>> you are watching daybreak: asia, coming from new york, sydney, and hong kong. haidi: counting down to asia's major market opens.

asian shares poised to fall after hawkish signals from the fed minutes. treasuries extending declines as bets firm on a giant hike. the opec meeting in vienna being watched. janet yellen heading to beijing, seeking to find common economic ground amid a turbulent relationship. meta set to launch in a direct challenge towards twitter. shery: how u.s. futures were trading in the asian session. not a lot of movement, but pressure following the wall street session. u.s. stocks falling and materials and industrials leading the declines. we had the fed minutes showing the hawkish pause we saw last month. also the weak chinese eco-data not helping sentiment broadly. treasury yields slightly higher across the board. a steeper yield curve. the spreads narrowing bonds,

pushing up the 10 year yields. perhaps it is a blip, not a long-term trend. continuing to watch the treasury space given we are finding jobs numbers, as well. oil, a little bit of upside, .2%. higher in the new york session after reports uranian forces -- iranian forces try to get tankers. let's get a look with enda curren. walk us through the fed minutes. markets seem to take it as more affirmation we are seeing a hawkish fed despite the calls we had last time. >> the minutes made it clear the chairs are divided. some wanted it to go up in june, others favored a pause. the message that came out was the unanimous decision people may have taken it as the fed

being comfortable on hold. the news some officials were gunning for a rate hike saying the fed will have to go again in july and hiking interest rates. it speaks to the idea that not only is the fed going on pause for some time, it had not finished its rate hike. they will have to go higher in the u.s.. it certainly pushes back against the idea the fed might look at interest rate cuts later this year. after you had been out there, as well. the message from the minutes was the labor market remains strong. they were not concerned about what is going on with commercial real estate. somewhat sanguine on the banking stories given what happened in march. getting it back to that target. the key message being the rates will have to go up. that is what plots are suggesting. >> when it comes to the market

reaction, not huge when it comes to treasuries. downside when it comes to risk assets. is the issue duration risk and transmission risk starting to dawn on investors? >> i think it is more about the fed narrative. you've got a situation where they buy into the idea that the fed wants to go for more hikes, there is no problem. that is fully baked into the market. expect at least two more rate hikes. they are pricing for that. they are trying to get the heads around the idea if recession is a risk or not. the massively averted yield curve in the u.s. under normal circumstances, the risk is very high and coming soon. it does not appear to be the case in the data at all. the fed minutes, they are not concerned about any area. the job situation is strong. we have it where it is telling

you, even before the end of the year. raising interest rates and the buoyant economy. some of it is insurance policy, there could be a sudden change. others trying to capture high long-term yields. it is a fairly complex situation. having increase volatility in the treasury curve while it plays out. the action you have seen in the past couple of days, particularly yesterday, the steepening of the curve will go on for some time as people try and get an angle on what is fair value. particularly in the 10 30 year sector of the curve when fed funds will peek at something like 5.5%. >> when it comes to the pboc and concerns of yuan civility, they would suggest they have plenty of pools to tap. >> there was a paper that came

out overnight making clear they can intervene through the system to have mechanics to put a floor under the yuan's weakness. also fundamentals about the economy. the yuan is at a 15 year all against the dollar. does not seem to be creating broader market volatility. it is creating waves on this part of the world. janet yellen going for the meeting this week. normally you would think currencies would be a big part of the conversation. it really has not been raised when it comes to managing on the message of this side of things. you assume the chinese authorities want to keep the yuan somewhat stable. have seen outflows from the bond and equity market. you can argue the reasoning behind that. some say geopolitics, others say the interest rate differential story of what is going on in the u.s. perhaps this paper is indicating the degree of urgency that they

want to get the message out there, perhaps the yuan has gone far enough. no sense of market volatility when it comes to china's currency. shery: this chart showing the yuan funding costs at record lows and how that has pressured the chinese currency. this coming at a time with so much speculation, beijing might have to do more in terms of stimulus given the eco-data we are getting out of the country. >> that is quite right. if you think about the foreign exchange market, the yuan is relatively weak. currencies don't move in isolation. what is probably more significant to the foreign exchange rate is the yen is even weaker. there is a relative amount of dollar strength partly because the yen and euro are the most important currencies. currently the yen is driving flows for most of the currencies. yuan is also responding to

weakness in the japanese currency. that is probably why the pboc is not bringing out the really big guns to slow down the yuan. we have seen the fixings in the past few days, more aggressive from the pboc. 300 basis points difference between expectations and pboc is not that much of the big picture. last year, there were times they were using 900 basis points difference between the two. we are a long way from the pboc slamming its foot on the brakes. but they will be concerned if it starts to look like a one-way bet. they don't want their currency completely getting out of hand, as far as traders are concerned. they are watching japan. last year, the big turning point was when the ministry of finance in japan decided 150 was to much for dollar-yen. everything fell into place, the dollar changed direction and the yuan was able to appreciate. at what point is the yen reaching its weakest point when

japan says enough is enough? we have not gotten there yet. >> mark cranfield with our global economics correspondent. u.s. treasury secretary janet yellen will look to find areas of common economic ground when she begins her trip to china. she's set for three days of meetings in beijing. re-weeks after the secretary of state's visit. talking to rebecca. if you take a look at low hanging fruit, what was going into the meeting, what are we watching? >> a number of different things. it janet yellen is there to find the ground between two countries which look interested in outlining where there are divergences. there will be some interest talking about china providing debt relief to developing nations. china has become the biggest sovereign distressed debt creditor to those nations.

the preliminary agreement to provide an agreement. elsewhere, we may see janet raising the issue of the crackdown on foreign companies operating in china. waves of consultancies previously. and an increasingly difficult operating environment. that is one area where beijing is keen to try and attract foreign talent. inevitably, because in the background of china and these export restrictions on key metals, as well as the u.s. and the biden administration pondering the executive order to limit u.s. outbound investment to china later this month. shery: what is the low hanging fruit they can achieve from these meetings? >> we may see the debt relief coming up. that might be one issue.

the biggest thing given the overall environment will be trying to prove the u.s. and china can actually disagree together that they are able to reinstate some of these very high-level talks that had paused. yellen is the second member of joe biden's cabinet ministry to visit in recent weeks. somewhat positive. but trying to provide some confidence to the u.s. partners and european allies, some in the indo pacific. that it is not exacerbating or trying to accelerate spiraling tensions with china. haidi: our asia government and politics correspondent, rebecca choong wilkins, joining us from hong kong. now a check of how we are setting up for the asian markets. >> watching the offshore yuan. and onshore in trading when it

kicks off a couple of hours from now. why we are monitoring the weakness. you were discussing what came out from state media by the pboc saying it has a lot of different tools to prop up the currency weakness. now i've got another way officials are trying to support their local currency. we understand essentially that state lenders have slashed the u.s. dollar rate. the household deposit rate is more for the retail investors. it is making it more attractive when you slash those rates to convert holdings. the current rate is now at 2.8%. where it was previously at 4.5%. it is not a rate cut. it is more a way to try and prop up the yuan. it is higher than what the yuan deposit rate is. the effect may be muted by that. tracking in the session today

with the local currency. let's change on. looking across the futures landscape, we can see we are setting up mostly for weakness in the session. in the function of wall street overnight, the fed meeting minutes, indicating we could see another hike as soon as this month. shery: take a look at how meta is trading after hours after launching its threads app, the direct rival to twitter. meta was already the highest since february of last year. gaining a little bit of ground and extending the grade -- rating in the wall street session. this is as it launches threads. the textbased conversation app seen as an alternative to twitter. i have already posted my first threads message. >> threaded? shery: hello to everyone in that

shpere. you apparently keep your same account name. i'm sheryahn. i was able to bring all of that data and all of that intro and bio to the threads account. another social media app, like we need another one. this is supposed to be the twitter alternative. >> i think a lot of people have left twitter, we don't know the numbers. anecdotally, there has been dissatisfaction since elon musk took over twitter. the verification changes, the limitations and paid subscriptions and such. even changes to the content. this is the latest when it comes to twitter alternatives. a few others, but meta throwing its hat into this battle.

why inflation appears to be easy in the asia-pacific and elsewhere. does it really enable central banks to pull back on timing? talking market strategy. they see investors premature pricing and dovish policy pivots. this is bloomberg. ♪

>> we can take some time and assess and collect more information and be able to act knowing we communicated through projections that we don't think they are done based on what we know. shery: new york fed president john williams. our next guest sees central banks more hawkish than expected and says policy easing will come more gradually than consensus expectations. we are joined by the managing director and head of macro strategy. great to have you with us. how successfully our markets assessing that expected back put? >> great to be back with you. the answer to your question is not well. at the end of 2023, it was at

375. in the market was still pushing back on that with much lower terminal fed funds rate. that trend continues. we are starting to see markets getting the memo at least shorter term. when you're out, 18 months out pressing. nice plug. you see markets are pushing in the pivot. you see core inflation between 42%. sitting around 4.6%. so it is very difficult for the fed to be pivoting from our perspective. shery: at the same time, growing profit warnings. becoming very difficult to chase the stock rally. >> it is worth pointing out it

has been cited by many central banks as significant caution since 2021. there is a fair way to go for them to come down if you want to appease central bankers. we are starting to see the wedge on that front. continuing to toss and turn inflation concerns. i put that together. with all of those uncertainties. somewhat more defensively in the shorter term. during the screen of up in quality and lower bowl as well. -- and lower vol as well. haidi: how are you feeling about china? meaningful stimulus measures may not come at this point. are you contending with volatility in the currency? are there opportunities looking at valuations for either chinese

equities are opportunities that have that indirect exposure? >> china is seeing record capital outflows at the moment if you look at it from a 12 month basis. that is despite what looked to be favorable growth differentials and valuations that appear cheap. what seems to be holding back and tempering their enthusiasm may be the fading optimism about opening and recovery in payments plus. but we can stress china's equity universe is so diverse, much more focused and selective stockpicking approach is really key. you think about portfolio contacts with china, we see opportunities around the energy transition, very strong investment growth on that front.

the second is around innovation. china seeing rapid growth in the digital economy. ohio valley global intervention. haidi: leading me to my next question in terms of navigating the sector of the year driven so much of the games. looking at opportunities despite how the names might be? >> here's why the ai really matters to us. market concentration is really behind this. you look at the 10 biggest stocks in the s&p, that is year to date. 490 up 5%. we see the credit with triple c's are performed by a really wide margin. contributing a large part of the outside gains. seeing the low breadth.

investors are looking at the headline indices, they are missing the bigger point that equities are not necessarily ignoring the recession risk, that deteriorating market breadth does concern us. cyclicals are fully internalizing the stagflation risks. i would also be concerned about bubbles. why it matters to the fed is the fed loathe excesses. it is really a green light to tighten financial conditions harder than what is already baked in the cake. shery: we do have secretary yen janet yellen in china. that they are going to put export controls on two key metals. do we need a new market playbook to account for these geopolitical tensions and a new regime when it comes to global politics? >> we do think we are in a new

macro regime. it will reverse many of the secular trends we have seen over the past 50 years. it fundamentally changes how we should think about the political policy, economic and market implications. it is one of the big things, the invest playbook. you think about what globalization delivered to the global economy, it delivered free trade, just in time supply chains, deregulation, fiscal austerity. it's on the death of trade unionism. structurally lower trade growth. extreme financial is asian. -- financialization. if you want to go back to what we have seen over the past 50 years, it will turn that investor playbook on its head. the geopolitics is a huge theme on that front that plays into the deglobalization and decarbonization. those metals that were

restricted by china. i'm really crucial to the green transition. shery: good to have you with us. sue trinh. we have more to come. this is bloomberg. ♪

shery: we have an alert on the bloomberg on celsius. we are hearing investigators of the commodity futures trading commission concluded celsius network and its former ceo broke u.s. rules before the firm's inclusion. this is according to people familiar with the matter speaking to bloomberg. if majority of the cftc commissioners agree, the agency could file a case in federal

court as soon as this month. attorneys in the enforcement unit determined celsius misled investors and should have registered with the regulator. the former ceo also broke regulations and rules. this is according to people speaking to bloomberg. we are seeing bitcoin unchanged at the moment after falling for two consecutive sessions. we see on the cryptocurrencies that they are up. this is bloomberg. ♪

>> people are sometimes asking why did you have to do a saudi arabia -- and my answer is very simple. we had to do it because there was another ask for the market.

a more immediate ask, more immediate expectations that the marketplace would need to move. billions of people depend on our quality oil for daily life. this is an inescapable reality that warrants respect. that is why opec pursues market stability. of course as an industry, we want to ensure an emissions free future. harnessing technologies that can do this would be one of the predominant themes of the seminar. however, oil is too central and fundamental for life just to stop. >> the energy minister and opec secretary general speeding at the eighth opec national seminar in vienna. u.s. oil prices holding on to gains as traders way the impact of production cuts announced earlier this week by saudi

arabia and russia. su keenan joins us. this comes on low volumes given the u.s. independence day holiday. >> a lot of traders not around during which, taking the week off. even so, we are seeing oil spike higher on the lower volumes. the big news coming on the sidelines of this international conference. one of the biggest producers saudi arabia coming along with russia, making prolonged supply cuts in august with the goal of boosting the price of oil. the saudis are expending that surprise one million barrel a day cut implemented for july. they are extending that into august. the capacity of capping saudi's output. russia announcing it would reduce oil exports in

august. a lot of green on the screen. west texas intermediate near $72. brent near 77 dollars. reaction has been swift. observers seeing it speculative of short coming. the decisions to extend voluntary cuts have been made on the sidelines. the opec international seminar. it is a two congress, not only opec. -- conference, not only opec. other big companies and academics. it provides or allows for these discussions. what is also interesting is opec has canceled accreditation for reporters, bloomberg, wall street journal. it is the second time in a month opec-plus has done this with no real expectation. a lot of the news coming out of the meetings is not as swift or expeditious as normal.

algeria has joined in voluntary production cuts. we understand the uae will not join voluntary cuts at this time. the swift reaction in the last couple of days despite low-volume, oil prices have moved a bit higher. haidi: what are we hearing in terms of the bigger picture? >> short-term, opec's action appears to be working. brent oil prompt spread, the gap between the contracts and the bullish structured backwardation. the move in line with traders repricing the expectations for near-term inventory. a drop in supply. analysts are saying saudi arabia's decision to rollover is voluntary production cuts, russia's decision to curtail exports in terms of cutting production are fundamental factors contribute in the recent gains you see on the chart.

the big picture for oil has been one of sliding prices. earlier this year, that is amid china's stuttering economic recovery. also central banks around the world. breathing interest rates with the question and concern putting energy demand in question. whether have been pockets of strength, opec-plus has been working hard and continuously to prop up oil prices at this time. haidi: su keenan with the latest. oil prices have come under pressure. latest fredman's policies split over pausing in june. some favoring rate increases but went along with a move to leave policy unchanged. take a look at what we are dealing with. growing divergence in monetary policy entering the endgame. that is likely to continue for the rest of the year. with us is shane oliver.

it feels like markets are trying to get it scripps with the new normal route. what the last part of the tightening cycle looks like, do you think things are looking murkier than ever when it comes to the next six to 12 months? >> i would not characterize it that way. more uncertainty a year ago. interest rates back then were rising. there was a lack of confidence as to how much would be required, when inflation would peak, and a risk for recession. this time around, there is confidence inflation is coming down. this would, inflation numbers comprised of downside. not just a u.s. phenomenon, it is a global phenomenon. i think we are sort of in the

endgame of the monetary tightening. the uncertainty is shifting from how much more central banks will raise interest rates by. they will raise rates a few more times. by the same token, it is around the risk of recession. then i think it will dominate investment markets or investors minds for some time to come. the question of overdoing things, going too far. the risk there is greater than i think the risk of inflation or high interest rates. haidi: risking over tightening, but also the cadence of the next few meetings for the central banks. rba, there was a strong argument saying if you think more tightening is needed, perhaps they go as opposed to inevitably going again in august. does it matter to you waiting for transmission or striking now

before confidence takes a further hit? >> i guess that issue split economists in terms of the last meeting. coming to the meeting, expecting it with the are b.i.. even though we do think the rba has already done enough. it is toward the latter stage of the heightening cycle showing hikes slow down. central banks having pauses and resuming that tightening. i think that is all quite normal. it does not make sense for central banks to move more cautiously because they have already done so much. and to allow better assessment as to the impact of those in terms of the legs. historically if you look at monetary tightening cycles in australia over the last 30

years, they have hikes and pauses that will need to be abated. characterized by the natural aggressive move. that runs with it a much bigger risk to take the economy to recession. of course, that was followed by recession. shery: what does it mean for equity market returns in this environment? >> we've had a good run over the last four months, which surprised many. the height of war is about inflation and interest rates. lo and behold, global shares showing something like 90%. something like 15%. good financial yield. right here right now, you can make the argument that the risk of recession is high, central banks are still talking hawkish. still more to go. that runs with it.

in terms of the short term correction. also september into early october. so i think the risk of recession is quite high. i think it turns out ok if you take a 12. a lot of risk. recession is the big one. it turns out ok. they will be a lot lower than over the last 12 months because 12 months ago, we were starting for much cheaper markets. lower than they are today. that risk will be a factor over the next 12 months. a night for you over that horizon. the central banks will have started to ease, and that supports markets, even though the period along the way will have volatility. shery: you aren about slower -- warn about volatility. is it because of bond yields? >> that is a big part of it.

bond yields go up. it has an impact on valuations, analysts, and assets. they will push lower. reacting a lot quicker. that is a big part. another big part of it, properties reducing space demand. i don't think either of those sectors have come to grip with it. if normal was four or five days in the office, now it is probably going to be two or three days. that is massive production, and they give up space, actual measured vacancy rates will rise. i think that has further to go. we already saw it. but we've got a lot further to go. shery: shane oliver, always great to have you with us. we are about 20 minutes from the

opens in japan, south korea, and australia. how are we looking? >> 20 minutes out from the open. it came out earlier this morning. essentially, what it is focusing on is the japanese stock market. it has been such an investor favorite over the course of the year. it has been the expectation of further reforms, and a weaker yen. putting it further into perspective how much investor interest there has been in equities over all. looking at ipo stocks and their performance since listing over the course of 2023. japan outpacing the move. it seems for other key markets, that is about 75%. on average, companies that have listed in japan have risen more than 50%. compare it to 50% for south

korea. averaged about 20%. if you have bought an ipo or stocks in hong kong, it would have seen a drop in the equity valuations. certainly puts the divergence in perspective when you see mainland stocks. let's take a look at some of the listings in more detail. the biggest one in japan will be -- net bank. both digital lenders. having still continuing to gain over the past month. i space had been under pressure. a space developer. it had a failed launch to the moon, rather, but still getting over the past month. haidi: you can watch our past interviews and watch our interactive tv function on tv . go to any of the securities on

the functions we talk about -- or the functions we talk about. send us instant messages during our show. this is for bloomberg subscribers only. this is bloomberg. ♪

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designed as a direct rival to twitter. it may be the most serious threat to elon musk's struggling social network. for more, let's bring in vonnie quin. i just opened the account on threads. i don't know. it seems very similar to instagram, in terms of content. even the format similar to twitter. vonnie: a lot of people are making fun of it. also people used to posting platforms that have their tweets or threads ready to go. a little bit of a mix. you have to wait and see how it plays out. this is meta's latest offering. it is a twitter clone. looking exactly like twitter. but you do need an instagram account before you get the account on threads. elon musk bought twitter in october. he has been having one or two little problems since.

we will see if mark zuckerberg can manage to oust twitter. we know that several other platforms have been trying to prevent themselves for the alternatives. they haven't as far as we know gotten the kind of followings twitter has. twitter has been around for 16, 17 years. the last number we got was in the first quarter of 2019. it had already been around for 16 years. twitter has a long history with many election cycles. many voting cycles from around the world. obviously, history instagram doesn't have yet. we know every time facebook ads something to its list of social platforms, a good success being a takeoff of tiktok. it has been a success on twitter, that was a takeoff of

snapchat. mark zuckerberg may be able to do it. meta also has a much better oiled advertising base that twitter. however, all of these platforms appeal to different demographics. will meta really be able to emulate what twitter already has with threads? we will have to see. haidi: scale is certainly twitter advantage -- you look at the alternatives. they are quite niche. blue sky is still invitation-only. the decentralized aspect of threads, how important is it for users to know how their data is shared, sharing with friends on other platforms? scrolling through, it has the feel of a chaotic house party at the moment. everyone in a good mood, but no one is quite sure what they are doing. >> exactly, there is even lingo for this news. it might get confusing here

at bloomberg. mark zuckerberg talks about the federated universe of services that share communication protocols. a large way of saying everyone will be able to talk to everyone and operate on different platforms interoperable he. it will take some time. right now you do need an instagram account to have a threads account. it will take iterations and a lot of different advancements in order for meta to make this interoperable. also how much money mark zuckerberg is willing to put into this and how much money it will take to have this be interoperable and whether it will be successful. we know elon musk has alienated a bunch of users, from oprah, right down to many of us who have not tweeted since he took over very much. it has replaced the blue check verification with the paid subscription, fired more than half of the workforce. now implemented a limit on the

number of posts people can see. musk says it is temporary and for scraping reasons. we are not sure about that. we will see if mark zuckerberg can get over these problems and like problems google had when it tried this. shery: on twitter, we are hearing that the temporary cap number on tweets, minimum impact on ads? >> yes, but is it a tweet or what is the source? shery: elon musk has said over the weekend. vonnie: we will have to wait and see if it is true. it is very possible. if elon musk says on twitter, perhaps it is true. are we going to be able to verify? before elon musk, twitter had a huge staff working on verification and content moderation and so on. we know that staff has been decimated. is facebook and meta willing to do that for this new platform? are we all going to use it?

shery: we are -- haidi: that uncertainty over these latest moments over these limitations of the number of tweets you can read, it speaks to confusion and how rapidly the changes have come. often multiple change of the day affecting long-term twitter users in making the user experience for a lot of people quite perplexing. vonnie quin with the latest on threads. find all of us on threads. early adopters. come join us. looking at the other corporate stories. alibaba looking to work with its home province to develop artificial intelligence and the digital economy. they have signed an agreement vowing to encourage innovations including ai. the official backing for alibaba's efforts against a draft -- backdrop of reckless moves against the firm. rivian ready to take on more

commercial partners. after recent bouts of production success. they have an exclusive deal to build delivery vans for amazon. the ceo says they are in the final stages of negotiations to sell vans to other customers. rivian has struggled with manufacturing delays since going public in november 2021. >> overdeliver on our numbers, targets. what we saw in q2 was the beginnings of the supply chain running in a healthy way. the supply chain is healthy and keeping up with production. it is not just what we signed this quarter, but what is to come. haidi: plenty more to come on "daybreak: asia." this is bloomberg. ♪

shery: south korean chipmakers may face a short-term setback in the face of uncertainties over chip demand. let's bring in our asia stocks reporter. some optimism. investors are worried again. >> that is right. investors are concerned for the short-term just ahead of the earnings season. they have gained more than 30%,

more than 50%. far outpacing the kospi index in the gains and the diversions are wide, at least two years. some of the investors we spoke to expect the gains during the second half of this year may not be as strong as the first half of this year. and validation, especially the sk hynix, focused on chip making, may become expensive for now. shery: samsung's preliminary earnings friday, what are we expecting? >> samsung will be releasing preliminary operating figures for the second quarter tomorrow. investors are keenly watching whether the company is committed to cutting the memory chip output as it said it would in the first quarter. that would be the only bright

spot if the company is committed to sharply cutting back the output. because the demand has been pretty muted so far. shery: our asia stocks reporter with the latest on korean stocks. what we will be watching at the opens in seoul and tokyo and sydney. this is bloomberg. ♪

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digesting the latest fed minutes and really the signal of a hawkish pause from the latest meanings. we continue to watch the asia open and how we will digest. secretary ellen being in -- digest secretary ellen being in china. >> this is been the latest in the flurry of diplomatic interactions between beijing and washington, but we are also watching the pboc, that key paper suggesting there is confidence where they can still lean on where the -- when it comes to stabilizing the u.n.. -- yuan. annabelle: we've got the open here for japan, korea and australia in this start of trading for cash treasury. a focus on what to see throughout the session on yields. we did see them climbing higher yesterday with those fed meeting minutes. a little bit less united than had been discussed or suggested at the presser. some at the fed arguing the case for a further hike. telling us there could be a move

to the upside for the key rate as soon as this month. off that, as i said, we saw yields moving by the short end of the curve, steady as they come alive this morning. something that did pressure stocks broadly, likewise we do see the nikkei 225 coming online to the downside. still watching that japanese yen and traders assessing what would be the key level to watch, a couple of those being muted but it does seem 145 is something. we have seen it sparking more jawboning from japanese government officials but not necessarily anything that would spark a serious level of intervention. let's change on, we did see equities broadly under pressure in the wall street session. not necessarily the talk thus the stoxx. the nasdaq ending the days flat here, and this morning we do see the cause stack fairly in line with those losses for the kospi. both just for actually under pressure. it is that story of dollar

strength, we saw that in the prior session translating to what we see in the korean won. we are past that 1300 level for the currency. another key psychological one that has tracked quite closely. we've got aussie stocks coming online at the start of the day. we are tracking a couple of ego points. trade data is doing the next hour. focusing quite closely on the rba because we do understand australian prime minister is considering several candidates for who will take the helm of the rba, including the current governor, his term could be extended as would be the norm, speculations mounting as to who will be heading the central bank. in terms of what else we are watching their is the focus on the commodities space in brent crude, coming online fairly flat. we did see a higher in the prior session and traders assessing a couple of different factors.

inventories, supply cuts coming from saudi arabia. russia in particular and you still have the broader economic headwinds that are mounting with further rate hikes that are on the way. shery: let's bring in our next guest that says despite the headwinds, the stake is set for performance. cio of nomura international wealth management. great to have you with us. what is going to lead the way higher for asian markets, win at the same time we have disappointing economic growth from china. potentially moral rate hikes to come in developed markets. >> i think this is where the look at asia is becoming new. asia, the main drivers the key thing to look at, but i think it's shifting for market investors. it's more than nifty, the nikkei looking in japan, big engine's of growth for the region.

whilst they really move forward aggressively and stronger, we see economic and stronger fundamental structures and changes. you also have the potential of china stimulus. india, japan, aussie on region. there are a number of tailwinds compared to other regions where it's less clear to us. shery: northeast asia is very heavily weighted towards tech hardware and semiconductors with the likes of samsung, taiwan semiconductors, not to mention sk hynix. where do you see those stocks going? >> we believe the ai opportunity in asia is still very real. you look at the divergence between ai related stocks in the s&p, and there has been a huge outperformance. you look at as a proxy, china tech or the asian tech, the same in the u.s. a big underperformance. we think there is a lot of scope

for the ai opportunity in asia to come through. this is a region that has embraced technology very quickly. you see a lot more use of qr codes, digital platforms in governments and as a society and we think there's a lot of space for this to keep going. especially if you think this ai train is a real catalyst for growth and we think there is more to come. kristen: china is -- haidi: china is so unloved at the moment but you are not writing it off completely? >> can you repeat that? haidi: china is unloved more broadly but do you see specific opportunities question mark >> -- opportunities? >> china is too big to believe. if the government is patient with the stimulus, we think there's a lot of reserves in hand and they are waiting to see what the west will do as inflation is calming. we do believe that what will happen is there's going to be

more targeted stimulus. at the moment it's focusing on security and growth, and we think there will be several interesting sectors. the sectors we like most are the ones aligned with the government. that is the push for china to be in ai and tech leader. there will be a lot of scoping in becoming digitally resilient alongside security resilience in military, in food, in all spaces like energy, but there is another sector closely related to the government that we think is particularly interesting at the moment. haidi: use each structural trade flow related for the rmb. >> it's a little bit tricky at the moment because you are stuck between a rock and a hard place relative to u.s. exports and you just talked about the mixed messages we are getting from the fed. i think it's very tactical at the moment the rmb, but

long-term drivers, we still think there is support, and we think that asia has a lot of value. the reopening has been it relatively slow, the reopening dynamic is largely due to the geopolitics playing out, so it won't go away soon, but, most of all, it has written off the idea that china will rebound. we think there is still a scope for here. shery: do you feel the opportunities and those very popular sectors, like ai, for the asian markets? >> definitely in asia. asia aia is still below the rally that we saw in the u.s. asia has the supply chains, has the regional demand, has a lot of dynamics to really push this void. even more so than some raised -- regions like europe and parts of north america.

and yes, we haven't seen that in the markets yet. so if we do see stimulus from china, from japan in this robust area, we see chipmakers in india start to come online and we know we have other hardware supplies and thailand. this is a lot of regional support, which we think is supportive for the area opportunity in asia. one of the highest conviction themes at the moment. haidi: what do you like in india? >> in india, the government is -- we believe doing things right where we have a stable government that is staying away from the big geopolitical and it has the tailwinds from the shifting supply chain. one shift in supply chain will be huge and there's many sectors in space where india will benefit. you start to see infrastructure

really surging. infrastructure on transports, making life easier or businesses for people, those are all coming through. this is an investment going on for a number of years and getting traction. we do think that the supply chain tailwinds is a big one, alongside logistics, moving these goods around, you have things made in india, also the economy. you have more and more of a resilient space which is good for international investors, which is good for stability. haidi: always great to chat with you, cio at nomura wealth international. let's get a look at early movers. you are watching these japanese defense names. annabelle: that's right, we are 10 minutes into the session now for the nikkei and we actually have every single sector in the red this morning. defense stocks are under pressure and we did have local media reporting, this is kyoto

news saying the japanese government or ruling parties are looking at ways to relax restrictions on defense exports. where this could start primarily would be to countries that have been invaded or attacked. as we know, japan did provide nonlethal military aid, including vehicles to ukraine following its invasion by russia. they're sending arms and lethal military aid abroad. we are looking at ways they can loosen or restructure restrictions around the feds exports. let's change on because another group of stocks are in focus and these are cybersecurity related companies. this is after the nations biggest maritime port was actually crippled by an alleged russian cyberattack and it's something that has disrupted cargo operations and has been a

bit of a rush to try to avoid any delay in shipments. it was an alleged cyberattack from russia. these are the names we are focusing in on. the port wanted to resume operations in the last half-hour. some of the companies could be affected include toyota with its shipments outbound. let's change on because the carmakers in focus broadly this morning and we had nissan putting out its june vehicle sales to china, they were down 28% on the year, quite interesting even though stronger numbers that had come through for the likes of tesla and the country for that reporting time. but we do have auto stocks in japan under pressure. shery: after hours we have been watching meta, it just launched its threats app, which is that rival to twitter. we have seen them describe it as

another warrant for a series of connected tweets from one account, so we know this is really that alternative to twitter as that company faces so many challenges since elon musk bought the company technical glitches content moderation problems. meta was at the highest level since february 2022 and we saw that upside in the after our session after it launched breads. still ahead, the asia society policy institute joins us for how much de-risking to expect between china and the u.s. secretary yellen heads to beijing. this is bloomberg. ♪ 76% of 23andme health customers surveyed reported taking healthier actions. more exercise. eating healthier. and simply getting more sleep. because they know health isn't just a future state.

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>> we can take some time and assess and collect more information and then be able to act knowing that we also communicated to projections that we don't think we are done based on what we know. haidi: that was new york fed president at the fed june meeting showing officials or divided over the position to pause but hiking later this month. let's discuss this with her asian seeing our economy

reporter. what did we learn, what is the take for you? >> i think the most intriguing part was that decision. leading up to the decision of the one before, we were thinking maybe there will be cracks, maybe there will be disagreements in this famously united fed under chair powell. and there wasn't, but in the minutes we saw where there were cracks in that unity, so we did see that someone at the hike with a hot labor market condition, hot inflation not coming down fast enough. there is also disagreement outside of that poor voting group between the staff economists and chair powell about what the economic trajectory is through the end of the year. the staff economists till seeing a mild recession by the year end and powell seeing slow growth later this year. there was some agreements on staying restrictive in the policy stance, there was agreements on postmeeting communications to signal to the

market what they are trying to do, and there was another note on treasury bills after the debt ceiling dramas and what impact that might have on the money market rate. on the major things, that was a pretty big deal to see how divided they actually were. so i think going forward it will raise the bar even higher in terms of interpreting that unanimity, if it's really there, if it's in the numbers, and how does powell project at the markets and the rest of the audience. shery: we saw a really slowing growth in china, which is leading the expectations of more stimulus coming from china, what silly this read on their policy ahead? >> following these two economies is a little bit of a knee-jerk, it's too hot on the fed side, to go on the pboc side. the latest we saw was on the commentary of the pboc back

paper preaching stability as the yuan is dropping on has fallen to that 15 year low against the dollar and has shown weakness since mid-may since the pboc indirect the acknowledges in this paper to be attributed to the weaker rebound we are seeing. this commentary was published after that week services data. we continue to see that data disappointing and then the reaction from the pboc and other authorities really measured so far. but a lot of market participants and others looking for more policy support on that end. they did recognize a range of tools, so they are trying to show they have a lot at their disposal to arrest that the client if there's a sort of panic drop in the currency. they did mention things like the effects risk reserve ratio and the banks effects deposits of reserves. it would just be a daily watch from here. how far does that economic data decline. how we does a look and what does

that do to trigger action on the part of authorities? shery: bloomberg seeing economy reporter. u.s. secretary janet yellen is looking to find areas of common economic ground when she begins her trip to china later thursday. she set for three days of meeting in beijing three days after the secretary of state's visit. let's discuss the implications with our asian economy and our executive editor. we are talking about the weakness in the chinese economy and we have geopolitics to contend with, what sort of outcome can we expect from these meetings? >> the expectations are quite low, similar to what we saw when secretary of state blinken went to beijing a few weeks ago. it's more of a get to know you meeting, is the first time secretary yellen is going to beijing since china had its big makeover in the leadership with

the national people's congress in march. the top economic person in there now as a longtime associate of xi jinping. yellen is used to dealing with the person in charge of the economy in china for the previous five years, so they really want to get to know the new leadership team in beijing and see if there's room for compromise at any of these tougher issues that we are seeing. haidi: i guess the question is, what low hanging fruit or deliverables can we expect? there's a limit to de-risking given the fundamental issues that there's disagreement on. >> politically it's unfeasible to do anything on the tariffs.

yellen was not a big fan but the issue has been completely dropped. you see inflation easing a bit in the u.s. so political pressure to keep the chair higher especially going into a presidential election. there's not much yelling can do to appear dovish in china. but when we talk about expert controls and de-risking, there's a lot of unanswered questions as to what it actually means. what is a national security risk, really. you might have in the discussion some talk about what that entails and differences. there's no consensus in the u.s. on whether tiktok poses a massive national security threat , enough to ban it. there's enough on the data security side, which is involved in most products these days.

what is a legitimate national security threat and what can the two sides agree that this isn't too bad, we have to keep trading with each other, both sides agree that decoupling is not in either of their interests. there is a lot of room for middle ground. not a lot of expectations that we see a breakthrough. these economies are still trading immensely with each other so it's important for them to get to know each other and find out why they can cooperate. shery: asian economy and executive editor dan kate. you can get up around up of all these stories we've been talking about. today's edition of daybreak can be found at dayb on the terminal. also available on the bloomberg anywhere app. can testify -- system -- customize your settings to get the news on the industries and assets that you care about. this is bloomberg. ♪

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>> people sometimes ask why did you have to do is saudi arabia cut in my answer is very simple, we had to do it because it was another ask for the market, a more immediate ask, more immediate expectations of the market that the public would need to do so. >> millions of people depend on our commodity, oil, for daily life. this is an inescapable reality that warrants a respect, that is why opec pursues market stability. of course, as an industry, we want to ensure we have an emissions free future, harnessing technologies that can do this will be one of the

predominant themes of the seminar. however, oil is to central and fundamental for life just to stop. shery: the saudi energy minister and opec secretary general speaking at the eighth annual seminar in vienna. all annual prices holding onto gains as they weigh the impact of traditional production cuts announced by saudi arabia and russia. bloomberg su keenan has been following all of this and the games are coming ahead of unexpected decline in u.s. oil inventory? su: yes, the data comes out on thursday in the u.s., wednesday we have sources telling us the api private report shows unexpected drop of 4.4 million barrels in the u.s., so that provide support for prices. you are looking at the major producer in the opec bus cartel and that is saudi arabia extending the one million barrel a day cut it implemented in july

for august. it was announced in the week as the cut of the capacity to cap their output by 9 million barrels. russia and announced it would reduce oil experts by have owing barrels a day in august. seeing in the price jumped near the $72 mark, brent jumping as high as 77, so reaction has been swift even though the volume and trading, especially in the u.s. has been particularly low, it has been the driver for the holiday and that's the service extended through the weekend and into the week, some traders take the whole week off so it is a lower volume time. that said, the decision to extend voluntary cuts has been made as the opec numbers meet on the sidelines of this big international seminar, the eighth annual opec-plus is held on july 5 and six, the two day conference brings not just oil

ministers but oil producers and consuming nations. a lot of different topics were discussed as you saw in the soundbites, opec plus big producers you stabilizing the market in the same terms as boosting oil prices, that's what they are trying to do. shery: bloomberg su keenan with the latest on oil. as janet yellen has to china, we will discuss the chances of a thaw between the world's biggest economy. this is bloom

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annabelle: this is "daybreak asia", i'm annabelle droulers with the check on markets. 30 minutes into the session for japan, korea and australia. at the outset of the day's trading there is one thing investors are focusing on and

that are these fed meeting minutes that came in overnight essentially showing that decision to pause at the latest meeting was not quite unanimous. there had been the camp arguing the case for 25 basis point hike in that division also tells us perhaps we could see the fed hiking again by 25 basis points at its upcoming meeting at the end of this month. off that we are kicking off with the moves we see in bond yields. these are moving higher in the session, tracking what came through in treasuries in the prior one overnight had led to a bit of dollar strength. and again this morning we see quite a few currencies falling against the greenback, including the korean won down by half of a percent, even though some are moving further and the japanese and focus up to 10th of a percent. the dollar is something that weighs in on commodities, and you could see these are slipping, these once priced in dollar terms. also in the fx space eyeing the offshore yuan given we did have

a pboc backed paper in china essentially saying policymakers do have tools available to them to arrest the currencies decline. the offshore yuan is holding well past that 7.2 level but fairly flat and the intraday session. in the equities future, it is tilted to the downside, the nikkei off 1% but expect -- extending its losses and capping that more than 20% advance of the course of this year. let's change on because i want to chill into these equity moves in more details. you could see the losses are broad-based. we have every single second -- sector in the red even though we saw the likes of tech stocks holding up better in the u.s. session in the face arriving -- rising yields. down half of a percent in the morning session. it's not just the fed, is the overlay of geopolitical tensions

that traders need to be wary of in this part of the world. shery: we are looking forward to the u.s. treasury secretary janet yellen, heading to china in the coming hours and she will look for some sort of common ground. our chief north asian correspondent stephen engle has this preview from beijing. stephen: u.s. treasury secretary janet yellen comes to beijing with a giant suitcase of issues to discuss with her new chinese counterparts. like what we saw just a few weeks ago with the arrival of secretary of state antony blinken, the expectations for any meaningful progress will probably be set fairly low. but dialogue itself should be viewed as constructive. export controls by the u.s. on advanced technologies to china and of course beijing zone export restrictions on key metals are hot topics as america

and its allies the risk their exposure to and some might say, overreliance on china. with all parties emphasizing national security, perhaps the of economic gain, it makes across specific desk across specific playing field particularly peerless. for yellen, this will allow her to meet for the first time news you jinping loyalists in top positions like the economics are. a figure less familiar to the americans than his predecessor, the harvard educated u.s. relations point man. everyone will be watching their dynamic amid a plethora of other unknowns. stephen, bloomberg news, beijing. haidi: our next guest is wondering how much more de-risking we can expect from both sides. with us now is the executive director of the center for china analysis at the asia society.

it's always great to have you with us. that's a key question. there's the low hanging fruit, a lot of which has been picked in the flurry we've seen recently of the ramped up diplomatic interactions, but the very real fundamental areas of disagreement, have we come pretty close of reaching a point where they can't go beyond that? works we are there already, as has been noted, we saw the previous commentaries, we look at this meeting is one more attempt to try to stabilize the strategic relationships between the two sides are not unlike the visit of secretary of state lincoln's, but maybe focus on the trade economic investment issues were ostensibly, there should be more room for common ground. but no, the increasing importance of national security related concerns around

investment issues is likely to dominate the conversation in the low framing -- low hanging fruit is taking care of but is really an attempt to try to stabilize the relationship. at this point it hopefully sees some more progress down the road. haidi: do coming from positions of strength or weakness matter. they are dealing when it comes to the economy fires on so many friends. does that weaken their positioning in these interactions? >> of course it would to a degree. the people's bank of china believes that it can help stabilize the yen. it was interesting, there was commentary coming out of beijing today and yesterday can see united states, worried about rising inflation and the

possibility china may dump u.s. treasuries. it's probably not likely to happen but it is interesting each side is trying to convince the other that they are in the weaker position and ought to be coming to the table to offer up some concessions. i just don't think we will get into that detailed conversation between these two important leaders. it will be more of a strategic conversation about how to stabilize the relationship and find ways to work on progress but by bit. shery: it's really interesting to hear beijing's stance when it comes to the decoupling, de-risking phenomenon. we heard from president xi jinping pushing back on this decoupling during his speech to the shanghai cooperation organization, but at the same time, this comes a couple of days after they imposed more exported curves on these two metals starting august 1. so what is china trying to do?

>> there is this ingenuity and saying one side is to blame for taking de-risking. the chinese side is doing the same, and i guess it's really a question of trying to find the right balance between legitimate national security concerns on both sides, that needs to be protect the also maintaining a fair degree of robust economic action between you look -- between lip as well. the underlying strategic distrust that is between these two sides will drive this economic relationship in ways more so than the possibilities for cooperation. china's most recent steps in relation to certain metal exports are requiring licenses on their exports and continued signs of the biden administration as well is going to look at new ways to restrict

technology and trade and investment were china is really the sign of the times and that's likely to dominate the economic future between the two for the near term. shery: what happens after secretary yellen's visit to china? what needs to happen for the dialogue to continue and for the thon the relationship to actually happen, especially when we are headed towards more elections in 2024? >> i think the chinese side will look for some reassurance about the straw -- the small economic high fence approach to exports and chinese investments in high-tech. to see where this is going to end. they like to make sure i would support reassurances about what this new national security -- i'm sorry, anti-espionage law might mean for american firms,

and then there are areas of mutual benefit cooperation where they ought to be working on going forward. i'm talking about working on debt relief in the global south. working on boston damage financing as a way to help less-developed countries deal with the negative effects of climate change. these are all areas where they can have, i would hope, a constructive conversation. following this getting to know you trip and hopefully following on it in a way that's positive maybe than the areas we could see conversations in the future of a more cooperative nature. haidi: what do you make of the plan trip for europe's top diplomatic? the g7 will obviously be scrambling to find alternatives, is it unusual that we see a point where there has been an

elevation of u.s./china conversations but are calling when it comes to europe? >> it's a little unusual and we want to find out more about why the trip was canceled. brady hasn't been the positive and public statements regarding china and it is the fact that relations between europe and between the eu and china in particular, have deteriorated considerably over the last year. largely trip invited china's complicity in supporting russia and its or in ukraine. it also ask about unfair economic references. i don't think china versus -- wishes to abandon your. i think there hope they can rebuild relations with europe in

a way to counterbalance with they would expect to be continuing difficulties. there are several key economies in europe the remain heavily dependent on its relationship in china and are not in favor of decoupling. are you even concerned about what de-risking might mean for its economic elation ships in china. i wouldn't read too much into this component. >> you will have to counterbalance what is likely to be continuing difficulties between the united states. shery: it's been good to have you with us. thank you as we look ahead to secretary yellen's visit to beijing. if you miss any part of this conversation, tv is your function. you can watch us live, dive into

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shery: we are back why china's

central bank says they have tools to stabilize the foreign exchange market even if the yuan enters up panic slide. leading our asian economic team. this comes at a time we have seen the chinese yuan around those we haven't seen in 15 years or so against the u.s. dollar. >> absolutely, i think there's a lot of concern baked into the market people are still very concerned. a number of banks are cutting rates for deposits. a lot is the currency and there's very little. the pboc can say a few things about it but i think investor fear is quite real. haidi: how much investor fear is already baked into the status quo when it comes to china properly? there's more signals at this is just a sector not seeing any

improvement. >> right. so yesterday we saw some big pieces of news. they were forced into selling one of the projects. there was a heavy discount and they cannot find a buyer i we saw some sign ocean and talking to creditors trying to figure out there debt. this is three years since the making of this property crisis. how far we have to go is anyone's guess and there is very little opportunity in every time there seems like there's some similar support were excitement, it just causes the next one on the downside. property, for people we talk to, property continues to be the weakest link here, and i think that weakest link will continue for some time. haidi: catherine who leads our asia equity team.

home price recoveries could falter in the next six months due to rising mortgage rates. apac real estate joins us now. when it comes to what you are seeing in the secondary housing market, is there fragility around recovery? >> yes, we see the market is interesting in the first half rebound by 5%, 6%, 7% in different districts of hong kong. we could see the prime lending rate in hong kong is harder than the first half. it increases, but the u.s. is going to increase the rates in hong kong euros doing this. definitely with the impact on the housing market, we see the primary market trying the dust trying to lower the market. we thank you giveon impact on

the overall situation in hong kong. shery:shery: the financial secretary has talked about a possible eaves -- easing of mortgage curves. how could this help? >> wanting to balance a little bit in terms of seeing the price going down further. so seeing you help in terms of the volume, especially if they are focusing on buyers, you could increase the large-size units, but for the small units this could be -- for potential homeowners who sell their small units and by large units. they also have an impact on the overall market. >> the residential property market has been a beneficial in terms of the switchover from hong kong, is that trend expected to continue? >> i think this is one

interesting trend. i think the price growth slows down the first half just going up by 3%. going to the second half we see another 2% growth. that's also resilient with the quality band. but definitely it could also support the singapore market to putting up 5% of two feet. this may be better than hong kong. shery: singapore raise the snap duty for hong kong purchases for foreign buyers. but what you expect this to end up benefiting other markets then? >> the stem duty for 60% is really high for singapore. you can see some potential bias moved to other markets. it's more benefiting for the market in hong kong for the market and hong kong film a mass-market because those buyers came to buy something really

particular. so the mass-market really depends on the interest rate. haidi: be sure to tune into bloomberg radio. you can hear more from our days newsmakers. get in-depth analysis from the daybreak team. we are broadcasting live from our studio in hong kong. you can listen live on the app. radio plus or over on bloombergradio.com. more ahead. this is bloomberg. ♪

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shery: i have to confess that i've been a little distracted the last couple of hours because the new thread launch. we talk about -- we're talking about that rival to twitter at it very much looks like twitter. i just opened my account at shery ahn news and it's connected to instagram, so i could bring all of my bio and all of the people that i follow on to threads. i don't know, is this going to catch on with were more social media platform when we already have the likes of twitter, instagram, to talk, and so many others? haidi: i think the strength here is really the distribution. the scale. the fact you say it is so easy if you already have an instagram

up out the logon and transfer all of that data if you're comfortable with sharing it. it's not so easy if you try to transfer everyone you follow on twitter, you have to do it manually unless there's a secret i'm not aware of that scale will be interesting, but it tries to address a lot of the dissatisfaction on the issues that twitter has been having. there's been lots of concerns over the changes to the bluetooth verification, changes over the weekend when it comes to limiting the number of tweets, and a lot of sudden changes since most wired twitter for $44 billion back in october, content moderation has been an issue. technical challenges for both users and advertisers. it does seem like there has been a lot of alternatives, blue skies another one that's invitation only. macedon is where og twitter users have hopped out on, but i

do wonder the distribution scale that meta has with -- with whether mark zuckerberg will have that are impact. shery: at least we know all be launched in europe for now. they have regular -- regulatory concerns and datasharing for instagram so our threads in europe can't use threads, but the way i'm using it right now while we are on air during commercial breaks is interesting. i was wondering could you really release and post those photos, videos and it seems to be very similar to the platform on twitter and how you would interact with people there. haidi: it has a fun five at the moment, no one quite knows what they're doing, everyone is trying to figure out how to best use this brand-new platform. but it has been fun to try to work it out as we have been on air. the people i follow on twitter for content, a lot of academics and experts, advisors, are not

necessarily the people i follow on instagram, which is obviously more visual. trying to bring that together will take a little bit more work , but we will continue to watch for the impact of that and watching to see how twitter reacts or doesn't react. we have been watching meta in the after our session to see with the investor reaction has been, but let's look at what we are watching when it comes to the broader trading session in asia. take a look at benchmarks. we have seen week is when it comes to processing. another hike really expected to come out of those fed minutes. in fact, the lack of consensus whether they should've hoyle in the last meeting. nikkei 225 extending by just over 1%. we are seeing a bit of we and us when it comes to the kospi. concerns over the resilience of the chip recovery and here in australia we are seeing a downside when it comes to trading. shery: a little bit of downside

when it comes to u.s. futures. this after we saw stocks falling in the new york session. materials really trying to dive -- digest the latest fed. we see them trying to extend gains after they were slightly higher in the new york session. it's all to do with markets pricing in another quarter-point hike by september. that's it from daybreak asia, our markets coverage continues as we look ahead to the start of trade and hong kong, shanghai and shenzhen. this is bloomberg. ♪

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let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. i don't want you to move. i'm gonna miss you so much.on. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! it's an amazing thing move with the xfinity 10g network.

when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. david: this is, uh, my kitchen table, and it is also my filing system. over much of the past three decades, i've been an investor. [applause] the highest calling of mankind, i've oen