haidi: welcome to daybreak australia. at about: we are counting down

to asia's major market opens. kathleen: now for the tops stories this hour, u.s. stocks extend gains before and wish and it said to give clues on the feds next steps. any g -- energy producers jump after the 100 day moving average. haidi: the u.k. reviews microsoft activision takeover bid, after the green light the deal in a defeat for the fdc. kathleen: the bank of new zealand is said to hit pause on inflation, ending a streak of 12 straight hikes. a second day of rallies on wall street. the s&p 500 up about .7% closing over the key 4400 level. the nasdaq up by .5%. the dow up by almost a whole percent. it's the sense of optimism of the cpi, maybe it'll show a more benign inflation outlook. that is what traders are looking

for. as we look to futures trade, and see optimism, -- we can see optimism, the gains are fairly decent. the markets are unchanged the stock futures side. the 10 year, 3.97, the rally continued. it was a drop of about a .10%. the optimism on cpi. oil is up. that was one of the things that drove the major market averages. the energy stocks. westech's intermediate up to percent, closing at $72.83, breaking through the 100 day moving average. you can see the optimism has faded as well. the big thing on a quiet day waiting for the cpi, microsoft having its $69 billion acquisition of activism -- activision blizzard getting a green light. it was interesting to watch, you can see activision up about .9%, at $91.78.

it was up, close to 10%. up as much as $12. a judge in san francisco said the fdc cannot tell microsoft they can go ahead with the deal, within an hour the u.k. authority said that they were willing to look at the proposals that microsoft is making to take over activision. a way things went. what a day for those two companies. haidi: let's get some more details on that. kathleen is talking to the chances of landing the $69 billion bid. our bloomberg technology cohost is covering the sun valley conference at the moment. he joins us out of idaho. what do we know about this? we are hearing from specialists that the odds of a going through are about 80%. ed: the odds of that happening are greater. this case could have gone in

either direction. but it is interesting how quickly the u.s. cma followed suit -- u.k. cma followed suit. 39 out of the 41 regulators out of the world that matter green let the deal. remember in the case of the ftc, what the judge was deciding on was an injunction for temporary hold. that was important in the context that the deadline for the deal to close, as per the merger agreement, was july 18, which is not far away. if your audience is wondering why is ed ludlow saying that with a healthy glow and beautiful mountains behind him, it is because the activision ceo is here at the conference in sun valley. the microsoft ceo is also due to be here. this is a $69 billion deal that will be the biggest in nvidia games, and the biggest in technology. it's what people are talking about. kathleen: on its merits, is this

a deal that should go through? making microsoft the third biggest game company in the world. this is concluded? ed: we certainly still have questions for the ceo. i will be speaking to him later in the week, about how they appease the u.k.'s cma. the cma appears to be happy to go on its own, post-brexit as a regulator, flexing its muscles. the issue that the u.k. cma had was in the theater of cloud-based gaming. which, is a proportion of the overall videogame industry. when i spoke to the ceo, he took issue to that. to answer your question, it is because the rationale of microsoft eyeing activision was to give them mobile entry into the gaming arena, which activision is in. not the cloud-based gaming that the cma had an issue in the first place. it will be interesting how they

appease them. our colleague reported that they are looking at divestments as a compromise. the other thing is to make big names available. they had made an agreement with nintendo. they offer to sony. but sony is not happy about this deal. haidi: where you are, you are attending the annual sun valley conference expecting high-profile guests from media, finance, tech, sports. heavy on the billionaires. what are you looking forward to? ed: it is really interesting. the history of sun valley and the conference is tnt, tech , for a few years that is what people are talking about. a year ago there was one story, elon musk buying twitter. elon musk was here. now we have multiple scenarios. bob iger is here from disney. do we talk about succession, the other executives with him? there is also the hulu -- is

also hulu with them. does disney buy out comcast in stake? there is questions around cnn. warner bros., discovery, bloomberg reported that will put cnn's live output on the max platform. does that save cnn? these are the questions we have. don't forget artificial intelligence. we spoke with sam altman. he will be one of the speakers here. it's a closed conference behind closed doors. i have to get as close as i can. kathleen: we know we can count on you. that is ed ludlow. now to the nato summit, where alliances advance their plans for alignment -- alliances. russia's war put the block on ukraine's immediate accession in their foreign minister told us that chances for peace are still bleak. >> talking at the table, certain point will sit down and talk but, as we see a numerous

occasions we believe talks with russia can begin only after they withdraw from the territory of ukraine. kathleen: let's get more with our political news director for bloomberg tv and radio. what is the key message from nato and ukraine. ukraine certainly did not like it. >> that's right. they were not thrilled with the message which was basically, this is a quote, they will invite ukraine to join nato when the allies agree and conditions are met. then they went on to say that they will remove bureaucratic hurdles, stumbling blocks as well. they will fast track ukraine, but they are not going to do it now. zelenskyy, the president of ukraine, wanted there to be a firm timetable set for when ukraine could join. things need to be much more clear. the nato countries particularly, the u.s. but also as allies

don't want to extend an invitation while there is a war going on. while russia continues its war against ukraine, because they don't want to have to stand by security. the security agreements, we know there is a war, but they want to make clear to ukraine they want to invite them when the time is right. haidi: how does what -- russia's war against ukraine complicate this overall membership bid? >> they can't really invite them now. but, what they can do is say our real priority right now as it has been since russia attacked ukraine really, invaded them more than a year ago, almost a year and a half ago, our priority is nato is to stand by you, get you what you need in

terms of weaponry, in terms of support. nato has held firm to that, by allowing sweden, and pushing for sweden to join even though turkey had now wanted that -- not wanted that. they are saying we are giving you more so or in regions where you need it. but, of course as we noted, the president of ukraine wanted something more concrete, which they can give him. kathleen: what is the take away from all of this? what is next? >> what is next is they will continue to work through this process. we'll hear a lot more. we will hear from president biden, who will give a speech and nato about this -- at nato about this continued commitment to ukraine that they will be supported in the ways they continue to support them. and president biden has to come back to congress, and say, i need more money for ukraine. that could be a little trickier. getting sweden in, congress has

to approve that. that should not be a problem. getting weaponry, and also getting those f-16s that were promised to turkey or perhaps promised to turkey from congress will also be a trip for the president. for right now, everybody's standing together at nato in terms of ukraine even without that invitation. haidi: our political news director for bloomberg tv and radio. new zealand's rv and said is expected to keep interest rates unchanged after 12 consecutive hikes. with us, we know that they have acknowledged that they feel like they have done a lot, there are signs of a technical recession for the economy. it is sitting back and monitoring the transition process from here. >> it is. we have had five percentage points of hikes is 2021, more

than even the federal reserve and it is starting to bite. most of the economists expect another recession before the end of the year. inflation is starting to slow. we will learn about that next week. you're right, the central bank feels like it's watching the data and making an assessment later in the year. kathleen: i wonder if this is one of those meetings where this is all about messaging? is there going to be a hint that there -- they are looking at where to cut central banks. the bank of korea made it clear, once we get to the point we will stop we will keep the rates high for longer. >> we will be looking for that messaging, we don't have a news conference or anything that allows us to cause the central

bank or policymakers. most economists tend to agree that rate cuts as the next thing to happen early next year. the market on the other hand is pricing a cut before the end of the year, probably reflecting that global inflation pressure and what other central banks around the world are expected to do. kathleen: whatever we get from the rbnz we know you will be all over it. tracy withers joining us on the rbnz. you can turn to bloomberg for more on that meeting, go to tliv

annabelle: we have the bok, noting that decision tomorrow. it is the inflation story, the preview, we are expecting the stories from the u.s.. there is the story of what is happening in china. we saw that the big story was property. more support measures are coming through. what is interesting is that we got the credit data coming out overnight. this showed numbers picking up. a bit more robust. remember, in june this was a period where we started to see the pboc cutting a number of rates. there are signals that households, corporate's are starting to bite that rate cut picture. in terms of total social financing that came in above 4 trillion yuan, marks are around 580 billion u.s. dollars, that was far greater than what had been forecast. new yuan loans coming in at .2

trillion yuan, far better than what was forecasted. this is a big beat. the question htou -- though is how much did households, corporate's pick up the demand, how much was it banks lending to each other in order to meet their loan time. this is also a seasonality fact your. we -- factor. still, those numbers, if you change on, something that will be closely tracked, the reaction to that in the session. we are seeing futures pointing high. new zealand, a bit of an outlier. we are approaching that rbnz decision. the yuan, and see the yen down to the 140 level. another currency in focus for us. haidi: the pressure coming off of it when it comes to the japanese policymakers. coming up, singapore warning of uncertainty ahead. we'll hear from the cio later

this hour. first, we will be getting the march -- market outlook, with main street asset management, as traders turn risk on after the u.s. cpi print.

haidi: the key to market

expectations, kathleen this week, for the fed will be this u.s. inflation print, it is expected to show a slowing. we see markets pricing that in given the acceleration we have seen in risk asset gains. this is what we are expecting to see. the run-up for the index had that in the advanced for the s&p. the dow seeing gains. the expectations we will see are slowing your on your to 3.1%. that number, from 5% to 5.3%. and that core cpi month on month seeing a deceleration of .3%. about 65% of responders to one of the survey suggesting that core cpi strips volatile food and energy vices will be lower than consensus. this is translating to be a risk on analysis. kathleen: in terms of the numbers themselves, the problem

with the headline number is expected to be energy prices. there volatile, they are not assigned that inflation will come down and stay down. we want the core to continue to fall, to 5%, it is more than double what the feds target is. this is the thing we have to look at. this is super court, when you take out housing, that is coming down. when you look at core services, nothing quite as much. let's bring in erin gibbs, the senior partner and cio at mainstream asset punishment. -- management. what do you think is priced in, in order for the market to rally? does it have to come down that the numbers we showed on the screen? >> i believe so. we've heard so much of a hawkish fed that for people to really think the fed is going to finally pivot and maybe not have those additional two to three

rate hikes in the rest of the year we will have to see a dramatic drop. specifically in the core, not coming from the energy prices. i think, it will take a lot to really shift the market where they think, we are done, we will be pausing for three months instead of one or two months. >> so in terms of this decision, we had big rally in the first half of your, can the rally continue? is this going to be something else that carries the market forward? is it so dependent on the fed? if july is priced in, does september come next? >> so, interestingly,, i think we have shifted more into fundamentals just in the past few months. the fed is the dominant factor. you cannot ignore that. it affects the bond market which affects equities. as long as we have these rate

hikes it will be a big headwind. we have seen companies focused on growth. more recently in the past two weeks we have been more risk off. we have seen companies that have favorable fundamentals, those have been some of the outperformer's. haidi: do you feel like an earnings recession has been priced in well enough by investors, particularly with the frothiness we have in the first half? >> in certain areas, no. it has it. in others, that have been out of favor -- overall the broad market, yes. don't get me wrong, there are a lot of stocks, particularly information technology that have only recently in the past two weeks have started to underperform. they don't have to go down but they can trade sideways for a

while and underperform the broader market. haidi: in terms of flows we have seen, take a pause when it comes to the leadership of ai and big tech, but, the flows into japan did you. -- continue. >> we have seen a longer pause in japan. fundamentally, and more valuation perspective, there is a little less risk. if you're looking outside the u.s., japan is one of my preferred areas over let's say europe and within the europe developed world. kathleen: one of the themes that haidi have -- and i have heard is looking at emerging markets that -- you have to see the u.s. peak, are you ready to look at emerging markets? japan is not in emerging-market. >> it is very much developed. i feel safe that japan, it is a very developed market.

so, i think we are still -- if you look at small caps and mid-caps, we have not seen the lows into the riskier assets. that is on par with emerging markets. until we get more stability within your developed markets, in the u.s., japan and europe, we are still going to see more hesitancy and not see those valuations when the prices go up. haidi: are you actively turning away from anything that is vulnerable as a china proxy. >> i am turning away for now. we have a lot of risk out there given the interest rates, and what you can get in the bond market, i just don't see the payoff for investors right now. kathleen: thank you so much for joining us and taking an investment stroll around the world. that was erin gibbs, cio at

mainstream asset management. keep it right here. this is bloomberg. ♪

haidi: a quick check of some of the top global stories we're following. taiwan says the detected 29 chinese warplanes on tuesday in its self-declared arizona. fighter jets and other aircraft were taking part in training exercises with warships off its southeast coast. taiwan deployed ships in response, president xi jinping told chinese military to strengthen drills in the taiwan strait. president xi has called for greater opening up with the economy to focus on foreign corporations. state media quoting him telling a media that the focus should be on international investment and financial innovation.

china's attempt to encourage foreign investment have ramped up as its post-covid recovery struggles. coming up the rbnz expects to keep rates unchanged. we get a preview of that decision. the new zealand institute of economic research will be joining us. this is bloomberg. is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started with fast speeds and advanced security for $39 a month for 12 months with no annual contract.

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haidi: let's take a look at the day ahead. australia and new zealand, the eu and australia are in negotiations to wrap up a free-trade real -- deal. disagreements over supply chains can put the accorded risk. the governor of austin --

australia said to speak. we are watching for any potential decision over the leadership of the central bank. we're counting down to the rbnz rate decision. economist expect the bank to and a streak of 12 consecutive hikes. let's look for analysis on that decision. let's bring in christina leung, people economist at the institute of economy research. we're not expecting anything other than perhaps specific staging -- messaging. >> the relief will be put on hold. and continue to hold -- note that things are evolving. back at the meeting, it was indicated that they did not to -- expect to raise any further. recent sides the easing. that reflects the fact that the high interest rates, the impact is starting to gain traction in

the new zealand economy. and also on the supply side, we are seeing easing and labor shortages. it's comfortable that the interest rates are enough to bring inflation back to its target to 1.3% in the coming years. haidi: that 1% to 3% in the third quarter, we need to get from 6.7% at this point. how important is it given the rbnz was early in this tightening cycle and is one of the first to try to work out what the endgame looks like. how important is it in terms of signaling and for other central banks to gauge what they need to do going forward? >> in new zealand, they did frontload a lot of those interest hikes. it's signaling it has reached its peak. especially with a large proportion of, fixed rates even though, the ocr itself is not

expected to be increased further in the cycle, we will continue to see the impact of those interest increases. to the broader economy. around half of mortgages and new zealand are due for repricing the coming year. for many of these households, they will be moving from historically low mortgage rates to two -- 22% to 4%, or even higher than that. as they face significantly high mortgage rate payments, many households will be raining in discretionary spending. we expect to see a slow and retail spending. certainly, it shows the retail specter is the most downbeat of the sector survey. the easing and capacity pressures are reflecting the demand in the sector. kathleen: how quickly do you expect inflation to come down? once the rbnz stops raising

rates, if inflation starts coming down, the real rate will be moving higher. in some sense they will have to decide if they want to let that to continue tightening. what is your trajectory for inflation? inflation around the world has come down slowly. it has been very sticky. do you expect it to be any different in new zealand? >> one of the things is the labor market is robust. we expect the annual inflation will remain elevated. we don't expect the annual cpi inflation to hit -- within the reserve makes to hit the 1% to 2% target until the middle of next year. there stickiness. -- is stickiness. we are starting to see the easing and capacity pressures, and with that the easing and inflation pressures. but there stickiness. kathleen: how would you characterize the new zealand

economy. a technical recession, when you have negative gdp is not always viewed as a real recession? you said labor market is still tight. how week can the economy be if the labor market is tight? even if retail spending is starting to weekend. is there a recessionary downward force on the economy and inflation? or is it something that is there but not that severe yet? >> so, it is a technical recession. since the release of the gdp deed data -- data, there is a 1% decline. new zealand is in a technical recession. but there is a potential for that to be revised, if it receives more updated data later on. the new zealand economy is in a period of growth, with the impact -- weaker growth, with the slowing retail, flowing

through different sectors, and the in construction demand. we are in for a period of demand, and on the supply side, the increase of labor supply with a strong net migration inflows. it's easier to bring in workers overseas to meet the demand. we are seeing capacity pressures, as a result of the demand and the increase in labor supply. we expect those factors will drive an easing of inflation pressures over the coming years. haidi: at least some of those factors you mentioned could potentially add kicking us of inflation -- add to the stickiness of inflation. there are a few factors that could prove to be problematic when it comes to getting that last two percentage points of access against -- excessive inflation out of the picture. do you rule out of having to go

one more for the rbnz? >> you cannot rule anything out with the reserve bank. you are right. with net inflation outgrows, it affects the supply and demand side. at the moment, what we see is the dominant factor has been the increase in labor supply, leading to easing in labor shortages. with that, helping to drive the easing in inflation pressures. migration affects the demand side of the economy. we would expect that would boost demand across a wide range of sectors. potentially, into the down track. kathleen: thank you so very much. you can never rule out anything, with the governor of the rbnz. christine is the principal economist at the institute of economic research. we have breaking news. they are removing swing pricing

from money market fund. this overhaul their planning. it looks like a new market funds are set for a reprieve on swing pricing. the security s changed. the commission plans to impose fees on market funds that will affect parts of the five point $5 trillion industry, according to a person familiar with the matter. the regulators rules are meant to just -- discourage runs like the one in march of 2020, should shield remaining shareholders of high costs. since the regional bank meltdown in the u.s. earlier this year. they are often in the markets particularly at the short end. we will be watching this story closely. now let's return to central banks. korea is one of the ones do for a rate decision tomorrow. let's discuss what economists are expecting. annabelle, price pastors --

pressures are easing. it sounds like a story we will hear from a lot of central banks. annabelle: that does. exactly. it comes to, maybe we will get a hold again, it will be a four straight meeting, where they have elected to keep rates straight -- steady. it is really going to come down to what sort of messaging comes out of this meeting, could the bok signal that there will be further hikes? it becomes a matter of what each economic team is focusing in on. bank of america is expecting to unanimously hold. they are saying that disinflation trend has taken hold in korea. in june we saw the cpi falling below that 3% level. other factors telling us that we are starting to seep rise pressures -- see price pressures easy. the focus we have at bank of america's that yield

differential between the bok at the fed, at 175 basis points. that is the widest that has been in more than a decade. that is why they expect that pressure to remain on the bok given that yield gap in the pressure it is putting on the korean won. haidi: what is the view when it comes to bloomberg intelligence? >> they are also concerned about that yield gap as well. they are pointing to factors around high household debt. the risk of price gains that they could start to re-accelerate, if they were to start cutting rates to soon. bloomberg intelligence team expecting the bok to hold rates tight. they are also expecting in the messaging to be really important, what comes out tomorrow. they say the governor could flagged the possibility of another hike. the expectation is we will see a hold into the end of 2023. cuts will become possible as we go into 2024. that is when inflation starts to

save lives we have the fed starting to pivot towards easing. what is interesting is when he take a look at the moves we have seen in the three year bond yield, that has spiked up more than 40 basis points since the end of may. that move in the green box. essentially, it tells us that the expectations we had seen for the bok to cut rates a couple of months ago, could have now eased almost completely amongst investors. haidi: well. kathleen: the bok made it clear, once they will not bring their rates down quickly. let's move on to singapore, state owned investor, warning of an uncertain road ahead after posting its shareholder return. the firm had a rare net loss. the cio, rohit sipahimalani spoke to bloomberg's haslinda amin about temasek's performance. >> the net loss number is a deceiving number because it

refers to a new accounting standard that market to market saw 20% investments. so it is an accounting profit number. we don't measure it ourselves. we always had the right measure for us is portfolio value. that's really what we focus on. haslinda: you have maintained your holdings at 22% in total, what have you been buying? >> the where looking at in china are driven by domestic consumption. china for china. secondly, there are areas which china has unique advantages on. for example, electric vehicles, batteries, solar, wind. then, the other areas like biotech and life sciences in china. huge domestic market, where there are opportunities and good companies there. now, in the near term all these

companies are starved for capital, so some of them are struggling. they will belong to winners in those space. haslinda: is china still a risky market if you take a look at what hedge funds have been doing , unwinding the positions, 70% of their holdings not believing in the china story, 5% are not. how are you assessing risk? >> from a capital perspective it will be difficult for u.s. capitol to flow in any significant way like china. the real catalyst for the market to recover its domestic running. you have huge domestic savings, a lot real estate. if you get consumer confidence back, and that comes into the stock market, that will be the real catalyst. we have seen that in india. when domestic money came into the equity market, that has made the market resilient. we need to wait to see that happen in china. that will be the real catalyst. you need to see consumer confidence come back first.

i would say the biggest risk for markets is geo politics. i don't know where things go from that. that is something that could really create major risk out there. beyond that, it's the stuff that, you have stuff around rates, maybe a slowdown in the economy. but those are cyclical things. the biggest risk from a structural perspective is geopolitics. haslinda: decoupling? >> it is going in one direction only. it will not reverse. we have to factored into our investment decisions. you have to look at companies with access to large domestic markets, companies not cut in the tensions -- caught in the tensions of the u.s. and china. haidi: temasek's ceo speaking to bloomberg's haslinda amin. finland's president is attending the nato summit as a member for the first time.

we'll hear about sweden's bid to join. our interview is next. this is bloomberg. ♪ ( sfx: engine revving ) ( sfx: engine revving ) ok, dad that was great, but on this next take i'm going to need more speed. more speed. more speed. more speed. miles, we good on sound?

the best performance is high performance. get offers on select vehicles at the lexus golden opportunity sales event. ( ♪♪ ) haidi: th finishe president says the baltic sea will be peaceful with finland sweden joining nato.

he's declined to rule out russia's consulate. he spoke exclusively to bloomberg. >> now we have the green light, at least to some extent. i have a strong belief that we will see sweden quite soon as a member. that is important for us. what actually happened, we don't know yet. but -- >> may be f-16s? >> we have heard rumors and news that f-16s have been under discussion by president biden and president erdogan. that has been, in a way, at the table all the time during this more than one year process. but, wait and see. >> with finland and sweden now

both almost likely, almost there in the alliance, you have an uninterrupted control of the baltic sea, barring potentially clinton grab. there is the question about the old and island. there your islands. there is a russian consulate on these islands, this is a place that russia's able to monitor these all caps from -- the baltics from. should this be remain demilitarized? >> first of all, how we see it is, after our -- finland and sweden joining nato, the baltic sea will be peaceful to guarantee peace for our baltic sea countries, that is the idea. we have to keep in mind that

demilitarization is based in paris, the peace agreement, after the second world war. there are a lot of countries involved. so, that will be an issue to open paris peace negotiations. but, the consulate, what we have to keep in mind, there is one consulate and his wife, nothing else in that consulate. at the moment the question of consulates, it's very updated because russia has announced -- >> that they are shutting down your consulates? >> they are demanding us to put down our st. petersburg consulate. they have -- which is serving

the small consulate, in turkey they have a bigger consulate. that would be similar than st. petersburg. we have not made a decision yet. it's a new event. >> closing the islands consulate, will that on the table? >> we will see, at least that's clearly at the table. haidi: that was the finish president. kathleen: u.s. crude holding most of its gains as asian trading gets underway after breaking above its 100 day moving average. bloomberg su keenan joins us. a drop in oil coming out of russia, weighing on oil, i thought they had to sell as much as they could, what is going on? su: this is a key change, that is why it is one of the key factors along with china adding stimulus. that pushed prices higher.

we have fresh integrations that oil shipments -- indications that oil shipments fell below their february average. oil prices have been held down in large part because the kremlin has come out with stronger than anticipated crude exports. another factor that is caused factors to be down, 7% year to date, was china's lackluster recovery. that has been the story so far. now there's news adding to bullish sentiment that beijing will be taking more steps to revive its economy with additional stimulus. let's go to the price action, that has westech intermediate rising, that is above the 100 moving day average. it is back a tiny bit in asian trading. holding that level. we saw brent move higher, above 79. again, the 100 day moving averages and wharton because it has been -- has been important because it has been a key

resistant level. the recent trading has been exaggerated by this low-volume. you are seeing green across the screen in energy stocks, which got a shot in the arm as the commodities rose. to wednesday, traders will be watching the consumer price index for clues on interest rates. that is one of the issues that could complicate oil. haidi: the u.s. government has reversed the 2023 outlook and now sees a tiger global market. su: amazing change. this is the u.s. eia, the energy information administration out with its july report. essentially, seeing a much more bullish picture, a tighter world market, that is very different from what it previously was forecasting. it now expects the world to consume more oil than it reduces -- produces. it points to the opec-plus reduced output. the fact that we are seeing

stimulus and increased demand from china, a supply deficit, we will see global oil transition from builds in the first half of 2023 to drawdowns. that will put upward pressure on price. supply is being driven to 101.1 billion barrels a day, just short of demand. a game changer in terms of the forecast. haidi: su keenan with the latest on the oil. be sure to tune into bloomberg radio. hear more from our big newsmakers on the day. get analysis from our daybreak team. we're broadcasting live from our studio in hong kong. much more ahead. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their ps for financial insights from merrill. is he hailing a ride to the concert hall?

no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. did you know you can get someone to shop for you? stitch fix really gets me and what i need. even better? they save me a trip to the mall.

it's easy: i share my style, size and budget. and they do the shopping for me. stitch fix sends me things that fit and make me feel like a more stylish version of myself. i keep what works, and send back the rest. no subscription required. no commitment. just my style. stitch fix. haidi: take a look at our trading across these major currencies, the aussie dollar has benefited this week, further speculation of china stimulus, property support measures getting a bit of a left we are seeing just shy of about seven u.s.. the kiwi is trading off the session lows but going into that rbnz decision, looking for

messaging of the stickiness of inflation running at twice the pace of what it should be. the dollar-yen is where should be, off the session highs. a lot of analysts saying the yen will depend on the timing of the global recession. ubs seeing the yen out more than 9%, 128 is their target by the end of the year. some for spite for these battered yen and seeing dollar china which had seen a bit of a lift on these property measures.

>> you are watching daybreak asia coming to you live. >> we are counting down to the maj