that was not the case with rba today.here was nothing in there that was a warning signal to traders that we are serious that the risk of an of the rate increase is coming down the road. that was not the message they are hearing today. what they heard is a central break that probably discussed -- central bank that sounded relatively dovish because they did not use any new phrases which give out a warning signal. from here, traders will probably take it as a signal that fixed income is a good place to be, equities are probably a good place to be but not so much the aussie dollar because it is already starting to show signs of weakness on a relative basis. it will probably start to underperform against the rest of the g10 crowd. lizzy: i want to pivot to japan because i love your peace, jgb's have not seen as much interest for decades. let's talk dollar-yen. has moved so high after the boj's week. why? mark: you have the japanese bond world which is focused on the 1% threshold that the bank of japan has set in than the curre

let's put that back to the rba. wei yao is still with us. will be rba hike?they do, will it be the last? >> it is a close call. our call for this one is no hike. but if they do, it will be the last one. look at the balance of things, inflation is slowing, not enough, but growth is slowing as well. the rba is facing the same thing of other big central banks. they are very much data dependent. they want to stop, but they cannot be too complacent about inflation pressure. david: the rba is confusing today, but not compared to the boj. what did the boj just do? what was the objective and did they achieve it? >> they actually made a move to walk away from ycc. they effectively widened the band, but they want to do it in a controlled manner, that is why they bought the bonds. they do not want the markets to move too much. with the current fiscal year forecast, acknowledge and inflation is here. -- acknowledging inflation is here. rishaad: they have been so concerned about upsetting the apple cart that they have been looking at this monetary policy like a deer in th

they want a different rba. something on paper and say you don't want groupthink. you want to have more diversity in terms of backgrounds and professions. and yet they laud central banks like the bank of england. or the federal reserve that has a lot of phd economists. it will be fascinating to see how he talks about what they know so are and what he thinks about where they are going to go. haidi: a nice chance to reflect on phil lowe's legacy. he has not had an easy time. the war and ukraine, a pandemic, a bout of disinflation and perhaps most unfortunately the guidance that rates would not rise for 2024 and that has stoped so much political criticism. you can get a lot more this context of back round and all of the reaction on your bloomberg. tliv for the analysis from our team of expert editors poised to react to the rba testimony. that is one thing that markets will be watching out for. annabelle: it is interesting you said phil lowe not having an easing time with someone else who is going to have a cha

more, we are in this holding pattern when it comes to the rba.are we expecting from the latest data? >> it is trending doom, met region had at -- it is trending down, they are expecting it to continue today as you say, 5.2% for july. this is not the quarterly read which is the one we normally pay attention to. inflation is so far outside of the target for so long, this monthly reit has been gaining significant -- read has been gaining significant sums. in july we saw an increase to childcare benefits which reduced services inflation. fuel prices have gone back up, that is providing pressure on the other direction. a mixed picture. the rba governor yesterday had a speech in brisbane and she addressed the inflation busted in the q&a session and she said it is still too high but it is coming down. the forecast is for that to continue to do so. shery: what are we expecting this week from the rba meeting, then? >> no change, but the hawkish tightening bias is expected to remain in place, interesting to note, it will be phil's last meeting in charge in

i think this is what the rba is trying to do.nts to cool demand but does not want to push the economy into recession, which is why they have been moving more cautiously. they have moved slowly then the fed and new zealand. this is the desired that they can cool demand, but preserve their job gains and have the economy growing. paul: new zealand producer output prices rising 0.2%, bit of a slow down from the first quarter. import prices contracting. a modest expansion of 2/10 of 1% in the prior quarter. ppi input prices in contraction. cpi runs hot. we get the next read in the middle of october. later in daybreak asia, we will be talking to the rbnz governor adrian orr. that interview is coming up. be sure to tune into bloomberg radio to hear more from the newsmakers. we are broadcasting live from our studio in hong kong. plenty more to come. stay with us. this is bloomberg. ♪ i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save 50% on the sleep num

where does it leave the rba?rk: it leaves them in an uncomfortable position where they can come -- pause again. they have reached just about 4% on interest rates which is relatively high by recent standards. have a new central bank chief -- she starts in september her first meeting will be october. she probably does not want to rush into anything anyway and that is the hint she has been given with recent speeches. it puts the rba and a good position where they can hold for longer, much more data and see how it develops. see what happens in the rest of the g10 space and all that suggests there will be a hold next week when they meet and they are under no pressure to do anything for the rest of the year. lizzy: thank you to mliv strategist mark cranfield for that tour around the central banks. coming up china airlines looks to boeing and airbus as it plans to retire its existing long-haul jets. more on that next, this is bloomberg. ♪ >> we are coming back, about 50% of the same volume compared with the 2019. pre-co

we australian socks gain the aussie dollar, falling as expected in the wake of the rba and the moves on the bond market which is noteworthy as well and there is some resistance to further gain for the aussie. we saw the dollar trading at the highest in three weeks. still ahead, market analysis with angel over at -- cheryl over at angel oak capital advisors. they see investment opportunities, next, this is bloomberg. ♪ i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save up to $500 on the new sleep number® smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number®. did you know you can get someone to shop for you? with stitch fix, it couldn't be easier. i share my style, size and budget. and they shop just for me. my shopper sends me stuff i feel good in. i keep what works, and send back the rest. stitch fix. 76% of 23andme health customers surveyed reported taking healthier actions. i keep what works, and send back the rest. because they know health isn't just a

we are seeing implications of the rba's second straight hold.is the end but they feel like it is getting close or perhaps november we could potentially see another move. this is the picture. we see a staggered open here in sydney. equities down just about .2% as we get that start to trading. the bond market will be interesting. it would think this is kind of greener pastures going ahead for the aussie bond bulls. but we just heard from kendall group. they are not concerned, saying inflation is still high and the labor market is running so hot at the moment, so there are concerns the inflation risks and the rate hike risk could come back to haunt the rba after yesterday's hold. that is one point to keep in mind when you take a look at the aussie bond markets. more weakness for the aussie dollar. some uncertainty is ongoing from the china slow down theme as well. 1.6% lower in the previous session. the lowest since july 6. some weakness when it comes to trading in the aussie dollar and the kiwi as well. the unemployment rate, hitting a two-year hi

the rba yesterday surprisingly dovish tone. to your point, it's in the dollar conversation, we are looking at various parts of this global effects market which is probably moving the conversation. rishaad: absolutely. with the bank of england we had the slightly softer print albeit incredibly high historically speaking. that has ratcheted down the peak rate cut conversation to some extent. we cannot lose sight of what is going on in the u.s.. fitch coming in and doing this rating downgrade, what does it all mean? our economics and policy editor will be making sense of it now. kathleen, why is fitch doing this? the other thing is when you are the reserve currency and you can put as much money as you like basically, is it that big of an issue? kathleen: that is what many people will say, none of the things that they are looking at were a surprise. when this happened in 2011, there was a bit of movement in the markets but it passed pretty quickly. so, we just have to look and say number three among the credit rating agencies, this

shumita: the rba is going to not raise rates anymore and stay on a prolonged pause.hat is a concern is ensuring the domestic -- has strong legs. we are seeing the domestic growth revival being led by public capex and open consumer spending. we are not seeing private investment up in the way the government would hope it does. the rbi has be mindful of that. i think it will basically quincy measures -- do the liquidity measures and not raise rates but core inflation is a risk. haslinda: talk about growth revival. the rbi is looking at 6.5% growth. is that ambitious? shumita: given what is happening globally, i think it is but our focus -- forecast is to be around 6% or 6.1%. lower than what the rbi is targeting but the encouraging thing is that we are seeing activity pickup on the ground. services, manufacturing pmi is well above the 50% mark that signals expansion. so, on the ground, we are seeing the high-frequency indicators pickup, but global headwinds are anti-inflation issues which are key risk. david: it's funny how we look at inflation in india and funnily enou

the housing market has been holding up well despite the inflation the timing from the rba.iness lending has been strong as well helping the bank maintain its market share. overall, healthy set of numbers. >> what does that mean for the future because you mentioned names and they seem to have peaked late last year. >> to heidi's point, the ceo made comments with a note of caution as well. outlook seems to be darker, the margin of surplus capital $5.6 billion. we had an additional buyback that could have been more. initial analysis suggests dividend could have been higher. it was short of the ceiling. all of this just commonwealth might be keeping back dry powder in case conditions darkened. the ceo noting the resilience of the economy in australia. this is due to the lack of rising interest rates and cost-of-living prices and we are seeing a lot of stories anecdotally of people taking on extra jobs in the mortgage bill to make ends meet at the cost-of-living prices mount. inflation is not going way fast and the likely impact of the tightening perhaps is yet to be felt. shery

i think the rba is going to meet an exciting challenge injunction.t call inflation removing feel, how is that reacting and if that seems to pick up, it shows the need to act thereafter. administrative measures can be done and have already been undertaken. things like stepping up in pods for certain commodities whether it's a supply shortfall. some export bands have taken place a two short domestic supplies of certain crucial food grant remain sufficient. also monetary policy place a smaller role but government administrative measures can have a bigger say in how inflation can be contained. it inflation can be contained. it has been one year after devastating economic crisis brought sri lanka to a standstill. the country is slowly getting back on track. much of the recovery is being generated by tourism which is one of the main sources of revenue for the country. the tide has begun to turn in sri lanka. the pristine beaches in arugam bay are again buzzing with surfers waiting to catch the perfect wave. in this town on the eastern coast of sri lanka, t

we're going to be watching the kiwi dollar, of course, very closely following that rba decision. but broadly, the story in asia today is a dollar strength that's coming through. of course, those moves in treasury yields could be something to weigh on the equity picture generally. but here at taking a look at those other pairs against the greenback, the aussie dollar, for instance, again weighed down, keeping an eye on the japanese yen. barely changed, even though we did hear from japan's finance minister, suzuki, saying he is watching these moves quite closely. he is prepared to take action. so a little bit of jawboning and we can watch for any signs of verbal intervention throughout the session today. offshore yuan, of course, in focus. we're above that 7.3 level. now. again, that is a reflection of the deterioration in china's economy. now, the macro picture we're going to cover in just a moment. but let's change on and take a look at the market reaction instead, because on the wall street day, it was really about those moves in the golden dragon index because we've now erased

coming out showing australia could hike rates one more and cut into 2024, so the forecast is for the rba3.45%, but the median is for policy easing to start by the second quarter of 2024, keeping and i, oil markets depended on where central banks go, but we are seeing wti and brent crude moving fractionally higher. haidi: our next guest chinese consumption has a disappointing recovery, encouraging signs include jeep evaluations, more policy support to look forward to. the senior investment director for asian equities, always great to have you with us. other reasons to be more constructive on chinese risk assets right now? >> that is right, and thank you for having me on the show again. i think there are several reasons to be positive on chinese equities. i think we are seeing three key changes happening right now. the first is that earnings estimates have been cut, and we do think revisions have come down to sensible level as well after the market has been disappointed, so that is coming off of a low base. secondly, what we have been through over the course of this year has shown investor

rba single up the middle. texas scores three to take the lead. giants up.er double play to end the inning. 8 men left on base for the giants. we go to the ninth, they are down 9-2. most -- ramos 423 feet to the left center. his first big-league homerun. and you have got to negotiate for that baseball. giants lose 9-3, four straight losses. they are still second place in the wildcard. manager mark kotsay trying to bring some love to lawrence butler, who got his first major league hit in this game. grabbing the comebacker jobs to , first. vargas hustles and is safe. inexcusable from medina. vargas proving you should always it out. run it out. he would later score so that proved costly. huge mental mistake. the bottom of the ninth, tied it -- tied at 22 hype -- ruis turns 2-2. it around. solo homer is a walk-off winter. nationals win. the 49ers and raiders held joint practices this week in las vegas. trey lance will start at quarterback. sam donald will play in the second half. we are unlikely to see jimmy garoppolo's suit up later today. for most of the playe

what does it mean for the rba?rom the incoming governor yesterday in brisbane talking about climate change but of course inevitably, the questions on inflation, the path of rates ahead. here is what she had to say. >> i can say we might have to raise interest rates again but we are watching the data carefully and we will be taking decisions for the time being until next year, going month by month. >> so this will be the last meeting with phil lowe in charge on tuesday and we have discussed no change expected but the hawkish tightening bias, we are expecting to hear more about that. >> paul allen there and sydney. lots more to come on "daybreak: asia." this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her nex

watching the australian dollar as we have been rba governor speaking today. policy as retail sales are beating estimates the world cup effect is taking place as well, sales gain in july reversing the sharp drop from the previous month. on dollar-yen we do have goldman with a call. they see the yen falling to 1999 levels as the boj stays dovish. the revised forecast of 155 from 135 against the dollar. of course in the most recent session, the dollar trading near flat. shery: that is exactly the call i wanted to turn to when it comes to yen. they're expecting the yen to weaken two levels last seen a more than 30 years ago. this if the bank of japan sticks to the dovish stance. strategists projecting as heidi mentioned they had to reach 155 per dollar over the next six months which would be the weakest since june of 1990. they previously expected the japanese currency to trade around 135. also a three year veteran stock picker says every thing is coming together for a rally in equities. head of emerging and frontier markets john malloy favors companies including

first, why the newest ev competition for tesla and ford 'rba aerhim.coming from vietna wee ckft ts.nature's bounty hair growth. clinically shown to help grow thicker, fuller hair with just one capsule a day of advanced hair complex. conquer hair thinning... ...and fall in love with your hair all over again. only from nature's bounty. >>> welcome back to "worldwide exchange." time for the "wex wrap-up. evacuations continue as wildfires sweep through maui the biggest disaster since the 1966 tsunami current death toll is 55 >>> sam bankman-fried is returning to new york city for say court hearing after the judge was asked to revoke the bail after witness tampering. >>> and the iea raised the forecast for the global supplies and moderated the demand due to potential cap for prices within a more balanced oil market. >>> vietnamese maker vinfast will trade on the nasdaq as soon as next week as soon as black spade signed off on the merger. >>> shares of archer are growing after several lawsuits and teaming up on production >>> and news corp dipping into the red despite the earnings beat wi

especially if the rba gets into a situation where they will have to start cutting interest rates. the move from here is more around who is better positioned of the big four to continue to either take market share in home loans away from the biggest lender and/or look to other business ventures to find growth in an increasingly difficult and fairly fragile economic environment where it is getting harder and harder to find growth. paul: all right. adam haigh watching westpac. another stock we are going to be watching in the energy sector is australia's woodside, the company facing labor issues of course. workers at one of its key facilities saying they are going to strike if they cannot reach an agreement by wednesday. the offshore alliance, a group representing two major labor unions, says in a social media posted that workers have unanimously endorsed giving woodside seven working days to take action. unions have been locked in discussions over demands around pay and other conditions. the company also releases earnings on tuesday and we will be discussing that as well as the strik

top 4, rba single up the middle. texas scores three to take the lead. giants up.le play to end the inning. 8 men left on base for the giants. we go to the ninth, they are down 9-2. 423 feet to his first big-league homerun. and you have got to negotiate for that baseball. giants lose, 4 they are still second place in the wildcard. mark kotsay trying to bring some love to lawrence butler, who got his first major league hit in this game. luis medica johnston first. he hustles and is safe. inexcusable from medina. vargas proving you should always rent it out. that proved costly. huge mental mistake. the bottom of the ninth, tied it to. -- two. ruis turns it around. solo homer is a walk-off winter. nationals win. the 49ers and raiders held joint practices this week in las vegas. trey lance will start at quarterback. sam donald will plate in the second half. we are unlikely to see jimmy garoppolo's suit up later today. for most of the players practices mean more than a game. christian mccaffrey is coming off a monster season in san francisco. with the regular season les

if the economy gets into a situation where the rba needs to start cutting interest rates next year andre of a growth story, margins will feel they had from here. clearly we are through the good times were most of these australian lenders at this point, and the question is how tough it gets from here. paul: besides westpac we have had another bank meeting estimates at $290 million new zealand. another company missing estimates at a touch of $1 billion aussie. looking ahead to more earnings out of australia at week. let's begin the head of austria equity research jp morgan. we have a quarter of the a sx reporting this week. we have got inflation moderating but still elevated. china has got some difficulties we have been discussing in depth this morning and all last week, but are you expecting stocks to prize -- surprise to the upside or downside? >> the keyword is divergence. the resilient surprises of the upside, which is the consumer is yet to crack, and that was the biggest fear in the market that we will see real signs that the consumer is under extreme pressure. there is no doubt th

we are also looking ahead to some rba speak.of domestic markets will be speaking at a conference in sydney. also expecting the consumer and business confidence numbers do you out of australia as well, as we are setting up for potentially some interesting times when it comes to bond markets. goldman and j.p. morgan saying buy treasuries after last week's rout. it will be very interesting to see the test for investor appetite for debt going forward. asian shares looking mixed after u.s. equities rebound as we get into the start of this trading day. aussie bonds have reopened higher at this point, after the trading holiday. be sure to tune into bloomberg radio, too, you can hear more from the day's newsmakers and get in-depth analysis from the team there. you can listen in via the app, bloomberg radio plus, or bloombergradio.com. much more ahead. this is bloomberg. ♪ me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save up to $500 on the new sleep number® smart bed. plus, free home delivery wh

watching the regulator meeting with property firms and financiers expected today, as well as watching the rba lauren, i lost 67 pounds in 12 months on golo. golo and the release has been phenomenal in my life. it's all natural. it's not something that gives you the jitters. it makes you go through your days with energy, and you're not tired anymore, and your anxiety, everything is gone. it's definitely worth trying. it is an amazing product. kathleen: let's take a look on the stock market today. a start of the big rally when the cpi numbers came out looking at least as good as expected raising hopes that the open in stocks for the fed doing a pause in september. may be setting us up for a rate cut. mary daly, the president of the san francisco fed came out, after the s&p had been up more than a full percentage point, it closed flat. there's a little bit of green on your screen, the nasdaq also coming back a bit. you see the dow is up about 400 points -- was up about 400 points at one time but definitely pulled back. markets back to where they started, haidi. haidi: we are also watching oil ma

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lizzy: the aussie dollar had its worst day since march yesterday after the rba decision.hank you to valerie tytel and jill disis for our morning roundtable. you can get stories to get your day going in today's addition of daybreak. today, they lead on havens rising and fitch's downgrade of the u.s. credit rating. next, they say the boj is a long way from raising rates and finally, the oil jump after the big draw down u.s. stockpiles. all that and more on the daybreak newsletter which terminal subscribers can find by going to dayb. ron fitch cut in the u.s. credit rating over worries about the nations budget deficits. we will bring you the latest market reaction. plenty to discuss. >> i disagree with secretary of the treasury yellen's notion that this was arbitrary. >> the fitch rating downgrade came as a surprise. >> the things that do surprise us a bit in terms of estimates. >> there is a governance problem, and that is truly a problem that we will face going forward. >> this comes at an economically sensitive time in the last thing that yellen needs but from a marke

this coming as we look at the expectations for the rba perhaps the hike once more in november.is priced in for next year. aussie bonds one of the bus stand the board, moving lower nine basis points. when you take a look at markets, pretty muted activity overall because we are not seeing big moves in either direction. kiwi bonds a few points higher, but they pretty muted reaction. we saw treasuries in the prior session, so perhaps investors in a wait-and-see mode given there is academic data to come this week. u.s. inflation is the standouts on thursday. it is a key one to watch given it will tell us where the fed it will go next. we are also watching more economic data in china. we will have those trade numbers ahead of inflation on wednesday. in terms of market reaction, stock markets move a little bit -- a little bit higher for japan , north korea and australia. earnings the big one because we had palantir, one of the key ones after the bell. superconductor stocks stand in out for another day in korea today. we have reports of a breakthrough possibly in superconductivity. to

this on-ramp, dan, do you think that clients will now -- will you have to have a crypto analyst at rbae there's going to be more demand for a position in bitcoin? >> no, i don't think so. i mean -- on one hand, you know, i think i'm worried for the individual investor, because it gives them another risky asset and legitimizes it as an vestment, but on the other hand, if people want to buy brown suits, they can get brown suits and if people want to risk -- >> i would never wear a brown suit, by the way. >> i think that's the point. >> i don't think there's any reason for the color brown, other than guy's u.p.s. outfits. >> i own two brown suits. proudly. >> boy. >> just to be clear, you meant brown sumits -- >> there's demand for it. there's no reason why people can't have a vehicle to buy it. >> all right. >> it's upsetting to me. >> why? >> tim knows -- >> i can have a strong view on brown. >> you could see -- personally, i look outstanding in brown. and i'm happy to -- two? >> two. >> handsome man. he gets it. >> fancy man. >> all right. >>> there's a lot more "fast money" to come. h

we are watching a speech by the incoming rba governor.broadly across the rest of the region, asian stocks are poised to follow this broadly higher. the s&p notching back-to-back gains. when it comes to the cloud, if we are talking about a cyclical slowdown if there is more ammunition to apply. shery: shaky competences there were getting closer and closer. the week demand, issue, deflation. even cpi expectations have been cut. we are expecting growth to come in at 1.9% from about 2% expectations by economists. we have seen despite measures on the monetary side, bank loans plunging. haidi: expectations are growing in terms of needing to do more from the pboc. take a look at interest-rate forecasts. most economists expect no change when it comes to the one-year lending rate as we get into the end of the third quarter, but we could see more modes to the point of rrr cuts. just this morning we had a front page saying the central big could consider cutting for commercial lenders in the fourth quarter of this year. the recent tightening of condi

but we are focusing on the eco-data given those rba meeting minutes that are due in the next hour.ore clues as to the rates trajectory from here. we have seen bond yields taking higher. the aussie dollar is still seeing weakness throughout the session. sitting below that $.65 level. just a reflection more wrong what's happening with china's economy and we will have monthly activity data numbers due out as well that's also what oil traders are focusing on. the focus is on japan gdp figures. >> kathleen hays with more details. even the highest estimates for those gdp numbers were about 4.5%. the japanese economy seems to be doing pretty well. kathleen: certainly on the headline. the net exports were strong. this is been the boj's concern that the economy will pick up. if you see the economy being driven by exports and not so much by demand, that is the concern that the governor has been expressing, that they have to see final demand, they have to see consumer spending, they have to see their confidence. that's one of the reasons why the boj is waiting to see how wages continue to do

the rba is a real setback.hough the tone the use gives the impression it is a quite bar for them to hike again. if the aussie has lost that yield support, it is a 50-50 chance christ and of another hike by the end of the year -- chance priced in, in terms of another hike by the end of the year. the u.s. dollar is on a pretty firm footing. risk aversion has returned. when it to see markets settle down in order to get the aussie stoped again. china, i think there is upside potential from the china story but near-term the markets impression is authorities are just tinkering at the edges and really not providing the sort of stimulus that would make them want to allocate more funds to keep trading partners such as australia. >> is not going to create problems for the yuan again? >> i would say so. certain levels seem to be sensitive for the pboc. we don't really know them until we see them jumping -- jump in there. it does give the impression, if we've got a resurgence in the u.s. dollar, that's really their concern

the rba will have a close eye on that. we are getting this purchase of sanghi industries.all. a majority stake being bought of sanghi industries, from its founders. it's over $600 million. adani group will be buying it -- a near 57% stake. we have negativity across the board, as we follow what has been happening regionally speaking. as we look at those markets, we can see saying high industries -- sanghi industries industries. the chief executive office investment, managing some $9 billion across different asset classes. a bit of a fall off of the record highs, is this a gut check? >> the gut check says at the current juncture from a macro landscape perspective, there are a tad more global headwinds which seem to be dominating right now. that effectively could mean that in this entire big picture we were discussing, there could be near-term market dampening sentiments on the way. well, but that does not really mean that the longer-term trajectory is likely to get distorted. it just seems like after significant euphoria, they year -- there could be small consolidation. that

this is the test plays to benefit from those high levels of rba rates, but also higher swap rates.aling with positive, edition as well. the -- they have done very well maintaining that market share. >> met ingram there. let's get to other stories that we are tracking. amazon said to be in talks about joining other tech companies as an anchor investor in arms ipo, expected to raise as much as $10 billion. one source says that amazon is one of 10 tech companies in talks with intel, alphabet and nvidia, also among potential investors. the chip designer could list as soon as early next month. >> tsmc has agreed to build an 11 billion-dollar plant in eastern germany with partnership with semiconductor companies. this is their first step in establishing a major european presence to counter risks from escalating u.s.-chinese tensions. they will own 70% of the plant fabricator -- psm c will own 70 percent of the plant fabrication, and own a 10% equity stake subject to regulatory approval. nvidia announced an update on ad processors which gives a jolt the ships capacity and speed, seeking t

don't see them cutting rates anytime before summer of next year, and i think that bears out in the rbaices, breaking news out of japan, this is records and confirming they will require 95% of rakitin payment, we have reports earlier that they will be listing that credit card division, the business assertion to consolidate his subsidiary, and we have the company saying in addition to an effective date of the first of november, all shares held by the company, that is 5% of the total shares, will be transferred and hereafter will become a consolidated subsidiary. the company split taking off and media reports being confirmed there. the rakitin group -- rakuten group up by .5%. ♪ yvonne: markets this morning, we continue to see pressure when it comes to the hang seng down 1%, tech driving that lower this morning, teetering at that 19,000 level, the dk coming back online and still seeing decent green here this morning. alibaba is the next one set to report later on today and we are looking for a return to growth when it comes to domestic e-commerce. and really reversing several quarters of

here, down .7% on the back of that, higher than expected, unemployment data suggesting perhaps the rbaing a lot of pressure on the aussie dollar. also bear in mind that asian currencies are under pressure on a broad dollar strength, the yuan down .2% despite that very strong fix, the strongest fixed since october, if fix that is higher by about 900 pips doing very little for the currency. in the bond market we are continuing to see yields trending higher, bear in mind treasury to year yields inching ever so closely to that 5% mark. david, i mean, what do you even do? where do you find comfort? yields, not looking too bad at all. david: cash or under the blanket, right. in some cases. to your point, 5.5% on a two year yield, it got to that level on the 10 year yield earlier in september and it's interesting to point out that we are not getting a pullback on yields pushing highs and certainly the paper is spreading across most parts of x china, we are headed into the bear market and struggling for superlatives and ways to describe the market, a volunteer one for anyone that is willing to

as we believe that the rba may possibly have reached the end of its tightening cycle.ough phil low in his last statement to parliament suggesting as central bank often like to do, there could potentially be more tightening to come if necessary. in terms of central banks. the reserve bank of new zealand meeting today and it's expected to keep policy on hold for a second straight month when it does make that call in just a few hours time. so for more, let's bring in bloomberg economist for australia and new zealand. james mcintyre. so, james, the rbnz on hold. it's expected to be a hawkish hold, though, right? that's right. definitely no expectations that they'll act this month around and we think that that they're done for this cycle in terms of hiking. but nonetheless they are still likely to remain quite hawkish. there's a couple of reasons for that. the inflation expectations is still a bit of a challenge out there in new zealand's economy. both around professional forecasters. we did see some decline in households, but they're not back at the level that they need to