Good morning and welcome to daybreak australia. We counting down to asias major market opens. David im david in hong kong. Stoxx are set to face headwinds, futures are pointing lower amid the u. S. Holiday. Rba decision today, the bank is expecting to hold its key rate. Its governor phil lowes final meeting. On the housing crisis threatening to engulf surviving developers with about two thirds of the 15 major private builders in default. Breaking, alan joyces is stepping down early as qantas ceo after a bad few weeks for the company. Public anger over a series of scandals. We will get to that story later in the show. In the meantime, breaking news out of south korea, all start with gdp numbers, its not important. Whats inflation are the whats important on the Inflation Numbers. Gdp,. 9 . Just this than it takes you to. 6 . That is the gdp story in line with estimates. What is coming in hot right now is the inflation print which looks absolutely nasty on face value. Up 1 on month on mon
Giving equities a nearterm jolt. Seeing declines across the board. Hang seng off 1. 2 percent and the msci lurching to the downside as you can see from the getgo. A quick look at china benchmarks to see how they are doing. That tells you everything. I guests we had a bit of a gut check for those developers. Not out of the woods. Investors coming to grips that may be the authorities theyve been sort of taking a piecemeal approach. Perhaps they are getting it right. We dont know yet. Theres a feeling perhaps it is working to some extent given the long queues people had looking for properties in shanghai and beijing. Yvonne its amazing. The mortgage down payments, people just start lining up and they saw transactions that weekend was equivalent to what they saw in a month according to some local reports. What did that translate to consumption is another key factor as well. Its interesting to see with Country Garden. Today is the day, or tomorrow, the grace period of the dollar bond ends a
Bloomberg daybreak australia. We are counting down to the market opens. Treasuries tumble with corporate debt sales flooding the market ahead of the fed decision. Oil surges as saudi arabia and russia extended cuts. Softbank is seeking under 5 billion in a downsized arm ipo that is still to be the worlds biggest this year. Lets get a quick check on wall street. We have only had two u. S. Trading sessions in september. The hope is this september might be different from previous ones because we have had a rally. Some strategists are saying we are going to see a drop from here. We can see now s p futures have opened up and headed for another down session. The two year yield for 95, that might be a little bit surprising. 40 companies tapped the debt markets just today alone. A huge amount of issuance and that definitely weighed on bonds. My take this number with a grain of salt. The dollar index continues to rise and is impacting currencies including the yen which topped 147. Another stron
Shery youre watching daybreak a show live from new york, sydney and hong kong. Haidi the top stories, asian stocks are lower as volatility ratchets up. The dollar is extending gains. Tesla in the crosshairs as a beneficiary of subsidies. The ftc is accusing the ecommerce giant of monopolizing services in challenging sellers. Shery take a look at futures. Muted moves after the s p 500 fell to the lowest level since early june. We are on track for the worse month this year. The fear gauge is climbing above its average to the highest level since may. Investors are digesting data with Consumer Confidence following read treasury yields drifting. The 10 year yield at 453 levels, decade highs. Weve been watching the upcoming preferred gauge of inflation, that will be one to watch in terms of the fed and a potential shutdown leading to safe haven demand in the dollar index at the highest level this year. Seeing its longest winning streak since august. We continue to watch oil prices as well. H
Annabelle im Annabelle Droulers in hong kong. We are counting down to the asian major market open. Shery im shery ahn. Big tech leads u. S. Stock declines while bond yields rise on the fedss hawkish hold. Policymakers seeing another hike this year. And higher rates through 2025. It is a primary objective and i did not say otherwise. It is what we have been trying to achieve for all this time. A new offer to striking autoworkers even as gm cause the. Alan joyce had to lose some departure payout fixing an acute loss of trust among customers. But how u. S. Futures are coming online in the Asian Session after u. S. Stocks and bonds fill in the new york session. We saw a lot of fluctuation. We had the fed Rate Decision today as expected. A hold. We are now expecting another rate hike this year not to mention higher rates throughout 2025. We saw treasury yields rising across the board. The two year yield at the highest level since 2006. The 10 year yield at the highest level since 2007. They