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
Opec supply cuts will tighten the market. It is labor day in the United States and canada, the regular band is out for the holiday and ive taken over for the interim period. A little bit of visibility of what is open. What we know is currently offline are the cash, u. S. Equities and theres also no cash u. S. Treasuries. Many firming up by 1 5 of 1 . The folks at jp morgan and Goldman Sachs making an argument around the story. In terms of valuations those are looking stretched. International equities more attractive. The twoyear german bunds with the country selling 5. 5 billion euros of twoyear government bonds thats coming up at the beginning of this month. A weaker greenback and then brent crude hovering short of 99 a barrel. Lets set the scene with assets in china. China builder shares surging with the nation boosting property support. Shares advancing 8. 7 . Weve taken the real estate index after the country cut down payments for homebuyers and encouraged lenders to lower rates on