>> >> we are getting out to

eight has major market opens. it is stocks making a boost after u.s. has extended the november rally with the s&p 500 hitting a seven week high. traders embracing for other key data due this week. the white house sets to restore military talks ahead of president biden's meeting this week. and australia is struggling to restore port operations after a cyber attack released tens of thousands of containers stranded right before the holiday season. >> a key coming online. a major letter in australia reported its earnings earlier this morning. we top profit climbing 14% in

the 12 months, ending september 30. just missing the average analyst estimate. we are still yet to see that will affect of rate rises. and z, shane elliott when fortune on the other for the australian economy. that stock coming online. down 2.5% at the start of trade. this takes a few minutes to be fully underway this morning. the outlook also being guided by wall street on friday. that is what optimism fed into the session. we saw u.s. stocks climbing. really led by tech. fed officials not really saying anything. of them are optimism coming into the session. so far, the outlook for ozzie stocks not being shown in

futures but we are looking higher for most markets around the region today. still keeping an eye on the japanese yen. very close to that year to date low. >> indeed. u.s. markets will have their first opportunity to react. the last of the credit rating agencies to downgrade the u.s.. will there be a reaction in the monday session? it was after friday when we got the notification. we have had two up weeks for stocks after a crash earlier on in the month of october. u.s. futures look like we might be pulling back a little bit. it is steeping later in the week. we had that disastrous 30 year option. it was of something like two dozen basis points at one point. it was quick to move.

some money coming out of the 10 year treasury. we will see again in the monday session housetrained relations are between bonds and equity. because of wildcards on the agenda. you speaking, we could see some turmoil. we have oil trading right now. brent crude down about a third of 1%. things might be stable. there might even be a hostage deal on the table. we have cpi, ppi and retail sales. that will be great data for the fed to parse through. >> as i mentioned, the white house saying resuming china u.s. military communications is important as both leaders prepared to meet face-to-face this week. janet yellen and the chinese vice premier agreed to bridge the world's two largest economies.

>> i spoke to the vice premier about our goal of achieving a healthy economic relationship that benefits both of our countries over time. we do not seek to decouple our economy from china's. this would be damaging to both the u.s. and china. it would be destabilizing for the world. questioning marsh joins us with a little bit of the expectations we have going into this meeting. the fact that it is happening is really positive for this relationship. the reestablishment of military communication is something on the u.s. side. >> absolutely. >> they were on television earlier saying --

chris pelosi didn't see taiwan till august. they really want to get back on track. >> you are there on the hvac meetings. talk to us a little bit about what jake sullivan said in iran and how that will be on the agenda. >> absolutely. also, the threats that poses it. they will tighten sanctions on iran. the chinese are very vocal about how they oppose sanctions and china itself has been interested around this. that is something they are going to talk about. that is likely to be an area

they will see much cooperation. the military ties are something you're looking at. they can resume this high level of military ties. of course, the one vehicle in this is that china has abruptly fired is defense minister. who lloyd austin will talk to on the chinese at right now is not clear. the fact that they could get back to the place where there are talks that are possible, i think it would be an improvement that would reassure other countries in the asia-pacific region. it reduces the risk of any kind of conflict. >> this is obviously a key thing for both biden and the president. what else will be in focus in terms of the key deliverables each side are hoping for?

>> the expectation with the proposals is very low. the biden administration has been working for this for the past six months. they have been setting out official after official to beijing to smooth the way. if they come together and have the meeting, that is the biggest thing. we will be looking at the language to be constructed. the two readouts between both sides are very similar. i think they could look to that in the chamber read out. are they shoving the language? are they talking about their differences? they are bc aren't going to talk about the core issues. which on it will be taiwan.

i imagine the u.s. will raise russia or ukraine. that is helping that conflict. both the u.s. and china have -- they want to prevent it from escalating. it is an area where they could perhaps come together around there as well. >> very much looking forward to speaking your -- speaking to you. the latest on the israel hamas war. president biden has spoken with the qatari leader about securing the release of hamas held hostages. u.s. national security adviser talks are continuing. >> there are ongoing negotiations involving the israelis and we, the united states are actively engaged in

this as well because we don't -- we want to make sure we bring home those americans who have been taken hostage as well as all the other hostages. >> the israeli military is pressing on with its offensive in gaza. the u.n. says ground attacks and shelling around hospitals in gaza city in northern gaza have intensified. this as israel continues to reject going international calls for a cease-fire. kristi pirola works resume support operations in australia after a major cyberattack on friday. significant containers. first, the apex economist will be with us to share his outlook for the region. this is bloomberg. ♪

>> you are watching daybreak: asia. looking at the week ahead now. on tuesday, we will get u.s. cpi data. it is expected to show an increase of .3% for a straight month. compared with last october, core cpi is projected to rise 4.1%. the price pressure is back among fed officials to signal the all clear in their inflation fighting efforts. we will also be watching for cpi prince from india in the euro zone. china's october activity will likely started economy needs more support. the forecast is slow. retail sales may pick up but it would be due to a low base of comparison rather than stronger consumption -- stronger consumption. we also expect them to cut their when you're right while the market consensus is for another hold. for japan respect its economy

likely strike in the third quarter in part due to a weak recovery in consumer spending. another economic data to note is gdp figures from the euro zone and malaysia. singapore export numbers and ppi figures from japan. quickstart has now is the apex chief economist at moody's analytics. as we get closer to the end of what has been overly tumultuous year what are you watching for? is it about whether we have seen bought them out when it comes to china and how that plays out across the region? >> i think there are a couple of important things. one is china because the third quarter looked pretty good. as just mentioned, some of the numbers that have come out more recently have shown some weakness in terms of recent numbers in retail sales and such.

it is very uncertain whether china is firmly on its feet. the other is inflation. inflation has been a bit of a bumpy ride. it is well down from the peak but it has been bouncing around in places like the philippines and india and indeed to have been some hikes in monetary policy in the philippines. those are critical things we will be watching on the risk side. chrysler by 2024?

they will start weighing on consumer and household sentiment. >> i think that largely speaking, is a will hang in there. my feeling is the second half of the air will be better than the first half of the year. if the global economy can accelerate. it peaked last september. a little over a year ago. this is global trade in the second half.

there would be no more rate hikes in asia. i think domestic demand will hold in there. quick steve, we have seen such disparate performance, not just in economies but national markets. may be listening a little bit. other countries where maybe they are not so innocent? korea looked to be taking off last week. we are still only up 7% on the year.

>> the recent uptick in korea is consistent with the way the economy is going. i think one of the biggest factors to watch in asia -- this is where there has been so much weakness across the region in terms of the exchange versus the u.s. dollar. it has been a real concern for central banks around the region. and one reason why some of the recent hikes are happening in indonesia and taiwan. the foreign exchange rates illustrate the wide gap in interest rates between local countries in the u.s. but also was reflective of the pace of the economy in each other countries as well. i have been keeping a very sharp

eye on his foreign -- sharp eye on foreign exchange rates. >> the key geopolitical event we are focusing on this week is the long-awaited xi jinping joe biden meeting. does this tell you that some industrial policy may be taking a step back? do you think there will be more of a push toward globalization? >> there doesn't seem to be much of a push anywhere. no fundamental changes in the tariffs in place on the u.s. side since the trump administration. and similarly on china. i actually don't know if there will be much change in terms of that side of the trade equation. it is absolutely a plus that they are talking.

i think what it will do is pave the way for maybe more realistic talks that are substantive at the material level going forward. i think the talks we had over the last six months or so have been just to grease the wheels to get this meeting going between president biden and president xi. maybe we get slightly more substantive discussions about issues of trade whether it be in terms of the issues of the tech industry or tariffs in general. there will be an election in november in the u.s.. so there will be a lot of pressure to keep that -- keep the pressure on china at least through the election next year. >> that is for sure. thank you for joining us today. but tomorrow, -- but were to come right here daybreak: asia. this is bloomberg. ♪

>> as the potential fallout of cyberattacks on companies becomes too big to ensure, some issues are seizing the moment. two major firms have cyber catastrophe bonds. su keenan joins us now. these so-called cap bonds have been around for a while. typically around natural disasters. not necessarily cybercrime. >> they become all the more popular and that we have a surge in cybercrime. it is difficult to ensure that has resulted into firms acting on the opportunity. bloomberg has learned beasley plc is said to be exploring a potential 100 million cyber cap bond and acts as capital is

preparing to issue a 75 million catastrophe bonds. what is the interest in this kind of thing? the wider market for cat bonds is likely to reach a record 40 billion this year. and a lot of that growth has been fueled by the impact of climate change which all of us have been experiencing. around the globe there has been an onslaught of hurricanes, typhoons, floods, wildfires, all of it do to global warming and these extreme weather shocks are threatening to make insurers business model is untenable. for that reason, insurance market always welcome this bonds and allows the firms to work at the heart to assure risk. they get very high and double-digit returns. does that mean there is likely to be a lot of demand? >> it is starting to come into

the mainstream. these cyber cap bonds appear to be poised to capitalize on a market that is already there. aside from other natural disaster storms, we've had a storm, cyberattacks, whether it is in australia, these ports, i cdc, the chinese bank voting the week before that and what you're looking at is the swiss global cap bond performance index. it is abruptly 18% year-to-date. if you compare that to the 18% return on data bloomberg's treasury index shows it dropped by about 1%. back to you. >> dp world operations at australia's largest ports slowly resuming after a massive cyberattack.

just about 40% of goods coming in and out of australia. >> we are getting some good news this morning. we are worried about the flow on reflex -- flow on effects of this. it is expected to last days, not weeks as some people previously feared. as of this morning, the trade line is saying we will see gradual resumption in the ports in sydney, melbourne and brisbane. it is unknown what is happening in perth. we are not seeing a full resumption yet but things are looking like they are seriously on the right track. but days alone sounds a little scary for an economy. will the economic impact -- >> this is a huge impact on australia. keep in mind this is an island continent.

everything australia's use in a day-to-day from computers to medicine, a lot of that is important. the company is a major exporter of things like agriculture. this is something that could have had an in -- had a huge impact on it. >> one of the frustrating things is do we know who the perpetrators are? what is the point of this other than to create some chaos? wesley government has been in crisis meetings. we know the dp world itself has been working with cybersecurity express to try to figure out what is going on. at this point, the perpetrators are unknown. there was the big question hovering over all of this. the leaders the afr is reporting is that there was no ransom and it does not appear to be a ransomware attack.

i think that will be the big question for everybody. who did this and why did they do it? could it happen again? ports across austerely and the world are starting to put things more on the line. as that happens, you get bigger and bigger risk in these kinds of cyberattacks that can really bring things to a standstill. >> that is the downside to more automation. just disrupting australia's ports. we have much more to come on daybreak asia. this is bloomberg. ♪

adam: serving in afghanistan, i was hit by sniper fire and i was given a 5% chance to live. today, i visit classrooms and share my story. i tell kids that with a little help and a lot of work, that you can overcome any challenge. announcer: dav helps veterans like adam get the benefits they've earned. they help more than a million veterans every year. adam: my victory is being there for the next generation. announcer: support more victories for veterans. go to dav.org. ♪

>> you are watching daybreak asia. we are 30 minutes out from the open from seoul and tokyo.

what we are really seeing -- we are range bound. we are a little bits of the downside. that was narrowly indicated in futures trading but when you look at the positives and negatives, in the positives cap you have strong retail sales coming through from china. more on that would save england in just a minute. also, that strong leading from the wall street session on friday. we saw the s&p 500 advancing above the 4400 mark. what could be a little bit telling and tilting to the downside is anticipation of other events coming up in the days ahead. first -- you have at risk of u.s. shutdown looming again. you also have u.s. cpi data due out in the midweek. that could temper some expectations that have come through that the fed could be pausing further but also could continue to start cutting rates as well. of that we are seeing the

japanese yen this morning. it is still not week. you can see the 151 mark, very close to a 33 year low against the greenback. perhaps a currency likely to stay around this range, not tempting much weakness further. it does come down to that mode that will afflict traders for the monday session. >> i have a lot of earnings for the monday session. a lot of chinese big tech names are reporting. china's top e-commerce platforms seeing sales increases on the actual day. that is an online shopping blitz. we saw short discounts. let's get to shanghai where stephen engle joins us now. i remember when it was just one day. it is a full extravaganza. but how was the weekend in terms of what we saw?

>> there are plenty of promotions. plenty of advertisements everywhere in the subway systems. across the city for singles' day on november 11. which is saturday. it is usually held on a single day. now it has been stressed out over a 30 day time. alibaba is the instigator of singles' day. they all have simultaneous sales. really slashing prices this year over the course. you can see the dates here. they don't give the total figures for saturday. the kind of talk about everything. all of this falling into deflation in the previous month. there is a real push to get people to shop but there is hesitancy, no doubt.

these are the main shopping platforms. they see the 100 million in earnings. 20,000 brand saw transaction value trends triple. the companies are going to pick the numbers they want to basically illustrate big sales. if you look at the government announcement, they handle 16% more packages with 639 million deliveries on saturday alone. that is 16% year-over-year. november 1 through the 11th,

package deliveries in china increased 23 percent year-over-year. the problem is if there is a problem with huge sales, keep in mind, singles' day dwarfs black friday in the united states but the per delivery -- per trans active value is coming down because of all those steep discounts across the board being offered. also, they are talking about rational products. we are talking daily necessities selling more than the big ticket items. >> that is just it, these margin pressures are going to go right across alibaba, jd.com and the other massive retailers. do we know what kind of pressure these margins will come under following these discounts? >> yes. that is what we will be looking at. the earnings this week from alibaba and jd and others. it will not reflect the previous quarter. it will not reflect the sales. it will give a good barometer as to the consumer sentiment.

that is why we will be looking at these numbers quiet closely. bloomberg intelligence says cost sites from the steeper single day likely to hurt alibaba njd's margins. you could protest. if that does persist, it business and consumer confidence continues to be weak, these numbers, while good, i guess you could say on singles' day, it does not necessarily reflect a change in sentiment. it might just be consumers chasing steep discounts and if that persists, there could be consistent margin pressure -- margin pressure moving forward. >> we will be looking out for those results. 50 and 64 jd and alibaba respectively. but you want to come on daybreak asia. this is bloomberg. ♪

>> major japanese lenders will report their earnings this week. for more on bloomberg breaking news, we go to tokyo. what should we be looking for to tell us how they have been receiving the tweets furthered

bank of japan and what they will do going forward? >> that is right. we will be starting the mega-bank earnings today. and of course, the ceo will be briefed today. in terms of expectations, generally we think the banks will have done relatively well. they should have a pretty strong progress. there is this huge correction. japan just took this huge hit. as yields used a little bit. the investment community was trying to digest what the bank of japan was really trying to signal. the tide probably turn toward tightening but you might be a little bit slower than people expected. i think there been this big correction.

maybe this is the time. banking stocks could be -- somebody should be watching that this week. >> big tech in china as well? >> that is right. tech stocks out of china. they look to have been helped by giving. they are also hinting that pretty strong advertising as well. on thursday, we have alibaba. their net income has possibly tripled. pretty solid as well. a generative ai model is something we should watch. an interesting thing for china as well. because that was the editor, gareth l there in tokyo. some of the other stories we will be watching in the day had.

training kicking off in japan. the u.s., south korea and japan have agreed to share data on north korea. we will show whether the japanese pullback was a blip or a beginning of a trend. the japanese markets will open at the top of the next hour. we will see that weakness when it comes to the end continuing to hold. we have really seen expectations at around that 33 year low rate. we know the bank of japan and monetary authorities have been a bit more reluctant to go there.

the nikkei futures looking unchanged. that is where the divergent story for the japanese government bonds go depending on that cpi print and where the fed goes from here. >> exactly. our next guest has a view. we want to turn to him now and speak to him about that and also his own company. that can be everything from supercomputers to ai, the storage units and even your phones.

thank you so much for joining. your forecast was quiet disappointing. you were looking for the ¥42 billion. the estimate was even less than that. you came in at 16 billion. why is that? >> that are a couple of dynamics there as you commented. we anticipated this.

we have never seen the fundamentals be stronger in the space. >> you do see a recovery. you are not quiet sure when. could we put any time -- any kind of timeframe around? 2024? >> yes. we believe the first half of 2024 is what we are forecasting right now. it will be spread across different sectors. memory, different kinds of memory. you may see different starts and stops from those sectors.

we do believe we will see a strong recovery in 2024. request you did agree to get affiliated with the government of japan. what led to that decision? >> one point emphasize is we approached j icc because we thought they would be an excellent partner to celebrate our strategy. we have businesses across plastics, high-performance materials for automotive's. science is an electronic sectors as you highlighted. the material science base is really strong. but there are a lot of us. at gsr, we think we are in a leadership position. the question is how long can we sustain this? this is a space that requires intense investment both in capital and expert resources. while today there is a lot of

strength here, the question is if we can maintain this level of investment for the long term. we see an opportunity for strategic partnering in the space. j icc's mission is to enhance the global competitiveness of the japanese economy. in particular, semiconductors. we saw them as an ideal partner to accelerate the momentum for that kind of strategic engagement. >> when you say there is a deficit, deeming in talent or demand for your products? >> the inquest -- investment requirements of both capex and >> talent. >> yes, expert resources. there is a lot of pressure on ensuring those resources are available for the long term. and in order to support our

customers, we think it is a great opportunity to drive efficiencies here within japan. but also, our customers have consolidated and the global landscape in the space is consolidated. our contention is to be liable -- viable for the long term, we have to drive efficiencies. we think my partner strategically, we can do that. >> how much has the slowing chinese economy impacted things in the mirror -- impacted things in the near term? >> as i mentioned, we have businesses both in the digital sector and life sciences. the growth from china has been a big part of the global economic growth story for a while. we have the same concerns that most people would have in that regard. specifically for us, some of the

venture dollars that had been coming into support some of the leading edge therapeutic development, that was a significant sector in china. that is off a bit for us. we got out of the macro economic pressure and some of the specific industrial pressures we are seeing. >> we have to leave it there. thank you so much eric johnson, the ceo at jss are. you can catch japan ahead every week at 8:40 a.m.. if you're watching in tokyo,; 40 p.m.. sundays in new york. bloomberg's of carbs can watch us live using the tv function. this is bloomberg. ♪

>> u.s. futures have been open for training for almost an hour. it looks to be lower or at least pointed that way. the nasdaq has been a bit of a relief to the market where there is a little bit of pressure following what really was the s&p 500 falling into correction territory. in terms of bond futures as well, we are also seeing some more money baby coming out of

the state tenure part of the curve. it may see more some -- some were basis points. the two year yield nest on friday at 5.06%. it has been massive volatility in the bond space and in terms of energy, we are seeing wti crude and brent crude down very fractionally at the moment. $.20 apiece or so. brent crude trading at 18127 per barrel. wti trading at 76.98 per barrel. we are staying above $37,000 at the moment. we are down about .3% but trading at 37,000. now we have some breaking news out of japan. >> yes. the ppi numbers are really interesting. it doesn't necessarily go very

well for the 2% inflation target. we have seen that reflation trend playing out. we are seeing further weakness now. we are seeing a slightly softer number than expected. the survey was for .9%. this is well below the trends we saw previously. we saw ppi rising. much stronger than what we are seeing now. that is weaker than expectations of no change. really extending the weakness we saw in the previous month of .3% there as well. we will see whether or not that makes much of an impact. we had an enormous amount of supply chain snags and distortions but that should be

cited to moderate. still watching very closely. the negotiations have been the catalyst next year and in terms of the ultimate shift in doj policy. >> moving from japan to south korea, they have started blaming south korean stocks again. this is beyond the recent shortselling band. more details from saul. why are global investors now bullish on korean stocks? after selling for meme stocks for three months -- it is just

the biggest after taiwan. coffee has gained a present this year. that is an opera performance. it looks like the optimism has not changed. it also made the effort to seek the global market. that is the broader south korean market.

that might be the reason why they haven't really altered the optimism on the south korean stock market. >> what are global investors buying right now? >> global investors are buying the ship stocks. the largest chipmakers have been favored by global investors. this is off of companies driving earnings growth. they are also expected to return to profit next year. those other companies driving the earnings.

>> we are watching australian base in the session after we had a little bit of a downbeat. a challenging economic environment ahead going into 2024. as they continue with those efforts as well. a sense of confidence saying that revenue growth would be harder in the months ahead. we see a little bit of downside there. this is bloomberg. ♪

adam: serving in afghanistan, i was hit by sniper fire and i was given a 5% chance to live. today, i visit classrooms and share my story. i tell kids that with a little help and a lot of work, that you can overcome any challenge. announcer: dav helps veterans like adam get the benefits they've earned. they help more than a million veterans every year. adam: my victory is being there for the next generation. announcer: support more victories for veterans. go to dav.org. ♪

adam: serving in afghanistan, i was hit by sniper fire and i was given a 5% chance to live. today, i visit classrooms and share my story. i tell kids that with a little help and a lot of work, that you can overcome any challenge. announcer: dav helps veterans like adam get the benefits they've earned. they help more than a million veterans every year. adam: my victory is being there for the next generation. announcer: support more victories for veterans. go to dav.org. ♪

♪

vonnie: this is david: asia and we are counting down to asia's market opens. looks like we might be of a lower start at least in the monday session for the asian and u.s. markets, rented to be reacting to including that moody's lowering of its outlook, which is the final credit rating agency to do that for the united states. perhaps no surprise there. paul: no surprise, but we are seeing a bigger drop than normal than we probably usually see in u.s. futures, up to a quarter of 1% for the time of day, perhaps that first reaction when it comes to that moody's announcement. across the region we are focused on geopolitics. we have a key cpi print out of the u.s. as well. lots for investors to mull over. annabelle: it is coming down to the u.s. inflation print. a wait-and-see mode given the

core reading is still expected at 4.1% on the year, staying in line with the prior reading. it could be the reason that the fomc says it is not confident that monetary policy is sufficiently restrictive as yet. so there is a lot of anticipation building around that. with october producer prices, we also have data dropping out of japan in the last 10 minutes, growth there at 8.8% of the year, slightly lower than the economists' estimate this 0.8% of the year. that focus on earnings. tokyo electron, not yet traded, but it is set to rise after boosting it to your profit guidance. demand from china for its chip making equipment. they are against a bit of a timeline internet given the export restrictions that will take full effect at the start of the year. let's change on, because the outlook for career today will be dominated by local data there.

we are still anticipating trade data that will be due. a global bellwether as well. the kospi is rising at the outset, 1%, in line with what we had from the worst recession on friday where it really was directed by the tech stocks in particular. let's change on, because in australia, there is a particular mover we are watching, and that is the anz. a major bank in australia. it is dropping 2.75%. what is leading the asx 200 into negative territory is banks, and anz is the key thing. shares declining, even though we saw a 14% rise in cash profit, that was pretty much or a bit weaker than the average analyst estimate. the ceo of the bank saying there is a challenging economic environment ahead. also continuing to what the

cyberattack on dp wall, manages goods in and out of australia. operations are just resuming after the attack. and we just have the korean trade data, exports of 3.2% on the year. imports raising 1.2% on the year. certainly could be an indication when you pair that with the stroma than expected numbers out of tokyo electron. it's a good signal for the chip sector in particular. shery: and certainly the kospi holding onto its gains. annabelle, thank you. next guest is expected volatility and says sustainable as geopolitical risks mount. it comes as the ceo of of this company joins us now. ed gomes. what are you looking to come from the meeting between president biden and xi jinping?

e we have been saying for the longest time that the u.s. internet have to start speaking, dialogue and diplomacy is always better than the alternative. we have already seen in the run-up to the meeting that there has been, a meeting that the australian prime minister had with president xi, with positive comments coming from that. you have seen the u.s. and china get into talk about climate change, positive talks, which we haven't heard from the longest time. i think it was reported on friday or just over the weekend, that china is buying a large quantity of soybean, after a very long time from the u.s. they had diverted their purchases from -- two brazil, but now they are moving back to the u.s. this is a big positive. we are going to wait for that. we have janet yellen meeting her counterpart president -- prior to that by then-xi meeting -- prior to the biden-xi meeting. shery: so you say the long

optionality into year end, what would that mean in this scenario? ed: to the extent that the vix is now just under 14 -- just over 14 on the close on friday, it's very cheap to one options. either way, you can buy call options if you want to participate into the year-end, he has seen the rally the nasdaq had on friday, and from the bonds we have seen from the recent laws. you had a good year, lock in some of those profits and by some call options. if you don't want to change your holdings, you would be happy with the names that you own, you might 20 by foot options because it is really cheap and you can -- you might want to buy put options, because it is really cheap. to the extent that you can protect some of the moves you have seen in the year, it makes sense to lock in gains as well as participate in the upside.

shery: we had some bearish steepening at the end of last week after that awful auction in the united states. you are a fan of going lower duration. what part of the curve, and is now a good time? ed: to the extent that -- i think you need to take a 12-month view on this. do receive rates significantly higher over the next 12 months from where we are on the 10 year? and to the extent that they stay flat. the fed has already done a lot of hard work. some of the move up in yields last week was on powell's statement at the imf and he didn't say much different from what he has been seeing differently. so the market is heading around, you are heading into year-end liquidity to a certain extent. we are at the middle of november, so you are going to see markets move around. but on the 12-move forward basis, we don't expect rates to be significantly higher.

so we are within states that duration risk. vonnie: you say that ai remains a top theme. there is a lot of spending, a lot of capital-intensive themes going on here. and i think a lot of firms are still struggling to see the monetization. ed: absolutely. but if you look at the longer-term, everything that was once managed without it is regrettable to a world where it is good to be some kind of confident which will be very important. on the back of that, your earlier guest was talking about the semiconductors, we have been talking about tokyo electron, a lot of companies that are part of the value chain and creating the chips from production right to the fishing and delivery, the design, all of those, with a it is nvidia, amd, south korean

companies, all of them stand to benefit people have a lot of. hibernate operators overpromise -- fly-by-night operators from his thing that will never come to pass, but you have some companies doing very, very good work. microsoft is one of them which is pushing the envelope. you also have a lot of work getting done in the start of space again, some of the overhyped, but to the extent that investors can look under the hood, clearly there will be strong winners. and we're not talking about in the next one or two years, this will be relevant for the next 10 years. vonnie: how does tech perform in the medium and perhaps longer-term if this is sort of a paradigm shift of the high rates for longer environment, higher inflation than historical norm environment, do you think these sensitive companies are fully attuned to that? ed: to the extent that everyone does chase growth, that is a

factor of equity market everyone wants to be in the high growth names, they tend to get overhyped and expensive in the short-term. but when you see the kind of earnings potential which can be delivered over the medium-term, suddenly those numbers don't look as expensive as what you thought they might have been. we have seen that consistently over the longer period. now if you look at what happened last year between the war in ukraine, rising inflation, the china lockdown and supply chain disruptions, the fed going on its war against inflation, hiking rates, a lot of the delta which was negative last year has actually factored in higher rates for a very long time. so you will not be selloffs. prudent investors will take profit and get back into declines, but i don't think by any stretch of the imagination, that we have seen the best move

possible. they will probably look at what happened in the internet rally, the tech-1999-2000, things were overblown. there was massive selloffs. i don't think we're in that phase yet, there is still significant upside and there will be the eventual crash. what you do have today is that a lot of companies have very stronger cash will as well. it's not week balance sheets draining cash -- it's not weak balance sheets, draining cash. you have good companies doing good work and being inferred as well. vonnie: ed gomes, cio at sgmc capital great chatting with you. annabelle is looking at some of the movers in the concession. annabelle: you were just mentioning tokyo electron with the guest, but essentially that company, it is a key cog in the

supply chain system and they just raised its full-year earnings and revenue target. what is driving that is demand for china -- from china for its chipmaking equipment. so when you take a look at its quarterly revenue, it came in at 128 billion -- 428 billion yen, but almost half of the revenue coming from china. beating analyst estimates and the company lifting it full-year phills outlet ¥1.73 trillion. it also raised its projections for net income and gross margins and the like. you are seeing the stock jumping. these are some of us may just buyers. . another one to look but not stripping it is shiseido, it slashed its full-year progress. this its full-year forecast. looks like we will be seeing a drop when it comes online. vonnie: we will be keeping an eye on for that one.

still ahead, we are looking at the ransomware ecosystem with a cybersecurity firm following two big cyber-attacks last week including one on an icbc division. but first, way u.s.-china military talk are front and center as president biden gives up to meet with his chinese counterpart in san francisco this week. this is bloomberg. ♪

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it's advice worth talking about. ameriprise financial. >> i spoke to vice premier he about our goal of achieving a healthy economic relationship that benefits both countries

over time. we do not seek to decouple our economy from china's. this would be damaging to both the u.s. and china and destabilizing for the world. vonnie: u.s. treasury secretary janet yellen there speaking after her meeting with chinese vice premier liu he on friday. the white house says resume period medications is a priority as both country's leaders prepare to meet in san francisco this week. >> when it comes to managing the relationship, ties and communications between our two militaries are critical. the chinese have basically severed those communication links. president biden would like to reestablish them and he would look to this summit is an opportunity to try to advance the ball on that. vonnie: for more, let's bring greater china editor jenny march in san francisco at the summit on the sidelines of which these

two leaders will hold this highly anticipated meeting. we know so much groundwork work has been done to lead up to this point. what are we expecting when it comes to the prioritization of resuming military communications? jenny: so this has been one of the big priorities for the u.s. over the past year. the military ties at the high level were severed after then- house speaker nancy pelosi visited taiwan in august of 2022. since then, the u.s. has been trying to rebuild and there was a big stumbling block for both. since then, beijing has been refusing talks between the defense minister and his u.s. counterpart, lloyd austin until sections were removed. that has opened the way for potentially these talks at the highest levels between the chinese leaders to begin.

china hasn't actually announced its new defense minister yet, so there is no one that russia could speak to. they could agree in principle to resume high-level talks that we have seen lower-level talks recently, so it would make sense for them to bring this back to the table. shery: what are the main agenda items, just in general, for a fact year in san francisco? jenny: aipac in general, this is an economic forum. this is for xi to come and show this obama, 21 countries including china, that the chinese economy is a great place to invest, to project his own leadership and his ability to get china of the malaise it has found itself in this year after

that post-pandemic recovered. that will be at the top of the agenda for the chinese convincing people that china is open for business and that xi welcomes foreign representatives it will be. at a dinner this week with a bunch of ceos, we expect he will be trying to sell that message. haidi: greater china editor jenny marsh there at the summit in san francisco. that meeting between biden and xi will take place on the sidelines of the summit. the event is the product of months of careful diplomacy as both sides seek to put a floor under arrest bilateral relations -- under a worsening bilateral relationship. for more, let's bring in rebecca choong wilkins. we have been talking about deliverables and what sites will be looking for out of this. realistically, is there anything more than just objects, that

once latest -- is there anything more than just objects, that one-sided talking to the other again? rebecca: both sides need each other at this morning because of the domestic pressure that both biden and xi jinping face at home. aside from the objects in the symbolism, there are some opportunities -- aside from the optics and the symbolism, there are some opportunities. but i think there are signs that both sides are looking for ways to stabilize the relationship and walk away with something concrete. we can look for things like issues over artificial intelligence, issues over climate change, over the supply of fentanyl, for example, where both sides can walk away with some kind of agreement without making a big or significant concession in the areas of their economic statecraft and policy that matters to each side respectively. haidi: we were talking about this last week at the new economy forum in the four, but the fundamentals have changed herbicides, but perhaps more so

for china -- the fundamentals are changed from both sides, but perhaps more so for china. rebecca: there certainly is that element to it, the dynamics of the relationship have fundamentally shifted, and i think beijing very much understands the direction of travel now is one of competition. at the same time, beijing is handling these challenges at home, primarily it is the economy. if you look for example at the fdi measure which came in negative for the first time since records began 25 years ago for this quarter, you can understand why, as jenni marsh was saying previously, that for xi jinping, one of the big priorities will be convincing america and foreign businesses that china is still somewhere that is good to open up and indeed expand your investment. it is a really big challenge for china to manage on the one hand

the relationship with the u.s. and its various regulatory crackdowns that don't really seem to be potentially slowing. we had these arrests among a brokerage of industry just a few weeks ago, as well as at the same time, still trying to get its economy back on its sea legs. that very delicate balance is the thing that will be really in focus i think for xi jinping at this apac conference. haidi: bloomberg's rebecca choong wilkins there giving some context ahead of the key meeting on the sidelines of apac. of course, this will be front and center for those world leaders attending in san francisco. senior officials in the u.s. and israel has suggested talks for securing the release of hamas- held hostages are intensifying. let's get more from bruce einhorn. to cut through the latest when it comes to what progress is actually being made in securing the release of more hostages.

bruce: there were over -- about 240 hostages abducted by hamas and other groups on october 7. talks regarding the release of at least some of this hostages seem to be intensifying, according to senior officials. a lot of the action is taking place in qatar. qatar plays a special role here because of the one hand it has hosted senior hamas officials, and it also is a home of a major u.s. military base. so qatar is playing a role as an intermediary. president biden spoke over the weekend with the emir of qatar and spoke about what the white house called the urgent ongoing efforts to secure additional releases of hostages. the white house mentioned that among the hostages is that 30-year-old american citizen whose parents were killed on october 7.

president biden the national -- is a three-year-old american citizen whose parents were killed in october 7. john sullivan refer to the possible recovery of a significant number of hostages. prime minister netanyahu said that -- also said that negotiations could possibly release some hostages. one word of caution here from the israeli president isaac herzog who said that there is nothing imminent. so, still a lot of work to be done on the possible release of hostages. another question is if there are hostages released, does that mean that israel would release an equal number of palestinian prisoners held in israeli jails, or are these things still to be determined? vonnie: exactly, this was something that an said would never happen again anyway. we shall see.

what about this idea that the hospital has now become an area of contention, that apparently it has been fired upon and the u.s. has come out and said, you know, stay away from hospitals even if there is infrastructure underneath it that might be termed terrorist infrastructure? bruce: so there have been reports from the palestinian red crescent society that one of the largest hospitals in gaza city is now inactive and does not have any power. the red crescent said that due to the completion of available -- depletion of available fuel and power, hot -- the hospital had ceased operations. the u.s. said several other hospitals. , including one which israel had said is the site of hamas headquarters underneath the hospital. that is something that jake

sullivan when asked in one of the sunday talk shows over the weekend, did not deny, that that hospital is the site of hamas operations. nevertheless jake sullivan said that the bottom line is we don't want to see firefights in hospitals. one other thing that we should be keeping an eye on, yet again, the u.s. attacked a facility affiliated with iran and iranian proxies in eastern syria. there has been, over the last month or so, at least 40 attacks by iranian proxies on u.s. forces in iraq and syria. so far, there haven't been any major injuries or deaths from those. however, if there were to be deaths from that, we could see a major escalation pretty quickly.

vonnie: hoping that doesn't happen. bloomberg reported bruce einhorn, thank you so much for joining us. plenty more to come here on "daybreak: asia." ♪

haidi: take a look at shiseido. quite steep declines, in fact, hitting a 52-week low. almost they 40% decline against the kospi. the cosmetics firm seeing the impact could last into the first quarter. we have seen that impact of mainland chinese consumers staying away as a result of the release of

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haidi: dp world operations at

australia's largest ports are slowly resuming after a massive cyber attack friday forced a mass closure and created -- ahead of the holiday season. this is a company that manages almost 40% of goods coming in and out of australia. paul allen is here with the latest. are we seeing some signs of progress in terms of this being addressed? paul: the good news is that we are. dp world said there is significant progress in getting things moving again. 30,000 containers in the backlog now. they have had to employ the help of some of their competitors to get things moving again. time critical shipments, things like medical supplies being prioritized, but this happened on friday and still, here we are monday morning, working to clear that backlog. major factors as well. sydney, melbourne, near perth.

haidi: paul, who was responsible, and what might they want? have they asked for a ransom? paul: nobody has claimed responsibility yet and certainly, we don't know what they want either. there is no indication that this is ransomware. no ransom has been asked for. that said, we are waiting to get details. the police are investigating all of this. the government has weighed in as well, saying there is strong interest in finding out who is responsible, but the priority is getting things moving again. in terms of security, the police saying that they don't know what has been stolen or who might have been compromised. it says it understands that a lot of its stakeholders might be feeling concerned right now. it just underscores the vulnerability of supply chains. the longer this drags on, the more it could potentially impact supply. if things do drag on for a long time, there is the potential to see some inflationary effect as

well. haidi: that comes as a division of the chinese lender was also hit by a cyberattack last week. forcing brokers and traders to reroute those transactions. ellen lithgow is an intelligence analyst and he joins us now. great to have you with us. you know, it is both interesting and frustrating that in a lot of these cases and certainly with dp world, that we don't know who is behind this, what they want, and why this is happening. does this make it harder for companies and corporations to be able to deal with that risk when they don't know who the enemy, i guess, or the counterparty really is? >> absolutely. there are thousands of different groups carrying out these kinds of attacks at any time and unfortunately, whether we are talking about the ports were one of the largest things in the world, essentially anybody can be vulnerable to these attacks and that is the really scary

part. haidi: so what advice i guess would you be giving to these companies and businesses to be able to build more resilience to this? do you have a good idea of what sort of motivating -- what is sort of motivating the attackers? alan: these attacks are almost always financially motivated. if there is an opportunity to make money, they will go after the target. essentially, there is an opportunity to make money just about with any target that is out there. as far as advice goes, you know, a lot of it comes down to the basics. make sure you are doing good patch management. make sure you have good multifactor authentication. make sure you are doing regular fishing tests and testing against social engineering kind of attacks. it is basic but it is the kind of thing that needs to be done and needs to be done over and over again, unfortunately. haidi: what do you see as being

the geopolitical ramifications of the attack? allan: it's a really good question. if china sees this as a black eye, that could have serious repercussions within russia so we know the leaders of the group, not necessarily the people that carried out the attack, but the leaders of the group themselves, are based somewhere in russia and russia has been noncooperative with other countries who have asked for assistance in arresting and stopping these kind of attacks. it may be very different if the conversation comes from china versus the united states where they u.k. or australia. -- or the u.k. or australia. haidi: we were talking about icbc being one of the victims earlier. have the latest attacks played out in the way that you expect? so far, when it comes to the dp world one, certainly, there has been no acknowledgment of who is behind it, what they want, if

they have left any kind of messaging behind. there has been no ransom to this point. allan: right. this is the way it normally works. usually, the ransomware groups give the victims a few days to start the negotiation process before they make any kind of announcements. sometimes even up to a couple weeks. because they want to make money. if you start off by calling them out immediately, you are much less likely to get paid so they will give them a few days until they feel like there's no movement or that basically the victim needs some kind of duchess -- invictus in order -- impetus in order to pay the ransom. haidi: when you talk about the escalatory nature of cyberattacks, are you talking about the way that it is getting more sophisticated, harder to prevent for companies as well? allan: exactly.

now some of these ransomware actors have carried out hundreds if not thousands of attacks. they have a lot of experience inside of corporate networks, often more experience than many defenders have to defend against them. but also, they are going after bigger and more important targets. it would have been unheard of a few years ago for a ransomware after to go after a major bank were to go after a port, things like this that composite disruption and bring a lot of attention to the ransomware groups. but because the ransomware groups don't fear retaliation, they feel like they can go after these bigger targets and there really will not be any repercussions for them. haidi: what can governments be doing about this? it seems like there is a situation where the hackers are always one step in advance. if they are not happy, then that is the potential risk of data leaks or other parts of the

system that could still be vulnerable many weeks or perhaps even months after the attack. allan: absolutely. one of the things that many governments including the australian government is doing is being much more proactive in reaching out to organizations and letting them know when there are vulnerabilities hey, you probably need to fix this. that is a big help in helping keep people secure because the government is correlating all of this knowledge they collect from all the different attacks. the other thing they are doing is we are seeing a lot of takedowns. while maybe we cannot arrest the threat actors behind the attack, some of the things we have been able to do is seize infrastructure. governments have been able to claw back ransom payments or disrupt some of the money laundering tools that the ransomware actors share. while we cannot take the ransomware -- carry out

attacks. there are now -- the task force has been instrumental in trying to disrupt a lot of these ransomware operations where possible. haidi: great to have you with us. intelligence analyst. let's get you back to annabelle for a look at the fallout when it comes to what we are seeing. annabelle: this is a significant drop for shisedo in tokyo. the japanese cosmetics maker, it has just pulled out it's for your guidance for profit and revenue and it came out after the bell on friday. we are seeing that reaction come through this morning. shisedo importantly has cut its profit forecast so it seems operating profit of ¥35 billion, about a 42% reduction from where it was previously cell around the 200 30 million u.s. dollar

mark. it has cut its forecast by 2%. it is as you say this fallout, this backlash from chinese consumers who are pulling back from some chinese products following the release of treated radioactive water at fukushima. that starting in the last couple of months. shisedo really dropping. what is moving in the other direction is tokyo electron because here, this is a very important cog in the chipmaking industry. tokyo electric is rising given it has seen better demand coming through from chinese consumers and perhaps a little bit of stockpiling given the restrictions on exports of chipmaking each shipment to china from the u.s., japan, also netherlands, will take full effect at the start of next year. tokyo electron with some of its key suppliers. broadly, when you change on and take a look at where we are trading for the asian session so far, tech stocks are leading the advance.

we saw a big bounce in some big tech names but we are seeing mckay and kospi gaining here. aussie stocks a little bit under pressure so the broader index just a little bit range bound so far as we get into the trading session. vonnie: thank you. you can watch us live and see our past interviews on our interactive tv function, tv go. you can also dive into any of the securities or bill burck functions talk about plus become part of the conversation by sending us instant messages during our shows. that is for bloomberg subscribers only. check it all out at tv . this is bloomberg. ♪

♪ haidi: keep an eye out for shares of alibaba and jd.com when trading in hong kong starts in the next hour. the companies saw sales increases on the actual date of singles day on saturday. bloomberg intelligence warns of risks if cost hikes linger. catherine lim joins us now. explain to us the dynamics because it is very easy for these companies to give us some great numbers but actually, the whole event might have been a disappointment to their bottom line.

>> from the various e-commerce companies, alibaba included, jd.com, there's a lot of promotions going on that contributed to the numbers that we have seen so far. i have to admit that stacking everything together, alibaba did well and it actually shows that the spending that they have actually put into this year's event is paying off we are seeing the higher gmv for the company but it is the bottom line we are after and i do think this will take a hit on their margins in the near term. haidi: what are your expectations? we have got a lot of earnings this week. xiaomi, tencent, bio, and -- baidu, and another company

are next. catherine: sure. i think specifically, if we group the e-commerce companies together, they are retail or commerce and consumer related margins will likely take a hit on a year on year basis as these companies actually raise perks for merchants and consumers in the third quarter which is specifically the september quarter. there will be some perks that have been brought forward as a result of them trying to win some of these merchants so we are going to see some initial signs of, you know, how aggressive these companies are in trying to actually lure more merchants and shoppers onto their platforms and this will likely last through the end of the year. vonnie: there has been quite a lot of political pressure on corporate china in recent months in the last year or two, really. will these companies have to

show sort of better results in order to please the authorities? and if not, will the authorities do something about that? catherine: i guess what that, i would like to take a step back and maybe bring up, you know, the policy, and prosperity, something that has been articulated by the local government. i do think that the focus on the corporate's right now is how to revive the economy together as a whole and as a result of that, you might see these companies actually sacrificing their margins to actually drive some consumption and give back to consumers for that matter into 2024. haidi: i wanted to get a little deeper into alibaba. are we expecting that the margins slide could be moderated somewhat as we get more into the spinoff plans?

catherine: i think the spinoff plans will provide some support for selected units of the company. for instance, i have my eyes on the local services group as well as the international businesses whereby we should actually see losses narrowing for these businesses and as a result of that, you will see the support coming through for alibaba's overall margins as a result. haidi: catherine lim there for us. and we are really in the thick of earnings in japan as well. the major japanese lenders will be reporting the earnings this week right on the heels of the bank of japan's tweets. let's bring in gareth allan who joins us now in tokyo. let's start off with expectations across the lenders. where do you see strengths and where could we see more

vulnerability? gareth: we have three reporting this week, starting with mizuho. earnings will be pretty solid. we will be looking to see just how they are doing against full-year targets which are record targets this year for a whopping ¥1.3 trillion in net income this year so we will be looking to see the second quarter point, they will probably be under 50%. it is the interim earnings. buybacks will be a possibility this time as well so we are watching out for that. a big thing with japanese banks was last week, when they took an enormous tumble, investors started to digest with the bank of japan is doing. it was a strong expectation at one point that the tides have turned and that negative interest rates are going to be

reversed and the yields are going to come up. i think at this point, you know, if you look at what happened last week, investors are little bit more cautious about how quickly that is going to happen and the share prices have had a tumble but that could have caused opportunity. it might be the time to buy the debt for a japanese bank -- dip japanese bank stocks. vonnie: i'm not sure which side i would want to take on that one because we really don't know what will happen with met interest margins in the next three months to six months, do we? gareth: that's right, but if the bank of japan does continue in the duration it has been going and it does allow it to come up a little bit, that means more meat on the bones for japanese lenders. we have had years and years of negative and strict policies with extremely low interest rates which means there's no meat on the bone for margins. rising interest rates, if the

interest rates to keep coming about they have been, that will be a positive for banks and the medium to long-term. it will be a little bit volatile as we watch to what the boj is going to have set at the agenda for the market. haidi: other growth -- are the growth prospects starting to materialize more clearly? gareth: as we have just heard on tencent, they have just come off the singles day which on the surface of it looked pretty strong. consensus -- alibaba of course -- consensus is indicating they could have tripled net income. let's keep an eye on what the margins have done and see if they have managed to keep the bottom line up as well as their top line with those single day sales. haidi: gareth allan there in

tokyo. some of the other corporate headlines we are tracking this hour, boeing is closing in on a major auto deal for emirates for its flagship jet. they say the carrier is planning a high order of the plane. emirates is the biggest buyer of the jet in the deal could be a vital endorsement of boeing's newest and largest aircraft switch have struggled to pull in sales as it runs behind schedule. bloomberg has learned the turkish airlines is planning to order about 350 aircraft at dubai's annual air show. it would be a one up on emirates which is in the market for over 100 planes. if they do go through, the dubai air show could set a record last seen a decade ago when airlines ring in more than 100 billion dollars in commitments on a single day. more to come here on daybreak asia. this is bloomberg. ♪

haidi: other top geopolitical news we are tracking today. the risk of the u.s. government shutdown has eased things to a temporary funding plan opposed by speaker mike johnson. it leaves out deep spending cuts by ultraconservative

republicans. lawmakers will have limited time to work out their differences. the u.s. government has less than one week to go before the current temporary spending bill runs out. u.k. police have arrested dozens of far right counter protesters seeking to disrupt a pro-palestinian march in london. the event coincided with remembrance day in the u.k., marking one year since the end of world war i. it has also put the spotlight on rishi sunak's government after his home secretary called for a pro-palestinian protests to be banned. in spain, protests broke out in major cities against a government plan to grant amnesty to catalan separatists. where than 270,000 people took to the streets across 15 cities. the demonstration called for by the opposition increases the pressure on the acting for minister, pedro sanchez. he is looking for a new term in

a parliamentary vote this month and needs the help of the catalan party to secure a majority. haidi. haidi: when you take a look at the action when it comes to u.s. treasuries, of course it is a big week when it comes to u.s. cpi numbers. that will take precedence. we have fed speakers continuing to remind markets that they will not hesitate to hike rates to contain further inflation. we see treasury futures extending those declines in the early part of the asian session and they saw declines on each of the final two days of last week as well. we are seeing that sort of continuum after flattening moves in the new york session on friday. it is becoming a little bit clearer i guess that the bond market probably will not see a sustained strong rally unless we see economic surprises that are quite strong even with the fed sort of, you know, sort of cutting back its expectations when it comes to whether or not we will see rate cuts, suggesting we could see more rate hikes before the fight

against inflation is really done. we are seeing that first reaction when it comes to that credit rating news as well. so a little bit of that plus fed hawkishness playing in and dampening any potential gains that we see across treasuries. taking a look around the rest of the region, we have a couple of really big themes. not just u.s. cpi but the bank china domestic data dump will be in play as well. we have a high-level meeting taking place on the sidelines of the aipac summit in san francisco and that will be front and center. we are seeing lots of divergence when it comes to what the market things. goldman sachs and morgan stanley diverging on their fed forecast. this is bloomberg. ♪

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