third of labor income. the disconnect is magnified in the upper part of the corporate ladder where the ratio of women falls away behind the median and other regional exchanges. japan is now rolling out new rules to help close the gap. let's bring in a contributor of the report, the head of japan equity strategy at jp morgan. how much will this -- will these disclosure rules help? >> i think looking back, japan has made progress in gender equality since shinzo abe presented a gender equality promotion in 2015. the progress included the labor

force participation ratio is now reshaped towards like other g-7 countries. also over time work is reduced. the disclosure rule for gender gap was changed this summer. the rule change will make progress. last year the gender pay gap was 25%. just about double other g-7

countries. so there is more potential to improve. shery: with japan it's not just the pay gap, it is how women advance in their careers. we are talking about the upper levels of management. we do see more women in boardrooms and japan but how much further do they have to go? >> in the past five years, the women's employment ratio is catching up but the issue remains, the ratio of female leaders. 8%. compared to other g-7 countries,

a very big gap and japan is behind so we need to enhance the number of female leaders more. haidi: do you see a gap between different industries and the government? we see a lot of different economies where more progress is being made by individual companies or touted by the government but there remains a gap in bringing it together cohesively. >> there is a gap across sectors. i.t. companies are more diverse in their workforce.

what the government can do is to set an obstacle to address gender equality. [indiscernible] and in a quick -- commitment to green policy and so on. so inflation is picking up and a more clear vision for the future and government is urging corporate to consider [indiscernible] normal inflation economy. i think that development would

open the door for government commitment to gender equality. another thing the government can do is a tax scheme currently for japanese men whose wife earn less than ¥1 million, the man can get spouse deductions. in the past this scheme was introduced to protect women working at home but currently there are many women who want to work more about the tax scheme becomes a discouragement so i think the government can change that tax scheme as soon as possible to open the door to work as much as the women want to work. haidi: to set and achieve court's is one thing but as you

point out it does not mean diversified views are being reflected at the board level or in conversations. how do you bridge the gap? >> i think we need time. step-by-step approach. looking at the french example, it took more than a decade. there were medium-term goals, step-by-step, first 20% female board ratio in three years. i think japan also needs to take this step-by-step approach and when the medium-term target is met, the next one in order to catch up with other peer groups.

haidi: we really appreciate your time with us on bloomberg equality. up next, turning back time. why south koreans are about to get a year younger. this is bloomberg. ♪

haidi: credit suisse has completed a two-pronged capital increase that will give the ceo funds needed to embark on a restructuring. investors agreed to by 98 point 2% of the stock on sale. the remainder of the stock -- 98.2% of the stock on sale. the reminder -- remainder of the stock will be sold in market. microsoft ownership of activision is said to be crowding competition in the gaming market. broadcom is giving an upbeat sales forecast as they see revenue above estimates. the ceo sees extent -- sustained

demand with storage earnings expected to grow 50% year on year. they say they are not providing next year's guidance because of economy uncertainties. shares of lululemon have dropped after they reported lower than expected profitability. inventory is up 85%. they hope to double the sales by 2027 by opening more stores and selling more products to men. shery: i have just become one year younger. south korean lawmakers just approved a measure that would revise the way we tally someone's age, ending a system that counted newborns as one year old. i reporter joins us. congratulations to us. [laughter] how outdated was the system? >> congratulations.

it starts next june. the bill that was passed yesterday would scrap the current age system. it is a very unique accounting standard for age that typically adds one or two years to someone's age because the counting system views a newborn baby already has one year old, unlike the rest of the world that starts the clock at zero and then counts years on the next birthday. so what happens to us is a birthday simply means the date you were born in, not age. historians have struggled to pinpoint the origin but many say it is a remnant of an ancient

culture of korea, china, and japan. the system used to group all babies to the year they were born and then they would all turn one year older when the calendar clicks over. so it means a child delivered december 31 is already considered one-year-old and then almost immediately turns two years old the next day on new year's day. even north korea got rid of this in 1980 eight, switching over to the usual standard. shery: i cannot tell you how many times my mother use this to push me into, why are you getting married or having kids because i was already two years older by her standards. see mom? no more. haidi: you look younger than your age and now it is true. when you look at the reasons why

they did this, i can imagine it was a bureaucratic and legal nightmare. tell us about some of the problems the system caused. >> yes. it caused a lot of confusion at home and abroad. even for me as a korean citizen having lived abroad and studied abroad for more than half my life, it was always confusing to answer people when they ask how old are you because most koreans use the global standard and then do the math to find out there korean age. on a signed contract, the paper would say a certain age requirement or have an age limit on the paper and people involved would file complaints or sue over interpretation of the age

on the document, whether it is the korean age or the gold standard. even a few months ago when the government was rolling out covid vaccines, it instantly because confusion over grouping of the age groups. if a vaccine was for people over 59, there was a lot of confusion. the president sought the change when he ran for office this year and that is how we got to change it. haidi: this is bloomberg. ♪

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>> this is daybreak: asia we are counting down to the asia major

market open on the final trading day of the week in asia. we've seen positive sentiment across wall street. u.s. ppi numbers we are waiting on them not to mention china ppi and cpi numbers before that. haidi: all about ahead of the final fed decision week. and we have optimism when it comes to chinese assets as well. saying that growth will steadily pick up. and the property sector easing as well. going into the conference next week. let's get you to the market open for this friday session. annabelle: we have a start of trading for japan and korea. we see the yield curve rising across the board in the prior session. in terms of what we are watching is the yen which fell here steady.

and traders are starting to resist the outlook for the currencies for the next two months because some traders started ending the first quarter at the 140 level. we have big movers today and others saying we could see a rise as much as 7% over the course of 2023. that is with the expectations with the fed turning more dovish and the doj turning more hawkish. and the fed moderating rate hikes as soon next week. that is the sentiment driver in the session this week. we see the nikkei gaining in trading this week. let's see what the opening is for korea. we are watching the cost act index -- the kosdaq index. and the korean one -- you on

--yuan we see that data change. and then we see a surplus of the second straight month. we could see a supporter factor for the currency. we see gains at the start around the key 1300 level. in australia, we are one hour into the session. for the asx 200. we have a three-day drop for the open here. the material sectors are leading this. they are moving higher again. this is as the moves are coming through in china. we have them saying that they will be more growth in next year because of the covid zero restrictions lifting. and more support for the property sector. that is outlook as we head into the trading session. oil trading a little bit higher. shery: demand is always -- already slowing and disinflation could continue.

where we are in this environment joining us now is david chao global market strategist for asia-pacific at invesco. do you start positioning for this now? where do you go across asia? david: the slower growth is in the u.s., and perhaps with some of the european countries they could see a bit of slower growth. but especially for places in asia, china this could potentially be a great opportunity for investors as we have rebound as china reopens. shery: when you go to cyclicals in china especially then? david: i would say for consumer cyclicals both discretionary as well as other consumer cyclicals makes sense because chinese stocks continue to be cheap despite the recent rally we had. haidi: we are hearing

potentially this whole houses of living of speculation will be played down and will probably ease coming from the work conference next week. does that give you a different take when it comes to potential recovery in the sector? david: i think that there could potentially be some positive catalysts coming through, but the economic work conference could give hints of what the introductory for china will look like for next year. i think the property market continues to be a bit soft. we could be bumping along that for a while. but at the same time, i think there are positive growth catalyst to look forward to. haidi: for the u.s., this will be key for a lot of reasons. the outlook for emerging market, the u.s. dollar outlook, and the impact. with the last fed meeting coming up, and what we get from the ppi numbers, do you expect that will

be imminent or it will be a series of smaller moves, but still incrementally taking rates higher? david: i would say that there is expectation that the rates -- we could see a downshift in decembers hike. i think that could be easy enough for markets -- reason enough for markets to rally. but we are watching the cpi numbers closely. we saw sequential decline in october. what we are most looking for is the wage growth data and consumer inflation expectations. haidi: you talk about the idea of the financial mistake or something breaking as being key. we take a look at the fact that it seems the fed, even if it is not fighting inflation it has managed to bring down some of the big risky bubbles of crypto,

the housing market, -- it is starting to cool. and tech stocks are coming down and misses happen in a steady manner. is there a risk of something else going on that we do not see right now? david: there is a risk of swans happening, but i would say that governments are more sensitive to financial mistakes that we saw previously in the u.k. government. and i think the government's are now going forward and they will be much more responsive to any kind of potential mistakes that could happen. when it comes to geopolitics, from what we see with russia ukraine, the markets anticipate this as a near-term phenomenon. ultimately the fundamentals metal -- better more in the stocks have a gravitational pull upwards. shery: earnings recession has been a risk flag in the u.s. as well is that something that should concern asian economies as well?

david: i think earnings recession in the u.s. is likely. i think earnings in china could this of later roman quarter or two. we could see an inflection point. i think going forward, if the fed pauses, which i think they could in the first quarter or the second quarter, and china reopens, this could bode well for 2023 for the second half of next year. haidi: david chao global market strategist for invesco. we are watching developments out of sunak china. we have a plan for the offshore creditors following the onshore plan as well as the 2020 one results. we hear a number of updates when it comes to debt restructuring and they communicated with certain holders still in talks with an ad hoc group with no agreement made yet. but certain stakeholders represent a $9 billion principal amount.

they propose their preliminary restructuring framework converting 3-4,000,000,000 dollars worth of debts to shares. total clash for -- cash flow of 220 billion yuan. 20% of the projected cash flow first sunac is available for offshore entities. and they are looking at -- trading shares remain suspended and they are also considering gradually disposing of assets over the next seven years. this plan for creditors is in the proposal stage of the moment, but we are getting more development when it comes to the broader company easing with expectations of the key economic work conference next week. beijing could drop the emphasis for the houses -- not investment to inject more positive

sentiment into the market. let's get over to bonnie with his word headlines. vonnie: as you been saying chinese authorities makes offers on the stance of the key economic meeting starting next week. they say officials in the economic work conference will downplay preventing speculation in the housing market. beijing may also declare is deleveraging campaign completed and shift focus to boosting consumer demand. president joe biden announced be u.s. bounce cabal player brittney griner has been released from detention and russia. she was exchange for victor bunce known as the merchant of. the biden administration is -- trying to also free paul whelan. >> americans have been wrongfully declined -- detained it is a priority for me as secretary of state. it is something we work on every single day. we are happy that britney is cap -- returning home but we are

working to bring paul whelan home as well. >> president castillo has been sent to detention for one week. he is facing as many as 20 years of prison. he was trying to dissolve congress and was detained in the streets of lima while trying to reach the mexican embassy to flee peru. they said they will grant asylum to him if asked. the ceo john ray and bankruptcy lawyers met with federal prosecutors and ftx. there is a suggested overlap of criminal -- under former ceo sam bankman-fried. they are sifting through the wreckage of the company trying to sell the assets to repay some creditors. global news 24-hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: let's get back to

annabelle with the check of what is moving right now. annabelle: we are 10 minutes into the session for korea and japan. what is leading the index is what we hear from china and pacifically that the growth is set to rebound next year. you can add to the expectations we could see further support for the property sector in china with more easing on the way. industrials, materials stocks leading the gain on the benchmark side of trade in asia. we are watching the biggest mining names in japan moving to the upside. it is similar to what we have in australia with the likes of -- rio tinto jumping 4%. but we are watching another sector as well and that tells us that the move out of covid zero in china is not going to be easy. we continue to monitor that. for the likes of tesla, for in since, they tell us they could be shortening reduction shipped in the shanghai factory as soon

as monday. and delaying the pace of hiring. a signal that -- we see weakness in china. and there is broader economic weakness in the country. today is the picture of some of the biggest supplies in asia. haidi: still ahead we will get more analysis when it comes to china's economy. beijing's move away from covid zero is a risk to assets but reopening is imminent. barclays chief china economist joins us next. and the president of china gets a warm welcome in saudi arabia. as they make deals past the u.s.. this is bloomberg. ♪

>> outgoing chinese premier says economic growth will pick up. as the government implements changes to covid control policies. we are joined by a barclays -- we are joined by stephen engle and discussing policies in beijing. can covid zero exit -- an exit

from covid zero alone achieve that? how are they planning to do this? stephen: that is the big question. i was paying in ing told us that they are downgrading two-year -- full-year growth for 2022 down to 2% how will go from twofer set -- 2% from 5% in china essentially. the drag and economic policies is a good start. and the central economic work conference that will begin next week in beijing will concentrate perhaps on economic wrote as well as reduce -- growth as well as reducing some of the policies that have hampered the property market. that is a good place to start as well. the chinese love to use fiscal spending infrastructure. building roads, railways, and bridges across the province to stimulate growth. that could be part of you equation. i think the outgoing premier i

may add did meet with the number of financial institutional heads like imf and others in robin's yesterday. essentially saying that china will better coordinate covid control and the economic development, safeguard people's health, and maintain normal production. it is a lofty task, but if you take away some of the drags we saw in 2022, caused by covid zero which is the two month long -- lockdown in shanghai where all the supply chain constraint and bottleneck was exacerbated by the drought. if you take away all of that you may find percentages of economic growth. it will be a tall task. iris at ing told us that the consumer will not necessarily come back in full force in the early part of 2023. you may see backloaded growth in

the second half of 2023. once this covid control has time to work through the bumps of changes. haidi: covid zero is one major deterrent to growth and the other one is the structural slowdown in the property sector. what are we hearing ahead of the work conference next week that could potentially boost that part of the economy? stephen: it is a similar narrative that we will take away the drags that are permeated onto the chinese economy. xi jinping has been talking about housing needs to be lived in not speculated on. he has use the terminology since 2016. we see the resulting crisis in the property market exacerbated by the debt crisis. the policy moves -- what we are hearing from sources is that perhaps the crackdown on over lifting in the property sector

from victims such a cynic and others that could be a big headline from the economic conference that begins december 15 in beijing. and sets out the economic priorities for 2023 to be unveiled in march. if that is true, but will be the priority? likely it will be the source of economic growth and that led by the return of the consumer. shery: we heard because of economic slowdown in china and the exit from covid zero that beijing is trying to seek a predictable relationship with the u.s.. is this one of the reasons why they are trying to even there relationship with saudi arabia as well? john: there is some logic behind that in the sense that the president has a lot on his plate. stephen just touch on property, covid. there is plenty he needs to get through in terms of the work he has to do.

the last thing he needs is instability in the neighborhood. instability in china's relationship with the rest of the world. obviously first and foremost is beijing's relationship with washington. i think beijing is interested in strengthening its relationship with saudi because china depends on saudi and the middle east for oil. it is the biggest buyer of arabian oil formerly the u.s.. and saudi arabia on its part there is question in the middle east about whether the u.s. is focused on the middle east or whether they are moving to asia or china. in that scenario, china is a good option and way to counterbalance that moving back by the u.s.. and strengthening the relationship that saudi and the arrow world have with china. -- arrow world have with china -- arabic world have a china. haidi: if you take a look at the

takeaways, the wind we see on this trip, what do they look like? john: i do not think there are many large tangible wind. i think there is a tone being set where xi jinping will meet with other leaders at the first china summit later today. they do that every two years. i think that underlines the strategic importance that china and saudi arabia and other countries like -- egypt, a rack, and the arab world see with that relationship of china. i think it is obviously the backdrop with relationships between china the u.s. and saudi arabia. shery: bloomberg's dog they are and stephen engle. you can get around up on the stories and more and all you need to get your days going you can go to dayb on your terminal also available in the bloomberg anywhere app.

you can customize the settings so you get the news on the industries and assets that a matter to you. this is bloomberg. ♪

the voyager gazed in wonder. it was a time machine. (whispering) hello hello anybody there? ♪♪ sam! hey little brother!

the time machine worked. make this december one to remember. haidi: take it look at european futures this morning on the friday session. we see a future with a moderate upside. the euro stocks futures up by .13%. we see msci europe drop a little bit. ahead of the meeting next week that holds a slew of crucial bank decisions globally. and we did see in outperformance when it came to minors as well.

it is the china's story taking hold. this stock is down by .16%. and the dax futures look like they are up moderately. we do see that based on the weakness in the u.s. dollar. shery: morgan stanley's chief investment officer says that the bear market in growth stocks this year is threatening sectors where stocks take refuge. take a listen. >> we do not think this market is over yet because the forecast next year in earnings is below the stream. i know that comes as common sense to you, but i think the forecast is even below this new level people are talking about. we are under $95 for earnings next year with a downward bias that it could get worse than that. and we been talking about this idea that we are operating leverage. and it is working against

companies. inflation coming down is actually good for bonds and yields to come down, but it is not good for profit because it squeeze the margin. >> 195, i am doing the back of envelope math where does that take evaluations from where we are today? i would assume that would be a significant drop that brings us down to something lower than $195. >> that is true. when we made the bullish call, we said it is a decent level to take a swing here. but back close to 4000 we are looking at 20 times earnings again. that is the wrong price. even if the fed pauses rate hikes, rate levels were higher than they were a year or two ago. it is difficult to argue for 20 times being a multiple. what is a multiple? it is probably something like 16 times that is why we think we will see lows in the first half of next year. flex inflation cooling and peeking would be bad for stocks, good for bonds, you said

something last week that i been thinking about you said you want to be cash first, treasuries, credit, and equities last. where are we on that timeframe? should we be a -- buying duration here? >> that is exactly right. aurelio's this summer we started assessing them earlier than we should have but we try to get again. and cash was the first place to go for safety it was a bear market for bonds and stocks. that bond yields reached an attractive level this summer. and now we have come back to 3.5%. it is not as good as it was a month ago but it is a better place to be if we are going to be right about the earnings cycle. and credit also offers a good place to be. if you are high on the credit flowing side and 5-7 years is your duration there. and u.s. equities is less. within equities, you position and defensive sectors which are

basic -- outperformer's this year. in the port for leo's we basically made a shift in our equity books. -- were folios for basically -- portfolios basically made a shiffer equity books. shery: beijing's move away from covid zero but our guest thinks that the reopening will not happen just yet. ♪ this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting.

get in on the savings and switch today. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple.

golo is real and when you take release and follow the plan, it works. >> i feel like a recession has to happen, because in my lifetime, when the fed raises rates this aggressively 75 time and time again, the economy

slows down, the inflation disruptions, supply chain disruptions, the war, may be inflation slows down on its own. i would be surprised, but i think we have a recession. >> the possibility of a recession. so far today, investors focused on the prospect we could see in easing from the fed and moderating the pace of rate hikes ahead. that is the focus for investors and we are seeing gains across asset classes in the session today. for instance, the commodities space, gains across the board, wti up .8 0%, even though it has a raise gains year to date, supporting that inflationary picture, and the japanese nikkei climbing in the trading session. australia higher. futures pointing to hong kong and also taiwan opening in the green.

in terms of the currency space this morning, again, the dollar strength pulling back a little bit, geopolitical concern starting to ease, and were seeing these currencies come of the korean won gaming .20%. let's change now. on a longer-term basis, we can also take a look at the foreign reserves in asia. we did see the likes of indonesia, malaysia, china, singapore replenishing fx reserves in november. part of that was to the dollar weakness that came through that boosted the valuation of the non-dollar assets. maybank says that should come of that trend should continue, a couple of factors, the fed tightening program nearing an end, and you can add to that what's happening with china in terms of the growth prospects coming from the country. shery: sources noticing chinese authorities may further soften their stance on covid policies at their key economic meeting next week.

our china markets correspondent joins us now with more on this. how much would this help boost growth? >> again, it is all about signaling, all about dropping the often repeated phrase, housing is for living in, not speculation, really at the forefront of property policy since 2016. also, signaling the deleveraging campaign is over and has been successful in severe -- and served its course. it's likely will not give policy measures that is due to start on december 15 out of the economic policy conference, but we could get the signaling again with what china has done on the covid zero front. any boost on that front would be positive. the problem is, the property side it is demand-side, who is going out and buying housing. if we get a signaling from beijing that it is ok to go back into the market and the property focus next you will be on

reviving, really reviving growth in this incredibly important part of china's economy, that could do a lot for sentiment. >> it is a day for property developer restructuring as well. we expect these details from evergrande after they have this meeting with the group of creditors? >> yes, exactly, and let me point out that it is exactly to the date today that evergrande was the first declared in full by fitch last year, and that was really what kicked off really, really severe downturn in the developer market for china. so we know that evergrande is meeting an ad hoc group of creditors are not all that them. some may have signed the confidentiality agreement, so we will see what details we can get , but highly highly anticipated restructuring, tilt then on details. i mean this would be one of the biggest restructurings in the world in recent times. evergrande is obviously the most indented developer with a lot of

debt outstanding, and if you look at where the dollar bonds are trading, they are below $.10 on the dollar, so investors an uprising in a very good recovery, even after we had that incredibly fast rally in november with the market in general trading around $.70 on the dollar, but any details we can get in any advancement on that front would really signaled to creditors that the structuring is going ahead at least, and this could signal something for the other developers that have defaults where they are at a record this year. >> what about the structuring for the other entity? >> again, then on details. it is a very lengthy process be at this something when we talk to distressed investors, these are the investors that like to buy when dollar bonds are trading at low prices and they get the recovery rate. if you get, if you do get, if the recovery rate is better than

0.1, of 10% on your investments, then that is obviously something attractive, but >> again, then on details. let's see where it goes. lengthy restructuring process. we need to have patience in this game if you are a creditor. >> sophia, the latest. the outgoing premier says china's economic growth will keep picking up steadily as covid control policies continue to ease and where it's affecting the latest cpi and ppi numbers out of china today in the data released today, let's get more from our next guest in china who is the chief china economist at barclays asia-pacific. of course, uplifting comments, but no roadmap as to how they see that growth to become. what are your assumptions in terms of how this gradual reopening plays out, and can china by next year become that kind of cyclical growth force again, as we have seen in

previous global recessions? >> yeah, thank you for having me this morning. i think the development in the past two weeks clearly suggests that china has accelerated this covid pivot, and in fact, the latest announcement of the 10 measures this wednesday seems to suggest that the government is really starting with the end of the zero covid policy and after removing a lot of the mass testing, we do see major cities around the country further reduced with the injury requirement in the into the major places including restaurants. and more importantly, we also seeing that the government dropped the testing requirements for cross regional travels, and ahead of this upcoming chinese new year, the preparation for

the new year travel rush that starts in about one month, so i think all of these points to the definitive shift away from the zero covid policy, but obviously as markets will closely watch in this reopening process especially even the low vaccination issue, and with millions of cases happening at the moment whether the medical system will be able to cope. so far, i think we have seen a mixed developments. for example, in the southern city of congo -- the southern city seems to have fully reopened after the past month of widespread outbreaks. there has been know severe, very few severe cases, and also no visible stress on the medical system.

at the same time, beijing in the past few days, we started to see news reporting about patients lining up in front of pharmacies and also the fever clinics, and there has been signs of stress in the medical system and also as public trying to stockpile medicines and their has always been a short in medical supplies. >> this also familiar to people who have seen that reopening in places like australia and singapore that went from lockdowns and through reopening quickly, but of course china is expecting all those cases to hit at the same time rather than any kind of rolling --, right, but removing covid zero is removing one of the drags, lb it a major drag on the -- albeit a major drag on the economy. what are you expecting from the central work conference next week that can address some of those, including more easing in

the property sector? >> indeed. i think the government has clearly sending more signals that they are prioritizing the economic growth for 2023. and not only we have seen this clear shift away from covid zero policy in the past week, but also we have a policy advises proposing china should set a gdp growth target of no less than 5%. we are likely to see more visibility at the upcoming central economic work conference, but the politburo meeting this week, emphasis on growth should remain at a reasonable range and also there should be targeted and forceful macro policy supports, and i think the news is you highlighted, on the property sector, following the 16 measures with significant easing of developer financing

constraints and we should expect probably more demand-side easing measures to also come down the road. and as a continuation of what were announced. it will help boost home sales recovery. so clearly, allowing the gradual reopening in the next, in the first half of the year, we should see on the margin of properties, those properties, but that being said, some of the structural factors that i could hold back a very rapid recovery are the households economic fundamentals, elevated the level, negative wealth effects, and the capacity to consume, i think, certainly is lower than three years ago. and they did not get cash from the government and are less likely to do that. >> how important will domestic demand be when we are seeing

external demand now sort of drying up as the charts on bloomberg shows in november with the export numbers really contracting? >> indeed. i think your earlier guest was talking about a global recession and we have seen the chinese export growth has been contracting party. we are looking for 2% to 2.5% contraction in export growth next year with potential downside risks, so domestic demand recovery would be very crucial and i think, you know, everyone is certainly trying for a rebound, especially in the near term on a sequential basis after the, after the public started to travel and started to, you know, return life back to normal, i think probably more visibly in the second half of next year, sorry, and the second quarter of next year, but we could start to see sequential

improvement already along this upcoming new year and china new year, china new year. >> good to have you with us. china economist at barclays asia-pacific. breaking news. twitter will be given companies more control over ad placements. twitter will roll out new controls as soon next week to let companies prevent their ads from appearing above or below tweets containing certain keywords. this new control measures are part of twitter's efforts to reassure and lure back advertisers who have pulled ads off the platform. this as it was purchased by elon musk, of course, with reports that hate speech has risen from civil rights group since the acquisition and we know that elon musk is being pressured at the moment with this acquisition , tesla margin loan talks are continuing showing pressure is mounting on elon musk, not to mention bankers as well. plenty more to come. this is bloomberg. ♪

>> this is daybreak asia. i'm vonnie quinn with the first word headlines. china and saudi arabia have signed deals during the visit by xi jinping to riyadh, agreeing on a strategic partnership and a plan to harmonize their signature economic initiatives and talk to deals on hydrogen energy, solar power, and housing.

xi jinping was greeted with a horseback parade where he was greeted by the crown prince. the u.s. is said to begin the first round of negotiations in australia this week and working out an indo pacific economic framework seeking to counter china's influence. u.s. will eat with 14 member countries representing 40% of global gdp. for progress on areas such as trade representation in agriculture. some u.s. lawmakers and business people have criticized the entity from stopping short of reducing tariffs. the fcc is pressing publicly traded companies to disclose their exposure to vast digital asset companies such as ftx. the disclosures would likely imply direct me to companies that are incorporated with assets into their businesses. however, the guidance released thursday also indicates that the disclosures could extend to any company with material exposure to the quicker markets. south korea lawmakers have approved a measure that would provide the way for a country like south korea comes a person of age and would be a new bill

with the korean age system to be revised. under the current korean age system, newborns are counted as one-year-old. the system has caused confusion at home and abroad, especially in legal matters. north korea adopted the global standard in the 1980's. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> bloomberg intelligence ease china's retail sales topping estimates next year while easing covid fears critic not pent up demand in japan, hong kong, and south korea. more, let's bring our senior consumer technology analyst in. catherine, it is so hard to quantify the impact from a reopening for china, both on the mainland and abroad. what is your best assumption when it comes to local retail sales? >> right, we are definitely looking at the sales momentum

this month and into january and looking at an earlier learner new year in what is the end of january, so that could actually break up some of the pent up demand over the last couple of months. and the magnitude of the sequential uptick is what we will be looking at for a better gauge as to how much of the upside we can be expecting for the rest of the year. >> catherine, we have seen the likes of alibaba, jd.com actually benefit from the pandemic and benefit from people staying at home and purchasing things through their sites, so how with the reopening effect these e-commerce giants? >> right, from the point of view of the ad revenues as well as the improvement in business sentiment, we will expect the companies will be investing in online advertising through 2023, even as china reopens, so that should actually help lift the revenues momentum, and we are

talking about leaner cost structures for a lot of these e-commerce companies, so the instrumental contributions to profit should be positive. -- the incremental contributions to profit should be positive. we had an assessment of what a china recovery could look like when it comes to global inflation and supply chain pressures. is that a concern that because pressures will continue for consumer goods companies in asia next year? right. the good news on that front is we have seen a lot of the import prices come down from historical high in the middle of this year, so that should actually help ease the cost pressures and potentially actually bring more margins upside for the more china-focus retail companies on the mainland. >> what about positioning for the rise of tourism next year?

>> right. definitely i would say that you know, watch out for the luxury goods as well as the higher end cosmetics. two favorite categories for tourists around the world, both i guess internationally as well as domestic tourism on the mainland recovers these are the two categories that you should watch for potential upside. >> our senior consumer technology analyst for bloomberg intelligence. coming up, the largest and last deal for some time in hong kong this year. this is bloomberg. ♪

>> here is a quick check of the business flash headlines. china evergrande group is planning to unveil a restructuring blueprint to creditors friday. according to sources, the firm is meeting with an ad hoc group of dollar bondholders to formally discuss a debt restructuring proposal. evergrande is the world's most indebted developer and its structuring would be one of china's biggest ever. sinopharm has abandoned the potential buyout of china tcm, bloomberg reporting the

controlling shareholder with tcm had been speaking with advisors about a possible new offer to buy out majority investors. sinopharm says it will not proceed with the buyout following what it called preliminary consideration. >> china sunshine insurance group is set to debut in hong kong later, the last big listing in the asia hub before the end of the year. equity capital markets reporter in hong kong with us now, and this is the last big listing sunshine insurance for the year, hardly a banner year when it comes to these listings. what have we seen in terms of demand? >> good morning. you are completely right. it has not been a good year for ipos in hong kong. it is fair to say it has not been the strong year for ipos anywhere, and what we have seen with this deal is quite good example of this moment here. we have the book of the shares that were actually offered and

bought within this ipo, 99% of those bought by institutional investors. there was very, very little interest on the retail side. if we actually look deeper into the details of the pricing after the deal was done, it was priced at the bottom of the offered range. we have seen a lot of these in hong kong with the same pattern when it comes to the price investors were willing to pay for those shares, and then, deeper in the amount of stop that the big investors took, the 10 biggest investors took pretty much 81% of the shares that were offered, that this is a very, very concentrated deal, even though it was a pretty big size of a close to $860 million. >> what does this say about the hong kong ipo market now? >> i think it is very interesting to see this is a big deal. it was the fourth largest in

hong kong this year. there is space, there is a window that is open for ipos to come to market now and december and we have seen several of them actually doing pre-marketing of their shares. a lot of smaller deals are actually pricing paired right now, the shares will start trading next week, so there is opportunity, window open in a better sentiment towards the chinese equities in general over the past two to three weeks, of the window is they are, but at the other side, you also know that investors are burned and have been hit hard throughout the year with these ipos and they're not willing to pay any price, so the fact that such an insurance places at the bottom of the range and has very, very strong interest mostly by institutional investors, i think it gives ver good picture of what we have seen throughout the year. -- a very good picture of what we have seen throughout the year. >> initial valuations was

multiple times these companies ended up with. is that a trend we expect to continue? >> it is a very interesting point, because you see when you talk to bankers and when you talk to investors that there is interest in companies to come to market, the companies are willing to put efforts and go on with their planned ipos, but at the same time in the big pressure? >> right. ♪ >> it is not easy to come to evaluation. >> that is it for bloomberg asia today. our markets coverage continues. bloomberg markets china open is next. this is bloomberg. ♪ why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how.

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hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, so let us focus on the how. i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized.

golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works.

>> happy friday morning from the asia-pacific. it is 9:00 a.m. in