joining me is emma o'brien. cautious signs of optimism in china. when it comes to the shanghai and beijing outbreaks, does it look like it is getting better at all? emma: definitely on the infections, we are seeing cautious signs of optimism in shanghai. we have seen a second day of new cases under 10,000, a real improvement from where it was a week or so ago with more than 20,000 new cases per day. we are seeing accompanied easing with that. they are not loosening the yoke anytime soon. beijing is seeing 40 or 50 a day. we are seeing the doubling in cases we saw in shanghai early on, which is a positive sign, but cracking down in the capital, closing dining in restaurants over the three-day holiday. really reining things in, hoping the beijing outbreak doesn't get out of control so they have to lockdown. dani: facing a lot of economic turmoil and that would have larger locations. thank you so much, emma o'brien. let's get the latest on the war in ukraine, nancy pelosi met ukraine's president. she became the highest rank american official to travel

let's get more analysis, emma o'brien.re eight categories to undo economic damage. >> it is a different picture to what we saw last week when cases were so persistent in beijing, it was looking like a lockdown was still a risk. you have seen economic measures. all factories basically are allowed to reopen from june, not just those on the waitlist. they are introducing subsidies for manufacturing and industries to get moving again. they are also changing the testing system around the edges. you know only need a negative test 48 hours before going to a public place rather than 72. it doesn't show they are cognizant of the disruption that this has been causing and are trying to do something about it until the next outbreak. shery: what changed from last week? covid cases falling or is it also the government wanting to relax that covid zero policy? emma: i think it is a combination of the covid caseload. pressure is easing, but also a real understanding that they are causing disruption to the economy and they are causing high

shery: emma o'brien. let's look at how commodities are trading, especially in greens.rally in food prices and wheat prices and corn is near the record high, especially when we continue to see demand from china, for example. the china depends on imports for 85% of their grain supply. 60% of all soybeans traded internationally are taken up by china, which is the biggest corn and barley importer. we continue watching palm oil futures and cooking edible oil, which has been under upward pressure as we continue to see more moves to restrain exports. but it is all about the commodities space and energy. global power grids about two have their biggest texas -- biggest test in decades. dan, what is happening to power outages? they are on the rise this year. >> it comes down to three things. climate change, the pandemic, and war. we are having more extreme weather events including the extreme heat waves in india and pakistan. droughts are drying up that reservoir is needed for hydropower generation. the world is coming out of two years of lockdowns and power generation is increa

haidi: emma o'brien there with the latest. get to vonnie quinn with the first part headlines. >> george soros's warning that russia's invasion of ukraine could be the start of another world war. speaking at the world economic forum in davos, the 91-year-old billionaire called it the greatest threat to open society. he said other issues facing humanity have taken a backseat in the conflict. >> russia invaded ukraine and it has shaken europe to its core. the invasion may have been the beginning of the third world war. and our civilization may not survive it. >> russia and opposition figure alexei navalny has lost his appeal against the new nine year prison sentence. he was convicted in march of fraud and contempt of court. the suspect in the killing of a goldman sachs employee on the new york city subway has surrendered to police. the 25-year-old was wanted in the shooting on sunday and what police i was an unprovoked attack. in response to the shooting, the new york city mayor has asked to meet via zoom to talk about crime conc

let's bring in emma o'brien. what are we hearing from authorities so far? t of captured it there. there's a very high risk of further restrictions for the next couple of months and potentially until the end of the year in china. as we get stuck in this covid zero lockdowns on, off, sort of loop. we might not see a lockdown in beijing but as you noted, there continues to be some 40, 50 cases a day there. and there are a number of cascading restrictions in place in the capital that mean you cannot necessarily freely move around. you cannot go into a park without being tested, for example. most districts are being told to work from home. you are seeing an emerging outbreak nearby, which we are keeping a very close eye on because it is an industrial area, home for factories from the likes of toyota. there's restrictions coming into place there. so it's looking like more of the same for the next couple of months when it comes to china and covid. haidi: in the meantime, hong kong seems to be drifting away from covid zero, it is easing more restrictions despite cli

haidi: emma o'brien, bloomberg's managing editor for asia global business. we take a look at how that plays out at the start of trading here in sydney. let's get the first word headlines now. u.s. house speaker nancy pelosi met ukraine's president volodymyr zelenskyy on saturday in an unannounced visit to kyiv. lucy said this sends a message to the world that america -- pelosi said this sends a message to the world that america stands with ukraine. zelenskyy says moscow is stepping up attacks in the east of the country. >> we are visiting you to say thank you for your fight for freedom, and that your fight is a fight for every person, and so our commitment is to be there for you until the fight is done. haidi: german chancellor olaf scholz plans to invite the indian prime minister narendra modi as a special guest to the g7 meeting next month.new delhi is yet to join with the allies and sanctioning moscow over the war in ukraine. olaf scholz is posting modi in berlin monday. they are also said to be preparing invites to south africa and indonesia. macau's gam

emma o'brien, managing director for asia and global business. get a check of the situation when it comes to rates and currencies here in new zealand and australia. australia continuing to see the current of the seats -- counting of the seats, but the labor party government looking more likely that they will join the majority government, ending the liberal-national coalition government in australia since 2013. a pretty stable future in both the three year and 10 year. treasuries rallying, getting a bit of a reality check as we continue to see the curb by the hawkish fed talk, we tend to see that mirroring when it comes the situation here in australia as well. the 10 year seeing a monthly low, as the equity selloff is happening. bloomberg economics is expecting rate hikes by 25 basis points at that meeting on wednesdayp also not ruling out a 50 basis point move, given how much hawkish nurse and aggressiveness we have seen in terms of signaling from the rbn said. we -- from the rbnz. the majority view is that the official cash rate should be increa

haidi: emma o'brien here. let's look at treasury futures. we have brought our u.s. markets closed for memorial day weekend. we are seeing the bond market bracing for a reckoning when it comes to bigger forces driving inflation. at the same time, we usually see a good performance when it comes to treasuries during these long weekends and the patriotic holidays, if previous performance will tell us. bonds at this point getting the upper hand in the treasury market, the first monthly gain since november. we are seeing a stable future when it comes to asian sovereigns so far. let's get you to paul allen. paul: the u.n. human rights official is trying criticism for her visit to china. it ended with a press conference that did little to address concerns about a china's alleged human rights abuses. the u.s. state department said restrictions imposed on the visit was not able to undertake a complete and independent assessment. eu nations failed to agree on a revised package of sanctions over moscow's invasion of ukraine ahead of a summit in brussels. anne-marie refusing to