tv Bloomberg Daybreak Australia Bloomberg August 10, 2022 6:00pm-7:00pm EDT
australia. i'm howdy stroud-watts -- haidi stroud-watts in sydney. shery: i'm shery ahn. u.s. stocks surge and the dollar things with softer than expected inflation fueling bets that the fed could move slower on rate hikes. haidi: fed officials say the latest cpi print does not change the path towards higher rates this year and next. shery: this means raising the price of a flagship streaming service after third quarter earnings and subscriber growth beat estimates. the s&p 500 rose to the three month high. it was a risk on session today. we have cooler than expected inflation figures. we have the nasdaq 100, the nasdaq composite entering bull market territory gaining more than 20% from their june trough. we have the vix falling below the 20 level. that threshold for the first time since april.
we have oil gaining around a one-week high under a little pressure in the asian session. still, around $91 per barrel. we are watching the alibaba adrs. even though we heard softbank would be unloading and selling some of their stake. we are really watching the treasury space. we saw yields plunging across most of the curve. we have the two year yield really down almost 20 basis points at one point. we have the 210 inversion narrowing the most since it inverted one month ago. you can see that slight jump in the second panel. but it was really all about the inflation numbers and what the market expectations are now for perhaps a less aggressive fed tightening. haidi: that was a big story in asia as well. we saw the 210 curve in writing in new zealand this morning. moved in the bond space reflected this morning. we can see that reversing slightly.
yes, there is a sign of low pressure on the fed. aussie bonds setting up for yields to drop fractionally as they open. a look at the equities picture. markets are setting up for big moves at the open. asx 200 futures last closed. new zealand online to the upside . japan will be closed for a holiday but the yen is trading flat now. you saw a massive move in the previous session, a jump of 1.6% in the japanese currency following the u.s. cpi report. this is the dollar story. we saw the biggest drop for the greenback since covid it markets in 2020. big moves for the inflation print. haidi: let's get more on that. look at this chart. we have seen the u.s. cpi print cooler than forecast, set to take some easing pressure -- some pressure off the fed to keep going aggressively. of course, we keep in mind this
one print does not necessarily change the trajectory. cpi falling on a monthly basis for the first time since 2020. but, we see cooling in gas prices as well as the cost of used cars. but, annual inflation remains higher. still at 8%. food prices continue to go higher. this is the idea that we are now looking at some components of the inflation basket that might be tougher to shift. shery: it must mean market relief given what we have seen from the jobs numbers last week with unemployment falling to the lowest since 1969. you think, oh my goodness, we will have that 75 rate hike from the fed come september. then you see the numbers and it is not much of a dead, not much of an easing. food prices are still high. soaring the most since 1979. overall, food prices climbing not -- 10.9% on the year.
cereal prices and also some dairy products are seeing record your on your gains. these were not as a -- year on year gains. not necessarily good numbers in terms of prices coming down but relief wasn't there. let ring -- relief wasn't there. let's bring in kathleen hays to tell us more about the market reaction and how the fed might react to the numbers. kathleen: i found it interesting when the numbers first came out. there were complementary headlines. numbers are softer than forecast. but it'd -- did not take long for people to figure out there was more than meets the eye. fed officials did not give us the biggest thumbs-up. what drove the softer than expected headline cpi had a lot to do with gasoline prices down 7.7% in july, the most since 2020. used car prices. if you are in the market for one, that's good. airfare dropped the most since
2020. but i data core shelter cost -- in the core, shelter costs, up the most since 1990. they are expected to keep climbing. you are not out of the woods. core cpi year-over-year was unchanged at 5.9%. that's commodities, a lot of it. that will not impress the fed. the fact that the core is where it is, and we are not sure where it is going because of other things, again, like shelter cost, that is why to feds came out today, the president of the minneapolis fed. people were saying this will reassure the fed and maybe they will soften. listen to what he said. >> the idea that we will start cutting rates through next year when inflation is very likely going to be well, well, well in excess of our target, i think that's not realistic. it will be a more likely scenario that we will raise rates to some point and then sit there until we get convinced
that inflation is well on his way back to 2% before, i would think about easing on interest rates. >> charles evans, the president of the chicago fed, i am sure they did not call each other and say, what did i -- what should i say today? he said inflation is still unacceptably high and he sees rate hikes through the rest of this year and into 2023. that seems to be the consensus. it is interesting about the core. a couple things are going on. productivity numbers on friday last week in the u.s.. they showed a big jump in unit labor cost. that is part of the concern about inflation. we have seen wages rising in the very strong jobs report. let's put that on the table too for fed officials not being in a much of a hurry to let go of these rate hikes. we see core cpi approaching seven point 7% year-over-year. that is the number the fed is worried about and that is why they are signaling they are not ready to move yet. we are gad -- glad gas prices
came down, but we have to see fighting inflation. haidi: we saw the s&p hitting a three month high. the nasdaq 100 entering bull market territory. the question is, whether this exuberance is sustainable given we are in a thin liquidity season. andreea: it really played out. we were expecting markets to get decent bonds even though the dollar was software -- softer than expected. keep in mind, this is a market that is incredibly short positioned at the moment because of everything going on, because of the fears of recession, because of inflation concern. you have hedge funds slashing stocks and mutual funds building cash positions and a very cautious retail investment
raining there -- reining in their enthusiasm. it was a target crying for positive sentiment from this number, but that is right. is it going to continue? look. investors really want to see 2, 3, 4 months of inflation coming down. you also heard, as kathleen said, both fed officials say they will keep lifting rates. still, nothing has changed. the number has not changed the narrative. probably, we will see markets, futures are showing, markets in asia, you know, get that support from wall street last night. but, overall, it has not changed the narrative. having said that, we are of the thought that equity markets -- are we likely to get there again? who knows. but we will get a little bit of a bum from here.
but, the overall picture still remains incredibly uncertain. shery: one step in the right direction. andreea papuc and kathleen hays there. kathleen is in san francisco where we will be hearing from the san francisco fed president mary daly. that exclusive interview is tomorrow at 7:30 a.m. friday in hong kong and 7:30 p.m. in new york. vincent: -- vonnie: china promised to continue regulatory roles after declaring an end to military drills around the island. the pla successfully completed all tasks in last week's exercises. he left open the possibility of frequent military exercises across the taiwan strait median line. taiwan staged the drills in response to nancy's visit to taipei. u.s. commerce secretary gina raimondo says hello sees visit
competition -- anti-proceeds visit comforted trade talks with china. gina raimondo says chinese officials were already hesitant to engage in talks and the fallout from nancy pelosi's trip has not helped. >> it has made it a little more challenging at this moment. it is harder. but, i am hopeful that we will get beyond that and back to a place where we can have more concessions. vonnie: in germany the rhine river is set to become virtually un-passable at a keyway point. the watermark west of frankfurt will drop to 16 inches friday and is set to continue falling. at that level, most barges that hold goods will be unable to pass, holding off energy and industrial shipments. this year's soccer world cup may be moved up by one day. fifa is considering a request from the south african football considering that confederation
for -- confederation for carter to put --qatar to play ecuador a day earlier and give qatar an exclusive game on day one. global news on bloombergquint take is powered by over 2700 journalists and analysts in over 120 countries. i am vonnie quinn and this is bloomberg. shery: latin american e-commerce giant ercot only break is still -- mercado libre is still seeing strong growth. their ceo pedro arnt joins us next. this is bloomberg.
>> our goal is 50. >> it looks like 50, 25, 25, a more moderate pace. >> that is still a ton of tightening. >> i expect at the end of the year the federal funds range will be 3.25 to 3.5%. >> markets are not believing the fed has yet done enough to bring inflation down anytime soon. >> this is the first hint that may be inflation is starting to move in the right direction. it does not change my path. >> our guests reacting to the u.s. cpi print. our next guest says the inflation report should set a good tone for the market for the next few weeks. anastasia is the chief investment officer at a capital. it's great to see you in person. the markets have taken the numbers in stride. if you look at the numbers, it was not all positive. what do you make of it? anastasia: i think there is
enough constructive details to go around. the gasoline prices, the utility prices kept pushing up headline inflation and clearly with the other way. that is one big constructive development. i was encouraged that on the one over month basis you saw a slight to in core cpi. .3% versus .7% the month before. you got new car prices retrenching a little bit. a parable -- apparel retrenched a little. shelter advanced, but perhaps is not as we -- not as much as we were expecting. there is some turning point throughout the cpi basket and because of that i am encouraged. the last couple inflation prints surprised to the upside. this is the first piece of good news we have really gotten on this front. shery: are you concerned the markets may be too bullish in this is the cents -- in a sense this is maybe not what the fed
wants to see and you could end up going the other way again like paul loper had to do in the 1970's and 80's? anastasia: it is difficult to say if the fed is done but financial conditions are easing. when you think about the press conference chair powell had in july he said the fact that they are now at neutral, 2.5%, that is one reason they may want to be more cautious and measured. the factor that a lot of tightening has been put in place already, that will pressure the economy in the coming quarter. they don't want to overdo it yet. another piece of his reaction function is is inflation surprises to the upside, expect us to hike more. if it does not, that gives us more leeway. we should take this in stride and say it is the first inflation report that did not surprise to the upside. perhaps, it is back to 50 basis points, not 75.
haidi: anastasia, our chart shows market pricing bringing september down closer to 50. we will have a better idea the next couple of prints and it data sets, particularly, when we get august and september cpi. increasingly, we have seen 50 basis points priced in for september. does that mean we continue to get a lot more volatility in the markets if there is uncertainty on how to position for maybe the next 4, 5 months? anastasia: it is really difficult to position this market for the next even two months or four or five months. it is taking one data point at a time. as much as we try to guess what the fed will do in september , the fact is they don't know and nobody really knows. we will have to get a lot more data in the next six weeks or so. we will get another cpi inflation print in early september and more economic data. i just would not reposition.
ahead of what the fed may or may not do in september. but look broadly speaking. think about how much work we have done already year to date. we were expecting three rate hikes for the entire year. now, we are looking at 3.5% by the end of the year. so, whether it is 25 basis points here or there about i think in aggregate we can say it was priced in the tightening cycle and the markets have been relatively well-behaved here. as the fed moved rates higher, the pressure is down on multiples. they don't have to do quite as much. multiples will maybe not come under more significant pressure. the labor market is still strong. maybe, we are headed for a softening and if that is the case you don't have to cut down earnings estimates as much. if you take those two pieces together, more positive on valuation, more negative on earnings. that is why the market is finding its footing here around
4200 on the s&p. haidi: we have seen this reset, this re-rotation back into growth and attack. i accept that some of that must be on technicals. it is interesting we are seeing that extended into outperformance in meme stocks or whatever. do you think this is a meaningful reset and a time to make the rotation into certain parts of tech? anastasia: i am tempted and i will tell you why. it's definitely about position. one thing over the last six months is everybody that needed to sell probably sold those positions, so, we are not seeing a lot of incremental selling. you are starting to see buyers stepping in, whether it is corporate in full buyback execution mode, the commodity trading advisor now having to step into some of these spaces because we are trading above key moving average levels the technicals definitely support it. from the fundamental valuation side, if i look at something
like ev to sales multiples for high-growth high-technology companies, they have meaningfully reset lower, for some of them, below the long-term average levels. when else will you get the opportunity to buy into high-growth, buy into innovation at a reasonable price? that is what this timeframe is about. the time to do this was not in february, in retrospect, when we had 300 basis points or more of rate hikes to go. if we had 75 or 100, that should not pressure the multiples as much anymore. i would be selectively looking to add to some of the high-growth stocks that have not worked in the last six months but could do better in the next six months. shery: anastasia, great to have you with us. anastasia amoroso are g things that --icapital chief investment strategist in new york. we had expectations that the
result would be dominated by sizable dividends after the $2 billion sale of capital assets. amp has been turning to return the majority of cash proceeds to shareholders. a share buyback will begin immediately. an extra 750 million in aussie capital returns until 2023. coming in at 117 million us trillion dollars. net income for the first half of $481 million. when it comes to that, it is expected to be a pretty messy set of results given we have had a number of business exits since last september, reallocation, restructuring of different segments. we are looking for the impact of weaker margins, higher deposit cost, and potentially, whether that gets our way with strong line growth. we will get detail on asp results as we get them -- as we get them. we will be speaking to a chief
shery: disney has product results of that beat estimates. the company revealed it is raising the price of disney plus as it looks to make the stressant streaming service profitable. let's get more from bloomberg intelligence senior analyst. i am surprised given every family i know is going back to the park slightly with reopening. this is a big price increase for this streaming service. geetha: finally they are pulling the lever we were always thinking about. they start off at a compelling price point, seven dollars, eight dollars. but, we kind of saw this coming.
looking at all of the new content they had coming on the platform. and their expansion efforts, it makes sense that they introduced it at this point of time. they have done it really strategically. introducing an ad supported tear at the same time. kind of, giving consumers an alternative if they do want to cut back a little bit on pricing. shery: they also lowered their 2020 subscriber target. why is that? geetha: if you look at the mix of subscribers on the disney plus platform, about 35%, maybe even slightly higher, actually comes from their indian streaming service known as hot startup. now, hot star, one of the key reasons they have been able to attract so many subscribers in india is they have rights to a marquee property called idea. it is very popular in the indian subcontinent.
disney made a conscious decision to stay away from overpaying for the streaming rights for idea starting in 2023. because of that, they do see some impact to that subscriber. that is why they have taken down the hot star number of little bit. shery: senior media analyst for bloomberg intelligence with your take on disney results. haidi: next to the u.s., secretary gina raimondo tells bloomberg that nancy pelosi's visit to taiwan may geopolitics with china particularly complicated. we will hear from her in a moment. this is bloomberg.
economy and fighting inflation. the pboc's quarterly monetary policy reports warns structural inflation pressure may rise near term. consumer inflation may also climb above 3% in the second half of the year. the report came to same-day data showed july inflation surged to a two-year high. minneapolis fed president and his chicago counterpart charles evans responded to softening inflation data under the u.s. by saying it does not change the central bank's path towards even higher interest rates 32023. in a panel discussion he said he wants the fed benchmark rate at 4.4% by the end of next year. evans agreed saying inflation is on acceptably high. >> the idea that we will start cutting rates early next year when inflation is very likely going to be well, well, well in excess of our target, i just think that is not realistic. the much more likely scenario is we will raise rates at some point and then we will sit there until we get convinced inflation
is well on its way back down to 2%, or, i would think about even easing back on interest rates. >> he has refused to answer questions from the new york attorney general into potentially fraudulent asset valuations. the former president repeatedly revoked -- invoked his fifth amendment right in a deposition probing whether the trump organization manipulated valuations. the deposition came two days after federal agents searched donald trump's florida home. sri lanka's ousted president gotabaya rajapaksa visited thailand but will not think -- seek asylum. he fled the country after angry protesters storm his home in july forcing him to resign a few days later. an arrival date is not yet known. global news 24 hours a day on air and bloomberg quake take -- quick take powered by over 2700
journalists and analysts in over 120 countries. shery: u.s., sec. gina raimondo told bloomberg that nancy pelosi's visit to taiwan compensated that channel trade talks with china as president i did rules action on trump era terrorists. let's bring in stephen engle. it has been more than a week since speaker pelosi's visit but the fallout continues. stephen: reverberations are still being felt. relations between china and the u.s. were fraught to begin with. nancy pelosi's visit mid last week obviously complicating things. divided agenda is still trying to figure out over all if the china policy, at least, how to communicate its china policy. he has the mastic issues to be concerned with. also, kind of, moving on from the trump era hardline two. is that is indeed what it will do.
gina raimondo, the commerce secretary, spoke to bloomberg news. she had this not too surprising answer about whether it is heard the dialogue between china and the u.s.. >> it has certainly made it a little more challenging. at this moment. it is harder. but, i am hopeful that we will get beyond that back to a place where we can have more of these discussions. stephen: on the issue of potentially removing or altering the trump era terrorists, gina raimondo said mr. biden is being very cautious on that matter. obviously, he is concerned about the impact on american workers. gina raimondo still expects biden to make a decision on the tariffs before too long. still, abundant here as well is that pledged eventual face-to-face meeting between xi jinping and president biden given ansi closings visit and given the -- nancy pelosi's
visit and given the nature of the military drills around taiwan over the last week, i think that probably put talk of a face-to-face meeting on the back burner now. shery: these military drills. is this the new normal? stephen: i think patrols are the new normal and testing the so-called buffer zone around taiwan. it has probably shrunk a little. the bla will be emboldened by this more than weeklong set of military drills, air drills, see drills, rocket maneuvers, and the like that have obviously disrupted shipping lanes and air corridors around eastern china and through taiwan straight -- the taiwan strait. the pla announced it successfully completed all tasks associated with those military drills and -- in the six exclusion zones. they are bowing patrol will continue. this is probably the new normal.
we are hearing there were an estimated 180 different warplanes from the people's liberation army that crossed over the so-called midline in the taiwan strait before these exercises that lasted about eight days. there were very few of those. when they did happen, it was a rare event and probably a very newsworthy event. in the last eight days we had 180 warplanes from china crossover that midline. so, yes, could that be the new normal going forward? we will have to obviously see. haidi: chief north asian correspondent stephen engle. china's ambassador to australia issued a stern warning saying beijing reserves the right to use military force to gain control of taiwan and canberra needs to take its stance seriously. paul allen has the details. what ousted xiao qian to say? paul: this was a speech to the national press club in canberra.
the ambassador likened taiwan's relationship to china as australia's relationship to tasmania, saying tasmania, is, was, always will be part of australia and china views taiwan the same way. he also reserved the use -- the china's right to use force if necessary to reunify with taiwan. here is what he had to say. >> we can never rule out the option to use all necessary means as to -- what do i need by all necessary means? use your imagination. paul: ambassador xiao qian took questions after his speech. he was asked if there was a need to reeducate the people of taiwan should reeducation take -- reunification take place. he said there would probably need to be a process for the people of taiwan to have a
correct understanding of china. after the speech was given, japan's ambassador to austria expressed some concern about what the ambassador had to say. he said this was a lot of lose usage of words. in australia, the job is to de-escalate tension rather than escalate tension. shery: tensions between china and australia have not been great the last few years. if the ambassador gave any indication, there might be an improvement or any change on this front? paul: certainly, the door is ajar. after the election of a new government in australia, that is a face-saving opportunity to try to repair relations. the ambassador did say that the two relations, china and australia, are highly comes an injury in an economic sense. he was hopeful the differences to be resolved. but in practical terms, nothing has really changed. there is still a lot of trade in place against australia for products like beef, wine, and barley.
there are two chinese-australians currently imprisoned in china. so there is nothing substantial here that is change. the ambassador downplayed the chance of a meeting on the sidelines of density -- the g20 in november saying they need to be more comfortable with a positive relationship for that to happen and it would probably include some change on australia's addition -- on taiwan. shery: let's delve into china's economy. the countries essential -- central bank defend the economy against inflation threats. annabelle droulers is in hong kong. china's price picture is benign compared to the rest of the world. but they are not taking any chances. annabelle: we got the latest reading on that. we had inflation numbers yesterday that showed inflation hitting its highest level in two years. on a consumer price basis.
after that, a report from the pboc. this is the monetary policy report. the headline here is the pboc is morning about inflation risk. now, structural inflation pressure could increase short-term. pressure of imported inflation is still there as well. the pboc has vowed to protect the economy from inflation threats and is promising to also steer clear of any massive monetary stimulus. let's take a look at what goldman sachs says. they have a knocked out saying pboc should maintain a low profile. looking in that policy report from the pboc, a greater emphasis on near-term inflationary pressures. economists think the pboc might continue to maintain credit growth. that's a measure we are watching very closely. also more reliance on target. make sure that happens. haidi: what about u.s. inflation?
not everyone is sold on the idea that this is necessarily headed towards rate cuts. annabelle: that's right. one of those people we heard from on bloomberg television was former treasury secretary larry summers. basically, he said the numbers, yes, are encouraging. but, the latest reading does not really justify any major policy shift from the fed at this point. he said that if the fed believes this is a game changer, they will be making another major mistake. here is why. take a listen. larry: we knew the headline number was going to be coming substantially down because we could see what had happened with gasoline prices. the core number was better than most people expected. that is certainly better than the alternative to that. on the other hand, it was heavily driven by volatile sectors. we have seen this movie before.
haidi: larry summers thinks of the fed should stick with policy tightening to stabilize consumer prices. we are seeing a bit of a different move or reaction in markets. the expectation we had building for a 75 basis point move has fallen sharply. we are now looking around 50%. we have seen that around 75% to 80% below on the job support friday. -- jobs report friday. shery: coming up, e-commerce giant mercado libre continues to rally following earnings. this is a broader tech rally globally. pedro arnt joins us to discuss the company's business outlook and the rest of the latin region as well. this is bloomberg.
shery: the latin american e-commerce giant mercado libre is continuing its rally after record earnings. it saw a peak during the tech trout globally. broadly, tech stocks have been under pressure. here to discuss the macroenvironment in the south american tech space is ceo pedro arnt. you have done well in terms of
revenue, profit growth, as well in different economies across latin america. at the same time, macro challenges. why is this surging across the region? how do you plan to maintain this trajectory? pedro: coming off of the back of a strong second quarter, i think we remain cautiously optimistic. about the potential for consumer strength in the region despite turbulent times. i think equally important, a lot of the investments we made throughout the pandemic in logistics, category expansion, to a certain degree, those are beginning to pay off as we see acceleration in share gains, as the user experience we have been delivering has been driving more and more consumers to our website and our financial services platform. shery: one of the places you did pretty well was mexico. you have been investing heavily there. take a look at this chart. you see that growth is in
mexico, or, your biggest market, brazil, almost going nowhere. how are you seeing consumption patterns perhaps changing? do you see that affecting your business overall? pedro: we do see that as retail reopens a deceleration in the business. if you look here on your. -- year on year. what we think is interesting and unique about the region's we are really not seeing the kind of gives back of pandemic growth in user adoption of e-commerce. if we look at our trendline over a long time, our business has grown significantly in the pandemic. even if you factor in recent deceleration, we are still a few years ahead of where we would have been if we had just trended out the pre-pandemic growth rate. i think latin america is presenting a unique change compared to most global markets. of greater stickiness in terms
of consumers moving online. shery: the company invested heavily on crypto, not just in terms of your own balance sheet but also crypto products in brazil. i am wondering how the so-called crypto winter played out for you? >> -- pedro: our investments have been more on the product side and building capability for our users to be able to buy, to hold, to sell, to get introduced to crypto. we had nearly 40 million active users in the region. we think we are a great platform for many latin americans to start with crypto. i think the crypto winter has taken some of the sales from the initial growth. we had significant user adoption in the first month. but, that is not really change our long-term optimism or outlook for being able to offer solutions in terms of crypto wallets and access to crypto for users when we take a longer term view on the potential for crypto
in emerging markets. haidi: do you expect the fintech business to be over 50% of revenue by the end of the year? pedro: when we look at the rate fintech is growing out, over $30 billion of fintech payment volume in the second quarter north of 80% year-over-year. it is soon to surpass the commerce side of our business in terms of site. whether that is over the next two or four quarters, it's harder to tell. but, we are at the cusp of the point where more of our business will be coming from the fintech side than the commerce side. shery: fintech borrows significantly from goldman sachs in order to expand. you see more investment going forward are are you staying put? given your other investments are already paying off? pedro: one of the most successful lines we have been developing is the credit line.
it is a big driver of adoption of our fintech services. over 40% of our users have -- are getting access to credit for the first time. through our platform. and, a lot of these facilities we have with our financial services partners are to fund the growth in the credit business. it has been a significant driver in cad -- and catalyst, more induction of our wallet on the merchant side. it helps commerce merchants sell better and have greater working capital access to improve their businesses. on top of that, it has been a very profitable credit book for us so far. i think it makes sense to continue to invest in the growth of that credit business. and for us to not have to do that entirely from our own balance sheet. these warehouse facilities with financial partners make a lot of sense. haidi: what about growth acquisitions? is anything planned the next year or so? pedro: we have typically been
more builders than buyers. we see in general more attractive valuations for potential growth through acquisitions. we are always on the lookout. if you look at our corporate history, we typically acquire smaller things that are either hires or tokens. -- talk in's. we tend to do most of the heavy lifting had a daughter own platforms. we believe that leads long-term to a more fluid tech stack and a greater ability to innovate on behalf of consumers down through acquisitions. haidi: --shery: pedro, great to have you with us, the mikado -- mikado libor rate --mercado li bre ceo. listen in via the app radio plus or bloombergradio.com. morehead -- more ahead.
mark: i am not that excited about them keeping prices the same. the samsung phone was already probably the most expensive consumer grade mass-market phone on the market. coming in at $1800 u.s., right? i thought people would be terrified over the thousand dollar iphone x five years ago. now we have $1800 phones, right? somewhat tablet, somewhat phone. $1800 is a lot to digest already. i am sure they are making great profit on that device as is. i am not particularly worried. haidi: what is interesting you about the latest news release then? i know prices are going up when it comes to accessories. mark: this is a pretty you did update for foldable phones. i think the more interesting thing is samsung has been starting to transition away from the candy bar style phone, right? like the s 22. the iphones of today. those are what i call candy bar
phones. that's what they are known as in the industry. samsung is all in on foldable's. they have a four-year lead if not longer on full doubles at this point. it is a really hot seller for them. if i was in the iphone ecosystem i would for sure have a samsung phone. now the small square shape one. the big one. that thing is a powerhouse performance wise. it's gigantic display when you open it up. i love this thing. that is the more interesting thing to me. the transition to foldable's. stephen: it has always -- shery: it has always been the ecosystem. in some some ever get there -- can samsung ever get there? how comparable is it to the apple ecosystem? mark: samsung can get there. they already have their ecosystem. they have people that love their
hardware, software, and services. the log in on the apple ecosystem is so good and comfortable as a consumer. it is difficult to leave that ecosystem for another. that does not mean samsung does not have their own. it is fairly good, right? there are people that are locked into the samsung ecosystem. haidi: mark gurman they're sounding very tempted to leave the apple ecosystem for this. let's get the latest business flash headlines. vonnie: apples biggest partner posted quarterly profits that beat estimates. the company, which also makes dell desktop and sony playstation used its scale to negotiate better deals with customers on supply. disney is writing the price of its flagship disney plus streaming service by 38%, part of a plan to build on third-quarter results that beat estimates for sales, profits, and subscriber growth.
on december 8 disney will introduce an ad supported version of the service and an ad free option will be raised to $11 per month. elon musk is accusing twitter of hiding key witnesses in their legal battle. elon musk says the social media company is not producing the names of employees specifically responsible for evaluating the number of spam and robot accounts. that's it for daybreak australia. we have daybreak asia next. we ate -- wait to see how our asian markets fair. we will react to the softer than expected u.s. inflation rate. there's a lot more to come. this is bloomberg.
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