we've got a new governor, michelle bullocks. going to be all that's new about this meeting today? >> it should be. michelle has been at the rba a long time. she has been the deputy governor , this is continuity. the switch is going to be quite a smooth one. i don't think we will see any surprises today. at the rba will be on hold today that is fairly clear. what would be interesting is to they maintain what they have for a while which is tightening bias. inflation is were is -- where it should be but is it heading there fast enough? n -- if it is not heading there fast enough they will have to do a bit more tightening. australia has not done enough tightening so far. paul: only 400. in terms of inflation, the last monthly cpi print, yesterday's melbourne print was harder than expected. is that lagging impact we have seen enough? can the rba do enough considering that all of those really expensive mortgages that are on floating rates. >> in large part, they are in the narrow pathways. they had hoped to be in. they are getting the

michele bullock's- you see that? a very exciting day. michele bullock's first i day.'s first central bank meeting as governor but i don't think it changes the monetary policy outlook or monetary policy stance from the reserve bank of australia. it is very much steady as she goes, in terms of policy making. i don't think we'll see much of a change of stance. the priority remains on making sure inflation materially and persistently does return back to the central bank target, and we still have a while to go. our expectation is we won't see inflation retentive at two to 3% target band until mid to late life —— next year. that will continue to remain a policy priority, irrespective of who is the governor. irrespective of who is the governor-— irrespective of who is the governor. we will leave it there, thank _ governor. we will leave it there, thank you - governor. we will leave it there, thank you very - governor. we will leave it l there, thank you very much governor. we will leave it - there, thank you very much for your perspective. indonesia has launched southeast as

so, i think michelle bullock will continue to say that and that part of the statement will likely be me. but, this will be the first time that michelle is communicating to the broader public as governor. i think everyone will keep a very close eye for any change anywhere. it will be very closely watched. shery: i was going to ask, how much insight do we have until what -- into what michelle bullock is thinking right now, especially when it comes to her top priorities of the job? >> she has spoken about inflation as one of her biggest priorities. so, we had monthly inflation indicators which came in at 5.2%, an acceleration from the high we solemnly the prior month. also, an acceleration after two or three months of cooling down. i was driven by oil prices. that is a concern for michelle. that will be a big priority for her. also she was on the same page with her predecessor about engineering a soft landing. so, it is basically this path that they want to take about cooling down inflation pressures but also making sure that the economy does not slip into a recession. the other major pr

it was the first meeting by the new rnor michelle bullock.use for a fourth straight meeting. frther tightening may bee required. double continued -- that will continue to depend ona. the aussie dollar just went down a fraction. three year government bond yield , for basis points higher. yvonne: the rba also talked about external factors and b economic malaise in china was one of the biggest concern thats mentioned in the statement. yields are at least stabilize for now so we did get the 10 year auction a few minutes ago. even the lowstbid came out higher than forecast so there is a sense that despite the selloff, there is some thinking that yields are quite supportive at these decade highs. the boj will probably step in if we see the benchmark closer. rishaad: [scernible] has been received as being asoid option for these 10-year -- yields. yvonne: week oil supply is now the dominant driver of oil supply. capacity has dwindled due to a lack of investment. >> the last thing we want this to lose the demand. we as producers care a lot about that

we heard from michelle bullock last night in a speech saying yes, rate rises could be on the way butmer assistant governor of the rba now saying we are on hold. what is going on? jawboning? >> it does look like jawboning because it's been a month since michelle bullock took office and her rhetoric has been more hawkish. she is definitely talking a lot about the dangers of inflation remaining higher for longer than philip lowe did. and markets are still kind of uncertain around what will happen in november, so if you saw pricing go up to about 14% chance of a rate hike, if it does not happen in november markets are saying it may happen next year. so there is still uncertainty around whether the rba will raise interest rates or whether they are just kind of telling markets and people we are not done. if this remains a threat we can go again. paul: we will get a big piece of the puzzle in just under two hours time. but we are seeing of see -- upside surprise? >> there is a risk because that is what we saw in u.s. data, the core measure. headline inflation is something the rba is willing

>> this was michele bullock's first statement. was anticipation about whether she makes any changes, or keeps it unchanged from the previous month. she kept it unchanged more or less. economists are saying this is a sign that she is talking about policy continuity, which means interest-rate pauses. we are near the peak approaching the end of the tightening cycle. the bar for raising interest rates further from here is high. kriti: that is one piece of the equation. why is the market not reacting more to what they had to say? >> economists are still expecting one more interest rate hike from here, most likely in november. that will take the cash trade to 4.35%. markets took this statement as dovish. that was because the statement did not change from the previous month, even though we saw acceleration in inflation. there are concerns about oil prices. instead of talking that up and talking more about the need to raise interest rates further, the rba and michele bullock chose to keep the statement unchanged mostly. that disappointed

all eyes will be on michele bullock, the new governor of its central bank, when she speaks publicly forthere were talks of a rate hike to dampen high prices when she chaired her first meeting in october. but the bank ultimately decided to hold rates steady. and that's why wednesday's release of its third quarter consumer prices will be closely watched, after the 6% level reached in the second quarter. earlier i spoke to kelvin wong, a senior market analyst with financial services firm oanda. he explained to me the inflationary pressures australia is currently facing. even though the 03 expectation for the numbers, markets are expecting a low number compared to about 5.2% over 6.2 in 02 but due to this high energy price we see in the last two months, the cpi indicator we saw on this wednesday, the markets expect upward tick to 5.3% versus 5.2% in august, so if that comes to expectations, that will be two consecutive run of inflationary pressure picking up in australia, so that is a tough one, and less lagging inflation compared to the quarterly one. and the story over here, we see especi

michelle bullock saying they don't think they have seen the full impact when it comes to rates on consumptionpopulation growth is helping hold up some of the consumption. we know immigration patterns is part of that as well. we did see of course in the last -- the latest meeting they did consider hiking again. deciding to hold. that was the stronger case. shery: let's turn to the latest on the u.s. house speaker should raise. republican representative jim jordan has failed to get the majority of votes after some members of his own party withheld their support. our congressional reporter steven dennis joins us from outside the capital. what are we, in the second week without a house speaker? how viable is jim jordan as a candidate when even kevin mccarthy backing him in his first ballot seems to have even more votes then jim jordan does now. >> jordan's chances of becoming speaker are hanging by a thread right now. he had 20 republicans oppose him on the first ballot. he could have no more than four oppose him and become speaker. there was going to be a vote this evening. he has decided to can

this is the first meeting with the rba governor michelle bullock who came into the role in the middlee will look at india were committee will decide on its interest rates on friday and the consensus is that the rbi will keep the rates on hold. as we do, the first friday of the month will get the jobs market update from the world's biggest economy also for the month of september. that's it on this edition of asia business report. stay on with bbc news and thanks for watching. voice-over: bbc, bringing you different stories _ voice-over: bbc, bringing you different stories from _ voice-over: bbc, bringing you different stories from across - different stories from across the uk. �* ., ., , different stories from across the uk. �* ., g ., the uk. and what has changed since rod _ the uk. and what has changed since rod leary _ the uk. and what has changed since rod leary started - the uk. and what has changed since rod leary started his - since rod leary started his apprenticeship. 1963. harold was the prime minister and the beatles had only released left debut album.— debut album. getting

we did hear from michelle bullock in her speech last night.reases might be needed to tame inflation. certainly on the basis of these numbers that we just received, looking like a distinct possibility for november. chief rates correspondent for asia and m live contributor garfield reynolds joins us here in sydney. a beat there on cpi. what are the implications for the central bank now? garfield: the implications are that it's going to be a very tight call, do they go or do they not go? rates markets on the currency are responding very much as though i think it's a better than 50% chance that they will move. they were pricing about a 40% chance, so they were saying what could happen now, that's probably going to build towards the base case, even though it's a tough task to immediately say do they hike or don't they. it all depends on how these numbers work with the other things that are going on in the economy, where the rba's own economist put together their forecast. if they come out and say, ok, this means if rates stay where they are, we won

tuesday, michelle bullock will make her first monetary policy call as the new governor of the rba readmists are divided on wheth bank will raise key tes again this year. on wednesday thesaid decision comes after a revised data showed the economy pulling out of a recess economists expthe bank cut rates to keep up with a plunge in inflation that will bring borrowingspward. and the are b.i. in india is expected to main ahawkish hold with inf ave the target ceiling. h the u.s. government avoiding a shutdown we will get jobs data on today but a slower pace of hiring. manufacngmi figuresases, s&p throughout asia, infn data and industrial production numbers from south korea and the seat the i and from the philip ames read that is your week ahead. paul: a deal to avert a shutdown may steal nerves but the chances of a soft lining look like the main gain. let's get market outlook with the managing principal and founder at claro advisors. i want to start with the shutdown being averted if we can. do you anticipate any relief when trading resumes? >> nice to see you again. there is an opportunity

michelle bullock speaking at a panel saying the housing market has surprised her amid the inflation expectationshat the global economic paradigm that has not changed since the pandemic and the rba is trying to improve communications. we will watch for what the new rba governor says. we saw the picture being reflected when it comes to new zealand bonds. kiwi stocks down 1/10 of 1%, watching a gap in expectations for the yen. close to the 150 hurdle but a real disparity as we got forecast on the yen. analysts are the most divided on the currency since 2016, nikkei futures looking soft. news flow, the data docket by china, futures looking flat has we expect modest appreciation or traction when it comes to domestic activity indicators. shery: watching data in the u.s. because they keep surprising to the upside. a large jump in retail sales, treasury yields were soaring today so were talking about a two year yield are the highest level in 17 years and of course stocks struggled for direction, s&p 500 finishing unchanged. we were digesting earnings from banks. a mixed picture with goldman sachs saying

we have been hearing from michelle bullock the rba governor saying third quarter inflation numbers came in as expected. a quick note on what we are seeing in oil markets, brent crude really almost on the $90 a barrel mark but we have seen geopolitical risk rising again because the israeli prime minister netanyahu reiterating plans for a ground assault. timing on that not clear but another watch for us. the focus today very much on earnings, wall street and korea. >> sk hynix has delved into that because annabelle was just telling us about the moderate decline in revenue for the third quarter. a sign we are seeing a little recovery in the global semi conductor market. let's break down the numbers, revenue was down but the numbers were not as bad as expected. walk us through the key takeaways here. >> good morning, there were several positive areas from sk hynix earnings released this early -- this morning. one is even though the operating loss was slightly bigger than expected there was still smaller than the previous two quarters and one of the key business risks was the -- business, it

suggest they are joining with cautious policy stance being adopted under the new government michelle bullockee more of an economic slowdown they also mentioned the moves in the aussie dollar in recent months i've eased monetary conditions and today we are looking at the prospect of the low being set by the aussie alongside the kiwi as well at home prices might mean policy is less restricted and they talked about more broadly more further tightening might be required but in this month's meeting they decided pausing was the best thing to do so they will have before the november meeting other data to work with saying the low tolerance but delay forecasting cpi returning to target and that really any further tightening really depends on the date of the in practice and the risks these concerns are up 4.1% they obviously do not want to create further drag on the economy bell. annabelle: a bit of a cautious stance coming through but the moves not seeing much reaction. aussie dollar weaker. kiwi likewise. near fresh year to date lows of both currencies. new zealand inflation data a big factor this m

yvonne: michelle bullock, likely to be a hawkish cause. we have been rbnz position.omberg. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. yvonne:'s 11:00 -- almost 11:00 in singapore and shanghai. i'm yvonne man. rishaad: i'm rishaad salamat. u.s. futures gaining alode asianities after the u.s. we have signs of expansion in chinese factories. the bank of japan's tankan survey posting sentiment with confidence jumping more than expected among the large manufacturers. blackrock's larry fink is warning of 10 year yields jumping to 5% and higher thanks to a "new normal" of structural inflation. yvonne: a lot of questions as we kick off the new quarter on the slff and fixed income. is it overdone? we continue to see another of that. the yields are ticking higher across the curve. we are watching closely what hap to apan in the 10 year jgb yield. the dollar is hovering around the one .497ve. we are close to hig 150. jut had john vale from the glass that saying it

i wonder what michelle bullock would make of all of these numbers?bers came in as the bank had expected, not too much of a surprise if they are accounting for heat within the australian economy but that gives a little bit more of a lift when it comes to weakness in the australian dollar if this adds to expectations that the rba will have to do more. we saw inflation linked along positions failing after the rba testimony in particular toward the end of the month but certainly when it comes to australia, the state of the economy, the data points, there is uncertainty as to how rba will progress over the next few meetings. annabelle: the decision tuesday is going to come down to the wire. a hold or hike but we are into the trading session, a start to the week in asia and you can see markets are trending to the downside underway here. there are a couple of different factors over the weekend as we have been discussing. israel started its ground offensive into gaza, proceeding cautiously. still the second stage of the warm is something that could last from

we do course have a reserve bank meeting rro with michelle bullock having hr first meeting in charges governor. we seem consumer prices taking up inustralia, adding some weight to the idea that the rba ma have one more move left in the. the inflatiead later on. aussie dol is 64.31. elsewhere have nikfutures looking like this. the n a lot of change. 149.59 but fes pointing to a ghter open. we've got the survey out later on as wel a bit of a mixed bag. bloomberg intelligence seeing the manufacturing index may sink on demand out of china although services might pick up. the yen making japan attractive trading in chinese futures as well. 850 futures are weaker although markets will be closed in china today. a number of markets closed throughout the region for the holiday. not just china but also hong kong, south korea, no action today read shery: u.s. futures trading in the green. the first reaction since the u.s. government averted a shutdown very narrowly. risks remain because we are talking about the government until the funding runs out. so it is kicking the can down the road and we