haidi: on shifting market sentiment. investors meeting cautious as to whether central banks can raise rates to rein in inflation. our next guest says he is still finding opportunities third joining us as the head of investment at fire trail. we heard from our fed governor saying he wants to see 50 basis points on going for the next several meetings. what does that mean for sentiment and how pricing is going to work itself out? >> equity markets have already derated significantly. as np touching bear market territory last week. central banks get monetary policy ultra easy to very conservative stance given the events of the last two years. we are seeing them tighten in response to high inflationary pressures. not surprised their jawboning significantly. they are concerned about stagflation. getting closer to the neutral rate of two and a half percent as a priority for the fed. haidi: do you see much more reaction from investors? >> quant models would suggest qt is the equivalent to hiking funds as well. you are in tighteni

haidi: china. the impact of the lockdown is becoming increasingly clear if you look at the pmi numbers. how does that potentially impact risk aversion and the sentiment? >> it does present quite significant risk at this point. actually, potentially a real risk. at the moment when you talk to the equity markets, equity markets still feel reasonably confident that the global voice is still reasonably intact and we will not see recession in the next 12 months, but if china will slow down significantly, that theory will be tested. we do believe however this is a smaller chance. we do think the policy support is coming through. we've seen in the last few weeks some of the commentary. we think hopefully by at some point, we will see that lockdown get lifted. kathleen: the covid virus at self will -- itself will determine the speed of a lot of that. jun bei liu, thank you for joining us, tribeca investment's portfolio manager. you can look at our interactive function tv . you can dive into the securit

haidi: good morning and welcome to daybreak australia. we are at day two of the australia conference in sydney. shery: and from bloomberg world headquarters in new york, i'm shery ahn, counting down to asia's major market open. haidi: and these are your top stories this hour. a volatile day seen on wall street. u.s. stocks swinging as traders look to bring down inflation without triggering a recession. and beijing goes to extreme lengths to contain the latest covid outbreak. we take a look at the outlook for china. and the protections of roe v. wade, does biden lack the votes to do it? we have china and japan for the continuation of the labor day holiday. this is shaping up when it comes to the start of the equity session. u.s. stocks ending higher. the aussie dollar with gains, leading in the g10. the dollar fell against just about every g10 currency in the overnight session. the worst month since march of 2020 for the aussie. take a look at new zealand's as well. it's possible we could she -- see a sharp decline in property prices. when

haidi: where to then? it seems fair given the continuation of dollar strength we will see further pressure on the currency. eugenia: in my view, there is further upside to dollar yuan. i would not rule out the possibility of breaching seven in q2, because that would mean domestic activity led by the restrictions and shanghai would be muted. however, that upside would definitely be capped as soon shanghai shows signs of easing restrictions. that could come in by the end of this month, considering they have already adopted a frequent testing strategy, similar to what beijing piloted earlier in the month. shery: talking about dollar strength, we continue to talk about the other side of the equation which is emerging-market currencies under pressure, especially with the yuan weakness. in a historical context, how does it compare with past financial crisis where we had these huge pressures on currencies across asia? eugenia: if you look at the high yields, they have definitely weakened in the last few months, h

haidi: isabelle lee. new zealand central-bank is expected to deliver another 50 basis point hike as inflation climbs to a 30 year year and employment falls to an all-time low. kathleen hays is here. what is the rba looking to achieve and does that inform whether we see 25 or 50 today? >> it looks like they want to get to the neutral rate as quickly as they can. remember, when you get to neutral the rate is tight enough to bring down inflation but not so high that you pull the economy into recession. you just mentioned on the planet, down to a record low. so, what 19 of 22 economists surveyed by bloomberg economics and the news team see is a 50 basis point hike. it will take the rate to 2%. i want to call your attention to that big move down in early 2020. the rbnz has led the world and aggressive moves, 75 basis point cut march 2020 when the pandemic was just taking hold. they did the 50, excuse me, three 25 basis point hikes starting in october, 50 basis point hike, who would do that? they did that in ap

haidi: good morning. shery: the u.s. takes aim at xi jinping promising to influence china's behavior by shaping the world around. haidi:haidi: a risk on mood on wall street. shery: broadcom steals one of the biggest tech deals in history with the acquisition of vmware. u.s. futures under pressure after the s&p 500 extended gains. we have solid retail earnings and falling mortgage rates boosting sentiment. dollar general forecasting better performance later this year. we have two stocks soaring. what a relief from last week when we had walmart and target. treasuries mixed. the dollar consolidating around april lows. we continue to hold onto a little bit of gains. u.s. fuel stockpiles tightened so that helped prices. it's what was happening around chinese earnings boosting the broader market. the golden dragon index gaining more than 7%. the biggest day in over two weeks. alibaba gained 15%, the biggest day in over two months given that the revenue and profit also beat estimates. a similar picture for baidu. haidi: could t

haidi? haidi: china is shifting its focus from shanghai to beijing as covid -- over the capitals ability to contain the outbreak. more from standard chartered next. this is bloomberg. ♪ shery: there is been a lot of talk in davos about possible ecb rate hikes. christine lagarde told francine lacqua that monetary policy in europe is at a turning point. >> we are at a turning point. we have all of the components in place for that. we are turning our back to negative interest rates. we are moving very likely into positive territory at the end of the third quarter, and then, of course, we will calibrate. we will establish exactly by how much we want to do that. francine: when you talk about no longer negative rates, has the market understood this could mean off of positive rights? >> when you're out of negative you can be at zero, you can be slightly above zero. this is something we will determine on the basis of our projections, on the basis of our forward guidance. i think there are good rea

haidi: always great to have you with us. we will have more from our exclusive interview with jamie dimon. he says the federal reserve should have moved quicker to raise rates. >> a very strong u.s. economy. consumers are in great shape, jobs are plentiful, wages are going up, those are good news. businesses are in very good shape. they're going to try to slow down the economy. two years ago, we have 15% unemployment. take a deep breath, the sooner they move the better. >> what could go wrong? you talked about storm clouds. what is the worst case scenario? >> this fiscal and monetary induced growth in the u.s., which was true around the world. we have never had that before. we never had qt before. when you look at qb, it's one of the greatest experiments ever done, they will be writing books for 50 years about it and we will have to reverse it. my view is rates will have to come up from here. new look at ukraine, they were great. the world is fine, ukraine results, but there is a chance this goes on for year and you radel glo

haidi: the april u.s. jobs report, energy focus now, does that change things depending about we see with policy trajectory? kathleen: i asked about an hour ago what is the meaning of the jobs report? it is about the strength of the economy and inflation? that is an important issue. yesterday, jay powell said the fed won't go higher to go above the neutral rights. but right now, he is expecting the labor market -- he says it is extremely tight end he thinks job creation is going to slow. to that extent, the april jobs report is expected to show payrolls up 380,000. they were 480 1000 -- they were 431,000 the month before. the labor report is expected to complicate things because it falls from 3.6 percent to an even lower 3.5%. the idea is that unemployment is so low in the labor market so tight, you will see earnings rising. earnings were up 5.6% in march and 5.2% the month before. it is ironic that, if anything, the fed is hoping they look healthy, but not too strong. haidi: goldilocks, right? kathleen, ou

haidi: u.s. stocks closing your session highs as investors way jay powell's promise to tame inflation even if it brings some pain. chinese companies listed in the u.s. get a boost after beijing's public show of support for internet platforms. lust the australian election into the home stretch. prime minister scott morrison's government is closing the gap. shery: this was the picture across wall street. take a look at u.s. futures at the moment because we had the s&p 500 finishing at a one-week high. we had that solid number when it came to consumer spending, but also factory production rising at a solid pace for a third month. see u.s. futures extending those gains up .2%. we had stocks falling briefly to session lows in morning trading. we heard new york city raised the covid-19 alert. that took markets for a ride but we got treasury yields climbing. the curve flattening after the federal reserve chair powell said he won't hesitate to tighten above neutral. oil also gaining ground after it fell

haidi: bernard loonie speaking to us earlier. next, a deal to make twitter private has not been done yet, but there is talk about elon musk taking it public again. we are bringing you the latest. this is bloomberg. ♪ haidi: let's take a look at some movers. starbucks seeing gains despite suspending guidance on uncertainty with china, u.s. sales affect inflation worries, china woes. we are watching a different story with didi global, the pressure when it comes to chinese companies with sec investigations. they are also facing scrutiny in china over the 2021 listing. they cannot predict the timing outcome or consequences of such an investigation, you can see the uncertainty playing out. advanced micro soaring after an upbeat forecast, the outlook is better than recent forecasts from rival intel. we have seen amd decline, maybe seeing a bit of lost ground there. we are watching twitter, the roller coaster ride continues. we are to learn more about the vision, must telling potential investors he could return to the public market. t

haidi: you mentioned the ugly pmi prints. what does -- what do you see when it comes to the ongoing economic toil? stephen: it is mounting. the pmi numbers are astounding but representative of entire cities of 20 plus million being locked down and the manufacturing sector is being locked down and the logistics and supply chains being locked down. the pmi for manufacturing, 47.4 the lowest since the beginning of the pandemic. a nonmanufacturing, 41.9. the pessimists are stacking up quicker then all of those inventories compared to optimists. the consensus was for 46. well below the consensus estimate. inventories of finished goods and this is where it plays into the lockdowns leading to supply chain bottlenecks which leads to down the road inflation around the world. inventories rose to the highest level in more than a decade. products piling up at warehouses across china because of the supply chain bottlenecks. it is up to the policymakers in beijing after we got policy assurances from xi jinping on friday, we got assurances

haidi: asian stocks said to

haidi: james poole there. we're seeing a bitcoin recovery, it has managed to hold above $31,000, that's just after it plunged late last week after the collapse of the terra stable coin. su keenan us with the latest. does this show the resilience given have not gone just above 30,000, but $31,000? su: pit certain it looks that way. the ceo of bytedance said it looks like we have newfound resiliency. drop into the bloomberg to understand this better. in most of the recent crypto clashes, and you can go back to the crypto winter of 2018, it took months if not years to see a bounceback. and yet in a matter of days we have now seen a very brisk ounce back. a lot of green on the screen not just for bitcoin which is about $31,000, but for a lot of the coins. the big difference is you have a lot of institutional investors now and they see a pullback as a buying opportunity. after crypto's recovery on sound and the total market value of digital turn sees dropped by about $350 billion. so you still have some challenges

♪ haidi: good morning, i'm haidi stroud-watts in sydney. shery: i'm shery and in new york. our top stories, further losses and fears over the growth out look intensified. the dollar is at a 2020 hi. fed chief pushes back against the 75 basis point hike, calling half-point moves already aggressive. haslinda: and i am haslinda reporting live from manila, where the philippines are set for a deeper drop. a landslide presidential election victory. and we start you off with breaking news out of south korea. we are getting the latest current account surplus numbers coming in at 6.729 billion dollars. widening from the previous month of february. we are seeing the goods trade rising. this is widening from the previous month of february. of course, we are watching current accounts closely as we have higher commodity prices. and also, the rate in terms of trade in south korea, which is pushing the korean lawn lower against the u.s. dollar -- the korean yuan. export numbers in south korea have really kept up with double digit growth in april, as well, so we continue to see that streng

♪ haidi: a very good morning. i'm haidi in sydney. >> good evening from latin america, here in panama city i am shery and. our top stories this hour. shery: asian investors as sessions fall on land sleep dust on wall street as a premium is set or an election. latest polls suggesting private interest rates is battling to survive. the men they called mr. again it tells us the embattled japanese currency could climb to 150 to the dollar as the fed and doj diverge. a look at u.s. futures right now, we are seeing a little bit of gains of 1/10 of 1%. this of course after we saw u.s. stocks really trading in a choppy section headed for a seventh weekly decline. s&p 500 firmly down in the last hour of trading. we continue to see of course a volatility after we saw one and a half trillion bonds wiped out in the previous session. or watching the treasury space, yields across the board were lower. talking about the 10 year yield going to 283 levels. weaker than forecast u.s. jobless claims. survey not helping. wti in the asi

haidi: fascinating. you can watch us and catch up on past interviews on tv and look at any functions we talk about. you can also join in on the conversation. this is bloomberg. ♪ haidi: a quick check of the headlines. -- is in talks and will bid -- the total value of the deal could be $2 billion. for the indian online start up education on the buyers, they could make an offer in the coming weeks. mcdonald's has a sale of the portfolio following the invasion in ukraine. the move will cost them 1.4 billion dollars and follows the suspension of other popular american brands in russia. the world's wealthiest investors made big asset shifts this year. airbnb and starbucks included. [indiscernible] and added to its already large decision. kathleen: looking at stocks and focus ahead of the major asia opens, we are watching food producers after wheat prices surged following india's move to restrict export. asian chipmakers like samsung and lg are being watched after rival tsmc announced plans to raise pri

haidi: did we get any update? su: they are bullish on arm and you could see a shift in tone according to those of the press conference. he was defensive in talking about the vision funds in a harsh environment going forward. when it came to arm, he talked about opportunities to play offense. he says arm could be the most valuable asset that softbank has. he says that the chip design company is on a path for initial public offering, there had been challenges, a controversy in removing a rogue ceo, that is behind them. he was asked when he thinks the ipo might be, said he talked about the turbulence in the market, did not want to set a date, but said as early as possible. he said softbank would continue to hold its majority stake was the company goes public. the arm ceo told bloomberg that they are seeing a surge in revenue mainly because chip products are expanding too many other business. their business, doing very well. softbank seeming to look to the future for arm, but they see a harsh environment for investmen

haidi:. haidi: we speak to the yuan food and culture organization as a rising food protectionism threatens to worsen global inflation. shery: u.s. futures muted at the open after the s&p 500 gained ground on today's session. we were firmly higher in the afternoon session after we saw the fed minutes. you had consumer discretionary and energy leading gains. wti above the $110 a barrel level, this afternoon had u.s. fuel inventory data. the nasdaq 100, we saw the outperformance on growth stocks, tech leading the gains. a mixed picture when it came to treasury, the 2-year yield rising to was that 2.50 level, very sensitive to policy changes. the 10 year rate fell today, as we begin to see the market pricing confederate hikes. but perhaps less aggressively. look at the chart on the bloomberg. we have seen expectations starting to fall. after the fed minutes today, it is no longer a sure thing that we will see a 100-basis point point hiking in the two meetings, according to traders. still, the s&p

haidi: as we see u.s. yields surging, does that put a cap on the recovery that we have seen in the yen? we have seen that return of both the yen and the -- in terms of catching up with the haven mand for the dollar. khoon: the yen is pretty much moving in line with yield differentials between u.s. treasuries and jgb's and jgb's in with the boj firmly committed to the yield curve cap of 0.2 5% on the 10 year, it's really where the u.s. ten-year goes that will determine how dollar-yen moves. and you know, yes, when risk assets were under pressure, we did see a little bit of a relief rally in the yen but the yen is not a strong safe haven as it was in the past. if u.s. yields were to continue much higher, we would see dollar-yen hitting past 130 and further higher but it looks increasingly likely that perhaps we are starting to release a top in terms of where u.s. 10 year yields will go. from here, i see 127 to probably 130 range in the coming months. haidi: stay with us. we will be back with you to talk abou

haidi: su keenan there. shery: speaking of crypto, a decade-long crypto industry veteran discusses how he protected terra's implosion and why he says his warning about the stable coin is a public service. >> i would say that certain boxes are a little bit more honest in the sense that it is kind of like a chicken game. right? so, it's users competing with users, and the earlier you are, the better it does. it sounds bad and it is bad. but this is even worse than that. it is not just users competing against users. it is more like users thinking they are competing against other users, but getting funds siphoned out by investors. shery: that interview was from the oddlots podcast. we have plenty more ahead. this is bloomberg. ♪ haidi: we are tracking the fallout of the global supply chain crunch. india will suspend overseas wheat exports. the move by the indian government is said to expose how tight the global supplies are after the war in ukraine, and is threatening to drive up prices even higher. diminishin

haidi: u.s. futures are heading higher at the start of asia's trading day and what will be a key week for monetary policy and we see hopes for a rebound given how fast emerging-market stocks have fallen. let's discuss this this. there's a lot to talk about. if we are seeing peak inflation or peak bearishness when it comes to these markets. are there opportunities now? >> good morning. yes. s&p 500 is very strong this morning following the momentum from what we saw in the last hour of trading in the u.s. on friday because investors got options out of the way. the s&p 500 has been falling for seven straight weeks, the longest stretch of weakness since 2001. emerging markets, pessimism have's peaked. a lot of the news has been parsed in. looking at technical indicators, the average valuation for emerging-market stocks has fallen below the average in the last 17 years and the dollar debt spread for those markets is at levels we last saw during times of stress so some managers have refused bearishness

haidi:. haidi: what happens with today yen? we have seen stability. it always feels like the market is still recalibrating after the huge momentum of moves that we saw. chris: i guess if you are on the treasury market, or we going to see front and yields lower question mark are we going to see a flatter curve? i would expect a flatter curve. a new lower in u.s. treasuries on a nominal basis and a real basis, then dollar-yen goes lower. taking everyone's view of bank of japan policy, there is the global leader this year but nothing anytime soon that we see the move anywhere away from negative threats. i think later this year will see the band being moved, the yield curve control band. but here right now, you have to take a view of what happens in the treasury market. if we see every pricing in the front-end of the curve, that will not be great given information is very high. but if we see five or six basis, it is probably good that we could see a rally in dollar-yen. haidi: owners great to have you with us, chris weston from pepperstone group, head of

haidi: always great to have you with us. you can get a roundup of today's news -- on this edition of daybreak. n-terminal subscribers can get it at dayb this is bloomberg. ♪ >> taking a look at the day of ahead for australian new zealand. the rba decision, the governor expected to raise rates for the first time since 2010. new zealand's government will be setting a cap for budget surpluses and -- higher than previous investments and allows a greater investment in infrastructure. an 11% strake in australia's biggest electricity generator agl. the company's largest shareholder said it would vote against a demerger. shery: here's a quick check out the latest business flash headlines. elon musk is said to be in talks with wealthy individuals about taking on more finance in the purchase of twitter. he's wooing the likes of apollo and aries. musk's sold tesla shares for a $12.5 million loan. citigroup's london trading debts is believed to behind -- be behind the flash crash in european stocks caused by a sudden cellophane s

haidi: let's take you to the u.s. senate floor, where voting is continuing for the confirmation of the remaining two of president biden's fed picks. that's jerome powell for another term, and philip jefferson as governor. the senate has enough votes to confirm fed nominees philip jefferson with the vote ongoing. we have seen absences due to 19 cases among democrats in the evenly divided u.s. senate, having delayed the confirmation vote. but we do have enough votes to confirm jefferson. he would become just the fourth black man to join the fed's board. he had unanimous support from the banking support -- banking committee. powell was opposed only by elizabeth warren, a progressive democrat. of course we have seen a commitment from all three of president biden's fed nominees. still ahead, sri lanka set to name a new prime minister and cabinet this week. we discussed how that could change the course of the debt crisis as global investors selloff dollar bonds. first, staying rational during the bear market. hear lolita st

haidi: good morning. i am haidi stroud-watts in sydney and we are counting ages market opens. shery: and i am shery ahn in new york. our top stories this hour, asian stocks may rebound, with redmond not showing a planter can hawkish. china's premier says the economy is worse of it in some ways since the start of the pandemic, calling for more help to shore up growth. plus new zealand pledges to reign in inflation in a least cost fashion. we will speak to the governor adrian orr. u.s. futures not doing much in the early asian session, this after the s&p 500 fluctuated throughout the session here in new york, just to finish higher in the afternoon. consumer discretionary and energy leading gains. deputy i crude above the $110 a barrel level. u.s. crude stockpiles data is out, and a little more optimism from the fed not turning more hawkish than anticipated. we continue to watch the treasury space. it was a little bit mixed. two-year yields rising, very much sensitive to policy changes. they were headed towards the 2.50 level. the 10-year yield drugs today. we continue to watch -

haidi: stacy-marie ishmael there. coming up, australia's opposition leader winning the final debate at head of the election on may 21 according to an audience of undecided voters. we have the latest next. this is bloomberg. ♪ this is bloomberg. ♪ shery: australian opposition labor leader has narrowly won the third and final election debate selected by an audience of undecided voters. the federal election is nine days away. our sydney bureau chief joins us now for now -- joins us now for more. to put things into perspective, this was asking people at the pub who were watching the debate who they thought they would vote for afterwords. ainslie: they had an audience of undecided voters at pubs around australia, a very australian ways of doing things. 50% said they were swayed. only 34% said they were convinced by scott morrison. 16% remained undecided. so it is a clear win for anthony albanese last night. in a lot calmer affair than what we had previously. haidi: listening to especially the younger voters, they don't

♪ haidi: a very good morning. i'm haidi stroud watts in sydney. shery: i am shery and a new york, welcome to daybreak asia. president biden plans to -- with growing calls to remove levees. the president is stoking tensions with beijing, pledging to defend taiwan with military force. the white house later walking back that remark. asian stocks set for a mixed start after traders digest an early selloff in u.s. equities futures we have a big interview coming up next hour on daybreak asia could we will speak live to u.s. trade representative catherine who is in tokyo with president biden. that is at 8 a.m. hong kong time, 8 p.m. in new york. haidi: a muted start across trading in asia, sherry good australian futures are looking lackluster, looking like we needed that gain that we had in monday's session, up 3/10 of a percent. we are also seeing a little bit of a pullback when it comes to the sovereign bond space as well, although we did see treasury and what is historically supposed to be the best day of the year for the treasury's market. that was p

haidi: bill faries there. let's get more analysis on how chinese growth is playing out when it comes to market sentiment. let's bring out our asia editor. it is interesting the aussie dollar funding bird growth despite concerns. >> the chinese currency is coming under pressure. recite under that 100 level. traders are talking about it going to seven in the next few months. these fears of deepening economic slowdown in china is what is weighing on it as well as discord we are starting to see among policymakers as they try to balance the covid controls with how to prop up economic growth. economists expect china to meet its growth target. we are also seeing a widening differential between u.s. interest rates and chinese interest rates as the fed tightens in as beijing is coming under pressure to ease monetary policy to prop up economic growth. all of this is weighing on the yuan. the central bank has not actually come in to intervene. they have looked at reducing fx reserves and officials have said the movements

haidi: the u.s. corruption and market many galatian -- and market manipulation cases has lighted on two former executives . authorities have not brought charges against the managers and is seeking cases against the firm and have identified two alleged perpetrators. they include a former head of copper. we have more to come. this is bloomberg. ♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvat

haidi. gdp. haidi: due out later today, analysts are expecting growth to slow due to flooding, and rising inflationary pressures. our economics reporter joins us now so these numbers are always a bit backwards looking but it does give us a good sense of what sort of economic landscape the new government is dealing with. >> that's right. the treasurer has done a few standups since he was sworn in last week and he has repeatedly talked about the economic challenges that he is facing, fiscal pressure because of high debt and fiscal deficits on the government's balance sheet. there is of course a crisis that they have been talking about because of rising inflation. and falling real wages which means wages are not growing at the same pace as inflation. petrol prices have gone up and food prices have gone up which is likely to exceed consumer spending power. at the same time, home prices are falling. we had house price data this morning which shows the first fall in national house prices since sep

. ♪ haidi: a check on the latest headlines. rogers communications says canada's antitrust agency is opposing it $16 billion takeover arrival, raising doubts that when the nation's biggest ever deals will close. sources say rogers wants to settle the issue out-of-court and is willing to sell assets to resolve the concerns. the companies are extending the deadline for a merger until the end of july. a group led by a former guggenheim partners president has agreed to buy a chelsea football club for around $5.2 billion. this ends the russian billionaire's 19 year 10-year, and -- 19-year tenure. the price is one of the highest ever for a professional sports team, and follows a bidding war that went on for almost two months. shery: we continue to see the downside pressure on u.s. futures, down 1.3%, which is kind of rare for this time of day in early asian trading. this after the s&p 500 saw five weeks of losses, the longest losing streak since june of 2011. treasuries a little mixed at the moment. we had yields rising across maturit

haidi: we saw j.p. morgan upgrade their ratings on more than a dozen tech firms what are investors thinking about the outlook here? >> a lot of questions over that j.p. morgan upgrade. what changes in such a short span of time for a wall street research team to call a sector uninvestable and then say that you should go overweight on these tech stocks? earnings -- it's a big earnings week. we talked about j.d..com. that was better than expected. it's very good. this is a sector that we had a great story out of the tech team earlier this week calling the sector kind of utility like stocks, single digit returns. single digit revenue growth. if we start to see double digits and resilience from the sector which is dealing with the crackdown but with china's economic slowdown and lockdowns in big cities like shanghai. tencent the loathest we've seen since 2004. if we see a better picture, a better outlook, if management is more positive on the next few quarters, that would be something else to keep the rally

haidi: we are counting down to asia's major market open. shery: stocks rebound in the final hour of trading on wall street after -- as the fed says 75 point rate hike is not a consideration. haidi: -- shery: beijing denies the city will be lockdown. we are seeing u.s. futures under pressure in the asian trading session after the s&p 500 fluctuated widely. he saw a big rebound in the final hour of trading. we have the 10 year yield also falling toward 2.8%. ppi numbers out today again rising more than expected. crude prices are up. this after seeing a little bit of pressure in the new york session. we have news coming from organizations that we may be seeing a tight supply when it comes to fuel inventories. all of the action seems to have been in the crypto space. the volatility, the panic subsiding. the dominoes continue to fall. we talk about bitcoin trading around $28,000 after falling. either also continuing to see the pressure. we had tether continuing to collapse and fall away from the dollar peg. tether also seeing a many crash, it di

haidi: let's get more on that. our next guest has studied food security for decades and works with asian governments in policy response during the 2008 food crisis. peter timmer, professor emeritus at harvard university. we appreciate your time. we spoke with the u.n. fao last week and he said he doesn't think we are at the point of a global food crisis yet. are we on the precipice? >> yes, we are really close. the announcement that oil prices are going to go up higher will add further stimulus. wheat prices are at all-time highs. already there is pretty serious problems in north africa. i work primarily on asia but there is very real concern that if we can't stop the momentum in wheat prices, vegetable oil prices in the next five to six months, there is going to be massive hunger and starvation. haidi: how optimistic are you that there will be global or regional coordination? entering the picture is the domestic concern over food security and increasing acts of protectionism. >> when we went through the 2007-2008

haidi: in china we have seen a slew of new policy measures. two, in your words, save it from itself as china tries to rebuild their economy after harsh lock sounds. are you optimistic -- lockdown spirit are you optimistic? could we be seeing a discordance in terms of how covid should be handled? >> i like your word discordance. that remains problematic for us. not just in terms of the tone from the top, but how does it -- trickle down. apart from these measures that are announced obviously to lift the economy, we actually have not seen the kind of liquidity we need coming from property developers. all the uncertainty being lifted convincingly in the regulatory space either. to your question, these measures will certainly start lifting economic momentum from a very soft footing. arithmetic lay it is difficult to get around the 5.5% target. more troublingly, we do not know whether confidence can be -- to a point where we can get underlying growth momentum to get back to the 5.5% region. infrastructure may have been -- in the past, but the same -

haidi: always great to have you with us. taking a look at earnings coming through, net income for $.71 billion. -- 4.71 billion dollars. they continue to maintain a cautious stance. return on equity coming in at 18.7%. saying they are well-positioned for superior performance in the medium-term. the final dividend per share of three dollars 50 aussie. expectations were to see a big beat when it comes to commodities revenue. looking in those details later on when it comes to their expectations for energy oil and gas business as well as what they are looking at in fiscal 2023. you can get a roundup of the market action and the stories you need to know to get your day going in today's edition of daybreak. subscribers can go to the terminal. this is bloomberg. >> looking at crypto assets. bitcoin is coming off of its worst day since january. either at one point slumping. the brazil central bank the chili central bank and others around the world hiking rates. we continue to see that perhaps the tightening cycle is in full place. t

haidi: a great conversation. coming up next, ken griffin says recession is inevitable, but not likely in the short-term. that interview is just ahead. this is bloomberg. ♪ haidi: let's take a look how sovereign bonds are shaping up. we are seeing the move when it comes to the australian 10 year yield dropping nine basis points. this after we saw treasuries ending the session highs. the yield came off the richest levels of the day. let's look at the breaking news across the bloomberg. new zealand april trade numbers coming through. imports $5.73 billion. trade surplus. for april and the 12 month year today, that leaves a trade deficit of $9.117 billion. shery: it's time now for morning calls ahead of the asia trading day. strategist are saying investors worried about the u.s. recession may have gone too far. there will be no recession this year she says and the economy can bounce back. hsbc strategists are slashing their year and targets i 9%. they said the u.s. market is facing a growth slowdown in the second a

haidi: emma o'brien there. coming up next, we are live from panama city where we we would joined by uber's head of latin america to discuss rising fuel costs and the challenges that poses for drivers. that big interview is next. this is bloomberg. ♪ haidi: let's take a look at the selloff that is really being extended. a horror show of a session for u.s. equity bulls overnight. the s&p 500, a bad day away from a bear market. also close to a bear market when it comes to trading in asia, including new zealand, where we are seeing further downside now on budget day. in australia we are seeing pretty much session lows, close to 2% lower, being led lower by materials, energy names, as well as consumer discretionary, as expected mirroring the downside. nikkei 225 seeing steep declines. 4% lower. softbank is the biggest decliner, one of the biggest in the japanese session so far, as we get additional pressure when it comes to tech. tencent coming out and saying the regulatory overhang will take some time to resolve,

i'm haidi stroud-watts. were counting down to asia's labor market open. >> i'm shery ahn. g7 members come -- commit to banning oil imports to russia. >> china's premier warns of a complicated and grave jobs situation with covid lockdowns under major cities. >> in the first -- the fed abandon -- the philippines, >> down .6% after five weeks of losses. we are talking the longest losing streak since june 2011. on friday it failed to hold onto gains and ended at the lowest level in about a year. we have the nasa 100 underperforming with the 10 year yield still at about the 3% level. the wti price at the moment in the asian session is up .2%. this is around the six week high. we see the european union man it -- moving towards banning russian oil. in the u.s. jobs market, how does this affect the inflation picture not only in the u.s. but what the fed it and consequently, for new markets as well? payrolls are beating expectations in the friday number coming in 420 eight and matching march after the upward revision. what is interesting is we are seeing increasing pressure on the

haidi: good morning. we are counting down to asia's major market open. shery: the top stories this hour. wall street slumps with a trillion dollar stock selloff. recession concerns. the nasdaq plunged 5%. haidi:

.™ ♪ haidi: good morning, i'm haidi stroud-watts in sydney. shery: i'm shery and in new york. our top stories, further losses and fears over the growth out look intensified. the dollar is at a 2020 hi. fed chief pushes back against the 75 basis point hike, calling

we are talking about downgrades, the fastest in two years or so, haidi. >> take a look at the australian futures. we are on track for a straight session of losses here. futures down about a 10th of one percent. looking like an early decline at the start of cash trading. .4%, after we saw the s&p 500 finishing well if the session highs. a slew of fed officials speaking ahead of the numbers, causing destruction for the month. take a look at the aussie dollar. sitting under 70 u.s. cents. it does seem like the rally will be limited to about that 70-30 level. a may 2 low, despite the strengthen the dollar. the dollar-yen, steady at 130. in terms of the data, we are looking ahead to consumer confidence numbers. >> especially on a day like today when we had peloton falling to a record low. that is interesting because we are not only talking about peloton, we are talking about a consumer discretionary stock under pressure broadening, given the rising inflationary pressures. i was mentioning the perfect storm, rising prices, the war in ukraine, covid zero and china. it looks really bad -- in chi

. ♪ haidi: good morning and welcome to daybreak australia. we are at day two of the australia conference in sydney. shery: and from bloomberg world headquarters in new york, i'm shery ahn, counting down to asia's major market open. haidi: and these are your top stories this hour. a volatile day seen on wall street. u.s. stocks swinging as traders

i'm haidi stroud-watts in sydney. >> from bloomberg's economy gateway latin america in panama city i am shery ahn. >> u.s. stocks pricing their biggest daily drop in almost two years. higher pricings hitting corporate earnings. the dollar and treasury gains a minute pickup in haven beds. consumer and retail hit the hardest as recession fears rise. target is suffering the biggest selloff since 1987. tech is under pressure. this stock is plummeting after hours. >> we are live at bloomberg's new economy gateway latin america in panama city. day one ended. what conversations we had about the macroeconomic prospect for the region, we are here in panama but we are not seeing vessels queued along the panama canal. we have seen record amounts of cargo showing supply chain disruptions and of the evocations of all of that including inflation concerns continuing to rise and perhaps the central bank tightening really starting to effect the economy. we will discuss all of this was another packs a of major voices ahead including alexander coming me from the bank of international settlements. the h

haidi: i am not -- mr. kerry i am not. is it complicated? the man who was your deputy is now the secretary of state and your boss? mr. kerry: totally great friend. we worked on the foreign relations committee for years together, we work together in the white house. he is doing a great job. the administration is right on track now with respect to what is happening in ukraine. they have been strong and skillful, and i am very happy doing one issue. believe me. david: let's talk about glasgow. many times when you have international conferences, most things are worked out in advance and you have press conferences but the things are already agreed to. but my impression is in paris and glasgow, it wasn't all worked out in advance. mr. kerry: it can't all be worked out in advance. nations have different interests, you have 195 nations, coming to the table and everybody's voice needs to be accounted for and factored into what you are doing. some of the dynamics don't come together until the clock strikes midnight and you know you have to cut fish or

i am haidi stroud-watts in sydney. >> i am kathleen hays in new york. u.s. stocks failed to sustain a late session rebound as investors waited new signs of economic weakness from the united states and importantly, from china. >> among the losers, elon musk may seek a lower price for twitter after questioning the platform posits a status on fake accounts. >> it is time for a quick check on wall street with a very interesting trading day. they managed to rally on friday. that is the asian markets with a little boost overnight. today, that could not be sustained and it had a lot to do with the very weak economic numbers out of china. retail sales down. industrial production in may, down nearly 3% year-over-year. empire state -- that is a look at the new york manufacturing region. the s&p 500 tried to rally but could not. it ended up down about .4%. it had been a little bit stronger than that earlier. the drop in bond yields, the 10 year was down about -- down to about 2.85. the problem for the s&p 500 is the mega caps. it was apple. it was amazon, tesla is now

haidi: good morning, we are counting down to asia's major market open. shery: the top stories this hour. the fed unleashes the most aggressive policy action in decades, signaling a 50 basis point hike is the first to come to fight a soaring inflation. >>

haidi: dubais -- did buyers boost ahead of