inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. >> hello. good morning.

welcome to daybreak australia. >> we are counting down to the asian market open. fed chair jerome powell signals a possible pause. >> plunging after hours since bloomberg learns it is weighing strategic options, including a sale. >> even in the excitement, there is a potential pause in fed timing but that was not enough in today's session. a gain of almost 1% for the s&p 500. u.s. futures trading under pressure at the moment. you have regional banks under pressure, falling to the low of november 2020. we reported on pac west,

weighing strategic options. that is sending the stock plunging. in the regular session, it was about what the fed might or might not do from here. they raised rates by 25 basis points. they could pause the most aggressive hike since the 1980's. at the same time, it seems like this pause was already priced in. markets pricing in a fed pivot in the coming months. crude oil prices falling below the $69 per barrel level. recession fears are very high in investors' minds. more on our top stories. markets seem to be looking at a potential pause but that is not necessarily seem to be enough when we are not expecting a potential pivot coming up

anytime soon. >> it seems to me that jay powell threaded very many different policy needles at once. he opened the door wide open after the rate hike as expected. they took out some language they had had for a while. additional policy might be appropriate. jay powell agreed. it is wording we might be taking out. he still cannot say what markets want to hear which is policy is restrictive for a pause to keep rates where they are. let's listen to what jay powell said. >> it will be an ongoing assessment. we will need data to accumulate on that. not in assessment we have made. that would mean we have reached that point. it is not possible to say that with confidence. kathleen: he also said inflation is still too high.

we have seen core services barely budging. we have to see demand soften and the labor market not be so strong for them to be convinced that it is time to do something more dramatic than just pausing. the june rate hike seems to be less likely than it did. at the same time, another part of the needle, he said they do not expect rate cuts. that was very definitive. in terms of banks, jay powell went to great lengths to say it is the vice chair of supervision that is responsible. my responsibility is to make sure to figure out what was wrong and make sure it does not happen again. could not give a definite answer on rate hikes. the basic part of the message is there in terms of it being dovish or hawkish. you could see both elements with what jay powell said today. haidi: pac west was the high

impacted banking stock when it comes to what we saw across the sector. what was the report that set off that contagion in terms of the selling? kailey: pac west has been a stock under pressure through the close. it had fallen 42%. it is down another 60% after a bloomberg report that this is a bank now considering strategic options, including a potential sale. our reporting indicates a sale has been hindered because not a lot of potential buyers are interested in the whole bank. the banks that would be myers -- the banks that would be buyers know in theory there would be a better deal if receivership was how things ended. a sale may be difficult to find. the bank is looking at a potential breakup. it is not only thinking pacwest,

it is sinking other regionals. western alliance, another stock under immense pressure, is down 36%. we are seeing the stress is today just hours after jerome powell at that press conference reiterated the banking system is sound and resilient and seemed to suggest that the massive problems -- take a listen to what he said. >> there were three large banks from the very beginning that were at the heart of the stress that we saw in early march, the severe period of stress. they have all been resolved. the resolution and sale of first republic draws a line under that period and is an important step to drawing a line under that period of severe stress. kailey: he is talking about the three bank failures that have already happened but there is now a large question as to

whether there are more two,, more shoes to drop. pacwest is exhibit a. shery: is this a problem with pacwest or just fear and contagion playing apart? even first republic, it took a week for a solution to come out. kailey: there was a standoff between the private sector and the u.s. government about who would come to the rescue. as you said it took a long time before the deal with jp morgan happened on monday. pacwest and western alliance and first republic were some of the stocks analysts looked at in the aftermath of silicon valley. exposure to technology oriented depositors and with all of these original banks who were concerned about the asset liability mismatch, the idea of interest rates and losses are not realized, it is creating a lot of problems for them.

these have always been once we have kept our eyes on for the last several months. this report about strategic options are being looked at and potentially pursued. that seems to be undermining confidence. we have seen the market tends to lead on these things. the crisis in confidence seems to get worst. as we have seen on multiple occasions, we get failures. haidi: kailey leinz and kathleen hays with the fed. speaking of banks, we have earnings that missed a little bit when it comes to national australia bank. look at the cash profit, just missing estimates for the first half of the year. 4.07 aussie dollar's. the estimate was for 4.18 billion. the cash profit coming in at 20% higher year on year, 1.7 one

billion. personal banking seeing a decline, 785 million, just about a .5% decline. also, hefty gains when it comes to the kiwi banking cash profit, up 20%. net income at 3.9 7 billion, that is a gain of about 12%. that is slightly shy of expectations. we see stability when it comes to the common equity tier 1 ratio. when it comes to the australian banks, they seem to be a safe haven with the banking crisis in the europe and the u.s. and

benefiting the returns from the hawkish boosting banking margins. shery: with the decision today and with treasury yields falling across the board, the dollar is under pressure. we continue to follow the fx markets. we have emerging market currencies gaining ground in today's session. we are watching the brazilian -- rising against the u.s. dollar. brazil's central bank, it was a unanimous vote. the bank coming out and saying another rate hike is less likely. we are also looking at the mexican peso rising to the 2017, strongest level in almost six years. we saw it under a little bit of pressure, down .4% against the

u.s. dollar. it is about the broader and -- broader market. we have the ecb also coming up. >> that is absolutely right. watching these currencies, kicking off with what we are seeing in the euro today. it is a little flutter this morning but approaching its year-to-date high. the ecb expected to hike rates by 25 basis points. there are a lot of question marks around what kind of guidance we will get. the euro is a currency that has benefited from the stresses and the banking sector given the issues seem to be more contained in europe for now. in terms of the pound, we are expecting one more hike from the boe. that currency has been gaining the japanese yen up as much as 1.3%. heading back to the 30,000 level.

it is another asset class that has benefited as an alternative investment given the stresses. in the u.s. financial system. what we are expecting in equities today, the issues around pacwest, which is slumping -- approaching 60%, it will be something that really weighs on sentiment. kiwi stocks already trading fractionally weaker. the reopening of mainland markets after an extended break, given what we see in the hong kong session, two days of losses. haidi: it does not look like we will get that post holiday boost. let's get you over to vonnie quinn to get you caught up with the first word headlines. >> for the first time, the sec will require big hedge funds to share information on major investment losses in real-time. they have no more than 72 hours

to report what the regulator calls trigger events. information will not be immediately shared with the investing public. ukrainian president volodymyr zelenskyy is denying ukraine used a drone to attack vladimir putin's residence, adding that moscow might be trying to distract from failures. unverified video on social media shows what russia is calling an attempt on the life of the president, which it blames on ukraine. goldman sachs is said to be racing to set a one of wall street's biggest gender discrimination cases. a settlement code help avoid the spotlight of a trial. a source says the company had discussed figures that could reach $200 million. the suit accuses the stalwarts of discriminating.

saudi arabia is reportedly ready to offer lionel messi a $400 million contract to move to the saudi pro league. messi is currently contracted to a qatar-owned french club. that would far exceed more than the $200 million cristiano ronaldo secure to play in saudi arabia. . global news powered by more than 2700 journalists and 120 countries. on vonnie quinn and this is bloomberg. haidi: the largest maker of smartphone chips painting a gloomy outlook. coming up next, more analysis on jay powell's rate hike pause. dennis lockhart joins us to discuss the central bank's options as the inflation fight drags on. this is bloomberg. ♪

really to worry about. and then when i was diagnosed, there was just such a big weight put on my shoulders. every night, i felt like maybe i won't wake up tomorrow. but there's no way that this is going to win. i'm winning. announcer: st jude children's research hospital works day after day to find cures and save the lives of children with cancer and other life-threatening diseases. beth stewart: there are treatments that were invented within the walls of this hospital that have continued to improve the cure rates for pediatric cancer, and st. jude's not going to stop until every single kid gets that chance to walk out of the doors of this hospital cancer free. lila: if it weren't for st. jude, i wouldn't be sitting here today. peter: this place has really shown us the strength of what can happen when so many people work together as one.

people want to be a part of the cure. announcer: thanks to generous donors like you, families never receive a bill from st. jude for treatment, travel, housing, or food so they can focus on helping their child live. for just $19 a month, you'll help us continue the life-saving research and treatment these kids need. join with your debit or credit card right now and we'll send you this st. jude t-shirt that you can proudly wear to show your support. christen: i think it's the most worthwhile place to put your money when it comes to childhood cancer. lachaka: because it takes a heart for somebody to say that i'm willing to give to st. jude so that they can help save more lives. that's huge. damon: our giving to st. jude is right up there with our mortgage. that's the priority that we put on giving to st. jude. announcer: please call or go online right now. become a partner in hope today.

>> demand will have to weaken and labor market conditions will have to soften before was the progress. in that world, it would not be appropriate for us to cut rates. conditions and that sector have broadly improved since early march.

those have been resolved. it is essential the debt ceiling be raised in a timely way so the u.s. government can pay all of its bills when they are due. uncharted territory on the consequences to the u.s. economy would be highly uncertain. the case of avoiding a recession is, in my view, more likely. we are strongly committed to returning inflation to our 2% injective -- objective. it will take some time to come down. >> fed chair jay powell on the banks' fight against inflation. joining us is dennis lockhart and kathleen hays. great to have you with us, especially during a busy time with so many things happening. almost every time we talk to you. how different is this time around? is this different from the past

or is what we are seeing right now -- just more of the same, like chair powell seem to suggest? dennis: it is different in the sense that it is the smaller banks, the regional banks under stress, not the "too big to fail" banks. it is different from what we experienced in 2008. they are smaller and to some degree have fewer resources to defend themselves. i think it is worrisome that we have this pacwest information that came out after the press conference and after the markets closed. it just looks like the markets are moving from one bank to another and the vulnerable deer in the herd are being picked

off. i worry about this but i would like to believe that jay powell has information that suggests the situation is contained or containable. shery: in this environment, does it make sense that the fed took rate cuts off the table? dennis: the focus is on inflation. they are trying hard to separate concerns from monetary policy. inflation does call for continuing rate increase -- singular -- perhaps a pause in june. we will see if conditions force them to begin to combine financial stability concerns with monetary policy decisions. as of today, they did not did that and they do not appear they think they have to do that. haidi: an analyst talked about

the possibility of a hawkish pause. even though we did not get that, do you see this as a dovish pause? dennis: i think the messaging is very important. as i read the statement, i thought that was on balance dovish, if you want to call dovish that they actually were more suggestive that they consider a pause. they took the key language of further affirming out of the statement. i saw that as suggesting a pause might come in june or that could be on the table in june. at the same time, chairman powell emphasized that they did not intend to cut rates anytime soon. that kind of decision would not likely be appropriate given the

stickiness of inflation. how do you net out those two depends on interpretation. longer-term, it is a hawkish position i think he took today. haidi: there was a question as to whether central banks were trying to move quickly with a window of opportunity for hiking is over. should policymakers be looking at it in that way? does that heighten the risk of error, as well? dennis: i'm not sure i buy argument that there is a narrow window of opportunity. if the data come in poor or discouraging in terms of inflation and a big "if" if the stress on the banking system really settles down, you cannot rule out that the fed continue

to move against inflation with rate hikes. you cannot rule that out. one thing i thought chairman powell emphasized today is, it is truly meeting by meeting. it is truly a data-dependent decision-making process. if the data go badly, we will see further rate hikes. i am not sure i buy the window of opportunity argument. kathleen: coming back to the banking crisis, jay powell puts a lot of the responsibility on the vice chair of supervision. he said he advised him but ultimately he is in charge of setting the agenda. it seems to me -- and john williams, president of the new york fed -- recently said it has nothing to do with the banking crisis. let's listen to what bill dudley said when he was asked about this after the rate decision.

>> i think the fed missed the fact that the interest risk they created my being late to take monetary policy and flooding the bank with deposits and quantitative easing that they created part of the stress on the banking system. monetary follows the -- monetary policy by 5%. kathleen: you were at citibank in various roles before you went to the fed. how do you respond to bill dudley's comment? dennis: i respect bill very much. i would portray it differently. the fed pivoted rapidly and rates rose very rapidly but it was well signaled. any management team of a bank that did not understand what direction rates were going and see the risk they were going to face was, it seemed to me, asleep at the switch. yes, the fed created the

conditions because the fed is the one that sets the policy rate and to a great extent the short-term interest rate environment. but, bank management had to see this coming and make a decision on how they were going to handle it and to hedge or not to hedge. some banks chose to hedge less. haidi: dennis, always great to have you with us. dennis lockhart joining us. subscribers can customize their settings so you get the news on the industries and assets that matter to you. this is bloomberg. ♪

if sports fans built a streaming service... movies and shows, live tv, more local sports. this is your big three that crushes cable. and he changed the batteries on all three smoke detectors. fubo!

>> here is a quick check of the latest business flash headlines. qualcomm shares fell after a forecast signaling demand for mobile devices will remain sluggish. third quarter revenue may reach $8.9 billion, following -- falling below estimates of $9.25 billion. bloomberg has learned mark tucker held discussions with key shareholders as he pushes back against calls from his biggest investor to restructure. inves(announcer)ructure. enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it,

so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo.

>> what the fed was trying to do was say, we do not know if we will pause or not at this point.

>> i think we have seen the last rate hike in the consecutive rate hikes. i think there is a pause and now it is a pause for validation. >> they really have cap the door firmly open that there could be another rate hike next month. >> the pushback the fed with the market pricing rate cuts is the process of getting inflation down to 2% and it will take time. >> if they have paused today, it would have given a message of panic that is not yet priced in. >> the fed's perspective is we have not won. the battle on inflation. inflation is still way too high. they do not want to give the market any reason to ease the financial conditions. haidi: reaction on the fed decision. our next guest sees another potential increase with -- before year's end.

karin robinson joins us from pennsylvania. great to have you with us. it is being looked at as being a dovish hike. given the communications, do you expect a further hike to come? >> i think there will be a pause for june. it is indicating out of the banking sector and the uncertainty of what the previous hikes have done to the economy overall in terms of slowing it that a pause is likely. whether it is enough and whether the tightening has done the thing we needed to do to get inflation down to 2% is unclear so another one could come further. it seems the market is pricing in -- we are starting to price in that we should see a lowering of interest rates between now and the end of the year, at

least. haidi: how are you positioning at this point for the next few months? karen: it is about hedging. some of your previous guests talked about this with the banks that hedged wisely and those that did not. that holds true for all investors. it will be very choppy. thinking about risk assets differently, having collateral that is liquid is important. so, too, is trying to hedge out some risks, whether through direct investments or some sort of hedge fund strategy will be important. also to think differently about cash versus bonds and perhaps not waiting for another hike before moving excess cash into some short-term range high quality bonds would be a way to try to position oneself from what i think will be a volatile couple of months, especially with what is going on with the debt ceiling. that will play a significant

role. shery: do you diversify away from u.s. and growth stocks, as well? karen: it is believed to be wise to do. we saw that defensive growth stocks and the mega cap had a nice run and that is great, but with all that is going on in the u.s., we do look to move away from the u.s. equity markets, whether that be into u.s. bonds and into the emerging-market. we still favor emerging markets like china for the reopening story there. for sure, looking outside of the u.s. is something we encourage investors to do. shery: we heard earlier in the week that if we get a resolution with debt ceiling talks, here in the u.s., we might see the treasury adding and that could drain liquidity away from emerging markets. what do you make of it -- what do you make of it? karen: i think the debt ceiling,

if they get a deal, it will be fantastic. the catastrophic effects on the global economy should we not get the ceiling raised will be dramatic. if it pulls money away from emerging markets, i think it will be short-term partially because of how early we are in the recovery and reopening, if you will, of china. we saw a pullback in the start to the year. i think it is a little bit down here to date. but it is early. as we start to see the consumption of china go back up to the 10% range, i think any blip in the emerging space will be diminished. shery: how long do you expect banking turmoil in the u.s. to last and is there anywhere to take cover? karen: i hope it does not last long. you look at what happened with pacwest tonight it seems like it will continue for a bit of time

longer. i totally understand how investors would be rattled by that. it is about hedging. wherever one looks to invest, commodities, gold, other currencies, like the japanese yen or australian dollar, currencies like that are replaced ago. high quality bonds, still, is an area we prefer quite heavily over most u.s. stocks and global stocks in general. shery: it is interesting that you mentioned the aussie dollar -- haidi: it is interesting you mentioned the aussie dollar particularly at a time when industrial demand out of china looks iffy. could you explain why he would go into a commodity currency at this point? karen: industrials in china do seem iffy but we are still early in the reopening story. with the consumption build up in the demand the chinese marketplace has an the strong

ties it would lead to the australian dollar, we would favor that even though the industrial space might seem a bit wobbly, we think it is still early that the aussie dollar still has tailwinds behind it. shery: thank you so much for joining us. after all of these monetary policy decisions around the world, we are talking about australia after the fed. we are awaiting decisions from the ecb. still a long way to go. let's start with the ecb. annabelle: a lot of focus on the inflation numbers that came out earlier. a lot of economists focus on the core inflation reading. it is the line in blue. it is difficult to make out. a drop down very narrowly in ease for the first time in 10 months.

some economists say it makes the case for the ecb to slow its case even though the headline rate -- it is difficult to make out -- but it ticked up a little bit to 7%. bank of america, they said this is not enough to change the calculus for policymakers at the ecb. yes, we saw the drop in core inflation but it is close to the record high back in march. on top of that, flows have not deteriorated significantly beyond what could have expected with the backdrop. bank of america is sticking with their call. this is a low conviction one. the ecb will deliver a 50 basis point hike. they said that will come with an emphasis on data dependence and an indication there is still ground to cover and there needs to be a clear signal coming through that core inflation has dropped significantly.

that means the terminal rate is sitting at 3.75%. they think they will be hiking until september. haidi: what about the boe? are we seeing the end to the tightening cycle? annabelle: that is what a lot of economists are expecting, one more 25 basis point hike. even though inflation is still stuck in double digits and investors are bracing for another increase that is sent to last through the northern hemisphere. motive -- most anticipate 4.5%. the boe has carried out one of its most aggressive tightening campaigns ever. the move caused -- could change significantly between these meetings given there are more inflation reports coming through. ubs is saying they are likely to

-- the boe is likely to be very did independent. the focus will be on the meeting letter today on what is to calm, the future rate path given that wage expectations are pointing to gradual easing but there is a lot of uncertainty around impact of the tightening. it operates with a lag. shery: annabelle with central bank decisions to come in europe. this follows decisions already in developing nations like malaysia. hiking rates but a quarter-point. we just got brazil's central banks holding rates steady for the fixed-rate meeting. let's bring in bloomberg's reporter from brazil. we saw annual inflation falling significantly in brazil and yet the central bank did not necessarily came to political

pressure and held rates steady. what are we expecting going forward? maria: that is very interesting. that is the reason central bankers themselves had to explain to lawmakers that both lasted several hours. as we are seeing from today's statements, the reason remains the same. basically it is about long-term inflation expectations. it is about core measures and targets. and their own expectations, the central bank's expectations for inflation for the years to come. we are seeing today the are still using words like there will persevere in the inflation battle, they will remain vigilant. there is a phrase that has been very much debated saying they will not hesitate to resume the tightening cycle if inflation does not hit as the expect.

just one minor change from this week's statements is the are now seeing it is a less likely scenario. haidi: what kind of potential catalyst could surprise against market expectations going forward? what is the bigger picture we are looking at? shery mention pressure that a lot of central banks are facing right now. maria: judging from the statement, i do not see many analysts changing their views right now. many had later this year and well into the second half of the year. as we are seeing, they are trying to explain the reasoning to the workers party, trying to justify why interest rates are still at 13.75% when current

inflation is still easing. just one thing to clarify, we are seeing this easing price pressures but most analysts believe it will pick up in the months to come because it is the effect of last year's tax cuts and those will fade away in the next two or three months. shery: we already have australia resuming rate hikes, malaysia, what are analysts thinking could be the likelihood of this happening and how long does the central bank need to keep rates this elevated to really rein in inflation expectations? maria: i think what central bankers are trying to see, we are seeing inflation expectations steady but really high. what you want to see is movement

of inflation expectations for 2024, which is now the main horizon to lower. one thing that was meaningful in today's statement is -- framework to congress that is expected to be a good sign. they are still saying there is a relationship between the government's fiscal bill and lower rates. they want to see what law actually gets voted and passes and they mostly need to see inflation expectations lowering, falling from the effect of this fiscal bill. haidi: coming up, higher interest rates -- some analysts

see earnings growth slowing this year. this is

>> we are getting some data on building approvals. seeing arise after three months

of the clients. building permits for the month of march coming in at 7%, reversing the 9% contraction we saw in the previous month. house prices are still somewhat overvalued when it comes to the property market. kind of gauging where home prices and home building approvals go from here in both new zealand and australia. the housing slump, looking like it could be tampered by some of these rules. let's get you to the first word news with vonnie quinn. vonnie: federal reserve has raised interest rates by .25% while hinting it might be the final move in its most aggressive tightening campaign since the 1980's. central bank omitted aligned where it said more hikes might be appropriate. jay powell said any further steps will be data driven. >> it will be an ongoing assessment.

we need data to accumulate. that would mean we think we have reached that point and i think it is not possible to see that with confidence. vonnie: pacwest has tumbled in post market trading after bloomberg reported the vendor is weighing options including a sale. sources tell us the bank has been considering a breakup. pacwest at last month that deposits had stabilized after a rush of withdrawals. china has reported a surge in travel and spending over the holidays. the minister of tourism said domestic trips jumped 70% from last year. tourism spending exceeded the pre-pandemic level, rising 129%. the chinese economy is predicted to expand by 5.6% this year. i am vonnie quinn and this is bloomberg.

haidi: joining us about policy tightening -- the results fall short of estimates. a lot of the big lenders benefiting from higher rates in terms of margin compression and there is a lot of uncertainty still ahead. >> very much so. there were some comments on the outlook. 375 basis points of tightening in the last year, that has been huge for the banks. they have been quick to pass that on to borrowers. a cash profit of $4 billion. the market was expecting even more than the record we got. the net interest margin was interesting one, 1.77%. that was a miss, as well. there is a growing consensus that margins might have peaked.

the largest bank said as much when it reported results in february. it is a view shared by citi and morgan stanley. both of these banks have most of their mortgages, 60% to 70% of their balance sheet is tied up in mortgages. shery: here in the u.s. we have seen the banking sector reeling from the aggressive tightening from the federal reserve. how is australia dealing with that? paul: holding up very well. after the gfc, rules put in place that australian banks had to be unquestionably strong and they are. the national australia banks tier 1 capital ratio, 12%. that is more than it needs to be and beat estimates of 11.9%. one of the regulators run a strength test. it was impressive and predicated

on growth falling by 4%. even under those scenarios, australia's banks stood up well but the outlook will be tougher. the second half might be hard to replicate. deposit growth is expected to decelerate and mortgage lending is expected to become more competitive. australia is likely to avoid a pronounced economic correction but it sees growth starting to slow and the unemployment rate drifting higher. haidi: we will be speaking to ross mcewan after 2:00 p.m. in sydney, midday if you are watching in hong kong. another one of australia's banks reports insults -- results. shery: we have breaking news. we are getting the latest when it comes to president biden's

picks for the federal reserve for governor. a promotion of vice chair. president biden also expected to nominate and economist to an open board slot. the selections are expected to be announced as soon as friday according to two people speaking to bloomberg. we have not seen anyone commenting on this. if confirmed, adriana kugler would be the u.s. representative and be the central bank's first latina policymaker in its 109-year history and fill a vacancy from the person who is now biden's economic council director. we might get those nominations as soon as friday. jefferson for vice chair. this is bloomberg. ♪ ( ♪♪ )

( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall.

>> qualcomm shares falling after hours after -- the chipmakers said third quarter revenue may reach up to $8.9 billion, lower than the average estimate of $9 .25 million. the chipmaking slump continuing.

mark: the interesting thing is qualcomm is a bellwether for other industry players. you look at samsung, apple, any phone makers that use qualcomm components and you see some similarities. we are expecting a 5% revenue decline for apple to be announced thursday. qualcomm announcing a tough forecast even though the revenue beat the previous quarter. it is in line with expectations for apra. it is in line with what we saw from samsung. it is very interesting to see qualcomm before apple for that reason. it prepares us for the larger market. haidi: common sense would have said that market would have bounced back. it has not. did he say anything about how that recovery might play out?

mark: the situation in china is steadily improving. they said they did not see anything of vast significance. if you look at other earnings calls from other companies, they are saying similar things. you look back to what these companies were seeing three months ago, including apple, qualcomm and others. they seemed much more optimistic. there has been a sea change in the china situation in the past couple months. haidi: that is it for daybreak: australia. coming up after this is daybreak: asia. this is bloomberg. ♪

the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com a streaming service... what's going on? i think we found a way to stop fans from destroying their tvs when their teams lose. how's it work? hey, charlie... philly lost. i'm sorry, i'm going to have to put you on hold for just one second. okay. no!

now we need a little bit of water splashing around in this one. bob ross channel. it's frickin' genius. a little over here... live tv and sports. and more! but mostly sports. that's fubo! as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network, with no line activation fees or term contracts... saving you up to 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement,

i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works.