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shery: you are watching daybreak: asia live from new york, sydney, and hong kong. haidi: we are counting down to asia's mamarket opens. annabelle: australia online. the market rocketing as fresh data has traders dialing back bets on another fed hike this year with treasuries rallying on the dollar steady. il is falling the most in more than a year with signs of demand is structuring overshadowing opec-plus efforts. plus, the biggest health care strike in u.s. history. more than 75,000 workers walking out as ford announces hundreds more layoffs. on the inflation front, a good look at south korean cpr, a significant read. 3.7% we are seeing when it comes to consmer prices advancing from a year earlier. t is really a significant pickup from 3.4% in august. economists we surveyed expected the right to get in at 3.5%.

3.7% was only forecasted by one econos we spoke to. this does potentially enforce the case for the bank of korea to eep policy settings higher -- tighter for longer. the bank of korea has been very watchful when it comes to inflation. the benchmark rate has been maintained at a restrictive level of 3.5% to drive down pce pressures. we expect higher energy and food costs were expected to put up with pressure on prices going int the end of the year. the be ok has also ackowledged this as well. w saw inflation cooling to just under 3% at the start of the summer. of course the august resurgence is at play here. consumer prices rising 3.7% keeping expectations of 3.5% year on year. months on months a gain also higher than expected. stripping out food and energy year.ile still at 3.8% year on no doubt to theb ok along with

other central bankers still on high alert for this almost reflationary effect we are seeing across the world. annabelle: especially as we see rises in commodity prices over the last quarter. in korea we have the open in an hour. you will see a big trading debut. doosan robotics is a unit of the conglomerate have doosan. doosan robotics making its trading debut, korea's biggest listing of the year and one we will watch closely. doosan robotics provides collaborative robots. so, ones that do not just work on factory floors, but are designed to work outside of factories alongside humans. this is a company taking a look at financials. revenue steady since 2020. this is an industry, a career, really a leader in industrial automation and robotics in particular. you can see net income loss is starting to moderate. the company orderly expected to

turn profitable by 2024. that is one of the big names we are watching at the top the next hour. as i said, korea's biggest listing this year. we have the opening of the asx 200 at the start of today's session. you can see it is just a snapping a three-day loss. because that is a very, very modest again we are seeing pretty much flat as we get underway. the big moves, continuingto track bond yields retreating somewhat. a big -- a bit of a reprieve echoing what came through with treasuries. shery: yeah, because we still have yields back down a little predicting year yield following -- falling towards the 470 level that helped tech stocks outperform with the nasdaq 100 gaining about 1.5%. we are seeing more downside in the early asian session after the s&p 500 finished at session highs. really, it has been about where the fed goes from here. we have seen markets dialing back expectations of a rate hike because we got some weaker than expected numbers when it comes

to economic data. the adp private payroll is showing the u.s. economy added the fewest number of jobs since early 2021. not to mention, the ism services index also remained in expansion territory, but, crude to the lowest level this year. the dollar also retracing for the first time in three sessions . that should have helped. oil prices, now seeing a little balance in the asian session of .4 percent. wti was down in the new york session by the most in more than a year. we have seen some technical selling. and, concerns about amanda going forward. haidi: -- about demand going forward. haidi: we are getting some lines crossing the bloomberg when it comes to south korea. we are hearing from the need to -- the freedom to actively take measures to stabilize the fx market there. south korea take steps t

stabilize the bond market if ded as well. e have seen quite a bit of bond ility both across bonds as well as the currency space particularly when it comes to some north asian currencies. we have been watching the yen very closely. let's get more with our correspondent fraser garfield reynolds. clearly, we are still on high alert. it is interesting what -- how one piece of data can change expectations both in the u.s. and now the inflation numbers in south korea suggest a reminder the fight is not over. garfield: yes, well, i think that last night was a bit of a rally that was waiting to happen. because, --. haidi: or an excuse to? garfield: well, a lot of bonds have been oversold so to speak. even yesterday when i was talking to people that were saying, there were notes out there saying, look, the moves up in yields, the direction seems right but it seems out of whack

with the actual triggers when it came to the jolts data and some of the said speak. th rest of it. along with that, all the way up as yields move up and bonds get sold, there is definitely a sense of anticipation out there among investors that are confident that at some stage, buying u.s. treasury 10 years that yield about 4.5% will be a really great investment. the problem is about the timing. so you get people saying these look cheap on a long-term basis. yeah, we will dip our toe into the water. there are others of course that are -- you know, pension funds, life insurers, other so-called real many people that are always needing to find long-term

yields. so it's a good entry point. you need to buy, this is a place to buy. you have held off at the bottom. among all that, a rebound is not a surprise. as you say, a reminder especially for asian investors that inflation is still around. that is very much the case in the u.s.. i think bonds and stocks remain vulnerable as long as the markets are pricing for, at best, a coin flip for a rate hike this year. when the fed has been pretty clear they see it as better than a coin flip. so, if you get as has happened before, adp numbers being a false friend and payrolls coming in strong on any of a range of indicators, on friday, or, you

just get said speak in the wake of jobs, this makes it clear that as far as monetary policy makers are concerned, in the u.s. they still see plenty to be done. they still see the potential for rate hikes. this could set off a fresh waves of selling. we have got a little bit of a lower barrier for that to go forward because the positioning has become cleaner. shery: i am looking at the spread between the u.s. and the japanese 10-year gilts. at the highest, the widest in decades. when i look at the japanese yen today, it is strictly -- slightly stronger against the greenback but i cannot help but wonder when minister suzuki will come out warning about crazy fluctuations. there seems to be inevitable dissents for the japanese currency at this point. garfield: yeah, as you laid it out, the case is still very much for lower for longer as far as

the japanese yen goes. as long as you have the obvious extreme central bank divergence, that is something that has been in play for more than one year. we are about a year out from the last time they seriously intervened. even with some tweaks we had late last year from former boj head kroda, some attempts from the current boj head waiter -- ueada to ee towards removing someeasy policies, those easy apologies are still in place. the boj assessment of where the japanese economy is is still that they stand ready to increase easing as needed. in that scenario, how can you not be bearish on the yen? there are a lot of yen bidders out there.

the boj and the ministers of finance face a tough battle to stop the yen from going through 150 and beyond. shery: i love that, lower for longer for the yen. more -- where are energy prices going? that is the key question because brent and wti futures plunged by the most in a year in u.s. and trading with concern about weakening demand caused by high interest rates. right now we are seeing a rebound but not much with wti around $85 per barrel. su keenan joins us with the latest. you also have some technical selling? su: despite signs of a soft market a combination of factors including bearish technical signals and algorithmic trading had traders and investors heading for the exits. let's talk to the bloomberg. you see bearish technical signals of oil futures dropping

below their 50 day moving average. west texas intermediate and brent were both operating up 40% since june. now they have reversed course. the rally had signs of being oversold for weeks now. later on, the fact you got first signs of demand destruction, gasoline demand in the u.s. to the lowest level in 25 years with skyhigh prices. the demand hit came just as higher interest rates and concerns over economic slowdown together with technical factors combined to hold oil march towards 100. further pressure on gas and diesel is expected. check out the five-day charts for both west texas intermediate and brent and you can see a dramatic drop off. in fact, the u.s. trading we saw, nymex down as much a5.5% on the day. brent crude ha a similar one-day drop, he biggest

one-day drop in a year. one portfolio manager said there is no doubt that having horrible demand in a time when the world is worried about demand, again, compounding selling pressure we saw. the fed may not be done with interest rates. the stronger dollar also makes commodities more expensive. you are looking at supply there. inventory at the largest u.s. storage hub increasing for the first time in eight weeks according to weekly inventory data from the government today. still, stockpiles nationwide lower than normal. because of the opec lead squeeze on supply. shery: what did we learn from the latest opec meeting of committee members? su: committee members just met and as expected they are extending, saudi arabia and russia extending voluntary cuts through the end of the year. they announced we would do that last month.

ren't surprised they are doing it again. these are production cuts over and above what the rest of the cartel is doing amounting to one million barrels plus per day being cut in output from the saudi's and 300,000 barrels per day cut in exports from usia. those two cutbacks drove the rally you are looking at from mid june all the way to just last week. we had brent crude almost at $100 in london trading. that rally has been again dramatic. and, it adds a lot of concern supply was being kept at a time when global demand was at a record. again we are seeing signs of demand destruction weighing on pricing. we are seeing a slight rebound in asian trading. big drops in the u.s. and london. from west texas intermediate and brent. the focus analysts say short-term tightness has shifted the impatient of interest rates staying higher for longer, to use that phrase yet again. back to you.

haidi: bloomberg's su keenan there with the latest. ahead on daybreak asia doosan robotics gearing up for its trading day after securing $300 million. it is south korea's biggest ipo of the year. plus, critical management telli us why they underwent emerging-market equities including with china. this is bloomberg.

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richard: the dots had participants indicating one more hike. i am less of that for you now. the bond market can do some of the fed's job for it. he even some of the recent increase were to stick, i think that the fed could well be done. heidi -- shery: richard clarida don his fed forecast. our next guest says the biggest risk to global markets is investors missing the strength of the dollar. adam kunz is chief portfolio manager at winthrop capital management. good to have you with us. after the best port of the year for the greenback where are you now seeing the biggest repercussions in market assets and where could adam: -- where could we see more losses?

adam: the last guest spoke about this with the yen but when you look at specifically emerging markets, china, india, when you have the u.s. dollar so strong, the first huge drop is the fact that payments have become more and more expensive to repay for those countries. secondly, you hit on energy prices. today they are quite high. think about the fact of these are all denominated in u.s. dollars. when oil is this high it is just compounding the pain from that. so i think you will see specifically emerging markets hurt the worst. that is why we are seeing such a dramatic slowdown in china. we are seeing themselves treasuries because they need more u.s. dollars. all of this plays into the theme that there is an actual u.s. dollar shortage.

in the global economy, it is just becoming worse. like i said with energy prices higher and this denominated in dollars this is coming together to create pain. shery: is your concern stemming from the fact you expect the greenback to stay this strong or strengthen further? are you buying into the feds higher for longer narrative? adam: i do. that is executive point. look at what the fed has done. over the past couple years they were slow to increase interest rates using the transitory term, way too far into the cycle. we think that will be true in the back half of the cycle. you are already seeing signs the economy is slowing to some degree. inflation is definitely slowing down from its peak, obviously. we think the fed will be slow to increase -- to decrease interest rates particularly because they are targeting this arbitrary 2% level of ilation. it will be difficlto go from 3% to 2%.

we think that if we are ier for longer it will keep u.s. dollar high. haidi: adam, where you see opportunity at the moment? the risk reward aspect of emerging markets and in the uncertainty of china takes away some value you might see in this part of the world. what is your value constructed like at the moment? adam: it has densely -- has honestly gotten quite boring. it is moving more defensive and in particular in equities we are not necessarily reducing exposure to equity. i want to be clear on that. we think there is still some room to run in stocks, so we are staying fully invested. what we are doing is just tilted -- tilting away from overvalued growth stocks. tech, you know, they are all trading at valuations that do not make sense to us. overall the sector is over 30 times earnings. we cannot justify this.

we are shifting more towards defensive stocks. low beta, higher dividend type stocks. to be frank with you, the bond market is where the missed opportunity is. i know that continues to be a difficult place to be. but, we think that we are really at an inflection point where interest rates in the u.s. just cannot go up that much higher. we spoke earlier about the spread relative to jgb. at pretty much an all-time high. we think this is the cycle high for u.s. interest rates in this 5% area on the 30 year. so, we are going all in on long-duration high-grade bonds. haidi: on one hand, it does not seem like a massively outrageous paul, given the selloff we have seen. we have seen this trajectory already catch a lot of investors off at the moment. so, you talk about defensive.

i noticed a couple other consumer facing china names you like like alibaba and tencent. you see resilient when it comes to their market dominance? or, certain parts of the chinese consumer? adam: you, so, even in this theme of playing defense, evaluation is a big component. you cannot ignore the fact that a lot of the chinese stocks are just way too cheap relative to their u.s. peers. so alibaba and it tencent are two examples of that. so, we like the overall business models. we are ok with some short-term worries. but we think those two stocks in particular, and some others within the china sector, can outperform. so we are underweight china as a whole, but we are picking names and we think there are some names within that that are worth taking the bet on. haidi: great to chat with you as always adam coons chief

portfolio manager inthrop i management. we have mor come on daybreak asia. this isomberg. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. was also the first time 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

karen: republican congressman house -- matt gaetz spoke to us a day after leading a successful charge to strip kevin mccarthy of his title. >> the downgrade from fitch was driven by the fact there is no real backstop to spending. here is what we need no matter who with the speaker. a topline budget that the house of representatives at least returns to pre-covid spending levels and then we need single subject spending bills with open elements for programmatic review of agency spending. >> nobody has done this before. it was history making yesterday. the ousting of the speaker. we are told you are the least

popular man in the house of representatives, at least in the republican conference. yesterday your republican colleague from new york mike waller suggested violence against you in an interview around this time yesterday. i would love for you to hear what he said in have you respond. here is congressman mike lawler. >> the only thing i would have done differently is flung it in the direction of one person. look. he absolutely epitomized the frustrations of the conference. and, the american people. i would have hit him square between the eyes. >> he was going to hit you square between the eyes with the speaker's gavel, congressman. you expect to be expelled from the republican congress? >> i think that was a very frustrated person having to come to grips with the stages of grief. my mission is to ensure the house of representatives runs better. the way we have been running

washington, d.c. for the last 30 years has led us to a point where no one is really responsible for spending. we are backed up against shutdown politics. we are governed by crisis pre-the biggest problem is lawmakers have to take one up or down vote on continuing resolutions and omnibus bills to either fund or not fund the entire government. that truncates the type of thoughtful and serious analysis we have to apply out of federal dollars being spent at a tim like this. shery: republican lawmaker matt gaetz they're speaking with bloomberg's matthews. more ahead. this is bloomberg.

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>> this is "daybreak: asia." we are 30 minutes out from the

opens for seoul and tokyo. today, a couple of different themes we are tracking closely. a retreat coming through in bond yields, following what we saw in the wall street session. the selloff in treasuries, starting to abate. what drew that was new adp payroll numbers telling us to fewest number of positions in the u.s. was added to september since 2021. this means the fed may not have a reason to indeed hike by the end of this year so that repricing on expectations of fed rate moves, leading to that pullback in yields across the curve. let's change on. oil markets are another big focus in the session. wti, already online, holding fairly steady. a big pullback in the price session, moving back to its

average. the move and treasuries have been putting pressure with a stronger dollar. but also as well supplies, stockpiles, another watch, and the microeconomic backdrop, recessionary fears coming to the fore as well. oil prices, really pulling back from those recent gains. let's take a look at what it means for equities in general in the session. we are expecting a move higher as we got underway with asian trading today. nikkei futures, the contract for singapore, one person at the open. the asx 200 as well snapping a three-day decline. kiwi stocks, a little bit weaker. u.s. futures, holding steady. the big focus, coming down to the job numbers on friday. a little bit of wait and see. a big trading debut we are watching in seoul. >> this is the biggest one for south korea this year.

soodan robotics -- doosan robotics will make its debut in the next hour. the biggest ipo of the year. let's bring in our asia stocks reporter. how significant is this debut? how does it set a tone in terms of what it means for the broader market? >> good morning, haidi. this will be the largest -- this trading debut is coming after south korea's largest ipo this year. this may be signaling a recovery in the south korean ipo market, depending on how it performs after the market opens today. i have been seeing a drop in mega deals. there has been only one other company so far this year that raised more than $100 million in the ipo in south korea this year before doosan robotics. it may be signaling a recovery in the south korean ipo market

after a long time drought. shery: but it's a tough time for the broader markets. the kospi, with the worst day in seven months or so, how are we expecting it to trade today? >> there are more investors betting on gains today despite the weakness in the broader market because south korea has pretty strong retail appetite for company stocks related to robotics. that comes after the local government and companies like electronics have stepped up. one of their peers called rainbow robotics have seen their share price gain more than four times so far this year. we are going to see what's going to happen in about 30 minutes. there seems to be a lot of investors hoping they can see the first day pop. the first stock rose almost 300%

on the first day of trading. we will see if that is going to happen for doosan robotics. shery: doosan is also sort of experimenting with ai, another sector everybody is optimistic about. what are we seeing in the broader south korean market when it comes to artificial intelligence? >> doosan robotics is going to test its ai, collaborative robots in areas after they raise money from the ipo market. that's been another theme for retail investors. it looks like it's going to stay continue demand -- continued demand from retail investors despite weakness in the broader market. we saw drops on the south korea kospi, falling nearly into correction area. it's been one buffer for the south korean stock market. shery: we will head towards

the market debut for doosan robotics. investors in bond focus exchange traded funds have been spooked by recent losses, gross told us what has made the downturn even worse. >> the breakeven rate for the 10 year amazingly is rather stable between 2% and 2.3% today, to .34% i think. that is the expectation for inflation. i would say it's more like 3%. getting down to 2% is going to be difficult moving forward. that to me means nominal treasuries, 4.7544.8, nominal treasuries are basically based upon expectation for a 3% fed funds rate over long-term basis. there is the equity risk premium you talked about.

the premium for bonds as well, 1%-1.25%. the fed funds settle around 3%, 3.5%. a 5% 10 year treasury is a decent value. it's not great value. >> what is great value? when you think about 5% on a 10 year, we have not seen this for 15 years plus. if that is not great,what is great ? >> [laughs] its greater -- it's greater. no doubt about that. 5% again would be a normal premium. 1.25% under 3% inflationary expectations. what i think has happened in the past several weeks is

the market is beginning to recognize treasury supply based upon a to trillion dollar deficit the getting to -- two trillion dollar deficit, beginning to recognize the selling off bonds by the fed in terms of the qt, beginning to recognize higher for longer as well. so those factors are important in terms of the current rise. would have seen the past week -- what i have seen the past week as the bond vigilantes to the extent they are now individuals owning billions and billions, hundreds of billions of bond etf 's, they have been spooked over the last week or so by declines of to percent-4% -- 2%-4% in etf's. they are joining the crowd in terms of selling and we are seeing a little bit of an oversold market had into 5%. >> the pimco cofounder, speaking to bloomberg's katie greifeld. let's check on some of the top corporate stories right now.

ai start up anthropic is and early talks to raise $2 billion that would add to amazon's recent decision to invest up to $4 million -- for billion dollars on the company. once finalized, they will value the firm s much as $30 billion. barclays is dismissing roughly 50 senior dealmakers as part of its annual staff cut. really -- it is part of a plan to cut 300 people across the corporate and investment bank divisions. that amounts to about 3% of total headcount in the unit which also includes barclays trading operations. the biggest health care strike in u.s. history has begun with more than 75,000 employees of kaiser permanente walking out. it is the latest in a series of labor disruptions around the -- across the u.s. economy. vonnie quinn joins us with the latest. we know about the tensions

brewing in the health care sector since the pandemic. what do we know about the immediate impact of this? >> it is immediately impacting dozens, hundreds, thousands of routine visits. non-elective surgeries and so on. it is a three day strike impacting people in six states, more than six states. 13 million people -- 75,000 workers. everything from pharmacists to dental assistants, nurses and so on. all of these check-ups and scans that were scheduled will have to be rescheduled. the thing about health care union strikes as they have to operate under federal restrictions, unlike other unions. members here will have to return to their day jobs even if no deal is reached by saturday, as what is likely. the coalition of kaiser

permanente's union has said there may be more strikes down the road. we are getting used to seeing these. scenes. you are seeing the signs there. the coalition of unions says the signs are very far apart. the company won't budge on a measure that would allow it to outsource union work. the company on the other hand is saying it has offered across-the-board wage increases of 12.5% over four years or $21-20 three dollars an hour. it is not looking likely that the strike will make a massive difference. they are negotiating all not long. shery: three days might not make so much of a difference, but the prolonged-ness is the issue. how are some of these companies affected by walkouts? >> it is what the strike is aimed at. the company's bottom line. that is why strikers strike.

they want better pay and better services and treatment. at the end of the day, the only way to do that is to affect the company's productivity on bottom line. we got one outcome earlier on with a second round of layoffs at ford. deliberately suggesting it is a direct result of the strikes. bringing the total layoffs attributed to strikes to 1330 people. we've got numbers from gm, hard figures saying since the strikes began, it has cost general motors $200 million -- that is just two weeks of strikes. it is also showing up in the sales figures, for the trucks that are produced at the gm plant seeing the strikes, they are down 10%, even as general motors sales in general went up 21% in per quarter. -- in the quarter.

the trucks produced or down 10% sales was -- were down 10% sales was. gm is preparing for the long haul. it's expecting to dig in. ford has tapped $4 billion in commitments so it already decided it was there for the long haul. shery: a series of labor action across the u.s. right now. we have more to come on "daybreak: asia." this is bloomberg. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible.

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haidi: a quick check of some of the political stories we are tracking -- the u.s. commerce secretary says the u.s. needs a different tool amid reports of a chip breakthrough by huawei. telling a senate hearing the u.s. needs more ways to control its export control regime, the congress is currently investigating huawei's new smartphones and chips. she says she sees no evidence huawei can produce the hardware at scale. the european union has laud its investigation into subsidies ehicles, setting in motion a one-year year ivtigation that could lead to measures such as import duties, despite concerns in various sectors that beijing could retaliate, the eu wants to act now given the president and other subsidized industries, the

likes of solar panels. the cricket world cup begins in india later on thursday. the tournament is returning to the sport's spiritual home for the first time in 12 years, giving modi another moment in the global limelight after a pivotal year. let's discuss this with a senior lecturer at the school of urban social studies at m.i.t. university. and has been a batter here for modi. he. -- is an expert -- he is an expert at using these events for diplomacy. what will the cup play in the broader issue and in his place but? >> the broader issue is how quickly it will be used to advance the agenda -- his agenda

and the agenda of his party. it's been said the course of the next six weeks is going to be a pre-electoral bonanza. it's going to show up his political positioning. he's had a fairly good year in terms of publicity, at the g20 for example, his thoughts of the ukraine war and so forth. i think that is significant. cricket is of course the fundamental important sport in india. modi has made no secret of the fact he would like to use that as a platform. he was also a part of the gujarat association. from punjab. >> do you know how long this honeymoon will last?

we have seen global nations leaning into india obviously as a counterbalance to china in this part of the world. do you think the elements coming to the fore, like the dispute with canada and domestic crackdown we have seen this week as well, are we starting to see may be a little bit of a re-thin k? >> i think, yes, certainly the issue of the concern, for example, with the sikh movement, with how dissidents have been dealt with in india. the concern if the indian government is partaking in measures against the so-called activists on behalf of the homeland of the sikhs and so forth. this is a very big issue. but has yet to percolate -- for example, in australia,

being a big cricket nation, a participant at this world cup, the australia prime minister has been almost ingratiating towards mr. modi. the australian government is very keen to cultivate ties in terms of education, economic matters. the indian migrant group, one of the largest in australia, it is a fundamental thing. it is not necessarily going to be comingug this. given thet it is virtually i n india -- it has been said to be a political agenda. his party controls a huge

number of levers and tiers in india. the cricket board. it is one of the most powerful in the world. there's a link between modi, the bjp, and border control in india. shery: india is supposed to be a key ally in washington's push against china. how awkward does this make the alliance? >> it makes it very awkward. the broader issue fundamentally will be how important india is as a security partner. the fact is, wherever mr. modi goes, the language is almost always the same. to use an expression we like

coining, democracy as part of the indian dna. mr. modi is not so and client himself to domestic dissidents when it comes to -- it is very problematic to put it mildly. this is occasionally an issue but it does not tend to prop up because india is considered now the most -- now being the most populous country and having its fingers in so many pies, it's taken very seriously. it is very hard to avoid modi is a figure. -- as a figure. his government with the policy of hindu nationalism is problematic as well. shery: how is modi doing within the country domestically?

due to all of these events being hosted in his home state of gujarat. >> it is true. it is an interesting thing. he has managed to be the grand figure. everything he does seems to be a shining staff. be at the stadium that was renamed a couple of years ago -- be it the stadium that was renamed a couple of years ago. be it the fact he has a long standing association. given the fact that the son of the minister is the home affairs minister -- the predominant figure running the bcci, the cricket group in india. he's got a stranglehold in it. it also attests to the fact people are unhappy with that. whether that translates to votes is a different thing or a vote

against him is a different thing. certainly how he projects himself is as a smooth political figure. the other logical opposition party don't seem to be coming across with much track, as it were, when it comes to affecting his chances at the next election. modi at this point is very much in the front seat. >> great to get your perspective, senior lecturer at rmit unerity. we have more to come on "daybreak: asia." this is bloomberg. ♪

haidi: prosecutors have opened the trial of sam bankman-fried by saying he lied to the world as he built his now collapsed cryptocurrency empire, ftx. sonali basak has more from the courthouse in manhattan. reporter: over the six week trial, dozens of high-profile testimonies will include caroline ellison, sam bankman-fried's former girlfriend, and anthony scaramucci whose firm had taken money from sam bankman-fried's firm. the defense still says working at a startup is like building a plane as you are flying it and that no one ceo or person can

manage such a fast rising from. ftx had almost 6 million customers at its peak. he may spent most of his life in prison if found guilty. i'm sonali basak in new york for bloomberg television. shery: we have plenty more coming up on "daybreak: asia." this is bloomberg. ♪

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shery: this is "daybreak: asia."

we are counting down the major market opens. we saw a rebound in the treasury route and pressure on u.s. stocks being lifted a little bit. the s&p finished around session highs. oil, with the worst day and more than a year -- in more than a year. haidi: it's very interesting, the market dynamics. where watchful when it comes to the fx side of things, the yen, policymakers in japan. in south korea, we are keeping an eye on the biggest of the year ipo. annabelle: doosan robotics about the start trading. lets kick off with the moves we see for japan at the staf the day's trading. this is also the open for cash treasuries. yesterday we hit the intraday high of 4.88% on the 10 year yield. we are seeing it pullback and continue that selloff

it started to abat in the prior session. changing expectations around what we see for the fed hikes going into the end of the year. doosan robotics, the company making its trading debut. you can see the huge spike higher at the open here. shares were priced at the top end at 26,001 a piece -- 26,000 won a piece. a huge move higher we are seeing. this was the biggest listing for south korea's market this year. the trading debut, also pointing a strong signal to the recovery of korea's ipo market. let's take a note of what's happening with the nikkei 225. it is moving a little bit higher as we see the yen continued to pull back from the 150 mark. still not clear exactly what drove those moves in the yen, whether it was a rate check, actual intervention or some sort

of option related trade. certainly watching those levels. doosan robotics is really the company we are watching here at the start of trading. this company raised more than $300 million in its trading or listing. shares were priced at the top end of the range. 26,000 won a piece. a huge move higher off that. doosan robotics specializes in collaborative robotics. this is not robotics used on factory floors. it is about working in tandem with humans and scenarios where robots can help prepare food, serve drinks, other factors including sorting luggage at airports, there's a lot of focus on robotics in south korea. this company, making its trading tributary after south korea's biggest listing over the course of this year -- trading debut after sout kea's biggest listing over the course of this a the kospi, up 1.5%. doosan robotics, with a huge

pop on its trading debut. we are hour into trading for australia. snappna three-day slide. brent crude, trading around that 86 other a barrel mark. e have really -- $86 a barrel mark. we have really seen oil traders focus on the demand dynamics with that more recessionary backdrop building. a lot to be watching. doosan robotics, a big focus. quite the start of trading for that company. haidi: huge reception. let's bring in the senior analyst at capital.com. even as we get the higher for longer narrative, albeit a repricing of that in the overnight session, certainly for south korea with those inflation numbers, expectations are for the bok to have to do potentially more as well. you still see the tech ipo

barreling out of the gates. does that mean there is selective appetite when it comes to these businesses that clearly investors feel have a very good place in the future? >> yeah, we are dealing with a market almost unprecedented from a lived experience -- high cost of capital. look back to a couple of weeks ago where we had several high-profile ipos. really from a fundamental point of view, this is not a fantastic environment. they are highly speculative growth stocks. multiple compression has been the story. it will remain the story withhigh cost of capital . we got a reprieve when energy

prices came down. it's still a very difficult environment to be putting money to work. it is very much a pre-pandemic way of thiking a a lot of investors have not adjusted to yet. it seems -- >> it seems like the risk is pretty high to be caught up by volatility, market repricing. taking a look at the entry and other points, what's your strategy at the moment? as we got into quite a bit more uncertainty? >> i suppose it is twofold. if we narrow the focus, it's one, acknowledging technical factors going on here in the market and also the very significant fundamental factors that have catalyzed. there have been stronger momentum behind the bond selloff that's rippled across as it

markets. the temptation for traders is to chase rallies. the problem is there are plenty of people out there saying with the tenure rising -- ten year rising as much as it has, creeping higher, eventually something had to give. we are dealing with seasonal weakness that provides a prime opportunity for stocks to come off. try not to chase the moves and get to nervous. -- get too nervous. although there is a whole funding issues we have in the u.s., pushing treasury yields higher against technical factors with a lot of folks caught off guard with how the higher for longer narrative is playing out, the u.s. economy is fundamentally strong and we could even see another rate hike before the end of the year. we are really moving from datapoint to datapoint like the fed saves eat does doing as well. -- like the fed says it is doing as well. if we see that priced out,

weaker than expected -- maybe the price comes out a little bit. the santa claus rally could be in the cards by the end of the year. we see the odds ratchet up of rates being hyped again by the end of the year. the terminal rate in the u.s. in 2024 could be 5% for the year. it could determibe. shery: potentially another run at 150 for the yen against the dollar then? >> yeah, i mean, you don't want to step in the way of the u.s. dollar by virtue of the fact clearly the economy is in while the bidding form and the dollar is always going to attract capital flows.

is very interesting in terms of what we are seeing in the japanese yen. the 150 level has been drawn my policymakers -- by policymakers. if you tell the market that's where your interbeing, it will attempt [indiscernible] was going to be the driver here is the boj policy and its reluctance to give up its firm commitment to get inflation back above target. after a decade of trying to do so, it doesn't want to quickly -- too quickly. that's going to be the driver of the yen. so is a strong u.s. dollar. does look reasonably -- it does look reasonably attractive on a technical basis. we are talking simply -- if we

are talking simply the usd-yen pair, 150 is the line in the sand. it's going to take more action from the boj to spark a reversal considering the strong u.s. dollar >> the senior market analyst at capital.com. will continue to see more -- we continue to see more strength for the biggest ipo and south korea. doosan robotics, gaining ground. more than 100%. trading at the 60,000 level afte having really priced it at the 26,000 level a piece. -- apiece. a lot of demand outthere for doosan robotics which deals with collaborative robots. let's get more from our asia tech reporter. the broader market is up. but that does not justify the 130% spike in the market

debut. why is the stock so popular? >> hi. yeah, there's a lot of excitement over this company. generally in the robotics industry in korea. before this ipo, there was a smaller rival called rainbow robotics. it is backed by electronics and a lot of investors have bid for the company and the stock has gone up 350% this year. the company is obviously smaller and providing a smaller scale of business. they are quite big in terms of market cap. people see an opportunity for huge growth in doosan robotics in korea. haidi: it's pretty incredible,

seeing just the immediate market reaction. take a look at that price, as we saw the debut being made. this is a company that makes these collaborative robots. there is so much interest and appetite at the moment. the jump of over 150% in the debut. the biggest ipo in south korea for 2023. amidst what's been a broadly higher market for south korea. asian markets have really struggled. perhaps this is the impetus we need. we are also seeing interestingly strength when it comes to the korean won, jumping the most since august at the moment. there is clearly a lot of exuberance. what's the company's plan going forward? >> yeah, so doosan robotics in the space of collaborative robots, these are robots that work alongside the people,

humans. they help people to maybe do the cooking together, serving together. there is a lot of applications doosan has really come up with. for example, they are making fried chicken people don't want to do in seoul. this is a very fast aging society with a lot of labor shortages. there are a lot of applications they are trying to invent. they already have 13 different robotic arms which i think, according to the company, it is the most number of robotic arms in the industry. this is one of the fastest growing segments of the automation industry at the moment. according to research by market to market, this segment is expected to

reach almost $7 billion by 2029 from $1.2 billion at the moment. i think the company has big plans after the successful ipo. according to the ceo, who we spoke to before the market debut, he plans to have a lot of expansion plans overseas, especially in europe and north america, where they can be deployed quite successfully. he is also planning to add mobility into this -- into the robotic arms so they can be used in warehouses and factories. haidi: bloomberg's asia technology reporter there, as we continue to see that big debut for doosan robotics, the biggest ipo of the year. doubling in its debut in the last few minutes after

raising $309 million. the stock, surging as much as 160%. belle, that is a big move you are watching. but there are some others on your radar as well. annabelle: so much positivity around the trading debut. i'm taking a look at what' moving to the downside. under 15 minutes into the session for seoul and tokyo, australia as well, one hour into trading. energy is the major sector that is declining in the ssion today following the moves that we saw in brent crude. dropping around the 5% mark as oil traders began to take stock of recessionary fears, microeconomic factors on the horizon, the outlook for treasuries, stronger dollar. we are seeing energy related names declning in the session today. tracking the move yesterday for brent crude even though we are seeing at stabilize in the early moments of the session. o course, a sector that really

benefits with lower oil prices are the airlines. we are also seeing those moving higher today as we got underway given those moves we are seeing, low oil prices coming through, wti consolidating back on 50 day moving average and giving up recent gains. let's change on. i think that is all the movers for the session today in fact. going back to you now. [laughter] haidi: still ahead, we are getting the latest when it comes to the strike -- the biggest health care strike in u.s. history. we will get the latest on the negotiations, what they are asking for and the broader follow-up for the sector later this hour. oil is in focus, demand, weighing onpces in the ssion. we have more on the outlook, n. this is bloomberg. ♪

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shery: we have concerns about weakening demand caused by high rates. bloomberg's su keenan joins us with the latest. we are seeing crude stabilizing a little bit in the session. those technicals also played a factor. >> we have seen pretty much since june there have been a lot of bearish indicators. one of them is that oil, both wti and brent have returned to their moving averages. oil, really soaring 40% from midune to late september. it is now reversing course. both wti and brent coming dow in a big way.

there is an old saying the cure for high oil prices is high oil prices. the gas demand in the u.s. according to the latest weekly data has plunged to the lowest seasonal level in 25 years. that demand hit coming with high interest rates and concerns about economic slowdown together with the technical factors we just mention and algorithmic trading that set up for a real route combined to halt oil's march $100. -- march towards $100. we could see products increased like diesel in the days ahead. wti and brent show the amatic change in direction. one portfolio manager said having horrible demand data like we got from the weekly stats today are having a bad effect in a period where the

world is worried about demand yet again and that compounded the pressure we saw. the fed may not be done with interest rates. that's resulting in a stronger dollar. that makes commodities more expensive. on top of that inventories at the largest u.s. storage hub in cushing according to the latest inventory data we got to take increased -- today increased for the first time in three weeks. that is a significant change. we've got stockpiles nationwide continuing to drain to the lowest since late last year. that has a lot to do with the pressure, the squeeze in the market opec-plus nations have put. however it is an interesting and dramatic side of demand destruction just beginning that had a big impact and domino effect on the selling in today's u.s. and london markets. haidi: what did we learn from the latest meeting of opec

committee members? >> they have been monitoring the situation and issued two separate statements on behalf of russia and saudi arabia, the leade o opec-plus, both of them committing to sing with their voluntary production cuts ntl the end of the year. that etty much expected. the extinction -- the extension resulted in t production squeeze that really checked off the rally in mid june. a cut of a million plus barrels a day from the saudi's and 300,000 cuts to exports from russia a. there you see that huge rally that was kicoff aswe -- as we learned the supply cuts would be extended during record demandbally and seasonally to the end of the year. the leadersnounced plans in separate statements. committee will continue to monitor theituation. we are seeing grenn the screen -- minor tick upward.

a downward move in both london and the u.s.. back to you. shery: su keenan with the latest on the durations we are seeing this week. we have more to come on "daybreak: asia." this is bloomberg. ♪

haidi: a major chinese developer moving closer to becoming the first to finalize a credit restructuring. sunac facing a restructuring plan over its debt. let's get more from kevin kingsbury. what are we expecting? >> there a so-called sanction hearing this morning in hong

kong. the creditors vote that happened for sunac two weeks ago at 90% of creditor claims were voted in support of the plan. the judge will likely sanction this vote from two weeks ago. that would mean we are one step further along in the fed restructuring process. sunac does have a chapter 15 petition it filed weeks ago related to its debt restructuring in new york. taht, too, will be finalized and dealt with in the coming weeks. this is a brightpoint we are seeing with the chinese developers. shery: exactly. very rare. especially since we have seen those questions over evergrande's restructuring as well. this set a blueprint for other developers to follow -- could this set a blueprint for other developers to follow? >> we have had some difficulties, evergrande and others with their debt restructuring process, sunac first defaulted in may of 2022. 10 month leader it issued

its debt restructuring plan. within weeks it had over 75% support from offshore creditors, and had support straight from the get-go. if you are able to build that support early like sunac did, there has been obviously difficulties with evergrande. the class c creditors seemed to be holdouts for that plan. as long as you are able to work with creditors early and get them on board, the restructurings can happen and get some recovery more quickly to the creditors. haidi: things have been a little bit quiet with golden week. we also know this is a critical period for the developers. do we know what we are expecting in terms of market appetite? >> sure, certainly, the september sales, down 29% year-over-year for the 100 biggest developers in china, still a downward slope/trend we

are seeing. there's been optimism we would get a bit of an object -- an uptick in october. folks spending for tourim, but are they spending on new homes? we will have to see in the next coming weeks. shery: we continue to watch china's property market. we are also watching european futures. we are seeing a little bit of positivity. this of course after we saw a lot of volatility in the previous sessin or european stocks. we had a sliht dip, with investors tracking the trajectory of bond yields. a little bit of reprieve in the new york session. in the european session, we continue to see losses. in the technology sector, we saw this death cross with the 50 day movin average falling

below its 200 day moving average which is not a great signal in terms of price action to come. coming up next, we discuss japan keeping yn traders -- keeping yen traders gesing onheir possible intervention. this is bloomberg. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom.

- the instructors were very helpful with everything that i was going through. [announcer] we'll be with you from day one to graduation to your dream job. ♪ it all starts the moment you find your program. [announcer] go to snhu.edu to get started. haidi: we do have some trade numbers out of australia at the moment. we have been watching this very closely given the slow down we have seen and china. the most importing -- the most important tradin partner. we've seen an improement in the

august figures. a 4% jump when it comes to exports month on month fr t contraction of 2% we saw in the previousonth. imports month on month for the nth of august actually unchanged after the 3% gain that we saw in jul that trade surplus, ng in at night $.64 billion, a little bit higher than expected, after that for percent rise when it comes to -- 4% rise when it comes to that exports number. we have seen stability when it comes to some of the commodities demand coming out of china. in terms of pricing at least, despite of co what we know, the ongoing chinese slow down the concerns over the selloff in the property sector. shery: we continue to see the pressure in hong ko hen it comes to the pmi numbers. we were talking about three contive months, in contrctn territory, at 49.6, actually easing from the previous month wnit was a 49.8.

we had been an territory earlier this year. we have seen a little bit of a recovery i mainland china with th officia manufacturing pmi numbers going into expansio territory for the first time the other numbers, still seeing the pressure. for the month of september, again a third month in the contractionary territory of 49.6. annabelle: taking a look at one of the big movers as we get underway this morning, it is doosan robotics. it made its trading debut at the top of the hour in what has been korea's biggest ipo of the year, the stock is up around the 100% mark so far as we get underway, just moderating some of its earlier gains. still putting in perspective the listing price for 26,000 won apiece, at the top end. the amount of optimism in investors piling into the stock tells you there's a high level of interest in robotics generally and south korea. this is a company putting robots

into environments where they can work -- where humans can work alongside robotics. performing functions like preparing food, drinks, also sorting through luggage at airports for instance. the trading debut for doosan robotics at the top of this hour in seoul. we are fairly steady as we come onli across the session here, the msci asia-pacific index, just about a third of a percent -- up just about a third of a percent. we've got the selloff in treasuries abating here. fairly steady for the 10 year yield. brent crude, a little bit firmer after the big selloff in the prior session. in the currency space,interesting moves . we are watching the japanese yen. the korean won, surging the most since august after had inflation numbers coming out harder than expected, telling us

to be ok may need to stay hawkish. we had the finance mistry comments coming through on the excessive fx moves. shery: let's bring in steven englander from standard chartered bank. is this a bullet given the broader trajectory of treasury yields or is there a path for a weaker dollar? >> there is still a path for a weaker dollar but so far the data have not been cooperating. we have not really seen signs of growth outside the u.s. and the economic data coming into the u.s. are kind of ambiguous. some of them are strong-ish, some are weak-ish. you don't have the signals that

the next move is likely to be an ease rather than a hike. until that happens, the market's looking at inflation, growth, looking at deficits, u.s. government confusion, and being very indiscriminate about where increases in interest rates are coming from. does it matter if it is inflation fears or productivity games. -- gains. the dollar has had a good run on that basis. shery: when you have over performance of the european and chinese economy, does that bode well for the u.s. dollar? where do you position in the euro, which is pretty weak at the moment as well? >> ultimately, we expect the u.s. to slow down -- we don't think the fed's going to hike. we think it'll be an ease, but

not until the middle of next year. europe is getting hit by the 10 plagues. it is not competitive in energy terms, the war -- the war between russia and ukraine is dampening confidence. everyday, i have conversations with clients and colleagues trying to figure out what the upside is to the euro. it is hard to find structural positives. haidi: can you find structural positive when it comes to the chinese yuan? >> well, um, it is complicated, i think, it is clear that the economy has underperformed -- in terms of expectations. the property sector is still under ropes. what we do see is some sign that investment is beginning to pick

up and the economy is beginning to firm a little bit. i don't want to exaggerate these signs. but the weakness that is still concerning in markets is, maybe there is more potential in the short-term for better data coming out outside of that sector. haidi: do we assume that there is going into 24 more undervaluation ahead when it comes to asian fx, if the scenario is still the fed higher for longer? >> i think the dollar has a lot of ways to win in the next couple of months. it's not going to go up forever. but the concern about the deficit and issuance in the background, there may be some optimism that ai is going to be important.

all of that is keeping u.s. rates up. to sell the dollar, right now i superheroes coming in at 50,000 and none of the data is consistent with that kind of weakness. i think the market is really hesitant to sell dollars until the u.s. joins the gang of underperformers. >> then you have the rate differentials with the boj as well. his 150 inevitable for the japanese yen? how much will authorities allow it to weaken at the same time? >> i think they are trying to stem the weakness. there is ongoing discussion about what they did, if anything, yesterday. i think they were very successful in their interventions last year and before. i think the best we can hope, until the u.s. economy slows

down, is they can intervene and by themselves sometime. as you said, all bets are off. if it turns out we are wrong, another 50 basis points of hikes, it is going to be hard for the boj to fight it. we think that if we are right and the u.s. economy gradually slows down, they can create two-way risk. keeping in mind that they don't want the currency to depreciate. we have not heard the ecb, the bank of england -- the market is better target than the yen, if we are getting u.s. strength. haidi: great to have you with us, steven englander. let's take a look at the

sovereigns at the moment. we saw that respite in the selloff across u.s. treasuries which extended to a reprieve for yields right across asia. you are seeing the broader picture when it comes to jgb's, the aussie, the kiwi tenure as well, traders passing the latest he was data. increasing the bets the fed can perhaprfrain from further rate increases. what a dffrence a day makes. as we were staying with garfield reynoldsarlier, perhaps this was a selloff in some ways that was quite overdone and the reprieve was well overdue on t long and, the historic 46% melt down, looking like the u.s. stock selloff during the.com era. the pimco cofounder says investors have been spooked by the recent losses. he told us the significance has made the downturn even worse.

>> the breakeven rate for the 10 year amazingly is rather stable between 2% and 3% today, 2.34%. that is the expectation for inflation. i would say it's more like 3%. getting down to 2% is going to be difficult going forward. that to me means nominal treasuries, 4.7544.8, that nominal treasuries are going to be based upon an expectation for a fed funds rate over long-term basis. there is an equity risk premium that you talked about. there is no term premium for bonds as well -- the term premium for bonds as well. 1%-one .25% -- 1%-1.25%.

a 5% 10 year treasury is a decent value. it is not great value. >> what is great value? when you think about 5% on a 10 year treasury, we have not seen that for 10 years plus. if that is not great, what is great? >> well, it is greater, no doubt about that. [laughs] 5% again would be a normal bond term premium. that is ok. i know corporate spreads have widened out a little bit. that makes them attractive. what i think has happened in the past several weeks -- and the market is beginning to recognize treasury supply based upon a to trillion dollar deficit -- $2 trillion dollar deficit, they are recognizing the selling of bonds by the fed in terms of the qt, beginning to

recognize higher for longer as well, those factors have been important in terms of the current rise. would have seen in the last week is the bond vigilantes to the extent that they are now individuals owning billions and billions of bond etf's, they have been spooked over the last week or so by declines of 2%-5% in their etf's . i think they are joining the crowd in terms of selling and we are seeing a little bit of an oversold market here heading to 5%. shery: the pimco cofounder, bill gross, speaking to bloomberg's katie greifeld. we are following the market debut of doosan robotics. trading at 53,000. at one point it has surged as much as 160%. this is a collaborative robotics company. we know now that doosan

have fallen as much as 20% at oneont. but suffice it to say that doosan robotic' ipo is the biggest this year and south korea, you can see the strong appetite for this tech company there. coming up next, the biggest health care strike in u.s. history, beginning, as more than 75,000 workers walked off the job. the latest. and also fresh layoffs at ford, coming up. this is bloomberg. ♪

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shery: the biggest health care strike in the u.s. has -- in u.s. history has begun. more than 75 thousand employees of kaiser permanente have walked out. it is the latest in the latest of labor disruptions across the u.s. economy. vonnie quinn joins me with the latest. we have seen tensions brewing for a while now. since the pandemic. how is this going to impact patient care? >> for the most immediate impact, we can look to the 75,000 workers that are off their jobs now, this ranges from radiologists, prescription fillers, other staff.

it impacts about 30 million people potentially. it is elective surgeries, things like appointments, regularly scheduled surgeries, but also scans and prescription filling and so on. it will disrupt those services for those patients. because the federal guidelines for hospital unions, workers do have to be back by saturday if no agreement is reached. there could be further strikes down the line but it is disruptive in the immediate term. what the coalition of kaiser permanente unions wants is to have more work outsourced. more union work outsourced. kaiser permanente has offered across wage increases of 12.5% over four years and minimum wages of $21-20 three dollars an hour, that is not enough for the 75,000 -- $21-$23 an hour, that is not enough for the 75,000

workers. we are getting hard figures, 400 layoffs at ford again today on top of the previous rounds of layoffs that ford is attributing to the strikes at 1330 people. gm has set in the last two weeks alone, it has cost the company $200 million to have the strikes ongoing. shery: bloomberg's vonnie quinn with the latest on the labor action across the u.s. we have more to come on "daybreak: asia." this is bloomberg. ♪

shery: the competition between china's e-commerce platforms is heating up as alibaba, jd.com al, and tencent have the singles' day boom. given the uncertainty of the consumer, what is this big milestone for chinese commerce? >> singles' day is the shopping festival to watch out for in china. it is a catalyst in the fourth quarter for a lot of these e-commerce companies, alibaba, jd.com, others for that matter as a look into the e-commerce space on the

mainland. given the uncertainties looming on the economy, as well as impacting the sentiment for consumers, you definitely are going to see the focus on lower prices, cheaper goods online, which could be a catalyst for the retail sales in october and november. >> what are we saying in terms of the business bottom line and what should we expect from the tech companies in the final quarter of the year? >> that's a good question, because as we step over the next couple of weeks, we will start to see the companies reporting third-quarter results and you will see them again trying to streamline some of their costs. this will give them a very nice cushion into the fourth quarter. stepping up marketing and promotion activities for singles ' day. they are going to be in a good position to offset some of these costs.

i do see that they may be able to actually keep margins at comparable levels to last year if not even higher. shery: bloomberg's reporter there. we are about half an hour away from the market opens in hong kong. the city issued its lowest typhoon warning signal overnight as it approaches. the government is accelerating its push to keep markets open during typhons. we have more on this story. not surprisingiven markets trading has been so affecth ereme weather. and given all the what ie ltest progress? >> the government is losing patience. last month we had two consecutive fridays that worship because of rainstorms and typhoons. that's why they are pushing for a quicker action plan. to come up with a feasible plan

for public consultation as soon as possible. within weeks. >> what is the issue at heart at the moment? >> well, largely everyone is kind of on board, they are arguing if the banks remain open to service, trading, cash trading and delivery, and the government would guarantee the margin if anyone fails to go to the bank -- [indiscernible] the amount should be small and affordable. if things go well, then maybe next year we could kiss the typhoon holiday goodbye. haidi: let's take a look at markets trading at the moment.

a funny sort of session. a bit of a reprieve when it comes to the recent kind of bearish sentiment. the treasury selloff partly helped that along with dollar weakness after three days. -- three days of gains. we are seeing broadly higher gains across thbard. quite a bit of enthusiasm when it comes to the doosan robotics ipo. the debut, trg higher by just about 160% in the early minutes of the trading session. we are seeing the nik 225 up about we are also seeing a bi of ide, a pretty muted trading session at the moment and said no, just a 10th of a percent higher. we are seeing shares rising both stocks and bonds llied in the overnight session. some relief to investors after what's been a series of real punishing losses. almoegardless of asset class and trade. we looking ahead to friday's u.s. jobsa.

not move the needle again when it comes to the fed? that is indeterminate it comes to the next leg for treasuries for currencies and for stocrkets as well. shery: we saw yields coming down a little bit in the new york session. the dollar, falling for the first time in three sessions. on the other side of the break, across asia, strength in the japanese yen, past the 149 level. look at the korean won go, at the 1350 level. iis not only because we are seeing weaknessin the u.s. dollar but because we got the than expected.ing in stronger gaining the most since augt for the korean won given consumer prices beat expectations. we already have had the finance minister coming out and talking about stabilizing the fx markets. o ou are already seeing that strength in the korean currency right there. still to come, analysis of central-bank policies with bnp paribas, which says it is

unlikely that boj will end its yield curve control this year, plus we explain the forecast for china's september data to show further signs of moderate gowth. that is it from "daybreak: asia." the market coverage continues as we look ahead to the start of trade and hong kong. standby for "bloomberg markets: china open." this is bloomberg. ♪

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