matt: i would expect a similar sort of thing for westpac and national australia.ave already announced they will be taking a $1.2 billion charge to cover the record money-laundering flying and some customer compensation as well and national australia bank have set aside $400 million for other impairments themselves so we are going to be looking at another grim set of results but again, what will be the key is looking at the bad debt charge for what they are setting aside to what they think potentially businesses might become insolvent or people might not be able to pay mortgages. burgess inhew melbourne. coming up in the next hour, the boj decision day with the ecb on deck later. four more policy board members joining us to preview the announcement in tokyo. luzon wealth advisors ceo gives out her market outlook after the global software out. how much more selling is in store. a look at what the markets are doing right now. we are seeing u.s. futures rebounding from those regular session losses we saw in the u.s. in the meantime, qe stopped losing more than 1% whil

westpac will exit operations in beijing, shanghai, hong kong, mumbai and jakarta. westpac year-to-date shares are down 23%. we will bring more if and when we get it. still no sign of a quick end to the stimulus stalemate in the u.s. we will have the latest on that. talks: plus, investco about equities over bonds despite uncertainty. this is bloomberg. ♪ this is bloomberg. ♪ tom: welcome back. let's look at the wide range of issues weighing on markets. prospects for u.s. stimulus before next month's election are failing, while the dollar had its best day in almost three weeks. likely to spur haven demand. in asia, investors are keeping an eye on president xi's speech from shenzhen, which could be happening any moment now. we expect him to lay out his vision for the greater bay area. let's bring in david chow, a strategist for that asian-pacific. david, a lot to unpack. what are you most squarely focused on as you get a grip on these markets? david: i think investors are concerned about the stimulus package in washington. we continue to see the ping-pong back in forc

that augmentin yourself westpac will be a thing of rich people mostly i mean of course like in the beginning. like it was with the automobile as our cell phones it certainly will be but this time we're not talking cell phones we're talking evolutionary level change will at whole layer of people be excluded from having new abilities will she could like could split to humanity into 2 tires are wealthy enough to be cyborgs and the rest but stuck the comments out. well i don't know it would look to be oh yes now everything's going to be all right but if we look realistically with technology as you've said. with so phones we want to move some people have them some people have more of them and some people don't how many of them until i think what does is it stretches society in terms of society's abilities so it goes with the technology can communicate in all sorts of wise and interact and can benefit from it and those without any of this is starting to really have very limited capabilities in comparison so we're stretching society a bit like in the last. i think this will do is further stretch it

must take a look at westpac. currently higher by a 10th of 1%.lanking a cut of cash earnings of 1.2 billion aussie dollars. this is due to ongoing costs related to years of misconduct and more recently, a huge payout to regulators on money laundering breaches. westpac higher by three quarters of 1%. let's get to karina mitchell. karina: we start here in the u.s. the senate has voted to advance the vote on supreme court nominee amy coney barrett despite democratic objections. her confirmation hearing later monday is hardly in doubt. the democrats intend to keep the senate in session to stall the vote. they want the vote to wait for the election while republicans see the chance to lock in a conservative majority for years to come. in other news, the governor of the reserve bank in india is the latest prominent figure to test positive for covid-19. he says he is asymptomatic and will work in isolation. he tweeted i -- he tweeted our b.i. operations will continue as normal. india has the highest number of virus infections after the united states with

the payments player has partnered with westpac. out the aussie dollar under pressure for a fourth straight session, headed for a fresh month to date low ahead of the rba october meeting minutes due later this morning. cba saying the aussie could go to 6850 before the year-end. also this morning, markets digesting commentary from the rba's assistant governor who says there is still room to compress short-term rates. the nikkei 225 futures in singapore are opening lower after the benchmark wiped out your today at losses. see whatthe board to to watch in south korea, keeping an eye on hyundai and kia. both are set to take an earnings hit on engines problems. sk hynix on watch on a report that intel is nearing a deal to memorys demand -- its unit. korea's finance ministry is to hold a conference on bonds today as the government's issuance is expected to increase by a stimulus. shery: in japan, we are watching softbank because it has reportedly amassed $20 billion for its new public stock trading arm despite early skepticism from shareh

risk-off when it comes to the greenback overnight and that is lending as we heard from bill evans from westpac earlier, due to prolonged strength in the aussie as well. the aussie 10 year yield falling just a little bit ahead of those twin risk events. kiwi stocks higher by .5%. shery: here's how u.s. futures are looking at the moment. we are seeing a little bit of pressure, down .1%, reversing some earlier gains we saw at the open. we are also seeing nikkei futures unchanged at the moment. the japanese yen holding steady but at the weakest level in three weeks. we have seen some of that risk-on sentiment return to the arket given optimism over potential stimulus package here in the u.s., but as we just saw, president trump being released from walter reed hospital, starting to recuperate from his covid-19 infection. we are seeing wti continuing to gain .2%, adding to the largest jump we saw since may, rallying in tandem with equity markets here and around the world. let's turn to karina mitchell for the first word headlines. karina: the u.s. aims to keep up the pressure on china when secretary

haidi: markets got a jolt two weeks ago when westpac's chief economist predicted the rba woodcut rates pushed back that prediction to november 3 on account of the government's fiscal budget due out later on, and what we are doing super tuesday in australia. joining us to discuss these major events, westech chief economist bill evans is with us. you said this would be a budget unlike any other. to what extent do you feel optimistic there will be necessary reforms within this budget? know there will be plenty of stimulus to demand. what they do on the reform side and supply-side is quite uncertain. we have already heard they will the guidelines for banks which i think is responsible lending guidelines. i think that's a good thing. likeregard to the issues industrialization's and product markets, there is not really any evidence there will be much policy. it is very much going to be on the side of domestic demand, infrastructure, tax cuts, tax benefits for bringing forward investment. boosting the housing market and replacing the job keeper package of the end of march. want to throw up th

the financingt company falling after westpac completed the sale in the player following the banks tiep with the rival, after pay. coming up next, tesla smashing estimates across the board. elon musk says it was their best quarter in history, even across the rest of the global auto industry. we take a look at results, next. this is bloomberg. ♪ haidi: tesla has reported a fifth consecutive quarter of profits, handily beating estimates, remaining on track to deliver .5 million cars this year, despite weaker sales than the rest of the auto industry. ed ludlow joins us now. you take a look at whether it is earnings, revenue, cash flow. there is not a lot you can pick apart when it comes to this report. came down toy execution. tesla is basically just getting better at building electric vehicles and then sending them to customers around the world, and the narrative concerns growth. shanghai boosted its outputs to 250,000 vehicles a year. elon musk wants to get one million vehicles a year out of shanghai and it needs to be an area of growth. one thing we did not really hear about is demand

just a little bit of steam, holding a four-day day decline as rates cut pricing is considered an westpacsh below 70 for the currency would be a chance to buy the aug. they are sticking to the year-end forecast. nikkei super futures opening higher by .2% while the yen is trading study. middle incentive to trade until we get a clear outcome on stimulus talks, and on that, optimistic remarks by pelosi on that front sparking a rise in u.s. futures while the dollar is holding overnight losses. news: we do have breaking at the moment. we are hearing about cathay pacific's restructuring plan. cathay pacific is expected to cut 8005 hundred jobs. they are saying they are going to see dragon airlines operations. they are going to cut 8500 jobs and the restructuring itself will cost 2.2 billion hong kong dollars. we were expecting this sort of restructuring with job cuts, but the numbers of jobs that will be axed, higher than reported by media. cathay pacific hard-hit by the coronavirus pandemic and now restructuring its business and hongll cost 2.2 billion dow kong dollars. also, the restructuring

. ♪ >> breaking across the bloomberg, westpac beating expectations, coming in quite positive, that numberd at in from the previous october, a jump of just about on in the month of october the seasonably adjusted month on month data. we also had weekly consumer confidence also seeing a rise. all of that is not potentially giving much of a tailwind when it comes to trading here in australia. let's go over to sophie kamaruddin for the latest on the markets. markets. -- sophie: the asx slipping from the march hike, the aussie dollar trading at a one-week low. , theom the march high aussie dollar trading at a one-week low. nikkei futures in singapore opening to the downside. checking in on one stock in sydney, this is one that has risen to a fresh, all-time high, anding its price target, with what is going on in asia on a very busy wednesday on the central bank front, the bank of korea with fresh bond by. also currencies settings unchanged, with the gdp likely to ease the slowdown, and china, watching for updates on the first bond sales since 2017. the last round help bring down the premium on

but is trading below the 200 day moving average after breaking that for the first time since a, and westpace aussie kiwi at 105 in the near term. let's switch out the board for a check on stock members in sydney. we have some moves on earnings. after pay gaining ground on its results. rbc saying the company is on track to meet first half expectations and has good momentum going into the holidays using. cole's group climbing after its earnings beat for the first quarter. total sales rose 10% to 6.8 billion u.s. dollars as consumers boosted buying. blackmore is rising nearly 10% this morning, the most after forecasting full-year profit growth in fiscal 2020 one. companies saying it will sell global therapeutics with a deal scheduled to wrap up by november 30. out this company gaining ground. atm's. the nod to sell it is a product to treat serious burns. shery. that race's turn to to get a vaccine. intoront runner is coming focus amid a slew of from a earnings. it comes as the u.s. goes all in on relying on vaccines and treatments to control the spread of the coronavirus but some experts say t