haidi: looking to "daybreak

australia." i'm haidi stroud-watts in sydney. we are counting down to asia's major market opens. annabelle: tech drives the u.s. stock rebound with the earnings season about to kick into full swing. bloomberg intelligence sees profits for the magnificent seven rising 38% in the first quarter. haidi: reports that u.s. regulators are scrutinizing efforts to prevent potential money laundering. annabelle: president biden commits to deeper security ties with japan and the philippines as the prime minister of japan says china poses a threat to global peace. haidi: we do have employment data coming out of south korea. 2.8%, been in line with expectations, picking up from that 2.6% we saw in february. we are also, of course, counting down to be ok decision date as well. the labor market is likely

seeing loosening in recent months. bloomberg had estimated 2.8% for the jobless rate to rise. 2.8% still below the post-pandemic average of 3.3%, which is seen as the rate of employment, so neither inflationary nor disinflationary. taking a look at how we are faring, just an hour away from the start of major markets trading. around the region, we are seeing dampening risk appetite across the board. sidney futures down by about .4%, a pretty mixed picture because we do see tech lifting u.s. stocks. we will be watching for a chip-related names. naked futures looking a little

more optimistic and china futures lagging as well. annabelle: a little bit of breaking news crossing the terminal, we have peru out with a central-bank decision. very unexpected because out of 30 economists expected -- out of 30 economists surveyed, only one expected this rate to come through. this is looking at latin american central rates, but peru is the line you see in purple, so it is a lot lower than counterparts in the region. a surprise coming through because last month, inflation slowed a lot less than had been expected, so still remaining above the peru central-bank target. rates really playing into the session intraday today. we had u.s. ppi inflation. you look at what we are seeing for futures coming in line, but a u.s. ppi print that came in

lower than what economist had been expecting, so that was a relief. otherwise, the focus in the session came down to big tech. with the earnings season about to kick into full gear later today, u.s. tech stocks very much the focus, as we saw alphabet, for instance, inching closer to the $2 trillion mark. amazon hitting a record high. apple jumping on plans to revamp its mac line as well. morgan stanley you can see under pressure. bank names -- jp morgan, wells fargo, citi, all reporting earnings later today. let's take a look. how this is playing into futures as we come online. nasdaq, s&p 500 a little bit in green territory. we saw treasury yields moving a little bit higher to 4.58% for the 10-year, watching crude as

well, given that we do see questions around supply pressures coming through and how that will really affect the dynamics through the end of last year, but certainly as we said, the focus coming down to the fed. we heard from the federal reserve bank of boston president, and she is urging a little more patience when it comes to expectations for cuts. take a listen. >> recent data have not materially change my outlook, but they do highlight uncertainties related to timing and the need for patients, recognizing that disinflation may continue to be uneven. this also implies that less easing of policy this year than previously thought may be warranted. haidi: we bring in a client portfolio manager at drummond capital. great to see you, as always.

the balance of risk seems so fine at this point that caution seems to be the name of the game. what do you expect to see from the fed? >> i think the fed needs to be really careful. there's a lot of parallels to november 2021. i think their credibility is quite at stake. i think they did move to early with their pivot in december. we felt inflation was going to be sticky ever since then, and you have three monthly prints showing you have a trend, not to mention that commodity price is pulling up, and if we get crude energy having another volley from here, i think we could find ourselves in quite a precarious situation. it's looking like november increasingly could be the first cut. people like larry summers saying there's a 25% probability we could have a hike this year.

haidi: are you taking short positions in treasury? >> we are not taking outright short positions, but we have not had any global bonds since last year. haidi: talk us through how you are navigating. >> we have been adding to risk really from the first quarter of last year just as the economic data was getting better and better. u.s. data has continued to be resilient and surprising on the upside this year. given the narrow market leadership with tech, earnings for the last quarter, last year, were about 55%. we do have strong price and momentum trends, but the market kept just a little bit cautious. we did add global small caps about five weeks ago. if you look at the s&p 500, you

have had industrial small and mid-caps outperform the s&p 500, so there's a lot of beneficiaries in small money cap stocks that would benefit from reshore in in geopolitics, but any kind of china exposed names you probably want to be cautious. haidi: is is interesting is the run-up we have seen in gold prices perhaps without any sort of catalyst, but you have added gold miners to your strategy as well. >> the gold price started to take off in early march. there's a few things behind that. there's the central bank, the massive buy-in by china, chinese households as well. i think versus the expectation that real yields would come down, but even last week when we saw bond yields selloff, gold continue to rally, so i think there is a geopolitical bid becoming more relevant.

i think the fact that you have seen energy and gold rally together shows that is being embedded into markets from the flareup in the middle east. >> thinking about that word from your makes me think of haven demand and i think about the japanese yen, but of course, it has been that dollar story, that yield story. do you think yen at these levels, could we see it getting even weaker? >> we could see it get even weaker. an interesting thing is to watch and be where the bank of japan has to start intervening. i think they intervened about four times in wendy 22. if you see dollar-yen cross about 155, i think just over the last few weeks, we saw the boj remove interest-rate policy and yield curve control. i don't think the -- i don't think they were thinking the yen would drop.

again, the bank of japan after coming out of one of the most unorthodox times, the challenge, but one key thing to watch, that 10-year gtb yield, i think it's close to 1.5. you can start to see that repatriation of capital and that global carry trade being a source of volatility, which could also put up pressure on yields in the u.s. and australia to a lesser extent. >> do you want any exposure directly or indirectly at the moment? >> it's an interesting one because it's probably one of the most shorted markets. manufacturing data started to improve, so you have seen more evidence that you could get q1 growth hitting targets without property market recovery. for us to invest, we would -- we

would need to see a lot more in terms of recovery, so we are still quite cautious given the experience over recent years. haidi: always great to have you with us. coming up, apple preparing to overhaul its entire matt line with a new family of processes -- processors designed to highlight ai. and we get highlights from the summit between the u.s., japan, and the philippines. this is bloomberg. ♪

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>> china's current stance and actions present unprecedented and the greatest strategic challenge, not only to the peace and security of japan, but to the peace and stability of the international community at large. >> the united states defense commitments to japan and the philippines are ironclad. they are ironclad. as i said before, any attack on aircraft vessels or armed forces in the south china sea would

invoke or -- our mutual defense treaty. haidi: of course, we are continuing to monitor this meeting between the japanese prime minister after he spoke with the u.s. congress president biden, ahead of a trilateral meeting with the philippines at the white house. tensions with china dominating the conversation. let's bring in our east asia government editor. the u.s. strategy in terms of holding this three-way summit, what are they trying to achieve? >> the u.s. is looking for japan to increase its influence in the region to form partnerships with the likes of the philippines and other countries in south and also to bring this into an integrated network. before the summit began, the work being talked about was a lettuce arrangement in various networks where the u.s. would have its main partners and those partners would work with others in the region. for the philippines, it's things like helping with coast guard

patrols, boosting its navy, and for the summit itself, the talk also extended between japan and the philippines, bringing in australia as part of the network for data sharing, looking at drills with the u.k., so it was using japan as a key focal point in asia, looking at the south china sea and talking about their concerns for what they see as the assertiveness for china in the region. haidi: we just heard some of the soundbites. it seems that was really the message, they are quite tough on china. >> exactly. this was an unusual speech. the prime minister hardly ever speaks -- makes speeches in english. the message was that japan is a partner that the u.s. can rely

on. it's concerns or japan -- it's concerns are japan's concerns, and kushida talked about u.s. self-doubt when it comes to things like ukraine and also providing reassurances with china and security matters. >> we may get this trilateral meeting between south korea, china, and japan. i wonder how the u.s. feels about that. >> the u.s. has been supportive about the process. this three-way with japan, south korea, and china has been on hold since covid. the u.s. supports its two allies, japan and south korea, with going ahead with the process. it seems the talks as a positive for the region. biden himself has spoken with xi jinping recently over a number of matters. if he goes ahead, it will be good for the three key players

in the region to sit down and speak with each other. haidi: that was our east asia government editor. other developments we are tracking this morning include the largest u.s. airlines which are asking the biden administration to block new flights for chinese carriers, citing what they called beijing's anticompetitive policies. the alliance for america trade band other groups may plead in a letter. fights between the u.s. and china are growing, but they do remain well below the average 340 per week build for -- before the pandemic. a directive was issued earlier this month by the u.s. cyber security agency and made public on thursday. the agency accuses a russian state-sponsored group called midnight blizzard trying to compromise microsoft customers.

president biden is moving to block oil and gas development in millions of acres of alaska's slope that could be finalized in days. the administration says it needs to balance oil development with protecting the environment. companies with leads in the region have objected to the plan. we will have more ahead on daybreak australia. this is bloomberg. ♪

haidi: apple shares, you can see that pop we had in the overnight session after a bloomberg report that the tech giant is preparing to overhaul its entire matt line up with ai-focused in-house

chips -- entire mac line-up. take a look at the sales we have coming through. this emphasizes why it's coming at such a critical time for the lineup. >> absolutely. this is a set of products that apple produces that really peaked in 2022. you will remember that during the pandemic, everyone was going out, buying laptops, new devices, new tablets, and that was a really peaked time for them. we have seen sales of the mac come down in more recent years. apple is doing everything it can to refresh the line, to breathe new life into it, to get people excited about that whole line, from the imac many to the macbook pro. they will be equipping it in short order with the highest power chip they have.

haidi: tell us about the equipment with ai technology. what does that mean for the consumer, and will it be enough as an offer? >> right now, apple is seen as something as -- something of a laggard when it comes to integrating ai capabilities into its end product. we hear a lot from microsoft. we hear a lot from google. we hear a lot from meta when it comes to how ai will change the user experience. in june, they will talk about how generalized ai capabilities will change the user experience in everything from the iphone to the mac and other apple products. this is the first hint at that. in order to make that work, in order to make those products and show off the ai capabilities and

devices, they will be talking about the idea of having a faster chip, and that's where the m4 comes in. haidi: a crucial time for apple. the u.s. earnings season beginning with j.p. morgan and citi reporting earnings on friday. they are feeling optimistic about a bump. sally bakewell leads our u.s. finance team. expectations are pretty richly priced going into this. >> that's right. i think a big driver will be the trajectory of interest rate hikes, which compared to three months ago when a lot of the banks were warning the record whole of income could currently be over as we were staring as

far as the pace of interest cuts, but now that fewer are expected, and a lot of the big banks are probably going to increase their outlook for interest income based on that. that's something a lot of investors and analysts will really be looking for. generally, lower rates mean people can earn more and banks pay out less on deposits. it's a difficult dynamic for the big u.s. banks to navigate, but on the whole, it's probably better for big u.s. assets and state banks. haidi: what sort of outlook so we are expecting to hear given the level of uncertainty around banks? >> a lot of people are talking about jp morgan and wells fargo. they are expected to potentially revise their outlooks. of course, what their chief

executive officers, in particular jamie dimon, say about the market will be watched. jamie dimon talked about how the markets are pricing in a potentially 80% to 70% chance of rates lowering. he also said given the inflationary pressures the market is facing, we could see anywhere from 2% to 8% or more and that the bank was prepared for that. haidi: there are concerns over money laundering controls with regulators. >> that's right. in a way, not all of this was new. we know the federal reserve was looking to see if morgan stanley's business was taking adequate measures to prevent potential money laundering. at the time, it was reported the

regulator was prepared to improve controls and processes. today we learned it's actually the sec, occ, and some other u.s. treasury department offices, digging into it banks did enough due diligence. what we don't really know is why the huge share drop given the aspects of the probe already known and the bank has made some regulatory disclosures and filings. we also don't really know the timing or period of things these apply to nor the gravity or the heft of these probes and how serious they are. haidi: that was the leader of our finance team. that's the outlook you've got here for stocks. we are 30 minutes out from the

open for australia, korea, and japan, and futures feeling muted so far. intraday, we saw it move higher for u.s. equities with fed officials as well reiterating a patient approach, but certainly today, and a lot of data on the eco-docket in this part of the world. you have china's march trade data do, expecting exports to show resilience. singapore's quarter gigi -- gdp. the be ok coming up as well, and as we said, the bank of korea expected to keep rates unchanged after parliamentary elections deliver a her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal.

and we could all un-experience this whole session. okay, that's uncalled for.

haidi: let's take a look. fx as we go into this last trading session of the week. we see asian currencies looking to global central banks for

guidance, in particular when it comes to the fed. the u.s. dollar is little changed, even as pretty as her prices rose at a slower than expected pace. that had a steady effect on markets. separate figures really driving traders to cut rate cut bets. we also saw the euro entering a little lower after the ecb held rates steady after signaling a pivot or path to a pivot to easing. to that end, we are seeing red told pretty steady. we have the expectation of improving ties with china offering a bit of positive support in this currency as that china proxy. we also continue to see improvement on the economic situation, and of course, watching the yen at 1.5322. questions over how much he an intervention would need help at this point. -- watching the yen at 153.22.

we learned exclusively that the current focus on asia includes the revival in japan. >> asia for us is really an area we have been building for two decades since 2005 in an area where we as a firm have a really dominant position. we have grown from 18 billion of a um into 65 billion a you and, to give you a sense of the type of growth. it's the fastest part of the world today. 65% of global gdp growth is coming out of asia. it's a natural place for us to be focused as private equity, as infrastructure investors, real estate investors, in japan in particular, it's exciting. around 40% of our business in asia is japan. it's coming out of this long

economic morass, and the implications for japan are profound, in terms of where savings are going, in terms of governance reform, the opportunity for us to combine great core businesses with agglomerates. >> if you look at the life insurance and annuity market, in the u.s., it's a $4 trillion market. in japan, it's $3 trillion. it's a massive market across a lot of what we do, so we see opportunities to expand. >> and a lot of people are focused on japan right now. kkr has a dominant position. there's also a lot of focus on china and what to do with that. you do have a significant presence in china. how do you think about how that lives given the geopolitics at the moment which are highly uncertain? >> our approach to china has been consistent since we started our business. we have three offices in asia, china, and hong kong.

our focus over the last two decades has been focused on the consumer segment of china, the growing middle-class, the organization trends in that marketplace, and that's the sweet spot of the opportunity for us. we have invested in retail companies, brand and consumer goods, health care. we are not leaning into these high growth areas that are geopolitically sensitive like semiconductors, like ai, so we have appointed a lot of the areas that currently create a lot of turmoil in the market. >> there were the kkr co-ceo's speaking exclusively with our colleague in new york. 30 minutes after the session opening here in sydney, seoul, and tokyo, at the start of the day, we are watching those japan futures in particular. you can see that futures contract listed in singapore

that has just come online. that sort of follows what came through overnight in the u.s. session when we saw that rally in equities on wall street driven by this expectation around earnings season. we are expecting some witty solid numbers coming out, particularly from tech names. what else we are tracking in the session really is just the sheer amount of data we are expecting today. you have export numbers due from china. you have exports expected to show resilience for china's economy. other decisions or things coming up as well, singapore do with its gdp figures. also in mas decision and also tracking, of course, the bank of korea. that is due just in the next hour perhaps. tight job market perhaps will be allowing the central bank to wait just a little bit longer until they decide to pivot a bit. we will have more on that coming up.

as well, an australian activist has launched hedge fund returns that are almost double the country's market. this is bloomberg. ♪

haidi: taking a look at how u.s. futures are shaping up after a

session that was largely -- we are seeing s&p futures looking largely flat at the moment. we have had mixed messaging when it comes to the data. the two pieces have really driven investors to be price fed cut expectations. we had the how to expected cpi number wednesday, but the cpi number came in a bit softer than expected, so we see that muted reaction across u.s. assets, including the u.s. dollar looking really flat at the moment. nasdaq futures are little bit to the upside. we have quite a bit of fed speak as well. including the boston fed chief say rate cuts -- fewer and later rate cuts may be warranted this year.

our banking reporter joins us now. >> when i talk to investment bankers across the region and financial advisors, they say it's one of the top conversations on boards' and ceo's minds. it has a little bit of president. i think goldman sachs advised bhp when elliot came into the stock in 2018, and it prompted a lot of other conversations around the region, like -- is this a new thing we are going to see? a few years went by. covid happened, and it has not really taken off, but there are emerging signs and people are starting to evaluate and realize there is a playbook that is starting to crop up. local investors, might not be u.s. funds coming in, but it does not mean people cannot reverse engineer that playbook

and use it to their own ends and adopt that style of engagement where it is needed to get the outcomes that they want. >> why have it investors and -- why haven't investors and shareholders been investing in australia? >> we are a small market, 25 million people here in australia, so it's a very small commercial realm, and its hard swatting people around and making enemies. the other element that has stopped u.s. funds coming in or at least foreign funds from really getting attracted to australia is that it really is related to peer time zone issues as well. it breeds all sorts of problems, so that's conventionally what has held back a lot of that asset class from coming down,

just opportunity sets elsewhere. haidi: as you have just written about, it can be hugely rewarding. activist hedge funds are not your returns nearly double that of the country's benchmark stock index. the head of the catalyst fund joins us now. great to have you with us. we have been talking about how strong this hold is in terms of seeing activism within australia's markets. >> good morning. thank you for having me. activism in australia has really migrated from having a stigma associated with it to being accepted and valued. activists like our catalyst fund have alignment, so i think you

are going to see a lot more of it through dedicated catalyst fund or activist fund through a dedicated activist strategy within the mindset of the large industry funds. >> you hit on an interesting point. there have been these pockets of capital that emerged in australia that have adopted a playbook. relate on the rabbit hole in terms of using tactics we would have seen from traditional corporate raiders. they got up to 20% ended the

full works for media presentation, a website, proxy advisors. is this the way it is? will we see it not from hedge funds per se but from individuals? in the super funds as well that have money under management? we can talk about examples in that case as well. do you expect that is how we will see that as well? not just wealthy individuals throwing their weight around? >> we have seen investors pursue this activist type of strategy in australia. you have touched on some. with them saying no to the aig

proposal to be taken out, that's another example of the industry superpowers flexing their muscles. you will see different pools of capital that are probably motivated and encouraged by dedicated activist funds showing the market how activism can be actively and effectively deployed to create investment returns that will outperform the market. >> what do you think the species of activism looks like here in australia? conventionally, we have seen probably more what's called a constructivist approach. do you expect that to continue? we have seen investors often take a seat and accrued mistake and work with the company behind closed doors before if they need

to, they will go public and start throwing their weight around. you have a lot of levers outside of just busting up a company and asking for breakups. for you, it could be ceo change over, dividends. is this what it looks like in australia versus the corporate breakup model that people traditionally think of activism as holding? >> i think there's a full spectrum of activist playbooks however they can be utilized in australia. one book and i would call the capital a activist approach which is to go public and be very exclusive, and the other end of the playbook, which is more common, more constructive, more behind closed doors. i like the term you used, we have our own species of activism, which is we are a

small market. everyone knows everyone and we have our own way of doing business, so i think in time, you will see a particular form of activism people in stride, and also the sector composition of the australia market, which is we have a very large component of the market, which is resources unique to australia . haidi: do you see this as being -- this is coinciding with a rise of m&a. do you see this as being a coincidence? >> i think activism can exist and evolve throughout all market conditions. it can be a beneficiary, but i think what is important about activism is it can take many different forms. it can be strategic, financial, operational, governance-related,

and a lot of those types of activism exist separate and distinct from m&a activity. >> the rise of activist investment here in australia. we do have more ahead on "daybreak australia." this is bloomberg. ♪ wealth-changing question -- are you keeping as much of your investment gains as possible? high taxes can erode returns quickly, so you need a tax-optimized portfolio. at creative planning, our money managers and specialists work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com.

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haidi: global banks are ramping up roadshows for clients eager to bet on japan as the market becomes a hot destination for fun flows. for more, let's bring in our asia investigator in tokyo. it seems everyone out there is looking for more information from japan and also from people that are really on the ground there. >> absolutely. there has obviously been enormous interest in japanese stocks. in tokyo, what we are seeing is wall street banks that have a long presence in tokyo ramping up research services, getting analysts out in front of clients, so we are seeing citigroup holding japan days worldwide, giving research analysts out there to share information they have on the market. we also have morgan stanley's

joint venture going on the road as well. they are really wrapping up this activity, ramping up their marketing of their research, just to tighten up clients with there is just this enormous excitement. >> are we getting an indication of what the next leg will be for investors? there are some concerns around the edges as to what would be the downsides. >> yeah, certainly, there seems to be a bit of an inflection point since the boj raised interest rates. a lot of markets and external forces with the fed as well. one of the key factors is the upcoming earnings season.

there seems to be a lot of optimism among investors that because inflation is becoming more sustainable that that will help companies in terms of profits, basically. there's also optimism that there's momentum for corporate governance, performance, and companies paying more attention to shareholder value. if we will see that in the earnings season in terms of more buybacks and increasing dividends and things like that, so a lot hinges on the coming weeks, to see where this excitement really has some momentum. >> that was our asia investing editor in tokyo. shifting as well to the bank of korea. it is expected to keep policy settings unchanged when it announces its rate decision to policymakers.

our asia economy and governor -- covenants senior editor joins us. it seems likely be ok not quite ready to shift away from its restrictive stance just yet. >> that's absolutely the case. every economist we spoke with said he or she expects to be ok to hold at that 3.5% rate, which as you said, we characterize as restrictive, which makes sense first of all in light of recent inflation trends. we saw inflation come in at 3.1% last month. that beat consensus, and it's about the boj's 2% target range. and as you mentioned, politics. if you think about what happened wednesday, one of the big topics on the minds of voters was rising frustration about the cost of living, which is shooting up, and we saw how that played out just from the standpoint of optics. it would not look good for the be ok to come out two days later and cut interest rates.

haidi: there are also multiple channels where a fed move would affect south korea. how does that play into this? >> that is a big part of this. in the u.s. as well we have seen inflation much stickier than expected, and that has pushed back expectation for fed rate cuts this year. that, of course, all things being equal will support the dollar, which puts downward pressure on asian currencies. the yen is a big part of that, but the yuan as well as they are one of the weakest currencies in asia this year, and that's a big problem for a country like south korea that relies heavily on imports of fuel and food because that could push up costs, push inflation, which would make things worse for households dealing with tighter budgets. haidi: the broader trend for inflation, though, is still down. do you think there's any sort of risk associated with staying higher for longer? >> first of all, one thing we

will look at, last month, the board came out and said it is too soon to be confident that inflation will slow to our 2% target range, so we will look and see how they characterize expectations today. yes, of course there are risks. companies dealing with deaths -- with the debt in the property sector, but on the other hand, exports have held up well. semiconductors, the output of semiconductors in february was the highest in 14 years, so there are indications the economy is holding up pretty well, even with rates at this restrictive level, so it's too soon to think the economy needs any kind of help in terms of easing. haidi: we are following, as we do every morning, the job of turning from japanese officials

on currency. we are hearing from the japanese finance minister again speaking in tokyo, saying it's important that efforts reflect fundamentals and cannot comment on recent moves, but excessive moves are undesirable and they are not ruling out any options against these excessive moves. that sense of urgency still being conveyed. when it comes to currency intervention, as we see broad-based weakness in response to the dollar, how useful and impactful and sustainable would it be for japan to do that at this point? >> that is such a critical question because i think there's a risk. the japanese officials have been very careful, for example, in their verbal intervention recently. this month, they have not used the phrase "we are ready to take bold steps," which is a direct reference intervention. they have not gone that far, and i think there's a concern among

officials that if they play out their intervention threat and it does not work, then things will be even worse, even more chaotic, and there's a real sense that what is driving the dollar-yen higher is what is happening in the u.s. with these fed rate cut expectations being pushed back, and the outlook for rate differentials staying wide for much longer than expected. i think there is a risk that intervention might not work and they are aware of it. haidi: that was our asia economy and government senior editor brian fowler. ♪ a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours.

the all new godaddy airo. get your business online in minutes with the power of ai. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. her uncle's unhappy. i'm sensing any underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly.

you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

>> this is daybreak asia and we are counting down to asia's

major market opens and this feels like a very busy hour that is upon us because of the bank of korea decision do and we expect gdp figures and the mas statement in a few minutes. haidi: and the possibility of more moves in the yen as we continue to get that job earning from japanese officials. the question is where the line in the sand remains and we have the bok, mas and gdp data, a lot of it comes down to broad-based weakness we see in asian currencies now. annabelle: it is all about the dollar coming through but the focus on what these numbers tell us about the outlook for the region and singapore has come out with the gdp figures and mas statement and they say no change to the width or center of the currency band, they will maintain the prevailing slope