haidi: good morning with welcome

to daybreak australia. shery: the top stories this hour. israel and hamas trade blame after hundreds are killed in an explosion at a gaza city hospital. president biden's summit with arab leaders is canceled. haidi: u.s. treasuries and stocks fall. nvidia slumps as the u.s. restricts sales of chips made for china. shery: more big bank earnings. goldman sachs post on earnings drop. we had a mixed picture when it came to the bank stock trading session and of course a lot of volatility in today's session given the soaring yields we saw in the treasury space with the slump resuming. we had the s&p 500 finishing almost unchanged. a lot of that to do with the fact that we saw strong economic data again a large jump in retail sales also solid

industrial production numbers that sent the two year yield to the highest point in 17 years. we are watching the u.s. china reports as well as we heard about more restrictions when it comes to technology exports to china. so the philadelphia semiconductor index losing more than 1%. again watching very closely tensions in the middle east and that potential ground offensive from israel at any time. take a look at the nvidia stock because it was really nvidia that could potentially get hurt big time. if we see those chips made specifically for the chinese markets being restricted by the biden administration and that leading to the broader sector selloff.

haidi: that tension always near the four. let's look at how this is playing into asian markets. we are watching this chipmakers as we get to the start of trading in japan and south korea later on. look at the set up when it comes to australia. needed gains may be. -- muted gains maybe. the aussie dollar modest gains. we saw a jump of just about .5% on the back of what was perceived to be more hawkish than expected comments. there will be a lot more scrutiny on the wording. new zealand we are seeing downside when it comes to the equity session.

bigger losses when it comes to the kiwi dollar. they are leading declines in the g10 space after inflation numbers in the third quarter given more deflationary than expected. it comes to fx, we are watching the yen. a real chasm is starting to emerge between views on the yen. we are at data and it's telling us analysts haven't been more divided since 2016. some are thinking we will see the yen hitting a 30 year low. everyone else seeing a recovery back to on 40 by the end of the first quarter and potentially heading into 130 levels as well. i'm the thing potentially china domestic activity indicators dated update. potentially some signs that signs of policy easing are

starting to gain traction for this economic recovery. bloomberg economics expects if you look at the numbers, we will see more resilience. retail sales is looking to accelerate more. fixed asset investment could get a boost because we saw the bump up in bond issuance and that tends to flatten -- flatter more spending. industrial production looks like it may see a modest pullback. shery: we will see if we get to the eye percent growth target for the year. gaza officials say hundreds of palestinians were killed in a hospital explosion that they blamed on an israeli airstrike. an accusation israel has denied. the u.s. has called for an estimation -- investigation into the estimate. president biden's meeting with arab leaders has been canceled. what do we know right now about this explosion that hospital in gaza? guest: like you said, we have

heard different stories. the israel defense forces have said that this was a failed missile attack from islamic jihadists whereas palestinian authorities are blaming israel as are the leaders of turkey and egypt. as we get more answers about what caused the explosion, we will have the ripple effects of this through the region. we have already seen protests in jordan and other surrounding countries and this will escalate the tension between israel and its allies and other countries that are trying to bring a quick solution, quick resolution to this conflict. haidi: what is president biden's main objective in his trip to israel? guest: he has a tricky job. he came out strongly in support of israel in october 7 attack and now as we see conflict develop, as hamas militants are

embedded within the civilian population, it will be very hard to balance the line between holding from with israel, urging respect for humanitarian law for the laws of war and making sure that conflict doesn't develop further. in trying to resolve this, president biden will have to reach out to both israeli leaders and arab leaders which as we heard just now will be more tricky after his summit was canceled. shery: let's bring in the chair of global politics. we keep getting conflicting reports about this blast at a hospital in gaza. we understand civilians have been killed. where do we go from here? what do you expect to see president biden do during his visit to israel? guest: i think the truth will come down that it's either

catastrophic accident or deliberate targeting. when president biden does comment, bank it will be backed up by u.s. and other intelligence. it's hard to keep this kind of thing secret because so many are watching the hospital side. what president biden think is thinking is there's a lot of emotion in israel about the next steps going into gaza strip. he is thinking about the and state. where is the world hope to see this ending up because there will be no lusting -- lasting peace for israel without a just and durable political solution. folks have been thinking that you could keep things under control in gaza and maintain security, but we can't go back to that. he is think about where we want to end up and that involves

calling for restraint quietly on the israeli side. thinking about the fact that will have to deal with the political solution when all of this is over. shery: at a time only have about 200 hostages being held in gaza at this moment. we've heard an interesting report that qatar is acting as a mediator. reports and people speaking to bloomberg telling us they have been leading some of the negotiations to try to get those people out. tell us more about who could potentially help in bringing this to resolution. >> one of the terribly tragic aspects about this hamas surprise chair attack, the scale is one thing, but the fact that they kept their operation so secret so successfully is a surprise. there's suggestion that keeping

hamas in the gaza strip and qatar out of the loop that they possibly didn't know and there possibly reason to suspect they would be wanting to cooperate with qatar and try to find a solution including brokering the release of hostages. there is a slender line of hope. you could be certain that every back channel is available to be exploited and the longer the ground incursion is delayed the more chance there is of offering these hostages. haidi: what is the possibility in terms of what both sides want and are willing to compromise on at this point? as you said in the past, hamas realizes the immense value of holding these hostages for as long as possible. what will they want to get out of the negotiations? guest: that's a really good question. it goes back to what did hamas attend -- intend by this attack in the first place. we will realize there are more

than two sides. within the palestinian community in gaza, there are multiple positions. the tech appears to be designed to prove a response because the hamas militants figure this complete to their advantage so taking hostages would slow things down and buy them time. there are other parties, other elements who don't want that. there are many on the israeli side who are thinking about the political solution at the end. it depends on who has the upper hand on how this can be played. if it was left to the people behind the hamas terror attack in the first place, they would be trying to play for time and soften the pace of the impact with the ground invasion. haidi: how much impact do you

think global public opinion is having? we are horrifically seeing this play out on all aspects of social media. there have been terrible casualties on both sides and as both sides continue to trade blame for the latest impact on the hospital, i wonder does that play into how committed allies including the u.s. can be going forward? >> i think it certainly does and we are seeing a really brutal conventional war, but we are also seeing a war of ideas and communication. it's always the case with war, but in the 21st century, the means of control through social media and through misinformation and disinformation are so much more. their other parties who are not direct combatants. think of possibly iran didn't know about the hamas attack. they have an interest in what

happens. russia almost certainly wasn't directly involved, but of course he wants a distraction with the war in ukraine. there's a lot of disinformation campaigns already going on and social media makes it so much easier. we are seeing some social media platforms lose the control that they have in the past. every nationstate involved has -- is accountable to what opinion it wants to sway. arab states are not democracies, but nevertheless they feel pressure from their public. haidi: still ahead, asset management on why they think the fed is on pace to raise rates one more time. goldman sachs suffers its eighth

straight quarterly profit drop. this is bloomberg. ♪

>> i've never felt more optimistic about the firm and our strategy has never been more clear. regulatory uncertainty and geopolitical risks remain top of mind, i feel confident about the state of our client ranch eyes and opportunities for goldman sachs. shery: that was the goldman sachs ceo speaking on the third

quarter earnings call. we have seen the 30% plus drop in profits. we saw the pressure on the stock price in the regular session today. bank of america gained ground. traders reported their best third-quarter results in at least a decade. for more, su keenan joins me. start with goldman sachs, what happened? >> it's a tale of two different sets of results. goldman sachs suffered its eighth straight quarterly decline as the ceo asked for patients as he tries to turn his strategy around retreating from the ill-fated foray into consumer banking. the big hits resulted from real estate and continued dealmaking slump. an additional $358 million loss in impairments, all of that contributing to a 3% drop in profits. one bright spot was trading

revenue which came in flat yet it beat expectations of a much bigger 13% drop. that helped soften the blow. ceo says the firm continues to be very optimistic about the goal of returning meaningful higher returns to shareholders. firms return of equity is still well below the target. again, goldman share price is down 25% since its record high late 2021 and it is on track for a second straight annual decline. this is what the ceo has been dealing with. the poor performance of late in the stock has put a lot of pressure on his efforts. the bank looking to move past intense scrutiny of its ceo, he's been battling a lot of the dissatisfaction in the press. they also earmarked an extra

$690 million to help quell some of the discontent making sure the walk -- workers are well paid. haidi: bank of america trading was a bright spot. >> it was really one of their best performances in a decade. traders had their best third-quarter results. in part because both fixed income and equity trading did well and also net interest income that is a key source of revenue, both beat expectations. stock was up 10%. the net income surged 10% to 7.8 billion dollars or $.90 per share. that's beating expectations. we heard from the ceo that they are very happy they were able to glad -- add client accounts across all part of the business

and they were able to do this in they say is a slowing economy that saw consumer spending still ahead of last year but continuing to slow. starting to hear that from a number of banks including the ceo of citibank last week that there is a noted slowing of consumer spending and more importantly, arise in the number of bad loans. the outlook is more cautious than some of the looking backward results. we have morgan stanley up tomorrow. haidi: staying on bank of america, the ceo says the fed's campaign to tame inflation by hiking interest rates has successfully slowed u.s. consumer spending. he says the question is what comes next. guest: let's think about two or three things. what are the consumers doing with the money they have in their accounts? any given year, we will have $4 trillion spent by our consumers by debit and credit card

purchases. that grew at 9%. year-to-date i would have been telling you in a second quarter it still growing strong. now it's down in the year-to-date and the month of september. the consumer has been slowing down there spending because interest rates take a toll because as rates went up on their floating rate loans, other things that float, the rates are higher. mortgage rates are higher. that slows down the start student loans. they have to shift spending around. on top of that, they are looking ahead to say i hear things will be bouncing around a little bit, i will spend less. the third thing is the goods they bought during covid, they bought the new couch and stuff, they don't need to buy another one. they have taken their trips and

now they are back to core activity. it is slowed by half. the year-over-year growth spending rate is consistent with 2% inflation and below 2% gdp growth. that rate of 4% is what we had in 2017-2019 as the economy went into an equilibrium. the fed has won the battle of the american consumer and they are slowing down. happens next, we can't predict. it's hard to move around this base a lot so once it slows, it will be hard to keep act up. >> how much of a vantage point do you have? there's talk about excess savings out of the pandemic, checks that were being written to individuals and the dry powder being drawn down. give us a sense of how much is being drawn down. also to what extent is real wage increase replacing some of that?

guest: inflation is tough especially on median income households in terms of goods and services are higher. it's a higher part of what they buy. that's the pressure you see in the consumer sentiment. if you look at it and abroad aggregate sense, what you see with this is the consumer is healthy. if you look at the accounts, median income 75000 and under that had average balances, they trickling down. the rumors that they would be spent down by christmas 2022 didn't happen. it didn't happen this year. now it's starting to happen slowly. at this rate, it will still be many more months. for the first couple of years after the pandemic, the wages rose quickly then inflation caught up. multiple years, it's more

insane. recently, it is slow down. you are at an equilibrium across multiple years. >> are you anticipating more delinquencies and defaults next year on the consumer side? guest: we have seen the early-stage delinquencies in consumer are below 2019. the problem with that is we said they were normalized in 2019. the reality was that was a 40 year low in delinquencies and charge-offs in our company's history. we are normalized to a level that is very low. the delinquency and charge-off rates in the card business and mortgage business, we have no charge-offs. we are a prime lender. we continue to drive the growth. shery: the bank of america ceo

speaking to david westin. you can get around up of the stories that you need to know in today's addition of daybreak. subscribers go to dayb . this is bloomberg. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™.

haidi: you are watching daybreak australia. hsbc is blocking staff from texting on their work funds. the band will be applied across the bank and said staff had already been blocked from using whatsapp on work devices. only a few unregulated roles will be exempt. it comes as an investigation of

communication methods. bloomberg has learned that a foreign-exchange strategist is among those leaving. it's an effort to trim costs. wall street experts have been dealing with the slowdown in trading activity compared to a year ago. coming up, chief investment strategist to see how he sees the chances of a soft landing in the u.s.. this is bloomberg. ♪

>> u.s. economy has proven to be more resilient than expected. as we sit here today, our client franchise is as strong as ever.

if conditions remain conducive, expect continued recovery for capital markets and strategic activity. haidi: david solomon. our next guest says the current framework requires more dynamic asset allocation. he favors japan and em asia equities. great to have you with us. i find it interesting you still think liquidity conditions are quite healthy. that is not what we have been hearing from the fed. >> it depends on what measures you look at because it is kind of like the water water everywhere but not a drop to drink. there is massive amounts of liquidity. brian moynihan was saying the federal reserve, balances for the households, there's plenty of cash out there. it is surprising how resilient they are. the liquidity we have to be

concerned with is the credit markets to begin with. you sell the 10 year and the treasury yields. watch spreads what a name that is a good indicator of what might happen. where this freezes in the market or start a negative feed back loop. there is liquidity out there but it is not available and ready to be used as much as it was over a year ago. haidi: a bit more value against growth. i find it interesting you also prefer international and looking at japan as a long-term play, one of the market darlings in asia this year. >> it is interesting. you can dress for the weather. you can dress for the season or you can dress for the climate. if you look at japan it is a classic study over the last 30 or 40 years in all three of those scenarios. a little bit of inflation started to spur a whole different dynamic. we know inflation is very

psychologically debilitating to markets. just as hyperinflation is. a steady amount of inflation is good for an economy and markets in general. when you look at japan, you see a long riding out of inflation and deflation. daily stabilizing on that front. you start to see where other markets outperformed. international markets are a value-based metric. they trade more on value than they do on growth. in the night it states we see the exact opposite. with us being more favorable of value it is natural we go international paired a lot of those did not have the run-up so the risk reward scenario which is becoming a friend sent her because it was always reward for the last 20 or 30 years, now risk becomes paramount. looking at the lack of run-up in the international markets for a value-based contrarian investor, we think there is more reward than the rest we have some areas

in the united states. shery: other than japan, does that include developing asia? >> i think you can be broad-based. if you look at the global trends, the globalization that turned into slowbalization. it is reassuring channels to getting goods. . the materials out there. you are seeing a different dynamic. everyone had the old 60-40 portfolio. now you have the 10 and the 30 the 20 and the 15 and five and the 10. you start to see a more broad and out diversification. that goes into broadening out in asia. you have geopolitical tensions. china has fleshed out a little bit. they have a little more structural issues. in the short term, china looks to be stabilizing. even when we are stuck in a negative news cycle over there. shery: we have seen a lot of

value in european markets as well because of the sentiment of risk off especially when it comes to growth prospects. is there anything you like in that market especially as we continue to see the geopolitical tensions around the middle east? >> it does raise the tensions and the realization geopolitical is not just something on the frontier. it is happening and where the contagion and spillover effects, it is hard to say. when you look into europe in general, i would stick with some of the same sectors we like. some of the financials have struggled recently from a value play. you look at some of the energy and materials sectors. i think those are some of the stronger areas. we have shifted a little more into the debt side because of where interest rates are. on interest rates you are looking at allocating more to get boozed in your income.

long-term, coupon always drove 92 to 95% of portfolio returns in fixed income. we are now starting to see that recalibrate. you're going to see a balanced approach in europe in general. i don't think it is going to be linear. you're going to have negative hiccups. a little things you can't foresee. in general it is systematic and methodical putting money in your. i think -- in europe. it will potentially be very fruitful over the next few years. haidi: chief investment strategist at advisors asset management. we are hearing from the rbi governor speaking at the financial authority summit panel in sydney. we saw the big market reaction when it comes to the perceived low tolerance at the rpa -- that the rba spoke of in the first meeting under the new governor

michelle bullock. talking about the israel hamas war. saying it is not as big of a shock to the economy as ukraine and the pandemic but it is quite possible stressed households have savings to use. staying a small group were unlikely to make mortgage payments and we know from our analysis we have seen the first annual rebound in australia house prices since at least the early 1990's. . there is surprising resilience from austria's property market. michelle bullock saying they don't think they have seen the full impact when it comes to rates on consumption yet. that population growth is helping hold up some of the consumption. we know immigration patterns is part of that as well. we did see of course in the last -- the latest meeting they did consider hiking again. deciding to hold. that was the stronger case. shery: let's turn to the latest

on the u.s. house speaker should raise. republican representative jim jordan has failed to get the majority of votes after some members of his own party withheld their support. our congressional reporter steven dennis joins us from outside the capital. what are we, in the second week without a house speaker? how viable is jim jordan as a candidate when even kevin mccarthy backing him in his first ballot seems to have even more votes then jim jordan does now. >> jordan's chances of becoming speaker are hanging by a thread right now. he had 20 republicans oppose him on the first ballot. he could have no more than four oppose him and become speaker. there was going to be a vote this evening. he has decided to cancel that vote. instead have a vote tomorrow morning at 11:00 a.m. it is usually when you think you

are gaining votes you want to keep having votes and show momentum. the risk here for jordan is his vote totals might go down and he might be forced out of the race and then you have to start inking, who else -- start thinking, who else could get the nomination and actually get the gavel? they have such a small majority as we have seen with the four seat majority. if five people hang tough, they can block any speaker whether it be jim jordan or kevin mccarthy or some of the other names being bounced around as potentially next up like tom amber, the republican whip. haidi: it is a terrible time for a congressional leadership vacuum. in terms of the things on the docket, national security package, ukraine, the prospect of a government shutdown. not to mention what is going on in the middle east, have we heard from jim jordan on his views?

>> i spoke to jordan last night as he was leaving the republican conference where he was trying to get votes. i asked him about what some of his lieutenants, what some of the defense hawks he had one over had said they had spoken to jordan and he was open to doing a national security package but wanted to see the details. i asked him about this idea of tying israel aid and ukraine aid together. he said he would need to see the package but if ukraine is added, he wants at a minimum to have some accountability including a special inspector general for ukraine. that is more openness to ukraine then he showed in the past. he has voted against ukraine a number of times. there are a lot of republican house members who don't want anymore aid to ukraine. this is an open question to what jordan would do.

in the meantime, the administration is preparing as much as 100 billion dollars national security supplemental for israel, ukraine, taiwan as well as u.s. border security now that there are republicans in both chambers who like this idea . until the house has a speaker or one of the fallback additions is to empower the acting speaker patrick mchenry to move at ages that, that will layer a vote on the house floor as well. november 17 is one month away. that is the next government shutdown deadline. they have to come up with some kind of spending deal by then or else we have a shutdown on thanksgiving. haidi: congressional reporter steven dennis in washington. coming up, beijing looks to reinvigorate its flagship belt and road initiative with chinese president xi jinping hailing a

golden decade ahead. we are live from beijing next. this is bloomberg. ♪

vonnie: chinese president xi jinping shery: -- chinese president using ping says the bill and road initiative has a golden decade ahead. looking to reinvigorate his infrastructure project 10 years

after it was launched. stephen engle joins us from beijing. it was supposed to be a more muted forum given everything that has happened across the world. what was your biggest take away? >> i think it is more of a muted project as we head into the second decade of the belt and road initiative. xi jinping at a banquet last night attended by putin and other leaders who have invited to the 10th anniversary, the belt and road forum, essentially hailed as being a vigorous past decade and a golden decade ahead for the bill and road initiative. it is his signature project and it will not necessarily lose momentum simply because it is the signature project of the paramount leader. however, if you look at some of the dollar figures through the pandemic since the peak of investment in 2018, you see the average deal size going down. by most accounts it is down by

40% since the peak in 2018. it has lost a little bit of momentum. the singular g7 member nation, italy, has indicated it is going to pull out of the belt and road initiative possibly by the end of this year. they did not see it as having two way benefits. that china benefited more than italy. hungary is the only european nation. the president indicating the development model with china fits with what he likes to see going forward for his country. otherwise, it is probably going to be a bit of a choppy next few years for the belt and road as debt issues, inflation issues, the external shocks of war in the middle east and ukraine will away on overall sentiment. of course, the chinese economy is slowing and they have their own debt and property woes. their appetite for lending and repayment terms might be

tougher. haidi: it is china data dump day. could we see all of the measures starting to gain some traction? >> the big question is was the third order the bottom of the downturn and the numbers suggest they will not in the third order meet the official target of 5% for the full year but it is 4.5%. what we are likely to see is a slight uptick in quarter over the growth. you have seen the momentum of slowing exports, kind of moderating out. factory activity also improving slightly. consumer prices are still pretty weak on the edge in september of deflation. there is the continuing ongoing property rose.

yesterday at the ceo conference of the belt and road and, i talked to the chairman from hong kong. he is a property developer developing across china. he is an advisor to chief executive john li. he is bullish about next year the chinese economy up taking and belt and road helping lead the way as well. >> the chinese economy seems to be bottoming up now in the fourth quarter. i do believe gdp they are estimating will be about 5% or 5.5%. they are taking -- china is taking all the right steps now to make sure come back and i believe i the second quarter of next year, it looks like things will be almost back to normal. in general the belt and road, i respect what xi jinping did 10 years ago coming up with this concept because you have 132

countries attending this 10th anniversary. originally 150 countries signed up for the belt and road. they are calling it going forward the digital silk road which all those countries signed up, they criticized, they are in debt because of the infrastructure and to much money spent but now for digital everybody needs technology and china can be -- can have 150 countries in a whole digital sphere. >> you think it was too ambitious to start and obviously did not foresee the pandemic and the global inflation and of course the debt crisis emerging? do you see belt and road taking on smaller, greener type projects? >> absolutely. that is exactly right. many countries already have ports. they already have the networks. they are taking on leaner things. in a world like the green world chose very important.

technology, which many of them want china to be able to produce. china now is so strong in technology. there is something they can export. it is a lot cheaper. >> from your experience, do you feel the chinese given the slow of the economy -- i know you think the economy is going to pick up. the repayment terms on these development loans are pretty tough from the chinese and they went to these investments given we have their own property debt issues. they don't have the trillion dollars they out laid over the last decade. >> i agree. they know that it was a free-for-all before the real estate market and of course the slow down. the u.s. went through it in the 1980's. every country i think in their history goes through something like that. they are now taking the steps i believe to be able to work with this. going forward, the good thing about the chinese, they are savers. they save money.

during covid, there is a lot of money in the banks. the banks are flushed with cash. it is consumer confidence that has slowed down the market. many are now starting to come out more and more. you can start to see it is a different world >> you are putting your money where your mouth is on your support of the chinese economy. you are investing more. how many other cities are you investing in? >> we are looking at cities in high-end which is strong. by 2025 you will be talking about duty-free, tax-free. we are talking about -- we are looking at a nice project on the water at the marina. we have one under construction with a partner and one more in

shenzhen. i have my hands full at the moment but i in the greater bay area. haidi: chairman alan zimmerman speaking with stephen engle. much more ahead on daybreak. this is bloomberg. ♪

haidi: whitehaven by two

coal mines. we know how much they paid? >> we do not. the deal was announced in strange way. it popped up in bhp first quarter production report. whitehaven is the preferred bidder. we have a few ideas. ubs last month valued the mine at $800 million. the black water mine is pretty old. opened in 1967. it is very big. . it is about 80 kilometers long. it is one of the longest coal mines in the southern hemisphere. not coal being a key ingredient in steelmaking. the hp saying it is planning to keep its metallurgical mines

in queensland. haidi: we have also got quarterly output numbers from bhp this morning. how do they look? >> a bit of a mixed bag. we will start with iron ore. output for the quarter falling 4% to 69.4 million tons. the hp retaining its forecast of 282 to 294 tons metallurgical coal the other key ingredient in steelmaking was down 16%. guidance unchanged. copper production up 11% for bhp. it did acquire oz minerals at a price of 9.6 million. production to former 75,000 tons. production, their guidance unchanged. we did get an update on the potash project in saskatchewan.

stage one of the. about one third complete. haidi:haidi: call ellen in sydney with the latest. . other story we are following, unions have halted plans to strike at chevron's lng facilities in australia. that puts an end to a full well that had woed global markets. chevron's facilities in australia account for 7% of global lng supplies last year. those will be some of the stocks we are watching as we head into the start of trading in australia. whitehaven as paul mentioned to by two bhp's coal mines in queensland. woodside energy narrowing its production forecast for the full year after the firm reported third-quarter sales revenue was down 34% on the year. shery: you look at how currencies are trading. we sold a huge -- we saw the huge surge in treasury yields in

the u.s. which boosted the dollar. we are watching what is on the other side of the trade. the japanese yen close to the psychological important 150 level. policymakers may be watching as well. the aussie gained after the hawkish rba minutes yesterday. the kiwi continues to be pressured after inflation in the third order slowed to a two-year low. questions about where the rbnz goes from here. that is it for daybreak australia. daybreak: asia is next. this is bloomberg. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. with spy? ♪