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>> we are counting down to asia's major market opens. >> the top stories this hour, u.s. stocks sink to the lowest since early june as consumer confidence tumbles and volatility ratchets up. the dollar extending gains for a fifth day. >> the empty seat sues amazon accusing them of monopolizing online marketplace services and overcharging sellers. >> a likely end for sherry of china's ev subsidies. the s&p 500 fell in the u.s. session with the slump deepening in the afternoon. it is on track for the worst monthly performance of this year. tech giants declining again.

we also had the vix topping the 200 day moving average at the highest level since may. we are following the developments around tesla with sources telling us the eu anti-subsidy probe into chinese cvs will focus on to what extent and whether chinese -- china has subsidized tesla and others. consumer confidence slumping. traders had to think around what that actually means for consumer facing stocks going forward as treasury yields drifted around the decade highs. we also had oil resuming its climb and we are seeing a move back above $90 per barrel as the bloomberg dollar index continues to see the longest streak since august. haidi: the u.s. ftc is suing amazon in an antitrust take case

. it's the for suit filed this year targeting amazon. the chair told us the company is exploiting its power in a way that harms customers. >> ultimately amazon has pursued these tactics to deprive attentional competitors of the ability to build the scale and momentum needed to effectively compete online. our complaint details how amazon is now exploiting its monopoly power in ways that harm customers. haidi: let's bring in bloomberg's antitrust reporter. talk us to the complaint and what the ftc is alleging. guest: the ftc and seven key states sued amazon alleging it has been monopolizing online marketplace services. that is websites on which

third-party sellers can sell their goods. the ftc says that various tactics that amazon has engaged in have raised prices on sellers so much that they pay amazon one out of every two dollars they make and this has raised prices on consumers not just on amazon's website but all across the internet. shery: amazon is denying this. are they saying? guest: amazon says that it seeks to offer the best prices to consumers. it has policies that require merchants to offer the best price on amazon so they don't offer lower prices elsewhere. they say it would be unfair to require them to highlight higher prices on their website so that consumers can still access them, they just aren't highlighted in the box.

this is one that the ftc is being egg on. -- vague on. the prosecutor said they want amazon to stop engaging in this illegal behavior. they want structural relief, they want amazon to break up the company. this afternoon, our guest declined to spleen what they might be seeking in terms of a breakup. -- she declined to explain what they might be seeking in terms of a breakup. these cases often take several years to work through litigation. shery: that was bloomberg's antitrust reporter joining us from washington. we are also watching tesla slipping after bloomberg reported that it is in the crosshairs of an eu subsidy investigation. tesla has emerged as one of the

companies likely to have benefited from beijing policies. these were cars made in the shanghai factory. >> they want to level the playing field. they feel that tesla and other companies are getting subsidies and benefits that the european carmakers don't have and so they can compete. this is an eu antisubsidy probe into china's ev's. tesla ships more electric vehicles from china than any other of its rivals. that is likely made tesla and its owner a target. if it is getting test subsidies that european carmakers don't have access to, it might lead to levees offsetting the subsidies. we learned the aim of the probe will be determining if tesla has been subsidized and also domestic carmakers then to take any needed measures to level the

playing field. again, a tariff would be such a measure. tesla was down 2% on the news. the ev makers all took hits. the public -- the probe was made public and at the time it was noted that it has the power to make a difference. we are learning from sources that tesla is clearly being looked at. haidi: it's no secret that tesla has gotten perks from opening its factories in china. >> they have gotten benefits that other companies have not such as the blessing to own the

factory out like -- outright. it is not clear at this point what the eu will be looking at. in terms of looking at, this video is the very first car that rolled off the production line at the shanghai plant which opened in 2019. tesla started exporting the model three sedans built their in late 2020. that was one year after it started production and by 2021, tesla referred to the shanghai plant as its main vehicle export hub. it looked like there was a proposal there. in the first seven months of the year, tesla sold an estimated over 93,000 made in china vehicles across western europe. that's roughly 47% of total deliveries. this is a big market for tesla and again a lot riding on the outcome of this probe so we will keep you updated as this moves forward.

haidi: let's set up for this midweek market session in asia. >> a few things we will keep watching the session. the first is what's happening with the chinese yuan. we have seen it continuing to push the upper limit set by the pboc. it sets where it wants it to trade with its daily reference rate and the you want is allowed to trade within 2% of that. the question of course is how long the pboc continues to let that be tested. we are approaching the golden week holiday as well. this has been called the make or break moment for the chinese currency. broadly, the return of volatility into the market space. the vix pushing above the 200 a moving average.

for the first time since march. that was when the regional banking crisis in the u.s. got underway. we have also seen the high yield spread pushing higher for four straight sessions. it tells you the risk off tone is broad-based. shery: still ahead, we get australia's august numbers. rising fuel prices are a potential threat to disinflation. first, pepper international says despite fear in the markets, there could be good times ahead. discuss what's behind that positive outlook next. this is bloomberg. ♪

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hold in u.s. stock markets, cash is now delivering to return sent equities. six month treasury bills are yielding 5.5% while s&p 500 earnings are yielding 4.7%. global stocks also remaining under pressure. msci falling for the eighth straight day on tuesday matching its longest losing streak of the past decade. our next guest says despite pessimism in the market, investors should focus on facts not fear. joining us is carol pepper with pepper international. we could see another government shutdown not to mention the fed reiterating higher for longer. today we had consumer data pointing to pessimism. what are you focusing on? guest: in the short-term, we have disappointing news, the fed signaling they will keep rates

higher for longer why? it's the strength of the economy. keep in mind, the market doesn't like the economy keeping rates higher for longer, but that doesn't mean we have a strong and resilient economy. all the things we talked about happening with technology changes, all the bills that have been passed pouring money into renewable energy, all of these things are still going forward. for now, there is demand gloom and posturing around the government shutdown but it looks likely that if it doesn't shut down, it will be for most a couple of days. there is a workaround being put in place. everyone is unhappy today, but these are the days when you start to look for opportunities. i agree, it's not the day to go out and make a big. sit in the high cash yields to wait for better moment to invest. shery: let's talk about high cash because we have seen the six month treasury bills

yielding more than equities already. do money markets at this point make sense? would you park more of your cash there? guest: absolutely, my clients i tell them let's sit in money markets unless there's a scary moment. then you can go in and get into some of those good names for example nvidia, some of the stocks that ran up high. there may be another entry point coming up. this nothing shameful around for the average investor to sit in money markets until it becomes clear about what's going to happen in the future. i think we are in good market in the sense that inflation has come down and unemployment is not spiking dramatically. the higher oil prices are affecting the calculations for inflation for consumers and that's forcing the fed's hand a bit but having said all of that, the economy is strong.

it still the reserve currency of the world, we will still be the place that people run to for a safe haven and i know many families are now shopping from around the world in the united states to buy real estate trophy assets because they are on sale. haidi: when you look at the market leadership of the past year, do you anticipate that it will be ai and tech darlings that will see the revival going into the next one-two quarters? guest: the next couple quarters, they may be flattening but if we look over the next two or three years, the sectors will blow everyone else out of the water. have to ask yourself if you are a traitor or an investor. if you are an investor, look for a way to get into the dip on those sectors because ai, technology, they continue to power our countries and all the

world's businesses going forward. defense tech, there are so many areas even go into. you can get a simple etf like qqq and have such a large basket of tech stocks and set it and forget it. the best results you will see over years. don't try to day trade this market because it's too difficult. by the sectors are you know there will be long-term fundamental growth. certainly renewable energy, oil and gas. going forward, technology will power everything. also looking at health care stocks, the blockbuster drugs coming out of novo nordisk. those are things you can look at as well. continue to look for the winners. the market will be flat, but there are sectors like technology doing extremely well and they will continue to outperform.

haidi: when you take a look at the expectations of how the u.s. economy will have a hope of the soft landing, how much are you watching external factors? we have a rise in oil prices, but are you concerned about the slowdown in china having an impact? >> certainly the world is very interconnected today so we have to watch all of the macro factors. i do think that the united states has a bit of a blessing. we tended to be the market leader and we are insulated because we have a strong domestic internal market. for the rest of the world, the high dollar is not good news. it's impacting all the other countries negatively. it would be good if we could see that dollar go down to give the other countries boost. anything in china or asia eventually affects the united

states. but we tend to be the place people run to when there is trouble. i think that will continue to be the case. i don't see any external factors right now the essay this or that market will outperform the u.s. in the next couple of years. europe has a lot of trouble. the eu has so many different countries so slow to make changes. i love that they are the market leader in climate change. there is an etf emxc that i ask my clients to look at to get exposure into asia x china. shery: are you looking forward to the holiday shopping season?

i can imagine with consumption and consumer sentiment taking a hit any of the stocks outperforming. guest: amazon is having a prime day coming up. everybody watches for that. shery: amazon is also facing a lawsuit at this point. guest: that won't stop consumers in the united states. they love their credit cards and they love to shop for the holidays. every year you have seen internet-based sales for retail have gone up. that will continue. people will continue their shopping habit, it's just how the economy runs. even when they run out of cash, they are still shopping. holiday shopping will start quickly even though we haven't had halloween, we are already seeing thanksgiving and christmas ornaments in the stores. it's a little early, but they are doing that. shery: i've started seeing pumpkins around the houses.

haidi: it starts earlier and earlier every year. guest: lovely to see you guys. haidi: this is the fun time of year we are getting into. great to have you as always. you can get a roundup of the stories you need to know to get your day going on today's edition of daybreak. this is bloomberg. ♪

shery: birkenstock is said to be road showing its ipo week. for more let's bring in our ipo

reporter. we are hearing they might be seeking evaluation of $10 billion or more. what is the timeline look like? reporter: they will start taking orders as soon as monday, october 2. they would be looking to price around a week or so later. for trading on the 11th. that will be after the columbus day holiday. there is a german holiday as well next week so there are a few moving -- moving parts but they are bullish it seems. we understood that they were looking in the region of eight but now they are pushing $10 billion or more. it's bullish on its hopes and listening to the last item before we came on, the consumer -- this is probably the first test in terms of a consumer facing ipo. if at three technology companies that have been enterprise focused.

it should give us a good read as to exactly where we are looking going into the end of the year. haidi: how much is hinging on this offer and how does that fit into the broader picture when it comes to other u.s. listings? reporter: it's one of those where it could give us a different read on how investors are thinking about ipo's as an asset class, how constructive they are. we have seen clearview being a performer and instacart has slipped. instacart closed today below its issue price. i want to caution and say that this is a precarious moment. we have maybe a looming government shutdown. should that be the case, it might be the case that birkenstock has to reevaluate his timeline and toward shifting

its expectations a few weeks in terms of pricing because as gary gensler said last week to a bunch of reporters, the sec could end up going down to a skeletal staff and therefore would not be in a position to greenlight the registration statement that is required for a company to start trading. shery: you mentioned the potential u.s. government shutdown that could derail this listing. arkin sentiment has not been great. will that factoring? reporter: yes it's all wrapped up. if we end up in a scenario where the government doesn't shut down, i think arkham stock is hoping that that isn't the case. it could have a drawdown effect. shery: why now? reporter: this has been in the offering for a while. there is clearly been enough strong interest in the pre-roadshow meetings. they could get strong perception certainly in the valuation

pushing $10 billion. this is maker of the iconic shoes. this is a footwear company. it's over 250 years old, it's a household name. i think people are pretty excited about what this company can offer in the public sphere. haidi: that was the latest on birkenstock. other fundraising stories we are watching, openai is reportedly talking to investors about potential share self that would value the startup at up to $90 billion. the valuation would be almost three times with the company was worth earlier this year. it would allow employees to sell their existing shares instead of the company issuing new ones to raise fresh capital. alibaba logistics farm has filed for its initial public offering in hong kong. it could raise one billion u.s.

dollars. three banks are joint sponsors of the offering. a prospectus shows that alibaba wants to retain half of the shares and keep it as a subsidiary unit. still ahead, u.s. senators announced a bipartisan plan to keep the government open through november but it faces gridlock in the republican-controlled house. we get an update from washington next. this is bloomberg. ♪

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fed's narrative. the i.t. index is now down more than 10% from its peak in july this year. let's discuss the outlook and and annabelle. a hawkish fed hasn't necessarily been a problem for the sector until now. >> that's right in fact over the course of the year, we continue to have fed rate hikes. tech has largely shrugged off those concerns and what has driven that is more interest into ai. at this stage, hawkish fed is starting to become a problem for this sector of the market. the s&p 500 i.t. index now in correction territory. a concern that is starting to build amongst investors or analysts is that all of these fed rate hikes will start to take their toll but essentially, you look at this one, you can see that tech losses are still

relative and we have the i.t. index still a ways above the u.s. benchmark. haidi: what about the investor interest in ai right now? >> this is one of the reasons we have seen so many gains for tech stocks over the course of this year. what we are also starting to see is a progression in ai has been split along geographical boundaries. capital economics is looking into this, which countries are likely to benefit from ai in the years ahead. they are saying the u.s. would be the one that comes out on top and one of the reasons they are saying that is because china still has a lot of restrictions on its axis to microchips so the sector will be one that develops independently. the u.s. is in top position followed by singapore, the u.k., and switzerland. shery: president biden has now endorsed the united auto workers demand for a major wage increase

during a visit to a picket line at a gm plant in detroit. the move is being seen as an historic show of solidarity with organized labor. strike is in his 12th day, it centers on and if it's, representation, and the clean energy push. president biden urged workers to stick with their demands. pres. biden: you guys saved the auto industry in 2008. you made a lot of sacrifices, you gave up a lot. the companies were in trouble. now, they are doing incredibly well and guess what, you should be doing incredibly well also. shery: senate leaders have agreed on a plan to keep the government open through mid-november but it still needs to overcome republican divisions in the house. for more let's bring in our congressional reporter. does this stopgap get less likely that we will see a

shutdown? guest: it still likely there will be shut down, but this makes it will be shorter than it otherwise could. this move from the senate if it were to move forward, there is one senator objecting to it and in the senate, one senator can hold up a bill. if this moves forward, it gives the house some been to vote on. it gets complicated, but basically the house -- kevin mccarthy wouldn't bring this up because he's worried about hardliners that might try to asked him if he did, but there's a group of moderates talking about partnering who could on their own run this up for a vote. because of the timing, it means the house could still shut down for a couple of days even up to a week and a half or more. there's still a possibility that the shutdown is much longer if there any bumps along the way.

haidi: what does the strike in michigan signal? guest: this is another parallel theme of a disagreement, an argument between the unions and the big three automakers and it's uncertain how long this will last. president biden showing his support for union workers to suggest they will stick with it. we haven't seen exactly what the next phases of this could look like, but now we are in the 12th day of this and it signals that this will be perhaps a prolonged and protracted strike as the laborers try to get the 40% pay increase they are looking for. shery: donald trump is also expected to visit michigan. how will that be different from president biden's visit? guest: first off, the optics will look very different. trump will be at a rally style

event. joe biden was there on the picket lines. trumps event will be controlled, all pro-trump people. union members in michigan are very much divided between biden and try. -- biden and trump. in recent polling of union members, they favored joe biden in june, but now they are favoring trump. it's interesting what the dynamics here as both men are trying to court union members as voters. the message you hear from joe biden is all about electric cars are the future and we need to make them here in america whereas trump will very much blame biden's policies saying electric cars are being shipped to china and they should revert to policies that were popular under the trump administration.

haidi: a new york judge has found donald trump liable for fraud. he is accused of exaggerating his net worth by billions of dollars per year on financial records submitted to banks and insurers. it resolves the state's biggest claim against him ahead of a nonjury trial set to start soon as october 2. more to come on daybreak australia, this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns.

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shery: look at how currencies are trading. the bloomberg dollar index again gaining ground in the new york session to see the longest winning streak since mid august. we are still at the highest level this year. yields continue to rise and on the other side of that trade, we have seen incredible pressure for the swiss franc which is down for an 11th session.

this after the swiss national bank surprised last week by halting tightening. take a look at japanese yen. close to the 1.50 level, the weakest since october. we continue to watch the boj after they double down on the message that stimulus is needed but people have said that perhaps this could be the level to watch for potential intervention from authorities. the chinese yuan a little bit weak but after outperforming in the previous session because we had more support coming from policymakers with a stronger-than-expected fix. haidi: the august cpi print in a few hours time. there spec inflation to ease. they also see the pace of the

declines falling back in the coming months due to higher petrol prices. let's bring in our guest chief economist. does the broader inflation picture change the outlook for you when it comes to energy prices? >> change is the near term inflation headline. it is been driven by petrol prices. in terms of impact on the economy and policy, it could slow. it's impactful only if it continues to rise or is sustained at a higher level. i think there's a big question around that as we look for the next few months. >> is it enough to make them nervous or will they be patient and wait for more transmission? guest: traditionally we would

expect them to look through a spike in petrol prices. gets trimmed out of the core measure of inflation. i think it's a low probability of a rate hike next week. it appears the board believes they have done enough. we can see the economy slowing. i think we need an accumulation of evidence that inflation is not slowing fast enough to see and i don't think one monthly cpi is sufficient for that. shery: what are you expecting in terms of the broader tenure of michelle bullet given the challenges that she faces right now? guest: a look forward to working with her as governor. fantastic to see a female leading the reserve bank. she is very capable, but facing a complex set of challenges. we have cyclical challenges, inflation is still too high, wage growth is still accelerating.

we have the shadow of the pandemic that is still playing out. things like work from home for example and regional growth disparities in the housing market. then big structural challenges we are facing around climate change, the carbonization and deglobalization. these are complex challenges coming from every facet. on top of that the implementation of the rba review. shery: we are coming off the women's football world cup. we are expecting consumption to have risen during that time. overall given the challenges of rising prices, how are austrian consumers doing right now? >> we see us trillion consumers slowing their discretionary spending rapidly. it has taken a bit longer than we traditionally expect to come through because of the big savings buffers filled up during the pandemic and also because we have had a higher than normal

share of extreme mortgages. the biggest turnover a fixed rate to variable-rate mortgages has happened in the last two months. so it's here and now that people those mortgages will start to feel the cash flow bite. there is one important offset which is population growth. if we look at people over the age of 50, population growth is running at 2.7% which is extort nearly fast and that will help offer for some areas of retail if we think about essential goods and services. >> we are expecting a wave of immigration. with that change when it comes to the labor market as well as the demand-side? guest: we've had migration coming in faster than expected, faster than the government upgraded forecast from april. most of the surprise in that has been international students. they have particular characteristics, they tend to rent in geographically constrained areas, but they also

have higher labor force participation than the overall population. in effect come at the add more to labor supply than demand. we see that in the number of applicants per job at. that catches demand and supply. in sydney and melbourne, applicants per job is above pre-pandemic levels. >> in china, is their growing concern about the implications for australia in terms of minerals demand or broader trade demand if we don't see a better support measure coming through for the property sector question mark guest: absolutely, there's no doubt that china is incredibly important for australia. it is often our number one risk in the economic outlook. it tends to play through on the economic side. it hits government revenue. what would typically find is

that we can redirect the volume of our resource experts -- exports to other countries. we saw that during the tariff on coal or we managed to shift to other parts of the world and we have that advantage because we sit at the cusp of cheaper high-quality resources. typically what we find is that you allow the currency to adjust, we can offset most of that impact on the economy. the question is, can you let the currency adjust when inflation is already too high? >> great to chat with you. speaking of cost-of-living pressures, a theft wave is sweeping through australia and new zealand. the high cost of living proving too much for many. how big and far ranging is the rise in theft? we have seen this materialize across other major economies that are fighting price

pressures and rising rates. guest: this is really escalating in a major way. retail groups estimate it could cost 6 billion u.s. dollars per year. let's look at the percentages. 47% plus rise in new south wales you're on your and it seems to be a universal problem hitting everyone from major chains to mom-and-pop. one chain we spoke to said it wasn't limited to west -- less wealthy areas. what's interesting to us is what people are stealing. we are seeing a shift from electronics to every perishable items like meat. people are being aggressive in a way that they had not been before. they are taking things like nine legs of an out of the store. -- nine legs of lamb out of the store. the stores are in a tricky position where they try to stop it by stepping up security.

but they also don't want to effectively lock down stores for customers or put their staff at risk. it's a tricky escalating and for them to try to solve. shery: we are also seeing smash and grab retail theft in the u.s.. tell us more about how this theft is happening across new zealand in a way that is not just people going into stores to steal for themselves, but also linked to organized crime. guest: that was really interesting to us as well. this isolation of a few groups the people were talking about. organized crime is on the rise in new zealand. also young people looking to show off for their friends on social media. there has been a change in the way that we shot. the rise of self checkout has made it easier for people to

smuggle things out. it's a shift to being more environmental where people are throwing things in their pack and -- in their purse or carrying things out in their hand. this is all happening amid a cost-of-living crisis. ostrow you has been in the middle of historic inflation and rate rises. even those with higher salaries are having trouble making ends meet. it's hard to imagine that this will drop off anytime soon. shery: that was our global business editor. be sure to tune in to gloom -- bloomberg radio. now broadcasting live from our studio in hong kong. through the app for bloombergradio.com. there is plenty more ahead, stay with us. ♪

haidi: qantas top management face an australian senate inquiry today as it tries to improve its tarnished reputation. the problems keep mounting. there will be one very prominent absentee from the hearing today. >> the senate inquiry really

wanted to hear from alan joyce, the former ceo. he is overseas on personal obligations. he is unavailable on video as well. qatar airlines was requesting 28 additional landing slots and justly and they were blindsided when that got rejected. no reasons were given. they felt like they had built up a lot of goodwill during the pandemic. the transport minister has taken two weeks leave. she won't be in the inquiry either and has not handed over documents related to the decision. that does raise a lot of questions that this inquiry will seek to answer in terms of was their lobbying by qantas to block qatar and if so, did it influence the decision? we will also hear from virgin airlines and others. they will be speaking to the

regulator about slot hoarding. shery: can we expect more high-profile departures at qantas? >> the ax appears to be sharpening for the chairman. he will be there today. yesterday, we heard from qantas pilots calling for him to go as well as the rest of the board. today the australian shareholders association has added its voice saying it's time for him to leave. it's worth noting that he ended the board supported alan joyce throughout his often controversial tenure. it's not just a suspected move to block qatar airways, but also the famous ghost flights scandal. selling tickets for flights the qantas new had been canceled then sacking 1700 ground workers. the bad news keeps piling up.

some of it will come with liabilities. we have seen some brokers issuing downgrades against qantas. when the money stops flowing and share price goes down, it's amazing how quickly the support starts to evaporate. haidi: their crown jewel defense has always been they return value to shareholders. alan joyce has been the restructuring king. it seems to be now they are getting criticism and doubt on both sides of the aisle. are we hearing much from the new ceo? >> she will be there today as well. it's an opportunity for a new broom for qantas. she is the former cfo as well but she was around during the time that a lot of this happened. to the point about the share price, if you look over the past six months, it is lost about a dollars worth of value during that time. as the scandals continue to pile

up, awkward questions keep getting answered. it's difficult to imagine a scenario where this is the end. haidi: the $52 million pledge to improve customer satisfaction, what does that look like? we will be watching for the developments out of the senate hearing with qantas. let's take a look at asian markets. we are about an hour and five minutes away from the start of trading. we are seeing downside as volatility returns to broader global markets. you can expect some of those declines on wall street to be replicated in asia with sentiment becoming more bearish. a bit more weakness when it comes to the aussie dollar. the strongest close for the u.s.

dollar since december. equity futures are on their way down when it comes to japan and hong kong as well as sydney. looking at new zealand were cash trading is seeing downside of .7%. chicago nikkei futures keeping its head above water but we are expecting steeper declines after we saw the s&p 500 losing 1.5%. tech suffering as well. the nasdaq 100 down 1.6%. coming up, and etf shares market strategy. they think the u.s. economy has already achieved soft landing. ♪

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