Atm limits. Extending the qe program 32017. They await the opec talks. Concerns independent producers may not reduce output. A landmark day for south korea as they are set to impeach President Park geunhye. More in a story, just ahead. Lets take a quick look on how the markets are looking. Haidi is standing by. Haidi we are getting a picture here, we have the Southeast Asian markets, taiwan getting on board today. Andness through malaysia singapore just keeping its head above water. Investors the sense are trying to take the time to digest what the ecb trajectory is. We look like we are on the cusp of a taper. Also, critically removing some of these key technicalities so the ecb has greater control over this aspect of the program. We are seeing nice gains from tokyo. Extending that rally 2. 7 . Yen, 114 at the moment. That is lending support to retailers. Weakness coming through from new zealand, down by. 4 . We do have a shift in policy. Driving the kiwi dollar to a high. Ofy have said the level interest may take it back to that target. There could be some tightening. Outside parliament and south korea, there is an impeachment that they may almost certainly go through for park geunhye over this peddling scandal. A. 3 , though the market has gained 3. 5 this week. If we can get this out of the political stability and cleaning of the house, will drive this higher. Take a look at the asiapacific, looking pretty flat at the moment. You can see major gainers, financials doing nicely on the back of that. A huge ramp up when it comes to european banks overnight. Looks nice for financials, they badly need it, particularly european banks. Oil and gas looking strong. We are moving into the meeting of opec and nonopec member meeting. We want details of whether they can get on board. Russia saying they are on board if opec members follow through with their promises, about. 8 for oil and gas and energy. A quick look at how we are setting up in terms of other commodities. Barrel,ow above 51 a. 4 when it comes to new york crude, ahead of that vienna meeting. A little downside when it comes to the commodities rally, losing steam. Copper down by. 2 . And this down by 6 . Also seeing losses ahead of these Inflation Numbers coming through from china. They give you a better indication of the demand levels we are seeing from that economy. And this is where the dollaryen is sitting. These of the exporters. 114 is where we are at for the japanese yen and that is heading out for a rally in tokyo. Rishaad now to first word news. Says opec official record pumped a record amount of crude in november. They had talks on saturday about how the cartel will fully comply with 32. 5 Million Barrels a day from january. They will cap by 300,000 barrels a day of opec delivers. Donald trump named his choice for labor secretary, andrew puzder, ceo of the company that hardees. S jr. And he has been an outspoken critic of the obama administrations later policies and against raising the minimum wage. One of wall streets top cops stepping down ahead of president elect trumps inauguration. Has leaving. There is an expected shift. The Enforcement Division since 2013, overseeing an increasing traffic issue by the agency. The Supreme Court has been told brexit without the approval of parliament would crucify human rights. Wouldminister theresa may overturn hundreds of years of u. K. Law if she used it against process. Rawal but some say brexit is taking far too long. News 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Korean President Park learn herxpected to fate when they review the motion to impeach her. She is accused of bribery, abusing power, she will accept our limits decision. Theaad lets get to National Assembly, give us an idea how it will play out today. I am at the National Assembly here in south korea, an increasing number of protesters are standing out here area this , increasinglyters and i am not sure if you can hear me, they are increasingly rowdy. They are calling for the impeachment of President Park geunhye. This is an area in the southwest of south korea. Protesters are supporting her, as well. This is the second time ever in south korea that lawmakers will vote to impeach a president. The motion put forward accuses her of abuse of power and also violating constitutional duties among other things. Today we are expecting at about 3 00 p. M. Lawmakers in the National Assembly will start voting on this motion. It needs 200 votes to pass. Had 170 one, but still need 2942 go ahead. I know it is noisy, but if you can hear us, what impact does this have on the country . I can still hear you. People are very angry. As the day has been going on, more and more people gathering here to show their opinions and what they think about the issue. The close ties between government and big business. The family one conglomerates here in south korea. They have come under increasing security scrutiny. Lg, andng samsung, others. They talked about the fact that they made donations to foundations which were controlled by a close friend of park geunhye, the president. But they denied political favors in return for that. This has made people in south korea very angry. We see hundreds of thousands of people taking to the street during the weekend, protesting against her. Her Approval Rating has dropped a Single Digits last week. Mobilized a lot of ordinary South Koreans. If the motion does go ahead will beday, she suspended from her duties as president and the Prime Minister will take over. It will go to a Constitutional Court and after 180 days they can decide. 60 days in which to call an independent. Most likely will be a lot shorter. Rishaad nice one. Rather exuberant protesters there. Inflation in china supposed to edge up and feed into higher prices around the world. Our china correspondent joins us now. What is the latest reading and what is expected . Price index is what to focus on, that will come versus an november, rise of 1. 2 percent in october. If it comes through as expected, that will crystallize the moves we are seeing into an inflationary cycle. I deflationary cycle stretched to 2011 andback only really started to end in september of this year. That is what we are looking for, oil prices and deal prices feeding into those higher ppi numbers. Consumer prices, those are expected to be kicked off in listed by consumer demand. Bullish. Demand remains in terms of food, we are expecting higher prices for questionable scum of a pork prices to offset that. Those are the predictions for the year on year numbers in a little under 30 minutes. Rishaad what is the impact here . Any impact from higher prices . A pickup in the ppi would be positive. We saw the surprise export numbers yesterday, manufacturing numbers we got our earlier for the month of november. It suggests there raising prices and factories here. Up. Know demand is picked there is an expectation that chinese inflation will continue to rise. An economist at the Commonwealth Bank of australia expects china inflation to pick up to around 6 by the Third Quarter of 2017. That coincides with the generally more inflationary picture that we are seeing, especially if trump launches those fiscal and Infrastructure Spending plans that he said. That will be something of a pain for consumers. They will feel the pinch but it will be good for policymakers alike of the boj. To pull back on liquiditys and into a somewhat tightening phase, but in a moderate and gradual pace. As i say, we are waiting for the cpi and ppi numbers expected that 9 30 beijing time. Thank you for that. Rishaad we have those numbers coming up in just under 20 minutes. And we will have the Greater China economist. Mario draghi confounds the markets. And we asked what he is up to. Not suries did declined, treasuries up after the ecb said it would slow its growth from april. They lets bring in says they say that it probably is a taper. A very good question, the bond market probably thinks it is a taper. The equity market does not see it as that and sees the open end of this. Market that can do place, they seem to like it. It is a very good question. Just because it , does that really make it a duck just ks, does thatac really make it a duck . They have been able to redirect it pretty nicely, but we will see in the next few weeks if it actually pans out. We will come back to the ecb again in a bit. Any reaction to that . The whole story is really the wing the on devalue devaluing the as long as theyuan. Dollar goes up, the yuan depreciates faster. They will try to keep currencies from a depreciating. About the dollar, what is your view on the midterm . If the fed rate hikes in december, what is that due to the dollar . And if it does not, what is that due to the dollar . Is anthe moment, it interesting question. The dollar index is at a high, it keeps bouncing up to the level at the moment. At 105, keeps looking it keeps it dancing off that. And the yen, 115, 114, a very important level. The u. S. Inion is, that dollar has been going up on the expectation that trump will will do what he says he is going to do. We will get fiscal spending and that will push up the u. S. Bond rates. At the moment, i do not think the market is factoring in a higher said. Fed. I thinkes what he does the market will keep pushing up their expectation with further rate hikes. Three, and maybe we start looking at four for next year. It will be positive for the u. S. Dollar. A Bloomberg Survey on yields tells us the by the end of the year you are still looking at a 2. 5 yield. What is the number you are working with . I think 2. 5 percent is about right at the moment. We have not seen anything come out. Dislocation atme the moment to with the u. K. Referendum, pulling out of europe. And we have donald trump but we have not seen the results. Nothing has really happened. He has not gotten into power yet, it is all about expectations of the moment. What will drive the market is when we start seeing the results of brags, when we start seeing trump coming in, what he is going to do, the types of packages he will put through. Fact, to see it go through congress, then i think it will them theill see eyes of thee markets. That is why it is not a hawkish fed. Being cautious, they do not want to overreact to quickly. Maybe things will not pan out as we are thinking. Youre saying the market got ahead of itself, so we need to do a gut check for equities . I think the market got ahead of itself. I am not sure we will see a bond rally. Of we are trading in a range 213 to 214. I do believe the equity market has gone ahead of itself. Trade is helping the equity markets, people believing in it. That is driving markets. They are looking at metals, how they will perform. Supplys obviously been shortages because of what china has done. That is filtered in two other prices. That is all pushing up commodities. The big question is, will that continue . In particular, as the fed starts hiking. We saw last year, the higher u. S. Dollar meant weekend commodities. If people do believe in the trade, it cantion keep going. It is worth watching commodities to see how they are performing. Once the u. S. Dollar goes up and keeps going up. Rishaad roger, great talking to you. Yuanshis comments on fixing, the weakest fixing since october. Chips are down for casino the limitsr beijing cash withdrawals for gamblers in macau. In macau. Rishaad serious damage coming through for these casinos, down 10 . Down, 8 . Had been that is what we got right now. Recovery facing a threat. Has stopped Bank Withdrawals as they fled for capital control. This is a capital outflow story, how china is tightening further. It is affecting the nascent recovery we have seen in the macau casino area. The big ones, las vegas sands, mgm reports, crown, all down by double digits. Wynn resort down. Crown, 13. 7. That is translated to the local market and hong kong, we are just a few minutes away from the opening of trade there. Chinese authorities through macau, are going to cap, starting tomorrow, atm withdrawals to 10,000 down to 5000, that is just 626 u. S. Dollars. There was a report saying one month alone, 18 withdrawals in macau it up upward of 1. 2 5 billion u. S. Dollars. Y are tightening the crude tightening transactions that in hong kong to buy insurance policies in cash amounts. In macau they used various ways to get the money out. They were just getting back on their feet, these casinos. A twoyear slump because of the crackdown on corruption. Gamingt the vip business has been quashed. It could hurt them. Three months in a row, they had seen revenues go up. But that could be put in jeopardy because of this. Breaking chinas latest Inflation Numbers as soon as they cross the bloomberg. And we have all the Market Reactions. Those numbers coming up. This is Bloomberg Markets asia. Beijing, we are waiting for the Inflation Numbers to come through. We are looking at the Consumer Price index. They could represent what is happening at the factory gates, build up down there. And painting a picture for four years, we had that figure in the Collation Air he mode. Interesting how the split inflation will play out. It will be falling again. It is about pork prices. And auto sales have been rising. What does that mean for spending . There are divergent views on it. The number is in line, lets go to beijing. 2. 3 is the number four november, in terms of the Consumer Price index, that is a year on year number, a proper forecast. It is above last month, which came in at 2. 1 . We will look at a breakdown for how those Food Products come into this. There is a Strong Demand domestically for the nonfood items. The food items we are expecting higher prices for veggies and slightly lower prices for pork. We have the actual number for the pbi. As you are saying, the pbi number is what we should pay more attention to. That comes in at 1. 5 , the actual number four november. That is below the forecast of 2. 3 . Something of a disappointment there. Is wrong again. They missed the numbers yesterday by a long margin because they outbid during is forecast. 1. 5 for november, year on year. The Producer Price index. Is still, as you both said, feeds and to the picture of growing inflation. A turnaround still from that four years deflationary cycle we had seen. As much as many had seen. There had been thoughts that things like oil prices, metal prices would feed into these higher prices. Also, higher wages in the factory sector, as well. That the higher factory prices would boost corporate earnings and help pay off debts. This in theout wider context of an inflationary cycle. But many economists now expect to see in 2017 the Commonwealth Bank of australia, they predict chinas inflation will hit 6 in the Third Quarter of 2017. That could coincide with inflation in the u. S. If trump stimulates and does those fiscal spending projects he has planned to do. There could be reinflation globally, good news for the ecb, the bank of japan. But not so much for consumers. The pbihad a change of number. Now it says 3. 3 . I am not sure why. Number four the ppi toember is 3. 3 , we need look into that. That is a strong number and far higher than the forecast for the number for the month of november. We need to dig into this and break it down more for you. We will do that in 30 minutes time. The the forecasted ppi number of 2. 3 . Rishaad 1 is indeed a big jump. Harsha haidi lun is standing by. Haidi a little confusion over that ppi number. We are not saying much of a reaction. This is a proxy that reacts to chinese data. Dollar has been rangebound, 75 cents is where it wants to be right now. Taking a look at the chinese yuan. Setting that lower, the most we have seen since september 21. We saw weakness in offshore renminbi. Also, weaker there. Lets take a look at the broader markets, the Chinahong Kong open. It shanghai, weaker again. 2 . Hong kong, up. 6 . We digested the Inflation Numbers coming through from china. Hong kong very much being dragged down by this sector, casino and gaming. This is the story we have been covering all day. The union pay will cut by 50 what Union Pay Card can withdraw in macau. We heard from the ceo of mgm resorts saying that is going to weigh on revenue. Take a look at the selloff we are seeing across Hong Kong Listed gaming companies. We were bracing for this because we have a selloff in Casino Companies in the u. S. Gaming stocks also declining by close to 10 . Sands china down by 9. 7 . Wynn macau almost down 10 . Holdings down by just 7 , even in sydney, Crown Resorts getting a little by contagion. An absolute hammering for those casinos. Cpi year on year from china. And the correction we have, 3. 3 for the year on year, as opposed to the number expected of 2. 3 . At the moment, 1. 5 moved to the outside was month on month, not year on year. So that is what we have currently going on. The ecb sent shock waves through europe and bond markets, more hawkish and dovish than expected expected. They will buy fewer bonds per month. Does that work or not . That is the question of the day. Especially if youre a global bond trader. Cutecb announced it wont its monthly bond purchases to 60 billion euros a month from 80 billion euros. You could call that a tapering, right . That was not expected it, so that hit the market hard. But notwn the road, now. The extended its bond purchases six months past the march 2017 and date. Nine months, now they ar