>> you are watching "daybreak: asia." coming to you live from new york, sydney and hong kong. >> we are counting down to

asia's major market opens. >> australia has just come online. treasuries are extending their november rally. the value options sees dropped demand. oil is slipping a third day with oversupply signaling outweighing hopes that -- the fed plus will deepen that opec-plus will deepen production cuts this week. israel and hamas extend the cease-fire, allowing for the release of more hostages. >> we've got the open divorce stocks here. waiting for the asx 200 to show pricing here. so for looking fairly flat. the investor interest today, very much depend on what happens in the bond space. the moves on treasuries overnight, we are continuing to see that rally and this retreat coming through in yields. in terms of what that means, it has ramifications for currency. bank of america, with a new note

out, saying we can expect the dollar to retreat over the course of 2024. but amongst the currencies are going to be the big winners, they are tipping the aussie dollar to rise as much as a $.71 to the greenback over the course of next year, given as well the rba is expected to perhaps keep rates on hold, given it's been more accommodative than other central banks. let's take a look at more of what traders are thinking around the direction for the fed. hedge funds here, and sofa futures, referencing the overnight secured financing rate the spikes show that more hedge funds are starting to bet on a dovish pivot next year from the fed. this is the sort of trade that will pay off in the sort of scenario. >> perhaps especially so given the week data we are encountering these days -- weak data we are encountering these days. hi mortgage rates, weighing on the amount. the lsi manufacturing index,

coming in softer than expected. we are washing the treasury space -- watching the treasury space extend that rally. we have a strong than expected 5-year note auction we were reacting to. u.s. stocks were fluctuating throughout the session. we ended the session lower. really being weighed down by health care and industrials. at a time when the s&p 500 is very close to those overbought levels on the 14 day rsi. we had a bright spot which was retailers, they gained ground, including amazon, given that it is cyber monday here in the u.s. we are continuing to shopping season from black friday. oil at the moment, coming online. a little bit of a rebound. around the $75 a barrel level after signs of oversupply led to the wti falling for a third session in new york. we are awaiting for the opec-plus delayed meeting to happen later in the week.

let's bring and our -- in our next guest. with us now is the senior market at a list -- senior market analyst of capital.com, kyle roda. how much does it have to do with seasonality and the potential santa claus rally? >> i think it is rooted by the markets pricing in the interest rate cuts next year. maybe the momentum comesout of the market . in the very short-term, we are looking at overbought conditions in equities in the u.s.. what we are seeing now is this uplift, on the basis we've got less uncertainty been implied in the treasury market, leading to lower term premium, lower lung and rates, a dash for high-quality growth stocks,

underpinning the growth readily. -- the growth rally. some investors trying to chase outperformance going into christmas. conditions are still good into the end of the year for wall street. shery: [no audio] haidi: it is that time of year we start looking ahead to 2024. do you think markets are being overconfident when it comes to expectations from central-banks? >> there's definitely an element of that i think. to assume that somehow inflation comes down from 4% to 2% in the u.s., higher levels in other economies is a fairly bold assumption in the moment. we have 90 basis points of

rate cuts being priced and which is an optimistic scenario when you are considering, too, that would signal a looming economic slowdown in the u.s., we still have earnings expectations in the u.s., the s&p 500, 11% earnings since 2024 -- something potentially has to give there. there's probably a slightly rose assumption that might get revised going into the start of next year when it becomes clear that although inflation is are continuing to moderate, as we see weakness coming through the labor market and the broader u.s. economy, that it is a lot to expect from the fed, barring a contraction which would be in the longer term a significant headwind. that is sort of the fatal conceit. that the rally in equities will start to peter out. for the time being, we can still rest on these reasonably rose assumptions.

shocks will not come until the beginning of next year and as a result you do get that almost very typical rally at the end of the economic cycle. it simply comes to the point where the rate hiking cycle is coming to an end, everyone gets excited by the valuations boosted, and you got that final flurry and equities before we see perhaps recessionary conditions priced into the corporate fundamentals. haidi: i like what you said, fatal conceit, i wonder what the implications are when it comes to growth. we have seen this resurgence back to growth, back to tech, is that i get on the free-flowing assumptions we will see more rate cuts next year, and the pressure when it comes to rates is now over? >> yeah, without a doubt. effectively it is a function of less volatility being baked into interest rate markets. an extension of policy

uncertainty from the u.s. fed. we are still seeing some fairly rosy assumptions about the earnings outlook next year that needs to get revised bloomberg. the margins, as well, we are not seeing broad-based strength, earnings growth next year, too, there is not necessary move towards equities but equities that are high-quality in nature and are again long-term growth prospects and security of strong balance sheets. we talk about the magnificent 7. most of the magnificent 7 story this year has been expansion by virtue of very rosy optimistic assumptions about the outlook for ai, but there's also that effect that people want good quality names if they are going to be allocated in equities at the moment and considering tech is sensitive to interest rate risk and bond market volatility. functionality that diminishes a little bit. those are the names set to outperform. in the short term, we have seen the nasdaq relic will offer little bit, a bit of a dip going

into month and, -- end, i think in 2024, you need to rebalance more into equities and become slightly more overweight. equities remain high quality names that stand to benefit. shery: given the trajectory we have, we've seen pressure on the u.s. dollar we are now headed for the worst month in about a year for the greenback. is that trend going to continue into 2024? who are the winners on the other side of the break -- the trade? >> next year ends up being the low yielder, at least at the start of 2024. we are already starting to see that now with the reemergence of strength in the japanese yen and the gold price. that is a function of a weaker u.s. dollar. anything that might be intrinsic to the gold price. it's probably a similar story and equities -- in

equities spirit opposite to that oversold conditions in the greenback at the moment. it might be primed for a bounce in the short term. everyone was on the dollar trade up until recently. if you look at a good fx risk barometer in terms of the g10 space, the positioning was extra nearly short. everyone was in the dollar trade. when we have this fundamental catalyst, peak rates being priced and, -- priced in, the slow down in outperformance that the u.s. economy had experience for most of the year, that is starting to do an admission -- that is starting to diminish. we are now starting to see that part of the cycle, very short-term cycle, where positioning is starting to be unwound, people are taking profits, cutting losses where they happen to be, and that will continue to weigh on the

greenback as well. going into next year, you start talking about the dollar smile, outperforming if the global economy starts to slow down. but this is about the end of u.s. outperformance in 2023 and that should continue to weaken the dollar going into next year with a bounce in the short term because we have seen such a record move the last three or four weeks. shery: good to have you as always. coming up, fast fashion giant shein set to file confidentially for u.s. ipo. details ahead. israel and hamas agreed to extend their truce as more free hostages arrive in israel. this is bloomberg. ♪

a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud.

haidi: israel and hamas

have agreed to extend their cease fire for two more days. the halt will last until thursday morning local time. for more let's bring in michael heath for the latest. this is obviously a good development. reporter: yeah. i think the u.s. has been extorting a lot of pressure on israel to keep this going. mainly in part because the aid coming in has been so important for all the displaced people, two thirds of the gaza strip's population, 2.3 million people in the south, displaced. now you are getting u.n. and other aid agency trucks going in there. it is still only a trickle compared to what is required there. the other point also is you obviously get these hostages released. as you mentioned, israel's approved 50 hostages -- 50 prisoners to come out, which

means hostages are likely to come as well. the deal has been for every 10 hostages released, 30 prisoners will be released from israeli jails. it is good news. that will to extend until thursday. the likelihood is, judging by what's been said there, we are not looking at anything prolonged here, there may be another extension perhaps but it is not a long-term deal, this is back to war once this ends. shery:shery: for the longest time -- shery: for the longest time, politicians were calling this a pause, because they did not want us to be prolonged, as you said, and they did not want hamas to be able to rebuild their forces, where are we at in those concerns? >> the international community, everybody would like to see this develop into something more, the north of the gaza strip, gaza

city has been reduced to rubble, it's been leveled, basically. the estimate is 14,000 killed in gaza from the hamas run health minister. the skill of destruction suggests those numbers are in the ballpark there. the international desire is for something longer-term here. the feeling within israel particularly after they see the hostages released, it conjures up all the memories of that initial attack, which despite all the destruction since, was a horrific terrorist attack, and they determined they cannot live next to a territory, an enclave with the same group still in power so they are dedicated to eradicate hamas and to do that it will require war. there's been talk about ceiling up the south from -- sealing up

the south from military action. but if you leave the south untouched, that basically allows the fighters to hide among the civilians there. also as you say, the longer this goes on for, the more time hamas has to rebuild and reorganize, and israel doesn't want that, they want to get back to action and eradicating hamas. shery: michael heath, with the latest on the israel-hamas war. we are seeing wti oil futures stabilize after a third day of declines in new york. we continue to see signs of oversupply outweighing hopes that opec-plus will deepen production cuts when it meets later this week. bloomberg's su keenan's been tracking the latest developments. this meeting was already delayed from the weekend. where to the members stand, when it comes to supply cuts? reporter: we are told there is still a divide and resistance is coming from the african members, angola and nigeria.

there's a lot of pressure right now on the opec-plus cartel to boost oil prices. a number of bearish tractors. -- factors. plentiful supplies, a darkening economy and the war premium from the israel-hamas war has been fading. all of this bringing the price of wti crude down roughly 20% from its september high. the pressure is on for saudi arabia, the world's biggest exporter of oil. delegates tell bloomberg saudi arabia is proposing others in the opec-plus coalition reduce their oil output produced to shore up the global markets. in other words, it wants others to match its voluntary cuts that it's been doing along with russia thus far. we've been reporting angola and nigeria are the holdouts. the latest information is there's been some progress toward a compromise but the group has yet to clinch an agreement.

there are technical factors as well that continue to indicate oil supply is running ahead of demand. that's put the pressure on wti, the nymex trading above $75. in a volatile session, it fell below. brent crude has been under pressure. saudi arabia's cut of one billion barrels a day implemented with a 300,000 export curve from russia, currently set to continue until the end of the year, most analysts had expected moscow to extend those curves and to encourage others to join them, so that is the issue now that is causing the delay in the meeting. november 30 is when we hope to know what the story is. haidi: what analysts saying at this point? reporter: citigroup was out with a note days ago saying, brace yourselves. the opec cartel is going to have

to impose much deeper cuts. others such as commerzbank and here are the wrong -- pierre warned prices could buckle further. then you have the eurasia group saying if the group does not announce an additional cut of about one million barrels a day, double the voluntary cut we are seeing from saudi arabia, the risk is that an $80 a barrel floor that has held so far could slip down to mid or even low 70's, a risk they say saudi arabia probably does not want to take. trading in oil, bearish bets have risen to an all-time high. that is the table that's being sent --set, as we count down to this very important opec meeting. haidi: bloomberg's su keenan there. china's central bank is

pressing for lower lending rates, as xi jinping is set to visit shanghai on tuesday in a bid to boost sector sentiment. our asia bureau chief joins us now. let's start with what we are hearing from the pboc. the problem is you can't lower the cost of borrowing -- can lower the cost of borrowing, but the problem is the appetite, the confidence, the willingness to borrow. reporter: that's a good question. the pboc basically is telling banks to further cut their lending rates. the argument is that china has been in deflation for some time so the real rates, the borrowing costs for enterprises are higher than the numbers showed. that means there could be cuts down the road.

the economy has recovered a bit but china is still trying to meet its annual target of 5% this year. the pboc said they can achieve the growth target. but next year the base for . comparison will be higher. . so it will be more challenging if they want to achieve similar rates. they have not announced the goal for next year yet. but media says it will be between 4% and 5%. narrative has been negative territory in the ppi/cpi for some time. shery: confidence being the issue, we know president xi jinping is headed to shanghai and that could potentially help with the private sector sentiment. but really feasibly speaking, how much of a boost will this give when in every sector will continue to see turmoil,

the shadow banking industry for example right now seeing those problems? reporter: that is a good question. i'm not sure that we should read too much into the visit. according to the post, xi will visit the city for the first time since the lockdown last year. that could be seen as a signal the chinese government strongly supports a recovery of the private sector. because of the lockdown, many foreigners have left the city. also the lockdown disrupted china's supply chain. xi jinping, while he is here, he will probably say something to boost foreign investor confidence. that is in line with the central government stance on investment hundred -- on investment and trade of the past year.

the economy as a whole is not doing well. the property industry is in a prolonged slump. financial institutions have heavy exposure to the sector. the latest we heard from lawyers and analysts is and who have bought wealth management products could recover only may be a fraction, 25% of the original investment. let's just a guesstimate -- that's just a guesstimate. shery: our shanghai bureau chief, with the latest on the chinese economy. we will have more live from the high-level conference in hong kong later on bloomberg tv. we will be speaking with executives and policymakers. on everything from key challenges facing the global economy, as while us china -- as

well as china. this is bloomberg. ♪

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>> we know the prices are still too high for too many things. that times are still too tough for too many families. but we've made progress. but we have more work to do. let me be clear -- any corporation that has not brought their prices back down even as inflation has come down and supply chains have been rebuilt, it is time to stop the price gouging. shery: u.s. president biden on america's inflation fight. despite the high prices, we continue to see american choppers going on shopping sprees. we just had black friday.

retailers, the big gainers in today's session. that was not enough for the s&p 500 to turn green. it fell lower. health care and industrials, weighing on the index. the s&p 500, near that overbought level. not a lot of movement in the futures session right now. oil prices, rebounding after falling for a third session in new york as we head towards at opec-plus meeting later in the week coming up, fast fashion retailer shein i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic!

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>> you are watching "daybreak: asia." we are half an hour from the opens in tokyo and seoul.

for the asx 200, you can see we are looking at not so much mixed, but looking range bound in the session. similar to the wall street session. stocks, largely trading sideways. approaching overbought levels for the s&p 500. investor caution could be playing into the mix. futures, looking fairly flat. the understanding for investors is the fed is done with hiking ratess. a lot of the action, coming through the bond space. we have been discussing that retreat in yields flowing through into the asian session. the asx 200, up three quarters of a percent. one sector is seen softness -- seeing softness this morning, those energy names. taking a look at the outlook for oil prices, we've got wti trading this morning again a little bit higher as we come online, but still we are coming off for straight days of losses

-- four straight days of losses. if you take a look at hedge funds, they are positioning on oil and it is the least bullish we have seen since july of this year. net long positions for wti and brent coming down to a 21 week low. so it really is that question mark of what opec-plus will do later this week, extend the supply cuts, will the be deepens even further? shery: will continue to see that friction play out against members. also investors watching potentially big ipo news. fast fashion retailer shein has filed confidentially for an initial public offering that could happen next year. for more let's bring in bloomberg's amy allred. this is a singapore-based company. what do we know? >> we know it had mandated three banks to lead the ipo. it has filed confidentially.

so and has started the process for it. it will probably happen next year. haidi: we are also hearing read it is holding talks with potential investors -- reddit is holding talks with potential investors for an ipo next year? >> that's been in the pipeline since 2021. it's raised quite a few rounds of fundraising over the years, with the latest round in 2022, if i remember correctly. so the latest is that it is probably going to go for around $15 billion. talking about shein, we reported earlier this month that it could go for evaluation of $90 billion. shery: what does this mean in terms of first timeshare sales across the u.s.?

we are talking about reddit and shein, what indication will that give us for the broader market? >> this will be the start of a big wave of ipos to come definitely. if we look back at this year, everybody was hoping to be a big year in terms of initial public offerings. we have september with arm an instacart -- and instacart. birkenstock as well. everyone was expecting those deals would open the window but it hasn't. even with november's equity rally, we haven't seen big ipos to come. even smaller ones were faltering in the aftermarket. hopefully next year will be better. shery: will aba problem for -- shery: will it be a problem for shein? given that it is singapore-based? >> the company has a lot of other issues as well given that the cotton it is using, where it

is from, their concerns about forced labor and it is churning out, ultra fast in the way it is, selling clothing for as little as three or five dollars. people are just buying them and throwing them away. it's almost like they are disposable which is not good for the environment. haidi: the visuals are really start with this one. amy, on those high-profile ipos, shein and reddit. hon hai fence to -- hon hai plans to invest $1.6 billion for operational needs. they've been making apple products in india for several years. the firm planted double the size of its business there.

shares of irobot fell sharply after the european union's antitrust arm issued a warning against amazon's plan to take over. the proposed deal could hurt the market for the manufacturing and supply of automated vacuum cleaners. the companies could avoid a veto by addressing the commission's competition issues. alibaba has closed its quantum computing research lab in a sign that it is considering more cutbacks. the company will donate its equipment to the university. the closure will result in the loss of about 30 staff. earlier this month, alibaba killed the much anticipated spin and listing of its cloud services division. coming up, world leaders, headed to dubai for the cop 28 claimant talks, but it seems joe biden and xi jinping will not be among them. we will discuss what to expect from the meeting with the lowery

institute -- lowery institute, next. this is bloomberg. ♪

a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud.

>> of course for chinese companies, going overseas will be a trend if they want to have more market shares. but there will be a lot of uncertainties because of geopolitical tension, trade tensions, trade barriers, that will bring more uncertainty. in the past, it was driven by policy. in the future, we will be motivated by the market to go overseas. >> the bnef summit in shanghai. we are days away from the cop 28 conference in dubai, set to take stock of the progress of the paris agreement, set to limit the increase in global temperatures. our next guest joins us from shanghai. what are your expectations from this year's climate talks? >> for this year, the host

of cop 28, the uae, has an ambitious action package, including tripling [indiscernible] reaching 11 terawatts. doubling the rate of energy efficiency improvements to 4%. also looking at tackling emissions from the oil and gas sector. methane emissions by 2030. these are all great targets. we have seen some momentum for them. particularly in earlier talks, during the g20, and the most recent summit between the u.s. and china mentioned support for these targets. haidi: collaboration between the u.s. and china was crucial to achieving the paris agreement and 2015 but we just learned that president biden escaping this year's confidence. what does that absents main for the declaration of work -- mean for the collaboration of

work between the two superpowers? >> it is not surprising you are not seeing those leaders attend cop 28. the most important cops tend to be every 10 years. we are in the global stock stake process. this process is supposed to conclude toward countries hopefully setting more ambitious targets by 2025. if you may remember, countries have set contributions for 2030. by 2025, 2026, we have to see the targets for 2035. let's when you will see more involvement from the u.s. and china. shery: we have seen flops in the past, hundred 2019, copenhagen -- spain 2019, copenhagen 2009, what do you need to see to call this cop a success?

>> we need to give credit to the hosts this year. they've done a fantastic job of going out and engaging with all the relevant stakeholders to ensure we will have a calamity like what happened in copenhagen, as you mentioned. we will not see a calamity like what happened in 2009 in copenhagen. if you look at what is required, keeping the global temperature rise to within two degrees, 1.5 degrees, we are very far from that. that would require us to at least reduce emissions by 2030 by 25% relative to 2019. the goal would require reducing emissions by 43%, relative to 2019 levels, by 2030. in the best case scenario,

we are looking at emissions in 20 being 3.6% below 2019. so we are really far away from the targets we need. only three members of the g20 have set emission reduction targets at more than 43%. another five have set targets that would be aligned with that initial reduction of more than 25%. again, when it countries to set more ambitious targets -- we need countries to set more ambitious targets. it is tied to a lot of domestic political issues. the momentum doesn't seem to be there. haidi: let's get some more on those expectations when it comes to cop 28 in dubai.

melanie pill joins us, great to have you with us. the idea of how to avoid a cop flop, perhaps it is underwhelming, i wonder what your criteria would be to consider cop 28 a successful summit. >> of interest in this year's cop. the biggest one yet with 70,000 people expected over those two weeks traveling to dubai. that shows the importance and interest of not just the need for governments to go but the private sector and people from other organizations. we have heard one very important topic is going to be the global stock take, showing us we are not on track to meet any of the targets necessary to stick to the 1.5 degrees celsius warming.

we will see work on the global goal of adaptation and of course the set up of the front -- of the fund that was agreed on last year. finance will also be on the agenda again. which is really important. in order to help the most vulnerable countries and developing countries to adopt to the impacts of climate change but also transition out of fossil fuels. haidi: you talked about the vulnerability of developing nations in particular and the contrast to developed nations with vulnerability to climate change but also capacity for adaptation. he hope the framework will come to more clarity after this summit? >> the framework for the goal of adaptation is really important that it works for the

most vulnerable countries, because they are mostly affected by the impacts of climate change due to historical emissions. one of the problems is adaptation to climate change like building resilience for example through flood barriers is not an easy thing to measure. it is relatively easy to measure reduction in greenhouse gas emissions because we have one metric. that is not the case for adaptation. making it hard to measure the success and capture the global stock take. shery: what is the bare minimum unit to see from this conversations in order to deem cop 28 a success? >> i think we need to see real commitment to deep emissions cuts. we've heard before we are not on track. we need to make sure we are on track. with every .1 degrees with temperature rising, we will see

more severe impacts all over the globe, not just in developing countries, but also developed countries like australia. we have seen floods in germany, wildfires all over europe that are not usual. we really need to see deep emissions cuts peer also finding a way of setting up the loss and damage fund. that will be very important thing that needs to be progress. this will be in the spotlight, undoubtedly. shery: are you more hopeful about this upcoming summit, given the progress we've seen on the u.s.-china negotiations? >> i think what we need to really think about is what needs to be achieved and concentrate on what needs to be done. and really making sure we meet our targets,

regardless. shery: it was good having you on with us, the research fellow at the lowy institute. countries outside the group of seven need to help pa up for the losses and damagey caused by extreme weather. comments by hoekstra on the cup 20 negotiation -- cop 20 negotiations. >> the reality is, the whole climate action transition needs to have much more funding. that is one. the second thing is we need to move beyond always the usual suspects paying. this is a crisis so large,

everyone with the ability to chip in and pay has to rise to the occasion and share responsibility. >> what countries do you have in mind, india, china? there have been times they pulled back last-minute. >> again, my experience in diplomacy is it is only have helpful when you continuously single out individual countries but we need to move beyond the europeans, the g 7, the usual suspects. others need to chip in. making sure we do more mitigation, more emission in the phasing of fossil fuels. that is the only thing that's going to help us through this crisis. >> this is your first cop, a relatively new portfolio for you. when you spoke before the european parliament, you came

up with a target. going back to the numbers, 92% reduction by 2024, i wonder if that is a number that you still stand by. how do you get to that? >> i do, but we do -- >> double down on the 90%? >> what we need to do is two things here, the legislative process we have in the european union, coming up with the 20/40 target. we only have one communication over the next couple of months. the european 2030 target of 55, which we will over perform, probably 57, that is a short-term reality. the other thing that's important is we only have a couple of years left in terms of peaking emissions and making sure that their world rallies around more ambition. that is the more general message

that the whole world has to accept and get their hands around at this cop. shery: that was the -- haidi: that was the eu climate commissioner speaking to bloomberg in brussels. more to come on "daybreak: asia." this is bloomberg. ♪

haidi: take a look at

how we are trading. range bound session -- a arrangement session -- a range bound session in asia at the moment. a gain for the asx 200 to the upside. we are seeing more broadly the market looking very mixed across the board. the aussie dollar, seen as one of the biggest beneficiaries of we see these pivots for the fed going into next year. .6612 is what we are seeing, with pressure on the greenback. australia's gender gap has narrowed to the lowest in almost a decade. we are joined from cambridge --

we are joined by amy morris bridge now. >> what we do have is women and more management positions than ever before. 42% since the survey started in 2014, the employer census. the gender pay gap is still 21.7%, down by 1.1 of a percent in a 12 month period partly because more women are moving into management roles. there are a few factors that have caused the second largest annual decline since the survey began. but still the progress is very slow. women are still paid less than their male counterparts each year. shery: there's always a copy a -- a caveat recently.

the proportion of women increasing doesn't include the chief executive officer levels. how those australia stack up globally as well? >> that's right. women look at the actual pay discrepancies here, because there are so few women in the rules, they have not been brought into the survey as wages. it is almost 5 million employees that have been surveyed this time around. the biggest ever census. we are going ok internationally. the gender pay gap is slightly smaller than what the average is for oecd countries. we do have to say while there is progress, we came off a year last year where things had completely stagnated. so we are pleased to be back

on track to narrowing that gap. but it really is very slow progress. if you look at the number, it still is quite large. shery: bloomberg's amy banbridge with the latest on the pay gap in australia. we will be live from the high-level conference in hong kong later on bloomberg tv, speaking with executives and policymakers. the market opens our next. -- are next. this is bloomberg. ♪ the pulmonary embolism happened. but because i have 23andme, i was aware of that gene. that saved my life.

>> this is "daybreak: asia." after we saw declines in u.s. stocks and treasury yields,

retailers, resilient. we still have a few hours left for cyber monday as american consumers continue on their shopping spree. haidi: it seems like there is quite a bit of exuberance left to be tapped in this market, even as we saw a struggle to build momentum when it comes to top stock traders. these that's when it comes to the fed pavement or the past straight ahead to fed rate cuts is just continuing to be consolidated. >> that's right. it's been the major trading thing we've seen over the past few sessions. it also drove the move in the wall street session overnight. let's take a look at the opens for japan and south korea. a focus on the 10 year treasury at the start, continuing to retreat, closing around the 4.4% mark. fairly steady. it is that understanding coming through these bets that policymakers from the fed are done with the rate hiking cycle.

that is the state of play. we are keeping an eye on japanese stocks, the topix and nikkei continuing to trade close to that 30 year high. level to watch is 33,753. still a couple hundred points away from that in the session. we are seeing stocks a little bit higher as we come online. the japanese yen, back down. we are continuing to see yen strength coming through, related perhaps as well to the end of the month rebalancing. let's change on and take a look at the open for korea. the focus will be led by the direction of u.s. stocks. futures, fairly steady, but the korean won, trading close to that 1300 level, a key psychological level to watch. also a data point to note -- we had korea consumer confidence falling to 97.2.

it was 98.1 the prior reading. that number, telling us the pessimists are outweighing the number of optimists, coming ahead of the bank of korea rate decision. they are expected to keep the key rate study wednesday. -- steady on wednesday. for policy stocks, every -- for aussie stocks, every single sector is in the green. bonds-wise, we are continuing to see a retreat for 10 year yields, tracking what came through in the u.s. continuing to keep an eye on wti here. we are a little bit firmer. we have come off for days of straight weakness for oil prices -- four days of straight weakness for oil prices ahead of the opec plus meeting later this week. haidi: our next guest says the year of the dragon will be favorable for asian stops. with us as head of asia

pacific strategy at hsbc. we seen the year of the rabbit being pretty good for risk assets. what will be driving the gains in 2024? >> the dragons are good at making money, apparently. the zodiac is in their favor. we have seen the global macro that's been so difficult for asian equities over the last two years is a starting to move in favor of asian equities, that means lower bond yields, a slightly weaker dollar, these sort of things. that's good for asian equities. it's not as attractive to put your money in the u.s. anymore. you want to go somewhere else. across the region, the outlook for asian earnings growth is not too bad. you get something around

15% or so in those markets. so that is good. shery: how much of this will be helped by chinese growth? >> so, i think in most markets, we look at it in a traditional way. china's going to be a bit different. either you will see an area whereby sentiment remains 40, earnings will disappoint. hovering around something like 15% maybe next year, 12% or so. let's assume people are not really positive and sentiment comes down, we can see the lows of late 2022, 15% downside. on the other hand, earnings, if they do hold up, this year, they held up reasonably well so far and china, hovering around 18% at the moment, and we see the valuation for chinese equities or sentiment going back to the average of the last five

years, you can actually see easily 40% upside. you either have some downside or some substantial upside in chinese markets. that probably means we could may be up to 20% into 2024. haidi: which sectors would you be looking at particularly as use evaluations looking compelling? -- you see valuations looking compelling? i should specify, for china. >> i think one of the interesting trends in china is the rise of emptiness, people in their 40's, consumption patterns are changing. some sectors look really good. some sectors are strategically important for china. the renewables, component makers. but the sector that i think looks maybe interesting,

because it's very much geared and sensitive to the low bond yields are the internet names. we have seen them responding quite strongly to the declines in bond yields. if that were to continue over the course of the next, say, 12-18 month or so, they drive lower, that will be good for that particular center. -- particular sector. haidi: what do you see as the biggest risks going into next year, given this outlook? >> china is going through this transition, from the infrastructure to tech. infrastructure is a big junk of the economy -- chunk of the economy. growth could continue to soft and across china, economic growth here -- soften across china, economic

growth here. maybe the consumption numbers really don't come through and china -- in china. another risk is, bond yields are maybe peaking. suddenly we have indications inflation is rather sticky in the u.s.. it doesn't come down as quickly as anticipated. therefore it will be much slower and you get a reversal of the trend we have seen of the last two or three weeks or so. that would not be good. then the global macro doesn't work in favor of chinese equities but a little bit against it again. as we have seen over the last two years or so. shery: could we see a reversal in the japan trade? one of the biggest calls of 2023. a lot of optimism.

given the uncertainty with the boj next year, where do you stand on japanese equities? >> if rates go up in japan, interest rates my go up from there. there are tax benefits that were temporary for japanese savers to put money into japanese stocks. those benefits will become permanent from the first of january. that might give an incentive for people to put more money into japanese equities. but, if you look at bond yields, it's almost the opposite with china. lower bond yields, not so good for japanese equities. most are positioned already

in japan and not in china. we might see some money flow from japan into china. that will be an interesting dynamic to watch. haidi: always great to have you with us. head of asia-pacific strategy at hsbc. let's take a look at the early movers with belle. >> one of the stocks is taisho farmer, the biggest over-the-counter drug maker in china. we saw shares jump at the close. the biggest we have seen in 12 years on monday. it was the first day of the management buyout. pricing the shares at ¥8,620 a piece. a big premium, compared to now.

that would value it at a 55% premium. we to see that big jump yesterday. closing up around 18%. you can see it waiting for the start of trading. we will not see that spread until the end of the session. there is another related stock we are watching, imugene, traded in sydney, surging 32% in the session, up for a third straight day. a biotech developing company, its cancer treatment program has been granted a fast track designation by the u.s. fda, haidi. haidi: still ahead, hon hai plans to expand in india. more on that later in the hour. israel and hamas agree to extend their truce as more

hostages arrive in israel. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside - and the other goals along the way. wealth plan can help get you there. ♪ j.p. morgan wealth management.

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haidi: israel and hamas have agreed to extend a temporary cease-fire for two more days, the halt was due to end on tuesday but will last until thursday morning local time. israel has marked 50 prisoners for possible release. we know the u.s. has welcomed this and the secretary of state, antony blinken, is headed to the region again. reporter: that's right. my understanding is the u.s. has been pressing hard for this

extension. the release of the hostages has been a bright light in the seven weeks of terrible tragedy basically in that region. secretary blinken's headed to the region. his third trip since the war erupted. he was there shortly after the initial attacks, around the time of israel beginning is operation. now he is there again. he is going to call 28 -- cop 28. so he is in the region. the where to from here, the truce will last until thursday morning, perhaps they might get a day or two out of it, but the mood seems to be that israel is totally ready to get back to hostilities and hamas is fighting for its survival here because israel has made it clear that they are hell-bent on eradicating hamas.

i suspect that antony blinken is trying to make clear to the israelis that if they to resume the conflict, they will have to be a lot more careful in how they target the hamas operatives, and the campaign in general, because the figures of 14,000 civilian deaths is an extraordinary number of people, huge numbers of children in there as well. just tragic what's going on. that will be the u.s. reinforcing that. indicating that israel abide by international norms of warfare. there are a few messages to pass on to the israelis. shery: how much of a concern is there that the cease-fire could lead to the aim of eradicating hamas, a group that's been designated a terrorist group in the u.s., will actually be delayed, given they could be rebuilding their forces and reorganizing during this time? reporter: that's right, shery.

in a sense, this pause -- the question is, what is in it for hamas? obviously the west and israel get their people back. hamas has taken some severe blows in this campaign. typically israel's tried to be fairly careful because of the nature of the gaza strip. it is very easy for civilian casualties out of any strike, given it is such a compressed area. but since they have been hell-bent on removing hamas, they have said, this is the nature of war, accidents happen, that is the fallout here. the recent we've got 14,000 deaths there is israel has been fairly indiscriminate on how it is conducting it, war is a brutal thing, that's why we tried to -- try to avoid it. hamas is trying to take a breather and get itself a bit

reorganized. there is talk also that israel, during this pause, as people have moved from the north down to the south of the strip, where there's been less violence, that israel is arresting people along the way because hamas operatives are trying to move down to mingle with the population for protection. for hamas, it's very much reorganization. i'm not sure it makes a lot of difference in terms of the ability to conduct the fighting, have their weapons and their people, but suddenly on the back foot after the ferocity of the campaign against him. shery: michael he's, with the latest on the -- heath, with the latest on the israel-hamas war. elon says he is willing to help rebuild gaza. he met with prime minister benjamin netanyahu on monday. musk also visited the region where hamas carried out its surprise attack last october 7. must is currently under fire for amplifying antisemitic content on his social media platforms,

x. meanwhile israel's communication minister says talks are ongoing for a deal with starlink. musk proposed providing internet services to gaza last month. >> it must be neutralized. the propaganda must stop. that is training people to be murderers in the future. and in making gaza prosperous. if that happens, i think it will be a good future. >> hope you will be involved in it. >> i would like to help. haidi: in the meantime, china's central bank is pledging to lower the real lending rate amid deflation concerns, as xi jinping is reportedly set to visit shanghai on tuesday to boost private sector sentiment. our shanghai bureau chief

joins us now. let's start off with what the pboc's messaging is. increasingly through various ways, they have turned the lending tabs and made the flow of credit and the availability of lending easier and cheaper. is the confidence and the demand there, though? >> that's from the pboc's third-quarter monetary report. as you mentioned, the pboc is basically saying there's room for further cuts in lending rates. because deflation -- the real interest rates are higher than the official rate shows. there is more room for banks to share profits with the corporate sector, the real economy. that's what the pboc has been advocating the past few weeks. there has been expectation that they will further cut lending

rate policy around the end of this year. because the economy is, you know, it needs more stimulus to reach its growth target. the target is 5%, the pboc set it will have no problem -- said it will have no problem meeting the target. it will be harder because of the comparison based. shery: we've been focusing on the property slump in china dragging the broader economy. we are starting to see cracks in other sectors as well linked to the property sector. what's happening in the shadow banking industry right now? >> the latest focus is on the trust company, zhongzhi, it said it would have problems meeting is financial obligations.

it faces a liquidity hole of 30 billion u.s. dollars. yesterday, based on what we heard from economists, lawyers and analysts, investors would only be able to recover a fraction of their original investment based on previous similar cases. some estimate people would be able to get only 25% of their money back. i think this is just everybody's guess. you don't know the real situation unless you have a clear audit of the companies' balance sheets. it is based on previous cases, the recovery ratio is usually pretty low. it is not surprising because trust companies like zhongzhi have exposure to the real estate sector. when everyone was retreating

from the sector, they stepped up lending. they even bought some projects from evergrande. so it is facing a lot of potential losses as a result. haidi: bloomberg's shanghai bureau chief there. we have much more to come here on "daybreak: asia." this is bloomberg. ♪

hey, doc, if you had to choose, would you give yourself a root canal or run payroll? oh, run payroll. paying my team with gusto takes just a few clicks. they automatically file my taxes for me too. can i run payroll too? choose payroll without the pain. shery: their european union's climate chief says countries outside the group of seven need to help pay up for the losses and damage caused by extreme weather. these comments highlight what is said to be a major concern for china and saudi arabia during the cop 28 discussions. >> there are two things that are very important. one is making sure the world shows there is a commitment not only in words but also in deeds. that the whole climate action transition needs to have much more funding, private and public. that is one.

. the second thing is we also need to move beyond always the usual suspects paying. this really is a crisis so large that everyone with the ability to chip in and to pay has to rest of the occasion and share responsibly. >> that means -- what countries do we have in mind? india, china? there have been times that they pulled back last-minute. it's been disappointing. >> again, my experience in diplomacy as it is only have helpful when you continuously single out individual countries, but we need to move beyond just the europeans, the g7, the usual suspects, as i said. others need to chip in and in terms of responsibility and that is true in the case of providing in the endeavor with money and also true in terms of making sure that we do more mitigation, more emission, phasing out fossil fuels. scientists tell us that is the only thing that is going to help us through this crisis. >> this is your first cop,

a relatively new portfolio for you, but you made an addition to get this job, and when you spoke to the european parliament and other authorities you came up with a target, going back to the numbers behind this, a 90% reduction in emissions by 2040. i wonder of that is a number you still stand by. how do you get to that? >> i do, but we do have -- >> you double down on the 90%? >> but what we do need to do is a separate two things here, one is the legislative process that we have in the european union, saying we need to come up with a 2040 target. we only have first munication in the first couple of months. aim for as much as possible in terms of ambition. however the 2030 target of 55, which we will over perform on, probably towards 57, that is a short-term reality. the other thing that is extremely important is actually we only have a couple of years left in terms of peaking

emissions and making sure the world rallies around more ambition. that is the more general message that the whole world has to accept and get their hands around at this cop. >> final question, there is also an application for business, to get to the number, do you force the scenario where you see carbon removals will have to be included in the recipe that texas to that number -- takes us to that number in 2040? >> scientists say we need to step up our ambition to 2040 but they are also saying that removals are simply part of the equation, and will continue to be part of the equation also even after 2050. when talking about business, it is of pivotal importance to do two things in the eu, one is to continue with the transition but also make sure businesses can see through it and feel sufficiently helped to prosper within. >> which many don't. >> if that were the case,

we do need to change that, because it doesn't make sense for companies to leave our union and then have the problems to let the table for the planet but having people lose their jobs. the other thing that is important also in the trajectory towards 2040, all business leaders i talk to say, give us predictability, show us what the trajectory will be so that we can plan for that, rather than change often along the

haidi: we are getting retail sales for australia just costing -- crossing the bloomberg. this is the reading we are

seeing when it comes to october is numbers. we are seeing a fall of .2%. expectations were a modest gain of .1%. following a stronger number in september. we have yet to see the numbers from this month which will be critical with black friday and cyber monday and the holiday season. we also expect the october cpi report likely does show a mirror of these retail numbers. we see a pullback of fuel prices as being a feeder into that so more on energy prices. the rba wants to see the price of inflation declining further before declaring an end to the tightening cycle after the last rate hike we saw come through.

retail sales softer than expectation. we have more on the softness across markets from annabelle droulers. >> if you were to look at trading, it tells you that investors continue to sit on the sidelines. not a lot of catalysts to drive stocks especially with the u.s. benchmark looking like it is in overbought territory. investors pushing prices ever higher. in today's session, fairly quiet. in the bond space, we have the 10 year treasury overnight closing at 4.4%. and a retreat and yields mirroring wall street. othrwise there is a story of dollar softness. the japanese yen up around .4%.

stocks wise, mostly green but it is a low conviction trading session. not seeing too much movement. it is the more rate sensitive sectors seeing gains. shery: one stock we will be watching in taiwan is a cell phone maker planning to expand its footprint in india with an investment for a construction -- for construction projects. is this another sign of apple diversifying away from china through its taiwanese suppliers? >> this has been going on for a while, the diversification building up an ecosystem of suppliers and factories outside of china. but with the u.s.-china

geopolitical tensions, customers like apple and others are demanding there be a supply chain -- supply chains outside to prevent not being able to ship things. it is unclear what the new investment is for. the company would not say where exactly the money will go and what the products will be it is -- will be. it is likely to be for more apple supply but it is not clear. they are also talking about more of the tv business -- ev business and building chips. haidi: it takes $10 billion in revenue from india.

is this a bid in confidence? >> i mean, with the diversification of apple suppliers outside of china, bloomberg did a deep dive into the data to see from 2012 to 202 2 how things have changed. india and vietnam are the two areas that have gotten the biggest boost in terms of the number of apple suppliers. this investment you could say are in line with the trends we have seen and no doubt they will continue. haidi: our asia technology reporter with the details. look at some of the other tech stories. alibaba has closed its quantum computing lab. the company will donate its equipment to jonestown university a source told

bloomberg. the closure will result in the loss of about 30 staff. it killed a much anticipated spinoff of its cloud services division. as we just spoke about, big news for hon hai expanding its footprint in india. an investment in construction projects. saying the money is for operational needs. it is also known as foxconn in it is been making apple products in india for several years. in september represented said the company plans to double the size of its business there. shares of irobot --. the companies could avoid a veto by addressing the

commissions competition issues. let's turn to the energy sector. shery: stabilizing after a third day of decline in new york. the retreat coming as we see growing signs of oversupply. there are hopes that opec-plus will deepen production cuts when it meets later this week. su keenan has the latest. we have seen signs of friction at opec-plus. meeting was originally scheduled for the weekend here >> we are still getting indications that the african members are in resistance to the deeper cuts that saudi arabia is proposing. and this is just one more bearish factor on the oil market. the markets don't like this uncertainty. looking at the bloomberg, it outlines a number of bearish structures already in existence. plentiful supplies and a darkening economy and a war premium from the israel-hamas war fading.

oil, west texas intermediate or brent, down about a fifth since late september. it is adding pressure to saudi arabia, the largest exporter of oil in the world. ella gets tell us the saudi's asking others in the coalition to reduce their oil product -- oil production. angola and nigeria are against this. the latest information from delegates is that there had been some progress towards a compromise but the group has yet to clinch a deal and we are days away from the november 30 meeting. looking at the latest movements in the oil market. brent falling below 80. bearish bets on brent oil at a record. you are looking at a little bit of an uptick in west texas intermediate and we are seeing some disruption to oil shipments in the black sea area due to a big storm there.

the sentiment mainly has been bearish. saudi arabia has voluntary production cuts implemented together with a cut from russia of about 300,000 barrels per day in exports. this was expected to be set until the end of the day but most analysts are telling us that riyadh and moscow are extending the curbs into 2024 and i we are told there is difficulty to get other members to join them when it comes to 2024. haidi: what are the analysts saying? >> but it doesn't look good to have this kind of market division. jp morgan and chase saying opec-plus is likely to extend the cuts and make them deeper but you have commerzbank and others, a widely followed hedge fund managers saying that cuts are not extended so prices might buckle even further. you are looking at bearish bets

for oil. supply production across the alliance would impact the oil bulls these are hard to orchestrate. from the eurasia group, they are saying that if opec-plus does not announce an additional cut of about one million barrels per day on top of the voluntary cuts from the saudi's, the risk is the $80 a barrel mainly in brent could extend lowered to the mid-70's and even low 70's. and that is a risk they say that saudi's don't want to take. but it will all come down to in the view of the eurasian analyst is the willingness of saudi arabia to take on the lions share of the cuts once again. the uncertainty is what is causing the added element of volatility in an already bearish market. the technicals particularly for brent crude all signaling and oversupply in -- and a very

bearish short-term direction. shery: su keenan what the latest on declining oil prices which is really helping travelers in the u.s. seeing the cheapest gas prices since 2020 or even those flying with more than 2.9 million people who traveled through security checkpoints on sunday. it was the busiest day ever for u.s. air travel according to the transportation security division. and the estimate from the tsa is a record 30 million travelers took to the skies from november 17 through november 28. take a look at how u.s. futures are trading. we have seen a muted reaction in the after our session given that we have seen u.s. stocks fluctuating through most of the day on wall street. led lower by health and

industrials. s&p 500 during the overbought level. retailers performing -- still cyber monday and we know that black friday led to a huge shopping spree by american consumers. the russell 2000 futures pointing slightly higher as we had some gains in small caps this last week. focused on treasuries. we continue to see yields falling with the 10 year yield below 4.4% really to do with not only the five-year note auction that saw strong demand but also what is going to happen with fed rates. you sure to tune into bloomberg radio to hear more from today's big newsmakers and get the analysis from the daybreak team broadcasting live from our studio in hong kong. listen to the radio app or bloombergradio.com.

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haidi: the lloyd's latest survey has found cfos across the asia-pacific region have to do more work. 71% surveyed saw a broadening of

their responsibilities. more than half of them viewed the global economic slowdown or recession as a top operational risk. geopolitical issues are also a major concern. let's get more on that survey from pradeep philip. great to have you with us. tell us about the biggest risks that survey members are seeing for the next year. pradeep: not surprisingly, they are seeing a lot of the short-term issues around a global economic slowdown. their own domestic economy slowing down and the possibility of recession. these are top of mind for cfos. what is also surprising is they -- if you look over the horizon, they view over the horizon with a sense of optimism. yearly a third of the cfos surveyed were optimistic over the horizon.

short-term concerns, some structural concerns worry them like geopolitics, climate change and technological disruption. but over the medium to long-term around a third of them are more optimistic and in some parts of our region, they are very optimistic. it is a balance of concern and optimism which is the interesting story out of the survey. haidi: when it comes to specific geographies of concern like the china slowdown? pradeep: look, we all know that when china slows down it has a big impact on the global economy. and clearly the global economy has been slowing. the economic environment has become more complex. we have moved, deflationary environment to an inflationary one. we have seen record lows

reasonably high levels in a short period of time. and we have seen economies like china undergoing structural issues. these things are weighing on the minds of cfos because they are starting to see this play out in the demand for goods and services for their products. and when you put that alongside structural things like climate change and technology, there is a lot on the minds of cfos. the optimism though comes from the fact that the majority of them now see transformation as a key part of their roles. and what is transformation about? it is about growing into something new, it is rebuilding, investing and creating new products and services for their customers. these are good signs for the global economy and our region. haidi: how is the labor market

working out when it comes to the hunt for talent? pradeep: not surprisingly you will find that in different parts of our region, also consistent across them, the hunt for good talent is a big issue. we know there are demographic changes taking place and as things like that -- like technology gallops ahead of us, having the right skills is becoming more important and we see this across our region. but in some economies it is more acute than others. and it is not just about new skills and talent that also about retention. one of the things coming out of our survey is that cfos are adopting a number of different strategies from on-the-job training to mentoring to getting their workers to get new skills and qualifications. this is a time for cfos to be experimenting with one of the important ingredients for growth and that is the workforce.

talent and retention are issues across our region. haidi: pradeep philip, partner of deloitte access econometrics. we will be live from the hong kong conference later speaking with executives and policymakers including the jp morgan impact ceo, the bsf manager talking about key challenges facing the global economy. this is bloomberg. ♪

haidi: you are watching "daybreak: asia." china's real estate market under pressure and on full display in court in hong kong. a judge has earned a reputation of holding distressed companies to account. she is known of giving creditors a fair shot at recouping as much of their money as possible from

companies like evergrande. for more on this big take, our reporter answers who is the judge and why is she so important? >> she is a major judge of -- in charge of major bankruptcy cases in hong kong. our cases involving china evergrande as well as logan. those are the main one struggling, the main developers struggling. haidi: will she allow hong kong to liquidate developers like evergrande? >> this is a million-dollar question. for example, in may 1 of them -- in may, one of them should have

taken over the company but so far we have little clue of how this is going. we will see for china evergrande, that will be the test. e will see if this kind of case will give hope to the offshore creditors. shery: how much recognition is there of hong kong insolvency proceedings in the mainland? >> in theory, a successful restructuring would give a better recovery value for creditors. if a company -- it means the owner and company would be changed and the liquidator would be the new director. in theory for a company it would be a successful restructuring that would be better for them

and offshore creditors would get a better recovery value. but so far we still need time to see how a successful one would look like. haidi: thank you. take a look at markets. not seeing a lot of conviction across the market and volumes tell that story. treading water. reflective of the struggle to get equity gains on the previous session of wall street as well. looking across asia. about a half an hour from the start of trading on the mainland and hong kong. treasuries holding onto gains. some softness when it comes to trading in japanese equities. there is speculation of profit-taking. benchmarks across the region saw a gain when it comes to the early part of the session. the nikkei 225 down .2%.

the vet more broadly across the market is that the fed is done with rate hikes. we see some gains when it comes to korean markets and also here in sydney. shery: not getting clarity from u.s. markets because we have futures not doing much at the moment. we saw u.s. stocks fluctuating through the session. we ended lower with health care and industrials leading declines. the s&p 500 is near the overbought level. retailers surprising to the upside given we still have a few hours left on cyber monday. we are watching treasuries given the 10 year yield has dropped below 4.4%. in taiwan we will be watching an iphone manufacturer planning a

one point $6 billion india expansion and we will also be watching the offshore you want. it -- offshore yuan. it was a laggard in the session. despite broad dollar weakness. and plenty of data coming out of china this week including pmi numbers. that is at from "daybreak: asia ." market coverage continues as we look ahead to trade in gen z -- . this is bloomberg. ♪

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>> here we go. good morning from hong kong. welcome to "bloomberg markets: china open." >>