>> good morning, welcome to "daybreak australia". we are counting down to asia's major market opens. shery: the top stories is our beard the imf cuts its 2023 global growth projections as it warns it is too soon to sound the all clear on financial sector turmoil. haidi: we will be speaking to sri lanka's central bank governor and imf asia-pacific directors. markets are bracing for inflation data which could sing out whether the fed will raise interest rates. u.s. futures up during the opening of the early asian market open. the dow gaining ground, the s&p reversing earlier gains. it lacked conduction -- conviction when it came to

investor moves. we have nasdaq 100 losing ground today, expectations we could continue to see this rate increase and repricing from the swaps market. we are expecting those inflation numbers on wednesday. investors have been bracing for what to expect, especially in the core cpi numbers that could increase month on month. we saw the 10 year and 2-year yield, treasury yields gaining a little bit of ground with a two-year yield sensitive. the 10-year yield also above the 340 level. we are watching oil prices. the asian session not doing much. we saw a little bit of gain in the new york session even that we are seeing a series of the supply demand forecast that show that perhaps the u.s. production could be moderating in the days to come. haidi: take a look at what we are exciting for this of midweek

a session. futures looking like this, watching out for expectations when it comes to comments from the deputy governor speaking at a panel discussion later on. watching out for any further develop its when it comes to the potential gold mining between new crust and new much. sidney futures up by .3%. we are watching what it comes to the japanese seven, the defense affirms could be seeing big moves defense related stocks could be on the government signed for missile develop and procurement contracts with mitsubishi heavy. when it comes to fx, marginal downside when it comes to trading and the aussie dollar kiwi stocks are flat at the moment. amt ongoing concerns about the state of the global economy, recession fears, monetary policy misstep risks.

the international monetary fund has whittled down its global growth forecast for the second time this year. kathleen hays is in washington covering the imf spring meetings. let's start off with the numbers. what do they show? >> the numbers don't show much pessimism because the downgrade was only .1%. it is not a big difference. 3.4% was the growth of last year. the imf still sees something that is not picking up to where it was. you can see in this chart that this growth forecasgrowth forecn steady. what is happening this time, back in january, the imf was talking about a turning point in the global economy, reopening is happening, the pandemic is behind us, supply chains are healing. but now they are getting cautious and the chief economist warning about banking turmoil.

what if that continues, what does that mean and how bad is it going to be? that is why they see a downside risk. it is interesting, the world bank, the outgoing president upgraded their forecast by .1%. but it puts them in the same spot. they see growth around under 3%. focusing more on the reopening in china, warm winter in europe, eating gas prices down. a resilient labor market in the u.s.. not the kind of growth they want to have, many are worried about banking turmoil, is it over or will it continue? shery: we had a lot of fed speak to adjust to come up we are getting more in terms of the banking turmoil that you mention. the fillet of you fed president saying that the u.s. banking system is sound and resilient, also saying that he is fully committed to lowering inflammation -- inflation to 2% here he is watching the data to

see if more action is needed here he is seeing promising signs that steps to slow the economy are working. these are the comments from patrick harker. we have heard from a couple of fed officials, we are started to see a growing divide on where they stand on hiking rates. >> let's focus on that a photo we just showed of patrick harker sitting next to the president of the cleveland fed. she told bloomberg television that she sees more work to do, still sees more in terms of rate hikes. today we heard from the president of the new york fed, john williams, he was talking about more work to do on inflation, one more rate hike would be reasonable. it was alstom goals b, one of his first speeches talking about policy, he is a chicago fed vanke resident now.

he said the fed needs to have prudence and patients given what we have seen in banking turmoil recently. he is worried about the tighter financial conditions, the headwinds, he said given how uncertainty abounds about where these financial had wins are going, i think we need to be cautious. we should gather further data and be careful about raising rates aggressively until we see how much work the headwinds will do in getting down inflation. let's remember too, there are two sides. let's be cautious, wait and see, who knows what this will lead to with the banks. on the other hand, inflation is still high, that's why there is more focus on tomorrow's cpi report, consumer prices. on the headline, it is supposed to come down year over here, headline inflation is postcode -- supposed to go to 6.0 25.6%. mixed bag and more coming from fed officials coming up.

have seen, not a big divide, but it is clear that they are going at this with a different view and we have to hope that the debate will lead to the best outcome possible. shery: kathleen hayes joining us from washington, breaking down the fed speak that we got today, and also what we can expect from the inflation data coming out tomorrow. u.s. stocks already starting to show strain ahead of those numbers, it could signal if the fed will continue its rate hikes. let's bring in bloomberg's cross asset reporter, what we know now is the subtlety in fed speak changing but also that given the environment, bearish wagers, u.s. stocks grow. >> there'll be a lot of volatility which would be different from the last few trading days that we have seen in the s&p 500 during this holiday shortened week. we know that throughout this fed rate hiking cycle, the average

s&p 500 move up or down has been 1.9 percent on the cpi days. brace for a big move. we had a goldman sachs partner saying, if we were to get a much harder than expected -- summing above 6%, which would be more than the prior reading of year-over-year cpi, we could see the s&p 500 fall over 2%. if it comes in right at 5.1%, we could still see another drop, maybe about 1% in the s&p 500. we will have to wait and see. it's all linked to the uncertainty about the fed's path. we are in this limbo where we have the equity market rallying a little bit, the bond market pricing in cuts, and fed speakers saying they are not going to cut. will this inflation report solve that disassociation it is unclear. >> you think the nasdaq 100 has done well, look at the outsides

names from bitcoin. is it riding along on these easier monetary policy expectations? >> that could be one reason for it rallying, we also saw this banking turmoil. we are up 80%, year to date. one of the initial selling points of bitcoin, back in its early days, right after the financial crisis, was if you wanted uncorrelated asset, if you want to put your money somewhere that is outside of the traditional initial system, you could buy bitcoin. we started to see crypto investors bringing that back up in the wake of the banking turmoil. someone said that if the fed cuts rates, but inflation stays sticky, that could erode fiat currencies, that could provide a boot stte -- used for bitcoin. it is hard to know what is

really driving. we just talked to crypto investors who like these round numbers. after we topped that level for the first time since june, we added a little bit above 30,000. it has been able to hold past that technical level, at least for the last day. shery: let's get over to su keenan, with the first word in headlines. >> chinese vice president is a specter to be named as the ruling democratic progressive parties canada in next year's presidential election and compared to current leader, he is seen as a robust advocate of taiwan's independence. the winner of the january 2024 election will immediately step into a role that could determine the trajectory of geopolitics on the global economy for years to come. to france, france of finance minister says europe must not be

pushed around. bruno le maire said that on europe one radio, being a u.s. ally doesn't mean that france should be against beijing. his comments come after president macron's visit to china last week during which he pushed against decoupling compared with washington's tougher stance. beijing is planning reviews for local artificial intelligence services of which they are led to operate. china's internet regular says it wants to ensure the platforms provide accurate content and do not compromise national security. tech firms like alibaba, plan to lunch ai services that would compete with the microsoft chatgpt. swiss parliaments lower house will debate whether to approve 120 billion dollars in government guarantees for the ubs credit suisse deal. the upper house give it green light earlier in the day,

lawmakers can do little to derailed the takeover, they will be likely to push the government to overhaul too big to fail rules and pursue legal action against management. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: still had the must really a is building a green building west of sydney. sara helped joins us later to discuss that develop and. sri lanka central governor joins us on the debt restructuring after securing a $3 billion elliott -- bailout from the imf. this is bloomberg. ♪

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>> we have to be vigilant because some of these pockets of vulnerabilities could spread and they could spread to the whole financial system. this is not where we are and the authorities have been dealing with that. what we are seeing right now is the risk that banks, they are going to look at the bottom line, they have to pay more for deposits, losing deposit, booking losses on the asset side, they are not going to be prudent and extending loans. that could way down further on

economy growth. shery: imf chief economist speaking to bloomberg about the risks to the global growth outlook. sri lanka may be on the road to recovery after the imf approved the $3 million loan in march to help bail of the country from its worst economic crisis in decades. the endorsement is expected to provide a reform framework and a lock fresh funding and investments and let the nation researcher its debt after an unprecedented default last may. let's bring in global -- bloomberg global policy -- kathleen hayes. we are joined by sri lanka central bank leader nandalal weerasinghe. i know it is a busy week, you have this debt restructuring approved by the imf. you have the paris club, india onboard, but china is still

dragging its feet. what can you tell us on that front, how do you expect to get them on board, what has to change? nandalal: if you look at the process that we have -- we have been able to obtain credible accessing from -- on a very comfortable manner. if you compare, it's a record time that we have been able to procure this. the next process is to complete this process. and complete the negotiation. that process has begun. we plan to make sure that we do it as soon as possible going forward. >> back to china, the head of the imf has said she is not

going to give up until this debt restructuring gets approved. unit yellen also sinking out china and the need to get them on board. your president has issued a public letter over the past few months saying no side deals with creditors. when you apply that to china, what do expect them to do, how do i specter get them on board? nandalal: i hope, as they have done the right thing for sri lanka, giving us a financing last time. this is probably the first time that fast. with the help of the imf to share information. we hope that china -- china has been helping sheila go for a long time. it's the best interest for china and sri lanka to complete this

process soon and we can get back to prepaying our obligations, sooner the better for both china and sri lanka. we think china will support sri lanka. we are confident that china will support as they have done in the last 10 months. >> your country is trying to balance the demand from local interests as well as global investors. what response have you gotten so far when it comes to bondholders for the proposed a local debt restructuring? nandalal: if you can remember, about a week ago, two weeks ago, we made an announcement in public, how we intend to make a contribution from local optimization bid we announced that central bank holdings will

be considered for payment. there would be voluntary treatment for bonds. this is comparable with other -- so we want to make our contribution from the local side. and also in terms of our contribution, we have already made commitments, growth, inflation, all of these things. the united nations and step is to have domestic optimization, and then after we announced the strategy, we will announce the strategy by the end of april. we can continue the process with commercial, to make it complete. >> we saw u.s. a judge denying sheila because request to dismiss a bondholders loss appeared is that going to have any impact on the restructuring efforts you have ongoing with

commercial creditors? nandalal: we have a federal process with -- that will give the u.s. more information so they can continue the process going forward. i think we have -- we intend to go to a parallel track. this is our plan going forward. >> you have to have in place for your first imf program review, one of the things on the list is tax reform. it is my understanding there are some elected officials who are pushing back against the reforms that your government has made or is planning to make to ensure creditors and the imf that your debt levels are sustainable once the debt is restructured. how do you respond to that kind of pushback from some within

your own ranks? nandalal: if you look at some of the reaction, those are the most difficult reforms so far. what i see from the pain and difficulty of those reforms, for example, tax increase, price adjustments, and the fiscal expenditure costs, we have done most of those were forms already. there is some opposition and pushback that is coming from local, some of the affected parties, as you can understand. we think we have a better understanding of the republic of sri lanka on the need of these reforms and continuation of the reforms, so we can get out of this crisis the sooner the better. we will get the full support from a public, and going forward, the next step is we are

going to see the benefits of the program and those people will realize what is needed. and why it is important to go through this process, it is the only way we can go for it. >> one of our stories today that caught my eye was that sri lanka has had to delay local government polls because a lot -- a lack of funding. you are dealing with high inflation, recent moves to rein it in, where do you see inflation going? will these reforms slow the economy down? nandalal: the economy contracted by 7.8% over the last year. but this year we see -- in terms of growth and inflation. the same process has started, by

the end of this year, we are confident we will reach single digit inflation by the end of december this year. we see this clear list, -- clearly,. in terms of growth, obviously this year's first two quarters will beast negative, but in the second half, we expect some small contraction. we think we would end up somewhere like 1-2% contraction this year, and from next year, we are moving to a positive growth. >> no doubt this debt restructuring, would you are confident you are going to complete will help you along that path. thank you for joining us today. >> central bank governor nandalal weerasinghe, sending it back to you. haidi: give it here on bloomberg

for more interviews with key global financial leaders during our imf spring meeting coverage. this is bloomberg. ♪

haidi: was a morning across sydney as we get into the start of trading. we are looking on the modest side when it comes to asian stocks as u.s. markets trended. we are coming off the back of the biggest rally

>> you are watching daybreak australia, i am su keenan with the first word headlines.

u.s. treasury secretary janet yellen says the economy is in better shape than six months ago. despite recent turmoil in the banking system. she played down data that showed lending contracted by the most on record in the last two weeks of march amid the collapse of svb and signature bank. yellen said even with the recent stress, banks are still lending. >> i have not seen evidence at this stage suggesting a contraction in credit, although that is a possibility. u.s. economy is obviously performing exceptionally well with continued, solid job creation, inflation gradually moving down, robust consumer spending. i'm not anticipating a downturn in the economy although that remains a risk. >> chicago fed president austan

goolsbee is urging prudence in setting monetary alice e. he says the central banks should assess how much last month's banking turmoil will contribute to tighter lending conditions veered the fed's newest policymaker is the first to signal that he may support holding rates ringing next month's meeting, but he stopped short of explicitly endorsing the move. >> today what i want us to think about is why i think that in moments of financial stress, the right monetary policy is caution and watchfulness and prudence. >> resilient president lula's trip to china will include a tour of innovations under in shanghai. the visit may link -- the u.s., which accuses the tech company

of espionage. lul isa heading to china as he seeks to improve trade ties between the two countries. he will have a meeting with xi jinping on friday. secretary lloyd austin says washington won't stop until it tracks down how a trove of classified documents on ukraine, israel and other nations appeared online. in his first public remarks since the leak, austin did not say why it took months to discover the docket was on my view the justice department has an ongoing investigation and the u.s. wants to reassure allies about its ability to keep secrets say. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: the imf has trimmed its global productions but says the asia pacific region baby pays for growth this year. let's bring in our bloomberg global economics and lessee

editor kathleen hayes. we are joined now by imf asia-pacific to prevent director , it is great to have you back. must be nice to be in outlook where you look at the rest of the world and look at the asia region, it's the writer spot. krishna: compared to our october economic outlook. that's a largely driven by what is happening to emerging markets in asia, led by china, a good forecast from 4.4% in october 2 5.2% in 2023. that's the big change in the numbers. kathleen: what is the change in the fundamentals? krishna: in china, what you have seen, we had a uncharacteristically slow down. now we have china rebounding much faster than anticipated.

both mobility and consumption are projected to go faster than expected in october of last year. that is different than what we had before. what is also true is that the external headwinds from slowing growth in the u.s. and europe way on prospects for asia. that's an offset, but china is compensating for that. kathleen: we saw in the first 10 days of south korea's trade numbers, extremely weak when it comes to external demand. what does that tell you about the risks to the region, particularly if you overlay the risks coming from increased geopolitical tensions between the u.s. and china? krishna: one has to put things in perspective. external demand is weak coming from the u.s. and europe for asia. that has been offset by what is happening in china. there are rising of jim

fragmentation risks which can mean a lot for asia. asia is one risha -- region that is integrated. if these fragmentation risks arise, this could be a sicknick and problem for asia. haidi: what about debt, one of the biggest issues has been debt resurfacing. then you roll in china as well. do you see risks in that sphere? krishna: if you look at the debt in asia, asia's share of the debt has risen from 25% to 30%. that debt reflects an increase in public debt and debt of households and multinational corporate spirit interest rates mean -- remain high. that could -- countries in asia. kathleen: i want to ask about living in crisis. it started in the u.s., it spread to europe. in the world economic broderick

-- bradley, that is the downside risk. the governor of the central bank of the philippines was on with us yesterday. when we are talking afterwards, he said the reason that asian central banks are not concerned in that regard is because of the lessons they learned in the 97 and 1998 financial crisis. do you agree with that, that is the same kind of risk, or do you think are still financial stability risks thereto? krishna: if you look at financial turmoil and u.s. and europe, the impact on asia has been limited. it reflects the fact that policymakers in the u.s. and europe had a aggressive response. that limited negative sentiment of markets. if you go beyond that, if you look at what asian countries have done since the asian financial crisis, there has been an improvement in macroeconomic fundamentals and institutional frame works. if you look at the exchange rates that are much more

flexible, the accounts are much more robust, large reserves, in many ways, the macro fundamentals are better than what we had. that said, one has to be careful, humble. risks arise anywhere, one has to be monitoring things carefully. one has to monitor that carefully. kathleen: india is a big player in the asian region. you have revised your outlook for them, what you see now? krishna: we revised our projection for india marginally from 6.1% to 5.1%. that reflects a slowdown in consumption growth. investment continues to be good.

and exports from india are booming. growth in the u.s. and europe are slowing. that tells you that asia -- india is a bright spot in the global land get. kathleen: this is all but universal now. how does that -- how big of a risk -- it seems that asian markets are in a better position than many in developed countries. krishna: when we look at inflation, we have to look after the fact that headline inflation is moderating in asia. coal inflation is sticky. there are forces that could make it sticky, one of those forces is an outward gap that are closing. and number two, exchange and pastor is still at play. what we found is when inflation is high, it is also much higher. we can see that code inflation

could be sticky, that implies that central banks still have to guard against inflation. it is important for central inks to address inflation head on. you mentioned the case of the philippines. they are one country where they have raised interest rates aggressively. that is not the case for other countries in the region, where interest rates have been more modest. shery: take a look at the short and medium-term risk, what are you focusing on the most? demographic challenges, fragmentation geopolitical he, or shorter-term risks like a credit event? krishna: both short term risks and medium to long-term risk spirit in the short -- short-term, which accounts for a

large part of asia's experts. going beyond the near term, there are significant medium-term risks. there is a question of productivity, asian population, and that is one. the other is a geo fragmentation risk. it has risen sharply over the past five years and are accentuated by the were in ukraine. if asia used -- risks to lose the most. kathleen: think you so much for joining us today. imf asia and for civic to prevent director joining us here in our washington dc studios. haidi: many more of these conversation threat the course of the week, key central bankers joining us during our imf spring meeting coverage. coming up next, we will talk about australia's newest city that is excited to open in three years.

this is bloomberg. ♪

haidi: carbon neutral lings and tree-lined streets are at the heart of the plans for bradfield

city centre, a brand-new city in the heart of australia. it all comes as us really is facing increasing number of extreme climate events in recent years, forcing developers to find ways to mitigate the impact of mobile arming. so rachel's ceo at western parkland city authority. she joins me now and sitting. myriad of challenges, is this a project where you see climate as a the top priority? how do you view this? sarah: what we are aiming to do is build a city that is a uniquely australian and reflects the wonderful and unique varmint we have in western sydney. it is an environment with a number of challenges, it is hot, it is an environment that has been changed since colonization beard we are trying to build a new city that addresses those challenges and an innovative

way. a city that replaces much of that native vegetation, as the same time that a city addresses many of the imbalances we have in greater city. when you take a look at cities that do exist, how do they not serve the needs of modern-day australians? what are some of the challenges that you are trying to address? sarah: a critical challenge we want to address in bradfield city centre is creating jobs in the heart of the city. connected to a new 20 47 airport, and trying to address an imbalance that cities have from east to west. trying to generate more local jobs at the same time as innovative new industries. haidi: what has been the interest from corporate partners? sarah: we have had phenomenal interest. we have 38 international partners who have signed up to work with us. we have commitments from international companies such as hitachi, and one of our key

tenants is the sterling science and -- agency. committees looking to invest in a stable but innovative and exciting new city on the doorstep of global sydney. haidi: you mentioned how hot to environment is. was that one of the main obstacles in order to overcome the environment of challenges and how do you make that sustainable in a place where people want to work and live? sarah: that's a great question because what we are doing is listening to the indigenous first nations people that we have here in australia and understanding how the climate works and how we can work with it. in western sydney, we don't have four seasons, we have six seasons. they are very distinct and important ways for us to understand how we can design our buildings, our environment, to reflect those natural elements about the wind directions,

native education, to keep things cool. we are designing our buildings with low carbon materials and our buildings are recyclable, reusable, relocatable. it's a unique approach to designing for our connection to what we call our country here in our straley a. this is importance because people want to work and an government that is cool in terms of temperature but cool in culture. an environment which are close to where they live and work and great places to be after work. haidi: you mentioned indigenous people. there has been some controversy over the naming of the city as well. how do you view these challenges? sarah: we are fortunate to have our city on women's country, we are reflecting that in the name of our first building and have been working with a circle of

indigenous elders that are advising us on how we can most effectively design our buildings and name our buildings so they can connect with our first nations people. the name bradfield city centre was part of the visionary approach that the engineer bradfield took to designing one of our famous icons, the bridge here in sydney. the idea behind the name of bradfield was to create a that bridge between east and west sydney and created that visionary approach. haidi: biodiversity has been act the new frontier. how difficult has it been to address those challenges given the location and surroundings? sarah: it's a marta reckon is that most of much of western sydney was agricultural land. much of it has been cleared for those purposes. we want to do something remarkable and bring nature back and create what we see as a

nature positive city. one that brings back native plants, native vegetation and animals and species to reinvigorate the environment. but at the same time, use that more natural approach to build environments where people want to be, bring their families, to enjoy the waterways, and creating a more sustainable city for all. haidi: great to have you with us, sarah hill, ceo at the western parkland city authority. tune into bloomberg radio to hear more from our big newsmakers. now broadcasting live from our studio in hong kong. more ahead, this is bloomberg. ♪

haidi: key opposition lawmaker and austral he has resigned over his parties's decision to vote against indigenous recognition and an upcoming referendum. austral's will be asked whether they approve of altering the constitution to recognize the first peoples of australia i establishing an aboriginal islander was. this was the shadow government

or the liberal party's voice on indigenous affairs. ben: that's correct. it was julianna lisa who resigned from the liberal party or he was the shadow attorney general and minister for into just affairs. the reason he had been given those roles is because he originally had been a strong advocate for the voice of parliament. since to any 14, he had been fighting for this change. when he was given the role it was assumed that this was a sign that the liberal party was coming towards supporting the position. that isn't what eventually happened. last week they announced that the liberal party would be opposing the voice of parliament. that left julianna lisa and an untenable position because front bench mp's have to support to the party position. and that meant that julian had

to leave. haidi: how does the broader public feel about the vote and how does that mean for the political fortunes of these parties? ben: currently polls show there is narrow support for the voice to parliament. we are a long way away, after the last major referendum, which was the republic vote, 1999 back then there was push towards a no vote at the very last minute. it is about six months. given what is happened now with the front bench resignation, if it were to happen, the yes vote was going to get up and win, he would have an untenable issue himself in the labour party leadership. haidi: here is a quick check of the latest is flash helen's

beard glencore is stepping up its pursuit of tech resources with a new takeover proposal that adds a cash component. tech rejected glencore's earlier proposal to buy the company and spin off the combined coal businesses. the new deal would give tech shareholders the option to receive up to eight point $2 billion in cash instead of shares. blackstone just closed its largest global property drawdown fund known as blackstone real estate partners x. the fund targets deals across sectors such as rental, housing, hospitality and data centers. blackstone darted in 1991, it now has $326 billion of investment capital under management. twitter has merged with elon musk's newly firmed shell firm called x corp, court findings

showing that twitter has stopped being an independent committee. it is unclear what the change means for the last form, but musk suggested that to buying twitter could help him create and everything app similar to china's wechat. boeing has taken the jet delivery crown from airbus, the u.s. company says it delivered 130 aircraft in the first quarter, 30% increase from a year ago. it is a sign that boeing is a getting back on track after years of production issues. airbus delivered 127 planes, a 9% drop. we are counting down, an hour away from the start of training -- trading in asia. we are poised for modest gains. key u.s. cpi numbers that will determine market expectations.

we are seeing not much of a move when it comes to the aussie dollar, he saw that pullback in the dollar complex overnight. sydney stocks are looking like modest upside as we come off the biggest rally we have seen for a thrilling equities in three months. being led by those minors. opening of the books to do diligence as well, that is what drove the big rally in the market yesterday. futures up by .3%. equity benchmarks and japan are seeing a rise, contracts looking up to hong kong marginally unchanged. this is bloomberg. ♪ for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy.

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