and before we go, let's give you a recap of that breaking news that came out from australia just a few moments ago. australia's central bankexpected, but cautioned that a further increase could not be ruled out, given inflation was still too high. the reserve bank of australia kept rates at 12 year high of 4.35%, having last lifted them by a quartet point in november. we will be digesting that over the next few days, along with other reports here on asia business report. a reminder you can check out our business news on bbc.com, as well. thank you for your company, goodbye for now. bbc news, bringing| you different stories from across the uk. harry and his family are huge brighton fans. but seven years ago harry suffered a cardiac arrest at school. it was his teacher, christine, who saved his life. harry was playing football at the after—school club and i got called out to the field and he was just lying there. i knew he wasn't breathing because i'd checked for the breathing, and also his lips were going blue. she continued doing cpr for 15 minutes without stopping. i mean, she's the most amazing lady. and, yeah, i'm reall

talking the central banks of australia, let's think about the fed and what's happening in terms of expectationsswap market start to reprice. they've gone to around 150 basis points expectations just a the beginning of february -- february. the expectation that this will be a fed that is on the higher for longer motive 525 to 550 on rates in the u.s., what that has done for money markets because the flows just keep going into those money markets because you can clip that coupon get that yield. that's despite all the issues about a trillion dollars that came through from the u.s. in terms of treasuries last year, you have seen 128 billion dollars, investors have added in terms of u.s. money market fund since the start of this year and company sitting on $4.4 trillion, record and cash by the end of the third quarter. so that appeal is still there and as markets adjust to expectations, rate cuts come through later, you can still pick up yields at 4% or 5%. coming up, we speak to the ceo of hotel group on the earnings to -- earnings. that conversation at 8:00 05 -- 8:05. that's up next. this is bloo

the reserve bank of australia will be expected to hold rates at a 12 year high with the investor focused forecast. the momentum shift and globally markets as investors pull billions from china as much of that money is headed to india. haslinda: china is determined to put a -- on what we see now. we have the sovereign fund promising to buy more etf's to instill stability in the market. we have the csrc saying it supports that move. it's also asking companies to buy back their own shares to provide further support in the market. it is doing some good for the markets. at least for the short-term time. the csi 300 index, the territory reversing all losses with it up as much as 2% at one point. hsi also in positive territory. they receive a buying sentiment across the board, except for the csi 2000 index. this is a small-cap index with lots of liquidity, and that is not showing any upside as we speak. the asx 200 index under pressure as we await a decision for the rba. it is expected to -- rates expected to stay at 12 year high. the dollar inching slightly downwards, lifting some of the curre

of central banks. we have outlier calls in terms of whether the rbnz might move but also watching fed speak, watching inflation out of australiaound boj expectations as well. annabelle: that's right. we have been forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level.

of lower prices. also watching national australia bank, the ceo sees ongoing resilience in the economy and says most of are coping with challenging of well. a credit impairment of 100 93 million aussie dollars. home lending and business lending weighing as well. so a bit of downside when it comes to trading in the u.s. trillion lander. exxon mobil has pledged not to curtail exploration or production plans in guayama, as the president continues to ramp up his territorial debt as the venezuelan president continues to ramp up his territorial claims over the region. >> we have been very clear, we are staying focused on executing our operations within our defined contract area. that is what we intend to continue to do. as we talked about, this development has many years ahead of it and we are not going anywhere. so fundamentally delivering and developing and continuing to spread the benefits to guyana within our area of operations. we take the necessary proportions for an operational perspective to the extent we can, but fundamentally our focus is on doing what we say we are going to do, within our approved

there's buybacks of up to $1 billion this year. australia's central bank holds but doesn't rule out further hikes. treasuries pair losses after a two day route following a stronger u.s. services gauge while fed speeches for cold water on a march rate hike. chinese markets or mid promise of more support from beijing. president xi is set to be briefed on the countries stock ruptures. we will check in on these markets. the bloomberg indexes softer. we are seeing a rally that strong in mainland china. but also in hong kong as well. on the bought -- on the back of these additional measures coming through from policymakers, particularly the pledge of more buying of etf's linked to chinese equities. a very solid session. the futures in europe pointing up on the back of a little bit of this relief. particularly softer dollar will be beneficial as well. we continue to monitor the data and look ahead to the earnings story. the ubs story is what we are packing in greater details. european futures with a gain of 4/10 of 1%. ftse 100 futures in the u.k. looking to add

there is a focus on central banks this week with the start of trading in australia. the first meeting for the reserve bank of australia. it will probably maintain a hawkish stance. there is a lot of focus and screw 2d on the revamped communications regime. what we hear from the rba when it comes to expectations, michelle bullock is expected to maintain a hawkish position. stocks are coming online with the downside of about .4% as we see australian stocks trading close to the highs of june 1992. we have been pretty range bound when it comes to the market, extending record highs. the aussie dollar at 60 502. the u.s. dollar mixed tight ranges within the g10 space after posting the best today in about a fortnight the fifth weekly advance for the bloomberg dollar index. a little bit of pressure coming from that side with law the dollar. the aussie dollar closing down for a fifth weekly decline. we will see if there is any comeback back this week. kiwi stocks up by .25%. we could see more upside. chicago nikkei futures up about .1%. dollar-yen holding steady at 148. we con

plus we'll have the latest interest rate decision from the reserve bank of australia as the economy downits shares fell more than a0% in the last three trading sessions. last week the reserve bank of india on deal—maker ordered the company to stop having fresh deposits from march and there are reports and investigation into paytm is widening. i willjoined us from mumbai. tell us more about this widening probe.

of central banks. we have outlier calls in terms of whether the rbnz might move but also watching fed speak, watching inflation out of australia. repricing around boj expectations as well. annabelle: that's right. we have been forced to recalibrate expectations for a number of different central banks. but here this morning we've got japan just coming online. the japanese yen you can see unchanged. still at that 150 mark. a week level. but what else we are going to be tracking in the session is the cautious tone that's going to be coming across from the wall street day. given that as you said it is the countdown to those inflation metrics. the fed's preferred inflation gauge. we have australian inflation coming out. and trading volumes have been pretty thin really over the past few sessions as we await those numbers. we are taking a look at the nikkei, unchanged at this point, but of course watching what is close to a psychological level of 40,000 points. let's change on a look at what wells we are tracking. korean markets just opening. you are seeing a little bit of positivity coming through but it's very modest as well. not m

are signs that unemployment in australia is on the rise, but that is spurring bets that the bank of australia will cut rates sooner rather than later to provide support. now because of the pressures of inflation are showing signs of easing. japan is something you want to focus on because the nikkei 225 hit the highest levels in all time. a lot of this is showing solid signs that corporations are putting support on the markets. the nikkei 225 looks good for investors. and in hong kong, the hang seng riding high with the end of the lunar new year holiday with airline and casino stocks giving hope that maybe there are signs the chinese consumer is ready to drive economic growth and market optimism out of china. we have to wait for next week to see if they can continue the optimistic start. that is the look here in asia. back to you in new york. >> we appreciate that. let's go to europe and arabile gumede in the london newsroom. arabile, what is the set up in europe? >> contessa, if it was mixed data in the united states, we have mixed data here in the uk. we have seen inflation numbers come out.

once we see that, it may well be that we see a rate cut on the table by the reserve bank of australiathe first week of may. that is probably the best scenario where we can eke out at this point. inflation is definitely stickier in inflation particularly the services side driven by very high rents, high wages growth. to some extent that will be a handbrake on equities until the equity market gets a clearer line of sight of the timing of when rate cuts come through. like u.s. markets and european markets, the perspective on rate cuts is being baked in. having said that, the last reporting season we did get positive surprises and that is what we are looking for in this reporting season. rishaad: quickly, with easing in prospect across central banks, what does it mean for your bond strategy? martin: we have been increasing toward fixed interests. we are playing it safe for sovereign exposures. we think they'll bond markets have rallied pretty well, there is more to come -- we think though bond markets have rallied pretty well there is more to come as rate cuts look to be well and truly pu

this showing strength — we look at the state of australia's economy as its central bank decides its nextove on interest rates. plus the shares of an indian digital payments company plunge amidst the news of a wider investigation. hello and welcome to asia business report. i'm steve lai. let's start with australia, where later this morning the central bank will review its benchmark interest rate. higher mortgage payments in australia are hitting savings and spending for low—income households, but the economy has also shown surprising strength. i spoke withjun bei liu from tribeca alpha plus fund earlier, who gave us her outlook for markets and the economy this year. australian economy has been incredibly resilient. one difference though between here and the us, the us is a little bit further along than us, and rba, our central bank, generally is a lot more conservative and always looks to the us for guidance. what are the key factors driving the current interest rate movements in australia and how do they impact the economic outlook for the year? the economic outlook at this point is look

this showing strength — we look at the state of australia's economy as its central bank decides its nextith australia, where later this morning the central bank will review its benchmark interest rate. higher mortgage payments in australia are hitting savings and spending for low—income households, but the economy has also shown surprising strength. i spoke withjun bei liu from tribeca alpha plus fund earlier, who gave us her outlook for markets and the economy this year. australian economy has been incredibly resilient. 0ne difference though between here and the us, the us is a little bit further along than us,

of a pleasant sunshine. 35 celsius the in a bank. so come home whether to still affects in parts of central australia, which was the west. we have a couple who side link and that's now making a land full just around the pill. bro, give a slight his way to the northeast of passive west, and we do whether we do have the only thing for say, plus the possibility of damaging waves coming through and some very heavy right could cause a some flooding white pressure. meanwhile, dance of was the se so long as you fine and dry with some won't pay the showers the continuing costs at east side of queensland. and that'll be the case as we go on through monday. advice these things on what the weather, also facing a good pots, new zealand, the latest news, as it breaks on the thing is very blue. paste. they used to be able to face up to 37 kilometers out to the scene, but don't anymore from the hearts of the story. this is how this experience, this is randy, military occupation, paula tax, the legal supplements, and then grab with detailed coverage. the 1st situation in the global group is worsening. at least half of the population alr

we look at the state of australia's economy as its central bank decides its next move on interest ratesn the world's largest economy? hello and welcome to asia business report. i'm steve lai. let's start with australia where later this morning the central bank will review its benchmark interest rate. higher mortgage payments in australia are hitting savings and spending for low—income households, but the economy has also shown surprising strength. i spoke withjun bei liu from tribeca alpha plus fund earlier who gave us her outlook for markets and the economy this year. australian economy has been resilient, one

here's a look ahead this week, we'll be keeping a close eye on australia's central bank when the rba announces its first policy decision ofhowing signs of cooling, which has fuelled debates that its rate hikes may be over. on thursday, china will release its latest inflation numbers and producer price index ahead of the lunar new year. inflation is expected to decrease by 0.5% year—on—year, causing growing concerns about deflationary pressures in the world's second largest economy. also on thursday, the first reserve bank of india meeting of the year will take place on thursday. the cost of living has been rising due to food costs. and here's how markets closed on friday. on wall street, the s&p 500 roared to a new all—time high and the nasdaq jumped to a fresh two—year peak. as strong earnings and a blow out january employment report boosted confidence in the economy. the rally capped a tumultuous week filled with high profile earnings, a fed rate decision, and renewed jitters over regional banking weakness. we'll be talking about this is the week unfolds here on asia business report, and will be looking forward to your

ubs from global firms because of geopolitical tensions, the crackdown on the banking sector flows, and of course china's flagging economy as well. speaking of china, australia'sinister will also be meeting with his chinese counterpart on the sidelines of the event in abu dhabi that we spoke about, the wto event. let's get more analysis with deborah, head of trade policy at heidrick foundation who joins us now from singapore. when you take a look at this relationship, which of course has been frayed recently with some more people to people issues. do you see progress being made when it comes to the trade side of diplomacy, and how sustainable is this for you? deborah: i think it is fairly sustainable. i think the chinese would argue they made their point. certainly those australian agricultural producers would agree. the point was made quite clearly and now the effort has been on trying to get back to more sustainable long-term relationships. as you just saw in your own story on barley, once the chinese market reopens, that is the most lucrative customer for most australian producers and that is likely to happen in other sectors like wine as well. haidi: when

weren't regulation in this years budget. canada's largest banks have been accused of green washing by environmental groups and politicians in australia voted to urge britain and the us to allow the australian wisdom blower julian a sons to return home. the high court in london is due to issue a ruling next week on an appeal by the which it leaks founder against expedition to the us. he's wanted on espionage charges for publishing. hundreds of thousands of leaks, documents about the wars in afghanistan and iraq. the right that is it for me 0 then yeah, you'll be back in around 30 minutes with more of today's news. weather is next then inside story looks at how israel is using hunger as a webinar for. stay with office the the pal i, there is a logic, quiet picture for south asia, but you can see from the satellite image, we've got some bit some bulbs of cloud stretching across the world. and parts of india that brought some rain to the north east. we can see it is looking much or dry or a few showers continuing to for of course, eastern areas of india, some cloud cover as well. moving into combined. but for the south of this, a largely

bank of fever and the state so far they see it. a children's hospital is the latest building found to be contaminated with the best us in sydney, australia. dozens of other public buildings have also been closed because of safety concerns. the toxic cutting has long been found in many other countries because it causes chronic lyme disease. so talk ripples, hospitals, schools, sports grounds and public parks just some of the thoughts. cool golf? well, see the deals with a space dose contamination? events have been cancelled in thousands of students are remote learning after testing identified traces of the toxic fiber. i was going to say quite surprising because i guess this is kind of a hang up for a lot of shoes, sir. it's but we spend a lot of time. yeah. it's good. scary. i mean like it is a little bit.

of trading in chinese markets. here in australia, the reserve bank is widely expected to hold rates at the 12 year high and maintain hawkish stance against still a limited insulation. let's bring in our economics reporter swati pandey for more. what are we expecting? certainly a bit more scope for volatility? swati: we had last week, the fourth quarter inflation report which came in weaker than expected, and that really sparked a rally in bonds and drove market sentiment towards kind of like pricing in rate cuts already. the rba is not going to do that, they still have a tightening bias until december when we last heard from them. so the question is whether they will retain that or whether they will often that and make it more neutral. that is what investors will be really looking out for. haidi: what about the expectations for rate cuts? do you expect to see governor bullock taking a lead out of the said's labeled and pushing back against those rate cut bets -- out of the fed's playbook and pushing back against those rate cut bets? swati: australia is expected to be the last of the dollar bloc countries to begin c

bank of fever and the state so far this year. at children's hospital is the latest building found to be contaminated with the best us in sydney, australia. dozens of other public buildings have also been closed because of safety concerns. the toxic cutting has long been found in many other countries because it causes chronic lyme disease. so talk ripples, hospitals, schools, sports grounds and public parks just some of the thoughts. cool golf? well see the deals with a space, dose contamination? events have been cancelled in thousands of students are remote learning after testing identified traces of the toxic fiber. i was honestly quite surprised because i guess this is kind of a hang out for a lot of shoes, sir. it's, but we spend a lot of time. yeah. is that terry? i mean like it is a little bit worrying bob. if you're not touching it, maybe it's not, not, not quite bob. a special task force has been set up to investigate the source. well thirty's believe mulch, which is the material spread around plants as fertilizer is to blind landscaping supply distributes to add to locations around sidney police, as well as environmental protect

lender says ceo pays being cut by 21% due to a spate of digital banking outages including a deeper 30% pay reduction for the ceo. national australias russell mcewen will be placed as chief executive officer. he has been the executive for business and private banking since 2020. he will retire from executive roles after four years in charge. the ecc is set to label hedge funds and bringing greater compliance and scrutiny. the market regulators boosting oversight as the firm speak, increasingly responsible for liquidity in the world's biggest government bond market. they will have a year to comply with registration requirements. more ahead on "daybreak: australia." this is bloomberg. ♪ gusto automatically calculates and files my taxes for me. hold up, compliance? easier? choose payroll compliance without the ups and downs. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh annabelle: you're watching "daybreak: australia." taking a look at some of these huge moves in after hours, snap down more than 30%, all down to earnings after the bell today, b

the bank says variable pay for the management team has collectively cut by 21% due to a spate of digital banking outages. that includes a 30% pay reduction for the ceo. national australia will replace roz mcewan as chief executive officer. he has been the chief executive for business and private banking since 2020. he will start on april 2 when mcewan will retire from executive roles after more than four years in charge. let's look at the movers we are tracking right now. we are keeping an eye on china ev. select stocks including byd, rising right now. after the government issued guidelines to support exports at the new energy vehicle industry. the ministry of commerce and eight government organizations issued a joint statement listing 18 measures including optimizing credit supported helping companies deal with trade restrictions with exports up by 0.8%. nio surging i 3.5% as we speak. look at the other movers we are seeing in asia right now. china among them, stocks scoring after -- stocks soaring after comparable stocks beat estimate. alibaba sector report earnings, currently trading down by 1.2%. margin pressures are expected for smic. it is currently dropping more

australia pot central bank. the economy is cooling which looks like rate hikes may be over. then on thursday china will release its latest inflation numbers and producer price index ahead of theear on year, causing growing concerns about inflationary pressures in the world's second—largest economy. also on thursday the first reserve bank of india meeting of the year will take place on that day stop the cost of living has been rising due to feud —— food costs. you may have heard about row henry partner who at the age of 43 has reached a milestone. becoming a double champion. —— the oldest in the world. we have been speaking about the perseverance that have led him to success. he had this advice. i would say to really focus on short—term goals, even though you have a long—term goal, break it into short—term goals. that is when you start not losing focus but to get that there are small journeys losing focus but to get that there are smalljourneys and goals. it should be a personal goal. it should not be someone else's goal you are trying to fulfil. that is a key factor there. in australian open this year, my first and foremost goal was to pass the third round. i had never passed

of this. hotel accommodations, flight tickets, spending in australia while they are here. that is something the reserve bankto be watching as well. david: i was about to say. seven shows across the two biggest cities. we've been talking about, you had a weak job sprint in australia yesterday. i'm wondering whether taylor swift offsets that. might the rba not cut rates this year because of this? >> what we are seeing is what economists are saying is that this is going to be a sugar rush for australia's economy. we are seeing all these people spend this money for this concert because they love taylor swift. but then they will cut back on spending later on in the year. so we are going to see a substitution effect where people are spending here but they will cut back on something else. economy wise, it the outlook is still a little dark. economic growth, labor market outlook is not looking very bright at the moment. haslinda: thank you so much for that. plenty more ahead. keep it here with us. this is bloomberg. ♪ david: we will take you straight now to japan where the boj governor is speaking. some live pictur

bank, what do you say, david, pass, let’s play with alexander. at the end of the 19th century, many japanese sought their fortune in australia, doing, among other thingsin the town of broome, in the north of the country , there is an entire japanese cemetery. what kind of dangerous work is this? maybe this is pearl fishing? bravo! under the stone sim-200. antoine michel wemaer from bruges was a merchant, not a pirate at all, but for some reason his heirs decorated his grave with just that. symbols, maybe maybe it's the jolly roger, the skull and crossbones, right, let's scientists 600, in the film cristofferano. for prestige, this real engineer and scientist is trying to build a teleporting machine, but not entirely successfully, it simply creates a copy of the original object. nikola tesla. bravo! who plays him in this film? i don't remember, i remember hugekn. david bowie. let's continue. the routes of road 600. yes, the historical road on oak piles was discovered only half a century ago in the swamps of england. this road was built around 3800 bc. history in 800 pictures. this avid flautist plays solo in a painting by mid-19th century german artist

australia west bank numbers really strong, rising to 86, 6 percent month on month. consumer sentiment up six point 2%, current conditions ofations with a gain of 5% month on month. there was previously a contraction of 1.3% so i bounce back there. consumer confidence index tracking a little higher. when it comes to the economy, expectations are year ahead, big gain of almost 9%. five years ahead 4.4%. family finance, expectations looking better as well. we continue to watch weakness, trading flat when it comes to australian stocks. whether that consumer confidence ways into rba expectations is one to watch. with recent signaling from the governors saying friday before parliament that they won't necessarily wait for cpi to be inside the target before cutting rates, there is a way to go to reach the cpi target. that balanced view tend not ruling out a high but not ruling it in either at the moment. when it comes to trading in australia and new zealand, bonds at the moment, we have seen a move when it comes to the aussie dollar, given that the u.s. dollar, range bound but the aussie has managed to hold gains . u.s. futures ar

it was an absolute horror show of an interview and local media this week, with questions around competition in the supermarket space. the national australia banke, sees ongoing resilience in the aussie economy. haidi: a busy week for earnings. that is it for "daybreak asia." a big earnings day for the markets as well. stay tuned for the china open. this is bloomberg. ♪ that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy.

australia." annabelle: time for morning calls ahead of the asian trading day. raising the last of their forecasted rate cut in march. goldman sachs, bankerica and barclays see the first easing in may. acknowledging the dramatic -- emphasize the need to see more data to confirm the downward trend. meanwhile, a nobel prize winning economist is playing down the damage that donald trump's plan would due to the economy. he said trump's idea of a 10% tariff on all imports would not her growth that much. >> a dirty little secret of international trade economics is moderate tariff rates do not -- at least according to our models and as far as we can tell in practice -- do not have huge growth effects. they distort production choices. they do some damage, but to get really big numbers, you would have to get well beyond 10%. of course, if the goal is to eliminate the trade deficit there will be a surprise because tariffs do not eliminate trade deficits unless they get so high as to basically make trade impossible. haidi: a chief strategist mike wilson said investors should be on the lookout for new themes after the tech rally and spoke to us abo

of a big tournament, you have to suffer. you have to deal with pain because you bank i bank up in the last game and, and that's normal. south korea come off against an australia side. you can see there's just one goal. so far it is tournaments. the months takes place that out. you need stadium which holds a special memories for soccer res, forward mitchell. jake is where he's go. the winter for australia against you, new the out of 2022. welcome guitars probably being a 2nd home for us for quite a while. um. even during that code period where we kinda use that as our base during woke up qualifies. and you know, yeah, we've made some special memories here, obviously with the last woke up as well. and great memories to me individually as well as going that goal. and i'm looking forward to making more memories like that in the next match. before that, australia, south korea much to jacob stall and take on jordan in the 1st of the course of finals which kicks off and just as a half an hour. jordan has never made the semi finals of the asian cup before while their opponents did. you can still on a tournament the ab taunts, i'm that coach is not ready for that fat

banks will play on a global stage and an open architecture manner. people will partner with folks ended opening up of how people think about alternatives in retirement savings. you see what is happening in canada, australiat will be longer-term retirement savings but with a lot more open architecture. lisa: who will your biggest competitor b? leslie: a combination of existing competitors today. jonathan: he is not going to name them. lisa: i just want to know is that banks, asset managers, tech companies? jim: people talk about transactions or competitors. you have to have an advantage of the product you're delivering. you can have great headlines and ideas but you have to deliver product. jonathan: we just wants a media drama. jim: i'm here to invest. jonathan: coming up david kelly, sara malik of wells fargo. this is bloomberg. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> the inflation problem is not going away. it will continue to create more and more risk of financial stability issues down the road. >> i see this that could perhaps jeopardize this inflation. >> every single investor is pricing in a soft landing which gets me quite nervous. >> we need less dovish data and i think that would be enough to send some pain across the