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
To see any sort of intervention in the session today . Did just get more jawboning, across from the japanese finance minister and even he seems to recognize that his comments at ba you, because he has put out a statement saying he is watching fx moves with a high sense of urgency as usual. Something he has said in the past but we will watch for a more concrete action coming through the end, holding above that 150 mark. It is really a function of the yield gap between the fed and the boj. You can see the 10 year yield just coming online fairly steady but at that level you are around six times higher than the counterpart in japan. The ggp 10year at yields. A stocks wise traders are focusing in on those bond market moves. And corporate earnings. You just mentioned meta but shares sliding and you can see that after hours move their down around 4 . The warning amongst others and on the economic outlook, so not a great lead into the session today. It is not just earnings in the u. S. There a
Strong set of earnings after the market close on wednesday. The stock has soared more than 90 this year alone will stop this off the back of enthusiasm that al this off the back of enthusiasm that ai will boost corporate profit. The question is will als big spenders, the likes of Amazon Microsoft continue to place orders and drive sales and Profit Growth . Or is that trajectory beginning to ease . Wall street is beating the chipmaker will exceed expectations. In other news, Pixar Animation Studios known for producing classic films like toy story, is laying off roughly 14 of its workforce. This is part of broader restructuring by Parent Company walt disney, and reflects a move away from the production of original content for the disney plus streaming service. Instead, pixarwill refocus on feature films. These layoffs follow similar cuts made injune last year. To another big story we have been covering newsday. A Singapore Airlines flight was hit with severe turbulence causing the death
The stock soared more than 90 this year alone, all of this out the back of enthusiasm that al out the back of enthusiasm that ai will boost corporate profits. The question is will the big spenders microsoft, mike amazon micros on. Wall street is betting the chip maker will exceed expectations of. Chip maker will exceed expectations of. Staying with al. Several global firms made a fresh pledge at a two day Artificial Intelligence Summit In Seoul to develop ai safely. The companies include the us tech giants google, meta and microsoft, as well as Asian Firms Alibaba and samsung electronics. They vowed to ensure the safety of their most advanced ai models with promises of accountable governance and public transparency. This summit in south korea follows an inaugural meeting held in the uk last november. Japan is turning out to be a popular tourist Pixar Animation Studios is laying off roughly 14 is of its workforce. As part of a broader restructuring of the Parent Company walt disney and
To supplies due to conflict calmed down a day after saudi arabia pledged to stabilise the market. The neck he is up to. 6 this morning. 1. 2 mac 6 the central bank said it might hold steady on another Interest Rate hike as well. Federal reserve officials are embracing the higher for longer strategy. Thats according to the newly released minutes in the september meeting. The readout shows while people are divided on whether the Us Central Bank will hike rates before the year is out, theyve seen it has spill over effects in Financial Markets everywhere. Higher rates make it more expensive for americans to take out a loan on a house or a car and makes it more expensive for businesses to borrow money through loans or lines of credit, all of which slows growth. Meanwhile, the interest paid on Us Government bonds is also moving toward its highest levels in more than 15 years. That could end up having the same effect as a Fed Rate Hike without the fed having to act. During that september meet