haidi: welcome to daybreak australia, we are cutting down to australia's major market open. >> our top stories this hour. the grounding of boeing 737 max nines goes global as the midflight blowout on a brand-new alaska airlines jet was the company's comeback plan in jeopardy. haidi: traders are digesting a pickup in a stock's growth, which gains looking for clues for when the event may start cutting rates. >> a scoop, u.s. intelligence revealing widespread corruption is behind president xi jinping's purge of china's military. of asian equities are setting up for yet another trading week, you see behind me, fairly subdued range kick off as what is driving that, the session and the wall street on friday, closing out what has been the worst week we have been seen for equities since late october. that does not mean we are bracing or looking at more challenging -- at a more

challenging year ahead. we were discussing that, japan, a public holiday, no trading for equities. the japanese yen holding close to the 145 marks. . what is prime currency and stock is the data that we have, ico and the front seat, on friday it was the story of the u.s. jobs report, take a look at how bonds are reacting because we saw yields moving higher across the curve and treasuries, again, that is the picture you are getting through this morning. the jobs report, a strong headline, underneath it it is the crocks that are starting to form, what is next to watch as the u.s. inflation print on thursday. signs of price pressure easing and as we know, something the fed really wants to see. let us change to a story because

airlines have begun grounding boeing 737 max nine's after a section of a fuselage on a brand-new election airline -- alaska airlines had a blowout. this was part of a 2024 comeback plan and it is now in question. danny, talk us through, so for how we are saying airlines regulate -- seeing airline regulators reacting to this? >> passengers and crews on the flight, alaska airlines are the second-biggest operators of the 737 jets. they have granted all of those aircraft and followed by united airlines, the biggest operator of the types. you have also had other airlines follow suit such as aeromexico and panama's airlines which have

granted much of their aircraft. to airlines wait for the faa and the u.s. to direct the fed for their guidance into what kind of checks they should be doing. that is up to the faa's standard. looking at what potential remedial fixes, if any that they should be doing before they put the plane back into service. that brings us onto the regulators as well, the faa took swift action and grounded the aircraft and in fact, the last couple of hours they have put up a new statement saying that they will not approve the return to service until they are satisfied that the airplane is safe. when you look at the regulatory reactions the faa is the gold standard, there are regulators around the world to have the u.k. and the european regulators which accepted what the faa said but for them, they do not have

airlines affected in their region. india coming out to say that they would make checks even though they do not have any operating. china, also reported having an emergency meeting on saturday to deliberate what they would do so far, there has been no reaction from china. they do not have any airlines involved. haidi: this is devastating when it comes to the comeback plan for them. we expect the recovery this time to be hotter given that they are reeling from the fact that those two deadly crashes almost five years ago? >> this for boeing does have a huge reputational implication at this stage. it is hard to know what the financial impact could be for something like boeing as investigators which have only started their probe in the last

several hours, in fact, to determine what happened, for boeing, reputational impact is clear and especially beyond these fatal crashes and the global grounding. it is in fact, the constant quality control issues that boeing has actually suffered in conjunction with its suppliers, over the past several months that we have seen and what is actually put boeing's kind of ambitions of its delivery target in 2023 at risk, initially, for the airlines in particular, the impact financially that could grow as we do not know yet when this plane will come back into service. there are many questions here for the airlines as they wait on the ntsb to carry on with their investigation which will take several months and for the investigators we have the u.s.,

the national transportation board of safety, they have described this as unfortunate. this was more of a tragedy. they are looking at it specifically, the faa's oversight of boeing and the plane making that boeing has been doing us all to see if there are issues and processes -- in processes. >> the investigations are in the early hours, what are the next steps for that? >> for the ntsb they are looking to gather as much information into what has happened and even in fact, looking at their manufacturing processes and the only thing else that they can think of -- or anything else that would give a conclusion of what happened here. one of the key pieces of information is the fact that the door, in relation to the plane which actually blew out, akin to

the public, to help find where the story is and help get some closure as the ntsb pointed out the other door on the other side of the plane is still intact. they're looking at that to see if there are any issues there. we should be hearing from the ntsb in the next couple of hours for the latest press conference. haidi: that is danny in hong kong with our top story on boeing. let us get to another story we are following closely, a bloomberg exclusive on china. u.s. intelligence indicates president xi jinping's sweeping military purchase come after widespread corruption undermining his efforts to modernize china's armed forces. corruption throughout china's defensive industrial base is so extensive that he is less likely to consider major military action in the coming years. this is swept up over a dove and defense officials over the past six months. a it of conflict with china is one of the key issues in taiwan

-- the threat of a conflict with china is one of the key issues in taiwan. the high-stakes vote, and on monday, of course, all of the coverage of those results. sec. of state antony blinken has warned that the israel-hamas war could spill over into a regional conflict. this comes as blinken traveled across the middle east in an attempt to calm tensions and errs israel to do more to protect civilians in gaza. but a spring in vonnie quinn, this is the fourth time that -- let us bring in vonnie quinn, this is the fourth time that antony blinken has returned since the attack. he said that things will be -- these will be difficult conversations. what is he hoping to achieve? >> it is difficult to know, what he would love to have happen is it would be, and he would bring words of calm to all of these countries. it is his fourth extended port and he has talked to qatar, this

is followed by israel, the west bank, and egypt and he had already been to jordan, turkey, and greece. desperately trying to form allied ships in the region and get everybody on the same page. in a news conference he issued some stark warnings and he said this is a moment of profound tension in the region, a conflict that could easily metastasize, causing even more insecurity and even more suffering. there is many sides in this conflict and not is on the same page. practically several pages, actually. the prime minister gave a separate news conference on the same day in which he calls for a broader cease-fire that would end the violence. that would echo the message of other arab leaders and certainly not what israel and the united states believe, know israel or the united states are looking for either, they are rejecting that option saying that it would allow hamas to perhaps launch

renewed attacks like the one that we saw on october 7th. tensions are simmering in other parts of the country and the region as well, we know how long southern border of lebanon, hezbollah is retaliating essentially for what were strikes that killed a senior hamas leader in beirut. hezbollah is suggesting that it does not want to go to war about these drone attacks are irking israel and we heard that the israel military said that hezbollah's drones had struck an air control base and these continue and they always have the potential to become a wider consecration in the region. that is why blinken is taking all of these messages so seriously. >> you mentioned as those tensions are simmering on the mid east, really and prepare that is what is going on in the red sea as well. what options by the u.s. and its allies have for dealing with

those militants? >> that is difficult. there is no easy question in this war. the disruption that the militants have caused is widespread, more than 100 drones, 15 maritime vessels, targeted by these rebels and they vowed to continue on and as we know, they are being supported by iran. the u.s. and its allies have different options. they have said they have warned that they will do something if the militants do not stop and the militants said they will not stop come up with the u.s. would like to have happen is that diplomacy would work and we know that president biden's envoy for yemen is traveling to the middle east to join antony blinken next week. it would be in the best interest of everybody if he could defuse the situation u.s. has to go ahead with getting some kind of consensus on baby targeting strikes and maybe something more major -- census on more targeted

strikes and maybe something more major. the designated the militants as terrorists. it is hard to say if that would work. there is the potential for expanding the escorting service, the operation prosperity guardian. that is difficult for the shipping companies because they have to organize logistically to get into convoys. at any one time, there tends to be on 250 ships traversing this seaway -- there tends to be around 250 ships traversing this seaway. the final solution could be appeasement in which case the u.s. and allies would offer financial rewards for stopping this conflict and stopping this from escalating. would that work? the one would have to go in and make sure that whatever terms were agreed to -- the u.n. would have to go in and make sure that whatever terms were agreed to work. >> that was vonnie quinn come up

next, we will preview the week ahead for markets with optimal capital advisors francis stacy, they see potential for the upward momentum to continue. this is bloomberg. ♪

haidi: let us take a look at the week ahead, u.s. headline inflation data for december on thursday.

most economists are expecting the number to edge up after consumer prices picked up in november on increases of housing and other service sector costs. we are watching cpi prints out of china and india. watch for the first central-bank decision, the bank of korea holding its right decision, bloomberg economics expecting the central bank to keep its hawkish hold amid concerns about private sector debt posing a risk to stability. trade figures from australia and china, industrial production also expected out of india. >> voters in taiwan will choose their next president and lawmakers and an election that will shape the american landscape for years to come. this is watching the election results very closely for signs it could trigger instability in the taiwan strait. we will be on earnings watch

from major companies in asia such as samsung, possibly said to benefit from a high chip demand. other firms report include hcl tech. let's get more on the direction for markets and bring in our next guest, francis stacy, director of strategy at optimal capital, thank you for joining us. we have a couple of things we are watching for, earnings, u.s. inflation print, what is the most important for markets you think this week in the u.s.? >> with earnings it will be anything that is a surprise. we are expecting a slowdown in growth. i continue to in growth from how high -- and continue in slowdown from growth. any kind of massive surprises will be repriced i think. also, cpi on tuesday, do we get

a slightly celebration? how long is the slight the acceleration? -- how long is the slight re- acceleration? the fed funds futures, expecting cuts and jerome powell, what he said as far as cuts go. those are the news items i think are big for this week. >> get more the fed outlook in a moment with inflation. in terms of earnings do you think the estimates that are appropriate? they are a bit more bearish on the outlook for the numbers. >> the thing is that we have had resilient demand. i do not know at what point the resilient demand falls off because i think the anomaly of the post-covid economy is the exacerbated wealth gap of the bifurcated economy, 60% of the u.s. living paycheck-to-paycheck and putting things on increasingly honest credit cards -- increasingly onerous credit

cards. the spending is just fine. we have had this resilient demand and i think that that is in a departure from that needed to the downside is going to cause a repricing but other than that, i do think we expect growth to continually grow somewhat tepidly given the fact that we have lighting effects of tightening from the monetary policy perspective still coming despite the fact we have a new fiscal package approved an hour ago or something. >> if you do have the like defective tightening that is yet to take place, would you expect to see the fed cutting rates? >> i did not know they will cut largely, the only reason they would cut -- i do not think they will cut in march, the only reason they would put a mark is to change their narrative a little bit to a doublet tilt. it has lucid financial condition somewhat, markets are trying to anticipate what everybody is

going to do. unless there is some catalyst, i do not think he will move lower yet in march. i am not really sure, he will remain data dependent. he will have to have a catalyst to really start cutting rates and until we see that credit catalyst we have not seen it yet, quintessentially, in the business cycle you see growth and inflation decelerate at the same time. you have for tightening and that hits liquidity threshold that then sparks an easing. you have the last time they tightened, his selloff christmas eve. into 2018. they have to reverse all of that and we have not seen that catalyst yet. because we have not seen that catalyst when you have liquidity from fiscal spending and a lot of private credit that is being serviced, markets are resilient. haidi: what could be the catalyst? at the end of last year we were saying indicators that inflation

would be resurgent over the course of this year. is that something you are seeing as well? >> if inflation was meaningfully research it, i think it will have an uptick -- resurgent, i think it would have an uptick. we saw the jobs report. the equivalent is a third of the cpi, it will have some stickiness to it. gasoline prices move back up again. it is how much. if it bounces up a little bit, it still looks like it is in an overall declining trend or decelerating trend. i do not think the fed will have a hugely whipsawed reaction to it. if it goes up tremendously, that will get violently repriced into we are not going to see cuts this year. the fed could get more aggressive going forward. any time the event increases the tightening we have the potential lighting effects from the tightening the has already occurred. any time the event increases

tightening whether they are raising rates or they are reducing the balance sheet, that does increase credit risks somewhat because you are lowering liquidity against the backdrop of records of leverage in the system. >> francis, director of strategy and optimal capital advisors. we have a packed lineup of guests from the greater china conference in shanghai which is the first in person event since the pandemic. we will hear from speakers including the china country had, stay tuned for those conversations, the times are listed on your screen. this is bloomberg. ♪

>> good evening to the alaska

air incident over the weekend, we know that if he's a large section on a new alaska airlines jetblue out, you seeing those scenes as safety masks drop down following the event. the faa has grounded 171 planes in the u.s. and alaska airlines is one of the major users of the 737 max nine, it has canceled 170 flights amid this incident, alaska airlines as well is saying that it expects additional significant cancellations to come, a lot of concern around this, it does represent a setback to boeing's comeback plan in 2024 but investigations which are only in the early hours here, likely to zero in on issues in the manufacturing process rather than a design flaw. haidi: the latest in a series of issues with this aircraft. they will monitor the top

story. chinese toxic asset manager says it has resolved to step up obligations the repayment. the company had been warned it was unable to pay debts around $40 million. the company's announcement comes after the bank file for bankruptcy on friday. the wall street journal says elon musk's drug use is worrying executives. they journal citing witnesses saying that elon musk has used lsd, cocaine, ecstasy, and psychedelic mushrooms often are private parties. elon musk said he had a prescription to use ketamine as an antidepressant. an ev maker has signed an agreement with andy to invest as much as $2 billion. the agreement paves the way for the company to set up an integrated ev facility with construction targets to start this year. the factory could have a

capacity of up to 100 and 50,000 -- 150,000 units. japanese markets closed for a coming-of-age holiday. liquidity is ahead of a week that brings the bank of korea rate decision along with key inflation rates out of japan, the u.s., and here in australia as well. not to mention china. a lot more to come. this is bloomberg. ♪

>> the jobs report was absolutely hotter across-the-board. >> it's a solid report. >> labor market is still quite strong. >> we are concerned about what

this means for the fed. >> reinforces the notion that the fed will not be in a rush to cut rates. >> taking back rate cuts as a relatively easy call. >> their initial interpretation is that likely means that the fed doesn't actually cut rates, but i think that is a premature conclusion. >> i am still expecting 50 basis point cut in march. >> isn't going to happen in march, i don't think so. >> i think the fed will be waiting a while before it starts cutting rates. >> i think they will start cutting in may, june. >> you are looking at the backend of the year for that. ♪ haidi: bloomberg tv's guests weighing in on the implications of the latest jobs data. joining us is chief at robertson stephens. we get one key reading anuge ofn excluding food and fuel is afflicted to show further progress. is this incrementally positive for the narrative that if the markets are well head-on?

jeanette: you have stated it right there, market already think a bit ahead of themselves on the story with regards to the fed, but it certainly is incrementally positive for them. and largely, i don't know if i want to say different than the string of comments you have played through was kind of the waterfront, but the economy looks good, the jobs report was a good jobs report. the wage growth with a little bit harder than expected. but the fed has said on the long, jay powell emphasized in the last press conference that they don't really see any threat to the inflation track that they are looking at. coming from labor costs. they are not too worried about that. it will be interesting to see what the earnings reports show that companies are doing to

manage the labor costs and get productivity out so as to mitigate those cost increases. but i don't see any change in the narrative from a couple of weeks ago. but the narrative was not, in my view, what the market took it to be. i just don't think that rate cuts are going to be on the near-term agenda for the fed. and why would it, given there are no problems in the economy right now? haidi: do you think it is steady as she goes, or more cautious as she goes when it comes to the balance sheet? rory logan summit cautious, it should happen very slowly -- sounded very cautious, saying it should happen very slowly, or we run the risk of conditions to do your reading so rapidly that they need to potentially then put through another rate hike because of the reversal in what we are seeing. jeannette: that's absolutely what the fed wants to avoid. that is why we will be -- they

will be cautious in what they are doing here. we tend to forget that quantitative tightening continues. monetary policy here is still a modestly restrictive irrespective of what happens with inflation. and there is almost certainly going to be more response in the economy to the interest rate hikes that we have seen over the last year. so they are going to watch. one of their continued concerns would be commercial real estate, which has been a quiet problem thus far, but it is a problem, and those problems can shop on bank balance sheets so you know that is very much on their mind. at the same time, they will say if we have to move to something there, that is great, but in the meantime, we are going to err on the side of caution about

inflation. we don't want to lower and then raise and then lower and then raise, that is absolutely awful monetary policy. haidi: at the very least, it seems, at least at the top level, congressional leaders have eased the shutdown risk. is that something you are watching, is that cooking the can down the road as we know these situations tend to be alleviated? jeannette: yeah, well, that is absolutely kicking the can down the road. it would probably take it as it stands, if it can today to enfold that way i can -- and we can avoid even a partial government shutdown. u.s. economy right now, in my view, is running at about 2% growth, which begins to mean that if you have something extraordinary happened, you go to 0.5 very quickly. it doesn't take much. it's very different than in the third quarter and economy running by 5% which is not sustainable, but it give you

room to have mystics do not have them show up in those numbers. so i think that things that can keep the waters fairly calm are all good, even if some of it is just kicking the problem down the way. haidi: how do you feel about the consumer right now? you've talked about the fact that it's up to income and other sleeve that relies on the employment picture not deteriorating too quickly. jeannette: on income and actually in the united states, what we have always found is that when labor markets are tight, when the exhibition is that one can get a job relatively easily and the unemployment rate is low, people do sort of lend their net worth position influencer spending. for the vast majority of the american population, that network is determined by the --

they are on. that has been very stable and in some cases, started to go up. so their net worth position is perceived as being very good and that is supporting consumer spending. there is very little indication that the consumer is going back in a big way. haidi: in that sense, what do you see as being a driver of a significant, i guess, repricing in what market expectations are now? jeannette: a repricing of the market itself? haidi: mm. jeannette: the biggest issue is this view that is out there that there is going to be, as i heard one person say, a 50 basis point rate cut in march. no. i think that is what we saw last week, was people beginning to think through this and say,

wait, let's pull this back here. and it is still going to be a challenging environment for interest rates, interest rates are still high and they will stay high and will not be higher for longer periods but they will stay relatively higher-for-longer. what is that going to mean for individual companies in the market as a whole? haidi: what are you watching in terms of the international environment? there is a structurally challenging period for china and that could potentially give rise to new policies, potentially more trade tensions especially against the backdrop of an election year. jeannette: watching china very closely, because the very surprising there. it is such an important player in global markets, that we would like to see convincing signs that the slowdown is not going to get worse and get back to what they are expecting. very hard to read what the

policy response will be. it may be a bit more transparent , what is going on in europe. where the inflation numbers there too last week also came in surprisingly low. not a big move, but it did have a 2 handle on it, and at the growth is lagging, so what is the ecb going to do? they have not given any indication that they want to cut rates. they may have to cut sooner rather than later for growth reasons. , haidi: haidi: and you have talked a bit about china, but i do wonder as we get into 2024 still with a lot of the same geopolitical risks we ended within the year, the u.s. is involved in two wars, the ukraine and in gaza. what are you watching in terms of giroir strategic risks for the -- geostrategic risks for the rest of the year? jeannette: who would have thought we could've had all of

this conflict in the middle east ? we are looking at the oil markets and saying, no problem. [laughs] the shipping issues through the red sea, the widening of conflict and the implications of that, it's a lot about trade and there are still threats to trade out there. trade growth has fallen substantially last couple of years. it is important for global markets to recover that trade the free-flowing and growing. and so that's what i am watching more than anything else. haidi: jeannette, all is a pleasure to chat with you, chief economist at robertson stephens, jeanette garrity. you can get a roundup of all the stories you need to know to get your day going on this edition of "daybreak." terminal subscribers, go to dayb . you can also customize the settings as well for the news on the industries and assets that you care about. this is bloomberg. ♪

annabelle: saudi arabia is cutting its february oil prices from buyers in all regions including in its main market in asia, amid persistent weakness in the market. number of su keenan joins us from new york. this appears to be the latest sign we have now that those

opec+ output cuts have not really boston prices too much. su: and the cuts were designed to prevent buildup in global oil supply and in all measures they appear to have failed. we are looking at an oil surplus . actually when you consider ex- opec+ supply again, saudi aramco, the saudi state company, now reducing its flagship arab light price to asia to compensate for the fact that we are not only looking at surplus at the end of the year, but also march and february. as articulate a month where we see a bit of reduction in consumption, so this is a good time for them to do that. that said, it's a bigger reduction than expected by refiners and traders that bloomberg surveyed. the saudi's also cutting prices in february deliveries to northwest europe, the mediterranean and north america.

so it's more widespread to all regions and not just at main customer in asia. if you check out the chart, you will see the two reasons why. that is the fact that global crude prices fell into 2023 for the first time since 2020. for the most part, the market appears to have shrugged off, at least so far, concerns over the israel hamas war, and even greater turmoil remains the risk and has been causing a bump up, at least what we saw in the past week. haidi: meanwhile, production at libya's largest oil field was suspended on sunday? su: the national oil company declared force majeure, that is a legal term which means it's an act of god claws, now admitting they will not be able to meet their contractual where delivery demands. again, that has to do with the fact that libya's largest oil field was shut down after protesters entered the facility

list last week. negotiations are still ongoing. libya is a member of opec+ and produced about 1.2 moving bows day for most of last year. so that outage combined with turmoil in the mid east and the red sea, give a boost to oil prices offsetting data showing supply gains last week. wti crude posted a 3% weekly gain, closing just below $74 a barrel. brent crude closed at $79 a barrel for the week. those gains come despite the fact that analysts and wall street have been turning bearish and cutting forecasts for the year due to the fact that there has been a surge in supply outside of opec, mainly from the u.s. meanwhile the red sea continues to be a focus of many traders and investors. the danish shipping giant maersk says it will continue to avoid the rents to concerns that the attacks from the houthi militants will continue. despite these many attacks, that has yet to be actual oil

disruption. a lot of these oil and other shipments are being delayed because of rerouting, but there is yet to be an actual disruption. back to you. annabelle: su keenan in new york. fling into the direction of where oil prices are heading has been the outlook for the dollar. fairly steady into the end of last week and even following that u.s. jobs print. the headliner level looked robust for the underneath we are seeing cracks taking shape. keeping an eye on what currencies are doing in this of the world, the aussie dollar one of them, because this week it is facing what will be a key inflation test. we have seen it rallying 10% over the course of the last few months against the dollar. with the rba sounding hawkish, that will be put to the test this week with that tcp/ip into that is due. it could jealous -- with that is due. otherwise we could continue to

keep an eye on the direction of the japanese yen, holding fairly steady. it has been that rate differential between japan and the u.s.. sticking with the japanese currency, the ana ceo expects the currency to stay at 140 per dollar. he spoke to us on the sidelines of the gathering of japan's biggest business groups. >> i don't expect a huge impact from the bsa policy shift -- boj policy shift directly. but if the yen is to appreciate, it would be both positive and negative effects. i would affect more positive impact from outbound tourists increase. even with negative input straight out of the ants, i expect the yen to stay between 140 to ¥150 to the dollar.

annabelle: we will get the outlook for the yen and japan's economy from another corporate leader next, some stories ceo. -- suntory's ceo. haidi: japanese prime minister fumio kishida has suffered another blow in the widening political scandal. he is a member of the ldp's biggest faction and allegedly failed to report money he received from the group, the first arrest of a politician in an ongoing ashland candle that have brought down kishida's approval ratings. the bangladesh prime minister is extending her room after her party 1a sending elections. she will retain her title as the longest serving head of parliament. the turnout was around four -- 40%, a sharp drop from the 80% participation rate into 18 as voters boycotted the election

to protest a sweeping government crackdown. indonesia's presidential contenders sparred on issues such as disputes in the south china sea elitist debate ahead of february's election. one governor accused the defense minister, who is leading opinion opposed, for not doing enough on cyber defense. his competitor said he was too critical. the current minister finishes his term in october and cannot run again. most expect the political turmoil in the country is expected to persist throughout the year. but most see the prime minister staying in office. the poll found almost 30% due to political discourse to actually worsen. twist and turns dominated last year after the end of a decade of military backed rule. you can watch as live and watch press interviews and are

interactive -- watch press interviews in our interactive function tv . it is for terminal subscribers only. do check it out, at tv . ♪

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haidi: the golden globes awards ceremony is about to begin in a few minutes, and some of the top contenders commitments of rises, "barbie comes "oppenheimer," leading the nominations. it's interesting because there has been a lot of controversy and discontent engulfing these award ceremonies. remember the boycott that happened a couple of years ago over the criticism that there was not enough diversity, that the hollywood foreign press association which votes on those awards didn't have any black members. they promised a lot of reforms when it comes to the way the voting structure will be reformed. and we have seen the return to the fray. also interesting because it comes on the back of a tumultuous year for the industry. you remember the protracted actors and writers like which really impact of the content

pipeline and also the bottom line for a lot of these big production companies. perhaps in a way -- we will be watching this is the return to be able to gather and celebrate and consolidate for hollywood. annabelle: firstly, i am pretty shocked we have not seen barbie or oppenheimer as of yet. [laughter] in terms of the relevancy of the globes, i think you just said it. they have been scandal-plagued and this is a comeback of sorts they are seeking here. there are questions over the long-term future, but you have to think about the value of this award ceremony as well to hollywood studios, because they seem to need that marketing boost. take a look at domestic box office revenue, for instance, we crossed the $9 billion ticket sales mark in the latest 2023, a late push from holiday films like "wonka" that beat out

"our,," and others. but compared to pre-covid, we are still significantly below that, a 20% drop still yet to recover. so a very rocky road ahead. seems that perhaps even with all these question marks over the globe, hollywood seems to need it. haidi: china has film industry, though, we saw the new year holiday box office numbers and they hit a record high, almost 54 billion yuan for the whole of 2023. still obviously on that post-pandemic experience-driven recovery for the chinese consumer. it has been a challenging time for the constant box office takings for hollywood, with the writers and actors strike. we could see a slower start to 2024 with that content pipeline still coming back online. the other thing we are watching is how this potentially plays into some of the bigger award

ceremonies we watch, the oscars being the big one, the baftas. whoever winston to be a good marker for those. is there anything she can't do? taylor swift getting a nomination in the golden globes and the new film category called "the cinematic and backs of his achievement group," aiming to recognize films loved by critics , but also by fans. annabelle: that will be one to watch. taylor swift is among the expected attendees. travis kelce, we know he will be playing a nearby game early in the day the question is whether he will be alongside her. [laughter] let's take a look now at what we are expecting at asian markets, a little difference to what is happening with the globes. we have aussie future is looking to the open with a bit of weakness. -- aussie futures looking to the open with a bit of weakness. one of the weeks for u.s.

stocks, the worst in a long time. we have the u.s., japan and china, and there was the mixed jobs and activity data in the u.s. on friday. so the question is whether the fed is going to be able to cut or will cut at the upcoming meeting in march. new zealand stocks, fairly flat so far. japan equities are closed today for public holiday. coming up, we have a lineup of guests from the ubs greater china conference in shanghai, the first in in-person event since the start of the pandemic. stay tuned for those conversations at the times that are listed on your screen. ♪ ♪ stitch fix.

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