>> welcome to daily -- daybreak

australia. >> we are counting down to asia's mega market opening. >> from the world headquarters in york i'm shery ahn, the top story this hour u.s. stocks drop in the fourth straight session. investors waiting for the boj decision as it draws to a close. >> twitter users above for elon musk to step down as ceo in a the billionaire pledge to respect. >> the january 6 panel recommends donald trump face criminal prosecution for his role in the u.s. capitol assault. this a be under pressure at one point falling as much as 1.4%, we're talking about the consumer discretionary stocks leading the declines. tesla rally on news that news -- on news that elon musk would step down. that faded throughout the session.

we had data that said u.s. homebuilding sentiment sank in december to the lowest in over a decade excluding the time during the pandemic. not surprising given how high mortgage rates are, as input cost continue to rise. the 10 year yield at a 362 levels, treasuries falling, you eight -- u.k. guild falling. there's been a lot of speculation if the doj would carry out a hawkish pivot. that is affecting the global bond market sentiment. we had a rebound in oil prices despite the broad risk off sentiment, yet the put this into context we are headed towards the second monthly loss for oil prices. >> very much looking to take those cues from the asia set up and what happened in the wall street session. kiwi stocks already online in the red. you mention what we are reporting on with the doj and the possibility that the prime

minister could add flex ability to the central bank's inflation target. that is something moving stocks as well in japan. take a look at this ticker that shows japanese bank futures. one of the very few in the green today. a spokesperson said no decision has been made on that and we have been watching the fluctuations in the yen. it is trading flat. we will see more moves today with the boj meeting. no change expected in rates. we are seeing a lot of international funds preparing for a possible surprise. this chart is looking a 10 year yen swaps, trading well above the line set in the sand set by policymakers in japan. that tells us a lot of investors are starting to position possibly for a change in policy. >> right, let's dive into what is happening with twitter, users have voted for elon musk to step

down as company ceo. 50% -- 58% of almost 16 million respondents favor and exit for the billionaire entrepreneur. will he follow through? muska has said he will be abiding by the results but this is elon musk. >> you never know, it would end 53 days of musk as the and -- as the topics -- reinstating banned users, then banning journalist, many believe musk was to step down. this was a good way to do it, just like you plan to sell stocks for tax purposes, putting out a pull to users saying, should he do it? this is the response to the poll on sunday when criticism was reaching a fever pitch. should he stepped out? 58% of 17.5 million votes favor

musk taking a step back from a leadership role. after putting up the pole, he said there was no clear replacement. almost all of the top rank was fired or resigned. he added in tweets over the weekend, nobody wants a job who could keep twitter alive. there is no successor. the company has been in the fast lane to bankruptcy since may. at one point he said it was losing $4 million a day. many people have raised their hands, these include some of the people such as jason, david, who had actually part of the friends of elon musk who helped him in october, early november to sort things out. all of this, no answer on who will step in. if there will be a replacement. we do not know what musk will do. we do know that this is taking a big toll on his personal net worth. it has to be taking a lot of his

mental real estate. there are many that believe he bit off more than he could chew, this is a very convenient way frame to step back just a bit. >> one of the biggest losers since he took over twitter has been tesla stock price. not just shareholders. we are hearing from elizabeth warren who is raising questions if years meeting obligations to the company and shareholders. >> elizabeth warren, a very influential lawmaker sent a letter to the tesla board on monday questioning if the ceo elon musk is meeting his legal obligation to the company and shareholders. she wrote as it -- that his actions as new ceo raised questions of possible violations of securities and other laws. she said despite widespread concerns it is unclear if the board is adequately governing the company. she said, she does not know if it has established clear rules and policies to address the risk

to tesla posed by musk's dual roles. investors and tesla have been very concerned about the dual role if we drop into the bloomberg you can see the stock has taken quite a beating. down 50% -- 57% your to date. losing out on the tech rally. a lot of the recent pressure came from musk himself selling 3.6 billion in stock for what many believe is likely an attempt to pay down the extreme debt load placed on twitter. back to you. >> su keenan with the latest on that drama. we continue to wait for a response out of elon musk. meantime to the ftx and the latest there, sam bankman-fried extradition to the u.s., has hit a snag in the bahamas courtroom. let's get the latest from the bahamas. was this a miscommunication? his lawyer did not seem to be aware of needing to be on the

same page. guest: the day definitely started -- for everyone in the courtroom. it seemed to suggest that he was not aware his client was supposed to be in court today, he said that while his client did make him aware, he would use his time to no longer fight extradition. he was axing to be extradited back to the u.s. -- asking to be extradited back to the u.s.. that was not his understanding into the courtroom today. that had laughter and years from the other side, making it clear that -- jeers from the side, making it clear that they would expect to hear the reversal of sbf's decision. it is rather interesting, right -- now they do not know what it will bring.

since the hearing this one their local reports that the lawyer did seem to speak with the u.s. lawyers and they are now on the same page. understanding what happened, why it is it took place, and there will be a hearing for extradition this week is still not yet certain. >> following the latest on that potential extradition. we are following politics in the u.s. as well. the house committee has unanimously recommended donald trump be prosecuted for his role the january 6 assault on the u.s. capitol. the first ever such a referral -- referral for u.s. president. let's bring in government reporter emily wilkins. give us the details of the commendation, and also what it means for 2024. guest: the recommendations amount to 4 different referrals to charges dealing with january

6 insurrection as well as the efforts to overturn the 2020 election decided for president biden. the committee caps off 1.5 years of effort taking into this. now the all is in the court of the justice department. they have already hired that special counsel, jack smith who has begun conducting an investigation into trump into what he did and did not do after the 2020 election leading up to the january 6 insurrection. part of this will be what the justice department eventually comes out -- up with. the january 6 committee work is done today. we are expecting a report from them later this week detailing the data and interviews they have done, anything that they can release that is nonclassified. we see that going into the justice department investigation in the future. >> she mentioned what this means for his candidacy. does this hurt him? does this potentially disqualify

him? does this hurt him politically, knowing that his campaign is taken a number of hits in the last few weeks or months? >> it is very likely this will impact donald trump in some way. the question is, how much? the most recent midterm, the candidates most vocal saying the point he election was stolen, acting up those pieces of conspiracy, -- backing up those pieces of conspiracy, none of those candidates formed well. democrats had a better night than expected, part of that is what happened around january 6 and the 2020 election. you have a mandate from voters and republicans are taking that the heart. it will be interesting to see what impact this haves on -- has on trump. he is battling headwinds from the republican party, after another year where they did not perform as they initially spec -- expected to. >> u.s. government reporter

emily wilkins with the latest. european nations have reached a deal to cap natural gas prices at 180 euros at natural gas kilowatt hour. maria tells us more. >> the european union has agreed to a landmark price cap that will be triggered if prices on the benchmark index goes jan -- beyond 180 euros for three days. it is initially lower than the first proposal. if two for two weeks or the spread compared to lng goes above 35 euros. this price cap better reflects the nature of the european energy market as it moves away from russian gas into lng while protecting the continent's economy from essex -- excessive market distortions.

there is a number of safeguards included in this cap. they make it clear that they have the right to halt the cap if the risk, when it comes to supply, begin to outweigh the benefits on the price point. nonetheless there are a lot of questions in terms of the real-life ramifications, implications, even the inaction of this plan. europe is gearing up to what will be a very challenging storage season for 2023. a landmark deal. nonetheless, a lot of questions to be answered. >> now over to vonnie quinn with the first world headlines. vonnie: police and security guards were deployed outside of the beijing -- moratorium to handle bodies of covid victims. they were overwhelmed with bodies after china scrapped most covid restrictions and they experienced a surge in cases. that accounts for just to cover

deaths in beijing over the weekend. chinese investors will be able to buy and sell shares with international companies with a primary listing in hong kong, security regulars in the cities -- preparations will take around three months with the official launch date to be announced later. the european commission warmed -- warned meta of a possible reach of antitrust rules. saying they may be squeezing out classified ad models by tying facebook workplace to its own -- the regulator has been investigating facebook since 2019. malaysian prime minister has won a confidence vote in parliament, it was expected after they had a pact last friday to ensure his administration completes a full five-year term.

it strengthens his mandate to formerly a budget for next year as malaysian steel with rising -- deal with rising living costs. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn, this is bloomberg. >> still ahead, boj decision day god, close to watch for speculators -- guide, and clues to watch for speculators. coming up next william tells us why he has cautious as market shift from inflation to looming in session -- recession. this is bloomberg. ♪

>> the market thanks the fed will blink -- thinks the fed will blink when unemployment rate goes up. they say the talk is tough, but when the going gets difficulty

fed will fold. that is one possible explosion, i do not believe that. metoo, they may have a more benign view about how inflation -- number two they may have a more benign view of how inflation will come down. >> i'll make it perfectly clear on this, we are not looking for a balance sheet session. it is very -- recession. it is very distinguished. it is not out of a price risk. >> shery: our next guest says they are worried about profit. william, good to have you with us. does this mean a longer bear market given that we already have a pretty long bull market? guest: it is an unfortunate possibility. we like most of the market, look for profits to decline the first half of next year and hopefully they will bottom in the market conditions after that. there is a risk that profit

decline takes longer, the economy is slowing. it. is always slowing very slowly. if that is the case we have a profit decline drug out over the next year. take a long time to shake out, the weakness throughout the year. we are looking for a profit decline of 20%, perhaps more, that will be a shock for next year. >> you are not buying the china reopening lines with the potential that the global economy could get a boost? guest: we think the market anticipated the reopening of the china market and the china covid. rules pretty well. the market rallied on rumors and speculation for the weeks leading up to covid zero. there is little more come over the bill is asian of the abandonment of the covid walls was held -- realization of the abandonments of the covid walls.

-- rules. there could be supply-side exhaustion and perhaps a pullback when china has to get to the reopening with hospitalizations. there could be some that causes optimism built around this trade. we are sellers -- rallied to the recent highs. on the back of this reopening. >> you are sitting close to 50% cash, is that a position that you are comfortable where a mobile cause you to deploy? >> our clients like our strategy. we can go to 50% cash, we are close to that now. most of 2022, the reason there,

with inflation being sticky and the associated interest rate increase with the areas to avoid technology stocks and growth stocks. we remain now, year into the market, but the rationale has. shifted. . we are less worried about inflation the short-term,. and the extent of rate rises. we are very concerned about the profit declines that we have talked about. some say the markets haven't dissipated profit declines. there is an element of truth to that, we do not believe they have anticipated how deep they will be and how long they will

last. we expect further weakest -- weakness that will play out the next few months as the market realizes how expensive our kits are once you pricing lower earnings level. >> it has become quite apparent the last few weeks the risk ability not just for economic recession, but for the profit and earnings recession to deepen. if you pitch that against the background of structural sticky inflation, that central banks will not be able to address, what does that mean in terms of your nuanced investment strategy? other places to hide? are there opportunities within that scenario? guest: on the structural inflation side, we expect it on a decades long. globalization and exporting of cheap goods from asia to countries like the u.s.. also democrat -- demographics in the western world, they are retiring and there are less young workers entering the workforce. shrinking workforce has more wage pressure and more inflation. with index we are in a period ourselves of cyclical disinflation against it. that means for us we are positioning for a weakness, and

least pressure on the right side. that points to a benefit of lower yield curves. we are at staples for low -- long utilities. we are in health care. as i've said we are soul on all minors recently. we have taken profit on banks that has done well. we are avoiding most discretionary stocks we think that is where the weakness will come. when we deploy overall, equity markets tend to bottom before earnings bottom maybe a month or two. with earnings to bottom around june of next year, you are looking for a period in the heat of that time to deploy into cyclicals and discretionary stocks to anticipate the strong week -- rebound of the weakness. >> is credit market pricing more appealing at the moment? guest: we believe so.

credit prices for most of your have been pressing a more pessimistic outlook for the economy -- earnings, sorry. we can get 8% on high-quality bonds. we think it does pretty good and absolute returns and a beach or in relative returns to equities -- beater in relative terms for equities. in terms of systemic events, if there is a systemic event we do expect central banks to step in with credit. we think credit is a better place to be exposed to. pension funds around the world to allocate more to bonds and away from equities into the beginning of next year and then it becomes -- obviously and a tall one for bonds. >> great to have you, william, get a roundup of the stories you need to know to get your day going. it is dayb .

you complain around the settings to get the industries and assets that matter to you. this is bloomberg. ♪

>> here is a quick check of the latest business flash headlines. could -- crypto exchange -- binance.us will buy voyager assets at a $1 million deal -- alien dollar deal. the sale -- billion dollar deal. it still needs u.s. court approval. they hope to give voyager users access to their assets in march. the legal battle between citigroup and revlon over the

$900 million payment error, has been dismissed after they returned the share of money city accidentally transferred to them. they made the transfer in august of 2020 while trying to afford an interest payment. coming up the boj is expected to keep monetary stimulus unchanged, as traders watch to -- for clues. your decision day guide is next. this is bloomberg. ♪

>> you are watching "bloomberg daybreak: australia," i am vonnie quinn. with the first word headlines. . >> they have recommended the donald trump be prosecuted in

this role for his assault on the u.s. capitol. is the first such referral of a former u.s. president adding to the legal input go troubles plaguing his 2024 election bid. a majority of respondents have voted for elon musk to step down from his role as head of twitter. in a poll he said he would respect. about 57% of the 17.5 million votes cast for him to step away from his leadership role. your beefy three days since he took office -- 53 days since he took the office. he faces charges including wire fraud. sam bacon free bahama lawyers -- sam bankman-fried's lawyer said he was nowhere from the -- of the plan.

they have reach a deal to cap oil and gas prices, at 180 euros a megawatt gas hours. the capsicum in lower than an earlier proposal by the european commission that would not have permitted -- prevented the price spikes earlier in the year. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: the boj is expected to keep policy unchanged when the meeting concludes later tuesday. the focus is on any hint of policy after the governor's term ends in april. kathleen hays is with us with a story. we have seen jump in the yen on potential changes in boj policy. really focus on the rise of inflation. guest: inflation is rising in

japan will above target, aggressive central bank hiking wherever you look, why would they not considerate when you see the inflation rate year-over-year is well above the 2% target? look at the bloomberg terminal chart. headline inflation of the 3.7% year-over-year. you could say energy prices are rising. but that's one side, takeout food prices. this is the core rate, up 3.6% year-over-year. this is the one you might think might move them. no, the governor has said repeatedly last few months he thinks number one this has to do with. import prices energy prices like i just said, will it be sustainable? possibly not. that is we need to see. even though the economy stronger now, what about the risk of a global recession? another thing they are focused on. another reason why they say no, no, no. we do not want to remove any stimulus right now.

finally the spring wage negotiations. those are key. every year big businesses, small businesses, sit. down with representatives of the workers. they look at the wage rises and try to get more. frequently, also always the companies have pushed back. there is hope this year with inflation in japan the wage negotiations might get a better outcome. that is another thing the boj is waiting to see so they can get sustainable inflation. another reason why no alterations in the yield curve today, and that -0.1 negative interest rate. shery: markets have heard about the changes to the structure of the function of boj policy. looking at when the next government takes over what changes could we see? guest: a pivot, that is half of what the watchers in tokyo do expect to happen. starting with bloomberg news, there are reports that the prime minister is considering initiating a policy review.

that would take a look at things -- at things like yield curve control. get some looking for a big break at some point. the 10 year jbb swap yields as well above the cash, showing they expect something like this. that would go with more flux ability on the yield control target. could they widen that? another -- another concern for the last couple of years is that the boj owns more and more of the outstanding jbbs. that number has climbed over 50%. that. impedes the function of the secondary market another reason why the boj has to be looking at that. haidi bloomberg economics hide -- policy editor, on the doj -- boj.you can find more and the commentary and analysis from our team of expert editors. when it comes the central bank,

bill believes the markets need to start listening to the fed. he tells us why investors are overly optimistic and what policymakers need to see before they consider a pivot. guest: better financial conditions to slow the economy down so there is less. . demand for labor that is why he let his press conference by pointing out the financial conditions ease and the federal reserve will have to do more. they target financial conditions, as we close down the economy. when bonds and stocks rally that is more for the dead to do --fed to do. >> i am confused by the bond and market response. they say there is more that they need to do, how do you understand that? guest: two possible explanations. one, marketing see fe -- thanks the fed will blink when it comes to job market.

they talk tough, but when it gets difficulty fed will fold. number two, they have a more benign view of how fast inflation will come down. the market is overweighting the improvement of goods price inflation. we knew it would come down. two reasons. the switching pandemic reduced the demand for goods and services. we knew some of the supply chain disruptions were normalized. the fact that used car prices are falling does not surprise anyone. >> people point to the fact that credit card receivables are going up, people are borrowing more, there will be a music stoppage at the beginning of the year. people will stop spending, perhaps they already are. how do you push back against that? saying there is more momentum and dynamic schism behind that -- dynamics behind that? guest: people's wages are going

a bit further than the were before. excess savings is coming down, but still there is $1.5 trillion in savings than what you expect if you had not had the large fiscal transfers. finally there will be more income for people caused by indexing. 8.7% increasing in social security next month. people will come -- go out and spend that money. >> wakanda recession do you see get -- what kind of recession do you see given the outcome you have set? with the momentum waning. guest: i do not see a recession quite yet. the economy has a considerable forward momentum. look at the atlanta fed. the economy will continue to grow for the first quarter. when the recession finally does occur it will be mild. the federal reserve is in

control. this recession as it occurs is to -- is by the fed to generate more slack in the labor market. they can relent. it will be around 500 basis points, plenty of room for the fed to cut rates to stimulate the economy when the time comes. the stock market is pretty buoyant given the fact that a recession is likely because they see the other side. haidi new york fed president bill dudley there, let's start -- stick with the fed, blackrock says they have no reason to be anything but hawkish window. -- right now. >> it is similar to what we hear from bill dudley. blackrock says anyone betting on a rabbit fall in inflation have it -- rapid fall in inflation have it wrong. from the chief income strategist, -- fixed income

strategist is to three reasons. geopolitical risks, demographics, the transition to net zero. blackrock says u.s. inflation will only be easing to 3.5% by the end of next year. that contrast what we see in the one-year cpi swaps just under two point. 4%. you have the breakevens that 2.1%, a sharp contrast there. what they recommend, basically, no maximum overweight on inflation protected securities. we have seen the global inflation linked index tumbling this year. we have seen a little bit of a turnaround in this quarter. haidi: if you do not like the narrative kkr has the opposite thesis. guest: that is right. they say we have seen the worst of the inflation pressures of the market. on top of that recession peers are less all binance -- ominous. we see the 10 year breakeven

rate slumping given that we have seen the cpi data released last week. kkr cutting inflation forecast for the year two 3.9% for 23 -- to 3.9% for 23. given the context of what kkr is recommending they are saying invest in areas like structure, private credit, if you are interested in loading up on equities. go into life sciences data security, and also energy security. haidi: deal completion rates bouncing back to pre-covered levels in australia, we are back with the m&a outlook. this is bloomberg. ♪

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haidi: australia's foreign minister is visiting beijing today in the first trip of a's -- top australia diplomatic to the capital and four years. the significance of the visit ties in very nicely with the anniversary commemorating of china australia ties. there is a lot of stake at -- at stake as well. >> absolute, what we've seen in

six months is the rapid turnaround in australia china relations. from the days of genuine -- january, the days of february come to this almost slight recess -- reset to this warmer relationship. we look forward to is the relaxation of trade ties or any news about the 1 journalist, 1 writer that are currently held in china from australia. >> have we seen anything concrete about improving relations? guest: so far at this stage, what we see is an increased happiness to have people do more diplomatic engagement between the two countries. there has been defense talks, foreign affairs talks. those trade measures that will put in place honest this trillion exports in 2020 on wine and barley have not been relaxed.

although the australian government says they are hopeful on seeing action on those there is a wto court case early next year that might force china's hand if there is not more action taken before then. haidi: with scott there, as we continue to watch for the outcome on these very critical talks. now looking at the deal space our next guest expects m&a in these markets will rebound in the year ahead. it is not just the rebound from the pandemic, it has been a very challenging year for financial markets. do you see that being reflected in the level of activity? guest: absolutely. what we saw in 2021 was an absolute bumper year for m&a in australia. we see a slight decline in terms of the levels of m&a activity here.

part of that is there are a bunch of challenging headwinds that are coming our way. high interest rates, inflationary pressures that make the cost of acquisitions and financing more expensive. additionally geopolitical uncertainty in parts of the world. that is not always a bad news story. it means some sectors will become more active and more sought-after. it does mean doing deals this year will be more challenging than it has been in the past. haidi: you talk about the geopolitical element and this number jumped out. basically over city 5% -- 65% of all activity accounted by australian bidders, that is a big jump up. with china we are talking about the torrent in -- detante in the china industry leah ties. -- china and australia ties.

>> i expected with china and u.s., as you say, some of the geopolitical tensions not just in relation to our internal settings on regulatory approvals. also in terms of china's outbound investment policy has led to a decline. i am hopeful with the softening and thawing of aussie relations we will see a pickup in that sector. shery: given the challenges we have seen this year, how important is the timing and the form of that arrangement right? guest: i think it is critical. this year there is going to be, we as dealmakers and advisors will have to work really hard for our clients to make deals happen. what we see, especially with a rise in interest rates and the cost of acquisition finance,

increasing, what you can get debt to do m&a, which do need is to bridge the valuation gap. much like buying and selling houses in australia, you have buyers working off of a 2021 -- sellers working off of 2021 multiples hoping to get value on markets acquisitions. what we have to do is close the valuation gap enbridge it. you have to come up -- and bridge it. you have to come up with interesting valuation structures to share risk. shery: what do you see right now? guest: huge amount of interest and energy resources. oil and gas, in particular. a lot of competition in for oil and gas assets. the tech market has started to come down again in terms of valuation. making it attractive in terms of buyers. anything that is esg driven or

related in the renewable space or goes towards improving accompanies esg is incredibly popular. haidi: what would you say is the fx impacts? guest: it has made australia a more attractive jurisdiction where the currency is stronger. u.s. buyers will find doing dealers -- deals in australia at this juncture much more affordable. we are starting to see strategic buyers, particularly united states will be picking up in deal activity. haidi: that is just one element of it. traditionally we have seen a lot of capital from america. are there changes in the pipeline that could make things more attracted to asian bidders? guest: regulatory settings are jurisdictional. . agnostic what drives it is the synergies you get when assets in

certain jurisdictions. i expect australia is an attractive jurisdiction in terms of its energy and natural resources. countries that are closer and do not have that sort of security or supply in the asia-pacific region might start to look very closely at australian assets and supplies. to be able to provide the energy needs they provide. haidi: one of the interesting things is the rise of shareholder activism particular cross esg energy. is that something you expect more of? how does that challenge how you do business? guest: i expected to increase, is the number one issue before boards and clients at the moment. in terms of how we deal with it, you have to act in the best interest of all your stakeholders. taking into account not just shareholder value, but doing the right thing from a corporate governance perspective as well. haidi: great to have you. take a look at some of the

stocks we are watching when trading opens in australia in 10 minutes. joining forces in japan with mitsubishi and a european steelmaker to -- watching others as well. we see the iron ore rally on shaky ground. the covid zero reopening virus bracing for china, creating a lot of concerns about disruptions. a lot to cover on daybreak. this is bloomberg. ♪

haidi: you are watching "bloomberg daybreak: australia," 2023 might offer plenty of bright spots in the riskiest of emerging debt. bloomberg showing the tiniest portion of -- $1.3 billion out of almost 118 billion in total sovereign bonds. this means investors can cash in on high-yielding -- with fewer principal payments to worry about. let's take a look at an example. ghana with a 149 early dollar

bond doing august -- million dollar bond doing august. it puts in the potential up a tent -- a $3 billion credit facility from the imf, subject to agreement with external creditors. >> in the next hour will be speaking with pakistan's foreign minister as the country next to recover following the devastating floods. catch that conversation on "bloomberg daybreak: australia." at the times on your screen. they are seeking to raise as much as a billion dollars with an offshore loan. it could be one to five years and pricing details are yet to be decided. india's biggest private sector -- an increase of credit demand. they are building a new plan for metal that can be delivered on.

the london metal exchange. sources say, the holding group is setting up a factory in indonesia to produce 50,000 tons of refined nickel a year. they will be trading on the lme and avoiding short squeezes. it triggered a record plunge in the stock. the security exchange commission, said the overrun is an area of concern as it launched the inquiry. the issue sparked questions over the corporate governance and fiscal control. shery: looking at currency markets at the moment. not a lot of moving when it came to the u.s. dollar in today's session. investors try to figure out, if global rates are going from here, on the otherside the trade the aussie is holding steady. kiwi dollar very interesting under pressure today. some consolidation after 8

straight weeks of gains. longest winning streak since 2009, look at the asian markets setting up. futures looking like this under pressure 0.1%, stocks not changing much, nikkei futures down a little bit ahead of the boj decision. the expectation is not for a change this time around. what happens after the governor leaves in april? that is it for "bloomberg daybreak: australia." daybreak australia's net -- daybreak asia is next. this is bloomberg. ♪ if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more.

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>> you are watching "bloomberg daybreak: asia"