>> and welcome to "bloomberg daybreak: australia."

we are counting down to major market opens. >> good evening, i am vonnie quinn. stop stories -- top sources are. china banks are esters with epidemic recovery but local governments prepared to begin dollars in special bond sales. >> it investors facing the full week ahead of test with jay powell a buzz because coming up, including nvidia up as whiskers or earnings report. bonnie: workers at a key lng passivity to strike if there is no agreement with woodside by wednesday. let's get a check on wall street now as we prepare for a big jackson hole weekend at the end of the week. futures pointing to a higher open in early going. we have had three done weeks for stocks, and not just the u.s. markets, markets all over the world. a major benchmarks with the exception of mexico were down last week. a huge a relentless elephant treasuries, at with an one basis

point of its high last october, four to 5.46. -- 425.46. what jay powell says to change market sentiment if anything on friday, and crude oil, commodities down last week in general. oil has had seven straight weeks of gains. at last week with its first or break that's right. declining week even though it ended friday higher. we are opening for futures trading, down three cents per barrel. at the dollar index as well has had a huge run, and that is hard to treasury trade as well depending upon how you see it. paul: let's see how we are shaping up for the first trading day of the week in asia. new zealand, the only market trading right now. a little bit of weakness as you might expect for that soft finish to close out the week on wall street area and elsewhere, we are expecting to see a bit of selling when we get underway in

australia. futures weaker by point 33 of 1%. again, 14 5.40, very elevated. we are at a source of levels that might invite intervention from the minister of finance. vonnie: we will be talking about that through the next three hours as well. one of the major stories, china renewing its push on banks to offer more loans area officials are urging lenders to make adjustments to policies for home mortgages. annabelle droulers joins us now with more on the latest efforts to boost the flagging economy. are we still lacking in detail? what do we know? annabelle: when you look through that statement that came through on sunday, essentially it sounds a lot like the rhetoric we have been hearing over the last week or so, the context is there was a meeting between the pboc, financial regulators, and

getting executives on friday and the statement was just released on sunday. the text, quite brief, fairly light on details, but the major take away is that officials want the banks to increase lending to support growth, and why there would be asking for that would make sense especially when you take a look at this chart. it bank lending over the course of july really fell off a cliff, slumping to a 17 year low. the week event we have seen since 2009, so when you have that situation it raises the risk that deflation in china, which we know it's already a problem, even though officials said it would be transitory, it does raise the risk inflation will be further entrenched in the economy. paul: china got a problem with more debt. is the answer to this really more debt? annabelle: that is the big question is well, because you have to look at the quality of debt being issued in the

economy. this was something else that came out during the course of the meeting on friday released and that statement on sunday, and how to prevent, and how to reduce debt risks at the local government level, because we know off balance sheet barring is a huge concern usually tied up in local government financing vehicles, the quality or quantity of that is quite hard to put a number two, but the size could be as much is $9 trillion according to the imf, and that is off balance sheet, because on balance sheet we are continuing to see nonperforming loans also continue to rise, but how china wants to address this issue is not clear in the meeting either. one of the directors is asking for banks to strengthen their monitoring, and that is something else that came into the property sector as well, because officials want banks to make adjustments to policies for home mortgages, but not a lot of details coming out of this meeting. a lot of rhetoric to boost the

local economy. vonnie: this report that local governments need to sell more than $200 billion of financing debt also needs to be fleshed out a little more and also seems from what you say like a drop in the bucket really. annabelle: that is right, but it does point to the size of the issue as well for the chinese government, because it raises the risk of instability if there are default at the local government level, but as you say this is a report that came out from local media, and they are essentially calling for china to allow local governments to sell around $205 billion worth of special financing bonds to up 12 regions repay their debt, because there are a number of regions really at risk of being able to repay the loan obligations. tianjin, sean jen -- shenzhen. they may set up a vehicle for

banks to provide low cost liquidity. it is something else we are watching is what comes to written loan primates, because we could be girding for a reduction of 15 basis points based on that surprise move in the pboc last week as well as to the medium long-term facility and a cut there as well, so a lot of measures where continuing to see to try and boost the economy in china, because as we know it is really flagging. paul: annabelle in hong kong, thank you very much. let's get across breaking news, a busy week for earnings in australia, your hearing from blue scope steel, a slight ms. for underlying profit, $1.1 billion australian, and the expectation was for $1.14 billion australian. net income down 64% on year, a bit of a mess as well. final dividend per share coming in line with estimates at $.25

per share. bluescope planning to increase its share buyback program over the next 12 months. in terms of outlook, we are looking at $700 million aussie. shares up around 22% year to date. let's welcome our first guests, cohead of investments, managing director, and portfolio manager. i want to start up with some of the points and it always making earlier about the situation in china. i am sure you were watching this very closely. are you concerned about contagion risk, and do you consider china to be investable? >> we are concerned about contagion risk, and what we are having to adapt to is a new world where we can no longer count on china being a countercyclical force. earlier in they show you talked about finding a slowdown with additional debt, and that is

what we have been doing for the last 1.5 decades, and it is starting to come to bear. the consumer cannot support that increased debt stock, governments cannot support that increase debt stock. china is slowing along with the rest of the world on the back of higher rates and that constant pulling forward of demand. paul: we have seen the government take a few measures to try to stabilize the situation, but is it enough, and what more needs to be done in your view? >> right now it is not enough, and the interesting part to be watching as many china officials come back from their secret retreat to see what they do rollout, but china is in a tough spot, because one of the traditional measures is that it weakens its currency. on the back of trying to inserted as one of the large reserve currencies of the world, china will be reluctant to continue to weaken its currency, so we will have to watch it away, but i do not think there is much they can do and a lot of governments around the world can do.

we are simply having to pay for all of that bull port of demand we have had on the back of low rates and easy fiscal and monetary policies. vonnie: you manage two huge global bond funds and china inc. is injuring a lot less bonds in the universe. would you be interested in china fixed income or are you concerned there might be a crisis in the waiting? >> i think it is less about a crisis from the bond perspective, but it would be more of a crisis from the currency perspective. i do not expect china to significantly weaken its currency, but it is something as global bond investors we would have to watch carefully. china used to be the country with notably higher rates relative to the rest of the world, and that is not true today. it is relatively easy to get 4%, 5%, 6% in global markets. for us as global bond investors, we are focusing on safety and play not so much in china but

more in the u.s. and parts of the euro zone. vonnie: explain to us how you can see returns disappear from the government bond market universe, because that is what happened in the last month, and many, not just ourselves, but many houses are doubling down on the idea that there is a recession coming and this is not the wrong trade. explain that to us. >> the recession is delayed, it is not canceled. as we watching coming economic data and if we were to rewind the clock, the recession is playing out almost exactly as we would expect with the consumer slowing. we see sentiment broadly deteriorating, loan conditions tightening. it has not led to that precipice of an outright recession, so it is delayed, but it is happening in lockstep to what we would expect, so it has been a surprise to see government bond yields continue to rise, but we have been talking about this for quite some time. world is expecting an

immediate pivot, but we will not get it because we are emerging from a low inflationary environment back to the normal state of the world, which is a sustained higher inflationary environment. paul: we have a situation where rates are elevated. you can get a good return on cash. what is your cash allocation now? >> are cash allocation is higher, but now is the time to lock in safety. 5.5% money market funds are tremendously interesting, but we have to remind ourselves it is relatively easy to get the 6% or 7% yield on high quality fixed income, and it is that part of the portfolio that will go up if we did get that recession. we are telling investors to move into high quality fixed income today and leave a little bit of cash for being more opportunistic in areas of equities if and when we do get that recession. paul: in terms of equities, the rally has not been broad-based.

are there any unloved parts of the equities markets where you do look for a good return? >> we are really focusing on countercyclical parts of the market, so a stock like cme group. they benefit as volatility increases around the world, so we think they have an systematically under earning for the last number of years, and that is a stock we really like. they will benefit into that recession into heightened volatility. vonnie: you mentioned you are concerned about the yuan. i have to ask you about the yen. do we see more weakness or strength first? >> i think we will actually see some strength coming out of the yen. it has been a country we have been watching very carefully and they should benefit from higher inflation. we have been caught up by surprise on the back of renewed week is, but it is a place we are looking for value. paul: cohead of investments, managing director and portfolio manager, thank you for joining

us in sydney today. we are going to go over australia's big earnings highlights we jp morgan as we approach the midpoint of the season. this is bloomberg. ♪ the first time you made a sale onlwi was also thee you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

paul: here is a look at the week ahead. on monday, china buds biggest are expected to cut their one and five year loan crime rates i made a slower than expected economic recovery. watch for second-quarter gdp figures coming out of thailand. on wednesday we get the latest reading on europe's economic recovery, france, germany, the eurozone and the u.k. the pressure on the euro zone economy is increasingly visible beyond the manufacture sector. central banks in indonesia, sri lanka, entergy will announce rate decisions on thursday. bloomberg economists are expecting a hawkish hold by the bank of korea as the region deals with the threat of another inflation flavor. other academic data, cpi prints from tokyo and singapore and ppi numbers from south korea and japan.

vonnie: china tech earnings throughout the week as well, a sustainable online ad recovery and cloud services is expected to lift baidu's expectations. it investors eyes will be turning to jackson hole wyoming later this week were fed chair jay powell will speak. our global economics and policy editor kathleen hays is here. the theme this year, structural shifts in the global economy. what are we going to hear? kathleen: it is a symposium that is been going since 1970. over the years, what people of come to look to first and foremost is jay powell's speech. the symposiums starts thursday evening with a symposium and dinner. you can see jay powell along

with the new york fed president at the georgia fed president. on friday morning, this is when the fed chair speaks, 10:00 wall street time, it :00 mountain time, and over the years fed chairs have increasingly use that speech to send a message. in fact, sometime around 2010, ben bernanke used it to talk about qe2 not explicitly, but to open the door. it dates back to 1978. it started as an agricultural conference. there are a lot of farmers in the kansas city fed district, and they wanted to make it bigger and they wanted to get paul volcker to attend. they moved it to the beautiful jackson lake lodge outside of jackson wyoming, the grand tetons, a big, wide fishing spot. he used to love to fly fish. jerry corgan love to fly fish

too. that is what started putting this on the map, so there is a lot of history, as i said, over the years. fed chair is if you use this symposium to signal an important message. last year but powell went out of his way to signal, more rate hikes coming. remember how many people were talking about cuts? he opened the door to this more aggressive policy that followed. paul: what are we expecting jay powell to say, and what are markets hoping to learn? kathleen: markets are hoping he will say i am ready to pause. what does he see? this is what we want to know from jay powell. clues on the next rate hike, will it be another pause? does he sound like somebody saying inflation is still too hot, inflation is to come down, the labor market is still strong and signal he is not ready to

pause yet even though they did just like in september, or will he have a middle ground, we will probably hike more but we are data dependent and waiting to see more clues as to what happens or will he be more in the camp to see -- say wait to see what happens. the lagged effects of rate hikes are still not in front of us. there unemployment forecasters 4.1% by the end of the year, it is far lower. we have seen inflation coming off but still above the 2% target by a good margin, and gdp numbers do not look like 1% by the end of the year at all. the atlanta fed gdp tracker is looking at 4% for the current quarter, so this is the dichotomy between the data and where the fed is. this is why will be so important

and we could see market moves. vonnie: it is exciting because it might actually mean nothing or we can see massive implications, and you will be there giving us interviews and reports all week long. cofounder said the fed's hope of a soft landing is almost are to be wrong. jeremy grantham told us why the interest rates will lead to recession. >> deflationary forces from tech stocks breaking in 2021 probably too big. the power of interest rates rising and depressing the interest rate market, very negative, slow moving influence. i suspect that they will once again dominate, and we will have a recession running perhaps deep into next year and an accompanying decline in stock prices.

david: the recession you are predicting will probably not happen in 2023. >> it may start in 2023. david: the federal reserve says they believe we have cleared the recession hurdle. you disagree with the fed on that? >> i think the fed's record on these things is wonderful. it is almost guaranteed to be wrong. they have never called a recession, and particularly not the ones following the great bubbles. they prided themselves and stimulating the bubbles. they took credit for the beneficial effect of higher asset prices on the economy. they have never claimed credit for the deflationary effect of asset prices making, and they always do. david: you said not too long ago that you were not a big fan of jay powell and the way he is handling inflation. is that correct? >> yes, that is correct. david: and you think he has done a better job recently of getting

inflation under control? >> is largely out of his hands. the forces work. i suspect inflation will never be as low as it average for the last 10 years, we have reentered a period of moderately higher inflation and therefore moderately higher inflation rates -- interest rates. paul: you can see that full interview with jeremy grantham on bloomberg wealth with david rubenstein coming up on september 5 on bloomberg television. plenty more to come on "bloomberg daybreak: australia." this is bloomberg. ♪

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headlines. resident biden plans to visit hawaii on monday to see the destruction caused by recent wildfires. authorities say the tradenames to provide a sense of assurance that the state has the federal government support. the hawaii governor says authorities are still investigating what started the deadly fires. fema says growing extreme weather risks mean president joe biden's request for disaster funding may not be enough for next year. according to the federal emergency management agency that will begin on the request will only cover to the end september. the president intends to submit a supplemental funding request to congress. british columbia has declared a state of emergency is record-breaking wildfires had for key population centers. officials in the canadian province have placed 15,000 people under evacuation orders. tens of thousands more are under alert for possible evacuation.

last week the entire population of the northwest territory's capital was told to leave the area due to fires. paul: let's get acquainted check -- a quick check of data. elsewhere, take a look at the yen, 145.31, still weak, this is very much a u.s. dollar story as well, and it is a major factor of what we're are seeing with the offshore you want -- yuan. wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try.

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shots were fired at a card-carrying a mayor but an investigation is underway for a separate incident involving a presidential candidate. let's bring in our guest. i understand you were at the headquarters of someone taking over the candidacy of the shot dead candidate. ring is up-to-date -- birng -- bring us up-to-date. >> the polls came in just a few minutes ago. we are still waiting for the international election authority, which will take two hours to reach us. despite the incidents we had this morning, amid heavy security there were no other incidents mentioned during the day. it was the process as usual. one incident that did happen, there are problems with overseas

voting by internet that even ecuador's foreign ministry acknowledged and complained to the election authority about. paul: if there is no clear winner today, there will be a runoff vote in october. what are the chances of that happening? can the victorious candidate get a lid on this violent situation? >> it seems to be the most likely scenario that we will have a runoff, as nobody seemed poised to win enough votes to take this in the first round. however, there is a daunting security situation as you mentioned, and the next president will have only 18 months to govern. this is a unique snap election

for the remainder of the president's term. the dire security situation is hardly anything one president or leader can fix, so it will take a lot of negotiations with other political parties to pass any reforms that make a dent. paul: stefan there. some of the other political stories we are watching, what a mullins voted in a presidential election on sunday after a campaign marred by u.s. criticism and raise on the election authority. and anticorruption campaigner led despite repeated head -- repeated attempts to disqualify his party. president biden has announced plan for an annual leaders meeting with defendant south korea, was a new hotline for sharing intelligence after the leaders met on friday at camp david. biden said they will launch

annual military exercises to take trilateral military cooperation to unprecedented levels and increase information sharing on north korean missile launches and cyber activities. bloomberg has learned the kremlin pressured the russian central bank to raise rates to stabilize the currency, sources say it is part of efforts to tame inflation as vladimir putin prepares to secure a fifth term in next year presidential elections. the government is working on a three year budget will offer additional stimulus as an additional sweetener. china's ambassador to south korea expects this week's summit to provide an avenue for dialogue between beijing and new delhi. the ambassador says he expects direct talks to happen on the sidelines of the event. china and india are locked in their words territorial dispute in four decades after a deadly clash in 2020.

vonnie: leaders of brics nation will meet to discuss expanding the group and challenge the west of las vegas in global finance. jennifer takes a look at why more than 40 countries went to join the club. >> brics, or brazil, russia, india, china, and south africa. it has gone from an acronym that a powerful club that dozens of countries went to join. it was termed by an economist in 2001 and was meant to highlight the rapid growth seen in these emerging economies. initially bric, the s joined in 2010, four continents, nearly a quarter of gdp and 1/5 of global trade. these nations other collective voices way to assert their dominance in a multilateral

world. reducing an agreement at its annual gathering has become one of the biggest challenges. now more than 40 countries have expressed interest in joining the club, many of which are african. >> the brics partners are significant investors in africa. >> among the items on the agenda will be how to boost the influence of the global south in multilateral institutions, such as the united nations. brics accounts for 42% of the world's population but only 15% of voting rights of the imf and world bank, with the imf predicting the growth rates soon surpass those of the g7. they want a bigger voice of these parties. that is why they say this year's summit proved critical in increasingly multipolar world. vonnie: plenty more to come on "bloomberg daybreak: australia." this is bloomberg.

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paul: westpac says it is seeing

a modest increase in customer stress while inflationary pressures are causing expenses to rise at the australian lender let's bring in adam haigh. what more do we know about the inflationary pressures? >> what they said this morning is more as it pertains to the staff side of the business, the increase in staff costs, which is part of the inflationary parts we are seeing around the economy, clearly in this quarter it is still a key notable standout for westpac, so you are seeing increases in expenses for staff but also at the same time continued margin pressure, and that is what we are seeing across the whole of the bank space. most analysts are expecting the peak and margins to a past us, and now the story is about how we get into the back end of this year and into next year where all of those fixed rate

mortgages well off to a and consumers feel even more pressure than what they are feeling now. vonnie: when you see in the statements, the long credit quality is resilient, it makes you anxious. what is the outlook from here given that margins are widely believed to be under severe pressure now? >> yeah, they say they are well provisioned and would do it this way and the cycle, because what you were seeing is notable arrears of the mortgage stress is still very small at this point. we are not seeing huge defaults on home loans for people in stress areas, so that stress to borrower side of the equation is relatively benign at this point. if the economy gets into a situation where the rba needs to start cutting interest rates next year and inflation comes down and it more of a growth

story, margins will feel they had from here. clearly we are through the good times were most of these australian lenders at this point, and the question is how tough it gets from here. paul: besides westpac we have had another bank meeting estimates at $290 million new zealand. another company missing estimates at a touch of $1 billion aussie. looking ahead to more earnings out of australia at week. let's begin the head of austria equity research jp morgan. we have a quarter of the a sx reporting this week. we have got inflation moderating but still elevated. china has got some difficulties we have been discussing in depth this morning and all last week, but are you expecting stocks to prize -- surprise to the upside or downside? >> the keyword is divergence.

the resilient surprises of the upside, which is the consumer is yet to crack, and that was the biggest fear in the market that we will see real signs that the consumer is under extreme pressure. there is no doubt the consumer is starting to fade, but the consumer is holding in there quite well. interest cards are starting to exert downward pressure on segments of the market. as we look forward to the rest of the season, so far it is in line with what we would've expected, 1/3 of companies beating our expectations. we think the season so far, so good. paul: tuesday we have got a big company reporting, bhp, and in the context of what is going on in china in terms of the seemingly endless pileup of concerns in terms of shadow banking. >> china is in a more precarious

position than even a month ago, and that is a big factor not only for >> bhp but if were global markets as a whole. what is interesting as we are seeing the iron or price hold up quite well, steal north of $100 u.s. a ton driven by this expectation that something needs to be done in china to stimulate the economy, stimulate the consumer, and i think the likelihood is some of that will have to come through the infrastructure channel, which is where we are seeing iron or price is hold up reasonably well and for the likes of bhp and the broader resources industry. that is pretty supportive. vonnie: what about energy more broadly, energy and commodities more broadly? we get woodside for example. >> in broad terms, jp morgan has a global view. we are commodity on commodities when it comes to how much prospect of recession has been

priced in. the one asset class where it has been overpriced is commodities and perhaps to an extent being underpriced in equities, so we are relatively positive in that regard across the commodities complex. energy does stand out to us as a particular area of appeal. vonnie: and yet we see so many calls for lower prices over supplies of lng, crude oil. how does that jive with what you were saying? we may see strikes in the coming weeks. >> i think the strikes will have an effective curbing supply, which will put upward pressure on prices. when we look at the picture, it is the short-term effects, geopolitics looming large. a second to that is the supply picture in europe and how is europe managing through obviously a curbing off supply from russia, so you have got those short-term geo-clinical

issues, but longer term you can see the structural factors that underpin what we think is a positive cycle for commodities with a very big? that we are all trying to grapple with at the moment, which is what happens in china? how does the government deal with the issues that are clearly growing in concern for property developers and more broadly in terms of consumer confidence. paul: you point out dividends so far skewed to the downside, but is that true of the entire market which is parts? are there areas were received a picture improving? >> there is one area feeling the pressure, and it should not surprise us, but the extent to which of these higher rates. higher interest costs flow through. other parts of the market, take retail, super retail came out

announcing a special dividend. they have got a new cash balance, so where companies have manage their gearing effectively where free cash flows are quite strong, where they have hedged effectively their interest rate risk, they are coming up quite positively ethos far. it is the bifurcation, the divergence between those companies that are seeing demand hold up in those companies that are failing to pressure of higher rates. paul: you pointed out a minute ago about the consumer holding up reasonably well. one stock take came roaring out of the pandemic was qan -- was qantas. chinese tourists seem interested in staying at home. is the best of the recovery behind them? >> we have got the local enthusiasm or travel that does not seem to be waning. the group of consumers probably in the older demographic as cba

showed us the results still wanting to travel and still acting as a very important demand support for qantas. at the consumer confidence issue in china is without a doubt going to be a factor in time. when we look at it, what matters is the domestic market for qantas, and, yes, we will see question marks around china, but domestic is so strong, international outbound is still strong. it feels that aaul: thank you sr joining us. let's turn to the selloff in bonds, some investors being caught out as it yields reach multiyear highs. the pressure could intensify this week. annabelle: it just kicked off into a new garret last week, because we had all of the data coming up from the u.s. still telling us of the economy is

very resilient and also indicating to us the fed, this prospect that rates will be going higher but also staying higher for longer. certainly over this coming week, we have got more data coming out in terms of manufacturing, services figures, so that will offer clues on the health of both sides of the atlantic, because it is not just treasuries you saw and that chart. germans reaching multiyear highs, european and u.k. debt as well. the return for treasuries, you do see that yielded the bottom continuing to climb higher. you take a look at the bloomberg index, the treasury's total return over the course of this year has now turned negative as those yields move higher. and terms of how investors are playing this, we saw a lot of different traders are investors coming into this year starting to load up on government debt

with the prospect of recession on the horizon. some have been caught quite wrongfooted with this approach, but others are doubling down, and j.p. morgan asset management is one of them. bob michele is essentially saying buy every wc in bond prices, because he is confident that yields will fall after the last fed hike, and there is the delayed effect of the tightening regime, and he still sees recession on the horizon, even though you even have the fed that does not see that case. vonnie: exactly, the staff taking that out of their scenario, but we just heard paul talk about jason china' is economic issues really weighing on global sentiment. annabelle: that is right, it has certainly been an issue. china had been a market we looked to for countercyclical balance to what was going on in the u.s., but that appears to be disappearing because the woes

plaguing china a bunch of s economy are continuing to add up , but the question is how much of an impact is as on the global scale as you were saying. mohammed, a bloomberg opinion columnist, he has been speaking to us about whether the u.s. can continue to grow. he says "yes" given strong indicators we are seeing as well, but essentially this is what elsie had to say. >> it is all about global economic growth and how much of the burden can the u.s. continue to shoulder, because china is now a detractor to global growth. the u.s. has continued to do well and is accelerating, even though the rest of the world has been a very sluggish. paul: let's get across breaking news on the bloomberg, trade number set of new zealand for the month of july, not a great reading, the trades balance

falling into deficit in july by $1.1 billion new zealand. imports climbing, $6.5 billion. exports fallen, $5.4 billion, and a narrow surplus has been revised as well to $11 mi -- $111 million deficit. we have the kiwi dollar trading below $.60 u.s. plenty more ahead. this is bloomberg. ♪

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vonnie: a look at commodities, and that is u.s. natural gas futures trading up 1.4% in the early going. we do not have trading in europe yet, but that might be impacted by potential strikes in australia, and crude oil starting off on a positive note, seven up weeks, one down week last week and we will see what happens. brent crude taking the other direction but still it $84.75 per barrel. paul: one stock we are watching

in the energy sector is woodside, the company facing labor issues with workers saying they will strike if they cannot reach an agreement by wednesday. the offshore alliance group representing two major labor union said in a social media post on sunday that workers had unanimously endorsed giving woodside seven working days to take action. unions have been locked in discussions over demands around pay and other conditions. we will monitor the situation and discuss earnings with the woodside ceo on tuesday at 2:10 p.m. in sydney. in terms of not missing things, not too many people in australia mist of the world cup final plate in sydney last night, huge crowd, 75,000, almost 76,000 people turning out at the stadium in sydney. even though the home team is not

playing, crashing out on saturday to earn fourth place, australia. spain triumphant, 1-0 over england, and the match kicked out past my bedtime, but i could hear from the roads around the neighborhood that was still attracting a very strong following in australia. it has been a real party no one wanted to end. vonnie: it is too late for me and too -- too late for you and too early for me. tv be broadcast bear that out as well. you have to be happy for the spaniards. it was their first time to win. some of the companies like nike and adidas, they have to think in advance of how much merchandise they need to make, because everyone will be wanting to buy spain merchandise now, but it might have gone the other way. how do you make that decision in advance? coming up in our next our, a company shares their economic

outlook for asia in a busy week or investors. a global entertainment network discusses their plans for domestic and global expansion. that is it for "bloomberg daybreak: australia." bloomberg daybreak: asia is next. this is bloomberg. ♪

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