♪ >> good morning and welcome.

annabelle: county data asia's major market opens. haidi: the top story this hour, u.s. stocks drop as economic data sparks fresh concerns the fed has further to go on hiking. china looks to cut quarantines for overseas travelers as they dismantle the last pillars of covid zero. . shery: sam bankman-fried. this was the close on wall street. a reversal from the relative calm we had previously. s&p 500 at one falling 3%. nasdaq falling about 4%. concerns that the fed was not done tightening. initial jobless claims rising. third quarter gdp numbers were revised upwards.

gloomy economic outlook when it came to micron. not helping market sentiment. 10 year yield holding a 360. two year yields rising across the board. oil prices under pressure at around 77 u.s. dollars. struggling in today's session. low-volume today not only because we are headed towards a holiday, but it seems throughout the year, liquidity has been pretty thin. leading to more exacerbation of price swings. haidi: looking at asian trading, we are looking at cues from the wall street session. futures pointing to a weaker start. kiwi stocks already trading online. not much to move the needle because we have japan inflation data that is the key data point for us today. the core rating is expected to have accelerated to its highest

level since the 1980's. the first major test of the boj's yield curve control policy settings because we of already seen the 10 year trade swot markets saying it has got further decline. markets have been moving off the expectation the fed will start to cut rates. we look at this terminal chart and you can see why. bloomberg intelligence says investors could be jumping the gun. this looks at u.s. financial conditions. you can see that easing. the 50 day moving average is now below the 100 day moving average. bloomberg intelligence says this could be the excuse the fed needs to keep rates higher for longer. actually, they say rates will stay elevated throughout 2023. rate cuts will only started 2024. you covered the reaction we had in the markets to the economic data thursday telling us as well that the fed may still need to

keep tightening. shery: let's delve into that. let's bring in emily graffeo. we just talked about the numbers we saw today, but more eco-data out friday. >> we still have sin holiday trading but it was hard to ignore the fact that stocks continued to decline after the open once we had all of that that economic data. the upper gdp revision and the jobless claims painting this picture of a more resilient economy. meaning, the fed can continue to tighten. we have been talking a lot about recession and bad news is bad news. interesting to see this good news was also interpreted as bad news by the market. that really underscores the negative pessimism we are having as we head into the year. that seasonal rally has not materialized, so there is more risk off. i was talking to sources, david tepper made comments. he is a big voice.

comments that he is lightening up on equities going a little short. that added to risk off sentiment today. haidi: for all of us, it has felt like a volatile year. the leaks has not always reflected that. what a bc for the coming year? >> it has been interesting to watch the vix. as measures of rates volatility have been high, the vix has been relatively muted. experts say you need to see the vix cross 40 but we have not seen its top 36. to some that means it has to get higher before we reach a stock market bottom. others are saying maybe the relationship between stock market bottoms in the vix is changing. my colleague broke this down on bloomberg news, talking about how the muted vix may just be a

sign that the investment community is hedging differently. for example, short dated options contracts. the vix has calculated not using those options, but using options that expire 23 to 37 days into the future. short dated options activity still reflecting market anxiety. but it is not reflected in the actual vix, which points to the fact that maybe it is not the gauge of stock market volatility that it always has been. >> with the wrap of the overnight market action. so much of what happens for investors next year is tantamount to what happens in china. the country is planning to cut quarantines retirements for overseas travelers starting january. let's get details from emma o'brien.

i suppose part of the pressure is also that lunar new year is earlier. is that propelling officials to dismantle this last piece of covid zero? >> potentially. but i do think it is in line with this rapid about to they have made away from covid zero. this is the last real restriction left when you have basically all the internal restrictions, lockdowns, mass testing, all of that is gone. it doesn't make sense to still have restrictions at the border when you have covid running rampant internally anyway. shery: we have new analysis that perhaps covid deaths could be much larger than what official numbers are saying. >> that's right.

official numbers have been unreliable for some time. they reined in the number of cases, or the way they report cases a week ago. quite controversially, they narrowed very strongly the definition of a covid death. the country is very much an outlier in the way it counts fatalities. they cannot rely on the official data, which makes -- important. affinity is a london-based research firm that has come to the fore. they are saying china is likely experiencing one million covid infections a day right. and 5000 deaths. the official numbers are just 16 covid deaths. since the reopening. a huge disparity there. particularly when you are hearing about pressure on

crematorium's. bodies being left around hospitals. mortuaries overflowing in beijing. and now increasingly shanghai. haidi: we are hearing so many reports of pharmacies not having enough stock there is a pretty vibrant black market for antivirals. the u.s. says it is willing to help china with vaccines. what are the chances that the party will be able to extend that request for foreign vaccines? >> highly unlikely. if they were going to utilize foreign vaccines, they would have done so by now. it really doesn't fit with the politics of china. prevailing over this disease and going it alone. they stick by their locally made

vaccines even though they have been proven less effective. there is a sense that the u.s. is using this a little bit of poke china, given the efficacy of their vaccine and the position that they are in. it is highly unlikely china will avail itself of any u.s. vaccines. haidi: emma o'brien with the latest. let's get over to su keenan with headlines. su: fcx co-founder sam bankman-fried has been released on $250 million bail after his first u.s. court appearance on fraud charges. a prosecutor calls it one of the largest pretrial bonds in u.s. history. the package includes a personal bond from his parents. it's terms require him to stay with them and submit to electronic monitoring. his next appearance is january

3. the u.s. senate has passed a more than 1.7 trillion dollars government funding bill, boosting aid for ukraine. the bill sends $47 billion to help ukraine defense a day after volodymyr zelenskyy addressed congress and changes the way presidential elections are counted. to say the vice president has no power to overturn electoral votes. the legislation passed 68-29. former japanese finance minister says the bank of japan may surprise markets again by tightening monetary policy has soonest next month. he has told bloomberg that the boj governor has begun to expedite policy normalization with this week's move to widen the yield trading band. in may, -- predictably corrected japan's currency would weaken.

here is his latest prediction. >> it is now 135? 132? it will probably slowly appreciate. i think it will hold around 120 for some time. su: the guggenheim partners chief investment officer scott -- has died. guggenheim says he died after a heart attack during his regular work. he became one of the leaders in fixed income through the 1980's and 1990's during students at merrill lynch, morgan stanley and credit suisse. he was 63. 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 su keenan. this is bloomberg. ♪

>> still ahead, australia is likely to avoid recession despite rapid rate rises. up next, optimal capital explains why they think the pivot trade has strength despite hawkish rhetoric from central banks. this is bloomberg. ♪

>> with the were in ukraine, inflation running, the backdrop of strikes, it is a tough environment. businesses and consumers do not like uncertainty. >> let's bring in our next guest, francis stacy. director of strategy at optimal capital. good to have you. it has been an unusual december. still down on u.s. stocks. it has historically been a good month for the equities space. do we have room for a santa claus rally? are we done? >> tough to say. we only have a few trading sessions left on the year. i think yesterday was a bit of a santa claus rally. and it is a little news driven. volumes have remained steady.

and the overall sense, as long as the fed continues to tighten, as long as the fed continues to reduce the balance sheet we don't have this fiscal package yet coming through, it hasn't been passed by the house, the s&p 500, we do a chart that overlays, the s&p 500 empirically tracks with the balance sheet. if you are reducing overall liquidity in the system, i don't think we have seen a bottom before the fed stops tightening. shery: we are awaiting from capitol hill and president biden. how does that offset the work some of the fed has been doing in tightening conditions? >> if you think of inflation in the general sense, you think about the amount of money juxtaposed with goods and services. the fed is trying to reduce the amount of money in the system to reduce pricing and reduce

demand. when the fiscal stimulus comes in and puts money into the system, that's stimulus. if that full package ends up going through the house and getting past, they are going to wait over time those funds are going to be spent but it is going to allow the fed to remain tighter for longer because that package is going to be compensated for the liquidity the fed is taking out of the of the balance sheet -- via the balance sheet. haidi: we have heard from b of a that maybe we see a return of 60-40 look at this chart. in terms of how poorly that play has performed, if that was a portfolio following that strategy in terms of the biggest drop. we are expecting the biggest drop since 2008. do you see a return to the ability to generate positive returns for 2023?

>> i don't know about positive returns but i think bonds have bottomed out, which would help the 60/40 despite the fact that i am not sure we have seen the low in equities thus far. the pivot trade has been -- look, if you look at the reversal in gold and silver and the 10 year, and the dollar, and bonds. these are the classic, quintessential if it type securities i have been watching. you really look at it and you can just see that these markets are anticipating the fed is not going to be able to continue being that tight. these things have bottomed out in anticipation that some credit event is going to preclude the fed from really doing what they want to do. the fiscal package could change that a little bit that i think due to the fact that bonds have slightly bottomed and rates have peaked in this cycle because

markets are anticipatory, i think the 60/40 performance is going to improve next year. haidi: there has been recent optimism in the light of the numbers out of nike and fedex, does that depend on how we get through this holiday season? do we continue to see household spending resilience next year? >> the economy is divided. you look at the lower 60% to largely do not have assets, 61% of the country is living paycheck-to-paycheck. they are putting things on credit cards. credit card debt servicing is getting more onerous with every rate increase. inflation, although it probably peaked in june, is still 7.1%. prices are going up, debt service is going up. the lower 60% is going to fall off.

the upper 40% had a bit of a stockmarket rally in october and through december 1. there doing less bad. they own assets. they are able to spend. you have to bifurcate society into those two factions. i do think we are tracking negative growth in the first quarter of next year. i think that is going to weigh heavily on earnings. i also think these huge inventories that are being discounted because they had the inventory glut from the delayed inventories of covid, they are probably not being purchased at the rate these discounts would have been purchased previously. i think you're going to see margin compression. we are going to see more companies guiding lower. we are going to see more companies -- the labor market. more layoffs. i have for the narrative, is the bottom in? does that mean because the pivot trade has occurred, the bottom

is in? if you overlay the s&p 500 chart with the balance sheet, you can see probably it is unlikely given the balance sheet seems to drive and afflict entity that it overcomes other things. >> francis stacy. get a round up of the story as need in today's edition of daybreak. you can customize your settings so you only get the news on the industries and assets that you care about it this is bloomberg. ♪

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shery: sam bankman-fried has been released on $250 million bail after making his first u.s. court appearance on fraud charges. the details from eva -- he is finally in the u.s. he appeared in court. what happened? >> he arrived from the bahamas last night. after consenting to extradition. appearing in the southern district court of new york on a eight count indictment for fraud. it was a quick hearing. his lawyers and prosecutors had been hashing out a male deal for the past few days. he appeared in court. his lawyers did the talking. they presented a 15 condition bail package which included putting up $250 million. if he breaches those conditions were does not turn up in court in the future. he also has to live with his parents in california and is subject to electronic monitoring and essentially lives under home

detention. >> what comes next? >> he has to appear in court in january. but, all eyes are on with the prosecutors are going to do next. we saw overnight that the u.s. attorney's office announced it had two of sam bankman-fried's closest associates on board as cooperating witnesses. everyone is wondering who is wondering who was going to be next. the u.s. attorney in the southern district of new york has hinted that further charges could be laid in the future. it was mentioned in court today that there are dozens of witnesses cooperating. shery: the latest on sam bankman-fried. here's the latest business flash headlines. tiktok's parent bytedance saying some staffers inappropriately accessed data from american users. in a memo, the ceo said the

individual misused their authority to gain access. a separate email from tiktok says this stems from an internal probe looking for employee leaks to the press. bhp will stand trial in the u.k. over a 2015 dam collapse in brazil. the u.k. judge set a trial date of april 2024 with around 400,000 claimants seeking $12 million. according to a firm, it will be the largest group litigation in english civil court history. mitsubishi says it sees further share buybacks as it's a deal to sell a u.s. regional lender adds to a growing cash pile. the ceo calls them a very good investment because they are cheap. his comments underscore the challenges facing japan's

tickets banks as they weigh how to invest among low interest rates and tepid demand at home. coming up, the outlook for central banks and inflation in 2023 with richard yetsenga. this is bloomberg. ♪

>> you are watching daybreak australia. bloomberg has learned china

plans to cut quarantine requirements for overseas travelers in january. the requirement to spend time in a quarantine hotel or isolation facility would be scrapped, with rivals -- arrivals into the country subject to three days of monitoring. they currently isolate for as many as eight days. the chinese premier has ordered hong kong's leader to consolidate the city's role as an international hub, while further integrating with the mainland's development plans. the hong kong chief executive is on his first official visit to beijing since taking office. he will reportedly meet friday with the president to report on hong kong's covid controls and economic situation. a monstrous once in a decade winter storm is battering much of the central u.s., with snow and frigid temperatures. thousands of flights are canceled with those through chicago and denver the most affected.

the american automobile association says more than one hunter 12 million people plan to travel at least 80 kilometers at some point to the holiday period . >> if you have travel plans, leave now. not a joke. i am telling my staff, if they have plans to leave tomorrow, late tonight, leave now. su: 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 su keenan, this is bloomberg. shery: tech stocks are heading for the worst december since the bubble burst two decades ago. let us discuss with annabelle. any relief in sight? >> not really, unfortunately. essentially, what is driving,

you mentioned the moves and yields, that put pressure on the tech stocks. the data that came out telling us the economy is holding up well, the fed is going to need meeting to stay aggressive. that is one thing strategists are looking at, including those in integrity asset management. the other factor is weaker corporate outlooks like micron sibling the next few months will be bumpy. that has led to the moves and the nasdaq over the course of december, we have seen it raising the rally ahead in november, down nearly 9% just over the past few weeks. take a look at the terminal chart, you see the concern showing up across the tech space. we are seeing bearish interest in tech stocks, including etf qqq. interest is added to get high. citigroup says we see more of a selloff, it will only put further pressure on those investors with long positions and they could be forced to capitulate. haidi: what about the outlook

when it comes to 60/40? annabelle: taking a look at the terminal chart, we are looking at one of the worst years for a 60/40 portfolio since the financial crisis. stocks and bonds are traveling in tandem, that has been a reflection of rising interest rates, the tight relationship. some relief could be on the way, with investors starting to position for a rally in bonds. one of those is bank of america's chief investment strategist, he says putting 60% into stocks, 40% into bonds should generate positive returns into next year. the reason he says that is because he says we will see a move higher for bonds or rally in the first half, that'll be down to recession that will last around six to nine months, but it will not be too deep or scarring. he says off of that, stocks will move higher in the second half of next year and that will be because we are seeing the peak of interest rates, plus we will

have the worst behind us for corporate profits. shery: let us turn to japan, the former vice finance minister says the boj may surprise markets again by tightening monetary policy as soon as next month. he also told us how far he sees the japanese currency strengthening is the boj backs away from ultra dovish policy. >> it is now 135 or something, right? probably slowly appreciate to 130. >> what is going to drive it beyond there, or is that the level we will see the yen hold out for some time? >> i think it will hold around 120 for some time. >> in terms of the next meeting in january, is because the boj,

because kuroda made this move of widening yield curve control, is that possible there could be another shift in policy on the table in january? >> it is possible, but i do not see any concrete move at this moment. that kuroda may move at the next meeting. >> if you did, what would he do? move on the negative rate, widen the ycc band again? >> maybe he would widen the band , but it is very difficult to predict that at this moment. >> it is a pretty basic question, is it clear that policy normalization has already begun? >> i think so. kuroda was quite aware of that, he has expediting the policy normalization.

haidi: that was the former japanese vice finance minister speaking with colleen. let us take a look ahead to the global economy. they say 2023 will be defined by how will central banks have calculated the tightening of the past 12 months and the additional tightening expected in the first half. richard yetsenga, great to have you with us. i have to say the boj surprise has made people question, just in the past few days, the stability of central-bank trajectory going into next year. has that changed your views as to the potential of volatility and the potential for policy missteps? richard: not really, to be honest. the timing of the boj was always difficult to pin down. if they take another step soon, is difficult to be confident about exactly when that might happen.

it is part of this global trend of central banks trying to deal with inflation challenge and move away from policy standings put in place during the pandemic. even the u.s. numbers last night highlight that, while the inflation shock has been a surprise, a degree of monetary tightening has been a surprise, the way activity has handled the aggressive tightening has continued to surprise. economies continue to do relatively well, despite the tightening cycle. haidi: how do you characterize the china card? does it go back to the cyclical growth element that we had in previous global recessions? do you worry about the inflationary upside in the second half? richard: look, i think firstly, while terrible for china, we should be a little bit thankful china was economically softer,

because the world already had an inflation problem and commodity price challenge, all of those would have been bigger if china had been growing more strongly. i am in the camp that says china will be recovering most of next year, that will probably be the time monetary tightening is fighting hardest in places like the u.s., u.k., new zealand, australia. that will provide a bit of a buffer for the global economy. the next couple months is going to be rocky, we know the exit from zero covid -- every other economy that has done it, it has been challenging. but we have a reasonable template for what things look like once you get through the worst of the rapids into get to clearwater. shery: it has been interesting december. a month that usually does well for risk assets, does it surprise you that, given what you are saying about economic activity remain resilient, the sentiment has taken a hit? richard: i think -- it is a

great point. i think it is calibrating this issue of how successful central banks are in achieving their mandates. it is amazing -- i think it is amazing people still talk about inflation as being primarily supply-side driven, when we have had these really -- in the context of recent decades, enormous monetary policy tightening. yet, demand remains resilient. i think demand is a big source of the inflation challenge, and what you will see next year probably is yes, inflation comes down. but it does not come back to target. that is going to be the next hard message the market has to digest. shery: where does that leave the u.s. dollar on the other side of the break ways and, commodities -- of the equation, commodities? richard: the boj spoke about in

the precursor is a part of that, it has been a sequence of factors that have drove the u.s. dollar haven story for eight or nine months of calendar 2022. part of that is the boj policy, part of that was fears about the war in europe might escalate beyond the countries involved. supply-side pressure on commodities, geopolitical challenges. none of those issues really evaporated, but certainly they all diminished in a way that has taken away the dull exceptionalism. the fed is not the only game in town, the reserve bank of new zealand, the ecb, a range of central banks are still delivering tightening. i think the u.s. dollar has picked for the cycle. it would not -- the fed will need to deliver easing for that

to happen, which is a long way away. haidi: what about australia's economic exceptionalism? even prior to covid zero being dismantled, looked like we were well placed to avoid a recession. does this mean there will be more economic upside coming from china next year? richard: china will help, obviously. it is hard to say australia has had a badger on the commodity price side. cole, gold have been at exceptional levels. lithium prices of many fold over the course of the last couple years. i think china's opening will be more a global story than a singular australia story. certainly, the return of china's tourists will be very welcomed. i think the recession question and australia is just more about, can policymakers

successfully calibrate the shift to the right policy settings, which get inflation back to target without overdoing things too much? haidi: great to have you for this final conversation for 2022. you can watch us live and see past interviews on the interactive tv function, you can dive into any of those securities on the bloomberg functions, plus become part of the conversation. send this instant messages during our shows, this is for bloomberg subscribers only. this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect.

haidi: the guggenheim partners chief investment partner has died. they say he died after a heart

attack during his regular workout. here is a look back at his life and legacy. >> he climbed the corporate finance letter to become a founding and managing partner at guggenheim. he was regarded as one of the most respected voices on the fixed income market over the last decade, and a much sought after guest by financial media, including bloomberg television, for his view on markets. his first job was at price waterhouse, which gave him the opportunity to analyze hundreds of financial statements, something that benefited him later as cio for guggenheim. while still in his early 30's, he became the global head of fixed income at credit suisse, working for a legendary investor bob diamond. despite his incredible early success, the age of 37, he decided to move to l.a. with plans to retire. in 2000, he met members of the guggenheim family and became one

of the founders of guggenheim partners. in a statement, guggenheim partners ceo says scott was a key innovator and leader who was instrumental in building guggenheim investments into the global business it is today. >> it probably affected the way i looked at all investments going forward, which was not to just listen to conventional wisdom of what everybody else was saying, but to take what they were saying and, in reality, challenge it.

shery: here is a quick check of the latest business flash headlines. the u.s. senate finance committee is launching an investigation into whether a major automaker, such as ford, gm and tesla are using parts made with forced labor from a chinese region. according to the committee chair, it follows a report from the u.k. ship field university. they found links between companies operating there and the import of parts by u.s. automakers. the flight attendant union says it will implement a work to rule campaign that limits employees to doing nothing more than what is contractually required for their jobs. the action escalates a dispute with hong kong's main airline, failing to resolve key issues.

the union saw changes to permanent salary cuts and rest periods during stopovers. goldman sachs is in discussions with investors around selling $4 billion of subordinated debt to help by lenders in the buyout of citrix systems. we are told the timing depends on the release of audited financials. a sale would clear most of what remains of the 6.5 billion dollars of citrix financing initially left stuck on lender balance sheets. haidi: we are counting down to the start of trading and australia, one we are watching is bhp, it will face a civil trial in 2024 over its role in the mine disaster in brazil almost nine years ago. claimants are seeking $12 billion in damages. have we heard from them? >> we have, bhp refutes the claim. this action is being brought by

the u.k. law firm, representing 400,000 brazilian claimants, which makes this the largest civil litigation in u.k. civil law history. so a very big lawsuit, $12 billion. they say this is completely unnecessary, there's a get duplicates issues already covered by the legal proceedings in brazil. also, work is being done by the renova foundation, which is set up to work on remediation efforts under the supervision of brazilian courts. all of this relates to the mining disaster nine years ago when it collapsed, the waste headed downstream destroyed towns, 19 people were killed in that disaster. so damages sought, but the hearing is a long way away, 16 months off. there is no mention of valet in this, which was a joint venture partner. it is asking, should they lose, it shares some of the burden of the claim. shery: paul allen joining us

with the latest on bhp, take a look at how asian markets are setting up. we've seen a lot of downside pressure when it comes to wall street, with the s&p 500 falling as much as 3% before trimming losses. we are seeing stocks down half a percent, sydney futures also pointing downwards, about 7/10 of 1%. we continue to see a little bit of strength in the aussie dollar , it is sitting at 67 u.s. cents after more optimism about growth support measures coming from china. still, the broad picture across assets is not looking that risk on, given what we have seen in terms of u.s. economic data and concerns the fed perhaps has a ways to go when it comes to tightening. we had positive jobless claims numbers, not to mention third-quarter gdp number. we are awaiting the open of japan as futures are pointing downwards.

haidi: take a look, we are seeing this play out. a lot of this is weighing on the 2023 trajectory of the u.s. dollar, but we did see the most recent trading action, basically all except for the yen. the u.s. eco-data really continuing to stoke these, we will hear about the gdp update for the third quarter firmer than previously anticipated. this is contributing to more worries the fed will stay aggressive as policy titans, we have seen that repressing on the hawkish downs shift in policy. we also saw slippage when it comes to others like the pound after u.k. gdp came in worse than expected. the kiwi dollar seeing an upside, just shy of 63 u.s. cents. you see the dollar and largely trading unchanged. that is certainly one of the pairs we continue to watch after we saw the further yen strengthening on the thursday

session. this week, we have seen the strongest levels for the yen since august, following the surprise boj meeting. we heard from the former vice finance ministers say there was potential for them to raise the cap on 10 year bond yields again , he sees it leading 122 the dollar. shery: we expect the core cpi numbers out of japan, we expect to see core inflation at the highest since 1981. what a year it has been. we went from inflation to recession concerns, now the end of 2022. it feels surreal. this will be the last daybreak chauffeur 2022, we are off next week. but i am starting to get a little worried about the holidays. we are seeing this once in a decade monstrous storm here in the u.s.. it is supposed to come to new york, i am hearing the central u.s. is already seeing repercussions of that. even president biden coming out and urging travelers to leave now, because it will get bad.

saying this is serious stuff, more than 3600 flights have been canceled through saturday. i am hoping and crossing my fingers my holidays do not get ruined, because i am traveling and getting on a plane. haidi: we've been talking about your holiday travels, i hope that is not disrupted. it will cause a lot of headaches. everyone needs a break after the past few years. cost-of-living pressures, flights are so expensive at the moment. overlay that with all of the weather and climate concerns in the u.s., we are seeing prospects of the deep-freeze in the u.k. and transport strikes and other strikes affecting both the u.k. and france. it certainly is going to be a testy travel holiday season, for those on the road. we hope everything goes well and everyone stays safe and enjoys this much needed break.

it has been quite a year to contend with. shery: 2023 might get even busier. we are not done yet. come back in january, there will be more news. we are headed from inflation to recession concerns, is this a thing next year? stick around with daybreak: asia and daybreak australia. this is bloomberg. ♪

>> y