>> you are watching "daybreak: asia." coming to you live from new york city and hong kong. paul: australia has just come online, the top stories this hour. the rba set to hike rates to battle elevated inflation. visitors also awaiting china's february trade numbers as president xi calls on the private sector, and jp morgan ceo jamie dimon tells us china and ukraine are his top concerns but a soft landing may still be possible for the u.s.. a mile recession is possible, a harder recession as possible. there's a chance inflation will come down, but not enough by the fourth quarter. shery: breaking news from south

korea, fourth-quarter gdp number shown growth of 1.3% year on year, which is a revision downward from the previous estimate of 1.4% growth. when it comes to quarter on quarter numbers, it's a correction of 0.4% for the fourth quarter, which is in line with the previous estimate, but still the first time that the south korean economy has shrank since the beginning of the pandemic. perhaps not surprising, given that we did see that slowdown in china in the fourth quarter, particularly hurting korean exports last year and we know that semiconductor slump has helped the decline in exports in south korea. we are also seeing wholesale retail accommodation of food services gain only 1% quarter on quarter, despite the reopening since the covid pandemic. again, a vision downward on the

euro year growth picture of down 1.3% for korea. >> in australia -- the expectation is for policymakers to hike the pay rate by 25 basis points to 3.6%, that would be that 10 straight meeting where we've seen an increase. a lot of question marks around the communication because this is something the rba has been criticized on what sort of forward guidance we will get and how many more hikes we can expect to see ahead. we do see aussie stocks looking a little weak, given the lead we had on wall street as well, but meanwhile we're seeing bond yields still around a year to date low but little changed as bondholders await that key decision due in a few hours from now. other markets we are focusing on

include new zealand, already trading online in the red. futures open for japan, trading fairly flat, and keep an eye on what is happening with the japanese yen because deutsche bank has a new note out essentially saying we could see the in move 285 against the greenback. also easing from the fed, so talking about a 60% appreciation from where we are now. shery: take a look at how u.s. futures are coming online, not a lot of movement at the moment. this after stocks are really not showing clear direction in the new york session either. the s&p 500 finishing unchanged. with materials and consumer discretionary stocks weighing on the index. this after gains of almost 1% earlier. treasuries sounding off again, the 10-year yield nearing that

4% level, and crude prices at the moment under a little bit of pressure, $80 a barrel right now. kathleen hays is here, no hitting the brakes on tightening at this meeting at least. kathleen: don't think so, inflation is just too high, a little too early. so many things are giving inflation acceleration, after so many rate hikes. they're expecting to do it when he five basis points hike. the last meeting was 25 basis points, but bottom line, the highest level since may of 2012, that's more than 10 years. 325 basis point total, that's a lot of rate hikes. but potentially not enough yet. look at cpi, and that gives you the answer why. if you look at the monthly

numbers, the peak was in december. quarterly numbers which is what the rba ultimately has to rely on. gdp growth is slow, weaker than expected wage growth, consumer spending is slowing down. they took more hawkish tilt in february. it's surprised people, they came in with a 35 basis point rate hike. first of all, they took up this wording, that they were not on a preset path, and they took that out, meaning that they are going to do whatever they feel like they need to do. they also added this statement that the board expects further increases in rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary. so watch the wording in the policy statement. what is a say about wage growth.

the head of the rba said a wage price spiral was something that would be watching for. so a lot more will be in the forward guidance. paul: is there any chance the rba might do nothing and signaled the end of rate hikes? kathleen: when you have adjustable-rate mortgages in economy like australia and new zealand and other countries, when you have rates rising, you have an impact on everyone's pocketbook who owns a house and is making mortgage payments. on the 600,000 average home price in australia, what we've seen so far over the last year or so is that people are going to be paying about $13,000 more every year on their interest payments. that's the negative that could make the rba think about signaling something a little easier in the months ahead. but the china reopening is big for the world and potentially for the aussie economy, the most

china dependent economy in the world, as you well know. paul: jp morgan ceo jamie dimon says the impacts of the war in ukraine and tensions with china are front and center in the world economy. he spoke exclusively to bloomberg at the high yield and leverage finance conference in miami. >> what i'm worried most about is ukraine. oil and gas, the leadership of the world, that is much more serious on a day-to-day basis. paul: chinese president xi jinping's railing the private sector in china to innovate more as the nation grapples with what he calls containment and suppression by western nations. let's bring our chief north asia correspondent, stephen engle. after couple of years of cranking down on the private sector on the internet platform

economy, he is now saying china needs them. what is going on? stephen: they do need them. they have a problem with youth unemployment. they want to create new urban jobs this year as stated in the work report on sunday. they need jobs and they need to boost consumption and domestic demand, that's a priority of the work report. how do you do that? you help boost backup the private sector, the likes of alibaba, tencent and others, who created a lot of jobs in the new economy but was kind of chopped down at the knees over the last three years because of the antimonopoly regulations. some might say within the ranks of power in beijing that these be platform companies got too big, therefore quashed innovation in the platform economy. that being said, xi jinping at the advisory body to the national people's congress held simultaneously, essentially

according to state media is quoted as saying that china will support these tech platform companies to create jobs, expand consumption, and compete globally. all the things the likes of alibaba, tencent and others had done for those crackdowns, which have at least anecdotally started to subside a bit. xi jinping has regularly talked about the reckless expansion of capital as being a big risk to the economy. he says china will guide healthy development of all types of capital while effectively preventing and diffusing systemic financial risk. that's a balancing act these leaders in beijing need to do. balance risk versus growth. shery: how much of a risk is weak external demand? we will get those freight figures out of china later today. stephen: again, this points to

weak external demand. the export numbers are expected to fall again, december was down nine point 9%. bloomberg economics expects -- the lunar new year holiday falls in those months. bloomberg economics expects to follow about 4.4 percent year-over-year. the consensus is for a fall of 9%. imports expected to be down about 14%, according to bloomberg economics. there are base effects because of the higher numbers last year, but again, there is weak external demand. paul: stephen engle there. let's get to vonnie quinn for the first word headlines. >> u.s. house speaker kevin mccarthy is reportedly planning to meet taiwan's president in early april. according to the financial times, the face-to-face will be in california rather than taiwan. the report said they want to

avoid an aggressive response china's government. the ft says he will make a stop in new york as well as central america. the u.s. lng terminal says it is not negotiating long-term contracts with chinese buyers. the chairman said they will have to compete with european countries for supplies on the open market. is looking to raise about $3 billion in financing. >> i didn't like the experience i had with them, so i find that if they want the gas, they will bite on the market, that is sufficient for me. i don't feel the need to have agreements with people that i don't have confidence in. >> the exchange has been hit by

-- prices spiked 250% and a little more than 24 hours. the claims at pressure to the exchange which is already under investigation by u.k. regulators over its conduct in the lead up to the crisis. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: still ahead, china signaling coal real -- will remain its main state fuel even as the -- more on that later. first an update on the beleaguered crypto industry and fresh headaches for traders. this is bloomberg. ♪

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>> we could still have a soft landing. a mile recession as possible. a hard recession as possible. there's a good chance inflation will come down, but not enough by the fourth quarter, i think a lot is happening in the world, and the bigger trends are inflationary. paul: jp morgan ceo jamie dimon speaking exclusively to bloomberg. our next guest says the rba has little choice but to increase the cash rates by 25 basis points later today. he is the executive director and head of research at k2 asset management. we be hard-pressed to find anyone who doesn't think the rba is going to lift rates later on today, but how many more rate increases there are to recover in australia and is the rba concerned at all about driving the country into recession?

george: that's a good question. it would impact people are even worse than the height mortgage costs, but we think a couple more, just under the 4% level. the thing to reinforce about this is the high level, roughly one third of houses -- in aggregate, there is more income in the economy because people effectively for 15 years, they are getting quite a lot of income. they are getting up to 4.5% from capital structure. so aggregate income is quite good and strong, it's just that one third that's got the

mortgage that's going to be struggling to come up with a fixed rate. so there is a balancing act, and the solution we believe will be the effort the regulator will redefine for mortgages and allow in the year ahead refinance to begin a more compelling rates and for the duration. so there is maneuverability for the regulator to work in tandem to the higher rates for the rba who are independent, to deal with the inflation problem. paul: this is not a problem unique to australia and the solution will not be unique to the country either. it seems like a lot of central banks and develop markets are reading from the same script. so from an investing point of view, what is attractive to you right now? are you looking to financials, cash, or something else? george: clearly cash is very compelling, that has a lost of

-- a lot of investors going there. within the equities, we are cautiously optimistic. we like producers of energy and metals, we like playing that into the emerging market. we like some financials and beneficiaries of that higher swap curve that we've had over the past nine months or so. health care is brought within the asset class. if you go with a very high yield, nevertheless a bit more of taking profit where you can. but short duration, cautiously optimistic with some tilt into those sectors that we just discussed there. there's more than enough risk going forward, that we've always had the assumption of a shallow recession. aggregate earnings, because of the tight labor market, and the demand of a problematic rise

which is another delicate maneuverability. the demand part of inflation falling, it's a bit of a catch 22. it's a reality of the policymakers. shery: review disappointed about china's growth target this year? you like energy and materials and some of those metal players, but at the same time you saw that pressure on commodities prices because of the huge stimulus the markets were expecting did not really materialize. george: the new china, getting our heads around the new policies. new targets, a framework, the bureaucrats are out. the reality is, the messy, nonlinear opening of china is still a cushion to global growth

and the contribution, the mystic demand is ahead of china relative to trade of the sector. it seems like a fair enough play. they've been innovative and trying to deal with the biggest property bubble in the world. they're going to be a very big economy that is not grown at the same right and that will have complications. nevertheless, contributing to global growth, but hard to make the investment case in any part of the capital structure or exposure to china. short duration, we can understand that. difficult to hold equity positions for 3-5 years. shorter term, i can understand but difficult for investing for long time in the charter narrative going forward. shery: when you talk about messy, nonlinear recovery for china, is this sort of the sweet spot? we saw china's reopening after covid zero. a lot of people were worried about the inflationary wave that

could cause. but if we have a china right now that is more targeted, that is growing but in certain sectors where they want to grow, is this sort of the goldilocks scenario, in a way? george: spot on. it's a slight goldilocks scenario. at the same time it gives it a cushion on gdp to avoid those recessionary scenarios. that's the reality, it does help at the margin and it helps quite a bit on global growth. and again, it helps the developed world and exporters of agriculture and commodities and energy at the margin. it seems to be an unreasonable trade-off, and our mind that is difficult to get sharp downside. if you can find your option positions, good on you. shery: george, always good to

have you with us. we have more to come. this is bloomberg. ♪

shery: we are counting down to the start of trade in tokyo and seoul. some of the stories we are watching in japan. the government auctions off more than $6.5 million in 30 year bonds ahead of this week's boj policy meeting. we're keeping an eye on shares of nissan after the company ported sales in china fell down by more than 10% in february. and a japanese and korean governments are making arrangement for meeting between the prime minister and president in tokyo in the second half of next week. that's after the two nations signal a breakthrough to ending a wartime labor dispute.

in korea, we will keep an eye on the market reaction to data showing the economy shrank by .4% in the fourth quarter. the be ok governor field's question from reporters the televised event at 11:00 a.m. local time, and another run at securing a substantial stake in sm entertainment after falling short in a takeover bid for the cape up pioneer. paul: let's turn to crypto, analyst downgrading silver gate stock following the banks its pension -- suspension of its payment plan. su keenan has the latest on the crisis. what are analysts saying? su: they are saying the future of the bank is uncertain. so it's a real pylon, last week alone we saw three analysts downgrade the stock, including

compass point and wedbush. you can see the stock of the trouble bank has tumbled more dramatically than crypto itself, down 97% from its november record high. at this point only five analysts are giving a price target for the future, underscoring its uncertainty. the trigger for the latest downgrade came friday when the company shut down its flagship product, the silver gate exchange network. it's a payments network that is unknown to most of us an invisible to most crypto traders buttercream -- key part of the way money moves around in the crypto verse. he reported further losses in january and february and its latest filings indicate it is now reviewing its viability with payless. it could mean it is winding down operations. shery: the biden administration is monitoring all of this.

su: we heard from a press spokesperson that the biden administration is very aware of the situation and monitoring all the reports. alameda resorts has filed a lawsuit against grayscale investments accusing grayscale of preventing redemptions. this has a lot to do with the ftx new ceo and restructuring officer using different tools to try to get that money back from people who lost money in the ftx collapse. shery: here in new york, 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. those smiles. that's why i do what i do. that and the paycheck.

shery: breaking news out of

japan, were getting the labor cash numbers for year on year growth of 0.8%, which is really coming in below economists expectations. is also easing from the previous month. the previous month of december was also revised downwards for growth forward of 1%. for the year on your number, were talking about a contraction of 4.1 percent. economists expected a contraction of about 3%. the previous months growth has been revised downwards. this comes after a plunge in industrial production likely wait on overtime pay and manufacturing. we've seen vacations that pay will get better in japan given that spring wage negotiation seem to have turned a little more positive for workers. but still it's really a contraction year on year of more than 4% for real cash earnings in japan. annabelle: that's the one to be

watching because sustained wage gains is what they need to see to stabilize policy. essentially deutsche bank saying the yen could appreciate up to 85 per dollar. in terms of what they see equilibrium and fair value, that is ¥100 per dollar. that's around a 30% jump from where we are now. we can get there if the boj do start to normalize its policy settings. as you just saw, perhaps that won't be for some time just yet. we're are in a huge amount of flux for the central bank, given the last policy meeting will be later this week. deutsche bank also saying that ¥85 per dollar is what we could get to even if the boj were turned normalize an of the fed would start to ease, which is currently not being priced in. let's look across the equities picture today, i mentioned the

rba, that decision is due in a couple of hours from now. the wide expectation here is for the rba to hike for its 10th straight meeting. a lot of questions here about what sort of communication we will get from the governor, that is really in focus. paul: jp morgan ceo jamie dimon says the impacts of the war in ukraine intentions with china are front and center for the world economy. he spoke exclusively to bloomberg in miami. >> what i worry most about is ukraine, oil and gas, the leadership of the world related to china. >> on the ukraine question, we talked about this year ago shortly after the war had started. do you think a year later the

west is becoming inured to the idea of a conflict of this scale on its borders, and if so, does it worry? >> i read a report the other day that a war normally last 10 years. this is a major land war in europe on a free, democratic nation. we don't know how this is going to in. it is affecting -- outs going to end. it is affecting global relationship. crane, russia, oil, gas, food, trade relations between america and china and the rest of the world. this is probably the most serious geopolitical thing we've had to deal with since world war ii. >> do you think it could reenter the market? >> is possible, but it won't

happen when our lifetime. >> i wonder what role you see business playing and trying to moderate those relations and trying to keep them as good as possible? >> it's really the government. the government has to set the rules on what to do. it's a fair complaint about government and business that we probably should have started resetting this 10 years ago. i don't want to cry over spilled milk, but going forward, the government needs to look at national security. what is unfair trade? i one point, sit down and have a serious conversation with the chinese government. and then the balloons.

if you're going to have outbound investment controls, how do you set up a way that works? so far all the conversation has been quite rational about it. >> i'm sure the government and china would listen to you. what are the conversations you've had about trying to maintain as cordial relations as possible between the two nations? >> like i said, we are basically taking a backseat to the american government in this one. we're trying to engage in a conversation with our own government and the chinese government on what those things should be. i'm hoping cooler heads prevail here. shery: jp morgan ceo jamie dimon speaking to ed hammond. let's get to vonnie quinn with the first word headlines. >> a study has revealed the model for near inflation

readings has been more accurate than the various alternatives. inflation measures are updated each business day. the price index for personal consumption expenditures. xi jinping is reportedly rallying china's private sector to overcome economic challenges driven by the u.s. china national radio said in an address to the top political advisory body. it urged companies to play a bigger role in establishing technology independence. the world's biggest provider of liquefied national gas says china may take flows away from europe as the economy reopens. its chief commercial officer told bloomberg china it will no longer act as a relief valve like it did last year by sending out emergency supplies to europe. >> we are always talking to

china. we have a number of long-term transaction with chinese parties, a large breath of counter policies and some of next year's players. we are always engage with them on long-term commitments and short-term. >> turkish politicians have picked an opponent for erdogan. he has led the republicans people party for 13 years. they are promising to undo the system introduced five years ago in favor of a stronger parliament. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: the battle for a controlling stake in the pioneering k pop group is heating up. they are seeking to buy a .3

million sm shares after rival hype fell way short in its takeover bid. this saga continues. what is the latest? >> is never stopping right now. kakao entertainment is offering to buy up to a 35% stake at just over $100 per share. it would make them the largest shareholder at the k pop pioneer agency. they already own about 4.9% of the same shares. the entire stake -- they would

take about a 40% stake. kakao is trying to become the largest shareholder because they are saying it is inevitable to position them for stable management of their partnership at sm entertainment. kakou said in a separate statement that it would respect the current vision but allow independent operation even after became a larger shareholder. paul: so what is next for the sm founder? >> yesterday we found out that she only added a fraction of the shares in the tender offer. it now has about 15.8% of shares and can also control about 40%

on voting rights on behalf of the founder. at this point, if kakou becomes -- they would own like 40%. we expect there will be another pricing more if hybe is serious about the deal. in talking with local and overseas entertainment companies, advising investors to raise as much as $1.1 trillion. the general shareholders meeting is later this month. so the snake showdown will be happening at the meeting

scheduled on march 31. it is going to be brutal by august. paul: still, china signals that coal will retain its title as the country's mainstay fuel. how it is affecting energy and commodity markets, next. this is bloomberg. ♪ e comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™.

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paul: china's national people's congress has signaled coal will retain its role as a country's mainstay fuel as the government continues to export the expansion of his clean energy industry. the head of research joins us from hong kong. have the recent discussions changed your china energy outlook? >> in short, no. while the gdp target of around 5% is more modest than what some economists expected, we still expect around 5.5%. this is about two percentage points higher than last year. this is one we see this language around coal.

it needs energy demand growth with energy alone, hence the emphasis around coal as a way of ensuring energy security. shery: we saw that explicit mention by the leadership there about renewable mega basis this year. >> it is a reassuring signal to the market. it covered the bulk of renewable capacity that the five-year plans expect. many of these projects were delayed and is not really clear the underlying reasons why these happen. so using this language signals the central government is clean for the government to execute these plans. paul: also stating it would crack on carbon market data fraud. what does it mean by that? >> it's important to remember,

the current rules are not really designed to drive emission reduction. however, the goal right now is to set up the infrastructure and give an opportunity for the companies to view how they are trading. they're trying to signal to companies that the end goal will be tightened and emission reduction happen to the carbon market so they'd better start taking it seriously today. shery: more on commodities, our next guest says that despite the lack of large stimulus measures from china, physical demand for metals is picking up. the head of global commodities analysis, good to have you with us. what do you make of the announcement of the npc, because the commodities space felt the pressure in trading today.

was it a disappointment, and how does it bode for the outlook of commodities this year? >> there definitely is a little bit of disappointment in the market, but it is temporary. metal prices are still evaded compared to pre-covid levels. the avoidance of a large stimulus on the back of a more conservative growth target of 5% definitely does please the caps on metal prices. but we need to pivot away from the expectation of what can support prices going forward. the pmi figures in china show that physical demand is definitely improving for metals. they have been at expansionary measures for the last two months. so china is on a path to recovery. this should support metal prices going forward, even without a large stimulus. shery: we have seen supply

disruptions in latin america and other parts of the world. how is that going to boost prices this year as well? sabrin: it's a combination of supply and demand. while demand is set to pick up this year, supply constraints definitely remain. we're having disruptions in latin america, chile and peru. at the same time, energy costs are still high. aluminum production in europe is constrained. a lot of steel production in china is also being constrained on the back of air pollution going forward. definitely supply constraints, while demand in china is picking up is going to bode well for prices this year. paul:: is having a moment, as we

discern a moment ago. china says it will remain a mainstay of its energy mix. with the man rising across power stations by 2025. despite its reputation, is coal still investable? sabrin: coal is definitely going to see a slower exit than we expected previously, due to the energy crisis globally and also in the emerging markets in china and india. definitely coal will still be there for quite a while longer. but over the longer-term term, we do expect stronger growth that will pave the way for calls exit ultimately. paul: what about the materials that will probably replace coal? i'm thinking lithium, copper, nickel, things that go into

batteries. is this pretty much a one-way bet, or is the demand picture a bit more nuanced than that? sabrin: in terms of copper, lithium, cobalt, nickel, the future outlook for these commodities is definitely very strong. as we pivot away from traditional automotive's to new energy vehicles. there's also solar panels that require a lot of copper. definitely copper has a role to play in the space. these are commodities of the future that have a very bright future. shery: will a softer u.s. dollar help prices? what is your outlook for the

greenback and how that's going to be supportive, or not some 40, of commodities -- not supportive of commodities this year? sabrin: it has always been a reverse relationship, most of the times in history. last year as we saw a huge spike in the usg, there was a strong cap case done on metal prices. despite strengthening in february, over the course of the year, we should see something compared to last year and this will help support metal prices going forward. so the outlook in general is very positive this year. chinese demand, you have the weaker ust supply constraints. all these amount to a stronger outlook for metal pricing. paul: the head of global

commodities at fitch solutions, thank you so much for joining us. get in-depth analysis from the daybreak team, broadcasting live from a studio in hong kong. plenty more to come. stay with us. ♪

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the latest business flash headlines. tesla has lowered the prices of its most expensive models for the second time this year. the base price of its model s luxury sedan dropped to around 89,000 dollars, from $94,000. the model x suv so 9% price cut to around 99,000 dollars. elon musk recently said the price reductions have helped boost demand. strive is plain to use fresh funds to help cover a hefty tax bill of around 3.5 billion dollars tied to its employee stock units. an investor document shows it is looking to raise $2.3 billion to cover tax withholdings in the first quarter. it is also seeking to withhold an additional $500 million and 700 mood dollars in taxes for this year and next.

ubs races ceos compensation by 11% while bonuses for the rest of the firm were cut. the bank stated he delivered good financial results despite significant headwinds. the bank reserve -- raise profit despite steep declines in the business of advising on deals. rio tinto will pay $15 million to settle bribery charges with the sec. the u.s. securities regulator found that in 2011, -- rio tinto consented to the order without admitting or denying the findings. paul: let's take a look at stocks to watch when trade begins in korea and japan shortly. the entertainment space still in focus and south korea, as we've been discussing, kakao seeking a

stake after rival hybe acquired only a share -- a portion of the shares it was hoping to acquire. coming up in the next hour, ocbc bank wealth management would tell us which asian markets they are optimistic about, even with more risk of fed rate hikes. society general will explain why life in china is expected to overachieve its growth targets. that is up next. this is bloomberg. ♪

shery: this is daybreak: asia we are counting down to the major market opens. investors have much to digest including japan's paid labor cash earnings contracting and south korea's fourth-quarter growth contracted again. we're talking about the first time since the beginning of the pandemic. we are headed towards the rba decision. paul: that's right. that is the big macro. australia, the 10th consecutive 25 basis rate hike. we will also have traded down at the bottom of the hour. we got korea and japan about to open. anabelle: that's right. also, the start of trading for cash treasuries. keeping. . an eye on the 10 year yield. we saw yields move higher in the session. you see it coming online close to the 4% level. it was the taking stock of

whether the rally we were seeing over the past couple of sessions was traders getting ahead of themselves. morgan stanley saying that fundamentals are continuing to deteriorate. in japan we are seeing the effect showing up this morning. it really was about those real wages. they fell the most since 2014 despite the huge push we have seen from the government former pay, which negotiations taking place. the union is asking for a bump. it means the boj is likely to keep its policy settings in place later this week. we are continuing to watch other factors including the japanese yen, holding steady. deutsche's says when we moved to some normalization we could see the yen appreciating by 30% to the 100 level. let's change. we're focused. we had the growth numbers from korea earlier, fourth-quarter gdp coming in at 1.3%. a contraction on the quarterly

basis, down .4%. we are keeping an eye on shares of snm and -- sm entertainment. kakao looking weaker. it comes down to the battle of the entertainment. sm is being outweighed by kakao, becoming the largest shareholder, taking a 35% stake of sm in a tender offer, valuing the share as 150 apiece. let's change to australia. it really is about that rba decision. they expect expectations to attend straight hike, taking it to 3.6%. we will get forward guidance from the head governor. we're watching the losses in the material sector, dragging down the broader asx 200 by 1.5%. wti study.

a lot of questions around china as well and what sort of messages we will get from the npc underway in beijing. shery: let's ring in our next guest who is neutral on the equities with an overweight position in asia, here is vasu menon, the director of investment strategy at ocbc investment banking. given what you have seen so far, how optimistic are you that it will really give us more support for equities and for broader markets across asia? vasu: we are positive on the chinese equity market. we have had a call on china for several months now. the strong performance of the chinese stock market has supported our prognosis for the chinese equity markets what we have seen from the mpc has not changed our view of china. a 5% growth target is a

reasonable growth target. we feel that chinese economy will be the only major economy in the world to see an upcoming growth in 2023, compared to 2022. the government may be setting the bond a lower. in 2022, the excepted the by of a 5.5%. the economy fell short of expectations. they are selling the bond a bit lower now. there is stimulus as a result of reopening. they had the capacity to undertake fiscal policy and monetary policy, if need be. they can do that, down the road. we're not negative. the valuations are demanding. shery: it's setting the floor. so, what do you like in terms of sectors? vasu: well, in terms of sectors, we're looking at consumption place in china. what's going to happen is there is a lot of savings, excess

savings to the tune of $1 trillion in u.s. china is only sorting to reopen. you are seeing consumption spending pickup. that is good for the chinese consumption stocks. the internet stocks were not negative. they are a proxy place for consumption in china. infrastructure related stocks because the government will focus on infrastructure, as a way to develop the economy. the green economy, green technology, renewable energy, solar energy, electric vehicles, these are the areas the chinese government will focus on. this came through quickly the -- through the npc as well. there are areas in china that will benefit. not forget the sector as well. the banks will benefit in china. there are enough opportunities in china for investors to capitalize on. paul: vasu, hold that thought

for a moment. we want to update our viewers on breaking news. kakao jumping 13% in trade in south korea, after it launches an offer to buy the stake in sm entertainment at 150,000 won per share. kakao jumping on the kospi as it seeks to head off that rival offer from hybe. we want to return to your thoughts in terms of investing around china. we're singh a lot of volatility on the hang seng, it's been through about 13% in the space of two months. when you're looking at exposure to china what do you prefer, h-shares or a shares? anabelle: we think the h-share market offers better opportunities. vasu: the asian. markets are looking more attractive number two, the asian market has a plane to the do

must of market. china is focusing on self-reliance, its domestic economy, consumer spending. essentially, trying to boost manufacturing activities. domestic places will benefit. asia is well-positioned to benefit from the pickup in domestic demand, consumption and otherwise. we're positive and the asian market compared to the h-share market. paul: i know you like industrials as well. this is despite a backdrop of recession risk in developed markets, persistent inflation as well. why do you like industrials? vasu: no doubt, the risk on the global front in terms of a slowdown in the global economy, inflation, but when it comes to china, domestic industrials, i think it's cool for china investors.

the government is focused on domestic demand. chinese industrials will benefit from the pickup in domestic demand and the interest in capex, as far as energy transmission is concerned, renewables are concerned. we think there is scope for that to happen. while the rest of the world is tightening up in terms of fiscal policy, monetary policy, you are seeing a slowdown, china is the other way around. the government has increased the scope. the economy is on a different trajectory from the developed markets. on that basis, we like industrials in china as well. paul: all right. vasu menon thanks so much for joining us. vasu menon, the executive director at ocbc big wealth management. what is moving belle? anabelle: it's all about the control of sm entertainment. this is being waged between kakao, you can see the internet

giant and hybe, the label behind the kapok sensation -- k pop sensation bts. they are vying for a in sm entertainment. kakao up the stakes launching a tender offer to become the largest shareholder. kakao entertainment offering to buy up to 35% stake of sm 41 50,000 won per share. sm entertainment jumping to the near level, a lot higher than the tender offer that came from hybe, which was for shares priced at 120,000 won a piece. a big corporate story in korea. let's change. we are keeping an eye on the tesla supplies at the start of trade, under 10 minutes into the session for korea and japan. these are looking fairly mixed, higher in korea, lower in japan. tesla's cutting its model s, x, prices for second time this

year, days after elon musk said a small change to the price had actually picked a lot of interest in those vehicles. shery: following the big moves across asian trading today. let's get the vonnie quinn. >> thank you. u.s. house speaker kevin mccarthy has planned to meet taiwan's president in early april. according to the financial times the face to face will be in california. the report says they want to avoid an aggressive response from china's government which is seeking reunification for the self was island. they will also make a stop in new york as well as central america. the developer of the u.s. lng export terminal says it is now negotiating long-term contracts with chinese buyers. tellurian chairman says chinese companies will have to compete with european countries for supplies on the open market. it is looking to raise $3 billion in financing for its driftwood lng project. >> i did not like the experience

i had with them when i was an engineer. i find that if they want the gas will bite on the market. that is sufficient for me. i don't need long-term agreements with people that i don't have confidence in. >> the london metal exchange has been hit by losses from 10 hedge funds over its position to cancel billions of dollars in nickel trades last year. it cancel seven hours of trading after it spiked 20% in a little over 24 hours. it's added pressure to the exchange, after u.s. regulators conduct. norfolk southern plans to add hundreds of track site he detectors to improve safety following a derailment in ohio that spilled caulk -- toxic chemicals, is part of a plan to exploring new type sensors, and detectors. the plans come after the company suffered another derailment over the weekend in ohio. 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 around the world. i'm vonnie quinn. this is bloomberg. paul: thanks very much. still to come. we will get analysis on china's national people's congress and beijing's. michelle lam. next. we hear from jamie dimon, he speaks exclusively to bloomberg about the risks he sees for the global economy. this is bloomberg. ♪

>> we benefit somewhat indirectly from china. unfortunately, the u.k. does not export anything as much to china as the germans do. in germany, it is big news because of the exports of cars and heavy equipment. for us it is more indirect. our actual direct is modest. i don't think we have been expecting much more. 5% that is delivered would be better than a bogus 8%. paul: that was chairman howard davies on china's honest growth target. the chinese president is rallying the private sector to innovate more as a nation grapples with what he calls containment and suppression by western nations for the latest on the national people's congress let's bring in our

chief north asia correspondent stephen engle. after a couple of years, cracking down on the private sector in internets platform economy, xi says need to be changed. stephen: he is telling them that the private sector in these big tech platform companies are for creating technological independence in light of the challenges from what they said is the u.s. led western containment policies towards china. he is alluding to the chip export restrictions that the biden administration has placed on china and gotten the allies, whether it is asml in the netherlands or the japanese chipmakers to not sell to the chinese. the advanced chip equipment and chips for advanced ai and the like. xi jinping has said that they're going to support the private

sectors push for innovation. it's a critical part of the chinese economy and policy going forward. he says, as quoted by state media, at the meeting yesterday in beijing, that china will support its tech platform companies to a, create jobs, b expand consumption which is the number one priority reported on sunday, as well as compete globally. those are three things. the big tech platforms like alibaba, tencent and others that were faced by the antimonopoly, crackdown they created all those things before regulation got in the way. nevertheless, some argument could be made in beijing that those tech platforms that i mentioned, perhaps got to big, and therefore quashed innovation. that's, the push now , as domestic consumption and countering those efforts by the u.s. to allegedly suppress china's rise our priorities now. shery: how much will week global

demand hurt china given that we are getting those trade figures later today? stephen: that is why domestic consumption is important to the chinese leadership. they cannot rely on the export dependency part of the equation, of the chinese economy. we're expecting continued external weakness for chinese imports, the latest numbers are out later this morning for the combined january to february period because of the lunar new year holidays. we're expecting continued weakness on the export and import front. granted, they are base effects because of the strong numbers a year ago. bloomberg economics expects a 4.4% drop, year-over-year in dollar terms. the consensus is much more bearish at 9% fall. december was 9.9%. and also imports. we have seen commodity prices come down a bit. the chinese economy is starting

to pick up. it's still imports. bloomberg economics expects a 14% year-over-year fall in the two-month period. consensus is for a 5.5% fall. face effects playing a factor. shery: stephen engle, there. we also heard from j.p. morgan's ceo jamie dimon, when he comes to china. he says the impact from the war on ukraine as well as western tensions with beijing are front and center for the world economy. diamond spoke exclusively to bloomberg at the global high-yield and finance conference in miami. >> the thing i'm worried the most about his ukraine, oil, gas, the leadership of the world, our relationship with china. that is much more serious, the economic vibrations we have to deal with on a day-to-day basis. >> on the crane question, we talked about it -- on the ukraine question shortly after the war started, do you think

the west has become lured to the idea of a conflict of the scale, does that worry you? >> it looks a bit like people are lured to it. one out -- when award goes to one year, it lasts 10. this is a major land war in europe in a free, democratic nation. hundreds of thousands of casualties already on both sides. we don't know how this is going to end. we don't know which direction it is going to take. it's affecting global relationships. ukraine, russia, oil, gas, food, it's ruining trade relationships between asia, china, america. this is a serious geopolitical thing we've, had to deal with since world war ii. >> do see a future where j.p. morgan can return to the russian market? >> that is premature to say. if there is -- one day, maybe,

maybe not in our lifetime. >> you mentioned u.s./china relations. not the best. particularly post balloons. what role do you see business playing in trying to moderate the relations and trying to keep them as good as possible? >> it's the government. the government has to set the rules and figure out what they want to do. it's a fair complaint about government and business, that we probably should have said this 10 years ago and we did not. i don't like to cry over spilt milk,, but going forward i think the government is doing a good job thinking through what is national security? it is semiconductors, penicillin. what is unfair trade? then, i one point, sit down and have a serious conversation with the chinese government secretary blinken was on his way over there to do that. then the balloon. at one point they will do that, and businesses will play into that. businesses will help give advice

on how to do things. if you're going to have investment controls how are you going to work? all the conversations have been rational about it. >> j.p. morgan has a significant business in china. i'm sure the government will listen to you. what are the conversations you have about trying to maintain as cordial relations as possible between the two nations? >> for there, we are there. we're taking a backseat to american government in this one. and obviously we have to do whatever the american government asks us to do. we're trying to engage in a conversation with our own government and the chinese government. i'm hoping cooler heads prevail. this is why ukraine is so important. this can cause it to go in a bad direction rather quickly. everybody's got questions. >> i want to talk about the fed. when do we get to say where lending, hard or soft? one is that begin to occur --

when does that begin to occur? >> forecasting the future is complicated. the consumer has a lot more money in their checking accounts than before covid. they are spending 10% more than pre-covid it looks like they will have access money to spend, roughly until the end of the year. at that point, it's a cliff, is it a soft landing? qt has not started to bite. that will happen one point later this year. there is one you will know when these things -- what these things do. we still have a soft landing. the other thing about this economic forecasting is russia and ukraine. that can change it dramatically and very quickly. >> do think absent, russia ukraine, we will have a soft landing? >> it is possible. i look at possibilities -- possible. a mild recession as possible. a harder recession as possible. there is a good chance inflation will come down. not enough by the fourth

quarter. the fed may have to do more. a lot of things that happen in the world, think of the bigger trends, they are inflationary. paul: jp morgan ceo, jamie dimon, speaking with bloomberg. you can get around above the stories to get your day going. bloomberg subscribers go to dayb . it available on the bloomberg app. you can customize your settings so you are only going on the -- only getting the news you care about. this is bloomberg. ♪ personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management.

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paul: here's a quick check of the latest business flash headlines. goldman sachs is losing its stock trading rainmaker whose pay has rivaled even that of the ceo.

he recently informed the firm that he is stepping down as head of equities trading for the americas. but has yet to line up a new job. he is a key player in goldman-s assent for two straight years. south korean social media giant kakao is seeking a 35% sm stake. the regulatory filing is showing that it is offering 150,000 won per share, for up to 8.3 billion shares, coming after the arrival hybe fell short. buying just over 230,000 shares of 120,000 won each. tesla has lowered the price of its most expensive models. the model s dropped to $89,000 down from $94,000. model x suv has a price cut to 99,000 dollars. elon musk said that the price reductions have helped use

demand. trip.com reported fourth-quarter revenue of under $726 million. the travel company says the domestic business in china has remained resilient, full international business shows a strong recovery momentum. the ceo says she is confident the company can grow at a fast pace across global markets. still to come, we will get a preview of the reserve bank of australia is expected rate hike. and what it may mean for the economy that is showing signs of weakening in the face of persistent inflation. this is bloomberg. ♪

paul: just getting trade numbers

for australia for the month of january. coming in weaker than expected, 11.6 billion aussie dollars. the expectation was. . for 12.2 billion slower than what we saw in december. exports increasing by 1%. imports jumping by 5%. the trade surplus is weakening ever so slightly. there's a bit of weakness for the aussie dollar, 67.33, head of the reserve bank of australia decision. which we will get. three hours time. for more on that, let's bring in our economic reporter. we're pretty much baked in on 25 basis points at this meeting. april is looking like a near certainty for another rise. >> it is quite unusual for economists to be unanimous on it. it was when the rba was not doing anything. but in these tightening cycles we have economists having different views but this time they are unanimous. the main focus will be what they

do in the last paragraph where they give guidance. if they keep it unchanged from what they said in february it will mean that they will do more hikes in april and may as well. if they tweak that to say we are going to be data-dependent, that would imply a pause. in april. then they will see what inflation does, what wages do and then act accordingly. that will be dovish if they do do that. shery: we are focused on what is happening in the australian economy. i'm very surprised of the january export numbers, rise of 1%. the trade circle is surprising to the downside. now, with china's growth expectations, or at least the target not being as ambitious as many expected, how much more downside in pressure could we expect for the australian economy? it is so reliant on china and the global economy. swati: yes.

australia's economy is so reliant on exports in china. we saw that in the last gdp report for the final three months of 2022. if we removed the impact from trade, we would have had a negative quarter. that is how important the external sector is for australia. there are aspects that are clouding the outlook, with china predicting a slower growth. and also china focusing more on domestic consumption rather than an export focused model, which is also for australia. relationships are getting better. we are seeing both countries meeting and talking, more often, and talking about better relationships as well. that is likely to be positive. but even with today's data, exports are still rising.

overall, we are seeing softness. it is likely to be beneficial for the economy, until we can extend this runoff trade. paul: competing forces here. we have the trade relationship for china thawing. at the same time, there is the bank of australia, tightening and rising. what is the focus for these two? swati: the biggest factor that people are keeping an eye out for are domestic consumption, two thirds of the economy. that some -- surprised on the downside in the last gdp report. we saw the savings ratio drop. but we did not see that helping aggregate demand. that was because people were running down their savings to pay off debt, pay off everyday living costs. we did not see the bump up in aggregate demand that the rba was expecting. if we see trade weakening as

well, that's a big dark cloud looming over australia's economy. we want trade to keep going, if we want australia to avoid recession this year. shery: swati pandey, there. you can turn to bloomberg for more on the decision. for commentary and analysis for our expert editors early in the asian session. w what are you seeing? anabelle: keeping an eye and the aussie market. in terms of what we are seeing in bonds, there are little change yields this morning. even though we are seeing treasury yields, taking it high. the aussie dollar flat. we are seeing the biggest losses in the material space. that is a day two reaction to china's gdp targets set around 5%. that has been disappointing across the commodities complex. let's change now.

there is one stocks surging in the session today. this is the australian funeral home operator invocare. it is received a takeover offer from tpg global which is a san francisco-based pe fund. they have submitted a bid valuing invocare at 12.21 dollars a share. tpg has a near 18% in the company, seeking to increase that. there is no confirmation on whether that deal will proceed. there is also another group of stocks that we are keeping an eye on in the session. that is sm entertainment. it's surging, as we continue to see the battle for control for the company playing out between kakao and hybe. shery: let's discuss the move further with the technology editor. belle, was telling us about this battle. what is at stake for these companies?

>> it really is a battle for the future of k pop. the k pop surged in the last up -- last couple of years but both have been slowing down. you have all of the south korean entertainment companies looking at sm entertainment, the management struggle and they see an opportunity. this is one chance for them to take control and expand their portfolio in kapok. high, the agency -- hybe, the agency behind bts wants to control in sm entertainment which has been a pioneer in the kapok arena -- kpop arena. they were the first to put kpop on the map. kakao has thrown its hat in the ring. they have launched a tender offer. 435% of sn -- sm entertainment.

kakao is hoping to list its kakao entertainment unit which is backed by the saudi and singapore wealth funds. they are bringing a lot of heavy guns to this battle. it goes to show how big they think k pop can be going forward. paul: you describe it as a battle. what is the chance of hybe coming back with a higher offer? mayumi: it is really hard to say. some analysts say 60%. a bit more than half. hybe had a tender offer that closed the last week. which, they only got a fraction of the shares that they were trying to get. so, that was a bit of a humiliating defeat. kakao came back with this much higher premium of -- hybe's

offer was 120,000 won. kakao is coming back with 150,000 won. hybe is looking for sources to bolster its next move. it is up in the air whether they can convince another -- enough backers to come after kakao, which is south korea's biggest messaging app, operator and kakao entertainment which has the force of the wealth fund of saudi and singapore behind it. we have to wait and see. paul: that is technology editor mayumi negishi in tokyo. let's get to vonnie quinn. vonnie: thank you. a study from the fed reveals its model of readings has been more accurate at predicting price pressures during the pandemic than the various alternatives. the fed cast estimates of inflation measures updated each business days including

projections for headline and core measures for the cpi and price index for personal consumption's managers. xi jinping is rallying china's private sector to overcome economic challenges by the u.s. xi spoke with suppression, of western countries led by the u.s. he went on to urge local companies to strengthen innovation and play a bigger role in establishing technology independence. the world's biggest provider of liquefied natural gas says china may take flows away from europe as the economy reopens. its chief commercial officer told bloomberg china will no longer act as a relief well sending out supplies to europe. they say the company engages with partners of the world's second-largest economy. >> we. are always talking to chinawe have a number of long-term transactions with the chinese counterparties. a large breath of counterparties including the soa's like petrochina and some of the other

players like pnm. we're engaged in long-term commitments and short-term. voniie -- vonnie: turkish politicians have chosen it in opposition. the 740-year-old that has led the opposition for 13 years. the alliance he leads almost collapsed last week due to negotiations over the candidate. they are promising to undo the presidential system introduced five years ago in favor of a stronger parliament. 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 around the world. i'm vonnie quinn. this is bloomberg. shery: coming up next, societe generale ways in, with the world's second-largest economy and what they will achieve. this is bloomberg. ♪ so, am i still on track to reach my goals? the plan we created can withstand uncertainty. lately everybody has opinions about the economy,

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paul: china's latest trade data is due later on tuesday with exports likely to have dropped my percent. -- 2%. let's bring in michelle lam, from societe generale. we are expecting to see a contraction in exports. what is your outlook considering that the china reopening trade is behind us. there is still this backdrop of tension between the u.s. and

china. michelle: our growth forecast for the chinese economy is 5.8%. of course, there is still a lot of uncertainty such as the trade outlook. we expect the trade data to be disappointing, with notable contraction, especially considering that there is probably still some disruptions playing out in january due to the cmi factors. all in all, the bullish outlook should be pretty much in place with china given the reopening. especially, there are still some savings for the households to utilize if we see a stabilization in the property sector. paul: that growth target of 5%, pretty much received as being on the timid side. is this a case of under promising and over delivering later in the year? michelle: i think so. if you look at the growth target

for, 2021 at 6%. the gdp growth turned out to be pretty decent of 8% in 2021. there probably setting it lower than expectations on the gdp growth target leaving room for surprises later in the year. shery: how much is it about trying to achieve quality growth instead of just the large amounts of a boost in gdp that does not necessarily contribute to the health of the economy? have you seen any signs that this is a more targeted approach, and that this is perhaps more sustainable in the future? michelle: i think that is definitely the case. if you look at the trends of the gdp target they set over the years, since 2018, they have been gradually lowering the gdp growth targets. this is a sign that, the

policymakers are increasingly emphasizing the quality of growth rather than continuity. you can see it in the policy announcements. for example, in the report released on sunday, the premier stressed that they will focus on containing on the local government debt, given last year there have been a lot of stimulus being rolled out to try to stabilize the economy with the help of infrastructure stimulus. i do think that the infrastructure investment growth will slow a bit this year. on the monetary policy side, if you look at what it has been announced from the kospi, and the report recently, they are concerned about the inflation risk that may play out in the economy later in the year. i think they are definitely trying to be more cautious about

not rolling out more stimulus giving the economy is already on track to recovery. shery: what does that do to the chinese one -- yuan? michelle: in the short-term they are -- it is still going to have more upside because of the reopening momentum. we see there has been volatility since the beginning of the year. the reopening trend will played out well. in february, the optimism was cut by what happened with the fed policy. the market is trying to reprice a more hawkish policy from the fed. if we can be sure that inflation is really peeking in the u.s., and the market pricing is starting to consolidate a bit, and we are seeing the dollar peak your, i can be more confident that there will be more upward momentum for the line. shery: what are the signals

you're getting on the regulatory front, especially tech and internet platforms? michelle: so far, from the government work report we received, it's in line from what we received from the conference. the government will continue to support the private sector and encourage a more to come to china, given that there has been deceleration last year. these are just in lines with what we have seen. we need to wait for more detailed measures from the new leadership to see if there will be morning policy measures to support the predecessor and internet platforms. shery: michelle lam. good to have you with us. we get more from the markets with our reporter in hong kong.

we saw the downside pressure in chinese assets. what are we expecting this week? sofia: markets open lower yesterday. abutted gave back most of the losses. it shows that as michelle was just talking about. the gdp target was low but people are reading more positively into the 5%. it's sustainable. what will actually drive that? it will not be debt it will be concepcion. xi jinping, yate -- late yesterday, there was a report, really showing that this is a push that pro business pushes coming from the top. the fact that the president himself is saying china will want to develop all kinds of capital, that was the exact word said on radio. that is a really big shift from the rhetoric we have seen in the past three years. pro-business, pro-entrepreneurs and pro-private sector. let us see what kind of policies

come out of that. the rhetoric is extremely positive in relation to that part. it is all about where the growth drivers will be and how sustainable they will be. markets will likely take that positively today. paul: bloomberg's chief china correspondent in hong kong there. still to come, trip.com reports fourth-quarter revenue that beat estimates citing strong economic business in china. details coming next. this is bloomberg. ♪

shery: trip.com is reported fourth-quarter revenue that beat analyst estimates. the travel company says domestic business in china is resilient and its international business shows strong recovery momentum. let's bring in bloomberg intelligence analyst, angela. is the current travel recovery living up to market expectations? angela: yes. recovery has been faster than what was expected mainly because the china reopening has been faster than we thought. our previous expectation was the consumption of the sector would pick up from restaurants because people will go out to eat first. then it will be followed by the recovery. in the travel sector.

the accelerated rate of reopening of china has led to traveling. we see that allocation of budgets of people is going towards tourism. rather than going to restaurant operators. we see hotel room rates in china hiking a lot these days. while we see the restaurants are still struggling for price hikes. paul: what are the risks now for travel companies like trip.com? angela: the recovery has been very strong, as told by the trip.com management today. one is the willingness to travel is short. the number of flights from china to the rest of the world has not picked up yet. we have received, that willingness can only be materialized in tokyo this year. the second reason i say is, we

did the survey for bloomberg intelligence, we realize the willingness of spending from the lowest citizen in china is higher. that means people living in smaller cities are more willing to travel. that means probably, spending may be slightly lower than markets expectations. paul: bloomberg's intelligence angela hanlee there. some stocks we will watch ahead of the opening in hong kong the china. watching for stock moves from trip.com in hong kong. we will be keeping an eye on tesla's asian suppliers after the ev maker cut prices on some vehicles. catl xpeng and nio will be in focus. shery: here's a quick check of the latest business flash headlines. rio tinto will pay $50 million to set off bribery charges. the u.s. security regulator found that in 2011 the miner

hired a consultant that was close to a government official to help the company retain its mining rights. rio consented to the sec's order without admitting to the findings. goldman sachs is recommending buying apple shares for the first time in six years after being on the sidelines. the stucco dribbled in value -- the stock quadrupled in value. the user base will help roads user businesses. the company stock was rated neutral or sell at goldman previously. ubs raised ceo's pay by 11% while bonuses for the rest of the former cut. the bank justified how much the seller increased in its annual report stating a delivered goods , financial results despite headwinds. they raised by 2.3% last year, despite steep declines in the business of advising on deals. still to come, a preview of the

reserve bank of australia's upcoming policy decision. plus, we will discuss china investment strategies. we continue to monitor the mpc, after we got the growth target that underwhelmed investors of around 5% for 2023. that is it for daybreak asia. our markets coverage continues as we look ahead to the start of trade in hong kong, shenzhen. standby for bloomberg markets, china open. this is bloomberg. ♪

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