♪ >> you are watching daybreak asia live from new york, sydney

and hong kong. we are counting down to the market open in tokyo and seoul. australia has just come online. top stories, u.s. inflation stays sticky. fed officials addressing the need for higher rates. set to face take grilling from lawmakers, speculation mounts that he will not be offered another term. the u.s. says three objects shot down were not spy craft as washington and beijing aim to deflate tensions. shery: we start you off with breaking news out of south korea. jobless rate for the month of january at 2.9%. this is lower than economists had expected. it is also lower than the previous month. we have seen these levels back in november and the jobless rate rose but most of 2022 has been under 3%. south korea adding 411 thousand

jobs in january from a year earlier. we have will be watching the details including youth unemployment, which has remained high as compared to other sectors of the population in south korea. annabelle: yes, we have the open in korea. in terms of what we have in australia, a busy day for the asx 200. we have earnings coming in across the ticker including cba. we are a few minutes away from the start of trading. 30 seconds with a staggered start. other companies reporting fortescue wesfarmers among them. the direction for stocks will be led by the u.s. close. we saw wall street gaining into the end of the day's trade. in the asx 200 coming online marginally higher at the start of today's trading. domestically we have the governor. yesterday all about the boj, today, the rba.

he is facing to parliamentary grilling sputum more details just ahead. let's just bring back the ticker. and check how the stock has come online. the revenue met forecast. it was buttressed by rising heights from the rbf. we are seeing ages decline 4.5%. broadly, the big focus for today's trading is coming down to those inflation numbers. they were still hot. cpi print. you had officials saying we are nearing the end of the tightening cycle. that was something that gave me optimism, particularly noticing that in the direction for yields on saturday, treasury yields climbing. you can get through all the details we saw it led by the short end of the curve and reflected in kiwi debt. shery: i love you setting it up for me, but you're talking about philadelphia fed president, right? his comments allowed

investors to call back losses in the morning. we had the dallas fed president, the richmond fed president with a clear message rates could be higher for longer. as a belt mentioned, the cpi print did not help. equity bulls were focused on core services minus housing. really adding too bullish sentiment in the markets. not really sustained in the after hours. u.s. futures right now as we open in asia, talking about pressure for those futures right now we finished the session pretty mixed. crewed prices continue to fall. we had seen investors reacting to the u.s. selling more oil from strategic reserves. let's delve into those cpi numbers. global economics and policy editor kathleen hays is here. i mentioned super court cpi but there are other prints and the fact remains that the numbers are pretty elevated.

kathleen: they are elevated. big numbers, year-over-year numbers for headline inflation, core inflation, those have to come down. if they are coming down and jay powell has pointed out that the core services minus shelter makes up more than half of what goes into cpi. that is why he is watching so closely. if that does not come down and continue to come down, these numbers will not improve. and we can see here on the headline, a little improvement. one tent is nice but it's continuing to drop sharply in i don't know what i'm seeing here. core cpi coming down, but within there, you can see core services like shelter coming down. that's enough -- not enough to bring the index down. .5 on cpi for the month. that .1 increase, not very big. it used to be for december and -0.1. that is no longer as good.

core cpi is about double or at least double what a healthy number would look like. see those white bars? that is where the core services are embedded. that is the core. the biggest part right now is the part that does not show a downtrend and that is what the fed needs. let's move on to what the federal reserve speakers said today. let's start with lori logan from the dallas fed, she said the fed must be prepared to hike rates longer to offset undesired easing conditions. keep buying stocks and pushing stock prices down and buying bonds and pushing yields down. you're going to make us have to hike rates more. moving on to tom who was on television earlier today, he definitely open the door and he is a centrist. open the door to hiking rates more if they need to. that will be determined by the numbers. >> we may or may not choose to take rates up further if inflation continues to persist.

we will see what happens. if inflation settles, maybe we don't go as far. if it persists at levels above our target we will have to do more. >> we are reaching a point where we will have done enough. exactly where that is, we will have to let the data dictate. it's going to be above 5%. how much above five will depend a lot on what we are seeing. >> stock bulls are stretching when i thought that was a dovish thing. not quite as certain that rates will move higher, but nonetheless, he did say above 5%, depending on the numbers. you wrap it all up with the president of the new york fed and what you get is someone who said number three in command of the federal reserve, 5.0 to 5.5%. he's got the door open to five-and-a-half, higher than neil at the minneapolis fed, who said 5.4 is is terminal rate.

put it altogether, the fed realizes inflation is not coming fast enough. haidi: fed vice chair confirmed president biden is is next top economic aid. what does that mean for her in the fed? kathleen: she'll be in the top salon, the senior aides around joe biden. she was a contender to be fed chair. head of the treasury department. but when donald trump one back in that for years she did not get that job. she moved onto the fed which is a great spot for her. some people think what she's doing is avoiding a tough situation, because she has been one of the more dovish members of the fed, because she gave $800 to janet yellen's campaign. are not janet yellen, hillary clinton when she was running for president. she is considered a democrat. even so, some of the people and talking to her saying she will

not continue to be the dove at a time when it looks like inflation is going to be fought harder by the fed. if she wants to stay in good keeping with the democrats who think that the fed should not get too tough, that is something to consider. bottom line, she is talented and competent and sought after by just about every institution in washington. she will be starting on september -- february 20 which opens the door to the question of who will succeed her? a lot of people are betting it's a woman because the fed is leaning in that direction. if they get another vice chair, when not get a woman? that's a saga that will unfold. haidi: kathleen hays. always taking us through these saugus. let's bring in chief rates correspondent garfield reynolds for more. stickier inflation and rates higher for longer. my favorite out of the market

analysis was focus on super court. if you have to get this nuance, this regular, are we just making up the narrative as market participants? garfield: there's a surprising level of resilience in stocks. if you think of where two-year yields once went after the result, yet the nasdaq 100, full of tech. vulnerable to high-yield stocks allegedly and the nasdaq ended up on the day 4% higher on the month. even amid the fed pushback, you know, the almost total elimination of expectations for cuts by the end of the year. markets pricing for 5.2, 5% peak rate and a 50-50 bet that there will be one cut at the end of the year. in that environment, you need to clutch straws, one big straw, in order to say this is a good time for equities.

they're going to go higher. the bond market reaction was straightforward. flattening. it wasn't that much which may have helped to feed the narrative that things are not so bad. that's in the context of this being a lot of an increase in yields over the last week or more as the fed got more hawkish. as central banks got more hawkish. it's a bit tough to expect a severe selloff from bonds. just more of the same and the yield curve went to the to 10 yield curve, the classic curve. fresh bacon version since 1981 or so. so that is certainly signaling concern about the economy going ahead. because the economy right now, the economy is too strong for the fed's liking. low unemployment, high inflation,. no reason why they would stop

yet because they can't see that they're getting enough traction. this is a fed move that is very conscious of not wanting to repeat the mistake of the 1980's. they're going to be the same unemployment coming up in inflation coming down faster before they're going to stop hiking rates. shery: what is happening in australia? so much focus on parliamentary grilling's the governor is facing. our field: australia faces elevated inflation if you look at australia had a long record keeping inflation under control. to extent that was the central bank is a matter for academics.

the rba, there is a prevalence of mortgages and strong approved australian households in the economy are extremely sensitive to moves in the central bank rate. we have had three or more percentage rate hikes in less than a year. that is causing a big decline in house prices. vonnie quinn u.s. and china try

to figure out a way past the balloon dispute. antony blinken is considering a meeting with china's top diplomat. u.s. treasury secretary janet yellen has renewed her warning that congress must raise the federal government's debt ceiling to avoid a financial catastrophe. republicans affect to hold off on lifting the ceiling until democrats cut future spending. treasury chief told officials in washington that many of the residents would lose jobs if congress fails to act. >> this economic catastrophe is entirely preventable. the solution is simple, congress must vote to raise the debt limit and it should do so without conditions. let's not wait until the last minute. it's a basic responsibility of our nation's leaders to get this done. vonnie: adani group says

companies are able to refinance their debts. a credit report released showed they vote creditors $27 million. the group says businesses operate on long-term contracts that generate consistent cash flow with no market risk. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: let's turn to bell was falling this busy day when it comes to earnings across australia. however markets looking? annabelle: an interesting start to the day. asx 200, big earnings coming out. we have the numbers before the bell. a headline, estimates rather. in terms of trading reaction, we stop declining. the company is putting more money aside to buttress from the effects of deteriorating economic output. -- commented as well.

high inflation will stay. households under pressure. those numbers are pretty solid. fortescue coming in with its numbers. and they did beat the average estimate from analysts, still seeing the effects of china's reopening. the treasury and looking forward to possibly china relaxing restrictions on one export for australia. haidi: annabelle in hong kong. it still ahead, global fast food chain brands reporting profit exceeded estimates. the ceo will be joining us to break down those earnings and give us their take when it comes to china's reopening. this is bloomberg. ♪

♪ shery: we had a hot cpi print and markets reacted to

uncertainty. our next guest finds a bright spot in emerging markets amid this. let's discuss with benjamin kirby, cohead of investments and portfolio manager at -- investment management. good to have you with us. we have bullish calls from the fact that investors refocused on the super court cpi, which we are talking about. core services minus housing. what are you watching? tell us your reaction to the numbers. >> thank you for having me on the show. i don't think a whole lot change. we had additional in munition for the hawks. inflation is falling but not as quickly as we hoped. i think the overall narrative is well intact. inflation is falling. the fed is nearing a terminal rate. shery: you like emerging markets because of the uncertainty. think it would be more risk off in emerging markets would be the first to go. why? >> great question.

emerging-market skid dislocate from developed markets and we think that's going to happen. developed markets are slowing. inflation is coming down but growth is slowing at the same time. emerging markets are accelerating because china is coming out of covid lockdown. china is the most important growth impulse for emerging markets. you get that combination, u.s. slowing in emerging markets read accelerating. valuations are attractive thing about the fed hitting the terminal rate but we talked about, tends to be dollar bearish which is good for emerging markets. haidi: the china reopening story, is it the rebound we have seen in chinese risk assets? the latter is looking for new catalysts for the brand. does that give an indication as to a bit more muted growth

across the areas? >> overtime time emerging markets growth will approach developed market growth. we are a long time away from that actually approaching developed market growth. structural growth in emerging markets is higher and when you that the combination of the structural tailwind, coupled with the cyclical tailwind, we think that is interesting. getting back to you are not paying a lot for that. u.s. stocks are tts are closer to 1 through your portfolio picks in terms of looking for opportunities. you're mostly defensive with positions at this point? >> we have a number of investments, some are defensive, some will benefit from economic scenarios. one we like a lot in several portfolios including our development portfolio is young china. simple business, a fast food

company. we like it because cyclical, rebound from the reopening and structural, they can keep building more restaurants across the country and inflation protection. we think that they can pass on higher costs. see that the combination of those things together, we think it's a great place to be. it's not a super aggressive stop. it's a food company. a bit of a staple that also has all of these growth components. shery: what does it mean for the trajectory of the dollar, given the inflationary picture and what they will do to actually the value of your investments, especially multinationals that have to deal with the exchange rate fluctuations? >> yes, the dollar has been vulnerable -- volatile. certainly up into the fourth quarter and then it has given a lot of that back. so overall as the u.s.

approaches terminal rate, we think that that is going to be dollar bearish. that is good for emerging markets. u.s. investors who have been in particular hiding in the u.s. market for a long time, because the u.s. has outperformed emerging markets for the last 15 years, we don't think that trade goes on forever. and this is a moment where international diversification and dollar diversification probably help portfolios a lot. haidi: benjamin, portfolio manager, great to have you with us as always. you can watch our conversation with jay powell when he gives us his thoughts on the battle against inflation. you can catch david rubenstein's interview with the fed chief at the economic washington. your conversation at 7 p.m. if you're watching in hong kong. this is bloomberg. ♪ es. i heard about the payroll tax refund that allowed us

to keep the people that have been here taking care of us. learn more at getrefunds.com.

shery: biden administration says three unidentified objects shot down since last friday serve commercial purposes and were not used for spying. for more let's bring in jodi schneider. i am perplexed. can you have these things floating in the airspace without commercial permits? is this allowed? >> in some ways, there are more questions than answers and senators were complaining about that. they were given a briefing and they did not learn enough. they were told today that while that first balloon the u.s. believes was connected to the chinese government and was a spying device, they said the other ones were probably commercial or business. but nine use. there is a lot of understandable confusion because how does the

government not know what these things are in the airspace? especially if they shoot them down. the government -- the biden administration is trying to walk this back now and say we really are not sure exactly what is happening, but we believe these were benign rather than spy devices. haidi: how much criticism have we seen from lawmakers in terms of how this has been handled? >> republicans understandably in the other party are criticizing the biden administration. for not shooting down that initial balloon, so spy balloon, when it went across the country. they said it should have been shot down and they waited too long. when it was off the waters of south carolina, they shot it down. now they're saying that they don't know what's happening and they want answers although that is a bipartisan statement.

we heard that from a number of senators on both sides of the aisle, they got a briefing and still have a ton of questions. again, understandable confusion because people do not really know what is going on. the chinese government continues to maintain that a lot has been made out of nothing. this was a weather satellite that went awry. a lot of questions. shery: how those tensions can be eased after all of this. jodi schneider with the latest. plenty more to come. this is bloomberg. ♪

vonnie: here are the first word headlines. biden names brainard as his top

economic aid. his ascension volts -- there ascension will bring depths of economic expertise. singapore will raise its tax rate in 2025 in line with the government agreement to increase the floor rate. the finance ministers says he plans to implement a devasting -- domestic tax. most companies enjoy exemptions and are charged lower. argentina's annual inflation hit 98 .8% in january, surpassing expectations. consumer prices being 6% from december, the second straight month with faster increases. it comes as ministers roll out prices to wheel in the cost of living. the data was complicated ahead of elections this year. india says china must stop

taking positions that block debt relief to the world's poorest nations. the sherpa for india said china needs to take losses on loans to those nations. imf data show 60% of low income countries are already in or at high risk low debt distress. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. annabelle: we are 30 minutes into the session for the asx 200, a big day for australian owning's. -- earnings. cba posted revenue or profits that may be average. starting to see consumer headwinds building and that is really playing out in the slump at the start of trade. fortescue and other companies performed in line with expectations in terms of those numbers beating the average estimate, not seeing that recovery from chinese demand.

treasury wide as well, another one that is seeing the luxury segment performing better. the cheaper selection of wines not doing quite as well. farmers saying it can withstand the headwinds coming up in the months ahead. they are seeing inflation as well staying elevated over the coming yield. inflation is really the main focus in this session, given we had the cpi reading from the u.s.. it is looking hot. we do have one fed official signaling we could be near the end of the tightening cycle and we are continuing to see the recalibration around the fed rate hikes, being led by the short end of covid. you can see that in the space this morning. we have japanese futures coming online in singapore. they are pointing higher. the yen fairly flat and all about the new nomination we had for the next boj governor. haidi: we are going to get more

on that. from japan's finance minister expecting the boj to raise rates by the fourth quarter under the leadership of ueda. the man also known as mr. yen says the central bank is on track to meet its 2% goal on inflation. >> definitely japan got out of deflation. inflation probably be 2% for some time to come. >> many people including yourself just now have described the boj nominee, the governor nominee, as a brilliant economist, a very good one. the lack of on-the-job experience though, at least recently, he is a professor of course right now, is that good or bad? >> well, as i explained, he was

at the bank of japan for seven years. he is well-versed with the bank of japan. there is not much worry, including myself, that he is sort of -- a new policy would diverge from what has been done so far. >> this is a different economy then when he was at the bank of japan many years ago. do you see differences between the tip of the economy he was overseeing then and the type of economy he is inheriting now? >> that is true. the conditions of the economy are very different, but all i am saying is that he knows the structure of bank of japan and he knows what the policy of boj

is because of his experience with thank you japan for seven years. and that i think is the good sign. >> what do you think the first one or two things are that they would change? >> they will probably, they have to some extent already done that. they will stop easing monetary policy. and gradually move toward tightening of monetary policy. it depends on the course of the japanese economy, but if it gets overheated, as is expected at this moment, they will probably change their policy. >> priority perhaps not short-term but longer-term is having a look at the boj's balance sheet. with the amount of bonds the boj has purchased over these years, the market is looking at that risk and trying to figure out

how the boj is able to step away from the jgb market without creating disruptions. how do you think that approach will look? >> boj has a lot of securities, but there is not much worry about that at this moment. quite a significant amount. and of course, if they start to sell that that may create a problem. for the time being, there is no plan to sell securities that they have got. they want to keep it that way for some time. shery: just fans -- japan's finance minister speaking with bloomberg's david a glaze. let's get with bloomberg's editor for china and korea, paul jackson. we've seen a markets pricing in

the end of negative rates already, what are the things that you are watching out for to gauge when and how quickly change my come? -- change might come? paul: under the new governorship, we are going to see a change during the five-year tenure of ueda. with the changes will be gradual and the market moves actually feed into that. sharp movement on friday in the yen, strengthening as people wondered who is he and does this mean a quick pivot? markets have settled down. the view that there will be change but it will be gradual has taken prevalent view now. looking ahead, how we can get a

feel for how quickly that change comes, we've got four things to look at over the coming weeks. first of all, we've got the hearings in parliament. that will give him a chance to really air his views and be quizzed about some key issues of boj policy. we are also going to have inflation data. will prices cool as much as the boj expected? the more they cool, perhaps the last pressure for a quick change. wages data coming out this spring, negotiations. it's been a big part of the boj rationale for sticking with stimulus until they seem good clear signs that the trend has changed. big number on wage increases could give them justification for change. then early april, we have the inaugural ball press conference when ueda takes over.

he will have gathered his thoughts and give us our biggest take away, our biggest idea of whether he is going to go early or later unchanged. haidi: a big job ahead whatever happens. bloomberg's economy editor paul jackson in tokyo. more ahead on daybreak asia. this is bloomberg. ♪

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haidi: yum brands operates more than 50,000 restaurants across 150 countries including the likes of kfc, taco bell, pizza head outlets globally. let's bring in haslinda on it who is standing by with a special guest in singapore. haslinda: well, that makes yum! brands the largest operator in the world including some of your favorites. let's get to ceo david. he is ceo at yum! brands to talk about his global business outlook as well as the company strategy. good morning and welcome to my city. just wondering, inflation front and center. we saw cpi rose one half percent. elevated at 6.4%. how are you looking at inflation, do you expect cpi to rise? david: good morning.

great to be on with you and here in singapore with our friends and partners, celebrating the success we've had and planning for more growth in the future. you are right, we had a great fourth quarter. put up amazing numbers but our growth is just getting started as we like to say. 55,000 restaurants and another 100,000 yet to be built. as far as the environment we are operating in, as we mentioned on our earnings call, we are pleased with how the consumer is behaving generally around the world. we are seeing good strong demand and most of the markets that we operate in. markets like china are coming out of lockdown in very optimistic about the future of growth. haslinda: inflation remains elevated. do you see the need to raise prices of the food across your brands? do you see the need to raise workers wages?

david: certainly over the last few years we've seen an increase in product costs and an increase in the wages we are paying. that's great because we've adjusted our model and some of those costs are passed to consumers. we found other ways that we can save on costs. so we can continue to be an amazing value for consumers. that is the environment we operate in. when you are the largest player in the world, most restaurants of any company, we have scale advantages that will allow us to navigate challenges better than most. as we mentioned on our earnings call, we are past the peak of inflation in most of the markets that we operate in. we are seeing more of a return to normal in the consumer environment. haslinda: let's talk about the chinese market. you played a role in a spinoff in 2015 or 2016. thereabouts. i'm wondering, david, yum! brands has said before it does not expect chinese consumer

demand to recover anytime soon. why is that? what is the best case scenario for you? david: the best case scenario in china, i will defer to our china team. we spun off our china business as a separate public company. their earnings call, they were optimistic about the future growth in china this year. but for us, the benefits of our business model is we are in 157 countries. we have for brands, three massive brands around the world. that diversification really allows us to get through any challenge in the world. we saw that in full display over the past few years as we navigated challenges of covid. haslinda: you talked about diversification. we know that you started selling coffee at kfc in china. give us a sense of how that is doing. is it taking market share from the likes of starbucks, which is

offering a higher price point product? david: as far as the specifics, that is been a big part of kfc in china for quite some time. the china team does an amazing job with their coffee program. i could not speak to market share, but i will say that is the beauty of our brands is the flexibility of format in different markets. we lean in on different products that make sense in local communities, so we have a flexible model and dominate in certain parts of the category betting on the markets that we operate in. franchisees take full advantage. we've got 1300 franchises represented in singapore that have finally got a chance to get together with us after we have had this meeting delayed for quite some time during covid. it is fantastic to be able to get together and give them a hug and celebrate the way they've used all of these different programs to navigate. haslinda: how are you assessing

expansion opportunities in asia? as europe is exciting a slowdown, same with the u.s.. might asia provide opportunities for expansion and growth? david: absolutely. asia is a big part of the growth story. it always has been and it always will be, given the population. in fact, last year alone, we opened 4500 units around the world. 3100 units and of those new units, more than half came from asia. the came from just india and china, so this is a big part of our growth equation with the returns that franchise partners are getting from these markets, they are quite impressive. yum! china reported three year cast paybacks on their investments and during challenging times that they've had during the last few years they continue to build.

our footprint in china has gone from 9000 units prior to the pandemic to over 12,000 today. lots of growth all around asia. one of the reasons we chose to meet year was the franchise market. haslinda: give us a sense, the growth you are anticipating beyond china for instance. growth of 7% expected growth of 7% in countries like the philippines. might you have expansion plans in those markets? david: absolutely. we are operating in 157 countries and over 100 of them are building stores. you know, it may be cliche, but there is no market in the world where we have reached that saturation. we are growing everywhere. the u.s. where our brand started has 18,000 stores. no doubt in my mind we can double that count in just the u.s.. markets like the philippines, malaysia, indonesia, thailand,

you name it, we've got plans for everyone of those markets. that is what our business is all about, a growth business. it is unique to have brands like we do where three of our brands or all of our brands are over 60 years old. but yet we have more growth ahead of us than we do behind us. and we are right for the times with the consumer today. haslinda: david you are expressing a lot of optimism for the year ahead. just wondering what do you see as the biggest risk for the business? david: we do not think like that. we think about nava getting challenges that come our way, but there is nothing that could push us back. we prove that over the past few years. when the pandemic hit in the lockdowns we had impact but we were able to navigate by shifting the business to off premise. now we've come out of this with more delivery and take out, which is a better business model.

i don't think -- >> looks like we lost david. colorful guy, david gibbs, ceo at yum! brands. expressing optimism for the asian markets. handing it back to you. shery: a great conversation there. thank you so much, haslinda. if you missed that conversation, tv is your function. there you can dive into securities or bloomberg functions that we talked about. also part of the conversation, sending us instant message for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first.

shery: today marks the deadline for major funds to disclose their equity. su keenan has been looking into the findings for clues on trading trends of wall street. it's that time of the year and we know it george soros and his family office have been doing. su: they were buying against the trend as people were dumping tech and crypto related stocks. soros was picking up on it but taking in very interesting short positions. famously known for shorting the british pound years ago. any kind of bet against something that's unusual

attention in this one is interesting, because it was against silver gate capital. bloomberg reported they are under scrutiny and according to sources facing a justice department probe related to its ties to sam bankman-fried and his and crept. this is going into today, one of the most shorted stocks on the market. the filing shows the soros family office put options -- options on a hundred thousand shares of silver gate. they would make a big profit if it fell below a certain level. we do not know what that is, we do not have that detail. but you're looking at silver gate, it lost 90% of its value from the beginning of last year going into the beating of this year. notably though it was up as much as 20% in trading in the latest session because news in a separate 13 f and 13 g filing that ken griffin and two of his entities, citadel insecurities own about 20% of outstanding

shares of silver gate at the end of the year. that will get a lot of attention going forward, so perhaps you saw short covering. you are looking at the biggest downward moves at the end of last year, in the fourth quarter. notice tech is at the top. we look at what the soros fund was doing and some other related funds. they were buying as the so-called market was selling. the soros fund loading up on tesla, adding to the position in a very big way and also adding up on crypto related stocks that have increased some 90% at least marathon and microstrategy year to date. so it looks like in this snapshot, that was a profitable move for the soros fund. haidi: some of the biggest themes that were prominent. it seems like chinese stocks have become most tabs again for hedge funds. su: it looked like chinese

stones were on investable. you had a huge drop in the chinese index but because of the end of the covid zero policy, they are once again back in vogue, showing up in major portfolios. if we look at the big trends that were taking place before these funds, alibaba's right of the top of the list. gd.com was another one. a stock that was heavily added across the board. code-2 management a tech heavy fund bought 4.8 million funds shares in alibaba. at the largest increase among hedge funds. and also sold off a lot of its holdings. so again, what we are seeing in these funds that are coming through, many of them are filed right after the market, a stake in what they feel about tech and other stocks. back to you. shery: su keenan with the latest on those filings.

here are the stocks really watching when the trade opens in japan and south korea. toshiba is cutting its profit forecast. it ceo has also resigned after investigation into his expenses. this is of course the latest in a pair of setbacks for electronics giant. -- is set to receive billions in emergency loans from 10 japanese leaders. samsung will borrow close to $16 billion from its display making subsidiary to help its abstain the pace of investment. and -- on a fourth-quarter operating loss. bloomberg's intelligence cache bleed will stay in the billions. -- says the bleed will stay in the billions. this is bloomberg. ♪

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>> this is daybreak: asia and we are counting down to the major market opens and watching for

market reactions to another hot cpi print and many of fed speak to digest at a time when we also have a nomination of a new boj governor. >> on top of this today we have got a few testimonies of the senate committee getting underway shortly so we will be watching that giving -- given the criticism of the rate path. let's go to annabelle. annabelle: there is a lot of central-bank action to get through but kicking off now with the open. japan south korea and the forecast treasuries, we saw those moves in the previous session being led by the short end of the curve closing at its highest level since november. more on that in just a minutes

but in japan we are still assessing the prospects for a boj led by oh eta -- and also negative policy settings. we did have an interview with the former finance chief and he says we could see an exit from negative rates i the fourth quarter. japan still keeping an eye on japanese bank stocks. you can see still the lenders are outpacing broader games for the nikkei 225. the focus today in asia is on the inflation data and what it means. the ratings still elevated. we could see further fed rate hikes in the months ahead. we did have an interview with the philadelphia fed president and he told us perhaps they were

nearing the end of the timing cycle so that was something that raised the u.s. session into the close and we see that cosby coming online -- kospi coming online. we do have data as well to keep and i on. -- keep an eye on. let's check now because we are one hour into the session, we do have the testimony ahead with the governor and we are in a very busy day for earnings. sliding into the days of trading session it did post some pretty good numbers by sticky concern for investors is around the bank flagging -- that is also playing out in the wti space this morning. oil is looking a little bit

lower. you can add to that inflation fears. >> let's get some more analysis when it comes to the way forward or the bank of japan. if there was anything for this week, it is really the central bank expectations, the fed, the boj and out looking ahead to the governor's testimony kicking off today. when it comes to the bank of japan given the outsized responsibility ed has to the broader market and economy, what are your thoughts when it comes to how the rest of this year in terms of the policy path might play out? guest: great to be back with you. yes a lot of volatility in the japanese markets as to who the next governor of the bank of japan is. we have some clarity on that

finally but whoever the new governor of the boj is it will face much of the same challenges that have confronted governor kuroda. you have the market testing the upper bound of the 10 year yields range. there are plenty of factors that suggest in flesh and -- inflation is still driven by -- and then you have indicators that suggest the labor market is going to weaken ahead. you have the government subsidies for electricity and gas bills kicking in. some inflation relief around the corner as well. the goal of stable inflation around 2% still looks far from secure in the longer term. the market expectations versus central-bank items and this is

not unique to japan, there is a white golf and a perfect set up for hiding volatility and potentially into 2024. >> in terms of the communications, this kind of growing gapeen communications from central banks and how markets are choosing to interpret the narrative is that one of the biggest risks this year? i know you talked about that trade-off between inflation and growth is perhaps not as acute compared to the rest of the world. guest: the trade-off between growth and inflation, stagflation, and has been a real -- for global markets for the past year and a half. if we start with considering what the consensus macro view is that helps us to see whether investment opportunities are and that consensus view is that inflation has peaked and will

trend toward central-bank targets that major economies will avoid recessions and if not, mild process turns -- mild recessions. central banks are going to pin it and cut rates by the end of the year and the u.s. dollar will depreciate -- central banks are going to pivot. and so given how far and fast we have moved it does give us a little bit of pause and caution from a technical perspective and suggests perhaps sidelined for now while we wait for the dust to settle especially as the market is in search of peak funds rate. >> for the u.s. dollar when it do you see that coming? guest: again the consensus view

is one of the u.s. dollar depreciating. it is understandable why, because it is typically correspondent with better global growth prospects and much more conducive conditions for financial asset prices mainly through better liquidity conditions. conditions for sustained dollar depreciation -- that is not apparent currently and for interest rate differentials, which again especially in light of the cpi report last night is not apparent just yet. >> -- oil-related stocks. guest: the weakness we have seen in oil especially from the peak last year has been an enormous tailwind for risk tailwind -- for risk in general. we think about asymmetric risk,

a number of factors here that many areas here that many areas suggest that commodity reserves need to be rebuilt. if you look at oil spi needs to be refilled after being drained. if you look at food, they could be rebuilding grain. europe may need to be refilling ahead of next winter. there is asymmetric risks for the lack of food and energy. >> let's now get to a vonnie quinn with the first word headlines. >> janet yellen has renewed her warning that congress must raise the debt ceiling to avoid financial catastrophe. republicans threaten to hold off on lifting the ceiling until democrats agreed to cut future spending.

many of their residents would lose jobs if congress failed to act. >> this is entirely preventable. the solution is simple. congress must vote to raise or suspend the debt limit and it should do so without conditions. that's not wait until the last minutes. it is basic responsibility of our nation's leaders to get this done. >> the biden administration says three unidentified objects shot down were not used for spying but likely tied to some commercial purpose. though the u.s. and china are trying to figure out a way past the balloon just boom, -- ellume dispute anthony -- balloon dispute. a credit report released showed a johnny firms oh creditors around $27 billion. -- adani firms owe around $27

billion. finance minister lawrence long said he plans to implement eight tax to achieve the goal. it is currently 17% but most enjoyed exemptions significantly lower. 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. haidi: let's get to annabelle. annabelle: we are keeping an eye on a few different stocks here, just 10 minutes into the session now for the japanese and korean equities. we have a couple of movers to know to, one those is toshiba. it is a big setback for the firm, particularly as -- start

to circulate for a takeover. rakitin is another company as well. --rakuten. they are in the more take -- technology driven space. >> he gives us his view are in whether the bank of japan's next governor will be a -- and what that means for monetary policy. interest rates may need to rise further. this is bloomberg. ♪

>> the central bank may need to raise rates to a higher level than previously anticipated. he spoke exclusively to bloomberg. >> inflation is a normalizing that it is coming down slowly. i think there will be a lot more inertia and persistence to inflation that we do not want. part of that is still covid factors, excess money in people's pockets, supply chain issues. part of it is business factors, still trying to recover lost margins. after the last couple years, businesses have now understood that pricing is a lever again. i talked to the folks in my district 10 i hear people still out there pushing price. >> the disinflationary process

has started. is that something you agree with? where you find evidence? tom: you can see they peaked several months ago and they are coming down steadily but that is one part of the puzzle is inflation coming down. the other part is hitting the target. >> do the latest data that have come in, the jobs report etc., change your view of how far the fed will have to go beyond what was in the sep for december and does it change your view of inflation dynamics? tom: i try not to get too wound up in any particularly data read , particularly january. but i do think what we are now in a position to do is react to multiple months of data as they come in. we may or may not choose to take rates of further if it continues to persist but we will see what

happens. >> in terms of the path of inflation, they set 5.1 3% in december. do you think that is enough? tom: we will get another cpi before the next meeting and as the meetings go on we will see what happens to inflation. if inflation settles if he we do not go as far but if it persists at levels above our target may be we have to do more. >> do you think maybe you and the markets are on a different timeframe? they are looking towards the end of 2023 saying you should be cutting rates by then. tom: i am not sure i understand markets. you guys are much better than i am. i am focused on the demands in the economy and inflation. the way to think about my view on rates is if inflation persists we have to do more and if it does not maybe not. haidi: speaking exclusively to

bloomberg. kathleen hays is here. what do you make of all the fed speak we got today? >> inflation has not come to down as much as they hope for and this latest cpi report. it was not that it was so much higher, it was for 75 basis point rate hikes, maybe inflation is getting entrenched. the monthly numbers, those are height for the month and look at this. those white bars, that is core services. look how the trend is still moving higher. that's comprises more than half of everything into the cpi. that is the problem. so when we hear tom say navy we are going to have to do more

that is no supplies -- maybe we are going to have to do more that is no surprise. -- also to offset an desired easing in financial conditions is a big deal. stocks keep rallying, bond yields fall, helping the housing market, making it easier to borrow money to buy a car, then that makes the feds job harder in terms of fighting inflation. he said these -- pcc's going up but -- he said he sees these going up. he has got the door open to going up to even one of the highest rates they are looking at. just a few more weeks they will be getting the new. plots -- dot

plots at the march meeting. haidi: let's get some more in terms of opportunities created across markets, let's go to david. david: the short end of the treasury curve, the most extreme short and when you look at t-bills for example, as the fed will go and how long they will stay there, overnight the six month t-bill touched 5%. a level we have not seen in 14 or 15 years. we are of 20 basis points as far as that is concerned. one-month, three-month three month, six month, all the way to about one year. you are getting a lot of decent yields. it brings to mind the story

yesterday from -- talking about how it is good to ditch stocks at the moment and look for incoming credit because when you have this on the table risk re-, a lot of people -- risk free. comparatively speaking, one year t-bill is at about 4.9%. that is now above what you would get in investment gate credit and it is three times what you would get if you place your money and waited for dividend yields on the s&p 500. quite a lot more appealing really. you could argue this is more risk-free than the other two. haidi: david ingles with some of

the ways to make money, when it comes to central bank. we are sticking with central banks looking at some of the content coming live, philip lowe . this kicks off a couple of different sessions of testimonies that he will be questioned under facing the committee this morning and he will be given these questions when it comes to guidance on interest rates. he has faced storm of criticism from investors after he switched from sink rates would probably be near zero until at least 2024 and we know we are seeing nine rate hikes. over 3%. we are now seeing another three more hikes for a 4.1% terminal rates.

you start to see the sharp downturn for the property market and that is as we can see from the consumer confidence numbers potentially packing the resilience of the consumer. shery: as we continue to see the volatility, very extreme given the rapid shifts in policy through the pandemic. we are talking about volatility far higher over the past two years than the previous decade so no wonder we have seen this criticism coming from market participants especially as the rba suddenly abandoned its yield curve control. we continue to watch the governor being grilled in parliament. the governor saying he welcomes the government's decision to save revenue. windfall will continue. you can go on the bloomberg life

go function -- live go. this is bloomberg. ♪

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>> a quick check of the headlines. 2.37 billion u.s. dollars. revenue came in at 7.8 $4 billion above estimates of 7.55. -- revenue came in at 7.8 $4 billion above estimates. cash profit climbed to $3.6

billion. shares are up about 10%. air india announced a 470 plane -- the largest purchase. the purchase includes 220 boeing aircraft worth report billion dollars. ford -- worth $34 billion. the carmaker ford is moving its lineup to battery only by 2035. the general manager told us the electric shift will reduce headcount across the industry. electric vehicles are much less

complex then -- products. this affects engineering. the court industry is going to get significantly leaner. >> more downside pressure after a pretty big session on wall street, coming after the hot cpi numbers. we had u.s. stocks falling in the morning session and they were slightly higher but really swinging between gains and losses with investors trying to digest the latest numbers. we are repricing where the fed funds rates will go from here. really it is all about central banks at the moment and what is moving markets and how asia is trending as well. haidi: when it comes to the central bank we are watching for the senate estimates committee testimony by phil lowe being grilled today, so much of the

criticism has been about the forward guidance when it comes to interest rates. we are hearing from him speaking about the risk -- has not done enough. the risk -- we got a hint of that from the consumer confidence numbers tumbling into deep pessimism this week on the mounting cost-of-living pressures. we will continue to watch this as a comes out. he is speaking right now. this is bloomberg. ♪ i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity.

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>> the governor and his first public appearance of the year firing back saying he finds the blame for height rates are not on just him.

-- height rates are not just on him. the risk is that they have not done enough with rates. really undressing the amount of criticism that he has faced when it comes to forward guidance on rates. with expectations we would not see rates rising until 2024 but we have seen nine consecutive meetings of rate hikes. he says raising rates is unpopular but he is not complaining at the moment. things are starting to get interesting when it comes to what we are hearing out of his senate testimony taking place at the moment. phil lowe came in ready for the grilling and he has responded to some of the criticism that has been mounting in recent weeks. annabelle: the big question is whether he will have his term extended later this year but certainly facing a lot of

criticism. he has saying inflation remains way too high. that is really the tone we are seeing across the bonds. the three-year climbing in the morning session, repricing around not just where the rba ends up but also the fed as well. we had the cpi prints from the u.s. overnight showed it was staying elevated. we are seeing a stronger dollar off that, sending most asian currencies looking a little bit weaker. in terms of equities pictures we have seen the close and wall street given we had at least one that official saying perhaps the case for tightening was nearing the end there but even though the u.s. session ended flat we are seeing the decline through most of the region, down 7/10 of a percent. we do have hong kong futures for

instance looking a little bit better pointing fractionally higher and mainland china as well because when we have fed rate hikes elsewhere, there is a lot of pressure on china to try and boost the global economy. in terms of the reopening, the filings came through and it showed hedge funds piling into that's rally at the end of last year. alibaba gaining 16 million new shares being purchased by the biggest hedge funds out there. bank of america has found that china is the most crowded trade out there. this is some of the key takeaways from their latest report. >> the biden administration says three unidentified objects shot down probably served commercial purposes and for not used for spying.

let's bring in our correspondent, rebecca. so many questions about what these objects were, why the u.s. government does not have more info but will this at least help ease some tension with beijing? rebecca: indeed. biden under quite a bit of pressure from both sides of the aisle to provide more details over the other three objects shot down at quite a significant expense. all three objects they say are very unlikely to have any link with china. it does potentially lay the path for more constructive or a possible meeting between antony blinken and his counterpart in china. so we do have -- we have learned that potentially the two may meet on the sidelines at the

security conference in munich. we could be eased potentially by the fact that these objects, the providence has been somewhat clarified. >> some criticism therefrom lawmakers as you would imagine in terms of how this has been handled. rebecca: that's true. in part that is because of the approach biden took with the first chinese balloon, the u.s. still maintains the surveillance balloon. they have maintained and recovered all of the key priority sensor and electronic pieces from that. they are conducting research. we already had six chinese companies linked to the balloon now put on the entity list. the u.s. had been so transparent around that mission and the recovery, so that created a lot of expectation for biden and his

administration to be very forthcoming about the other three objects which do look like they said commercial -- served commercial purposes. >> rebecca there with the latest on the balloon. let's get back to another saga from the rba governor, phil lowe responding to the questions in front of the senate estimates committee. he has come under a huge amount of criticism from investors and just from regular mortgage holders after he made the switch from same rates would stay near zero till at least 2024 and we have had nine consecutive rate hikes instead. he is acknowledging people are really hurting from rate hikes. he says he is accountable through his testimony but the goal was to get inflation down because that is dangerous.

it is not the intention to put australia in a recession. it would be a bad outcome for the rba board if he resigned. he intends to serve the seven-year term. there has been speculation that he would not be serving up the full seven-year term. it makes buyers in september -- it expires in september. there is the review of the rba due on march 31 and the treasurer has said he will be waiting for the outcome of the review before making a decision. >> you can find this conversation ongoing live go is the function. let's turn to vonnie quinn with the headlines. >> turkey sent to be channeling billions of euros as trading resumes following two deadly earthquakes.

the money will come from pension funds. the government is planning tax waivers for buybacks. tens of thousands of new zealanders remain without power. the full extent of damage is not clear. a huge cleanup lies ahead with towns flooded, roads closed and flights halted. the east coast is virtually cut off with no transport, power or internet connections. argentina's inflation hit 98 .8 percent. it comes as government ministers rolled out new price controls this week to wheel in the cost of living. india says china must stop taking positions that block debt

relief to some of the world's poorest nations. he said china also needs to be willing to take losses on loans to those nations. 62% of low income countries are in or at high risk of debt distress. 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. haidi: let's get the latest on adani now. we are now seeing new income reports that says it has cash reserves. this is a credit report and clearly divulging this is trying to build the case that there is nothing risky about this business. >> this was a long-awaited report. the company had been dangling it for some time and it was released after the last of the earnings came out yesterday.

it does not tell us much. i think they are very concerned with trying to portray an image of transparency and painting a picture of a business on a solid footing. they note the strong cash position in the report and they talk about how their revenue over the next year will be consistently -- more than 80% of the revenue that they are expecting from infrastructure projects which are very much tied to india and the nationbuilding drive. >> how much of the earnings help in portraying the image of strength? >> the earnings were uniformly pretty good. we do not have much to compare them to. there are not many analysts that look at the adani units. they are quite piecemeal.

some of the smaller units, there is not much analyst coverage. but they were good, which the adani group works to emphasize so it is all part of this very broad pr campaign, that the group is undertaking as it tries to rebuild not only its image but it's market value in india. >> emma o'brien there. goldman sachs columnist joins the show. he will tell us the monetary -- about the monetary policy spectrum and with that could mean for reviving the economy. this is bloomberg. ♪ morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small...

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>> she -- he may change his policy if the japanese economy gets -- which is expected at this moment. he might be in a position to tighten the monetary policy rather than continuing to ease the monetary policy. >> our next guest, chief japan

economist at goldman sachs. great to have you with us. we have been trying to figure out who -- is, whether through his out-of-print book trying to get our hands on that or on his latest opinion piece. where are you getting hints on where he will stand on the policy spectrum? >> i tend to have a lot of questions, and this is a tough question. it depends on the definition of a dove or hawk. i think his view [indiscernible] this could be a major difference from the current governor kuroda

. [indiscernible] >> the fact that he is an academic and not a bureaucrat finance official is that sort of what you need at this point to really take japan out of this altar easy, unprecedented policy? >> in terms of his career, he has been a very famous professor and has experience as a boj board member. it is very beneficial for the boj. definitely. >> what do you see as the biggest challenge and the biggest risk as he takes on this role presumably when he gets there? >> i think the biggest risk is

-- ok. he appears to be concerned about the lack of flexibility. he also said the boj should prepare a strategy [indiscernible] -- a large shock to the economy. [indiscernible] in terms of economic impact on japan's economy, so compromise, there are so many factors. a bigger challenge i think going forward. >> when it comes to the broader

economy we have had these pretty firm domestic demand, the yen has helped as well but we are starting to see some of the potential headwinds globally things easing, did you think it is possible to get the virtuous cycle or is that too big of a challenge for the new boj? >> the gdp [indiscernible] far below market. we are not worried about this figure. going forward, [indiscernible]

partly due to the need to address the issue of shortages which has been reemerging. we expect [indiscernible] exports, slow in goods, [indiscernible] >> the world has been watching japan very closely because it is worried about implications of higher yields, if japanese cash will flow back home. is this something that global debt markets should be concerned about? >> yes, some people are concerned about the [indiscernible] this may mean that japanese [indiscernible] investors may return the money so back to japan.

i am not particularly concerned about this impact. [indiscernible] over the long-term, higher interest rates will mean improvement in the net interest margin generally speaking. so i think the higher rates should be beneficial for the industry as a whole. >> great to have you with us, chief japan economist at goldman sachs.

tune into bloomberg radio as well to hear more from the news -- days big newsmakers. radio plus or bloombergradio.com. more ahead. this is bloomberg. ♪ the first time your sales reached 100k was also the first time you hit this note... ( screams in joy) save 20% with the lowest transaction fees and keep more of what you make. with a partner that always puts you first. godaddy. tools and support for every small business first. ♪♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you.

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and we will continue to operate that way. >> phil lowe speaking before the senate estimates committee today. quite a lot when it comes to this session so far. he has had feedback that he has been talking too much referring to a lunch with bankers he had and he is talking about he does not think rba independence is under attack. and also, really talking about the empathy he has for people who are suffering under this nine consecutive interest rate hikes we have seen in australia. let's bring in our economic reporter. it is very interesting, the storm of criticism that has engulfed phil lowe. >> he is usually very calm and he is -- he accepts the criticism.

he said he will not to resign which he is standing by his comments from his -- from december. he admits there is a lot of criticism of the bank but he does not feel like they are under attack and he said it was unfair to blame him with all the criticism because that is the board. >> tell us what has been the assessment by economists and people who watch the rba closely about his legacy so far. >> writes. look, -- right. a lot of people say it is a difficult job coming out of the pandemic. it is a difficult job in a difficult time but some of the criticisms are valid.

there is a problem with communications and it is surprising that he said he got feedback that he is talking too much because when we talk to people they say the reserve bank needs to up its game on communication and needs to do more. we did a poll in january and we spoke to economists and the verdict was in balance or loss, half of the economist said he will keep his job but another 50% who thought his days are numbered and he will not get a reappointment and that is what we are hearing into the media as well. there were some reports yesterday citing some senior government ministers pointing to the fact that he may not be appointed so it is an open question what happens to him. >> the question is that whether

it becomes a political decision given that we know the cost of living is such a difficult issue for politicians. when it comes to the state of the economy, what is the story that you see? is it headed for a soft landing because of china's reopening because there is a buffer in the economy or is that suggesting there is more weakness to come? >> when we step back, it looks like there is an underlying strength so we are and -- our starting position has been really strong. it is boosted by china's reopening. there is a lot of optimism. the jobs market is really strong. a lot of people are employed. rba's own forecast shows wages

will keep rising. all that does point to the fact that we can have a soft landing despite higher interest rate and that is what a majority of economists believe as well. >> you can continue watching that on live go. we will be watching also what china's reopening means for the world economy and for chinese markets. you have that conversation coming up. this is bloomberg. ♪ ♪ oh booking.com, ♪ i'm going to somewhere, anywhere. ♪ ♪ a beach house, a treehouse, ♪ ♪ honestly i don't care ♪ find the perfect vacation rental for you booking.com, booking. yeah. science proves quality sleep is vital to your mental, emotional, and physical health. and we know 80% of couples sleep too hot or too cold. booking.

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david: it is 9:00 a.m. in the