>> you're watching daybreak asia coming to you live from new york, sydney and hong kong. >> counting down to the major market opens in asia. >> australia has just opened, the top stories this hour, asia stocks extending losses within escalation of the middle east conflict and the fed's policy outlook. rates will still -- stay on hold while not withholding the possibility of a future hike. >> it does not feel like it is too tight right now, there is no evidence that policy is too tight. >> president biden set to deliver an address on the israel

hamas war. xi jinping calling for a cease-fire in his first public comments since the conflict broke out. >> we have the opening of the asx 200 at the start of the session, the first market coming online. what will be driving sentiment is geopolitics, and also jay powell kicking off what we heard from the fed chairman earlier, saying that they will not necessarily see a rate hike in november, but the outlook is a cautious one. and he says that the door is still open. off of that we did see moves coming through in the treasury space, and we will get into too much detail, but there is a divergence going at the front and long end of the curve. that's what you see playing out in the aussie three and 10 year yields moving in different directions this morning. we are watching that softer dollar coming through and you see that coming through in the

policy so far. the stocks are clearly to the downside and a lot of futures across the region are starting the day in the red. aussie futures pointing to a drop close to the 1% mark since -- in a secondary slide. it's not just about the fed in the session, there are also concerns about china's repartee sector, data out yesterday showing a slump coming through in property developers in china and hong kong. onshore yuan reflects concerns, as we are approaching the level putting pressure on the aussie dollar. the japanese yen is a focus for us, because we saw that pullback helping it to stay close to that 150 market, not touching it just yet. but it had been fractionally weaker ahead of the presser. we are tracking havens, and the

euro, swiss franc has been a big watch not draped -- at trading levels that have not been seen for -- since 2015. and those geopolitical tensions, the israel hamas war continuing to track fleas to safety, -- fleeing to safety, and that's a key driver. >> jerome powell suggesting that the central bank is inclined to hold steady in its next meeting, but with the economy remaining resilient he opened up the possibility of a future hike. take a listen. >> we certainly have a very resilient economy. we have an economy growing strongly. if you think back a year, forecasts called for the economy to be in recession this year, not only has that not happen but growth is running above its longer trend. that has been a surprise driven largely by consumer spending and

a very strong job market with people getting jobs with high nominal wages and as inflation has come down, real wages spurs spending. we have had inflation coming down as well. it's a story of much stronger demand. there might also be some ways in which the economy is less affected by interest rates, it is hard to know precisely. many companies, any company with bond market access will have turned out its debt. they might not be feeling the effects of higher rates. the same might be true of homeowners who have a long-term fixed rate mortgage, not an adjustable rate or a higher rate. they are not feeling that increase in rates. the economy might be some unless susceptible to the effects of rate increases. if you look at spending, these are very much the spaces where

we expect to see and do see effects of, for example, housing , the housing sector has been very effective as a purchase of durable goods. people will say that it is not a good time to buy a car or a house, quite the contrary. we see policy working through its usual channels. it might be that rates have not been heino for long enough, and that happens in the context of strong demand. >> we have heard about the terming out of corporate and household debt, which might diminish the effectiveness of rate hikes. do you think that is true, and if so, what does it say? do you have to go farther or do you not have that affected? >> i do not think that there is a fundamental shift in the way that interest rates affect the economy. there might be differences because of what i mentioned. we are seeing those effects

where we expect to see them, intra-sensitive spending and asset prices is -- asset prices extending. you also see a strong disinflationary exchange rate. there is not a fundamental way that this will change. it goes back to strong demand. we take the economy as it is. fiscal policy and the economy and all of the things that don't -- we don't control, we conduct policy always to achieve maximum employment and stable prices. we take what comes. the fact that we have a strong growing economy and a strong growing labor market and inflation coming down, these are the elements that we want to see to achieve the outcome we want. it might take more time, but ultimately that's the kind of thing that you would want to see along the path to getting through this without increasing unemployment. >> jerome powell speaking to

david westin. look at how u.s. futures are trading in the asian session, and there were whips in new york due to those comments. the fed suggesting it is going to hold interest rates steady, but we ended the session down in almost every sector, and right now we see that decline continuing with the s&p 500 futures, the 100 futures also down. it has a lot to do with where treasuries ended, a mixed picture with the 10 year yield approaching high -- 5%, levels we have not seen since 2007, the two-year rates are falling and reacting to mixed data with jobless levels dropping to the lowest since january and home sales falling to the lowest since 2010. affordability worsens even further. we are also watching oil prices in the asian session, $95 per

barrel, rising in the new york session, volatile, because as -- you would expect supplies to increase after lifting restrictions on venezuela, traders are reacting to more tensions in the middle east. >> let's get the latest on that, we are waiting on president biden to deliver that speech in an hours time on the israel hamas war as concerns grow about the widening of this conflict. a destroyer intercepted missiles flying towards israel. let's get more from our managing editor, who is in sydney this week. what are we bracing for in terms of the next of elements? we are waiting to hear from president biden, and it's interesting to me reading about

israeli source sees saying -- sources saying that the u.s. involvement has been deep them before. >> i think the president has tried to set the course for where he wants to see this go, specifically to set guardrails for where he wants to see this go. he wants to give israel space to do what it thinks it needs to do in response to both respond to the attacks by hamas and set a guardrail to the other side to say let's not go too far, not, as he said, in israel. don't make the same mistakes that we made after 9/11. that is an important thing. i am expecting to hear him talk about that when he delivers an address to the nation. a very rare thing for joe biden to do. he does not do a lot of these.

it is going to be critical. at the same time, the u.s. wants to make sure that it's hand is not forced in the middle east in any way. i do not mean by israel. i mean when you're talking about drone attacks to make sure that the u.s. is able to contain what is going on and to thwart that so that they continue to have the political space to try and keep the temperature down rather than feel like they, themselves are forced to respond on something wider. the u.s. really wants to keep this from spreading and becoming a regional, regionwide conflagration, and certainly from becoming a global conflagration. >> how much will an increased presence from the u.s., whether it be carriers or troops, send that signal of force? i think that it is an important signal, and i think it is an actual signal, not just of intent but in terms of operational, it brings extra

capacity to the region in terms of missile-defense capacity and terms of a reactionary response. if things get worse in israel or gaza, the u.s. is able, for some of its strategic positioning's, to be able to play and if accurate tory -- to evacuate and provide medical aid. it's mainly done as a signal of strength, as a signal of look, don't mess around, you might find out. i think that there is a real key thing there. it is very much a statement that as much as the u.s. does not want things to get worse, they are ready if they do. >> what about china, xi jinping has called for a cease-fire. this would not the first time we have seen them try to play peace broker.

do they have the influence and ability to be able to change the course of this conflict? >> the messaging from beijing is similar to what they were putting out over ukraine. it has not really work for them so far. you do see china in these spaces trying to take a bigger role. they seek a bigger role for themselves. i'm not saying that there are a lot of things on the ground where they are playing a super active role there. it seems like this is a statement and positioning that if china wants to do more to affect the outcome, they have to put more in. in this conflict. >> are breaking news managing editor derek in sydney, and as you mentioned, are special coverage of biden's address to the nation on israel and ukraine at 8:00 p.m. new york time,

11:00 a.m. in sydney. don't miss our exclusive interview with washington's top diplomat in china on how the conflict in the middle east is adding challenges between the world's biggest economies. nicholas burns -- our conversation with nicholas burns will be airing later. >> and tabloid says that china's third-quarter gdp data has eased the growth concerns significantly. we will be speaking with a chief china economist ahead of the rates released later today. but we will be speaking with the chairman of nava mayor and associate -- now and associates on his market strategy. that's next. this is bloomberg. and when your teams are spread out, that's not always easy. our experts can help by implementing poly audio and video solutions to keep you connected. from headsets to collaboration tools, poly solutions offer simple setup

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>> checking landstown at the

moment, we see that we are down by over 32% at this point. this is not the session low that we have seen, it was up by 35% at one point, the most since march 2015. shares falling after that equity raising in australia to fund its lithium project after a partner walked away from that proposed takeover. we saw shares trending as low as $1.82, the lowest since -- in years. and there's a discount on the closing price there. it's quite a big reaction when it comes to line town coming back online. justina lee, bloomberg intelligence says that walking away from lion town was probably a good, and a major positive which make the valuation look

quite rich given week lithium prices. we will see whether this is just a knee-jerk reaction, but it's a big reaction. >> and in commodities we have been reacting to tensions in the middle east. and one of the assets that have been most sensitive to the escalation of tensions there, we now see the bloomberg commodities index gaining for three sessions and finishing at that one month high. gold has search to a 12 week -- surged to a 12 week high, at that $12,000 up -- almost $2000 level. and we are also watching a bloomberg -- bloomberg industrial metals, because there is a meeting between the eu and the united states, and without an agreement on steel and aluminum which would keep or potentially bring the return of

trump era tariffs, they need to keep negotiating until that year and deadline. energy and gold are attractive in the short run as geopolitical grows, let's bring in our guest, chairman of navalier and associates. how stable is that commodities trade when we have a stronger dollar and rising yield? >> the commodity trade is basically a lack of confidence in the fed. and inflation might spin out of control in america and interest rates might spin out of control. as long as there is that uncertainty, that is good for oil and gold. president biden is going to be making a speech asking for more money. the question is, can we afford it? we are running big deficits right now. we have two wars to fight, and

the question is what all of this will cost. what is the percentage of gdp going to be? well over 6%, looks like. >> that would mean that would boost the supply of securities out there, so what does that mean in terms of where treasury yields go? >> treasuries have been messed up ever since the august auction. we had a big right -- refinancing in august, much bigger than anticipated, $1.03 trillion. we have the ability to set out treasury bills and notes. but the auctions have been up a medic. the bid cover ratio has been poor. that is what makes it -- is making rates rise. it's a pressure on the deficit and the u.s. approaching its borrowing limit despite strong currency. china has been selling, japan has been selling treasuries, it might be for domestic reasons,

but we just don't have the foreign buying pressure we need to maintain these deficits anymore. quite see mentioned china, that continues to be a drag on many other economies, but are there regions and markets in asia you are more optimistic on? >> japan had stunning growth this year. japan is an aging society, but an efficient economy, looks like they were benefiting from china, vietnam is the best emerging-market out there. indonesia rose to the occasion to mine not -- lots of nickel, but we are hitting a surplus on that with key commodities as you mentioned, lithium prices are down because of a drop in demand. but we have enough cobalt all of a sudden. the fact that electric vehicles have slowed down and sales have

as well, has put pressure on key commodities. >> what is your take away from earnings so far, particularly this come back for a select few of the big tech names? is this a false storm, or are there more brazilians to come from tech even if we see the rates regime not favorable? >> earnings have been spectacular, and they're going to get better in the first quarter because we get year on your comparisons. the financial stocks had stunning earnings -- had stunning earnings despite rising rates, if you can beat and guide highlight netflix, you will be rewarded. i don't think tesla's price pressure was a surprise, because there cutting prices and trying to capture market share. mr. muska made it very clear that they are not getting the cyber truck as fast as hoped. earnings will be better, the analysts have been positive,

when they revise higher, that usually means a surprise. the recent first -- fourth quarter earnings will be good is because they are benefiting from energy prices, but the year on year is not as good as people wanted. when we get to fourth and -- first quarter results, they will be sending. we have first quarter earnings in america, and the energy exports are white the gdp growth is so strong. >> how much of those results are exposed to the slowdown in china, and will that be a hindrance? >> not as much as you think. half of the s&p sales come from outside of america. if a strong dollar impedes the bottom line, there might be some companies that might warm, but procter & gamble might repackage their goods and charge a premium. i have a friend try company in

boise idaho -- french fry company in boise and idaho, their earnings are spectacular and going higher. it's all about can you beat. and the recent buses are up, but we have a potato shortage in america. [laughter] >> i think we ended up on a positive note, who does not love french fries. the founder of navalier and associates with us. you can find the stories that you want on daybreak and find this -- subscribers can find it at dayb , and on the bloomberg anywhere app and the terminal. you can get news on the industries and assets that you care about. this is bloomberg. ♪

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>> you are watching daybreak asia. intel and siemens are pulling out of new york's biggest tech conference after the events later criticized western support for israel following the hamas attack. prominent venture capitalists, including members of sequoia capital have canceled plans to attend. the events organizer has apologized for his remarks. citigroup has fired an employee who posted an anti-semitic comment on her social media page. the firm said it was investigating the matter after the post was screenshot it -- shared on the platform x. citigroup says it does not tolerate hate speech. authorities have seen increasing threats targeting jewish and muslim institutions following hamas's attack on israel.

and of course, we are watching risks at the moment, the regionalization and worsening of the middle east conflict with the war between israel and hamas, as well as some of these concerns and jitters on the rates side as well. fed chair powell not wanting markets to run away with enthusiasm in november, probably not happen, but keeping rates and the risk of hikes on the table going forward. this is a picture and it comes to yields as we see them trading across australia and new zealand. we saw big moves in u.s. treasury's continuing to add quite a bit of downside when it comes to sentiment in this part of the world as well. treasuries just continuing to push with that unrelenting search. -- surge. currency wise, we are seeing further weakness, the aussie dollar down by

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haidi: we have breaking news out of japan. the national cpi numbers, 3% growth for the month of september, cumin in line with estimates and easing from the previous month. when it comes to core inflation and you exclude fresh food, year on year growth of 2.8% just slightly above economist estimates, but still easing from the previous months. four cpi takes energy out of the equation, a slight beat of 4.2% growth for the month of september. but again, easing from the previous month, which leads a narrative that the boj might push for staying ultra easy for longer, that consumer price gains are peaking, forcing

following utility prices, weaker demand as well as the end of the summer holiday period, leading perhaps to the slow down again. core cpi for the month of september, 2.8% growth with the headline number of 3% growth for japan year on year. >> you say those numbers there could push the case for ultra easy setting from the boj, but what is interesting markets, it's still the story of traders agitating for policy change sooner rather than later. this chart puts it into perspective for us because we haven't seen a lot of moves in the japanese yen those cpi numbers. still hovering close to the 150 mark. stuck in that range near 150 for quite a period now. what's interesting is when you take a look at what we see in

options, this top panel here takes a look at the one-month dollar-yen butterfly spread. essentially this is a way that traders can cast their views on whether japanese yen goes from here. you see that pretty subdued trading, a big spike in that butterfly spread and that tells us that a lot of traders are betting that we will see volatility over the next one-month period. that is one story we are seeing here, let's change our take on what we're seeing in the bond space. he has been the story of the 10-year yield pushing higher and that seems to be playing out that the boj will be forced to push its policy settings or change them. looking ahead to that meeting taking place in the boj likely to be upgrading its inflation forecast as well. shery: chinese president xi

jinping has called for a cease-fire. we know that chuck schumer had really scolded president xi in the meeting for china's position on the conflict. what are we hearing now? what are the chances that beijing can actually broker any kind of peace arrangement? >> these are the first public comment since the war broke out, and all he has been doing is blaming the u.s. for causing the mischief. it's sort of -- two state solution, cessation of hostilities. the problem in china is that it doesn't really have -- does not want to get blamed if things go

wrong. it lacks any kind of historical leadership as well. china is more of a johnny-come-lately on this issue. a lot of these things are really low hanging fruit. we need to see china take more positive, specific steps to end the conflict. shery: and of course we are really watching the belt and road forum. when it comes to that diplomacy and geopolitical tension among different factions. >> i would say, the heads of state coming to china for the last forum, it works in china's favor.

it no longer can or wants to disperse the kind of money it has in the past. now it's focusing on more things like green energy, and the europeans didn't come because putin was there. they also have their own kind of belt and road coming, with 20 european nations as well as african nations coming as well. china seems to be content right now with having a smaller forum, instead of having a global initiative where a lot of money is going to places that they may not be able to recruit. it doesn't mean that it's not working. it just seems like china is recalibrating a bit. haidi: we're staying with china,

let's discuss the economic outlook with the chief china economist at deloitte. always great to have you with us. when it comes to the economic slowdown and the challenges domestically faced by beijing policymakers, do you see this as having an impact on the economic diplomatic leverage for these platforms like belt and road? >> earlier there was an interesting word, recalibrating. belt and road, after two years, this deal has been recalibrated, which means china would like to take a more focused approach. it seems to reinforce the element of transparency in collaboration with other countries.

which means geographically, latin america will get a lot of attention sector wise. i do think energy transition will be very important. haidi: if you take a look at the myriad challenges facing beijing policymakers at the moment when it comes to the economy, how much of it is cyclical and how much of it is structural? if you accept the latter, what does it mean in terms of their capacity to actually fix the problem? >> demographic, either cyclical or structural, china has room to push so-called internal immigration, so the system should be relaxed and hospital reimbursement can be improved,

for women, particularly, can be extended easily. i would be reluctant to use the word structure for the next few years, for sure housing will be a drag on overall growth. but i think in certain areas of china, southern china, even the shanghai area, i think the housing market will be likely more resilient. shery: how much do rate cuts and medium-term lending facilities, will rates being reduced actually helped the property sector? are you expecting any sort of change in today's lpr's? >> china will cut interest rates, but unfortunately what has happened in the past few days in the middle east and the

treasury market, that is reducing money for easing, but china will surely keep interest rates low. ultimately i think it's going to -- what is going to revitalize the housing market is confidence. policy opinion should be focusing on, you can change the holding period, you can extend it to 100 years, and you can send out a clear signal of no property tax. there is further room for easing restrictions and demand. the bottom line is for second unit consumers, the initial down payment is still prohibitively high in china. shery: are going to see

consumers an ordinary chinese spending more? how surprise where you of the more positive numbers when it came to the third quarter gdp, which is activity data overall? >> i think so far, consumers are doing ok. domestic travel has been booming. in the past we never separated domestic sales versus exports, but these days exports are strong. if you look at domestic sales, it is still growing around 2% per annum. so i think consumers are ok. what has to be done is revitalizing the housing market. that is a point you raised earlier. haidi: we saw that chinese investors sold 21.2 billion dollars in u.s. equities and treasuries. i remember we talked about this in the context of his beijing weaponizing it u.s. treasury holdings, is that the correct

context potentially to still talk about this, or assist the pragmatic efforts or is this the pragmatic efforts should try to support the currency? >> no, i wouldn't read too much into that. i think the recent drastic selloff of treasury market was entirely driven by the u.s. economy, job market, retail sales and all this. i think right now the treasury market has been battered so much, i seriously doubt the unwinding by china. shery: don't miss our exclusive interview with washington's top diplomat in china on how the conflict in the middle east is adding to challenges for thais in the world's biggest economy. that conversation layers -- errors later on daybreak asia. coming up, how a candidate is

winning over voters with radical proposals to revive the economy, including scrapping the local currency. more on today's big take, next. this is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia. shery: we sell the dollar fluctuating between gains and

losses. the bloomberg dollar index gain slightly in the new york session to make a three session -- a third session of gains. at the same time we saw short dated treasury yields fall so it was a little bit pressured. the japanese ran not really doing much. we are still close to that 150 level just eyeing any potential touching of that level that could lead to intervention from policymakers. the offshore yuan, today we have the long prime rates coming down from commercial banks which we will be watching very closely. currencies also didn't do much today because we had broad risk off sentiment but at the same time we had a weaker dollar as treasury yields ended mixed with the long end of the curve, ending much higher than the shorter ends. let's hone in on one economy among the developing world that is seeing inflation raging at

130%. we are talking about argentina facing an economic crisis that is pushing voters down radical past. voters will head to the polls this weekend to pick the president. our economy and government correspondent joins us now from buenos aires. who is on the ballot, and what is at stake? >> it's great to be here. on the ballot is an outsider who is proposing to dollarized the economy, pro-market candidate and a current economy minister of the ruling coalition. what is really going to be driving the election, as mentioned, is triple digit cost crushing the average argentine. basically the country will be deciding who will be our next

president, most likely because we got that three-way tie, it's very close, with the front runner with just a couple of percentage points. it's a wide-open election that could well result in a runoff in november. we might have to see who are the two chosen candidates to move forward in the race. haidi: his main proposing is to -- proposal is to dollarized the economy. >> inflation, it all goes back to that. since a primary election in august, people have seen their salaries lose half of their value in dollars. because of that, because of the crushing weight of inflation, people rushed to the dollar in

order to try and save and peg all of their work to something that they actually have confidence in. when he proposes going to the dollar, people are eager to do so, even voters who have salaries that when translated to the dollar are less than $150 a month. we've also got more than $250 million worth of assets in dollars in argentina, under people's mattresses, hidden in safe boxes, because i don't trust the banking system. so it is an interesting situation where the economy in many ways -- shery: that was our economy and

government correspondent in buenos aires. be sure to tune into bloomberg radio to hear more from the days big newsmakers. or bloomberg radio.com. stay with us. ♪ hhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

shery: oil and gold are

extending their gains after surging in the volatile new york trading session. commodities have been among the assets most sensitive to reports of fresh violence in the middle east. su keenan joins us now. there has been suddenly huge demand for bullish options. su: the concern is at the u.s. might get drawn into this conflict in the middle east and that would be to a number of scenarios, most likely an interruption in oil supply, and that is causing both oil and gas , at least in the new york session, to rise to intraday highs and then we are seeing an extension of that is just mentioned in the asia session with west texas intermediate now above already and not -- now above 90. the brent skew calls are bullish options. the highest we have seen since april when he 22, which as you may recall is when russia had

invaded ukraine and also spiked oil. at that point it went up to almost $120 a barrel. it was a very volatile session in the new york trading. it seemed that oil moved up and down on every report of a new attack in the middle east region. traders say that's the way it is going to be going forward. the fact that the u.s. entered into a deal with venezuela to remove or at least suspend some of the sanctions and allow more oil to be exported from that region, this in return for the country allowing freer elections to go forward. this is seen as a minor positive and will enable venezuela to have a 25% jump in output. a lot of analyst say that's a drop in the bucket of what is required globally for the oil markets. they are very tight because of

the opec plus policy, to extend their voluntary curbs through the end of the year. they don't save -- we also have u.s. inventory data showing that the oklahoma hub where a lot of oil is stored is that a nine year low. an oil analyst says it's only a band-aid solution for a very tight market. shery: we are also watching base metals, on the lack of agreement that can lead to more tariffs. su: there was an expectation that they were in the final stage of reaching an agreement. the accord is needed for the return of trump era levees. word that they were having trouble and there was another delay caused a lot of steel stocks to initially surge after

hours. we are not seeing that much of again as more information comes out. basically the deadlock deprives u.s. president biden, and european council leader from being able to announce a deal on the so-called global arrangement on sustainable steel and aluminum. the meeting is hoping for some kind of break in the deadlock, all four ways to keep negotiating before the year and deadline. this is another pressure on commodities along with the uncertainty we are seeing because of geopolitical concerns. shery: su keenan there with the latest on commodities. another story we are watching, gazprom reach an agreement on additional gas flows to china from russia. a new major export deal still remains out of reach.

haidi: some of the stocks were watching when trade opens in korea and japan, chip shares, projecting revenue ahead of estimates, predicting the worst could soon be over for the semiconductor industry. also watching computer makers as well, india at softening its import rules when it comes to laptops and tablet devices. of course we are focusing on that special coverage of president biden's address on israel and ukraine at ed :00 p.m. new york to -- 8:00 p.m. new york time. don't miss our exclusive interview with washington's top diplomat in china on how the conflict in the middle east is adding to challenges for ties between the world's biggest economies. the conversation with the u.s. ambassador's later on daybreak asia. shery: take a look at how futures are trading, because we

are seeing those losses being extended from the new york session. the s&p 500, almost every sector fell. fed chair powell suggested the your prince and frank is inclined to hold rates steady, but at the same time he said there is evidence that policy is not too tight right now. so we had a mixed picture for the treasury space. 10-year gilts continue to soar, approaching 5%. we saw the pressure on the u.s. stock markets, and we continue to see the pressure in the kiwi session, down 1%. futures pointing to some downside as well on the asx. we will continue to watch the market opens in seoul and tokyo, they are next. this is bloomberg. ♪

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>> this is "daybreak: asia." we are counting down to asia's major market opens. we so long in treasury yields continue to rally for a fourth session with the 10 year yield approaching 5%, at a 2007 hi. that pressured u.s. stocks. we heard from jay powell, suggesting potential inclination to hold rates steady. that was not really enough for the markets. haidi: no, especially when you're talking about markets that are preoccupied with the threat of potential further escalation in the israel-hamas war. we are waiting for president

biden to give this highly unusual address to the nation. we are waiting for him to express support for israel and also talk about the u.s. support for ukraine as well. there have been building concerns as to whether we are going to see this as another distraction when it comes to the limited bandwidth the u.s. has when it comes to security and resources and commitment, now these two major escalated conflicts. it is interesting to me, we will get more nuance into the role and influence of the u.s. in this conflict this time around. we have heard from a lot of reporters, hearing from senior -- senior israeli sources, that the involvement has been much more impactful than before. shery: this as we continue to see tensions escalated in the middle east, as you said. it's not just about israel and hamas anymore. we have also seen those stepped up drone attacks in iraq and

syria when it comes to u.s. bases. there are really big concerns and real concerns that the tensions could really escalate to a regional level. and you can see that reflected in the markets right now. you are seeing the nikkei down .9%. the kospi, also as much. we continue to see this risk off sentiment spread around the world. we are seeing the asx 200 also fall that much. the yen at the moment, holding at the 149.82 level. a very weak level which would lead us to think we are perhaps seeing japanese stocks being supported, but not right now. take a listen to president biden speaking retina. -- speaking right now. pres. biden: earlier this morning, i returned from israel. the first american president to travel there during the war.

most movingly i met with israeli prisoners who have been through horrific horror after the attack from hamas on the seventh of october. scores of innocence, from infants to the elderly, grandparents, israelis and americans taken hostage. we are pursuing every avenue to bring loved ones home. as president, there is no higher priority for me than the safety of americans held hostage. the terrorist group, hamas, unleashed evil on the world. the jewish people know perhaps better than anyone that there is no limit to the depravity of people when they want to inflict pain on others. in israel, i some people who were strong, determined, resilient, and angry and shocked, and in deep, deep pain.

i also spoke with the palestinian authority. i reiterated the u.s. remains committed to the palestinian people's right to dignity and self-determination. the actions of hamas terrorists don't take that right away. like so many other, i am heartbroken by the tragic loss of palestinian life, including the explosion at the hospital in global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. -- in gaza, which was not done by the israelis. we cannot ignore the humanity of innocent palestinians who only want to live in peace and have an opportunity. the assault on israel, inflicted on the people -- the brutality inflicted on the people of ukraine since putin launched his invasion. we will not forget the bodies found, rape used as weapon by the russians, and

thousands of ukrainian children, taken to russia, stolen from their parents. it's sick. hamas templeton represent -- hamas and putin represent different things but they both want to completely annihilate democracy. hamas does not represent the palestinian people. hamas uses palestinian civilians as human shields. and innocent families are suffering greatly because of that. meanwhile, putin denies ukraine has or ever had real statehood. he claims the soviet union created ukraine. and just two weeks ago, he told the world of the u.s. and our allies withdraw, if the u.s. withdraws, our allies will as well. what we are not withdrawing. i know these conflicts can seem far away.

it's natural to ask, why does this matter to america? i will share with you why making sure israel and ukraine succeed is vital for national american security. when terrorists and dictators don't pay a price for their aggression, they cause more chaos and death and more destruction. they keep going. and the cost and the threats to america and the world keep rising. so, if we don't stop putin's appetite for power and control in ukraine, he won't limit himself just to ukraine. he has already threatened to "remind" poland that there western land was a gift from russia. . one of the top advisors has called estonia, latvia, and lithuania russia's baltic provinces. these are all nato allies. for 75 years, nato has kept peace in europe. it's been the cornerstone of

american security. if putin attacks nato ally, -- we do not sick to have american troops fighting in russia or against russian. we know our allies and adversaries and competitors are watching. if we walk away and let putin he race ukraine's independence, he will be emboldened to try the same. the chaos could spread in other parts of the world. in the indo pacific, the middle east. especially in the middle east. iran is supporting russia in ukraine and supporting hamas. those are terrorist groups in the region. we will continue to hold them accountable, i might add. the u.s. and partners across

the region are working to build a better future for the middle east, that is more stable, that are connected to its neighbors, and through innovative projects like the corridor i announced at the summit of the world's biggest economies, more predictable markets, more employment, less grievances, less war, when connected. it benefits the people and will benefit us. american leadership is what holds the world together. american alliances are what keep us, americans, safe. our values is what makes other nations want to work with us. if we turn our backs on ukraine and israel, it is just not worth it. that's why tomorrow i'm going to send to congress an urgent funding request to support our critical partners, including israel and ukraine. it is a smart investment

that is going to pay dividends for generations -- for american security for generations. in israel, we must make sure they have what they need to protect their people today and always. the security package i'm sending to congress is an unprecedented commitment to israel's security that will sharpen israel's qualitative military edge which we have committed to. the qualitative military edge. we are going to make sure iron dome continues to guard the skies over israel. know that israel is stronger than ever and prevent this conflict from spreading. at the same time, president netanyahu and i discussed again yesterday the critical need for israel to operate by the laws of war.

protecting citizens as best as they can. the people urgently need food, water and medicine. in discussion with leaders, i secured an agreement for the first shipment of supplies from the united nations in gaza. we will provide an opening for sustained deliverance for assistance for the palestinians. as hard as it is, we cannot give up on peace. we cannot give up on a two-state solution. israel and palestinians deserve to live in safety, dignity and peace. we have to be honest with. ourselves -- with ourselves. too much hate, too much racism, anti-semitism

and islamophobia in america. on october 7, terror attacks have triggered deep scars and terrible memories for the jewish community. today, jewish families are worried about being targeted in schools, wearing symbols of faith, or even going on about their daily lives. many in the muslim-american community, the arab community, the palestinian community are outraged, saying to yourselves, "here we go again," with the islamophobia and distrust we saw after 9/11. just last week a mother was brutally stabbed, a little boy here in the u.s. who just turned six years old was murdered in their home outside of chicago. his name was wadiha, a proud american.

a proud palestinian-american family. we can't stand by and stand silent when this it. we must without equivocation denounce anti-semitism. we must also denounce islamophobia. and to those of you hurting, i want you to know, i see you, you belong. i want to say this to you -- you are all america. you are all american. in moments like these, suspicior and rage run hard, we have to work harder than ever to hold onto the values that make us who we are. we are a nation of religious freedom. freedom of expression. we have the right to debate and disagree without fear of being targeted in our schools and communities. i must renounce violence and vitriol. when i was in israel yesterday, i said, when americans

experienced the hell of 9/11, we felt enraged as well. we made mistakes. i caution the government of israel not to be blinded by rage. here in america, let us not forget who we are. we reject all forms -- all forms of hate. whether against muslims, jews, or anyone. that is what great nations do. and we are a great nation. i am asking congress to make sure we continue to send ukraine the weapons they need to defend themselves and their country without interruption. so ukraine can stop putin's brutality in ukraine. they are succeeding. when putin invaded ukraine, he thought he would take kyiv and all of ukraine in a matter of days. over a year later, putin has failed. he continues to fail. kyiv still stands because of the bravery of ukrainian people.

ukraine has regained over 50% of the territory, backed by a u.s.-led coalition of more than 50 countries around the world doing their part to support kyiv. what would happen if we walked away? we are the essential nation. meanwhile, putin's turned to iran and north korea to buy attacked drones and ammunition to terrorize ukrainian cities and people. i will not send american troops to fight in ukraine. all they are asking for is help, the munitions, the capacity, the capability to push russian forces off their land. the air defense systems to shut down -- shoot down missiles before they hit citizens. when we use the money allocated by congress, we use it to replenish

our own stockpiles with new equipment, equipment that defends america and is made in america. patron missiles, made in arizona, artillery shells, manufactured in pennsylvania, ohio, texas, and so much more. just as in world war ii, today, patriotic american workers are building the arsenal of democracy. serving the cause of freedom. earlier this year, i boarded air force one for a secret flight to poland. there i boarded a train with blacked out windows for a 10 hour ride each way to kyiv to standwith the ukrainian people on the anniversary of the fight against putin. i was told i was the first since president lincoln. with me was just a small

group of personnel and advisors. when i exited the plane, with president zelenskyy, i did not feel alone. i was bringing the idea, the promise of america to the people fighting for the same thing we fought for years ago, freedom, self-determination. as i walked through kyiv with air raid sirens sounding in the distance, i believed, america is a beacon to the world. still. still, as my friend madeleine albright said, an indispensable nation, uniting people all over the world who hope because of us, who believe in a better life because of us, who are desperate not to be forgotten by us and are waiting for us. but time is of the essence. i know we have our divisions

at home. we have to get past them. we cannot let petty and angry politics get in the way. we will not let terrorists like hamas and tyrants like putin win. i refuse to let that happen. we have to remember who we are. the united states of america. and there is nothing beyond our capacity, if we do it together. my fellow americans, thank you for your time. may god bless you all and may god protect our troops. haidi: there -- haidi: president biden there striking a ton of defiance, solidarity, both when it comes to america's support for

ukraine and israel, talking about the idea that if terrorists and dictators are not taken to task, that will further embolden them, speaking about putin not limiting himself to ukraine if he is not stopped. when it comes to the support for israel, he said he is sending a security budget request to congress tomorrow to seek further funding for both israel and ukraine. speaking about american leadership is what holds the world together and all of that is the risk if they walk away from ukraine and israel. pointing out that they don't seek to have american troops fighting in russia, not giving up on the two state solution, and really ending the speech saying they can't let hamas or putin win, he refuses to let them win. let's bring in bloomberg's michael heath, who has been listening to this national address by president biden. what jumped out at you? >> he is appealing to the best of america, the best of american leadership, american alliances and american values. the underlying tone there is

to reject appeasement. he did not mention munich -- but if you don't deal with these things now, they get worse later. what was really interesting was he sought to combine the two conflicts. iran has been supplying russia with drones and weapons to fight ukraine. iran also is a key backer of hamas. these things are linked. he is sort of trying to rally the population. that if america stands up now and does the right thing, it will benefit the future. it's like an investment. i thought he did that successfully there. shery: what i found interesting as well was the way he started this speech talking about palestinians' human rights and hamas' actions. he also mentioned his conversation with president abbas. was there a little bit of a change in tone in terms

of unconditional support for israel? weighing in the fact that it cannot lead to a humanitarian crisis in gaza and against palestinians? >> very perceptive of you. that is exactly right. . it was not a shift, but it was an olive branch, reaching out to the other side. hamas does not represent palestine. hamas is not the palestinian people. innocent civilians are suffering. we know his meeting was counsel when he -- canceled when he visited the middle east due to the hospital explosion. he is trying to demonstrate the u.s. recognizes there a lot of suffering involved year. he referenced the u.s.'s own response to 9/11, with iraq and afghanistan. he's trying to be evenhanded there.

-- he is also talking domestically, too. the u.s. has muslim and arab populations. he is appealing to other best of people's natures there. haidi: some say the demise of americana is upon us. can he succeed in this? so much of this is to contained the conflict. there is that rhetoric that , -- that, yes, there is a need to respond, but there is no need to repeat the mistakes america made post-9/11 as well. >> when he mentioned the world is watching this, he is perhaps thinking about china and taiwan there. whether the world sticks with ukraine. it's very much a reinforcement of u.s. leadership. he has a congress he has to get thibut uniting the israel and

ukraine conflicts, as defense and democracy, and american values, he will succeed. but we are a long way from that here in sydney. shery: the u.s.'s top diplomat in china has called on beijing to denounce terrorism by hamas militants. in an exclusive interview, ambassador nicholas burns told us china stance toward the group poses another challenge to u.s.-china ties. he says hamas' goals run counter to china's vision for a lasting solution between israelis and palestinians. >> we have a lot of challenges in the u.s.-china relationship. we do not have identical views on this particular position. hamas does not support the two state solution. hamas supports the destruction of the state of israel. china has taken the position

of supporting the two state solution. as has the u.s. the focus here should be directed against hamas. shery: markets, having reacted to all those geopolitical tensions and risk around the middle east. let's go to belle for a check on the markets. how are we setting up? annabelle: we are about 20 minutes into the session so far. stocks, in the red so far in the session with the geopolitical overhang coming through. the israel-hamas war is very present amongst investors. we are seeing flight to safety, a move into the quality assets. we've got trading online for cash treasuries. not seeing too much of a move there. we did see divergence in the prior session following powell's speech. he really left the door open to hikes but took off the chance we are going to see one at the november meeting.

in japan today, it's the story of geopolitics, the fed, and the inflation story. back below the 3% level for the first time in more than a year. that certainly does back the boj view we have seen a peak in price pressures in japan for now. we are watching the japanese yen very closely. not touching the 150 level just yet. let's change on. we also have the open of korea. at the start of the day here, it is the risk on tone being set here. tech stocks, among the big laggards so far. tsmc, another focus in the session today. we had earnings out yesterday. the top line essentially, projecting revenue ahead of estimates here. predicting the worst could be over for the chip sector broadly. is supportive factor -- this supportive factor, not

playing out just yet. the korean won, fairly flat against the greenback. we have seen pressure on the offshore yuan, looking close to the 735 level. that's really the state of play. so far risk off through the session. haidi: lots of news for investors to contend with this friday's session. we do have more to come on "daybreak: asia." this is bloomberg. ♪ ♪ explore endless design possibilities.

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long-term yields. potentially meeting less of a need for the fed to hike. take a look at the yields trading right now. we saw the surge in the regular session. the 10 year yield, approaching the 5% level. still at a 2007 high. a little bit of a mixed picture. we saw a little bit of curve steepening. that really led to a little bit of pressure on u.s. stocks. the long end of yields were still rising in the you -- in the new york session. the s&p 500 and almost every sector was in the red. we are seeing a little bit of a decline in fields, but really not that much. no movement on the shorter end of the curve. we have more. this is bl nice footwork. man, you're lucky, watching live sports

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>> i'm going to send to congress and urgent budget request to fund security needs to support our critical partners including israel and ukraine. it is a smart investment that's going to pay dividends regenerations -- dividend fr generations. haidi: let's bring in laura blumenfeld for some analysis, she previously served in the u.s. state department as senior policy advisor for the middle east peace process. really great to have you with us. one of the things we were discussing earlier, just looking at the content and the sort of direction of the speech, it was almost a pushback against reports of the demise of america's global reach and influence and power, being

greatly overstated. >> absolutely. this was a moment of leadership for president biden. it was interesting how he described it as a smart investment. when he was making his pitch for the aipac, it was like a say now, pay later approach. i think tonight is a moment, and this week, indeed, is something we will be analyzing for the next 100 years. it truly is a moment where the whole world is watching. not just americans at home but abroad as well. haidi: the question is whether he can be successful. what did you think about the pulling together of the two conflicts. -- of the two conflicts during the connection of how this is really the threat -- the risk is really global and it needs to be looked at as a whole? that was quite interesting to me. >> yeah.

everything he said was high-risk but he is also hoping for a big payoff. he said this is a worldwide struggle of democracy versus autocracy. saying few people have the right to live without being invaded or terrorized. shery: it was really interesting to hear from president biden. even from the beginning of that speech, talking about palestinians' human rights. over going to see a more toned down/measured response from israel given the warnings coming from the u.s. who really want to ensure this does not get into a humanitarian crisis? >> absolutely. in has to do with who we are as americans. -- it has to do with who we are as americans, with the "who are we?" moment, but also, "who are

you?" don't lose your humanity and preserve a path for peace. you did hear more about the humanitarian crisis and suffering. surely it's due to the pushback he is getting from his own party or seeing what is playing out around the world, and these demonstrations. it is a crash test of u.s. leadership and credibility in the world and he clearly wants to pass. shery: he also talked about not giving up on peace, n led to state -- or on the two state solution. what do you say about the raid on both sides? >> this is a bloody referendum of the abraham accords. the administration's goal in brokering this deal was for regional integration and greater cooperation. i think he is still trying

to save it. he says, the choice is clear, you are in, or you are out, it is not about israelis versus arabs, it is about peace and calm. it is important that as the u.s. embraces israel, that they also don't alienate their arab partners. it is critical for success. haidi: in your experience, in your time working on the middle east peace process, how worried are you about the regional risks? how much concern is there when it comes to regionalization and taking advantage of the u.s. at a time when the bandwidth for military security response is looking pretty

stretched? >> that was something that president biden addressed tonight. talking about the need, he was quick to say "no boots on the ground." the president in chief is the only boots on the ground. americans don't want to go to war. they are weary. but the president is giving us a second chance to do things right. we made a lot of mistakes in the middle east, iraq, afghanistan. this is a big moment, where he is saying we can get this right. he may speak quietly but he is a big aircraft carrier. he takes it seriously. shery: he is talking about seeking additional funds for israel and ukraine.

but we still don't have a u.s. house speaker. how much can really be done to send something to both places without this approval? >> he kind of alluded to that. he said, our country is also suffering from divisions. he talked about anti-semitism and islamophobia, the bickering within the parties. but biden is good at grief. he has suffered his own personal losses. he was trying to bring the whole world together. including the republican party. if they can get their act together we can get forward -- their act together, we can move forward to a better tomorrow. shery: thank you so much for your perspective.

ambassador nicholas burns says beijing's stance toward the group is yet another challenge toward u.s.-china relations. he spoke to stephen engle. >> president biden spoke for our country during his trip to israel and he spoke very plainly the u.s. stands by the state of israel and the israeli people. that we condemn hamas violence and terrorism against israeli civilians and the israeli state. that we must support humanitarian assistance to the palestinian people. he announced $100 million in support in both gaza and the west bank. obviously senator schumer, when he was here, the majority leader called on china to show sympathy for the loss of life of israeli civilians and denounce hamas terrorism.

we would like all countries, including china, to denounce terrorism by hamas. we obviously would like all countries to support the palestinian people as the u.s. has done with this sizable announcement -- the $100 million in support of humanitarian needs. >> do you see this as an opportunity to improve relations between washington and beijing, or does it create further challenges? >> we have a lot of challenges in the u.s.-china relationship. we do not have identical views on this particular physician. hamas does not support the two-state solution. they support the destruction of the state of israel. china has taken the position of supporting the two-state solution, as has the u.s.. the focus here should be directed against hamas. >> where are u.s.-china right now? we potentially have a summit

in san francisco, not confirmed yet. where are we right now? >> the u.s. and china have a complicated, often difficult, sometimes contested competitive relationship. we are competitors when it comes to major security issues in the end of pacific, competitors on technology. we have taken additional steps this week to restrict the sale of american dual use technology that could give a military advantage to china. competitive for american businesses. we have major differences on human rights. americans value fundamental freedoms for individuals like press and speech and religion. those differences tend to dominate the relationship between the two countries. >> in your dialogue, are you

giving any indication the summit in san francisco will happen and the issues at hand right now which have not been resolved and seem to be sticking points are all the more political to go that these two leaders meet next month? >> what we have done over the last five months is begin a process to create cabinet level channels between the two. >> has it borne fruit? >> i think it's been useful. >> in the last few days, we had a tightening of restrictions to chinese design companies and closing loopholes for nations, or affiliates of those companies attaining the technologies. is there concrete evidence china has been using those loopholes around export controls? >> they were warranted, because there were loopholes, and the action we took a year

ago october 22 had to be updated. we are serious about preventing any kind of military advantage to the people's liberation army here because of the export of advanced dual-use american technology. >> is it resonating with them? they still see de-risking as decoupling. chips and the advanced technologies only constitute a small portion of trade between the u.s. and china. it doesn't seem like it is necessarily big buying from china. what are they telling you directly? >> the message from the u.s. is beginning to resonate. we have made abundantly clear, from president biden and secretary ellen and all the rest of us that we are not seeking a decoupling of this enormous bilateral trade relationship between the u.s. and china. >> have they built up enough

wiggle room to improve the relationship if there is a summit in san francisco? the trump-era tariffs? >> we are not in the business of granting concessions. that is not part of what we are seeking to do in this relationship. we are two hours competing -- powers competing in many ways. we have had a series of high-level meetings. there will be other high-level chinese ministers traveling in the next couple of months. the u.s. will not fundamentally make concessions just to have meetings. haidi: that was the u.s. ambassador to china, speaking exclusively with bloomberg's stephen engle in beijing. let's get back to belle. we are digesting president biden's speech. interesting how the haven

assets were reacting. annabelle: absolutely. we continue to see investors seeking shelter in parts of the market. since the israel-hamas war kicked off, we have seen action in safe havens filing and. -- piling in. first, the swiss franc, trading at levels we have not seen since 2015. the japanese yen, close to the 150 mark. gold here, take a look, close to the $2000 an ounce level now. we were into $1888 an ounce when the conflict started. take a look at where treasuries are trading. it is impressive, with the 10 year yield close to 5%. brent crude, another one we are

continuing to see. mixed moves. some are saying we could reach near 100 if this conflict does escalate. that's one group of assets we are watching, safe havens. we are still into the trading session for tokyo, seoul and sydney. daichi has three experimental cancer drugs. merck, the u.s. company, has agreed to acquire those for $4 billion. they could pay up to $22 billion in total as the drugs reach -- if they reach some development milestone. that is one of the things we are watching here. liontown is an australian minerals company. slumping, past 30% here, with a proposed takeover. the u.s. lithium giant has walked away from that

transaction. a couple of stocks that we are also keep an eye on. shery: if you missed out on anything, you can watch it back on tv. you can also watch us live. view the functions we talk about and become a part of the conversation by sending us instant messages. this is for bloomberg subscribers only. check it out. tv. this is bloomberg. ♪ sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

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shery: we have china's loan prime rate to in less than half an hour. let's get a preview with our china economy editor. . we saw the pboc keeping key rates steady. what are we expecting today? >> often, china policy has a way of surprising us. today does not feel like one of these days. is not that they -- it's not that the prime rates always move in lockstep likely pboc policy rates, but it's likely the direction we are headed in right now, the idea of a wait-and-see approach before we see any kind of changes on easing right now. certainly the forecasts for the short-term rate, the benchmark loan rate to remain the same as well as the

five-year rate, the one that's more of the proxy for mortgages. at this point, especially off the bump economic data we got earlier this week, is this idea that we are in a wait-and-see approach for how much more easing is actually needed to help the economy. we're pretty sure that china is going to hit its gdp target of about 5% for the year. it does seem like maybe there's more easing to come down the line, particularly may be a november or december. another policy rate cut. but at this point it's probably going to be a hold for these rates today and then we will have to see what comes next. haidi: we have also seen this sort of cementing of economic ties between china and russia with this leaders' meeting. >> yes, the belt and road forum was an interesting one to watch. this is an initiative xi jinping had pitched as his way to unite a lot of economic ties, trade ties, all of asia, africa, europe. we have seen a cementing of what xi and putin have framed

as this alternative world order to a u.s.-led world order. you had putin on stage talking with xi jinping, given the arrest warran he has right now, he has no space in other countries. you saw a lot less representation/presence from european leaders this week at the forum. very clearly showing that this diplomatic ally xi has in putin is not something that is going away. shery: we have more to come on "daybreak: asia." this is bloomberg. ♪

shery: the bloomberg commodity index finished at a one month high in the new york session. we saw three sessions of gains. wti and brent continue their push higher in the asian session. commodities have been among the assets most sensitive to reports of fresh violence in the middle east. let's take a closer look with bloomberg's su keenan. suddenly there is a huge demand for oil and gold bullish options. >> both. as you mentioned, commodities are where the real risk on sentiment is. and options, oil or gold,

if they go higher, they are calls. when going in that direction, it is unusual. brent is the highest since april of 2022, that is when russia invaded ukraine. usually oil is more likely to go lower. but for both brent and gold, we are seeing an increase, not only in the demand for the options, but also on the volume. let's take a look at how the impact of the conflict in the middle east is affecting oil. we are seeing above $90 in new york. wild swings in prices, two dollars, three dollars in either direction. the u.s. just resolved a deal with venezuela to

limit the restrictions on venezuela. therefore allowing a lot more exports to come out of the country in return for for your elections in venezuela. this enables about 200,000 more barrels a day onto the market. a roughly 25% jump in output. analysts are saying it is still hard to determine how long it will take for that oil to hit the market. and whether it will really make a difference. opec-plus doesn't seem to believe that the venezuela event will affect their position at all. they have ruled out voluntary curbs on their oil productions, the end of the year, causing a very tight oil market, and ed mo ya says it is only an "branded solution," in terms of the tightening oil market -- "band-aid solution," in terms of the tightening oil market. the main concern right now, with the escalation in the middle east, is the u.s. might

get pulled in, and that would be affecting the whole region, and that is a region where one third of the world's will comes from. haidi: meanwhile, steel has been impacted by the agreement between the u.s. and the eu. >> have already committed -- >> have already committed until the end of the year to get it done. there is a friday summit in washington. there was hope that the announcement could be made. but there has been a delay. that again, impacting steel. a lot of steel stocks have since retreated in extended trading. this is an attempt by the various leaders, eu and theu.s. to sort of reverse a trump-era levy. you may recall president trump at that time imposed these

levies on metal imports from europe. citing national security risks at the time. this is an attempt to ease all of that. failure to reach in a court would mean that levies on 10 billion of exports would automatically come back en force at the start of 2024. haidi: bloomberg's su keenan there. let's take a look at the stocks we will watch in mainland china. ctl, posting revenue that missed analyst estimates. reporting operating revenue for the nine month period was up 2% year on year. also watching iflytek, down 80% on the year. this is bloomberg. ♪

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