Australia. We are counting down to asias major market opens. The top stories this hour. U. S. Stocks rise at fed speak. Oil holds on fears of an expanding middle east conflicts. Haidi Benjamin Netanyahu says retaliation has only started against hamas, who says they are prepared to kill hostages. Shery but also facing criticism. We saw the s p 500 gain ground today, everything earlier losses. We did get a couple of fed speakers suggesting a more cautious policy approach given the high treasury yields perceived as more dovish so we had u. S. Stocks gaining ground in todays session despite the water risk of sentiment. We also will have cash markets not open today because of the u. S. Holiday. European rates also railing. Expect to see cash trading resume in the asia session in a couple of hours so we could expect yields to slump. Meantime, oil prices continuing to rally at one point in the new york session getting more than 5 . We are still at the 86 barrels 86 per barrel level. Take a look at what else moved in the markets because it was really the reaction about the potential conflict expanding toward the middle east, given the ongoing fighting between israel and hamas. We saw Defense Companies rallying, northrop with its best day since 2020. Also airlines falling more than 4 . Major carriers holding flights with israel. Haidi lets get the latest. The israeli Prime Minister says retaliation against hamas has only started. There also hearing the militant group is threatening to kill hostages taken during its surprise assault. Lets get the latest. What are we hearing about the fighting and the fate of the hostages . Jodi the latest was from Prime Minister Benjamin Netanyahu making it clear that israel was going to go after hamas and going to do so in a way he described as this would echo through generations. He made this very clear that the retaliation, which has begun, would be significant and severe. He did not mention the hostages and how they will do this around those hostages, and that is of course a complicated and delicate question given the large number of hostages that were taken by hamas, and those being civilians. Most of the casualties have been civilians. It remains a very tragic and and because of the surprise nature of the attack, horrific and still very unsettling situation for israelis and we are seeing now the death tolls escalate for israelis, mostly civilians, and palestinians for we heard from President Biden in a Statement Today saying again the u. S. Stands by israel and also noting there were 11 americans who had been reported dead in the attacks and there may likely be some american hostages. He made note of the very close ties between israel and the u. S. Just recently in the last hour, a joint statement from european nations and the u. S. Signed on to standing with strong support with israel. Haidi a key global concern is whether this could escalate into the broader region, are we seeing linked to iran . Jodi thats the question, what comes next. An obvious question is iran, that has not stood behind israels right to exist, and there have been tensions with iran, theres been the question, even as the u. S. Has tried to establish more of a discussion, israel has been against it from the beginning, saying they remain an accidental existential threat to israel. How much is iran behind this . The u. S. Says it has no specific evidence or intelligence iran was directly behind the attack but that will be something that certainly will be looked at in coming days and weve heard from israeli officials that they yes, iran was good thats a real question. The question is what happens from the north, with hezbollah from levin on. Another group. Weve seen some rocket fire from them but nothing extreme yet. But that is a question, what will we see their end will it spread through the region . The u. S. Saying they have no specific evidence iran was behind this, but they are investigating that, certainly. Haidi the violence in the middle east really taking the focus away from a rare meeting in beijing between president xi jinping and highlevel u. S. Congressional delegation led by Senate Majority leader Chuck Schumer. He used the 80 minute meeting to confront china on its refusal to condemn the fighting. I made a direct request to the president that they strengthen their statement on the middle east which did not even mention the horrible, gut wrenching loss of civilian life. I am gratified the Foreign Ministry issued a new statement that did condemn the law of civilian life. Shery steve, on any other day, this would top the newscast, and what do we know about how much progress was made in the meeting . Stephen there was a bit of an upstaging by the tragic events in the middle east. Ive covered a number of these diplomatic meetings, in beijing, and these are highly scripted affairs for president xi jinping. The fact that he gave a lastminute meeting to Chuck Schumer and the u. S. Delegation meant that aging and xi jinping had a message to be sent and it was probably very scripted event as well as one with clear objectives on improving the u. S. China relationship. The issue between hamas and israel obviously, through those plans, perhaps in disarray because of Chuck Schumers insistence to prod xi jinping to change the messaging coming out of the ministry of Foreign Affairs that came out on sunday that condemned the attack and reaffirmed chinas support for an independent palestinian state did not mention hamas by name or make any reference to the loss of life. As we heard from Chuck Schumer, the democratic senator from new york saying essentially the ministry of Foreign Affairs spokesperson by monday did change the wording of their statement after schumers objections condemning the loss of life. But again, it is a thorny issue because again, Chuck Schumer urged xi jinping in that 80 minute milling meeting to use influence for perhaps iran to influence actions in the middle east and in schumers words, deescalate the conflagration in the middle east. A lot of diplomatic leverage to be pulled right now. Almost secondary right now is the u. S. China relationship, which has a host of issues, no doubt. Haidi those issues, marriott as they are, still left to be discussed. Do we see the likelihood of a leaders meeting at opec . Stephen thats the ultimate prize. Some are saying that xi jinping gave this needing to Chuck Schumer rather than a member of the biden and miss trish and as perhaps a change in strategy after the long litany of visits to beijing by the likes of antony blinken, john Yellen Janet Yellen and john kerry. Chuck schumer is the Senate Majority leader. Perhaps the thinking is the congressional leaders, who have their constituencies in u. S. Businesses, and u. S. Businesses have great interest in having a better u. S. China relationship, that perhaps this is a different strategy. Again, the ultimate prize perhaps would be a meeting in San Francisco next month on the sidelines of aipac between biden and xi. Its not even confirmed xi will go. But this is a positive sign. Among the main notes schumer did mention on the chinau. S. Relationship, he told xi u. S. Wants fairness and stability and doesnt think there is economic reciprocity right now. He made it clear the u. S. Cannot sit idly by in the face of actions where china is intimidating u. S. Businesses good we have a second businesses. We have a second soundbite. We may clear the United States cannot sit idly by and we must address the chinese governments forced technology transfers, theft of intellectual property, and intimidation of u. S. Businesses operating in china. We made a number of specific quests. They said they would consider those requests and we will consider to pursue now that weve established these relationships, we will pursue them. Stephen the last thing i want to add, when the press comes in for the beginning of these talks, they go behind closed doors but they give statements to the press beforehand. It is worth noting xi jinping did not make a single mention of the violence in the middle east, decently said we have 1000 reasons to make the u. S. China relationship better and no reason to make them worse. Stay this one. Haidi Stephen Engle with the latest. Lets look at the trading. Annabelle looking ahead to the open, we look to be shrugging off some geopolitical concerns following the news on wall street. The focus is what we heard from fed speakers, essentially the understanding that the need for a fed rate hike by the end of this year could have been taken off the table, even just in the last couple of days. We have sydney futures pointing to a gain of 3 10 of a percent. Kiwi stocks are trading in the red. A couple of unknowns will play out, on monday we had japan, korea and taiwan Czech Republic holiday so they have yet to react to the hamas israel war. We are looking for yields to drop at the open with tokyo in a couple of hours. Weve also been tracking Chinese Markets and the property sector in particular. Chinese markets returning yesterday from the golden week holiday, trading to the downside, but Country Garden in focus because we hear from sources that essentially some creditors to the Property Developer could be looking to form an ad hoc group ahead of any possible restructuring of offshore debt, so sources are telling us of these names could be involved in those discussions and we know the Country Garden has about 11 billion of offshore debt still outstanding. Shery i had come up more on the impact of the israelhamas more and why it might delay but not destroyed moves toward diplomatic relations between israel and saudi arabia. But first, Market Strategy and why the fed might have reason to pause next month. This is bloomberg. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. What i think about is the real rate that is required to bring aggregate supply back into balance with aggregate demand. I think current policy is restrictive and putting downward pressure on of the inflation rate and thats really what my concern is. Haidi the Federal Reserve vice chair speaking on the Central Banks rate policy. Our next guest says higher volatility is the base case for the end of the year as businesses adjust speed carol i just. Carol, you refer to this as a forever higher rate regime. Needless to say you are in the camp of higher for longer now. Carol right, and we definitely think it is an adjustment back to the older normal, which was to have a couple of percent, 2 3 in the neutral rate and the anomaly is the last 10 or 15 years, where weve had a zero or negative Interest Rate environment. Getting people readjusted to the fact theres a neutral rate that is a couple of Percentage Points and then putting inflation on top of it, we need to allow businesses and consumers time to adjust to the higher rate and get on with the business of living. Haidi what about the path forward for the fed . Do you believe the economy can still stage a soft landing as it continues to battle a lot of inflationary uncertainties . Carol our base case has been soft landing for a very long time, since early last year. The risks to that scenario have increased recently, especially as inflation has stayed more persistent, the jobs market has stayed healthy. You also have potential headwinds, particularly on the consumer side so we will be watching earnings season closely. Some of it coming this week, big banks reporting that will give us indication on how consumers are doing. But it is early yet for them so theres a lot of potential risks and potential fragility in the economy so we are watching all of that pretty closely. But we think the fed has the opportunity to help nurture that along because the one advantage the United States has that a lot of the rest of the world doesnt have is a lot of pretty stimulative fiscal policy coming underneath in the form of it we have Semi Conductor plans coming up, reassuring and near shoring, a lot of activity for greening up the grid and industrial reconstruction and refurbishment that puts the floor under our economy. Shery you mentioned earlier in the season coming up, and all of the geopolitical risks and policy risks coming from the fed have completely distracted from the fact we are going to get more guidance on how healthy and flexible and resilient Corporate America is. Carol exactly. And we will be watching that closely, as will investors, and they wont be looking quite so much as much at the numbers reported, because they are in the rearview mirror, they will listen to what the country say and dont say in earnings announcements as to what is the potential margin impact, do they still have pricing flexibility, ability to pass that on and are they still retaining workers or looking to hire. Are they being very judicious and how they are addressing their salesforce or workforces and what do their inventories look like. There are a lot of different factors, especially when you look at Consumer Companies moving into this year. We expect a lot of retailers, which again, wont report until a month later than the standard calendar quarters, but im certain a lot of their inventories will be in better shape than weve seen, than what we saw last year certainly. Theres a lot of repositioning at the margin were companies have really proven very dynamic and flexible in how they are adjusting to changing consumer and business activity. Shery im curious to see how they are dealing with hiring and retaining employees because last weeks data to me seemed all over the place, whether it was adp private payrolls or u. S. Job openings. How concerned are you about the labor market and what implications that would have to Consumer Sentiment and spending . Carol its important to remember a lot of the monthtomonth data can be pretty volatile and weve seen some wide dispersion between the adp and the other data. Keep in mind the surveys are generated different ways, but overarching seems to indicate the jobs market is pretty tight. Not anywhere near as tight as it was, but it is still progressing nicely and people feel pretty confident, people are in the workforce. You could have had advanced hiring or a variety of things, whether it was the Kaiser Permanente strike, people coming in for other strikes and labor unrest. There is an interesting dynamic where supply and demand are coming into better balance, but you still have 1. 5 job openings for every person looking for a job, so that helped the environment and should support Consumer Spending even with additional headwinds coming in. Haidi always good to have you with us. More to come on daybreak australia. This is bloomberg. Haidi breaking news when it comes to the deals front in australia. The australian regulator clearing the brookfield origin deal with conditions, authorizing the acquisition of origin, saying the authorization comes with conditions for the proposed acquisition of Origin Energy after a detailed review. They say they are satisfied this will likely result in Public Benefits that would outweigh the likely public detriment. We are seeing the approval come through. The competition watchdog conditionally approving the purchase by brookfield, the 12 lu u. S. Dollar 12 billion u. S. Dollar takeover. This would be the thirdlargest takeover this year in australia. Shery look at how oil is trading in the asia session, a little more stabilization after we surged in the new york session. We saw a gain more than 5 at one point. Right now the key question is about irans involvement in attacks on israel by hamas. Iran has denied involvement in the assault while the u. S. Has said it doesnt have specific evidence that points to direct participation by iran, a crucial oil exporter and backer of hamas. For more on the oil and gas markets, lets bring in su keenan. We talked about how this conflict doesnt necessary necessarily threatens supplies immediately but is added volatility in the market this year. Su oil has been on a wild ride. It had slowed down midyear and took off in a dramatic rally right up until two weeks ago and then declined again on concerns about macro issues and demand. Once again, lets drop into the bloomberg. We are seeing brent in particular surge higher in what some are calling a war premium or clear risk premium. Take a look at how much oil comes out of the mideast. Concerns about dislike supply disruption. The concern is if iran is drawn into this conflict in a major way, they could retaliate by stopping the flow of oil. Many do not consider that to be an issue at this point. Look at the today two day chart. It has really held in the same with brent. Natural gas is a concern as iran has ordered the closure of a field out of security concerns. Shery will the flows continue out of iran uninterrupted . Su theres lightly been an upsurge in exporting iranian oil and that has a lot to do with the u. S. And in some ways lightning the restrictions on iranian oil. Chinese independent refiners have been enthusiastically buying it and they are not concerned there will be any interruption. There is that. Morocco later this week. Shery much more to come. This is bloomberg. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Hamas started a cruel and evil war. We will win this war. The home country is wondering and in shock. It is incomprehensible and we are still waiting and hoping it is a nightmare. The palestinian people, all palestinian groups, and should be congratulated. This is israels 9 11. The United States stands with israel. We will not ever fail to have their back. Israel cannot wage a fullscale war on a nation, its people, its land, its holy sites, and expect peace in exchange. Hamas and the people who support hamas are fully responsible for this appalling act of terror. Israel will do everything to bring our sons and daughters back home. Some of the reaction from around the world to the violence in the middle east. Joining us now is our guest from an Advisory Firm that provides expertise to u. S. Partner nations. We really appreciate your time in joining us today, at this point we have more questions than answers. I will start with where does this leave us and how do you understand i guess the reason for the attack and provocation and what hamas is trying to achieve and what options there are for Benjamin Netanyahu at this point . Kirsten the questions about what hamas is trying to achieve is almost unanswerable, they knew they were poking a bear when they decided to launch this attack on saturday against israel that has a government that is extremely right wing leaning. They knew the response would be very heavyhanded and strongly reliant on military forces versus diplomacy because of the way the government is configured. They knew they were inviting quite the response and israel is meeting that expectation. You have to ask yourself what did hamas think they were gaining . All we can assume is it was a delusional idea that maybe they could defeat israel militarily or perhaps just simply a coordinated attack that has been encouraged by iran, which is their backer and armament provider. The timing was not the choice of hamas and part of something larger. We are served were still looking to find out if that is the case. Haidi the game changer will be if and when western nations officially assigned and attribute blame and find evidence that takes it back to tehran. Do you think that makes a meaningful difference on what the next steps are . Kirsten it makes a meaningful difference for several reasons. It will help us decide what to do in response. Do we need additional sanctions on iran . Does action need to be taken further in terms of interdicting arms shipments . Is iran planning something broader reaching that comes into the europe into your and the u. S. . Do we need more troops in the region . It will also lead to decisions in terms of intelligence and protecting israel. If this is a hamas attack and the Prime Ministers counteroffensive will bury that attack and deter others from joining the attack, that could seal it, but if it looks like this is a larger attempt, we will need water action and more International Involvement in greater tools. Right now the tools the u. S. Has our sanctions or military action. Sanctions dont appear to have been working against irans arming of proxies and nobody wants to see military action by the u. S. In other arenas. If iran is involved, those questions will be raised. Shery israel saying it killed a number of infiltrators that crossed into its territory from lebanon in the north. Are we headed toward a multifront war for israel in what are the implications . Kirsten this goes back to your western about iranian involvement. We believe right now hezbollah is hedging. It wanted to get involved, it claimed a strike or two on the border, but does it come fullscale with the complete attack . We dont know yet, it could be sitting in place and trying to decide how to launch Something Like that or saying u. S. Is ending a Carrier Group to my naval borders and i dont want to get involved in that. I am a designated terrorist organization in several countries and i would prefer not to give those countries an excuse to act against me and it may decide to sit back. Haidi shery in this atmosphere is there a way the netanyahu government and respond to hamas while keeping the israeli arab normalization on track . Kirsten it will be delayed regardless. It will certainly be behindthescenes and delayed. This is not only because israel will be busy at home but also because saudi arabia in its role as godfather of global muslims has to pay heed to what arab nations are saying about israels response. If there are mass casualties it will be difficult for saudi arabia to engage publicly in normalization talks. But remember hamas is an enemy to saudi arabia as well and i dont see saudi arabia giving hamas the room to derail entirely their strategic and longterm goals that involve partnerships with israel. It might get quite a while but i dont think its dead. Shery lets talk about the casualties you mentioned and human loss. We have them on both sides. What does it mean when we are trying to get these hostages alive back from hamas, but at the same time, israel wants to attack these militants and there are 2 Million People in the gaza strip . How do you achieve these goals with the least civilian casualties as possible . Kirsten extremely difficult. You made the point. Precision targeted attacks to remove terrorists from around where hostages are kept and bring them out safely doesnt have a great track record. Past operations, we had hostages killed by their captors when the israelis launched operations to try to free them. Israelis have taken several different tax to try to get hostages tacts to trying get hostages back. Just in the last few minutes, the u. S. Pledged support to the Israeli Special forces and said if you need until support, planning support for any operations to get hostages back, we will provide it. Intel and planning support at this point. Shery kisrten, good to have you with us. You can read more on the stakes of the israel and hamas war in the big take available on the bloomberg terminal and bloomberg. Com. It is time for morning calls. Investors changing their minds again on the odds of another fed hike this year. Lets discuss and bring in annabelle and hong kong. This follows a big move weve seen in treasury yields. Annabelle thats right. Its been the repricing again of the expectation that the fed is going to really need to be keeping rates higher for longer and investors have been forced to change expectations around how much the fed would possibly need to hike later this year but also how much they are likely to cut going into 2024. Weve seen those moves reflected in the 10 year yield, and blue, steadily climbing higher. Its near the 4. 8 mark. 7 could be hit according to some. Lets see what were hearing from economists and investors. They are saying given the moves higher for treasury yields, it could be doing some of the feds work for it. They could also be ok with proceeding more cautiously. Thats the view from bnp paribas. It really is about the market and how investors are reacting to the higher for longer narrative and that could be doing some of the socalled dirty work for policymakers. Haidi the odds for a fed hike in november are much lower . Annabelle thats right, even in the last couple of days we started to see the shift coming through again. This is looking at the implied by fed fund futures. Back on october 6, the chains chance was 30 and that has dropped to 12 . Some of the reaction coming through to the israel hamas war. We could see yields sliding as we come online. This has been a focus, whether we are at the peak in rates and what that is the imf and World Bank Meetings take place. The blackrock guys vice chairman, we spoke to him in an exclusive interview and he says weakness will essentially be revealing itself into Central Banks need to get used to a new economic reality even if we are nearing the peak for Interest Rates. Take a listen. We are probably close to it at some level. We are now in a very different environment. Sticky inflation, it will come down but remain sticky. Probably a semipermanent bias toward allegedly low growth, that means weakness will reveal itself. Whether its in government balance sheets, thats a story we are seeing in a number of countries, whether it is corporate or Business Models as weve seen in the past and the financial sector. Haidi command, we coming up, we discussed volatility across em assets. This is bloomberg. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Shery take a look at how assets are trading across developing markets. Losses across wider ems, you did in todays session. We are talking about slight losses of two tens of 1 for the emerging markets index. The currency index finished unchanged. We had Unlimited Limited u. S. Trading because of columbus day, but also Risk Improving across Global Markets. Pressure on middle eastern stocks and the israeli shekel had losses with the bank of israel revealing an Unprecedented Program to defend the currency. Overall, we are seeing a pretty muted session broadly across Global Markets right now. Our next guest says Financial Markets will likely be risk averse for a period of time, that em markets will adjust quickly. He is the head of em debt at an Asset Management firm. Weve seen a kneejerk reaction in some assets, where did we see them the most . Jeff you saw Israeli Government bonds underperformed today along with corporate issuers in that country. You saw some widening initially in middle Eastern Company countries, but because of the strong fundamentals, most of the middle Eastern Countries are investmentgrade. They pretty much ended up unchanged from a spread perspective relative to treasury. I think you could get a period of risk aversion here for emerging market debt, but generally, this should be a pretty contained concern to the region, maybe with the exception of egypt, where egypt may have more direct linkages to whats going on. Shery is that because they are an importer of energy . When it comes to broader risk for ems, does it have to do with the transmission mechanism for Energy Pricing . Jeff this definitely one factor that will be difficult for them. Youre seeing a shutdown of energy for gaza. There was the news that the offshore gas pipeline was shut down. Egypt has been struggling so far, really from 2022, bonds of trading 40 to 60 since on the dollar, mostly because of high levels of indebtedness. They were trying to raise money that was going somewhat successfully but its generated by middle eastern neighbors and this might put a positive that you imagine with energy, both being an importer and also a main repository for refining natural gas from israel, they refine a lot of actual gas into lng, this year has shown high profitability for that, but with this disruption to israel we may see that reverse itself. Weve been concerned about egypt for much of the year and this only exacerbates some of the concerns surrounding egypt and their ability to continue servicing their debt. Haidi it is an overlay of more uncertainty and a source of volatility for emerging markets because we are already contending with a potentially stronger dollar. I wonder how much risk or Downside Risk you assign to chinas continued slowdown as well. Jeff the china slowdown has been pretty focused on chinese property. Weve seen a dramatic drop and default across the board in chinese property. When you look at growth projections for china, we are still talking 4. 5 to 5 growth this year. We think 3. 5 to 5 , we think the days of a percent growth are behind us. Much of the asian region is doing well. Part of that is continued robust growth in the u. S. A little near shoring or diversification of supply chains away from china. We dont really think china is a huge concern relative to the region and we think emerging markets will continue to be supported i what has been reasonably strong fundamentals but tight valuations so far. Shery does that mean you are seeing or have seen i guess a steady d correlation between broader em assets and how they trade . At one point recently they were still well anchored to china in chinese assets. Jeff one of the main themes in emerging markets was the broadening of trade with china. 15, 20 years ago, much of, say, latin america was trading directly with the United States and diversified europe and now almost a third is to the asian region. Its been a good boost, it helps to diversify their trade channels. On the flipside, i think one of the things youve seen this year is emerging markets have been resilient. When you look at spreads relative to treasuries, spreads are pretty much unchanged on the year. All of the negative return in investment grade, sovereign debt fueled by rising u. S. Interest rates, and when it comes to lower rated sovereign debt or corporate debt, performing failure well performing very well, as you earn the incremental yield over treasuries, you have a shorter duration. Thats been a bit of it benefit for corporates as well. Shery jeff, thank you. Weve been talking about investors ditching emerging markets even before the israel Hamas Conflict roque out. We have rapidly rising treasury, they brought back fears. Sovereign dollar debt trading your distressed measures distressed levels. We started the year talking about a potential decade for emerging markets and now we are seeing all of this risk surface. We clearly seen something that has differed from what folks on wall street were talking about toward the end of 2023 and 2024. Investors were hoping to see the fed pivoted to cutting rates and that hasnt happened. Risk premiums around the world are going up and there is a lot of uncertainty, especially when it comes to geopolitical risks. All of these things come together, stronger dollar, geopolitical tensions, to create a challenging environment for emerging market debt. Haidi what is a pain point on a global scale . Sydney with so many of these Vulnerable Countries having trouble because of how high treasuries and debt borrowing have gone, it becomes tricky to keep up on refinancing your debt and making payments. A stronger dollar also makes it more challenging for countries that are fundamentally using their local currency and need for an dollars to pay those foreign debts. Increasingly we are seeing pain points within these countries, inflation is running away, food and fuel prices have gotten really costly, and that can spiral into humanitarian crises in many countries. Shery a number of governments have fallen into default and these environments complicate it for them. Sydney yes, and this is something that lawyers and World Leaders have been talking about and i think it will be in focus as people meet in marrakech for the imf meetings. The framework for coming up with solutions clearly has some holes in it. Progress is trying to be made. But its challenging for countries to solve these problems quickly and effectively. Shery sydney mackey with the latest on emerging markets. We have plenty more ahead. This is bloomberg. Haidi some breaking news about truest, in talks to sell their Insurance Unit for about 10 billion, that is according to semafor. They could sell to stone point, a digital news platform. Weve seen upheaval at truist recently, particularly the border situation, Board Members resigning, shrieking the number of directors. Shrinking the number of directors. Theyve come under criticism for practices. Back in july, wells fargo had a note that truist was primed for an activist takeover. We are seeing some restructuring potentially in the works with talks to sell the Insurance Unit two stone point for about 10 billion. Shery these are some of the other top stories we are watching. Sources say Country Garden creditors are in discussions with Financial Advisors ahead of a potential offshore debt restructuring. Bloomberg has learned that pj t partners are part of the talks. No decision has been made yet. Bloomberg has learned one of chinas largest trading houses for copper has lost contact with their founder. They believe he has been detained by police for questioning. The company was once chinas biggest importer of refined copper fell into a liquidity crisis last year during an extended during extended covid lockdowns. Haidi the Biden Administration ruled out shipping key making gear into china. It was warned last year that escalating u. S. Restrictions might force a company to close or sell a major plant in china. Looking at stocks as trade opens in australia and the next couple of minutes. The competition watchdog conditionally approving brookfields a 12 billion takeover of Origin Energy. That would be the third biggest takeover this year in australia. Also watching other Energy Producers as the israel hamas warheads markets. Energy stocks in the u. S. Getting the most in six months. Shery lets look at currencies at the moment. Weve seen the dollar falling after a couple of fed officials suggested a more cautious policy approach. We have higher longterm treasury yields at this point. We are seeing the aussie Holding Steady along with kiwi. Not a lot of changes after downsides for both currencies given the broad risk off sentiment in Global Markets. Right now we are seeing the japanese yen also Holding Steady. Weve seen a little strength on haven flows after four weeks of losses, given the geopolitical tensions. The offshore yuan holding at 729. Thats it for daybreak australia. 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