we talked about the kiwi. let's talk about the chinese currency right now and the calling coming out of the pboc and authorities here, banking regulators, for banks to extend. that's the amount of lending that took place in april. that is the rate of change. it was a big contraction from the year before. officials are now calling for this number to be bumped up. rishaad: as you bump it up, that is the point as well. that is the overall message. it does seem as though we saw those tax cuts, if you will, but it is almost as though the pboc has got deep pockets but very short arms. >> if you want to know what the message is, pick up any state-run newspaper this morning because xi jinping's technique -- economic priorities and achievements as well are flashing across every state run newspaper, and it outlines some of the stimulus measures that he is initiating and telling the state council to do and perhaps even telling the pboc despite its independence, of course, to roll out more bank loans. monday, we had the m

we are seeing momentum trading when it comes to the kiwi dollar. risk and commodities as well as currencies are seeing a bit of weakness. watching dollar-yen, as we expect that big move from the fed but most traders not exciting any intervention from any of the -- the finance minister even as we see that -- again. and there you have it, you see that big move when it comes to the dollar index. a performing other g10 currencies ahead of the fed meeting. treasury yields rising, the 10-year at the highest since 2018. coming up next, we get more analysis, the count on for the reserve bank frustrates decision. our guest, the central bank moving cautiously. coverage from the -- australia conference today on day one we were talking all things with a rba news and extrusive interviews. plus the founder of pinnacle investment will be joining us. that live rba meeting today. much more to come. this is bloomberg. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this pho

kiwi stocks down 0.1%. japanese equity markets are away on holiday, but the japanese is holding at 130. that is near the list in 20 years ago to the u.s. dollar. we continue to see that boj doubling down on its altar easing policy. we are watching the rba's great decision today, not to mention what the bok might do later this month given that cpi numbers out of south korea today came in at the fastest pace since october of 2000 eight. next, the new zealand tourism minister says the country back on the map for international tourists and travelers as the country opens up. stuart nash joins us next. this is bloomberg. ♪ haidi: let's look at how we are setting up the asian market session. we are awaiting the rba's decision in a couple hours time. we are seeing the asx 200 falling, dragged lower by the banks and the miners. we also have that information story playing out, the poultry producer, saying they are seriously impacted by higher feed costs as a result of the pandemic. we continue to see austin barnes

way is just that _ and we just come at the kiwi way is just that we — and we just come at the kiwi way is just that we trade in and get the best of— just that we trade in and get the best of what we've got.- just that we trade in and get the best of what we've got. begins on thursday in _ best of what we've got. begins on thursday in england _ best of what we've got. begins on thursday in england once - best of what we've got. begins on thursday in england once again i best of what we've got. begins on | thursday in england once again will start with an approach to be more kiwi. joe wilson there. well, the marylebone cricket club, who own lord's, have put the reduction in numbers down to the queen's platinum jubilee double bank holiday weekend, but say a premium priced ticket represents good value for money. chris millard, head of the england supporters club, the barmy army, joins me now. how concerning is it that so many tickets are available for this test, essentially for the start of england's summer? thank you for having me on and it's a massive concern after so much excitement i

we expect the kiwi pair to be challenged. that is a budget deficit coming in in the forecast best in the forecast. -- that is a budget deficit coming in the forecast. shery: this was anticipated. it was the 75 basis points being eliminated from being considered seriously. what really led to that presser being considered has global implications. that is something that the committee is not actively considering according to the chair and right now, markets are trying to understand why. perhaps because the central bank believes inflation expectations are stable? perhaps because the central bank believes their credibility is intact, either way we are going to see the market reaction reverberate through the asian session as well. haidi: it is also because market participants got ahead of themselves by taking the idea that 75 basis points was not off of the table when running with this, the market adjustment, we saw it in the pond in the dollar and the short end treasury yield. take a look at rate derivative contracts, really adjust

kiwi is the biggest gain or out of the g10 space, up a seventh of 1%. bearishness is starting to build after a recovery of the lows we saw in april and the start of may but we are watching the meeting with the shadow rbnz board saying they see a half-point hike. most markets looking at 25 basis points wednesday. in his first trip to asia as president, biden will meet with the latest -- will meet with leaders. the new prime minister of australia will quickly be sworn -- was quickly sworn in and will be flying with penny wong to japan later today. let's bring in the senior fellow of the hudson institute who was previously a security advisor to julie bishop. what are the biggest foreign policy challenges on what dynamic will be struck in the talks given the precarious relationship canberra has with beijing and given the grouping is one thing to count for the growing influence of china? >> it is significant that wong and albanese, considering the impact they will have an government. they are trying to show australia and beijing that nothing will change unde

aussie, aussie kiwi, three year yield. off eyes as well. it's really the currency. last one, if we can, your currency rancor, ozzie was up already because virtually every single currency. as we speak and this continues, that still the case, but more substantially up against a kiwi seven tense of 1%, and that is the underperforming pair across all of its peers as you can see across the board. yvonne: making for a pretty interesting press conference. we will see how this all goes out. let's continue with laura wright in london. laura: good morning, a measure of u.s. manufacturing unexpectedly dropped in april to the lowest level from 2020 as growth orders production and employment softens. the imf gauge of activity fell 35.4 weeks, down but one estimate in a bloomberg survey, which has a medium projection of 57.6. the latest data underscores the lingering supply constraints made worse by the lockdowns in china. india's supreme court has directed the government to disclose data and results on covert vaccine trials and rules that people cannot be forced into inoculation

the kiwi dollar is also higher around $.63 u.s. let's now get to vonnie quinn with the first word headlines. vonnie: japan is reported lisette to waive quarantine for travelers from about 100 countries. people traveling from countries with low covid rates including the u.s. and u.k. will be allowed into japan without having to enter quarantine. travelers from 90 other countries will be exempt from testing requirements if they have had three vaccine shots. goldman sachs ceo says clients are preparing for slowing growth at a drop in asset prices. he sees a 30% chance of a recession in the next one to two years and says getting rid of inflation should be a top priority. he made the comments months after his top deputy said the fed was not acting quickly enough to slow inflation. galaxy digital founder has broken his silence on the terra usd meltdown, calling it a big idea that failed. he blamed the challenging global macro backdrop, and said the going's collapse dented confidence in cryptocurrency and decentralize finance. he warned t

kiwi stocks are up 6/10 of 1%, new zealand trading at the kiwi dollar to the upside when it comes to the momentum, given it lost 2.8% last week. the seventh weekly decline. cba seeing further weakness when it comes to the aussie dollar, $.65 is possible if we see continued deterioration in china's economic outlook. take a look at the treasury space, the short end of the curve, the 10 year watching the resumption when it comes to some carelessness on bond markets. -- bearishness on bond markets. some more interest when it comes to global bonds as well as a hedge on equity volatility, s&p futures looking like a little bit of positivity, brent crude holding up by 7/10 of 1%. we continue to see fuels driving the bullish sentiment for crude. take a look at ramble, one stock we are watching in sydney. we are seeing outside of over 11% after cdc capital partners is considering a bid for ramble. early discussions have been held to acquire all of its shares. the company has a market cap of about $10.4 billion and ramble -- bramble says they are considering other opportunities. shery: we conti

esto pone en alerta a varias iglesias de >> brooklyn kiwis que están adoptando medidas pidiendo el cierre de los centros más temprano. >> las cámaras de seguridad de la iglesia están conectadas con la policía. además de orar, elaboradores del centro hacen labores de vigilancia. >> nos colaboradores, los servidores de la parroquia, les pedimos que comuniquen cualquier irregularidad. >> mientras siga la investigación, feligreses apoyan la medida. >> es desde cero para proteger a las personas adentro. >> esto ocurrió en francia. >> un hombre de 36 años que entró de manera disimulada al museo en silla de ruedas, se levantó y lanzó un pastel, el cuadro de da vinci no sufrió daños. el hombre fue enviado a la unidad psiquiátrica de la policía. >> (m•sica). >> al volver, alerta por comida contaminada. >> mañana no se puede perder el final de pasión de gavilanes que está muy emocionante. >> noticiero telemundo48, siete días a la semana, contigo. >> (música). >> (música). >> tras su visita a un balde texas, el presidente joebiden habló sobre una solución al control de armas

kiwi stocks are looking pretty tepid at this stage. >> all of this with what is happening with those chinese tariffs, president biden saying he will be speaking to secretary janet yellen when he returns from asia about lifting them. those tariffs were implemented by the last administration, you're talking about $300 billion and imports from china, the caveat, we have heard mentions of tariff reductions in the past and nothing is happened. now we have supply chain disruptions, factory shutdowns because of covid zero, unit the district -- the tariffs were lifted how much will they help? >> you're talking about the impact on this, given that china's had these practical restrictions in place him in the covid zero program. also looking at the details, this new economic and trade framework announced over the course of this trip. we have australia join the fray, the economic wave continue to try to create cohesion in part to counter beijing in the region. let's get more analysis on the meeting between president biden and his counterpart, our chief asia correspondent, in hong kong. setting u

kiwi shares are down 0.9%, the kiwi dollar also dropping to percent in the overnight session. dollar-yen also on drop. is 3% away from the weakest level we have seen this entry. -- century. >> you can see the sentiment excited he is palpable -- sentiment anxiety is palpable, the only risk acceptable is cash. blackrock's holding their cash with both hands because in a normal environment you have cap stocks and bonds shipping out of stocks into bonds and cash. right now you're getting all those funds out of stocks and bonds. that is leading to that huge spike in a demand for cash as well. >> what is looking to be very rate sensitive, similar optimistic it investors they had been hoping for, just a few months ago we were looking at the potential recovery when it comes to the likes of kathy woods flagship fund, bitcoins, cryptocurrencies, high-growth, high-risk, high reward names are continuing to be pummeled. these pandemic euro darlings, -- you're a darlings are the new symbols. , these public companies that were potentially to outperform bitcoin prices falling along with the ov

kiwi stocks down by about .1%. continuing to wash dollar-yen, seeing a little strength, under that 130 handle. shery: it was all about the inflation numbers in the u.s. and how they are shaping the broader narrative when it comes to global monetary policy as well. that is really being felt across assets right now with the treasuries volatility we ceo's well. you mentioned -- we see as well. you mentioned peak inflation. very high. we are saying it is peaking at these levels, highest in decades. the breadth of price pressure is incredible. you will gain in food cost, the biggest since 198. record price -- since 1981. i don't know, i am not necessarily feeling it every day in my daily life, but it seems prices are going to get higher and higher act as point. not surprising we continue to see more former fed policy members, current fed president coming out and saying perhaps there needs to be more done by the federal reserve. haidi: it is the same story and so many of these major economies. grocery bills are getting h

the kiwi dollar, .6519 is where we are trading. we are seeing if there are any key developments coming out of that. we seem to have a little bit more optimism with economic reopening post the covid lockdown. kathleen: a boost to the energy market that demand may be coming out of china. this is such an interesting market right now. you have westech sis intermediate, $115.13 per barrel and it got just shy of $120 per barrel today after the news that the e.u. had agreed that they are going to ban within six months all imports of russian oil that is delivered by sea, two thirds of the oil that they currently import from russia. we saw the futures market turning around and prices coming down in the wti closed just under $115 per barrel. opec is considering not letting russia be part of -- even an output quota anymore because with sanctions, they cannot do it. now including germany, denmark, and the netherlands. haidi. haidi: we will get more analysis on all of that in the next hour and of course more views when it comes to fx. anz is go

kiwi stocks up 0.3%, but we could see further downside pressure when it comes to the kiwi dollar. we're starting to see bearish bets. it is all ordinarily talk percent from the start of may -- it is 12% down from the start of may. everybody minute sustained according to a lot of analysts. this is a country that is still celebrating that election result of the weekend. really quite extraordinary. not just the return to power since 2013 for the labour party. but also these swings and a lot of these key metropolitan cities towards independence. it was very much a result that showed a great part of the populace prioritize climate change and women's issues, which i felt government coalition of the liberal nationals did not address going into the campaign, certainly over the past couple of terms. and you can see there, the victory speech from the incoming prime minister and the foreign minister. shery: we are expecting him to make remarks as he is sworn in in the next few hours. this is happening so fast, given he has a very dizzy international agenda. of course, we are talking about hi

kiwi stocks down 1.7%. kiwi dollar up to percent overnight and the aussie dollar is seeing downside pressure where it dropped to the lowest since july 2020 amid falling energy prices and the pullback when it comes to risk. treasury situation, it yields falling in the gap hitting the widest since march. continuing to see volatility play out in bond and stock markets and across the array of asset classes. s&p futures looking a little firmer but still down 16% this year. brent crude, oil growth in terms of saudi cutting prices in asia and demand from china as the softening of some curbs on russian crude playing into the downside. shery: let's bring in our guest who prefers southeast over northeast asian equities. david chow, a strategist at invesco. we have seen a dichotomy between value stocks and growth stocks but this chart shows the value has not done that much better than the em growth. can we count on the valuation plays, especially when the dollar is so strong and we know what it does to markets across

kiwi stocks are a little up. rbnz hurtling towards the neutral rate, potentially a 50 basis point hike. dollar-yen, we do not seem to be getting too much of a boost when it comes to risk of sentiment. shery: it doesn't help that we continue to see beijing reporting covid. 48 local cases. in the next hour, a big interview with katherine tai, who was in tokyo with biden. we will talk about regional tensions. 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.™ shery: welcome to daybreak asia from bloomberg headquarters in new york. haidi: asia's major markets have just open f

we are up 1% as far as the kiwi is concerned, 64. 61. let's look at southeast asia, and speaking of this divergence between what is happening in currency and equity markets, caution and a mixed bag across southeast asia. we this in singapore and other markets in the region. yvonne: southeast asia, is that going to be the offset amidst all the risk we are seeing right now? when it comes to growth, in the last two weeks, some interesting figures here. malaysia first quarter growth estimates beat by a lot. philippines as well. thailand, those three with a sizable beats here. perhaps it is time for analyst and economists to adjust to this ketchup story we are seeing. rishaad: we have growth prospects in focus with priyanka kishore, head of southeast asia economics at oxford economics. as a southeast asia opens up after those lockdowns, the reopening's, and the bounce in tourism as well perhaps contributing, but how long does that last and when does the party perhaps come to an end? or does it? priyanka kishore great question, you have put it

that was all he wanted to talk about he was known to the kiwis universally as piggy muldoon. okay, a little kiwi humor there. there's piggy piggy muldoon. and it was a right wing very strong. prime minister, and so he and up to this point and we'd stop with this was our last stop so we'd been in bangkok and and manila and jakarta and several places and kuala lumpur and we start to kid bondale. because nobody showed up to greet the train the plane went arrived. and nobody on the tarmac nothing. and we said, you know, they're never heard of you. mondell is one of those few politicians you could get. and he would he played along with it, but funny he was getting a little annoyed and when we landed. in in wellington my lord, there was a crowd over here where the plane would pull up and they were holding up big signs. and mondale comes back from the front of the plane and he says you see look at that. i'm big and wellington, and we said oh, it's a crowd we agree with that and the plane comes around and it pulls up in front of the crowd where we could actually see the hand lettered

kiwi stocks are up 0.4%. we are talking to the rbnz governor very soon, so we will see if we get any market reaction on that as well. they kiwi as well as the new zealand yields jumped after the 50-basis point rate hike. governor edward or joins the show -- adrian orr, joins us to discuss hiking here. this is bloomberg. ♪ haidi: the bank of new zealand raised its benchmark rate by 60 basis points for a second consecutive meeting on wednesday in forecast a higher peak for interest rates as it will banks globally try to stifle inflation. kathleen hays is here with a very special guest. kathleen: joining us now is adrian orr, governor of the bank reserve -- the reserve bank of england. you had embarked on a pretty aggressive path, you have done 250 basis point -- to 50 basis point hikes, you have raised the rate you think you need to get to. this is in order to bring supply and demand back into balance. demand will be low enough that supply will be enough to meet it. how aggressive are you willing to be? are y

kiwi and australia bonds are being sold off and that is that steepening of the yield curve continuing as well. he was stocks are up .5%. weakness in the kiwi and aussie dollars, weakening for the start of asian trading amid inflationary concerns and economic damage from covid lockdowns in china. the aussie dollar falling almost half a percent headed for a third day of losses. suggesting a test could occur later this week. treasuries are holding steady but we continue to see weakness across sovereign bonds, concerns over global growth and whether a policy mistake could set the global economy on track for recessionary conditions. we are seeing weakness with brent crude, 7/10 of 1% lower as we see the processing of the g7 ban on russian crude. a number of nations have already placed their own commitment but for japan this will be the furthest they have gone to commit to eliminating demand for russian crude. so we will continue to watch this market as opec plus is seeking to their output increases. shery: our next guest says volatility needs to be traded. max, good to have you with us. wh

that has certainly been seeing new zealand bonds reverse in gains in the kiwi rising. you can turn to your bloomberg for more on this. go to tliv to get commentary and analysis from bloomberg's expert editors. rishaad: yep. resolute in commitment to price stability. others of course also looking at monetary policy rather closely in this part of the world. let's get more on that as we get to the first word news with vonnie quinn in new york. vonnie: the philippines being one of them, the central bank saying it expect a follow-up rate increase at its next policy meeting in june. after raising key interest rates for the first time since 2018 earlier in may. in an interview with bloomberg, governor benjamin confirmed the decision will remain data-dependent as the country battles the second-fastest inflation rate in southeast asia. >> data dependent, so we look at the data as presented by our staff. we will act accordingly. we are likely to maybe increase by 35 basis points and our next policy meeting. vonnie: u.s. seeking to raise pressure on russia by letting a sanct

we did see the broader fall in the dollar, it's the hawkish and us that we are watching, the aussie kiwi after the hawkish hike given the aussie dollar a fresh impetus. taking a look at u.s. futures, we had quite a bit of volatility , twist and turns are expected to continue, to we get the jumbo-sized hike and could markets be caught unaware? watching out for commentary from jay powell in the key press conference. we're seeing some gains, the demand story from china, gold holding steady going into the fed decision. watching developments when it comes to covid strategy, encouraging signs out of shanghai, cases falling below 5000 for the first time since april 1. we are seeing the trend coming through every day. beijing reporting 36 local cases , we are seeing a hard-core playbook strategy testing for most residents, indicting -- the may day holiday being closed as well. shery: we are focused on the fed, aggressive messaging around rate hikes. you see the 50 basis points hike is pretty much baked in, what about a more aggressive one? kathleen: to an easy place to start because every fed of

it's all subject to the former kiwi captain getting a work visa. at the moment, it's tantalising. it's exciting. english fans should be relishing what could come of this with stokes and mcallen in charge. 140 years of test cricket. it's gotta be the most exciting thing looking ahead that england have done in terms of appointments. england have been named hosts of the 2025 women's world cup the rfu have said they want 2025 to be the best attended women's world cup. they're looking to fill twickenham's 82,000 seats for the final. in the men's game, australia were unanimously voted the hosts for 2027, and it'll be a debut for the united states as they get set to host the 2031 tournament for the first time. of the five rugby world cups that were _ of the five rugby world cups that were announced today, perhaps the most _ were announced today, perhaps the most excitement was reserved for those _ most excitement was reserved for those two — most excitement was reserved for those two world cups that will be heading _ those two world cups that will be heading into america. that's 2031 f

the move is ahead of the curve than its global peers, and we are seeing the kiwi dollar hold and come under some pressure. we're seeing the biggest intraday tumble since the start of march. seeing a pullback when it comes to futures, questions about the sustainability and whether the markets will found another way to fret. some analysts are saying the nasdaq 100 futures are looking tepid. more sanctions on russian energy. we are seeing new york crude above $100, brent above $110. haidi: regardless, the fed delivered its biggest rate hike since 1990. it was the tabling of 75 basis points that move the markets the most. let's get on on the most impressive tightening in decades. it is interesting that you get to rank this on the scale of dovish to hawkish. kathleen: it's like if you promise your child this fancy bicycle and your kids is geared up and you get them a nice one, they are disappointed. kind of how the markets are today, a 50 basis point rate hike. many people said it will be out of control. they are not saying they will never do it, but they will not do it for the next two me

kiwi stocks down a bit, 2/10 of 1%. watching the kiwi dollar and aussie dollar. seeing more momentum but aussie still sitting under 70. we saw a blow when it comes to exposure to china on the back of a horrible set of domestic activity numbers yesterday. u.s. futures, the decline was led lower by tesla. nasdaq a tiny gain. 10-year yield stabilizing. oil pulling back a bit but still above $114. demand for fuel for the summer continues to drive sentiment higher for crude. one stop we are watching in sydney is brown boards confirming they would not put forward a proposal or seek to conduct due diligence at this time citing market volatility. so the engagement we reported, they had planned to make an offer for another business and that appears to be over. our next guest has downgraded asian equities to neutral. the director of investment strategy joins us. within the downgrade, where are you looking for opportunity? >> we are viewing china as a medium long-term. they are facing a lot of headwinds but looking at the valuation for china, it is depressed. bad news has b

we did see further downside when it came to the kiwi and aussie dollar on the back of that terrible domestic activity. all of this is sitting firmly under 70 u.s. cents. they are expecting an increased rate by have a percentage point at each of the policy meetings getting on top of surging inflation. that will take the cash rate to 2% at the meeting on may 25 with two more in july and august. they are seeing a little bit more of a move to just under 129, trading at the moment. so much of this -- we have not been here before in terms of trying to see what the next part of this trajectory is for equity or bond markets. >> it has a lot to do with the fact that the federal reserve is something this aggressive rate hike. we have to get inflation down and the only way it can be done is by causing recession. there interesting. they are saying that the markets -- the stock markets may be overpricing the recession. a survey of stock market participants shows -- if you look at the u.s. stock market chances for this procession, it is 70% of stock investors are really worried. if you look at debt market

kiwi stocks are up and the dollar yen, under 1.28. >> it's interesting to follow the markets recently because in the last two weeks, we have seen a shift from all of the concerns over inflation and growing price pressures. that concern continues to be there. there seems to be more concerns about growth, the trajectory of where economies are headed. are we headed into a recession is the key question that analysts are asking. coleman sex and jp morgan saying a recession is not a minute. take a step back -- it is not imminent. jp morgan saying the data doesn't show that. the concern and fear of an imminent recession in the u.s. seems to be overblown. haidi: don't forget we are still technically in the pandemic. it's interesting that many of these economies have moving toward normalizing having to live with covid, it still a major issue. a lot of economists and policymakers have pointed out it has always been a dirty word. neither of the major parties have talked about the implications of what they are setting policy for in terms of long covid. this is creating a snafu for voters. we expe

kiwi dollars seeing downside but nice gains with the yen trading against the dollar. looking at treasuries, the yield curve deep into tuesday. it was the homestyle data plummeting by the most in almost nine years last month that caused the reaction in treasury markets. we are watching futures looking a little bit better. 4/10 of 1% higher and resilience when it comes to oil markets. shery: our next guest is maintaining a de-risking stance. frank, good to have you back. when you say de-risking, does that mean you are maintaining a defensive stance? what is helping you do that? >> yes. globally maintaining a defensive stance. we see the valuation is nowhere near attractive and you have leading indicators like credit, liquidity, growth that are not indicative that we want to take more risk on the market. so that means resource and income will be strategies in the global equity market. shery: any of the trading in china? we hear about measures from policymakers to support the economy. >> yes. we have violation assets very depressed in the world. the yen, for example. but

the kiwi dollar, didn't see much gains for either the kiwi or the aussie despite the broader pullback in the u.s. dollar overnight. have a look at the treasury market, a lot of repricing when it comes to whether 75 basis points is back on the table or at least in conversation. a little improvement when it comes to both the 10-year and the two-year, with that end of the curve holding steady. s&p 500 index equity futures are up about 1%, and not much risk appetite going into the next session. crude, energy stocks outperforming peers, oil holding u.s. gains before the key summer driving season, continuing concerns about the global supply even with worries about demand out of china and its lockdown. shery: talking about china, shanghai now announcing two new cases outside quarantine on wednesday. three days of no community cases would lead to restrictions being lowered. that doesn't seem to be the case at this point. those are big market risks but our next guest says she believes in structural growth in asia. christina woon is the investment manager at aberdeen asia. the emerging markets

kiwi stocks up .7%. we are watching the dollar-yen as well. really the recession of haven demand we saw overnight could see a call for asian currencies. shery: take a look at what u.s. futures are doing as well. we are seeing the extension of gains that we saw in the new york session when the s&p 500 rose to the one-week high. we continue to see this risk sentiment tilde. we had consumer spending powering ahead, factory production also rising at a solid pace for a third month. and we mentioned u.s. chinese tech stocks jumping. treasury yields climbed in the new york session. the curve flattened after chair powell's remarks. we are watching food -- crude prices as well. they are rebounding in the asian session. they fell after the government in the u.s. announced plans to ease sanctions on venezuelan oil. all these market gyrations have affected emerging economies a lot given inflation pressures with msci emerging markets falling. latin american markets have done resiliently this year. it we will continue to see what happens as we are live in p

kiwi stocks up zero point 7% as well as a gain in the kiwi dollar. watching australian retail sales. after we saw consumer confidence in new zealand take a step backwards. taking a look across the treasury curve -- u.s. treasuries heading for a third straight week of gains. particular interest in the seven-year auction, pretty flat at the moment. as in p futures also not showing -- snp futures not watching -- gas is poised for a for weekly gain ahead of the expected uptick in demand. and u.s. inventories falling this week as well. let's get more on the asian trading day. mark cranfield will have more for us. white are your expectations as we round out this day and the idea that we are getting more conviction, participation behind the rebounds? mark: a lot of relief particularly in the tech sector. alibaba and baidu had reasonable numbers in their earnings reports yesterday. a huge relief especially to china. we saw the government index -- more than 7%. that will have a decent influence on what we see in hong kong especially today. a lot of tech heavy

the kiwi is up by 0.5%. oil inventories are imploding. you are seeing the saudi foreign ministry saying we have done everything we can. in terms of supplies to the oil markets. the two year yield imploded yesterday, the biggest one-day drop since 2020. the euro-dollar -- well, the dollar has gone stronger i think on the back of some tech moves yesterday. the ad tech moves were really quite fatalistic. dani: they certainly were and it does go back to the debate that is unfolding in this market right now. are we heading toward a recession? what does it look like? our last guest talked about the u.s. consumer is still healthy. as you say, the soft data, housing prices, some of the surveys coming in looking weak. that was enough to dip stocks yesterday. they did rally into the close, but the rally is continuing this morning. asia up more than 0.25%. s&p futures and nasdaq futures up more than half a percent. euro stoxx 50 futures up nearly 1%. we are also back in davos for the penultimate day of the world economic forum. let's get to francine

one billion kiwi dollars i should say. hong kong is leading the charge down. tech very much a part of things here. looking for an interest-rate decision out of sri lanka. essentially we have many things in play right now. i've got tencent, we will come to that in a second. australia seeing the lowest unemployment for ages at 3.9%, the lowest level in 50 years. that is something holding up in spite of of faster inflation that gives the rba more room to raise the cost of borrowing as well. on the commodity side, a mixed picture. oil and double ti looking at $110, similar price for brent at the moment. and u.s. futures are pointing marginally lower after we saw the s&p 500 down about 4%, that's a brief look at markets. haslinda: the slight rug in asia tracking losses in the u.s. the s&p posted its biggest one-day loss in two years overnight. tech got hit. one company slumps 20%. it is premium versus staples has gone, when you look at the pe forward ratio, untaxed, it is the same as a stable. rishaad: we were expecting the sri lanka interest-rate decision , we wer

of course, we do have the futures in australia looking -- the aussie dollar seeing some gains, the kiwi holding firm ahead of the rbnz decision. interesting trading session when it comes to the yen, because we have seen the haven start to benefit from the dollar rebalancing. dollar-yen dropping almost 1%, to the lowest since mid april. we're seeing some moves when it comes to australian bonds and futures. that treasury, that yield curve -- the treasuries on tuesday, home sales numbers and also ceiling new zealand two year yields dropping ahead of the rbnz. vonnie: good morning. a teenage gunman has killed 14 students and one teacher at a texas elementary school. governor greg abbott says they killed the shooter, and 18-year-old arms with a handgun and possibly a rifle. two officers were also shot but not thoroughly hurt. the attack in a town west of san antonio is the deadliest u.s. school shooting in four years. abbott says police are seeking information on the killers motives. china's top officials for pandemic control is raising pressure on the capitals contain the latest covid uprig

some of these risk currencies like the aussie, the kiwi even shery: there doesn't seem to be. a slowdown when it comes to central-bank action. we are getting a central-bank decision with the key rate of 8.2%. the expectation was for a full percentage rate hike but we are saying a bigger rise in the central bank key rate. we continue to see concerns about inflation playing out in the country as well. inflation rocketing towards 10% despite subdued consumer demand. the central bank coming out saying the recent trends were worse than expected and the key rate decision was also unanimous. this is interesting, because even last night we had the brazil central-bank rate decision, we were expecting them to and the world's most aggressive tightening cycle. they were signaling to perhaps a smaller rate hike and now, the she late central bank coming out worsening because of the global energy. given what we are seeing in the markets with the repricing and understanding of what the fed is doing, really the question is how long will this stockmarket reversal last? we continue to see financ

kiwi stocks coming online. not quite the same sort of gains. we did have a report from jb -- jp morgan, they have downgraded the overall economic outlook for the country. we had previously seen growth of 3.3 percent, now 2.3% instead. certainly a lot of it does hinge on where we go with the chinese economy and we did have beijing relaxing its movement over the weekend in a sign the outbreak is under control. also changes in shanghai. haidi: that's right. the financial hub badly battered by lockdowns over the past few months. over the weekend, we did hear shanghai is unveiling a slew of fresh policy to recover from covid zero lockdowns. they include everything from expanding approval to construction projects, tax cuts, incentives for electric vehicles. telling manufacturers they can resume operations from june opera -- june onwards on a full basis. 50 measures across eight categories aimed at stabilizing and getting the economy back on track. this is going to be key for regional and global investors to see whether we could see a rebound in china

we are seeing kiwi stocks up by 4/10 of 1%. futures in sydney showing quite a bit cut down. early decline of 1.3% is what we are seeing after we saw the big fall in u.s. stocks, particularly when it comes to the slump in tech shares. we continue to see the aussie dollar coin back, some of the losses in the last few days as we enter our be. we have most of the market and the majority of economists banking on the first hike since 2010. 13 out of 21 economists see the 15 basis point move to about one quarter of a percent. the aussie 10 year yield is holding steady, but also watching for dollar-yen. a big week when it comes to trading for the yen into the wednesday fed decision which could, if we see the strength in the greenback, see further weakness beyond that level. it will be a holiday thinned trading session. the may 1 labor day holiday affects a number of markets including china. we had that disappointing weekend. we continue to talk about the covid zero strategy in china and how that is impacting the economic situation, economic outlook and inflation situation. not just

kiwi, new zealand dollar versus the u.s. dollar, up .8%. not so long ago it was up or than 1%. strong retail sales in australia. going to new zealand as well. overall, a risk on day. anna: thank you. that risk on session we're closing the week with. u.k. inflation sits at a four decade high of 9% as the bank anticipates a sharp contraction in growth. u.k. prime minister johnson is confident the country can dodge a recession you nothing cost-of-living squeeze residence. johnson talks about the challenges ahead and it is exclusive conversation with kitty donelson. he is on a train, should point out, on route to the north of england. >> to tackle inflation in the medium-term, gifted you with supply-side issues -- you have to deal with supply-side issues. we need the energy companies to be putting more into hydrocarbons, but we also need the whole country to be investing in more low carbon energy. >> announcement acts as an incentive to buy gas and oil or produce gas and oil? >> i think we are going to need some -- i don't think we can turn our backs entirely on hydrocarbons. u.k.

. ~ better and that will be a matter for the kiwi . ~ better and that will be a matter for the inquiry-— the inquiry. while he is still unwittingly _ the inquiry. while he is still unwittingly asset _ the inquiry. while he is still unwittingly asset for - the inquiry. while he is still. unwittingly asset for scottish independence, question is how do goodness as he is still prime minister of the united kingdom? i minister of the united kingdom? i think the answer to that question is contained in the continued support of the people of the united kingdom for our union and despite everything they are doing to overturn the democratic verdict of 2014, i don't believe they will succeed. i democratic verdict of 2014, i don't believe they will succeed.- believe they will succeed. i thank my honourable _ believe they will succeed. i thank my honourable friend _ believe they will succeed. i thank my honourable friend for- believe they will succeed. i thank my honourable friend for his - believe they will succeed. i thank i my honourable friend for his further apology and his explanation today w

responded to covid, as i said, was inspirational to those of us watching from the outside. 95% of ki kiwis are vaccinated . >> yes, of the eligible population. >> stephen: well done, well done. ( applause ) while every life lost is a tragedy, 1,000 new zealanders died in a population of five million. that would be like the united states losing 65,000 people instead of one million people. and i'm curious, what actually led to that mindset? why do you think you had success in that regard? >> new zealand has-- has had several advantages when it came to the pandemic, and one of them was we had a lag time so we were able to see what it was doing to the rest of the world. >> stephen: i see. that makes sense. >> it wasn't a large lag time. we still had to make very quick decisions. but our view was while we cannot have a vaccine and the only way to protect ourselves and one another was to use lockdowns, we decided that we would try and eliminate, just get rid of covid. so that's what we did. >> stephen: so when you closed the borders, how long all together were they closed to us? >> we briefly--

kiwi stocks are down by 1.4%. we have the delivery of the budget eminently as well. be watching out for that. nico futures flat at the moment. we did have outperformance when it comes to the yen that sherry just mentioned. >> really what we are seeing today, is it too early to call this a retail apocalypse? we saw the major swings when it comes to retailers, right? people are really trying to find somewhere to hide. we are talking of course about the plummet in target, the worst since last monday. back in the 1980's and it just a day after walmart suffered a similar fate. there is a lot of concern now that inflationary pressures are starting to hit consumers. this will really have bigger repercussions when it comes to the path that chair powell needs to take with monetary policy as well. >> when you look at the retail, we spoke about target at the top. we are seeing pressure we have not seen since the late 80's. is this just a question of growing cost? it is a question of the strength of the u.s. consumer? we look at the big drop in discretionary, consumer, the 52 we

it's all subject to the former kiwi captain getting a work visa. at the moment, it's tantalising. it's exciting. english fans should be relishing what could come of this with stokes and mcallen in charge. 140 years of test cricket. it's gotta be the most exciting thing looking ahead that england have done in terms of appointments. england have been named hosts of the 2025 women's world cup the rfu have said they want 2025 to be the best attended women's world cup. they're looking to fill twickenham's 82,000 seats for the final. in the men's game, australia were unanimously voted the hosts for 2027, and it'll be a debut for the united states as they get set to host the 2031 tournament for the first time. of the five rugby world cups that were announced today, perhaps the most excitement was reserved for those two world cups that will be heading into america. that's 2031 for the men and 33 for the women. when we talk about the men's rugby world cup, we are talking about the third—largest tv sporting event behind the football men's world cup and also the olympics. the beds are actu

the kospi is unchanged at the moment as kiwi stocks gain 3/10 of 1%, perhaps recouping some losses over the past two weeks. next, china's prolonged covid outbreak has had an impact on consumer spending. we will have the details. this is bloomberg. this is bloomberg. what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. whoa. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet custo

it is also subject to their kiwi captain getting a work of user. he really transformed the mood and culture around the new zealand team. he began the resurgence that ultimately led to them winning the world test championship last year. there is one caveat perhaps, he has only ever coached in limited overs cricket, never in the more traditional form of the game, so in that sense it is a little bit of a gamble. not long to go now until spurs welcome arsenal to the tottenham hotspur stadium in what might be one of the most important london derbies in recent memory. they're fighting it out for a place in the champions league. the gunners are in the driving seat. they're four points clear of spurs so a win for antonio conte's team would be vital. we are talking about an important game and an important game for many different situations and the first, i think the most important thing, we are playing this game for an important target and that is playing in the champions league. i think that has to be the first thing, to try to win this game. juventus defe

is similar selloff when it comes to kiwi sovereigns as well. shery: let's break down those big market moves with our correspondent for asia and global economics and policy editor. i need you to help me understand what is happening and the markets right now. >> a couple things going on. one is, there were people saying this at the time yesterday -- yesterday our day in the u.s. -- a big part of what happened after the fed was due to positioning. a lot of investors have gone into the federal reserve, positioned for a more aggressive stance than they got, and the immediate impact of that was for bonds to rise rapidly. choice got squeezed -- shorts got squeezed. that gave them a signal to go, ok, this may be the bottom for now, so let's pile in. that then cause positioning shifts. even then, on wednesday in the u.s., there was concern that there might be an insufficient level of aggression projected by the federal reserve when it comes to fighting inflation. the 30 year yield did close up at its highest in several years, which is a warning signal,

it's all subject to the former kiwi captain getting a work visa. he transformed the mood and culture around the new zealand team. he began the resurgence that ultimately led to them winning the world test championship last year. there is one caveat, perhaps — he has only ever coached in limited overs cricket, never in the more traditional form of the game, so in that sense, it is a little bit of a gamble. now to football and the small matter of spurs and arsenal playing this evening. it hasjust of spurs and arsenal playing this evening. it has just gone of spurs and arsenal playing this evening. it hasjust gone past evening. it has just gone past half an hour in what might be one of the most important london derbies in recent memory. the two teams are fighting it out for the final champions league spot. the gunners are in the driving seat. they're four points clear of spurs, and a win tonight would guarantee them a place in next season's competition. but it is harry kane, after the 20 minute mark, who has penalty to give spurs a 1—0 advantage.

lackluster trading when it comes to kiwi assets at the moment. taking a look at treasury, we saw shorter-and treasuries rising from rebel to a sweet spot and they are taking more of a haven after what had been a tremendous selloff, pushing those yields to multi-year highs and we have seen the 10-year see a pullback, 30, still holding steady. s&p 500 index futures, looking for the continuation of causative -- cautious positivity we saw late in the session, brent crude holding at $108, other commodities markets falling due to forced margin calls according to people familiar. shery: our next guest says if the dollar continues to get higher, it will be bad for the global economy. joining us is mark matthews, head of research at bank julius baer. where are you positioning, given we are going to see a sharp rally in the equity space? how do those factor in? i -- sinead: i am not -- mark: i am not they do. the is the -- the s&p 500, it is about time that it did bounce. that is an observation. the dollar on a 12-month basis should at least be flat or low

england once again will start with an approach to be more _ again will start with an approach to be more kiwi lancashire�*s luke wood has been called up for the first time to england�*s one day squad for their odi series agaisnt the netherlands next month. he�*s one of two uncapped players alongside david payne of gloucestershire. there�*s also a return to international cricket forjos buttler having been named player of the series at the ipl, where his rajasthan royals team made the final. he was one of the casualties following england�*s ashes defeat in australia. but the wicketkeeper has been named in the 14 man squad for the three matches injune. meanwhile essex cuonty cricket culb have been threatened with punishment if they continue to fail to meet diversity targets set by the ecb. the governing body have a plan to increase diversity in board representation following azeem rafiq�*s claims of institutional racism in cricket. earlier this month, essex were fined 50 thousand pounds for a racist comment made by former chair john faragher in 2017. coco gauff has reached her first

aussie and kiwi bond yields looking a little higher. kathleen: opec delegates believe western sanctions will undercut moscow's ability to meet targets. rob, what does this mean for global oil supply? as opec getting this right that maybe russia is going to have problems now? rob: good morning. it is very unclear at the moment . at the moment, russia still has an agreement with them. but russian oil is not very well-liked by western buyers. it is uncertain what this will mean for global supply at the moment. there is limited supply with anno act to increase apply to uae and saudi arabia, also having ability to increase supply further. it is a wait-and-see at the moment. it has moved markets this morning. haidi: is gazprom likely to cut off more european buyers? >> the gazprom gas thing is different. gazprom said these european buyers haven't paid according to its wishes. it said earlier today that it would not cut off any other buyers if they had paid according to its requests. at the moment, it doesn't look like other european buyers wi