♪ >> good morning and welcome.

>> we are counting down to asia pass major market opens. the top stories this hour, president biden pledges america's unwavering support for ukraine in a lightning visit to kyiv as russia's invasion nears the one-year mark. haidi: severing ties between washington and beijing. chinese state media publishing a 4000 word article blasting u.s. foreign policy. yvonne: bhp/his dividends as rising costs and softer commodity prices drive decline in profit. haidi: we are getting breaking data crossing the bloomberg right now. the australia composite manufacturing and services numbers breaking. a bit of an improvement when it comes to the composite preliminary number for february ticking up to 49.2% from 48.5%. on the manufacturing side, we are still in just barely expansionary territory at 50.1 percent. a martial -- marginal

improvement. something of an improvement when it comes to the last reading. we are starting to see a little more they take as the economy reopens and we also have the return of chinese travelers and visitors to australia. that is going to help used services indicators. this look at how all of this is fading and -- feeding into the start of trading. and it comes to the u.s. session, we got president's day, but look at how we are setting up for australian futures. sidney futures down by .4%, suggesting we will see an early loss at the start of cash trading. u.s. futures falling. dominant concern the fed will keep borrowing costs higher for longer. that is outweighing any optimism over a further leg and the chinese reopening narrative. the aussie dollar following. a little risk off, but still the top-performing g10 currency of the year. about one point 6% gain over the greenback year to date.

new zealand up .8%. the -- decision wednesday. we will be looking as to where they take that decision to potentially ease the pace of tightening and take into account the recent cyclone damage. dollar-yen holding up at 134. one of the worst performance of the japanese yen this year. yvonne: obviously when it comes to the rebound in chinese stocks , fast relief was the key movement or just given how things are supplied with the u.s. markets. is this rally resuming itself? investors still have to deal with a lot of the politics. after this meeting in munich between -- and secretary blinken, looks like there's a lot more problems than just the balloon. you mentioned this lengthy sort of paper that came out basically blasting the united states on all things from the military, culture had -- cultural

hegemony, as they say. also playing the role of peacekeeper, saying they will come out with some sort of paper to broker the peace settlement with moscow. it is interesting to see. how china is going to play out in this war. do they have the influence to really broker this sort of peace deal? haidi: how do you go from being the self-declared no limits friendship to being something of a neutral party? which seems how beijing is trying to position itself. but as much as these two superpowers try, they cannot seem to get jan the conflict to some sort of manageable competition. the balloon was maybe just symbolic. there are many more problems in this relationship between washington and beijing beyond just surveillance aircraft issues. yvonne: i think the whole issue of ukraine came out of nowhere and these talks. bringing a little more potential flashpoint in the relations.

it was interesting. overnight, president biden got a surprise visit, meeting with volodymyr zelenskyy in the highest profile visit to ukraine since the war began. murray -- annmarie hordern told us more about the trip. henrico -- >> in dramatic fashion and a trip surrounded in secrecy, president biden made his way to kyiv, ukraine and of the one year mark of russia's brutal invasion. president biden met with president zelenskyy and other advisors and announced 500 million dollars more going to ukraine and said later this week there will also be fresh sanctions on russia. i spoke with the u.s. ambassador to poland about this trip. he says it was a defining moment for the biden presidency. >> the u.s. president joe biden quite bravely took a trip to kyiv. a lot of risk. the message is, don't doubt our commitment to the people of

ukraine. >> president biden will head to poland where he is scheduled to give a major address. in this, he will continue to talk about what he calls the unwavering support for ukraine. it comes as many are concerned about war fatigue as this war has now been lasting 12 months and many are preparing for prolonged conflict. haidi: bhp has launched its dividend rise after softer commodity prices. paul allen joins us. it was a challenging half. >> the number in the underlying profit, six point 6 billion, worse than expected. even worse when compared to the same period last year. the dividend looked pretty bad, but was better than expected. the interim dividend of $.90. bhp could be hit by the same issues a lot of big companies were. the slowdown in china chief

among them. iron ore prices very weak in the second half comparatively speaking. below $100 a ton for most. -- costs were higher. bhp saying the inflation rate on diesel was 12%. struggling with a shortage of skilled workers. we look at their number two commodity, copper, hit by all sorts of similar problems. in terms of the outlook, bhp sees the operational environment remaining challenging and volatile. pointing to a bright spot with china. expecting china and india to remain relatively robust, offsetting some of the weakness expected. haidi: goldman sachs saying the focus for bhp in these earnings is really on growth. what is the company saying around and exploration? >> no change to the plans for the rest of the year, that stays

at $7.6 billion. we were looking for an update around the project, bhp's only major project at the moment. a stage two feasibility study has started. production for that project rolled forward to 2026 from 2027. the minerals acquisition we had at the end of last year's still very much on track. that is the gold and copper producer in australia. bhp pushing ahead with an ongoing divestment of whole projects. a couple of projects in queensland on the block. the blackwater mine. bhp saying it is looking towards more future facing commodities but also a little dig at the queensland government, saying -- in the world. so, it doesn't make fiscal sense to hang on. yvonne: we will be speaking with bhp a little bit later on this morning as well. in broader markets, concerns the

fed will keep borrowing costs higher for longer. outweighing optimism over china's economic recovery. let's bring in our contributor garfield reynolds. it is a pretty quiet day. u.s. markets closed. you are not seeing a lot of readthrough on geopolitics. what are you watching for today? >> a couple of things. one is whether the rally in china can sustain. it is a pretty extraordinary move. almost as a market thumbing its nose at the idea that u.s.-china political tensions would mean anything. on a relative valuations basis, you are looking at the 12 month forward pe. china shares are stuck in the range where they have been outside of covid, the range they were in back before they were in the trump era. which is lower than they were

before the trump presidency. there is definitely some headwinds ahead for china shares , partly because of geopolitical tensions but also because they underlined to the ongoing difficulty that china is going to have as long as it is at odds with the larger u.s. economy, especially equity markets and investors. also coming up today, the rba minutes will be of interest. it has been a fairly relentless, hawkish drumbeat from the rba. it probably won't be too much, but a lot of reading the tea leaves. are they going to hike? that sets the stage for our bz tomorrow, then the bank of korea later. the new zealand treasury was saying that its aid package to help the population there deal with the cyclone that has hit is likely to add to demand and keep inflation higher than it would

otherwise be. that might be enabling statement to allow the our bz to go ahead with the 50 basis point hike that had long been expected for this meeting. even in the face of the damage from the cyclone. >> when it comes to china, it sounds like perhaps you were dubious about this 24% upside call from goldman. what do investors need to see at the moment? if this thesis of reopening to recovery, too i guess a more structural growth effort. >> you need to see continuing stimulus efforts, which do seem to be coming through. you also need to see real evidence that the stimulus is going into the sort of areas that are going to make that

growth more sustainable. not into the old smokestack classic china stimulus efforts of the past where they ended up building a lot of factories that in the end they were not really sure that they actually needed and what they need is high-tech. what they need is value-added. all of those areas are difficult of course now precisely because of those u.s.-china tensions. whether it is on the u.s.-china front or in general, a calmer, less hectic tone from the authorities that could reassure investors that they are not about to make sudden shifts that would favor one sector of the economy or the other, as they have done so often in the past. that is always a concern for anybody investing in china. in many ways, some of the shrill rhetoric coming out from both sides when it comes to the

balloon, that has got to put you on edge about what could be this sort of tail risk that nobody is capable of getting their heads around if the chinese auttnships. yvonne: garfield reynolds. you can follow more of the day's trading action and our live blog on the bloomberg. get a market that -- market rundown and one click. expert editors you can find out exactly what is affecting your investments at any given point. let's get you caught up to date with headlines for at least three people have been killed as another pair of earthquakes shook turkiye's province near syria. the government says more than 200 people were injured as buildings collapsed. the area is still reeling from quakes this month that killed 41,000 people in turkiye and thousands more in syria.

u.k. prime minister rishi sunak's lobbying conservative rebels to support a post-brexit trade deal on northern ireland. sources say he held one-on-one meetings to explain the outline of a prospective agreement with the european union. northern ireland is -- ability has been a thorny issue for britain's since they left the eu. bloomberg has learned that an indian billionaire has decided against bidding for estate -- stake in his electricity trader. they also earlier call off a plan to fire a coal plant. the group has halved its revenue growth target as part of its comeback plan following the fallout from fraud allegations from short seller hindenburg. hong kong is planning to lead retail investors trade digital tote -- digital tokens such as bitcoin, a major step towards its goal of becoming a crypto hub. the regulator did not specify which large cap tokens would be involved. instead, it says the queen

should be included in at least two acceptable investable indices from independent providers. yvonne: still ahead, president biden declares unwavering support for ukraine as they war approaches the one year mark. the full interview with the u.s. ambassador to poland later on. up next, investment strategy with optimal capital who tells us which five markets she is closely watching amid mixed economic signals. francis stacy joining us coming up. this is bloomberg. ♪

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♪ haidi: welcome back today break australia. fx moves in the last few weeks, we want to watch the bloomberg dollar gauge. we have basically wiped out the losses for this year, amidst this macro picture, rising rates, the whole prospect of maybe 50 basis points. bigger hikes back on the table when it comes to the fed. that is challenging a lot of the outlooks for this year. let's bring in the director of strategy joining us from tampa to talk us through what we have been seeing this year. given the dollar move and how the greenback suddenly has made a comeback, is this whole pivot

trade overreactive -- over? >> that is the key question. it has yet to take out a time in january. if it fails here, it will continue in the trend of lower trajectories. the lower lows and higher highs. if it breaks out above 105 .63, you can assume the dollar could be having a trend change to the upside and that all of the negative correlations, particularly with gold and other things, you can see a breakdown. as you say, the pivot trade, which really has been pretty strong since october. haidi: is that enough of an indicator? i know you are watching five markets. you are not really getting a clear signal where the economy is, given where you see the yield curve. it is still pretty strong labor market in the u.s. >> the labor market is strong. retailers strong. you've got people paying higher interest rates on credit cards.

you do not have the quelling of demand in the services sector. however, you have the fed reducing liquidity. i am watching the markets because there are technical signals. in the dollar, the technical signal is that january -- 10 year growth plan double pop resistance. we will see if it trades lower or breaks through. we have to see if the ration, looking at the tlt, holds 100. that is key support for that one. corporate credit spreads, no sign of a break out there. looking at gold to see if gold remains negatively correlated to the dollar because those are all of the key pivot trades and to the pivot traits go along with the idea that the economy is getting weaker. do we have a pullback? do we have 50% retracement and resumption? or do we have a trend change based on the pivot to traders miscalculating how strong the economy is? technical levels are going to tell us. yvonne: -- potentially have

levels of -- that become so onerous that it could lead to potentially some sort of credit event. is that what it would take for the fed to stop this trajectory to potentially over tightening? >> yes. you've got 60% of the population living paycheck-to-paycheck. one of the reasons their consumerism has not backed off the credit cards because they are buying necessities. they are paying 20% interest rates to buy groceries and gas. we see rising defaults and people making car payments. people paying off their phone bills. you're starting to see the consumer is getting exhausted. if you have an event where a large percentage of that 60% starts to default simultaneously, you will have seen a case where the fed has over tightened and you are now at risk for a credit event. powell has said both he and his

news conference at his conversation with david rubenstein on bloomberg, that he would rather err on over tightening because those tools are more obvious. he's got those tools and he's got disinflationary hard landing credit events. he has got that pivot already. he knows exactly what to do with it. whereas you would not want to see that despite all of the tightening aspects of inflation become entrenched because that also threatens the 60% consumer with higher food costs. >> my next question, how do you feel about the u.s. consumer and how that plays into your strategy? if the risks you have outlined -- if not a likelihood, but something we should be appreciating? >> the economy is completely bifurcated between the loan assets and the 60% who do not have $500 in savings. if the 60% falls off because they are defaulting on their

credit cards are they just can't keep up or something has got to give, because even though inflation looks as though it has peaked, it is decelerating now. but those costs are still going up. even though the food commodity prices have fallen off, those costs are still going up in many cases for the average joe. if they fall off of the radar for consumers, that is a huge percentage of the population. i do think that is going to create a credit event. you have to remember that every day that goes forward, the likelihood of a harder landing becomes more relevant. risk gets higher, not lower as we tighten more. that is the thing we have to continuously watch. one of the reasons is janet yellen has drawn down a significant portion in the treasury general accounts to ward off this debt ceiling discussion that is coming this summer. that has buffered the liquidity the fed is taking out of the system via balance sheets. you got people still spending on

credit cards and you've got demand and you've got the treasury injecting liquidity into the system while the fed is picking it up. if those two things fall off, the effects of tightening are going to be a lot stronger. >> always great to chat with you, francis. . >> don't miss our interviews from the goldman sachs global macro conference taking place in hong kong today. we will be hearing from the bank's chief economist and 21st century china-centric chair susan. this is bloomberg. ♪

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♪ yvonne: chinese ride-hailing firm has renewed its plan to list in hong kong after at least two previous failed attempts.

sources say the start up is considering raising around $200 million in the ipo. we are told the company has obtained assurances from chinese regulators for the sale to go ahead. united airlines said to be delaying plans to add extra u.s.-china flights by at least six months. the two nations remained deadlocked over lifting covid flight caps and the increase in flights was originally slated to around next month. late next month. a source says the move was postponed over the weekend. airline has started to -- affected passengers. haidi: let's take a looking ahead for the day when it comes to australia and new zealand. we are watching the rbs to release minutes of their february meeting. for more on that decision to hike basis points, so much focus and scrutiny on the are been a -- rba governor for that policy path. also watching come of these can be the big movers after earnings, bhp -- dividends --

calls naming a new ceo, replacing stephen kane from may 1. the supermarket operator purporting it almost 5% jump in the first half comparable sales. more analysis on bhp's results and outlook with the ceo mike henry will be joining us. that's 10:00. much more to come. this is bloomberg. ♪

>> you're watching daybreak australia. president biden has pledged more military aid to help ukraine fight back against russia. the defense department says a

$460 billion package will include artillery and radar systems while meeting president zelenskyy on visit. biden promised further sanctions on companies assisting though russian war effort. >> pugin thought ukraine -- putin thought ukraine was weak. he was counting on the inability to keep nato united. he was counting on us not be able to bring in others. >> china has laid out a fresh list of problems it has withheld the u.s. uses its power. a 4000 word u.s. article that blasts u.s. policy and underscores how tensions have worsened over the suspected spy balloon incident and the war in ukraine. top chinese scientists have outlined plans on how to circumvent chip sanctions

imposed by the u.s.. an article argues beijing should build a portfolio of patents that governs the next generation of chipmaking pit they say it would propel china semi conductor ambitions and give them the power to push against sanctions. india is invoking an emergency rule for some of the biggest power plants to operate at full capacity. power stations operating on imported coal will be asked to run at full capacity to ease the burden on domestic suppliers. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm paul allen. this is bloomberg. yvonne: let's get more on president biden's -- president biden's visit to kyiv. mark presents he says it is a message other nations in the region are grateful to hear.

>> you are in a part of the world now that historically has felt abandoned by the west and now on the eve of the anniversary of russia's invasion of ukraine the u.s. president joe biden quite bravely took a trip to kyiv. a lot of risk and message is don't doubt our commitment to the people of ukraine and that is a glorious message to here in poland because the polls so much want to support their neighbor, ukraine and they want the west to be with it and president biden has provided that answer. an amazing historical moment and a defining moment for president joe biden. >> definitely defining moment in his foreign-policy. the optics is on full display. tomorrow he will give this speech. today he talked about there will be another half billion dollars

going in terms of aid. what else can you tell us he plans to deliver while he is in poland? >> i think i knew the words of a polish general he fought for the american side during their revolutionary war 200 years ago. for your freedom and hours is what that translates into. that will be the overarching theme of the visit here. collective security works. we are all in this together. brace yourself. this will not be an easy or short-term ride but in the end we will be with the ukrainian people until the end. that is a message in poland the poles will embrace because for poland the russian invasion of ukraine is 1939. a horrific foreign oppressor attacking a weaker neighbor. this time in poland they feel they can do something about it. the poles have welcomed into their houses and apartments

millions of ukrainian refugees and supported them for almost a year. an incredible humanitarian gesture but they want to know the west is with them. today they do. haidi: the u.s. ambassador to poland speaking with bloomberg. geopolitics continues to be the overlay when it comes to trading in asia. it is a quieter session with not much of a lead other than u.s. futures looking muted. this is the picture as we set the scene in sydney. a half-hour away from the start of cash trading. indicated downside of about -- of about half a percent. processing the earnings. will be watching bhp. first-half number is disappointing on the count of slowdown we have seen in commodity prices and some of the other hits that will be processed by the markets at the open. market holding steady. top performer in g10 so far.

new zealand is looking pretty flat tiered investors staying on the sidelines as we await the rbnz decision on wednesday and whether or not they will slow the pace of tightening. chicago nikkei futures looking muted. sticking with central banks, our economics reporter is here with a look at what to expect. are we expecting any new justification for the decision to do 25 and then probably more? >> yes, one thing that was not asked of philip lowe in all those testimonies last week was what was on the table on the seventh of february when they decided to make that hawkish pivot. that is going to be a key focus today. people in markets and economists are going to see they consider a pause at all because they

considered a pause in december. did they consider 50 basis points again and was there anything else on the table because there have been some expectations they will do 15 and 40 basis points. the rba has shown no inclination of making it a rounded figure. people do want to see what was on the table. that is going to be a key one today. yvonne: how does the rba's outlook and this whole path for hiking compare with u.s.? how high can rates go in australia? >> expectation from money markets is the interest rates any australia will go to 4.1% by june or july. in u.s. expectation is for interest rate cuts to start happening in the second half. the economic outlook like so far the data that has come out of the u.s. appears to be stronger then data coming out of

australia. consumer confidence is really weak. we are seeing a sign of a slowdown. the jobs data was weaker than expected. second straight month of a fall. in the u.s. jobs market is still going strong. that kind of shows the interest rate hikes that have happened so far is having a more -- more of an impact any australia even though it was 25 basis points. economists are still expecting australia can avoid a recession. that is based on the assumption the rba will not take interest rates to the level expected from the u.s. federal reserve. yvonne: thank you. coming up we are digging into the earnings and outlooks for for gauzy minors. -- big aussie minors. why lower prices and operating

costs will weigh on the results. this is bloomberg. ♪

>> we have sent a -- we have seen a normalization of pricing. the description's in supply chain covid etc. drove prices to levels they had never seen in the history of the industry.

what we have seen is a normalization of pricing levels. haidi: speaking exclusively to bloomberg. php has slashed its dividend after rising costs and softer commodity prices drove a 32% decline. we will begetting other reading of sentiment. rio tinto will be reporting its results on wednesday. gavin joins us out of sydney. the readthrough when it comes to bhp, what is your reaction? >> the hp has delivered what the market expected which was profit that was significantly down on what was reported last year but this is no surprise given bhp and all of the world's major minors are being hit both ways. they are being hit by global commodity prices and they are being impacted by rising costs.

my personal opinion, it is a result the market and investors if you are a bhp shareholder you should be happy with the half yearly result as it represents a strong overall performance. there are three key factors that impacted bhp. it has been subjected to enormous price volatility. it has had uncertainty with respect to demand. and of course there has been the impacts of inflation on the cost side of things. when we look at bhp's result we have to look at it in that context. the prophet result overall is strong and bhp has rewarded its shareholders with better dividend payout. haidi: what you expect to hear out of the outlook given the china reopening and the transition from reopening to

recovery and more structural means of growth particularly across construction of property is yet to be seen? >> it is a work in progress. bear in mind we go back to october of last year markets aware down in the dumps with respect to commodities in the china situation. china reopened. it surprised all of us with its rapid reopening or change of policy. that reopening is going to take times to filter through. it is going to take time for consumers to start spending. it is going to take time for private enterprise, government enterprise to crank up construction once again. there is a lot of uncertainty in the global economy and in the chinese economy. what we need to see our more concrete and firm policy measures put in place by government that could lead to further economic growth in china

because at the moment economic growth prospects are not fabulous and that is what is reflected in bhp's prophet result. if you have a look at the price of iron ore it got down to less than $80 per ton in november last year. that was well below the price of iron ore, the record price of $220 per ton just 12 months before. having said that iron ore has bounced. it is bhp's key commodity earner. it is around $130 per ton so it has bounced by roughly 60% from its low. yvonne: we are actually hearing from mike henry talking about that slowed in growth you mentioned. they are seeing slow growth in europe as well as the u.s.. you mentioned there is still a question mark about how the recovery is going to play out. could it be that the golf set across we are seeing across g10?

who of all the miners is better positioned to recover from this position? >> my personal view it is bhp. you can look at bhp and rio tinto and many people look at it as being similar companies. they are heavily exposed iron ore. they are also heavily exposed to copper. bhp of course has outperformed rio tinto over recent years in terms of its operational performance, how it has been run. rio tinto is playing a lot of catch-up. if you have a look at the share price it is up about 30%. rio tinto is up about 40% that reflects growing confidence with respect to china and the world economy despite volatility. it also makes the point rio tinto is playing catch-up and a lot of ground to make up. bhp is managing its iron ore

business really well. it has achieved a record result during the half year and its operating costs are the lowest in the business. even with weaker iron ore prices if you can call 120, 100 $30 weak it is generating an extraordinary margin with respect to its siren or business. -- to its iron ore business. yvonne: i terms of cost inflation should i expect that to continue? how much more can these miners mitigate the rising costs? >> it is a real wild card for the miners. it is something that is difficult for them to control. bhp has done a good job in particular in its iron ore business. the lowest in the industry despite all the volatility, with respect to diesel costs and

labor and inventory issues but it does make the point in its release effective inflation was around 12%. it is still something that is an ever present danger. fuel costs and oil prices remain high. the prospects for inflation are still going to be prevalent and very dangerous for the industry. haidi: who is best positioned for the eventual or if not eminent transition out of coal in this country? >> both bhp and rio tinto have moved strongly away from coal. i would say the hp still has a major component of its earnings derived from coal. the hp did take a hit with respect to its recent results because of bad weather, seasonal bad weather.

i guess what that underlines is the coal division had in previous years provided a lot of support when iron ore prices were retreating. that emphasizes the importance of having a diversified resource business. bhp will move away from coal. there is no doubt about it. with the ukraine war, with coal prices still very robust it is going to be a major provider of earnings even with some operational challenges should bhp and rio tinto both are structurally well set up with strong earnings from copper, iron ore to make that transition which is what is happening around the world in terms of the energy transition. all of the major miners exposed to a materials.

investing heavily in organic projects. the takeover of oz minerals for example. very important in terms of positioning bhp more firmly in the copper camp. haidi: you talked a little bit about it being a work in progress, the whole china reopening and recovery. yvonne spoke with bluescope yesterday. mike was in the camp of people need to adjust to a new normal rather than the post-covid post china boom. is that something investors across all the miners are going to be contending with? >> the markets have gotten used to two decades of outstanding china growth in terms of percentage growth numbers. china's economy has grown

significantly during those intervening two decades. we are not going to see the growth numbers we used to see out of china of eight or nine or 10%. that is not going to happen anymore. neither do we want it to happen. china's economy has grown. we don't want asset bubbles within china. china's authorities have been cracking down in recent years on its construction sector because it does not want construction for construction sake. it wants to allocate resources efficiently just like any western economy would. it is really important we focus on where strident -- where china's strengths are today. we look at a country like india which is rapidly emerging in terms of population and efficiency. i think it is going to be a real challenge to china over the coming years. it is going to be a powerhouse for our mining companies in

terms of demand for key commodities as its economy continues to mature. that is a really bright spot for the mining sector. yvonne: good way to end our interview. founding director and senior resource analyst at mine life in sydney. more on bhp results and the outlook with ceo mike henry himself. this is bloomberg. ♪

we yvonne: have been talking about earnings oh morning. one that is coming up is ready big. hsbc in hong kong. a lot of indications of where banks are seeing the whole hiking cycle is particularly when it comes to g10. given exposure to asia, to china a lot of questions about the outlook for the housing market in the mainland. haidi: that real estate question is going to be key. also watching share buybacks. going to be a big one. the dividend policy as well as the impact when it comes to cost controls. guidance on a forecast not just

for asia, hong kong and the river delta china exposure but also the european business. u.s. and u.k. rates will be key. this is relevant to where you are as to the core market of hong kong. how has revival on in wealth and i guess getting some sense of confidence returning to the city and investment. hopefully getting answers to those questions when we speak with the hsbc ceo. getting his take when it comes to the earnings performance. that interview is taking place at 140 if you are watching in hong kong. a quick check of the latest headlines. sources telling bloomberg the largest crane owning company in asia-pacific is considering selling its australian business. it is said to be working with a financial advisor on the potential divestment with an

australian construction and equipment firm should a thing up -- the singapore-based company is seeking $500 million for the unit. adani will prepay $100 million more in short-term debt. only repaid about 180 million dollars of similar debt on time using funds generated from business operations. india's largest private sector ports operator is seeking to ease fees over high debt and the fraud allegations made by hindenburg. bhp slashed its dividend after rising costs and softer commodity prices drove a decline. the underlying profit from continuing operations of 4.56 billion dollars missed estimates of $4.81 billion. ceo mike henry said the company is positive about the outlook for the second half of 2023 on strengthening activity in china.

yvonne: stocks we are watching in the open in australia. not just when it comes to bhp. a luca has reported a for your net income that grew by 60% from a year ago. you want to keep on other miners. bluescope your that is the one to watch the biggest drag on the ms yesterday. that is it for us on deibert australia. daybreak: asia coming up next.

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yvonne: welcome to daybreak: asia. we are getting done to asia's major market opens. haidi: