annabel? liz activity and a climate growth. annabel? , , , ., annabel?uctivity . annabel? liz truss is right that we l need to address our productivity and we need to boost our economic growth, both have been stagnant over the last decade or so, really, particularly with some international comparisons. even on the productivity front, within the uk, we have a situation where productivity is very high in london, compared with the rest of the country, and we need to address ways in which we can narrow that gap. my view is that we should not be pinning the blame on the workers themselves but rather looking at the ways in which the system is perhaps failing them, particularly our education system and its failure to equip young people with the skills that they need for the future workforce, but i thing we also have an issue of poor management in this country and it is starting to show that companies that have better management have higher productivity levels. i think there is inadequate investment, which again liz truss has pointed to. i believe that we have e

annabel? to the law itself, it was quite _ i would ask. annabel?as quite loosely - itself, it was quite loosely draughted, and it was going to be open _ draughted, and it was going to be open to— draughted, and it was going to be open to exploitation. i am not saying — open to exploitation. i am not saying people who made these claims are excluding the law, but certainly it is vulnerable to such things. i am of— it is vulnerable to such things. i am of the — it is vulnerable to such things. i am of the view the government should probably scrap it, because genuine criminal_ probably scrap it, because genuine criminal exploitation is actionable under— criminal exploitation is actionable under other laws, so it is replicating laws that already exist, although _ replicating laws that already exist, although i thick it is very unlikely, despite what the former minister— unlikely, despite what the former minister may want to happen. it looks_ minister may want to happen. it looks like — minister may want to happen. it looks like the government is trying

hi, annabel. - [nina] can you shake hands annabel? - hi. oh my gosh. how are you? oh, i think she's shy. (chuckles) four year old annabel frost has a heart-wrenching genetic disorder. could you tell me a little bit about annabel? - when annabel was born, it was such a wonderful moment. but we were in this happy fog and didn't notice the nystagmus. the eye movement. we didn't notice the jerky musc movements we didn't notice any of that, but the doctors realized that something was wrong. - [kondwani] they diagnosed annabel with alternating hemiplegia of childhood or ahc. - hi. - [kondwani] this extremely rare disorder causes debilitating spells of paralysis, delayed development, and life-threatening seizures. - she'd have days of paralysis where her full one side of her body, she'd drag it along behind her as she crawled. - [simon] you know, once a day, she will have these choking episodes where i need to pick her up and hit her on the back to make sure that she could breathe. (ominous music) (dramatic electronic music) - annabel's condition is a result of a problem

do you have a explanation, annabel, for the i explanation, annabel, for the paradox?nk education please a - paradox? like i said, i think education please a large - paradox? like i said, ithink. education please a large role. paradox? like i said, ithink- education please a large role. we are not— education please a large role. we are not equipping young people with the skills— are not equipping young people with the skills they need for the work place _ the skills they need for the work place in — the skills they need for the work place in particular at the moment, the ways— place in particular at the moment, the ways in— place in particular at the moment, the ways in which the workplace itseif _ the ways in which the workplace itself is — the ways in which the workplace itself is changing, has changed in the last— itself is changing, has changed in the last couple of years, ensuring they are — the last couple of years, ensuring they are equipped with the skills and knowledge that they need to enter— and knowledge that they need to enter into work. i think we have a

any day. - [family] happy birthday, dear annabel. - there's a timeline on this for us. we've got a ticking cloak in the back of our minds, all the time. - the frosts are desperate for any kind of help. from sickle cell anea to huntington's disease, millions of people suffer from thousands of genetic disorders, much like annabel. unless scientists can address these genetic errors, children, like annabel, will suffer agonizing pain and some will die young. i want to know, can genetic engineering help families like this in the future? oh, good girl. - oh, that's so nice. (pensive electronic music) - the double helix structure in dna was first revealed in 1953 by rosalind franklin, francis crick and james watson, and within a few decades, scientists discovered how to alter the dna of living organisms. but gene editing really took off around 2013 when scientists harnessed a molecular mechanism found in certain bacteria. this remarkable mechanism is called crispr-cas9 or crispr for short. crispr-cas9 contains an enzyme that serves as the bacteria's defense mechanism against v

annabelle: same thing. we are not there yet.re looking at the correlation receipt between u.s. stocks and asia. there are macro risks on the horizon. since the asian financial crisis, every single global crises, the financial crisis, covid, the tech bubble, all of these means china is the biggest component of that. let's take a look at the csi 300 versus stocks in the u.s.. we can see a much deeper correction for what we are seeing in chinese stocks. daiwa are looking at capital outflows. haidi: let's get more on chinese earnings. they are well ahead of other regions and challenges, covid zero restrictions. let's bring in -- let's take a look at earnings revisions. we are seeing downgrades for every sector except energy and industrials. at the same time, seeing energy see positive growth. does that mean the earnings confusion is coming to an end given we are seeing more policy support? guest: thanks for having me. earnings season is underway. we are seeing consumer discretionary and consumer staples that have reported strong ear

let us bring in annabelle for morning calls.nabelle: we have two big movers, jp morgan cio's says -- cio says spreads are looking too expensive. they are not reflecting precision risks. the other big interview with michael wilson says he is concerned about the outlook. the fed is tightening into a recession. saying that the idea of the fed being at the end of its pivot cycle is not the case. take a listen. >> we have a negative payroll data because household data is already negative. they only start slashing rates. has a problem with that narrative is that it is not going to be good for earnings and it will not be good for stock prices. annabelle: equities have stuck in that fielding range, michael wilson also telling us that anyone calling above that irresponsible. shery: we are hearing a call from invesco warning about the outlook for oil and food as well? annabelle: essentially what invesco is saying that anyone who is hoping for oil and food prices to stabilize so they can go up instead in the near term, there were a few rea

let's go to annabelle.take a look at the tech stock space this morning because it is one of the biggest laggards. particularly korea. we can see the kosdaq slumping, outpacing the losses we have seen for the broader kospi index. really an indication of concerns about what we heard from jay powell at jackson hole that high rates. taiwan is closely correlated to what we see in korea. both of those have a very high correlation from the u.s. and a very heavy tech waiting. a drop of nearly 3% of them are -- at the open. we saw the two year yield reaching its highest since 2007. also watching the 10 year. not as big a move for the shorter duration. more rate sensitive yields but still some wall street worry warts are bracing for it to hit 3.5%. paul: all right. earnings from chinese firms have shown resilience under harsh lockdowns. traders zeroing in on pockets of disappointment. we are going to have a little more on that as we count down to the china open. this is bloomberg. ♪ kathleen: traders are zeroing in o

annabelle: that is right.he question is whether we will see reaction to jay powell's speech at jackson hole. this morning in asia, we have futures coming online looking like this. new zealand fractionally higher at the start. goldman sachs says the tightening pain is the dollar's gain. the aussie trading like this. the yen approaching the key level. let's look at the magnitude of the moves. you can see the volatility index . bitcoin sticking around the key 20,000 level. investors unwilling to take any big risks. also keeping an eye on the offshore yuan. the pboc has signaled it is not happy with what is going on in the currency with recent depreciation. it really does contrast to the more jubilant reactions we are getting from a fed official to the market moves. kathleen: neel kashkari, president of minneapolis, is now saying he is happy to see the stock market route after jay powell's hawkish. speech. . he said they will not quit the inflation fight until the job is done. neel said i was happy to see the stoc

annabelle: we are counting down to asia's major market open. shery: the top stories this hour, nancy pelosi to meet taiwan's president, her visit comes china to ramp up the military exercises. heidi: u.s. stocks and treasuries fall on singles of further rate hikes. shery: more fallout from speaker pelosi's taiwan visit. one of china's ev battery giants is now announcing a plant in u.s. we actually saw stocks briefly turning positive when pelosi actually landed in taiwan. we have a lot of concerns about the economic slowdown. falling to a nine-month low, earnings coming in mixed. slumping -- got slumping on chinese demand, oil prices in the new york session, we saw slight gains. for the asian session, we are down around $93 a barrel level. we watched the golden dragon china index. we actually have gained ground for the first time in four sessions. all of the action in today's session is in the treasury space. the treasury rally being wiped out. topping 2.7%. we had plenty of hawkish fed speak to digest. a lot of volatility in the bond market, qu

let's bring in annabelle for morning calls.e was investors have been expecting central banks to pivot away from a rapid rate hike. but certainly not go to be the case. there has been a recess or recessive expectations. this is the bloomberg global aggregate index. it tracks investment that. the risk of dropping 20%. there is more pressure because we have key payroll data. bank of america says credit could be vulnerable. it shows great shocks front and center. this is both for high-grade and investment. global recession fears. elevated energy prices. they are again rising. haidi: morgan stanley see a canary in the credit call mine. annabelle: what has been the harbinger of an economic recession, that was traditionally signaled by junk rated bonds. deposition could be $1 trillion worth of loans. they do keep pace with the benchmark and offer higher returns. it has wobbled this year. in particular, what that means for the underlying borrowers, that they are more sensitive to rate rises and weaker earnings. this is the index they a

let's get you to annabelle.taking a look at some of the energy players in asia because we are continuing to see brent crude can -- decline. softer economic data in china, iran is commenting on the prospect for a deal in negotiations. that gives the prospect of more iranian crude, energy players are moving. bhp is still moving higher. we are keeping on peers as well in the iron ore space. bhp posted its high ever -- it's looking at growth options. options to expand copper and nickel production. we are looking at some peers here has well. shery: we will have that conversation in sydney and hong kong. let's get to vonnie quinn. >> the justice department it opposes the release of an fbi affidavit justify a search warrant. the doj says it should remain sealed to protect the integrity of the investigation. i read -- iran since the european union its response to a proposal for reviving the nuclear accord. the deal would ease sanctions, restoring exports to the global market. they expect to hear out from negotiators in

. >> i'm annabelle droulers in hong kong. >> i am kathleen hays. conscious sentiment as traders recalibrate rate hike expectations. all major u.s. indices had their worst months since june. >> the cleveland fed president makes it clear she does not expect the central bank to cut rates next year. she says they need to be above 4%. >> australia holds a economic summit in canberra. now, august is ending with a whimper rather than a bang. the likelihood of a fed visit -- pivot is embraced after the jackson hole speech. jack josh -- jay powell gave a very hawkish message. look at the futures. a little rebound here. not surprising. it was not such a big move, just the totality of all major indices having the worst month since june. the s&p down more than 4% in august. every major asset class fell in august. new york crude is now down about $.71. $88.84. for the month we had a drop of more than 9% in august. that was the biggest monthly drop since 2020, the start of the pandemic. people are worried about rate hikes. they are worried about slowdown in chin

annabelle: that's right.big names forcing their buyback flags. jp morgan, best buy, citigroup. we have seen record buybacks over the past few years, really since the start of the pandemic. about $1 trillion worth of share buybacks from executives here. any retreat really does strengthen what has been a critical crutch for sentiment in the market, given they are facing slowdown fears and inflation concerns. one of them saying this is actually the proper heading. we can take a look at why strategists are saying that. it is really down to the beginning outlook for earnings. and lowered ceo confidence. as for next year, the outlook is looking more uncertain. that is because of a post-u.s. tax stock taking effect. that could open the windows here for companies to fly forward in the second half, though unlikely. >> there's a worthy inflation numbers we have seen in the u.s. might be a head fake. annabelle: that's right. the cio of morgan stanley's wealth management joined the what goes up podcast on bloomberg, talk

annabelle escapes from quarantine. we look at the trade numbers. annabelle: we will pick off and thank you for that wonderful introduction. there was a good report for us and export growth was strong. the trade report has a record hit, coming in at $100 billion, a growth of 18% on the year. in terms of equities, china is now up, although the session is still looking weaker this afternoon. one of the downsides is that there are a lot of risks around the fed and the chance it might be hiking by more basis points. that is one of the main drivers today. dani: as we wait for the new thriller, what is the latest with hong kong using -- easing? manus: we just hope that police will not show up at your front door. annabelle: basically, the government said the government -- quarantine requirements will now be having a big change. coming into the press conference today, that was the best case scenario, even though it is not as much as other places with no quarantine. we are seeing some stocks moving higher today. there could be more passengers coming in. broa

she said that after checking with google, it appeared to be a one in a billion occurrence. >> annabellew looking to sell the egg on, where else, ebay, where similar items have gone for hundreds of dollars. she says she'll use the proceeds to rescue more chickens. using the turkey to get the chickens -- to save the chickens. >>> and finally,s to a pair of aquarium penguins experiencing life on the other side of the glass. >> this happened at the vancouver aquarium in canada. two penguins got the chance to tour an exhibit on local marine life before visitors arrived last week. >> aquarium officials say penguins are naturally curious creatures and love to explore. >> by the way, where do penguins keep their money? >> where, andrew? >> in a snow bank. in a snow bank. >> where's the drum? where's the drum? >> look at them waddle. >> this is cute. i feel like -- i don't know. there's something to be said here. it feels like -- >> this is my spirit animal. i'm curious, and i just sort of waddle through life. >> i don't know why this is giving me "pla meet three sisters. the drummer, the dribbl

annabelle: we have been hearing from the st.ed president who is saying a recession is not in the cards in the u.s. and a soft landing as possible, we are a few seconds away from opens in japan, also for treasuries, we saw outsize moves in the 10 year. it's about those calls we are getting from the st. louis fed president, he is saying the fed needs to move rates into a restrictive policy and he wants it to 4%. we have seen a lot of moves back into the dollar. that is leading to the weakness back in the yen, holding pretty flat. testing the 100 day moving average. in terms of stocks, coming online to the upside. these moves in geopolitics suggest china may not be able to resort to more forceful actions, they are in a weakened position economically. let's take a look at the open for korea. some strategists say these moves we see could be a supportive factor for korean stocks. still keeping an ion the korean won, sitting around the 1300 key level. in australia, the open of the asx 200. staggered start, is reactive to what we saw in

annabelle droulers is in hong kong, what are the risks? annabelle: pretty subdued. not much driving the direction in general. volumes are just below the 20 day moving average. major catalysts are earnings. we're still focused on that. in terms of softbank, down the most since april now, off sharply in tokyo because it reported its biggest quarterly loss on record. and nvidia earnings also playing into the chipmaker outlook for asia. tokyo electron just slumping, we did see that company posting a miss. alibaba did sharply decline but has recovered earlier losses. at has laid off about 10,000 workers in the space of three months. keep an eye this morning on hong kong property stocks because the government could be waiving double stamp duties for chinese buyers of property stocks which is supported for the sector here. dani: annabelle, thank you very much. coming up with manus and me, the ark investment ceo says the u.s. is already in recession but predict we will be out of it by next year. more on that story next. manus: plus, one decade's hottest bond market is implo

annabelle: we are counting down to asia's major market opens. shery: good evening from new york. the top stories, geopolitics putting markets on edge as an expected visit from nancy pelosi to taiwan further stokes tensions between the u.s. and china. haidi: australia on track for its deepest tightening of monetary policy in a generation. shery: hsbc faces more pressure to spin off its asia business ahead of a meeting with investors in hong kong. the lender continues to push back on calls to split up. u.s. futures lacking clear direction at the moment. this is the open in asia. just like we saw on the regular session, s&p 500 gaining ground but struggling throughout. geopolitics weighing on the golden dragon index which fell at one point to the lowest more than 3.5%. we saw the clients weighing on the markets at a time when we have concerns about demand as well. we have a 10 year yield breaking through the 2.6% level. oil also falling in the asian session, falling in the regular u.s. session on demand concerns. we are already seeing how u.s. manufacturing pmi has expanded at the s

annabelle: looking fairly risk-off today.s gotten out from bloomberg intelligence highlighting a bit more of that now. there is focus on the shift away from hydropower and what it means for coal and lng. as darren said, we already have some pretty good inventories for coal, but still, if we see more stockpiling, it could raise prices. lng prices have been correlated with coal prices and they could also rise in tandem. we are fairly risk-off today, seeing strength coming back into the dollar. for what that means for the yuan moving forward, we have two key notes in the next hour, the fix and the loan prime rate. our markets live team says the fix will be more significant today, given that the pboc did not give any strong indication. as well, we are keeping an eye on the korean won, now slid into a 13 year low. let's turn and talk about china now, we have a very big week ahead for chinese earnings, three hundred companies reporting. foreign outflows have really been tested. we have seen them gaining speed in the last six months

annabelle: we are watching the korean won quite closely. slightly negative correlation between local rate rises and the performance of the currency. it is a good barometer of global risk sentiment and the greenback has been easing slightly or has been easing slightly against some areas. we see a pick up a bit slightly. take a watch on the euro as well, another great interview with the ecb governing council member and he says that it is action time for policymakers in europe and the week europe is adding to inflation as well. we look at equities in asia and we are at risk off ahead of the asian trading day, new zealand is online, sydney and japan close, the yen's trading weaker here. the dollar is the most obvious way for an increasingly determined fed. paul: s&p 500 futures pointing down although not quite to the degree that we saw on friday. we are seeing the s&p 500 is off by .85%. we are trading off of the highs, then they will change as we get to curbing supply. kathleen: what speech in jackson hole, wyoming, jerome powell's speech was

annabelle: not a great year so far, if you are a bond trader.ially in the investment grade space, we are down around 12% so far. there has been a move in treasury yield and the fed tightening is a key factor there. barclays is saying that we will see more credit payment ahead, they are very what we see now with periods of high inflation and growth comparable to what was in the early and late 70's. we are watching in particular, specifically the period of high inflation and low growth and barclays process during the 1970's we ended up seeing excess returns in investment-grade credit. -15 basis points around 9% now, other strategists are saying that investors should be wary of significantly slower growth from here on in. they are expecting investment grade rights to tighten from current levels against treasuries and whited out into the your end as high growth slows -- year end as high growth slows. there are watching in particular, heidi, this is something called operating leverage, the relationship between a company's fixed and variable costs. mo

annabelle: we are counting down to asia's major market open. shery: the top stories this hour -- fed chair jerome powell gets a chance to reset market expectations when central bankers gather this week for their annual retreat in jackson hole. chinese lenders/rates as the economy battles severe headwinds. chanter -- china's energy crisis adding to the problems stop a limit on how some in -- on supply for some industrial users. u.s. futures under pressure after we had a volatile session on wall street. the s&p 500 having its worst day since june and we see the pressure continuing in the asian session. we have $2 trillion in options expiration which didn't help with the volatility level. the 10 year level headed to the 3% level and everyone hanging on what chair powell comments will be this weekend in jackson hole. in order to gauge what the trade will be this year, a flattening yield curve has been the wager of the day. crude pressure on -- crude prices under pressure at the open. we had seen three days of gains for oil prices but there had been

let's bring in annabelle for more on this.son were looking at this is because we saw big losses this year already. annabelle: it is not been a great start to the year really. for what has traditionally given us some decent returns, low volatility. but as you said, the 60-40 portfolio coming with a near 12% loss year to date so is it really time to put the strategy to rest? you can see results from our survey. the vast majority of people saying that no, it can be sustained. let's change over, take a look at these results in more detail. we have more than 1000 investors wanting to this and they say over the next decade, the portfolio can perform above inflation here. the vast majority saying yes to the question. of course, as you said, we have seen the worst start to the years since 1988. and a lot of this also comes down to those changes in historical correlation as well. because bonds and stocks have historically been negatively correlated. the relationship has now changed. morgan stanley says the bonds do offer some good retu

annabelle: that's right.ne of those people we heard from on bloomberg television was former treasury secretary larry summers. basically, he said the numbers, yes, are encouraging. but, the latest reading does not really justify any major policy shift from the fed at this point. he said that if the fed believes this is a game changer, they will be making another major mistake. here is why. take a listen. larry: we knew the headline number was going to be coming substantially down because we could see what had happened with gasoline prices. the core number was better than most people expected. that is certainly better than the alternative to that. on the other hand, it was heavily driven by volatile sectors. we have seen this movie before. haidi: larry summers thinks of the fed should stick with policy tightening to stabilize consumer prices. we are seeing a bit of a different move or reaction in markets. the expectation we had building for a 75 basis point move has fallen sharply. we are now looking around 50%

annabelle: we are waiting ahead of the cpi release. a weaker start in asia, new zealand coming online, that is pretty do the downside, trading volumes expect to be pretty thin today. while all of the 20 day moving average. one stock we are watching his commonwealth bank, this is the largest bank in australia. that was a beat on estimates, the dollar is in tight range. the ozzie and the yen, little change, the cpi also has data from china later. heidi: the inflation feature is different compared to the rest of the world, japan reducing prices as well. we are seeing a distortion in the slowing of japan producer prices. going back to china, it is likely to see this kind of push pull factor of we are expecting to see food prices accelerate, driven by the pickup in pork prices when it comes to the food inflation bus. you do have waning household demand, the demand will keep the cap on service prices. we know with covid zero there is some uncertainty, this is different, then inflation wednesday in the u.s.. kathleen: it is the pboc of chines

i'm annabelle droulers.ncores to double its pace of quantitative tightening starting this week. the balance sheet will shrink by $95 billion per month, $60 billion of treasury bonds and a 30 $5 billion of mortgage-backed securities. here is what makes that unique. to shrink its treasury holding by $60 billion a month the fed will need to dig into its stash of non-maturing t-bills and let this go to the market to fill these gaps. this month's over $16 billion and next month just under $14 billion. this will effectively drain liquidity from the system. the potential application is money market funds might take some of the $2.2 trillion cash at the fed's reserve repo facility to buy up treasury bills for selling in the market. we could see usage of the facility fall gradually from record levels. that something very important to be watching not only the next -- over the next few weeks, but months, ahead. our next guest says there is an increase within the pace of qt doubling in september. an investment strategis

annabelle: in his wait and see ahead of the fed. the asian trading today, we have nikkei trading higher, we are still in the midst of earnings season. qantas numbers are out, and loss but still does airline is pledging a share buyback because it is seeing a strong return in travel. we are also watching the yen this morning. essentially the government expected to speak with the policy settings even if inflation hits a percent. recapping the morning session 80 hong kong, we continue to monitor the reaction to the tropical storm that is in place of a city. the preopening session has been canceled. we are watching for what happens in the morning session because the storm warning is expected to be lower between nine and -- 9:00 a.m.-10:00 a.m. right now we understand free-market market trading has been canceled. shery: we are hearing a minute ago hong kong delaying the morning trading session as a swarm of signal eight is in force -- as a storm signal eight is in force. let us bring in our global economics editor kathleen hays. also with

annabelle: seeing it come online to the downside. down around 4.5%.e a look at the energy space. with nomura around 4%, it did barely get a profit. even though we see the gains in fixed income trading. could not make up for the losses we saw from equities underwriting. underscoring the difficulties facing the ceo to diversify their brokerage. in terms of what we see, nintendo was another company reporting earnings. echoing the woes we heard from sony. the software and the hardware sales declining in the quarter. production bottlenecks have been affecting a lot of companies. coming up, softbank's call, as well as toyota. waiting to see whether that company does revive upward its profit forecast. changing to the energy space this morning. the big drop in brent crude in the previous session. it is recovering this morning. opec-plus agreeing to a small hike. gasoline demand is waning. losses for the big energy companies in asia. turning to lithium shares, as well. the world's biggest lithium producers. reporting earnings after the bell. we saw the rise in

to propellers and what routes i take as a result and the system learns the framework operations. annabelle bar 4 see in the bottom afterward. and one of the holiday inn offered for lincoln to ensure safety captain fever and his colleagues monitor the ship from shore and can intervene to steer at any time. the crew on board is being steadily reduced, was oscar horn to wash puddled up over the next 2 years. we will add more autonomy functions and continue to test the technology all before the last 2 navigators, finally disembark, turn of what this innovative form of c transport comes from. fertilizer manufacturer, i gather each trip on the yacht, bureau coolant carries up to $100.00 containers, a fertilizer, 2 major ports from their cargo can be shipped a broad yet. and they've got shooters. no, until recently we transported every single container by truck each year. there was around $40000.00 trips. we now have shifted a c transport. the ship is electrically powered and will soon even seal without the crew of elaborate on the water gotten. no crew accommodation means more space to squeeze o

let's bring in annabelle.was not too bad, given how bad we thought it could be for this tech giant. >> a low baseline is also helping the reaction here today, but you would have to say this push to cause corrective pain in dividends. taking a look at top line, we sought revenue coming in it $30.4 billion in the three months ending in june. it was the first ever decline on a quarterly basis, but we still saw a slight increase on expectations, a son of the impact china was rediscovered zero policies are having particularly on consumers. you also have looming fears on detect crackdown and the u.s. as added alibaba to a list of companies facing expulsion from exchanges. overall the result in revenue is being seen as a positive from the e-commerce position. the other we are watching is [indiscernible] and key strategies for alibaba because china does like the west and other nations in spending in this area. in terms of what is ahead, this is all about taking a disciplined approach to spending. alibaba at once just

annabelle, what do you say?for japan and soul, defense sectors could be some of the most active stocks we have had with pelosi visiting . in terms of reaction today looking muted but recapping the headlines that came through, it u.s. and taiwan beginning negotiations on a trade initiative. a lot of reaction when we get the opening of taiwan trading and mainland china trading soon. yousef: -- haidi: a lot more to come on daybreak asia. this is bloomberg. ♪ haidi: let's get you the latest about news that just crossed the bloomberg, the commencement of trade initiative conversations between the u.s. and taiwan are expected to start early in the fall according to the trade representative office. this adds more uncertainty given geopolitical outlook, reaction from beijing we saw from nancy pelosi's visit. let's get more on the potential reaction out of china. we see a reaction when it comes to offshore pricing. how does this complicate matters given expectations for u.s. and china relationships and the meeting that i

annabelle: especially the fed. the debate continues.ssion and achieve that soft landing? what is the latest we are hearing? kathleen: this is the debate. i have to simplify it because this is high-level economists arguing. larry summers, former treasury secretary, noted harvard economist and professor. what happened was that larry summers and two others wrote a paper attacking the fed, saying, there is no way you can have a soft landing. you can't get out of inflation without getting into recession. so then chris waller and another economist at the board of governors wrote this paper about job vacancies. we're talking about all these jobs that don't get filled in the u.s. economy, why don't people take them? he said, that is the focus. rate hikes will start slowing the economy and demand will weaken so companies will hire fewer people and job vacancies will fall. that will ease pressure on the labor market and help reduce inflation. so today in the paper by larry summers and his colleagues from the peter slen -- peterson institute, they

annabelle: counting down to the major market opens. haidi: investors ponder questions for how aggressive the fed can be. the 10 year yield is holding above 3%. u.s. business activity contracting for a second straight month. energy costs are delivering an economic blow. shery: take a look at u.s. futures. this after we saw large training volumes. the summer low, people are more cautious given we are heading towards jackson hole. business activity, the housing market not looking great. the real estate sector was one of the big losers. we watched the treasury space, the two year yield took get hit today. perhaps the expectations of the fed will not be as hawkish as markets expected. oil is not doing much. annabelle: the nikkei futures are unchanged. the asx looking at a fractionally higher start, the low trading volumes in the u.s. would also expect, pmi for japan, rates are still holding but lower on the months prior. you have the backdrop of the war in ukraine, inflation risks, procession fears for the global economy. shery: for more on

shery: let's return to annabelle for the latest on the markets..s., we have some retail earnings giving a boost to stocks. annabelle: were seeing some of the big retailers here in the region also moving forward. walmart said that was the key throughout the morning. after slashing its profit outlook three weeks ago. we are still seeing a high income consumers the amid back-to-school sales. leading to some the big asian retails reacting to that result. it is a big earnings day in australia. we are seeing some of the biggest companies reporting this morning. csl, you can see it dropping at the start of trade. it did report a 6% drop in net profit on the year. a lot of production challenges from the ongoing pandemic. that limited supply for its product. santos is another one we saw, coming in at $1.17 billion. magellan is another company that has seen significant outflows. it ceo says the company is confident in its business moving forward. brambles also looking higher at the start of trade, as a transport and logistics giants and the country, showing

good number to get caught up with me at miss bus, assuring year drop off to his stomach room, yet annabelle upright piano is emily pools gary of sham shirley skim should. am a morgan there cost if consciousness, mortgage disc, christie, is this a bullet made in the resolution of my dealer? she thought that he says that the y fi allowed redo them cuz was listed at the or did you need to know what dr. what lay a deadline to signals congenial was oldish. could we a night in the garage eat, trish? give you a little while you're in jackson? michelle crime? yes. just really chill over it. yeah, sure. jesus, on your most beautiful lay a bill put along, gave common get absorb threats in nevada. sean, my water out wash, hold audrea. and after my teacher, skin nymph beetle must have also out midnight. ye know, for time that ronnie, nope, is from whole reside yes, virchow chilly. those knowledge thought that you call as i gay and was but as long as new b m. m as follows in a flanger. but he thought that as follows on it, back on you mo chart. still been years now. yeah. again accorded site the apollo

this video taken by baez and his partner annabelle earlier this summer. venezuelan couple kept a video diary during their two month, ten country journey from lima, peru, to new york city. they carried only a few belongings on their backs and occasionally their 6 and 9-year-olds as they trekked through the infamous darian gap linking south and central america. it's a place where the northerly path for many migrants often ends in tragedy. but not for this family. during the rest of their journey north, they swaddled their dog, max, still a pup at the time, like a baby to sneak him onto buses and into hotels, fearing they would be separated. but the actual blood, sweat, and tears were all worth it for this moment as they recount. the day they waded across the rio grande. and onto u.s. soil for the first time officially requesting asylum. after a brief stop in texas, it was onto a bus and the three-day drive to new york city where they wait for their asylum cases to be heard. what was your first impression of new york? annabelle tells me reality set in once t

that number, as guests that are premier to have missed the senior group of toys. stomach boom, yet annabelle upright become a dissimilar bulgaria from chil. any scheme, zulema morgan lee. of course, just honestly morgan disco christie? is this a bullet made in the resolution of my dealer? she thought that he says that the work sheila redo them, could wasn't a see at the door. they didn't see me. what's going on with my dad got to see business. congenial was all this could be a night in the garage eat. just give you a little while you're in jackson. michelle crime? yes. just really chill over it. yeah, sure. jesus on your most bottom, lay a bill, put along, gave common get absorb threats and robber shawn. my water out wash, hold audrea. and after my teacher, skin nymph bill, nothing else out me die neobitz. i'm as ronnie, nope, is from whole reside yes. back all chilly. those knowledge thought that you whole is i can't was but as long as new b m. m as follows enough longer, but he thought that as follows on it, back on you mo chart tobin yes now. yeah, dana jolla site, your volume, it gave it

let's go to annabelle with early movers. >> we are checking in on the big nickel producers.interview with the indonesian president saying the country could impose a tax on nickel exports, a push to move up the value chain for that key import for ev batteries. we are in the thick of aussie earnings season. some companies reporting, one of them, you can see the client at the start of trading. it did report an underlying profit for the full year that missed analyst estimates, but still profits our board and ceo renewal is aboard. newcrest mining on the other hand is moving to the upside. it is australia's largest gold producer and it did see an annual profit drop on 25% on the year with the key mind producing less gold. it is due for upgrades and maintenance. shery: now let's get to vonnie quinn with first word headlines. vonnie: fed officials offering mixed signals on the september rate hikes. in an interview with the wall street journal, they urged another 75 basis point move. kansas city has a more cautious tone saying the fed has already done a lot. neel kashkari says the i

but due to approaching shift moving as an invoice from you to discuss the matter with me. annabelle though in the queue for me, i will see each one and buy new museum and she is going to go up into my daughter brianna. would me of those who do offer to be done in the process of maturity, which fortunately our school starts and launched the not sure that she needed to live with the position but the female because i'm not sure lose all whole approaching because it was she's just most she did know that so food in law, which in seattle we did my what we did at the fluttering them. what is your dusky in actually your suppressed with a stone untruth for which and i still not supposed to meet with them. when the neglect would do much more to normal, state would be must need to be checked your, your project winery? yes. just a balloon rod and key of ship. you know, was interesting because i think i will put off the lunch when you buy some coach to cross crashed on which in fortune damage for your bus shed to do any out the but all of them, some is because all the whole schedule with the machine yo

to be able to continue to do this work workers can also file confidential complaints to calosha annabelleyour health. they can also affect your mood a new study by gallup and cnn found that people experiencing excessive heat had a decreased mood and sense of well-being gallup surveyed over a million people across multiple they say older people and those who live in developing economies appear to be most affected the study projects that by the end of the decade global levels ofwg about with mike. yeah for sure. lifestyles will change and not for the better coming up with teenager stepping up to help save an endangered species. i i do love monarch butterflies and pollinators in general. we to protect our pollinators. how you too can help save the monarch butter announcer: type 2 diabetes? discover the power of 3 in the ozempic® tri-zone. in my ozempic® tri-zone, i lowered my a1c, cv risk, and lost some weight. announcer: ozempic® provides powerful a1c reduction. in studies, the majority of people reached an a1c under 7 and maintained it. ozempic® lowers the risk of major cardiovascular even

what's going on with that discussion. natur, governments that what would mugshot would they be me, annabelle, during vacuum, talk to me, i will soon. she doesn't want him to stop by me for like all of them near the immense article. and i mean, if you're going to go in chan, mistrusted promptly oh yeah, goodness e got those just of just one that is go i her new brianna would me at the time, i don't know a possible do i for to manual that will just follow the dollar, i says this, me at the sun. i wish for him is dominican, don lucian. his brought it to 9 is considered in his and he has no one should maturity which was to play out well for the count starts and that not large. now in town much i live with that that was was due to live competitive because i look with the few. so we are to position with them, feel manascale toilet panata and luther news all. no problem up watching it because it was, she was just an acidic, said no decent disease, adapt. so hooton's law, which in g r o we did in my what in got he did it sliding them away? don't castelli yog dusky up in iceland, just brass, with a s

their children are therefore considered foreigners via anthony annabel, admin and on. there's so much discrimination in our country who they're so high and even my children phillips and laughable because of that palestinian father. they're not allowed to go to the local school issue meeting. i look and i wish my children could grow up like any normal lebanese child on, and instead they're excluded from many things. and my husband isn't allowed to take certain jobs in it, just because he's palestinian or nationality does not play any role in the trees for lebanon initiative. the only condition for participants is that they do not have another means of income because the project especially wants to help those most in need. to day the women are making seed bombs for wild time and sisters. in addition to reforestation, the product also wants to plant crops that can later be harvested. after sifting the soil, the women add the clay that will later form the hard outer layer of the seed bowls . when both are mixed, the seeds go in. everything is then mixed with water and need

what they do me, annabelle, don't vacuum talk with me. i will soon she doesn't. why don't we just come by mean oliver museum and satari with the money going out to go in chan mistrusted properly . oh yeah, got it. you got those just one that has got her new brianna. would me at the demo across the block. and i know that we'll just follow the dollar. i says this, we had a son. i wish for him is 10 unique are don. loosening his brought it to 9 is considered in his and he has a no william maturity which was to play out well for the count starts and that not large now in brown much i live without them. small digital yet composite because i look with the few. so good position when the females console, panata lethal, new lornel, blah, blah hook, which in turn said because it was she was just an acidic said no decent disease adapt. so pu tim, floor, which in g r o we did in my word in. got you did it sliding them away? don't castelli york dusky up in iceland just bracelets, a stone, a truthful porch, and i stole matches to wood, bro, i knew i was near with her. i went t

annabelle: checking in on softbank.is the first chance for traders to react to the company accelerating this stake sale in alibaba. that took a lot of strategist by surprise, but some are saying is a good news, the sale of alibaba stock because the company doesn't pay a dividend but others say it is a worrying sign. it is moving higher. in seoul, keeping an eye on sk telecom. it's one of the companies that's been deleted from the msci all country road index. let's turn now to look at the apple supplies in seoul and tokyo at the start of trade. most of these moving high. the reason for that is apple, very confident in the outlook for the iphone, they are telling their suppliers to make at least as many iphones as they did last year. this is another signal that we are getting of the resilience of a high income consumer. also looking in on the big,. we seen the metal hitting a six week high. there are concerns around supply chain disruptions. cool inflation, another supportive factor. we are seeing some of the companies mo