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>> good morning and welcome to daybreak australia, i'm heidi in sydney. >> i'm annabel in hong kong. were coming down to asia's major market opens. >> i'm shery ahn. the top stories, u.s. stocks higher as bond yields fall as investors focus on the economic data. chinese companies jumping on beijing's steps to boost confidence. >> bloomberg learns goldman sachs is selling a business to creative planning at the focus shifts to ultra wealthy clients. >> gas prices surge in europe as australian unions so chevron, the strike next. u.s. futures are muted after stocks and bonds rose in the new york session. quiet day of trading.

s&p 500 trading around 4400 level throughout the day. of course we are trying to digest what was said in jackson hole when policymakers talked about going higher for longer or staying higher and were awaiting jobs numbers of the u.s. as well, not to mention u.s. pce price index for where the fed's preferred gauge of inflation is going. we are seeing risk off sentiment fading. we had seen august be a bad month for equity markets. in today's session we saw that fading with chinese adrs leading the gains. golden dragon china indexing its best day in three weeks. optimism that perhaps the market boosting by beijing might. treasury is our looming back -- loring back buyers. we saw yields fall across the board.

two year yield above 5% but the 10 year yield toward the 420 level after reaching a 16 year high last week. we have been watching oil prices, not doing much but they popped above $80 a barrel level. we had more risk on sentiment at the same time, thin summer trading so volume is low. shery: i see big swings. our next guest would rather focus on the ones left behind. they are founder at win crest capital in join us. we find ourselves in an odd position markets wise, waiting for the next shoe to drop when it comes to central rate policy. you talk about dominance by the tech heavy weights. given the short-lived market reaction for nvidia's incredible

numbers, what does that tell you about on going numbers and where you would be looking for opportunities? >> the reaction shows that they dominance is losing steam. if you look at the combined market cap of seven stocks, apple, alphabet, microsoft, nvidia, tesla. their market cap exceeds all companies listed in japan, u.k. and france. so they have done well. if you bought an etf you would have done well because they have such high weight in the index. they are not cheap anymore. nvidia is trading at 41 times value, 107 times earnings amazon is 90 times learning -- earnings. assets can be safe or very popular. they are rarely both. i would rather look for stocks

that have been left behind as you said and i can give you examples. one that really comes to mind is the green metal miners and they have a tailwind of the energy transition behind them. for the last 18 months they have sold out because people have feared the impending recession read the mining index is off 15% this summer alone, so if we are going to have a recession or if it's priced into those stocks, that is much safer place to be. the sector is so unloved that even when you have a commodity price that is up such as uranium which is up 35%, uranium producing stock prices are light which is unusual. uranium is one of our favorite contrary in along place. were transitioning to a super cycle bull market and demand is

going to outstrip supply. that is where we feel safer. we would rather be trapped. haidi: how hard is it going to be to have momentum driven rallies? you have the effect of the bond market and bond pricing at the moment draining liquidity from the equities rally. >> for a momentum driven rally those expensive seven stocks have to get more expensive. that is only going to happen if the earnings beat where you have multiple expansion, i do not see either. either the rally broadens out in the index can keep going up, it will not be led by those seven. there is a limit to how expensive things can get. nvidia is in level territory. shery: talking about momentum, take a look at chinese markets with the csi 300 jumping in the monday session given beijing's efforts to shore up confidence.

that fizzled. is there anything in china that you like? if you like a sale perhaps bargains are in chinese assets? >> has a contrarian investor i'm looking for things -- babies thrown out with the bathwater. one of the worst performing markets this year, if you really parse through it, there are bright spots in the chinese economy. one would be domestic travel sector. if you look at data points that i will share with you, domestic tourists reached 2.4 billion. that was a year on year increase of 64%. domestic tourism expenditure is up 96% year on year and up 320 billion for the first six months of the year. if you look at domestic travel it is surpassing pre-pandemic levels. that is a very good thing. the question is how do you play that?

were playing that through resorts throughout the year and it's done very well. we continue to look for babies that have been thrown out with the bathwater. shery: do fundamentals concern you? and china we have a big earnings we can we have seen only 30% of those have reported in chinese firms have actually beat estimates should we be concerned about the health of these companies? >> you need to be concerned about everything. be stock specific and companies that have undeniable tailwinds, right? i would not broadly by the csi or the hong kong index. they're having some issues and as you see every time china tries to stimulate it dissolves. what they are doing is not enough, but sometimes if it is priced in it is ok. the last two of the economists have been negative china.

if you look at the outflows everyone hates it, it's on investable and that is where you're going to get a deal but you have to be attracting value. we want to be stock specific when we say we like china. shery: good to have you with us, founder and cio at wynn crest capital with her market calls. let's see how we are setting up across asia. we were talking about how chinese assets have been fragile. what are you seeing? annabelle: that's right in this chart puts it into context because last year we had anticipation coming through with market reforms in china in terms of margin training. on any stock trades, measures trying to shore up sentiment. we've seen a big bounce for china equities. they gained a lot throughout the day but this time here, talking about northbound stock connect lows, essentially what foreigners are doing with reason china.

we sought money flowing out of mainland markets, so it seemed like a little bit of profit taking in place because a second straight day and then you put that, that's a record streak. 13 days in a row. more than $11 billion is being pulled out. let's take a look at what we are seeing in the broader markets because when you look at equities today, we are seeing most pointing to the upside. expecting muted gains to come through as they did on wall street but again we can expect thin trading volumes given what we saw in the u.s., europe overnight, watching the japanese yen with moves in treasuries but very close to the 147 level. haidi: coming up we will get more when it comes to beijing's latest efforts to shore up its struggling stockmarkets and of course china support and broader economic sentiment, the latest, next read this is bloomberg. ♪

♪ shery: chinese authorities are asking mutual funds to avoid selling equities on a net basis. a day after regulators announced measures to invigorate capital markets and boost investor confidence.

let's bring in a markets reporter. of course after all of these we saw a pop in chinese equities but that fizzled. the yuan at nine months lows. what is going on? >> markets do not have a lot of confidence in the measures the government has taken. these measures restrict sales by public ones and also reducing trading cost of stop transactions. these do not address the fundamental problem of markets, which is we need something to boost the economy. economic growth and household confidence. so far we haven't seen much action from the government, that is why we see it quite quickly. haidi: this is the old playbook. state funds to not sell, to buy. is the problem because we're hearing from you lot of economists that are increasingly worried that this is a

longer-term deflationary mindset setting in now? >> seems to be the case. we look at the press action actually today, so the last time when the market ran at 5%. then essentially erased pretty much all the gains. three previous occasions happened. two of them happening in 2008, one in 2015. these occasions, we know 2008 was a financial crisis, 2015 we had a double, they burst of the stock bubble in china. so this tell you how much of the fragile the sentiments are in china. as we mentioned earlier at the fundamental problem is a weakening economy. in the housing market as well, it seems like for some reason beijing is reluctant to take some action under the constraints of high debt levels. so if they do not take more decisive measures, deflation -- the risk is deflation is more

entrenched in the economy. shery: it's a big week for chinese earnings. were expecting 1.9 trillion dollars of market cap reporting on wednesday. how much have these earnings results moved chinese markets and in fact what is the next catalyst? >> exactly, earnings have been trending low as well. we see a number of the sell side strategists including morgan stanley and goldman sachs reduce the target level, because earnings essentially is tied to economic growth people start questioning the 5% target is going to be in doubt, then he earnings forecast will be, as well. so yes, we need catalyst to shift market sentiment. so far there seems to be a lack of action. haidi: bloomberg's markets reporter. commerce secretary says trade and transparency should be the

foundation of ties with china. gina raimondo was speaking in beijing, the fourth official to visit since june. let's bring in stephen engle who has been covering this visit. what stood out to you? the right things are being said at this went. >> right now the right things are being said but keep in mind rolando as commerce secretary has been an architect in the biden administration on x work controls to china. and again, it's been one year since jake sullivan, national security advisor, called these controls a new teaching asset and that the united states needs to maintain as large of a lead as possible in foundational technologies like logic and memory chips and the like. rolando has been onboard essentially and that has created political differences no doubt between china in the united states. the message seems to be shifting a little bit from the biden administration as this is the fourth essentially cabinet level

minister or secretary from the united states that included jake sullivan and janet yellen john kerry and gina raimondo to go to beijing since june 2 kind of repair the relationship and this is a situation where they are saying trade and transparency can be the foundation essentially, the hope she says and i quote that the commercial relationship done right can stabilize political relationship. let's hear from her. >> we agreed to establish the new commercial issues working group, a formal working group, which will involve u.s. and chinese government officials, very importantly, u.s. and chinese commercial private sector representatives. as we seek solutions on trade and investment issues to advance u.s. commercial interests in china. >> gina raimondo met with her

chinese counterpart for more than four hours in beijing yesterday. it seemed like a constructive conversation. after that the ministry of commerce in china essentially said talks were rational, candid, constructive. they've agreed to meet one time a year. back on the national security issues, which is at the heart of export controls, gina raimondo said most trade between china and the u.s. has nothing to do with national security. she really emphasize that. this coming after meeting with u.s. interest groups before her trip to china who are complaining that there is not enough dialogue and that the export market for their products to china has dried up. she's listening to trade groups, she is come to china with a different message saying most of our products that are sold to china are not under national security concerns, however, she did emphasize in this does not surprise me, she said i want to

be clear, we are not compromising or negotiating national security. but she does want to foster better trade in transparency with beijing. shery: bloomberg's chief north asian correspondent stephen engle with the latest challenges that beijing is facing on the geopolitical front. we are discussing the economic slump in china and things are becoming more difficult for policymakers on the ground we are seeing economists downgrading their forecasts for gross domestic product growth in china. now expected to expand only 5.1 percent in 2023 from the previous year. that is down from an earlier projection of 5.2% and of course closer to the government's target of about 5%. we been talking about languishing exports, not to mention that deflation is setting in with weaker demand.

you can see the cpi forecast being revised downwards towards .7 percent price acceleration for this year and below 2% for 2024. not surprising given that we've seen monetary easing coming from beijing. the uptick has been solo, bank loans pointing to a 14 year low last month. haidi: to that point the august 15 cut by the pboc was earlier and more sizable than expected. the question is what can policymakers do? we've seen a veritable puzzle piece of measures, some incremental, some more dramatic, but certainly big stimulus and nothing akin to what is suggested like direct payments to boost household sentiment, which is households and businesses suffering from covid zero. this is our picture when it comes to the main interest rate tools. pboc cutting the one year by a

surprise. according to the latest economist survey we are seeing expectations of the one year meeting term facility rate staying at two and a half percent by the end of the third quarter. it seems like market, managing expectations as to what the policymakers are really willing to do. interestingly bloomberg intelligence is seeing more easing ahead. 20 basis points of cuts in one year by the end of the year in reserve requirement loosening and the possibility of something more dramatic. shery: the question is how much good that will do if you do not have households and businesses borrowing. viewers can get these stories in today's addition of daybreak. subscribers go to dayb , customize your settings so you only get news on industries and assets that you care about. this is bloomberg. ♪

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♪ shery: goldman sachs has agreed to sell its $29 billion wealth management business to creative planning, a money manager that overseas 240 billion dollars. su keenan joins us with the latest. more signs of goldman's retreat from the market. su: ill-fated move toward retail and the consumer. this is part of a redoubling of their efforts to focus on what many say it does best which is managing the money of the ultrarich. goldman striking a deal to sell the advisory business that grew out of its 2019 urges of united capital to creative planning llc, a wealth management firm that overseas 240 billion. the offloading of the company

just four years after goldman acquired it signals that the firm is backing away from the move toward consumer banking which was initiated by ceo david solomon. it very much viewed by the market and those within goldman as sort of a disaster foray into retail banking. the markets unit, this particular purchase come united capital, was ancillary to that. a move to reach the mass affluent market. the millionaire next door. the deal gave instant contact with 200 or 22,000 clients with over one million each on the platform. focused on the billionaires not be millionaires is what many analysts are saying goldman did not reveal the price but expects to recognize a gain when the deal closes and that is in contrast to the of their sale, goldman pursuing divestment of green sky which is being sold at a discount over one year after it completed its takeover.

haidi: what does creative planning have to gain? su: a lot. they have a custody banking relationship with goldman so they view this as an extension. creative planning is run by peter, he has written several investment help looks. he wrote a pair of books with well-known motivational speaker tony robbins. who was the chief of investor of psychology, that was his title at the firm. creative planning already had a relationship with goldman and peter told bloomberg that an expanded partnership with goldman is quote a natural strategic fit. haidi: su keenan. let's take a look at the day ahead for australia and new zealand and the governor is set to speak later on. central banks and climate change. watching the imf saying new zealand central banks should consider raising interest rates if the government fails to cut spending as planned.

chevron's lng plants in australia could begin next week, unions giving notice of industrial action if the company cannot reach an agreement with workers. we will have more on the story as well as implications for market pricing in a few minutes. more to come, this is bloomberg. ♪

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haidi: possible strike action is threatening volatility and chevron workers in australia are given notice to stop work if paying conditions can't be reached. sign of relief with the would sign it deal but this could add more volatility. >> we knew it was coming, always the potential for it but the key is possibility. negotiations are ongoing. chevron is working through the bargaining process. what we had was 500 workers voting in favor of industrial action. does not mean it's going to happen but it may not be a strike. it could be workers refusing to perform tasks. if it does happen, seven days notice. the earliest there would be action would be september 7. woodside did reach a deal last week so there is optimism that chevron could achieve something similar. shery: what is the likely impact on global gas markets? paul.

less than the threat of what might have happened if the workers went out. woodside contributes global lng supply. chevron, less. five to 7% of any one is doing the math. mitigating factors, europe does not import gas from australia, but asia does. so if the supply were to drive it would have asia alongside european buyers sparking potential for a bidding war. gas supplies or stockpiles in europe or at a seasonal high. we have weakness in china, so the demand has eased. risk of shortage this time around is reduced. but we are anticipating volatility for the gas prices again. haidi: paul allen in sydney. it lets look at what gas futures are doing because we did see

volatility in spiking with the woodside news in the deal being made, so it looks like our bracing for price action as we continue to really watch some of the other elements. european gas jumping, chevron receiving the australia strike notice. we saw natural gas prices in the european session surging as the notice was given. benchmark futures up 10%. were seeing gas futures up a tent of a percent in the asian session. watching oil as well. this was amplified by trading as we've seen end of the month pricing action. trading volumes have been waiting in the last days of summer. up attentive 1%, broader concern about deteriorating demand out of china as well. the world's biggest oil importer. watching the australian dollar

as we have been rba governor speaking today. upside in the policy as retail sales are beating estimates the world cup effect is taking place as well, sales gain in july reversing the sharp drop from the previous month. on dollar-yen we do have goldman with a call. they see the yen falling to 1999 levels as the boj stays dovish. the revised forecast of 155 from 135 against the dollar. of course in the most recent session, the dollar trading near flat. shery: that is exactly the call i wanted to turn to when it comes to yen. they're expecting the yen to weaken two levels last seen a more than 30 years ago. this if the bank of japan sticks to the dovish stance. strategists projecting as heidi mentioned they had to reach 155

per dollar over the next six months which would be the weakest since june of 1990. they previously expected the japanese currency to trade around 135. also a three year veteran stock picker says every thing is coming together for a rally in equities. head of emerging and frontier markets john malloy favors companies including alibaba, tec and baidu. you can see the upside we've seen in the previous session. the risk reward is favorable for em equities even as mainland stocks in hong kong listed tech shares have the worst august in eight years. haidi: dhs richest man has elevated the role of his three children within reliance industry. they spoke about the changes during the shareholder meeting for india's most valuable company.

>> the board met and recommended the induction of -- into the board of directors. i can proudly say they have earned their stripes through dedication, commitment and hard work. haidi: annabelle has been tracking the succession planning. calling these changes in emotional moment. annabelle: probably one that has been in the making for a wild given that we first saw the role of those three children really elevated three years ago into key positions in energy, retail, digital services. in the soundbite essentially the three children were appointed as nonexecutive directors. his wife is going to be stepping down from the board and the focus for the wife will be to

devote more of her time to reliance foundation, the charity where she serves as the chairperson. this came during the agm held yesterday. and ambani will spend the next five years preparing his children for key roles. as india's most viable company. essentially where they will take the company as it is a digital green energy behemoth. if that is what came out, one of the biggest headlines from agm. something that he has a personal experience with. his father died several decades ago but essentially without a will. that sparked a huge clash with his brother which had to be dissipated or ended by his mother stepping in there is precedence. he has the personal experience of succession planning in place and what was the fallout.

shery: what stood out to you? haidi: reliance has reliance on energy. that's something the company is aiming to boost output of green ammonium and method all. that's something that stood out. sales impact should take place by 2026. they're looking to leverage capabilities on offshore and renewable energy, so these are key things that came out. haidi: are investors liking what

is ahead? annabelle: we see reliance paring gains, so it close lower, but it was volatile trading as well in the broader context, given what we have with the moves in the wall street session and china on monday. shares of reliance closed down 1% in mumbai. geo financial services dropped 1.6%. we do see geo shares around 7% off the all-time high that they hit in mid july and set for their first monthly decline since the end of february. probably there is still a bit more investor reaction to play out. haidi: bloomberg terminal users contract the fortunes of the world's wealthiest people and see the latest makings on the function rich. there is more to come on daybreak australia, this is bloomberg. ♪ ♪

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and you're trying to do that through multiple systems, that makes it very, very cumbersome. ♪ it's not just tech, it's not just people. it's how they work together to provide that experience to the customer. as a finance organization that is what you want to do. ♪ shery: outflows from etf's tracking chinese equities are seeing a third consecutive week of outflows. let's bring in karen with more. we've seen efforts to boost confidence. and yet, we see the exodus.

how bad is it? >> we are seeing foreign investors pull their bets at a fast pace. i followed her like ticker em which is a broad-based emerging-market strategy. and it's on track to see its worst month in a year. if we look at holdings because it is a market cap will have super exposure to china. 25 to 30% exposure which is a number that investors can't stomach right now. haidi: tough environment, china's economic slump, bonds in the driving seat. there is this alternative fund with bond sales. >> emerging markets are reducing dollar dependence. you mentioned bond sales. dollar bond sales have some to

the lowest. seeing $1.4 billion in august compared with $4.5 billion from august of last year. were talking about conservation or nature link securities. shery: our next guest saying liquidity tightening will not come just from the u.s. but the japan and eurozone proving to be headwinds. let's discuss with the managing director and head of emerging markets research for the americas. great to have you with us. i mention japan and europe but were talking about china and their reluctance or caution when it comes to doing more on the stimulus side of things. where we going to see the

biggest impact? >> it actually goes in line with what we are seeing with other central banks. except that while we are seeing quantitative tightening in policy rate increases in eurozone and the u.s., in china it is lack of stimulus that is unnerving for investors. so that is if we actually put together the major central banks , pboc, ecb, boj and the fed, all of those represent a headwind for global liquidity. shery: not to mention we have not seen this dynamic in the fed balance sheet shift as of yet. what are we expecting that? >> so far we've seen reduction in the fed balance sheet -- a

gradual widening. the key point to understand is while in many emerging-market, many countries have achieved what they were aiming for and are reducing rates. the fed was quite behind the curve i would say, the curve in terms of policy tightening. as a result the policy rate will have to stay higher and we may have to see aggressive unwinding. shery: given that we are seeing latin american countries start to ease policy, how appealing will they remain for investors? >> but essentially this is what were saying, increasingly the

divergence in policy would to stronger dollar. with the background of country shifting towards easing policy. haidi: this is not a cyclical slowdown, this is part of a broader shift work for chinese growth if that is the case are there any policies that can help? >> great question. that's what we are saying. there are signs of a cyclical slowdown, for example the fact that inflation is year zero or negative in july, now the main issue that we assert with the chinese economy is structural slowdown. we can think of it is

essentially all of the gains to growth from urbanization, industrialization that occurred leading up into the pandemic, these were low hanging flute and -- fruit. and have been picked off. policymakers understand that if they throw stimulus at the economy now all they are going to get is exaggerating and exacerbating imbalances in the economy with respect to the debt problem. the property set your etc. -- sector, etc.. haidi: is this an attractive risk reward for china? is there a strategy for opportunity if in the medium to longer term it is lower growth for longer? >> this is what we expect generally speaking. nevertheless if it is a slower growth if we are talking potentially higher growth then a

number of developed economies, even a growth of three or 4% or anywhere in that range the opportunity would be presented. we have to remember that while yes we have seen the -- under pressure at the same time we have to manage currency and policymakers are able to implement regulation and targeted measures to help the poor market prices. shery: where getting the latest from cs j, analysts say china may cut rrr to boost liquidity, so we could see more measures on the monetary side from china, an alert on the bloomberg right now. but olga, let me -- let me kind of sum up what you've talked about. given everything that you've told us, especially when it

comes to the heel of the u.s. dollar, i wonder why you are over weight on the korean won? >> those are tactical dependent on valuations. we have actually seen more adjustment in the pricing of those currencies. at the same time we are underweight on currencies in latin america. the colombian peso, mexican peso because valuations have become very stretched because positioning has become crowded in the mexican peso. less so in the case of -- but in the case of the brazilian central bank there is a decisive pave it toward using of policy. shery: great to have you back in the studio. ahead of emerging markets research for the americas. bloomberg terminal subscribers can go more on the biggest em

stories of the day at top em go. haidi? haidi: headline that we are tracking from around the world. federal reserve head of bank supervision in san francisco will retire by the end of october. san francisco fed president came under scrutiny following the sudden collapse of silicon valley bank and other lenders. they will be replaced by neil, a former minneapolis fed official. former u.s. president donald trump will head to trial on march 4 next year on federal charges for trying to overturn the 2020 election. that the day before the super tuesday primary, essential to his bid to regain the white house. trump wanted to delay the trial until april 2026 after voters decide whether he will get a second term. the judge says the public has the right to a prompt resolution. president biden will head to vietnam looking to deepen cooperation in areas including trade and climate change. the visit beginning september 10

will follow the g20 summit in new delhi. washington is helping to strengthen ties and reduce chinese influence in the region. the uae economy minister says joining a group of emerging economies will not come at a detriment to ties to the west. he told us his country is looking to develop trade and contribute to the new development bank. the uae is one of six countries invited to join the emerging markets block. >> joining -- will add multilateralism support to the world. were focusing on global trade. it has always been a global hub. agreements with india, indonesia, where we are looking at, the global south, that is the most important aspect where we are focusing. that will grow. haidi: tune into bloomberg radio to hear more from big newsmakers

and get analysis from our daybreak team, broadcasting live from our studio in hong kong. listen via the app, radio plus or bloombergradio.com. much more ahead, this is bloomberg. ♪

haidi: shares rallied in hong

kong after day promise to buy --. >> we have the full support of the platform to make sure it will be one of the top selling products in this category. in exchange for that we actually also issued shares to make didi a minority shareholder. and also, shareholding ownership, we expected it to be a long-term strategic or for us going over it as well. >> yes and you want to the partnership to involve collaboration in a number of areas. one of those is overseas expansion. i wonder where that takes you, which to expand overseas? >> well, i think didi has been instrumental in china, but also

it is one of the leading platforms internationally in australia and other markets as well. so we hope to work closely in strong markets for future products. more importantly, this collaboration is targeted to connect to the echo system. we bring smart technology and world-class mobility solutions together to tackle a very segment which we call a class compact smart the segment. >> the heel of those solutions, and a lot of focus on autonomous vehicles globally. how open you think chinese regulators are to moving forward on autonomous vehicles at the moment? >> well, i think right now in china we've already started to see an inflection point of smart driving technologies become very nature and consumer vehicles. when we launched our g6 model a few months ago, we saw demand for models with high degree of

smart driving technology is actually the most favored model versions. and we expect that will continue the cost reduction as well as scale. we can bring the technology to 100 thousand category, which is where we actually are collaborating on the project. i think with a combined focus we want to introduce smart driving into the a class segment. for that, also a lot of collaboration will be centered around the segment because that's where the volume will be. ♪ shery: that is it for daybreak australia. daybreak asia is next. this is bloomberg. ♪

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