the rba may continue.oing to deepen the dilemma that the rba is in right now between defending bond credibility -- or rather yield curve control credibility. >> which are the next central banks to have to face this dilemma? >> by and large, a lot of the central banks are, as you pointed out, the rest are aligning themselves. they may need to adjust policies. the boe is leading in the west. down under, the rbnz. there are a lot of central banks signaling they are more fluid. the rba could also do that. we are not ruling that out into next year after we see more inflation trends alongside the growth trajectory. however, at this point, the dilemma for the rba, they want to say they are fluid. markets may read that as the rba backing down. they may get more aggressive, which will not be good for the policy accommodations. >> we have seen global short rates really make dramatic moves. we have seen the treasury yield curve parts also invert for the first time in a year or so. what would a new regime -- what impl

saw core consumer inflation yesterday soaring back into the rba's target range.learly, these expectations are playing out. the market expecting rate hikes of .75% by 2022. shery: we are seeing investors starting to price in what central banks are doing. we are seeing markets pricing in the likelihood of higher rates. today just here in the u.s., the five to 30-year yield gap down to the least since march 2020. haidi: there is one central bank that is probably more cautious now, and that is the pboc, as they grapple with the risks of the property sector. to that end, we are getting some movement when it comes to negotiations between key bondholders and evergrande. they are to get together and have what has been called to us low stakes dialogues. it is quite interesting that we are seeing bondholders starting to take the first step in negotiations potentially. shery: let's get more of the top issues with investors as asia trading gets under way with markets editor kriti gupta, bloomberg economic -- global economics editor kathleen hays. kathleen: inflation concerns

we are seeing shorts scaled back filled for rba tightening, which could push the rba back to the peak we saw in july. sticking to the bond story, let's check out what's going on with kiwi yields this morning. we are seeing events continue with two-year yields above 172 at this morning at the asian session following the repricing they need from the rbn thread. check out futures continuing to -- to decline. it has strategists like barclays abandoning their short treasury. when it comes to chinese bonds that have joined the global bond selloff, they see the 10 year yield threat -- rising to 3.2% for reversing the move to come back toward 3% or lower. the gdp growth has several forecasters back to the drawing board. the likes of ubs included. they now see 20 economic expansion for china. haidi: let's take a look at great expectations. one investor said the market expected by september of next year that we have lift off from the fed. we are talking about the head of fixed asset -- fixed income strategy, and he sees that lift up according to the dot plot in 2023. take a lesson for why he th

the rba is coming up.l economics and policy editor is here to give us a preview of what to expect. >> i want to follow on can griffins, it's about inflation. this seems to be in very close agreement. jim bullard speaking at a virtual event. he is concerned it will continue to require this. he says he is penciling in this for next year. 2022. the target is 2%. he said fed officials need to meet their inflation target to maintain credibility. he is clearly concerned. rishaad: let's take a look at the reserve bank rba. they won't be doing much in terms of policy but they have surging home prices there. that is a perennial problem in australia. it does raise the specter of financial instability. >> the reserve bank of australia is in a position where it can't do much about it. this is because of the lockdowns. the head of the rba is saying recently that he inspects to see gdp in the third quarter, down at 2%. we are showing you on a plummet because he things unemployment which has gone to a pre-vet -- a pre-pa

in australia, nice little gain, waiting for the rba meeting tomorrow. they get rid of their yield curve control altogether? we see the yield on the benchmark note has risen pretty sharply. singapore nikkei futures are looking to reopening, that has two great optimism. s&p futures after a record close on friday, we see there is green on the screen with all earnings coming in. the fed taper and how jay powell describes it on november 3 is something stock investors are watching very closely. speaking of another market concern, inflation. let's turn to oil. it's declining -- su keenan joins us now. by all accounts, an intense campaign is underway. su: the intensity of major oil consumers with a plan to somehow pressure opec-plus is translating into lower prices in the asian trade. we are seeing brent crude which was up some 7% in the month of october pullback, nymex crude used widely in north america was 11% in october is pulling back. a senior white house official did confirm president joe biden has been using the summit in rome to address the global suppl

the rba buying bonds to defend its yield target for the first time since february the rba buying up toes which is about $700 million u.s.. this is a -- the target is a 10th of 1%. it surged to -- the yield has already dropped two basis points on this announcement but this is the first time the rba has bought ponce to defend their target for the first time since february. the action on the bond market, the yields on the 10 year creeping up a little by shery: we have an alert on the bloomberg. we are getting the manufacturing pmi numbers out of japan, coming it at -- in at 53 for the preliminary numbers in october. they have been in expansionary territory since february of this year, and it's gotten even better, jumping from 51.5 earlier in the previous month. when it comes to services pmi, this is the headline. it has finally entered expansionary territory. they have been in contraction since december 2019. it was 47.8 input -- in september. services pmi finally entering expansion territory for october, 50.7, the composite at 50.7. we can bring in our global economics and politics edito

24 months ahead, but short and yields moving up, and if this is one of your top stories today, the rba, no indication they were going to step in. as you can see, it has certainly gone through the roof here. the 2024 bond picked up with core cpi beating and a broader conversation around this and flattening curves across the board. the flattest level going back to 2021 markets. markets started crashing on the back of us moving into covid. haslinda: you talk about the bank of canada making a surprise, ending the bond-buying program. now we are expecting the boc will embark on those rate hikes sooner than expected. we are awaiting the boj, the decision expected momentarily, and of course, expectations that it will not move, but people wonder what it says about inflation because that could determine how it moves from here, they're bearing in mind as well, you mentioned not really a problem in japan. david: no, i mean, that is one place i guess where you could find some real yield if i'm not mistaken. let's discuss all of that with mark kranz and. let's put all of that together. we talked ab

the rba had a firm target that they would not be raising interest rates until 2024.t looks very much in doubt. they have a meeting coming up next week. some analysts already saying they may need to change the outlook and bring it quite a bit forward. you've got several disruptions going on. and we have a fed meeting next week. two year treasury yields well above the target for short-term rates. the fed is also under pressure to recognize inflation is no longer transient. it is much stickier than they thought. and we might see a much more hawkish sounding fed next week. anna: a nice graphic that shows the two year bond yield spike in australia, new zealand. showing the impact. bank of canada and the impact of the moves we saw. the u.k. looks different on the chart i'm looking at. it is something to do with supply. tell us how they have been outperforming on bond markets. mark: they had a remarkably good day yesterday. it was up to the u.k. budget, where there was announcement there would be less supply in the market. the u.k. government has enough money coming in that

yvonne: where do you think they will do next week that the rba?re: we think they will shift in terms of policy rates,, but this phrase about yield curve control around 10 basis points may be stretched to the limit. yvonne: to say the least. andre: there is strong risk that they abandon it, but it doesn't necessarily mean it is a policy exit it is just being realistic to what is happening elsewhere including the bank of england and the prospects of the fed as well, next week. yvonne: a look at the first word news, let's bring in vonnie quinn from new york. vonnie: thank you. bloomberg sources say some holders of the china evergrande group, bonds have received an overdue interest payment. that would be the second time this month that the troubled developer has staved off default. despite that, the notes for evergrande remain at distressed levels. the ecb has renewed its pledge to keep emergency bond buying at a moderately slower pace, even as inflation surges. christine lagarde's bid to drive home an alteration of monetary policy has fallen short. s

the rba stability report being released.ng headlines as they continue to drop your sophie is taking a look at markets. sophie: as we digest the rba report, we have the aussie bonds sustaining the weakness. the 10 year yield at the 164 level. bond bears are pushing benchmark yields closer to 160 with the debt market deal and the job -- payroll data may develop the backup in gilts but that trend has dimmed. you have the 10 year yield at a four month high as markets assess the pace of demand -- of japan's recovery. we were looking -- will be looking to the policy speech this friday. turning to stock action this friday, in asia a mixed picture across the board should the nikkei 225 bouncing 1% or the topics said to drop a nine-day drop. you have the kospi fluctuating this morning. heading lower for a fourth session. samsung is gaining ground after third preliminary results. switching out the board once more, taking in oil prices. higher for brent above 82. we are watching volatility. china comes back online. power shortages are

haidi: economists expect the rba to drop that you'll target, the april 2024 pondfield is already eight rba target, predicament the central bank find itself in, unexpectedly strong inflation around the world is really putting pressure on central bankers to rethink their policy time let's. millions of us trillions -- australians living on the east coast or finally led to trouble. restrictions are loosened, let's get more from our analyst. we are seeing commercial flights ties down into the airport this morning. what do we know about who is allowed to travel in australia? >> they are suggesting a four hour lead time so that might put people off even though people are effectively allowed to travel overseas at the moment incoming flights are full of australian permanent residence who were repatriating. the government is going to about tourists from new zealand to quarantine one way as well. they are still quite strict that the away but tori is from new zealand can fly into sydney, melbourne quarantine free which will be great for uniting families. kathleen: what a joyous occasion, singapore

the rba is stepping into defend its yield target. and coming up this hour, bitmex ceo alexander hoptner sees bitcoin at 100 thousand before the end of the year. we have him exclusively in the next hour or so. >> take a look at what is going on market wise. steady picture for equities. looking at hang seng. just up by about 0.4%. the s&p at an all-time high. it was afterwards that things began to go wrong. the series of poor earnings depressing snap and whirlpool complaining about the supply chain and the disruption and intel and others feeling it. this is what we are looking at. relatively quiet. look at the gauge of fear, down to levels we have not seen since the pandemic began. lowest level in the post pandemic blowout. what do you have? david: against the backdrop of this, it does not seem inflation breaking events is causing alarm. to that point of the vix moving ahead. despite the two years at 16 year highs, this brings into question, are inflation expectations pushing this to heidi. august -- the rba stepped in for the first ti

netizen rba. . >> the series is tied 1-1. >> we have been down 1 happens in >> we were able to know wewant to this at home and never like that to you division rivals. it is what it is. it is the players >> it is a tough team, obviously. 2000. >>> a couple of giants fans maybe scott in the next opponent. atlanta to up 2 happen 0 in the sixth. >>> industry lances time to shine they can see >>> number one in the college football world was biting their nails at the . ul every single day, we're all getting a little bit better. we're better cooks... better neighbors... hi. i've got this until you get back. better parents... and better friends. no! no! that's why comcast works around the clock constantly improving america's largest gig-speed broadband network. and just doubled the capacity here. how do things look on your end? -perfect! because we're building a better network every single day. let me get this straight. you've got an a.i. strategy to deliver a better customer experience, that will help us retain our customers and even grow our business? how much is this going to cost? here's t

of australia, the one in focus is 2024 bond and we are back at levels where you mentioned that the rba may have to step in. this is traders trying to challenge what the central bank government talked about when it comes to raising rates and fighting inflation. he is thinking no rate hike until 2024, maybe things will push forward now. david: absolutely. and to the act on this? is this inflation solvable by rising interest rates? another topic. and the recovery, is it buckler -- robust enough to deal with inflation? yvonne: let's focus on evergrande, authorities telling the founder to use his personal wealth to meet the company's debt obligations. they also asked other firms to repair for offshore bond repayments. the latest from hong kong. i'm not sure if his fortunes were able to make a dent. >> it won't hurt obviously. he got a lot of payment in dividends, according to bloomberg intelligence, he received $7.2 billion from dividends from his 70% stake in the listing company after deducting $1 billion. this is according to bloomberg intelligence after conducting a billion dollars for a

cba saying they expect the rba will wind down next year with a rate hike to come in november 2022.o come. this is bloomberg. ♪ >> evergrande and bondholders have taken some steps. stephen engle is in hong kong. incremental progress. >> progress for the bondholders to at least get to the table and take the first step towards the first table. there 30 day grace. -- 30 day grace period went down to the wire and left bondholders in the dark with hardly a people out of evergrande. so -- hardly a peep out of evergrande. so yes, they want to have a conversation about asset sales and various projects that have to get back up and running and generating cash. sources tell us the advisors to the bondholders has not been approaching evergrande since early september but was rebuffed on the topic. but has -- asset has not -- so things are a little tighter and it looks like nondisclosure agreements have been signed by both parties, and that might be the first step towards talks and get discussions going. shery: could we see cash infusion from the billionaire founder himself? authorities are requi

the rba reporting one of the outliers when it comes to monetary policy trajectory, now facing building pressure -- were seeing it from wellington to washington. we heard from the treasurer last week saying he could see the case for a review when it comes to the policymaking set up at the rba as well. it follows on the report we saw earlier urging a review of the monetary policy framework. it has played down the need for any kind of new inquiry but it seems like regardless of what happens in the next election, that review may be more likely now. let's look at how asian markets are setting up for the trading session. we're seeing steady gains going into the broader asian new zealand stocks trading up about .3%. the kiwi rising to the highest since june 11 and the aussie dollar climbing over .5%. sydney futures up .2%. the crown review report is due at the end of the week. also looking ahead to cyber trading in tokyo and korea, nikkei futures about point him percent lower. shery: weighing corporate earnings against inflation pressures and other risks. let's bring in our wall street corres

a little change after tapping a three-game, which led the rba defendants yield target. now we are seeing the 310 curve after we have seen market pricing diverge from rba guidance ahead of this one day inflation data. checking in on oil after they fly caution over the oil demand. brent above 85 and wti above 84. pulling up the board with higher energy. factory inflation that we saw in china. over and goldman they do expect the high cpi seen at the third quarter. it will be temporary of policymakers stem downside risks. long-term headwinds for property leveraging as well as decarbonization have led goldman to lower its growth fund for china to 5.2% from 5.6%. coming up, a bigger view when it comes to global inflation. if i could just have that chart i want to highlight when it comes to the inflation picture given what's going on with the picture we see for corporate's around the world and asia as well. jeffrey's global strategy team, all of their inflation indicators are flashing where -- flashing red. they expect cash rates will move higher very quickly. so they are reco

one of the interesting things is rba.n that we don't expect the changes, later on on friday they will release a financial report. there were raising concerns about mortgage debt and what we could expect from potential collations coming from that economy. that is quite interesting. the other part is the rba in terms of their operations rishaad:. get -- operations. rishaad: give us a sense of what central banks can do? they could make some new ammunition for problems down the line, right? julia: at the moment, basically they are tilting their policies for removing corporate emergency measures. that is what we are seeing from what they said and we will see if they will hike rates as well. it is more about basically, trying to remove some of the emergency as a move forward in terms of moving on from the pandemic. david: that then takes us into other tools like macro preventive measures. a lot of these plays are still grappling with inflation that is not about targets but well above target in several places. you talk about the

pulling off the board, the rba expected with more rates hiked.ve seen the kiwi dollar jumping to a one month high. that has been a play since the end since february rebounding from a five-week truck -- five-week drop. . >> rising to a six-year high with -- not out of the realm of possibility with u.s. yields likely to push higher. chicago futures pushing higher, climbing in singapore to the downside. when you look at what is going on in the fourth quarter come at goldman, shares said a strong end of the year ebony's stock. the yen target their best returns. this sees a brighter recovery. >> command, -- coming up, how the hong kong business is emerging from what is called the abyss. plus, where he is seeing opportunity. stay tuned. this is bloomberg. ♪ >> jonathan zeman, as a child he watched his father alan grow the business from a restaurant and bar to becoming a new influential developer and lifestyle company within mainland china, thailand and hong kong with a territory no enforcing some of the strictest quarantines, bloomberg asked jonathan h

another day where the rba did not come to defend the yield targets it has on government debt, and asult the market is asking if we see a change in policy, will it come next week? in the context of conversations we were having about energy, some of the energy -- looking at natural gas, it is trading weaker as of late. a fairly mixed picture with energy. other assets, msci asia showing weakness. european futures are pointing to the downside. ftse futures down a similar margin. nasdaq futures, because we have so much news around tech overnight from amazon, apple, leading to concerns around supply chains. just as we heard from companies that deliver products, it seems supply chain disruptions are impacting companies that make phones and other tech products. also companies like amazon that deliver them to you. we saw a slightly hawkish interpretation of what we heard from christine lagarde at the ecb yesterday, that pushed the euro a little higher. we have seen an inverse in the 2030 path of the curve in the u.s., that is not the market focus, but it ties in with the flattening theme. tha

we had rba minutes from october suggesting they will continue with very accommodative monetary policynd you've seen the yield on the three year dip by as much as six basis points and now down one. downgrades are coming thick and fast after china's third-quarter gdp miss. you have barclays, ubs, all adding to downgrades to china's growth, around 8%. but a stronger offshore you on -- yuan. dani: juliette saly, thank you so much. let's get over to bitcoin, which may be is a little more reliable in its price move it is climbing toward an all-time high as the first bitcoin futures etf is set to launch later today. joanna, how is the crypto market reacting from the etf news and doesn't have further to go from here -- does it have further to go from here? joanna: a lot of people are talking about the record level, less than $2000 off from the high. 64,900 is the record. we are not too far for a volatile asset like it going, that there are people who think it could drop after this is over because it going tends to do that, like the coinbase listing and futures coming online, it does drop sign

there is an rba decision today. just have a closer look at that. we are looking at these 10s.. 10 year. commodity market, -- 4400 on s&p futures. oil, all the way down to natural gas. yvonne: and that is with the rbi sounding the alarm, on whether they can continue to keep the rates low. look at what we're seeing coming up. sam sang a boost from strong shape demand and pricey phones. third-quarter earnings are coming up next. this is bloomberg. ♪ ♪ yvonne: take a look at the samsung earnings. operating profit met expectations in the third quarter. improving on strong demand from chips and those handsets, foldable handsets. david: just a tad under 72. -- 72,000. the stock has been basically pummeled this year. our asiatic reporter is here. good morning from hong kong. -- our asia tech reporter is here. good morning from hong kong. >> good morning. samsung reported strong third-quarter earnings. sales were a record 73,000,000,000,001, and operating profit was more than 25% to 15.8 trillion won. although samsung has yet to reveal the breakdown of earnings, the underlying numbers

kim: we have been hearing more and more out of the rba.rom high credit growth that have a high debt to income radio -- ratio. we have seen them come out and increase -- shery: please go ahead, i think that's an announcement on paul side of things. kim: we have seen them come out and increased the minimum loan serviceability test up to 3%. we're already seeing some action come out from the regulators to try to cool that housing market. we don't think it's going to have too much of an impact and we still think that house prices in australia will be up by around 7% over 2022. shery: thank you so much for joining us again and bearing with us through the announcement. that was kim joining us with the latest on her economic abuse. be sure to tune in for more. stay with us. this is bloomberg. ♪ shery: take a look at the commodity space right now. we saw gas futures halting the losses on tight winter inventories. this after an announcement by russia that it might be helping with the energy crisis. then we saw bearish signs coming from the storage

third-quarter is expected to remain above the rba target band. nikkei futures are unchanged.ospi, looking like will see a positive open. paul allen has a first word headlines. paul: president biden has pledged to provide southeast asia with more than $100 million in funding to tackle the climate crisis. he made the announcement at a virtual meeting. he sauld to ulster ties with the region for the first time since 2018. singapore's opening travel lanes to austria and switzerland starting november 8. people will not have to quarantine if arriving to the country. singapore recently opened travel lanes with 10 other countries, including the u.s., u.k., and germany. travel lanes with south korea will start on november 15. ubs is pushing back on concerns about china growth as it plans to keep spending. the swiss lander's profits jumped on the back of wealth management needs an investment bank returns, but it's asian wealth business saw almost $2 billion in outflows. the ceo told us he is still optimistic about ubs's business in china. >> absolutely. we know the country very well. w

we have the ecb in japan and the rba next week. the ecb and the fed in particular, people will be looking closely to see whether they drill any link toward the problems in the supply chain and whether inflation is going to stay high. this is going to be important for people and it the bond market. we are already seeing yields have been rising for the past couple of weeks. if central banks give any hint they are worried supply chains are not going to be eased for some time, that will underpin their inflation story we already have. it will be a feedback loop between supply chains inflation, the bond market. traders will be watching it very closely. whatever the major banks have to say, that will be important. also for the equity market as well. we will see how there are certain companies that can benefit from the ability to be able to raise prices because of the supply chain. they can still deliver but at better margins. it is pretty important during this time as well. yvonne: we will get to you later on. joining us at of singapore.

what will be rba do?y have to defend their line in the sand on their three-year paper so you are just seeing this pretty strong move across the gmm and that is having a bit of a risk impact for equities. chinese equities are lower this morning. likewise with the rest of the asian markets. a little bit lower. let's get to the aussie. juliette saly is in singapore with your first witness. "bloomberg daybreak: europe -- juliette: a panel of u.s. experts say the benefits of a covid-19 vaccine for young children exceeds its risks. the advisory committee voted 17-0 with one abstention to back the pfizer biontech jab for children between five years old and 11 years old. it sets the stage for a likely u.s. authorization in the coming days. three key u.s. senators have released legislation that would require companies reporting more than $1 billion in profits to pay a minimum 15% tax rate even if they qualify for lots of tax breaks. the proposals say the plan would raise $300 million to $400 billion over 10 years

lower against not only the dollar but also the aussie as a focus -- as the focus moves to what they rba will do next. in terms of these markets, continuing to see growth stocks hit the nikkei, down by 1.8%, on its longest losing streak since 2009. we were talking about this index being the world's worst performing in october so far. we are already six days in. seeing weakness in the hong kong property sector as we see the fallout of evergrande. we have been hearing from carrie lam about boosting land supply and this pickup in energy players, the only bright spot for investors. testing year-to-date lows. dani: thank you so much paid a lot of market moves. juliette was mentioning hong kong and carrie lam. speaking in the last hour, the chief executive announced plans to ease the housing prices including a massive boost in supply. let's bring in stephen engle. what have we heard so far from carrie lam? stephen: i am still monitoring it. it has been two hours and it's full of details and lots of vision about the integration. her ideas for integration further with mainland china and the corn

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all of this coming on the rba decision day with the reserve bank click to keep policy unchanged. is that the focus on financial stability risks primarily arising from the property sector. but it will be fairly significant to monitor in terms of commodity flows and shipments from australia given we have seen not just a ban on coal shipments to china, but the huge man for certain energy commodities. that trade balance for the month of august coming in at $15.08 billion over that $10.1 billion trade surplus predicted. shery: at japan we are getting the bank pmi numbers, the final numbers for the month of september. coming in at 47.8 for services which is slightly better than the initial estimate. the composite coming in slightly better at 47.9, but worth noting the services and composite pmi have been in contraction territory for a while. services numbers in contraction since january of 2020. not surprising, we continue to be there given the extended state of emergency. let's turn to sophie for what to watch in the market. sophie: nikkei 225 lose more than 2%, falling for a seventh

the currency is seen at 73 with a dovish rba. trading around a four week high. on the broader session ahead of the opening tokyo. looking mix. among the best performers but we had benchmarks closing at a fresh record high. the bond buying program will be looking to see the data from india and the rate decision for more color on the inflation -- inflation outlook. coming up this morning in the early asia session we have had demand looking to underpin prices in the rally will continue in city saying they can see 90. haidi: we had u.s. crude closing above 80 bucks a barrel for the first time since 2014. holding above that key level. energy prices rising with these. the question i think as posed by the mliv blog is, do these commodity prices guarantee the inflation? that is something investors are having in mind. shery: goldman sachs and jp morgan say that inflation is transitory and is telling stock investors to buy this. what's happening with bitcoin. we are seeing bitcoin being bought at $57,000 level. a little bit of pressure in the asian session but still above

the rba standing pat while consensus is calling for a rate hike.the opec-plus meeting ahead. shery: let's turn to the investigation by an international consortium of journalists that has dived into millions of documents showing how rich and politically connected individuals use offshore companies, taxes and hoard wealth. we are joined by a reporter who worked on that, the pandora papers. it's great to have you with us. we have seen some of those beneficiaries of secret accounts including jordan's king abdullah, tony blair, vladimir putin, anything standing out? reporter: this is a different leak from what we have seen before, because for example in the case of the panama papers, they investigated one offshore provider in panama. here we have information coming from 14 different service providers and law firms around the world, different journalists -- jurisdictions. this leak tells us how the system works, and it is not just about how one company operates, but how offshore finance works across borders. as you mentioned, we have uncovered more than

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rba left of center country or right of center country? >> it depends what you're coming off.ht now we are left of center country because there is some faith in the government's ability to deal with the pandemic. the vaccine rollout was largely successful in most of the country. right now people are looking for solutions. lives have been disrupted and so forth. people right now see benefits coming to them, 60% of the country in 2020 paid no income tax. stuart: i left of center country? excuse me? are we left of center? >> right now we are. after all this inflation and bills come due and so forth we will move back to the right. america is a moderate police. the two political parties are not and pull them in each direction. in the end we will gravitate to right of center but at the moment there is some receptivity to doing more with the government. stuart: talk about coin base which says the government should create a regulatory agency for cryptos. if we don't it will put other countries ahead of us. what do you say to crypto regulation? >> we need to look at the motivation of t