haidi: we are counting down to

the major market open. shery: the top news this hour, mix earnings and data, treasury as well as the government prepares to increase issuance of the longer end. haidi: donald trump indicted on alleged conspiracy to overturn the 2020 elections. shery: here is what u.s. futures are looking like in asia, a little bit of pressure, this is after we saw a mixed ending with the dow getting slightly up, the s&p 500 falling from the high we have seen in 16 months. this is ahead of the jobs data out of friday, we have job

openings in june below lowest since april 2021. we are watching the bloomberg dollar index after the resilient labor market data showing that we are now on a three week high with emerging-market currencies on the others pressured across the board. oil prices trading at around the two dollars a barrel level in the asian session, we are saying the upside of .8 percent. we also have heard the u.s. is delaying a re-filming of the emergency stock files -- a refueling of the emergency stockpiles, delaying again that decision. in the after our session we are watching amd, a gain of more than 3% and this of course is as sales seem resilient but they are saying that they are making further inroads into artificial intelligence. the treasury space was a big

story today, we saw the 30 year yield touching the november high, we have the 10-year yield making the 4% level, we have the technical momentum sending yields higher, the same time, we have been following this whole week, the treasury is going to come out with a plan for the quarterly funding of the longer end. we are expecting to see this huge supply coming in the bond space. how that will be taken by the market is a big question as the treasury needs to really find the widening budget, perhaps one reason we have another breaking story today, cutting the credit rating from eight pristine aaa as worries go about the nation's burgeoning budget deficit. kathleen hays is here with the latest. what exactly is fitch saying? >> most importantly they are

concerned about the growing u.s. budget deficit, in fact, they see it getting higher and higher all the time, up from 3% of gdp up to over 6%, they say the rating downgrade reflects the expected physical deterioration over the next three years, higher going general government debt burden and of course there is more to it than that. they're concerned about the erosion of governance relative to the u.s. aa and aaa rated hearers over the last two decades, they are talking about the debt ceiling standoffs that have led to last-minute resolutions, all kinds of back and forth in congress. you can understand what they are talking about and as sherry mentioned the treasury funding is one of the biggest things when it comes to government bond sales every quarter. the treasury sells through your notes, tenure notes, and 30 year bonds, the numbers have gotten

bigger and bigger and i am the even though janet yellen says does she not -- even janet yellen said she does not agree, fitch announced that it is arbitrary and based on outdated data. she is i guess not in agreement with how much bigger the u.s. budget debt has gotten. back to the treasury of funding, it was supposed to be around 773 billion, that is a lot bigger than the funding used to be, it came in at $1 trillion. you see this rating corresponding with that, in the timing does not seem to be accidental, you see now that moody's is the only one that maintains the aaa rating for the united states. there were not for the fact that donald trump, the big news on donald trump right now, i think that this rating announcement would be even that much more of a burden to the markets. was will see how this unfolds in

the asian trades. -- we will see how this unfolds in the asian trade. haidi: not necessarily on what happens in september? >> if you start with austin colby, he is the president of the chicago fed, he is a voting member. he has been dovish, he have talked about before the first pause, they could pause, they could watch more, here is what he said today when you are around the transition point of inflation coming down, every meeting is a live meeting and you are trying to figure out friends not reflecting one month's data. i last summer when it looked like he was seeing inflation coming down and than it did not, it reversed and went back up. he wants to see the two inflation reports and the drop reports, the first one comes up friday on jobs. when you look at raphael bostic from the atlanta fed, he was one of the first people to talk about the fed doing a skip at the june meeting which it did

before going onto the hikes again. he is saying that thanks to -- things to date seem to be evolving in the way of an orderly slowdown. in terms of policy he thinks this argues for the event being cautious, patient, and resolute, he is more worried about the over tightening side. perhaps much more ready or more ready to be convinced that it is time for the fed to pause again. shery: that is kathleen hays, let us dive into the market move with is the belly, we are talking about yield surging across the board. was that one factor were we saw u.s. equities being challenged today? >> u.s. equities ended the day kind of flat and that comes after the s&p 500 was at the highest level in 16 months and i think investors are digesting

economic data and corporate earnings, if you break down corporate earnings, earnings have been mixed. they are not awful but they are not great either and of course all eyes were on amazon and apple on thursday in the u.s.. when it comes economic data we have u.s. job openings today -- oh it was at the lowest level since april 2021, this means that there is a softening in the labor market. this remains expensive, we have jp morgan saying that investors are positioning for a no landing scenario. he does not really quite buy it, for now, it remains to be seen but a lot of strategists are opening their targets for the s&p upwards. haidi: it has been a catch up when it comes to these individuals keeping up with the relentless fomo rally. >> they were a lot more pessimistic with inflation risks

and a hawkish fed, but now the s&p 500 at all of the major indexes have rallied powered by the ai. the rally has been broadening which raises the question that maybe this rally has legs, the latest is oppenheimer, revised it targets to 8900, 7% gain if you look at the close. citigroup also moving to the bullish category. morgan stanley, mike wilson, issue ma occult book, i do not know if they are for us or maybe they may not be for us, it is interesting to see one shock after the other. we are in august, we have a lot more months until the year, it will be fun to compare how they started off at how they are ending in december. haidi: never a dull moment. the latest on the markets are of course a big story we are following in politics, donald

trump has been indicted on federal charges, accused of conspiring to overturn the 2020 presidential election result. jodi schneider twins us from washington. what is key about this indictment? what are the takeaways from these charges? >> first of all, as you know, this is the third criminal indictment we have seen of the former president. this one has to do with the 2020 election, it has significance beyond the indictment itself. as that was such a relief politically explosive event here in washington. these charges reflect that. they are conspiracy to defraud the u.s.,! drop an official proceeding, obstruction and an attempt to obstruct an official proceeding and conspiracy against rights. these are significant charges and they not only are significant criminal leak, but are significant in terms of --

significant criminally, but significant in terms of american politics, laying this at his feet. not saying that he was conspiring to allow this to happen in order that the election would be overturned. we have talked to some experts, as we expected this was coming, they have told us this could be the most significant of the charges levied against him so far including that indictment over the classified documents that were allegedly held at mar-a-lago. we have three indictments now and they are coming as donald trump is campaigning to become president of the united states again. he has said that these are politically motivated charges and his question is why did it take two years for prosecutors to charge me, 2.5 years, over this what happened.

shery: how serious are the charges compared to those earlier two indictments? >> many have said that the first set of charges which were levied by the manhattan district attorney are the least significant, they have to do with hush payments, hush-money payments that were made to stormy daniels in the relationship of a former president allegedly had with her and failing to disclose them. some have said that one is not nearly as significant as the other two, the second one was over the classified documents that were held at mar-a-lago and he is charged with and concealing them and obstructing justice and more recently, just in past weeks, he had charges upgraded. superseding indictment that basically said that he attempted

to basically obstruct justice further with those documents and concealing those documents. there has been even more charges brought in that case, there are people we have spoken to about this say that these two, the obstruction of justice and the charges brought today and they concealing and -- the concealing and documents is a mar-a-lago are potentially more significant. today, we will have to see this one, it appears that jock smith, the special counsel who was looking into this went further than many expected. many expected him to do election interference charges, and unnecessarily conspiracy charges -- not necessarily conspiracy charges. haidi: that is the latest on that new indictment against former president trump. we are getting the latest lines coming from the biden administration. shery: officials met with fitch

ahead of the decision to downgrade and cut the west credit rating to aa plus, the biden administration officials expect no impact on borrowing costs, they are speaking to reporters about the decision saying that the decision is bizarre and baseless. this is of course according to a reaction from the administration officials. we have heard from secretary yellen calling the downgrade arbitrary and outdated. haidi: so much to watch today as we get into the start of trading in asia, this is the set up and we do have a softer day when it comes to barter confidence in markets across asia, yesterday after of chinese markets took a pause in the recent run-up that we have seen on the back of stimulus hopes. we have the manufacturing really falling into contraction and really just underlying some of

the challenges for the chinese economic recovery that we see. this is across the set up for sydney, futures are down by half a percent. we australian socks gain the aussie dollar, falling as expected in the wake of the rba and the moves on the bond market which is noteworthy as well and there is some resistance to further gain for the aussie. we saw the dollar trading at the highest in three weeks. still ahead, market analysis with angel over at -- cheryl over at angel oak capital advisors. they see investment opportunities, next, this is bloomberg. ♪

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76% of 23andme health customers surveyed reported taking healthier actions. i keep what works, and send back the rest. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. shery: treasuries fall across

the curve with a 30 year yield rising to the highest level since november and this of course is as a treasury department is preparing to ramp up securities to find a widening budget deficit. one reason we saw fitch cutting the u.s. edit rating by one step to aa plus -- credit rating by one step to aa plus, we have cheryl, great to have you with us. this is a chart for our viewers showing how the u.s. is facing a huge amount of debt and interest

payments, $32.6 trillion in total debt, $970 billion in total interest. we heard from the biden administration official that they expect no impact on borrowing costs coming from the fitch credit rating downgrade. what does this imply for the treasury space now? and for markets as we continue to see this pressure? >> i think we did see a little bit of that play into the rates market today. expectations for more issuance perhaps, even when we think about the potential impact that we could see from the ratings downgrade. it would .2 a higher yield -- to a higher yield. that is not surprising given expectations for higher issuance on the forefront and on the longer end of the curve. shery: can you find

opportunities in the treasury space if we are thinking that the fed might pause here higher for longer? >> we are in the camp that we do think that the fed is on pause. we have seen softening economic data, recent jobs labor market statistics and expect that to continue on through this week as well. that puts us firmly in the camp we are on pause today higher rate for longer. only think about the opportunities that i think we are seeing a shift somewhat back to more risk on mode with the gains we have seen in the equity markets and a lot of areas of's fixed income -- of fixed income. haidi: where are you looking for opportunities at the moment given the expectation as we get into this final few months, potentially for the central end that we are going to see more volatility across asset classes?

>> i would say the best opportunities that we see today is really across the board and on the financial sector, both a in equities and fixed income. we saw some large regional bank failure and there was going to be a banking crisis and it has not emerged and was fairly contained to a few unique players. i think confidence has come back into the system somewhat. we still see depressed valuations across equities, in particular we would highlight the large cap names and the smaller cap community banks. i think you will see the most shift at the margin on the regional space in terms of some higher costs to deal with. we also see a pretty compelling opportunity to source investment grade shorter duration paper at yield to call in the mid teens, yield to

maturity in the high single to low double digit type area. that is similar to equity market returns for a fixed income investment grade instrument. that is where i see the greatest opportunity set given that the valuations have not really caught up with the shift and sentiment in what we have seen in terms of better than pure earnings, no credit deterioration in any meaningful way, and the stabilization. haidi: where is it loan demand at the moment and what does it tell you? how do you extrapolate where you see strength in the consumer? >> when we think about what happened with bank earnings this season, loan growth was a little bit of a surprise to the upside versus expectation. i think investors and analysts are looking for a sharper slowdown than what we did see, although i would highlight the senior loan officer survey that

came out that shows title lending standards and weaker consumer demand and commercial demand. the only spot i think we are still seeing robust demand from the consumer side is on credit card. we have seen a fate somewhat on auto and mortgage and we do expect the loan growth will soften from here. haidi: great to have you with us, that a senior profile manager with angel oak advisors. this is bloomberg. ♪ or filing returns. avalarahhh ahhh

haidi: the bank of australia's decision to hold inflation. is it possible that the next move is down? there is a clean slate theory as

well. >> and is entirely possible, yesterday when they held the language, inflation is too high but it is trending down. further tightening may be needed. bloomberg intelligence thanks that if they really needed to move -- thanks if they really needed to move, they would have moved. the asx moving higher, the dollar comes off to the tune of 1%, we are getting more typing done and it is starting to close with 400 basis points already. both are 24 months through the economy. is this it? the next meeting for phil lowe will be his last. the next cpi reading in october, that will be crucial, bloomberg intelligence forecasting that is probably it, the next move we see coming down on the fourth quarter of next year.

shery: we saw the move to the downside when it come to the aussie dollar as well given the decision from the rba to hold steady. we have the worst day since march for the aussie at the moment, holding steady at 66 u.s. cents level. the dollar, see a little bit of softening after touching a three week high, we have the resilient u.s. eco-data and we also got the credit downgrade by fitch of the u.s.. that has really led to a little bit of softening when it comes to the dollar, you can see the strength in the japanese yen. this of course is after this filtered a three week low -- fell after a three week low. we are watching that level because that would signal a bullish breakout, we are watching the 12th 20, this could be a signal of possible bearish

reversal. a lot of movement in the space in reaction to the latest developments on the u.s. credit downgrade. haidi: we will see how that filters to the asian session, downside when it comes to sentiment early on the back of losses we saw more broadly. asian tutors are looking softer at the moment. looking like an early loss, when we get into the start of cash trading, also watching for the resistance when it comes to the aussie dollar. still reacting to the rba's they on the whole. more to sleepovers just aren't what they used to be. a house full of screens? basically no hiccups? you guys have no idea how good you've got it. how old are you? like, 80? back in my day, it was scary stories and flashlights. we don't get scared. oh, really? mom can see your search history.

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haidi: consumers are starting to see price pressures ease, food inflation risks are on the rise

again, concerns are growing over supplies of rice, this table to almost half of the global population relies on. india banned its exports last week sending prices in asia to the highest in more than three years, and costs are expected to rise further. shery: the recent onset of -- is the cause for damage. the country braces for a severe drought season since when he 19, let us bring in joseph a senior research fellow at the international food policy research institute. not to start off on such a dismal note but we are coming off of the hottest month on record. we are coming off of political implications when it comes to russia and ukraine for the grains market. amidst inflation that had just been starting to come down for consumers. what is the outlook for you

here? >> rice is a commodity that actually was fairly well behaved last year when the other brains were going up, rice prices remain pretty low until about the fall. we started seeing rice prices creep up largely due to floods in pakistan, that reduce their exports -- reduced their exports. they are one of the top five exporters of rice. this move by india does potentially hit about 20% of the market that is about 50% of it. their exports, unlike other commodities, if you look at a commodity like wheat you can see countries that are hurt by el niño like australia or you will have smaller yields but that is not normally offset to a degree by bitter yield in places like argentina that benefit from the rainfall. rice is a commodity, if el niño

affects their crops and reduces yields, there is no real rice producers normally game from el niño. we are looking at the correlation, it is not nearly as strong as it was for wheat in australia or corn in south africa. with the right conditions, it can have an impact on the monsoon and affect the whole fall harvested crops in southeast asia and southern asia. shery: do expect that in the -- at least in the next few years to come that we will see structurally higher pricing when it comes to agricultural prices and volatility when it comes to yields as a result of whether and the war in ukraine ongoing? >> i think the war in ukraine certainly, it had a large impact early last year.

by summertime prices had fallen back to the prewar levels and that is because we did have some large crops around the world, australia had three back-to-back record crops that were brought to the market. that will change as we move forward for australia, australia will have less but argentina will have a bigger crop. there is an athlete in the world to keep -- wheat in the world to keep prices margaret. moderate. without ukraine in the market, that means that is a hole the rest of the world has to fill. global stocks are at the lowest lowest since 2008, lisa stocks held by major exporters. i think that is something that says we do not have a big buffer. if there are production problems elsewhere in the world, that is something that is cause for concern. shery: is there anything that can be done in the supply side

of things, if the issue is more right now on the production because of extreme weather around the world, is there anything that can be done in supply chain issues being really more efficient? that was one of the issues during the pandemic. >> not so much for grains. let the market work. we saw during the war, you know countries like egypt or big importers of wheat and were able to source wheat from other countries. we get into problems when you see actions like with india by now, putting restrictions on exports because that causes knock on effects elsewhere. what we saw back in 2007, when rice prices, 2008 and 200 seven, india, thailand, vietnam, all had bans on exports of rice

and that really contributed to price which is pretty thinly traded only by 11% of reduction e -- of reduction ends up traded. hopefully they will have a good harvest of rice and will be able to export what they typically would export to the market. haidi: how fast to these production issues actually translate to higher prices? will we see a food crisis? >> again, a lot depends on what happens with el niño for rice, if you look at the wheat market, there is enough wheat in the market, people are finding it, there is a problem with russia pulling out of the black sea. a grant initiative. there is enough wheat in the world, the country should be

able to source wheat and find it. insofar as inflation is concerned, so much of the retail food price comes after the farm. that is all of the other things going on in the macroeconomy like processing costs and shipping costs due to energy, wage rates, all of that as a contribution to the price inflation. commodity prices are important but really, i would look at the u.s. and some 87% of pricing is post the farm gate. it lingers. it is one of the reasons why food inflation has declined over -- has taken a long time to decline. when you see prices jump, there will be a cause of concern. haidi: we are not even halfway through peak heat as the u.n.

has dubbed it, what do longer-term food markets look like in the changes we see to the weather? >> that is a question, climate change is a huge challenge. what most of the model show is that a lot of areas that are currently big producers are going to have more highly variable yields and in some cases less water and hotter temperatures such that they may be even be more difficult to grow niche crops or crops that are specific to a climate region like grapes and things like that. when it also means is that i think we will be even more reliant on trade than we currently are because what is important is being able to, these areas were production will be increasing we are looking at countries like canada or russia which are expected to become

more temperate and more suited for cropland in some cases. that means we will have to have trade to be able to get it to both populations that may be less able to feed their populations. all the more reason for keeping an open market. haidi: great to have you with us, thank you from international policy research institute. take a look at how u.s. futures are trading at the market, we are seeing a downside pressure, we just heard that fitch cut the u.s. credit rating to aa plus. we saw the reaction from the biden administration, official expecting no impact on borrowing costs, yellen is calling this outdated. is already falling in the new york session, concerns about equity valuations and we are up about 30% from october lows.

let us delve into this decision, the u.s. stripped of its top-tier credit rating, the move made more than a decade ago by s&p, the latest. we saw on the s&p decision came in 2011 that treasuries were up, you want to be risk-averse so you go in and try to get more treasuries. are we going to see huge market reaction to this tomorrow? >> in all likelihood it will not see a huge market reaction. as we have seen also with government shutdowns and things of that nature, with debt ceiling crises, the more you have these types of activities, the more the market becomes use to them and they know what the playbook is and likely the reaction is the second or third time, it will be muted. we have seen the s&p market

knows that it does not need to react and moreover, we have tomorrow, the refining schedule for the treasury which in some ways could have precipitated this move. fitch knew this was coming tomorrow so they wanted to do it with maximum reaction. we have not seen a reaction in the markets, that is very telling about what we should see tomorrow. haidi: what you see as the longer-term impact? was this an initial reaction to the bread and butter of the preoccupied market moves like the fed? >> we will go back to thinking about the end to zero rates and whether we have a soft landing because when you combine with the bank of japan just did with the fact that the u.s. is not in a recession and potentially might not be in a recession, suddenly, there is no reason to have 150 basis points of

negative downward sloping yield curve. suddenly, long-term bonds book very -- look very expensive, you expect people to go off as a result of those factors. shery: talk us through what is happening with the treasury refunding plan because as you said we have seen this huge amount of debt already from the treasury as the bloomberg shows and that includes $917 billion of total interest payments as well. if you have this supply for the rest of the year, what does our signal for traders in terms of where the treasury market goes? >> it says that the path of least resistance is yields up. you have a buyer who has been removed in terms of the japanese because of what is happening there and then you have a massive amount of supply.

you combine that with the fact that the fed has been saying we are not going to cut interest rates and we might even raise interest rates one more time. who will bring the fed funds rate into -- we will bring the fed funds rate and do 75, where getting 4% for a 10 year yield, that is not enough to necessarily compensate you for the risk of holding the bond to maturity. a path of least resistance is higher for rates. shery: thank you so much bring some context in the latest credit downgrade for the u.s.. more to come on david australia, this is bloomberg. ♪ health customers surveyed reported taking healthier actions. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. haidi: only ti rebounding after

falling in new york, it halted the massive rally that we are seeing in oil prices. we have some are trading and we were being weighed down by risk off sentiment in markets, we had u.s. stocks down, lay in today's session we saw the biden administration delaying and replenishment of emergency oil reserves according to sources speaking to bloomberg. perhaps a little bit of reaction on that space as well. also we are saying oil traders

seeing fresh signs that china's demand may not have peaked for the year. su keenan joins us with more on this, what are we saying in terms of china? >> it is the biggest importer of oil, the has major impact on his demand and on the price of oil out of the latest thing we are hearing from analysts is that economic woes are not doing much to help boost demand beyond what we have already seen an analyst commentary says china's appetite for fuels and other oil drug products means have already peaked for the year. many are revising their outlook while headline numbers for crude imports .2 of us will demand from china and the has been stockpiled or stored rather than turn into gas and diesel related products. stockpiles are risen to a record high. the economic recovery continues to show strength and there is not much room for growth left in

the second half. analysts expect blue demand growth will slow to 1.1 million barrels a day over the second half of the year, that compares with 1.3 million barrels in the first half and another analyst with energy aspects says it is likely that china's will demand peaked in the second quarter. will moving back into the market according to citigroup's and morris, they have bought it wrong, he recently worked on it, why they follow analysts pointed out that they are waiting for a real chinese recovery. europe is in recession and we do not know of the u.s. will have a soft landing on all of this makes the fundamentals in the oil market very fragile at least for now. haidi: these output cuts are starting to take effect? >> when you see the price of west texas intermediate at $82, we know that crude is trading

near $85, close to $86, opec's production fell by the most in three years, this is a deeper cut back, burke surveys show that production humbled by 27,000 barrels a day in july, that is the biggest since they slashed supplies. most of the production cuts as we have said have come from the saudi's and traders expecting saudi arabia to extend the measure into september in the coming days. also, bloomberg has learned that the biden administration is now laying replenishment -- delaying replenishment of the emergency oil reserves. oil is not a very high price of $80, they will not be doing a lot more buying at a lower price again. i do in terms of fundamentals right now. -- fragile in terms of

fundamentals right now. haidi: the jobless rate rising to a two year high of 3.6% from new zealand, we are seeing some gains when it comes to wagers as well, 1.2%, 1.1 percent, slightly weaker than expected, expectations when it comes to excluding overtime reading, it is 1.1%, a bit softer than expectations, the participation rate picking up to 72 point four from expectations of 72 and the employment change year on year was a change of 4%. higher than the expectation of 3.1%. the employment growth had been expected to slow compared with the rapid pace of growth that we saw in the first quarter, it was being seen in a number of jobs as a forward indicator. when you my head on daybreak, this is bloomberg. -- 20 more head on daybreak,

this is bloomberg. ♪

shery: and the rose as much as 6% in after-hours trading at the second quarter -- amd rose as much as 6%, it is making further inroads in ai computing. vonnie quinn is here with more

details, it seems investors are liking what they see? >> up as much as 6% coming off of that little bit after that, but the results were upbeat and investors were pleased about that. shares of 82% year to date, between 1% year-over-year, a far cry from what nvidia is seeing though, almost 300% year to date and that is because amd is all behind nvidia when it comes to artificial intelligence, investors are looking out for that to date. estimates of the top and bottom lines, more than that, the unveiling of its mi 300 series, the amd x, a few weeks ago, really helped in order for amd to prove that it can meet nvidia at some point, these trips are available early next year, the zissou sit ai engagements increased by more than seven times as multiple customers and i'm quoting from a statement, initiated or expanded programs supporting future employments

regarding accelerators. chips will allow other programs and apps to develop intelligence , artificial intelligence. these tips will be available early next year and lisa on the conference call which only ended a little while ago said that it is expecting ai spending to be at about 150 billion dollars by 2027. has investors excited today. haidi: when did amd say about concern about chip companies in this age of ai? >> we are seeing until already saying last week that the bottom is in for pc makers, the same for data centers. we have seen a slowdown of what had been a cash cow for many of these companies. amd is sticking with the second half forecast. it is still below year-over-year levels, and by 11%.

it is saying that his clients are over the euphoria of ai and are thinking about spending again on data centers. when they spend on ai and delight data center spending -- would they delay data center spending? that also is hoping the stock in the after hours. we will see about tomorrow's session. haidi: some of the other corporate earnings stories we are following, caterpillar shares of hit a record after a bigger than expected quarterly profit, sales across most regions rose and expect seven -- second-half revenue to be higher. the current quarter while warning about weakening conditions in china. uber fell after its growth decelerated from pandemic highs even as it posted its first

ever operating profit. this is the slowest growth rate since 2021. uber soft strong demand from ride-hailing and food delivery but overall it was way down by losses -- weighed down by losses. wall street is walking ahead of estee lauder. city became the first to downgrade citing an uncertain recovery path. estee lauder has been struggling in the chinese market. shery: we are seeing the dollar falling a little bit under pressure after touching the three week high. this is on more resilient u.s. jobs data ahead of the very important job numbers on friday great at the same time as we got

fitch cutting the u.s. credit rating to aa plus. we are seeing given the risk of sentiment treasury content, perhaps a little bit of a similar nature what we saw -- picture when the s&p downgraded the u.s. in 2011. coming up we talk investment strategy with proper stone group -- pepper stone group. shares, most and least he favorite currency -- they share their most and least favorite currency picks. ♪

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shery: welcome to daybreak asia.