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tv   Bloomberg Daybreak Australia  Bloomberg  May 7, 2018 6:00pm-7:00pm EDT

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♪ haidi: president trump announces his decision on tuesday as allies make their final pitches. betty: stocks pakistan's as investors tried to read the president's mind. haidi: trading places, china's top economic advisor visits washington for round two of tariff talks. betty: and budget day in australia with tax cuts, we will be live.
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haidi: hello from sydney where is just past 8:00 a.m., it is "daybreak australia". is just after 6:00 p.m. in new york and over the next hour will look at how the action on wall street is going to play in the asia-pacific trading day. is quite a long time since we talked about oil prices, and that is affecting the markets. mentioned at the top that president trump is going to make his decision and announcement at 2:00 tomorrow that sent crude oil prices back below the $70 a barrel level. you can see we are hovering brent crude and trading at $76 commitment is interesting to see the takedown of u.s. stocks as well. not just energy stocks but not energy stocks also dropping, falling from the highs of the session, but still ending up and five points and the s&p higher,
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and the nasdaq up by seven tens of 1%. warren buffett giving his vote of confidence to apple. haidi: and we saw that driving apple's stock prices. side we canlitical field nurse creeping in as we await the decision from president trump, the bargain is out if the u.s. trace interest in negotiate, we know iran has said there will be no negotiation and last-ditch efforts to persuade president trump to stay in that agreement. for sure,ching oil particularly as iran wants to lower, at higher oil prices. let's look at the asian trading day, you have new zealand's trading getting underway and a little bit of weakness there. at the budget surplus coming in bigger than forecast just now, and the kiwi dollar trading at
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.701 six, with the index resuming gains and stronger against most of that g10 space. sydney futures like more to thee with 0.33% upside and the aussie dollar, before we get gets of the annual budget, .7515 is where we are at. tip the first world news. >> australian treasurer scott cuts aheadports tax of the national election do within a year. higher commodity prices has delivered an expected revenue windfalls and households are pressed between high debt and week which growth. arrison is set to announce return to budget surplus and a 2020 financial year. bostic says that central bank's overshooting inflation targets and also said he isn't worried by u.s. crude prices rising past $70 a barrel and
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bostick says it is a good thing that measure of inflation 2% in march. he doesn't see higher age of prices fundamentally changing the economy's trajectory. stucco foreign currency clad more than estimated last reserves fell in the second monthly shrinkage in the world's second currency stockpile. jpmorgan says active investors are looking to invest in chinese shares ahead of the conclusion msci indexes, the vice-chairman said bloomberg but because passive aggressive investors will do this in thing and says she does not expect a trade were between china and the u.s., that she says american tariffs and sanctions if implement will affect the global supply chain. we don't expect a trade war
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weactually happen, however, do expect trade friction to continue. this is going to be one of the most important issues facing the global economy. >> we will be live at jpmorgan's global summit in beijing and speak extensively with chairman and ceo jamie dimon. global news, 24 hours a day, on the air, and at tictoc on twitter. powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. betty: president trump will announce his decision on the 2:00 p.m.ar accord at washington time and wednesday morning in asia and european allies have been trying to persuade president to stick with the tackle israel wants scrapped. on to bring in greg sullivan from washington, we know and
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have any signs on which we think president is going to go? president trump isn't saying what his final decision is, but it certainly looks like offsides to trump pulling out of the deal. bobeard from senator corker, chairman of the four relations committee and he said during a substantial change a couple oflieves weeks your, and even today we had heard from european the let's that it is likely trump is going to stop waving sanctions, despite an onslaught of loving from foreign allies. last week we had merkel and macron, and today we had a foreign minister boris johnson in town, put into members of the white house, mike pence, but it is a look back is going to have much effect. trumppoint towards
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scrubbing the deal that he has long been critical of. betty: if he were to do this, would be the republican reaction to this? greg: than republicans have been divided on this. havehe white house you john bolton, who is a hawk, and secretary of state mike pompeo has long been very critical of the deal. and have others in the party chairman of the house armed services committee and defense chief, he is more cautious and he said yes to look forward to what comes next. while he opposed the deal he said pulling out my to limit the u.s.'s ability to have visibility into what iran is doing, and that is the counter argument. many are saying, why give up what we have? earlier, former secretary of state, is the low price but it was a bad deal -- condoleezza
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rice that was a bad deal. republicans are divided. he has some support in the hill and his it and others some more cautious. haidi: we continue to watch the moment on the trade front and china's from her is heading to washington to continue trade talks. a show of faith in sending a very high level delegate after not anywhere the last round of talks last week. right, they didn't seem to get anywhere but they did agree to continue talking and that is exactly what we are seeing now. still, it is unsurprising that china is sending a delegate, especially with the rest of one or $50 billion in tariffs still looming. is surprising the negotiations continue and both sides are talking tough and making that demands, but it appears china is trying to find a way to break the impasse in these trade
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negotiations between these two major economies. haidi: we appreciate your time with us with the very latest. let's get a market reaction to the news and a decision from president trump, on whether the rest will stay or withdraw from the nuclear deal with iran. get the market reaction, which is shaping up to be an interesting section. the focus is on oil, and let's get to the chart, oil is on a run-up to 70 dollars come at highest we have seen since 2014. energy shares were moving higher and that helped lift the snp to its high of the day. on theut what happened trump tweeted that he would have a decision on tuesday at 2:00 p.m. at the white house. there was a big drop right after the announcement, and it fell
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below $70, erasing gains. we saw a bounce in extended was to ups cio of why oil could go either way on this decision. >> we could see it spiked to $85 on any kind of pullout by the united states. i think iran would prefer those sanctions, which would contribute to lower oil prices as a secondary effect. rhaps an understatement, and the view from oil traders is if there are such as a could disrupt exports and could spike the price. there has been a view as we discussed that trump has been adamant about pulling out. with are some traders think because when he said that the tweed, he didn't take it as an opportunity to slam the deal
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that perhaps the diplomatic efforts with the europeans had some traction. in other words, we saw the price is high as it was, they think it is ripe for a selloff and that is what you saw. oil on tender hugs, and you can find these charts on gtv. gasoline has been moving higher, and we see guzzling ahead of the all-important driving season in the summer at the highest has been since the 15. 2015. betty: there was a lot of m&a news out there. su: was the investor sentiment and it is a sign the economy is moving strong. let's go to blackstone, agreed to buy gramercy property trust in a cash deal by at $7.6 billion.
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green on the screen for both companies and the acquired company getting a big boost. togine the company offering buy athena health care for $6.5 billion, a huge jump in those shares. an elliott management is activist company and get actively involved in this is a big move for them. nestle is spending $7.15 billion for the rights to market starbucks products. is going to put a huge chunk change in starbucks his hands and they plan to use it for their u.s. and china strategies growth. starbucks has been absolutely explosive, not so much in the u.s. market there is a trend towards making coffee at home products and that has caused stocks are don't 5%, so the money from that deal will go directly to u.s. and china strategies to boost the bottom line. betty: still ahead, budget day in a civilian were collected
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tells on tax cuts and investors however looking deeper into those numbers and will have more. up next, more on the swings of oil prices as trump first announces decision i iran sanctions and will hear from management next. this is bloomberg. ♪
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haidi: i am haidi lun in sydney. betty: you are watching "daybreak australia". more uncertainty is added to the market and one beneficiary is the u.s. dollar, you can see in this gtv chart here, just type in gtv , the dollar is climbing for almost a month, seems to be accelerating as the weeks go on. and treasury yields rise as well. is get more on the dollar and
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impact on markets. the chief economist for intellect partners and bloomberg view columnist, bank, for those in asia, there wondering how the dollar is going to impact emerging markets. do think it might be as bright as we saw in 2013 when we had the taper tantrum and rates rose? could we see that cap of impact or will it be more muted even this rise? wayheare somewhat underr of that scenar that 2013 scenarioio,. o. argentina, they were in favor last year and you see the chart on the bloomberg that the upper member of emerging markets and 12 markets
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is stronger and people look at the asset class like it is overvalued and the dollar strengthening. this is what is happening and it may continue. betty: you think it will result in a positive and tightening by the fed? ben: the dollar strengthened reflects a strong u.s. economy and to some extent it is true, but at the same time that causes global markets experiencing higher volatility, ultimately a will show up in high yields and financial conditions and that could impact the economy. betty: but we are not there yet. are we far from their? way,i think we are on the it depends on how expiration of the dollar continues, that matters a lot. if that continues we can see the
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fed me look at this and it is impacting the economy negatively and they may have to stop the d timenning for a perio before it can resume and i could take up the pressure off the dollar as well as emerging markets. i want to raise the question that it be had with what happened in may of 2018, let's get into the bloomberg and see a chart that shows a lot of major emerging markets doing a lot better in terms of getting the financial houses in order and reducing the extent of deficit and accounts are looking healthier. are they in better shape to withstand external pressures this time and is there a sense that if you were to choose any one of these ems, is there one that is more excessively or unfairly penalized by the u.s. dollar rate environment? which you maybe have the stomach to be able to add 2:00 p.m. exposure and take the opportunity?
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the em exposure. ben: the stronger ones remained for fundamental reasons, so as the dust clears as we go through this iran deal, and maybe the dollar strength eventually eases up, then this s lookular emerging-market more attractive and that is what is particularly happening, it is a valuation issue that needs a good rally. volatility,ing with and the good ones will spend that does what investors will go back to. inhink it is indiscriminate emerging markets because it doesn't fundamentally look good. a reevaluation of last year's rally of emerging markets. deal, bring up the iran
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and we saw it play out with jitters in the markets today. what is the outside risk that is impressed in and was the downside risk when it comes to markets like india and inflation? think it depends on what happens tomorrow. the oil market has responded were to come to an agreement, it would drive the price of oil's, and that the same time sanctions are renegotiated, then the oil price me not go too much. the end effect is that it does drive up headline inflation and energy inflation. that impacts countries that are either relying on oil prices like india, or develop markets will see headline inflation go up further, and that impacts the economy in a negative way. i do think that we don't know
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what will happen tomorrow, but the way to crude market is trading is a view that iran will face more sanctions and therefore drive up oil prices further from here and cause more inflation. is a changer view when it comes to looking at your energy portfolio? ben: what i am looking at more is the energy sector itself is a pretty good run, but there's also challenges. i take a cautious view that the constraints have impacted companies negatively, at the same time, the general trend of energy continues to be upward and is a sense that "not as assembly stop production cuts to get a price they feel is more equilibrium higher, at a $70 a
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barrel, if not closer to $80 a barrel. so i could stay positive for the energy sector. given all this news between u.s.-china trade sanctions and the 10 year yield at 3% and now, this iran news, will he or will he not leave this deal? are returns cap at this point in the market? what is the expectation here? ben: i think what you are looking at is you have negative returns and equity markets and bonds. with positive returns in commodities by and large, and it looks at this idea of stalled inflation. is not benefiting equities are bonds, and i think this bounce we're dealing with depends upon three factors. the correlation between the dollar and oil price, which is off.
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and it is translated to u.s. interest rates. but markets are assessing is there's going to be a limit at some point you cannot have coexisting strong dollar and strong oil and just rates at these levels at some point these will change, and therefore the coming period after this iran deal negotiation, if it happens, we'll see shifts of changes that will change the returns of equities and bonds. ben, bloomberg view columnist, thank you for your time, and you can get a roundup of the story to get your day going in today's edition of david and bloomberg subscribers go on dayb on your terminal and this is available on the bloomberg anywhere app is my setting so you only get the news on industries and assets you care about. this is bloomberg. ♪
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,aidi: some breaking news comcast is speaking to investment backs about obtaining financing for an all-cash bid displaced disney's two $2 billion deal to acquire most of 21st century fox's assets. where hearing this from a the firstport with concrete step will see from comcast to take up ending this deal with fox. details.h for more betty: fox rebuffing the earlier bid from comcast and reports are the company is waiting for the justice department to make the details. ruling on the at&t time warner merger before comcast comes out officially with a counter bid for fox. these megamergers continuing to happen in the telecommunications and media space. a quick check of business flash headlines. elon musk puts his money where
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his mouth is buying 81 $5 million of tesla shares, almost 10 million, his biggest purchase since march 27 and takes a 20% stake in the company. to spurn promised those betting against the company call conference boring toto more to an answer. haidi: fidelity found employs return equipment without reporting it, keeping reimbursement allowances. betty: icici bank has posted its steepest fall and quarter profit since 2016 has provisions for bad loans more than doubled and net income drop $152 million, down almost 50% from a year
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earlier and also boosted by a 4090 $4 million gains in the state of securities unit. more ahead on "daybreak australia". this is bloomberg. ♪ mr. elliot, what's your wifi password?
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wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. hey! let's basement. [ grunting ] and thanks to these xfi pods, the signal reaches down here too. so sophie, i have an xfi password. and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store
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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> 8:30 a.m. in sydney. 90 minutes time. futures signaling a pretty sanguine session ahead of the australian budget. we are expecting some sort of tax cuts for the infrastructure spending. pretty light on details at this point. elsewhere, volatility as we wait. president trump to announce his decision on whether the u.s. will stay or go. i am haidi lun here in sydney. must-see tv.l be i am betty liu in new york. you are watching daybreak australia. first word news with jessica summers. fell back.s. oil
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below $70 after president trump tweeted he will announce his decision on the iran nuclear at 2:00 p.m. tuesday washington time. germany, france, and the u.k. have lobbied to remain in the agreement. boris johnson is in washington. he is arguing the deal is flawed but can be improved. allows iran toit go forward fast with enrichment programs which could lead to a nuclear weapon. no sanctions go back on that. we need to find a way of fixing that. the president has been right to call attention to it. you have got to do that without just throwing the baby out with the bathwater. jessica: the white house says xi jinping's top economic adviser plans to visit washington for follow-up trade talks. that's after the trump administration officials
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returned empty-handed from beijing. the vice permit or will travel to the u.s.. each side has issued a long list of demands. to meetr is refusing those demands. italy appears headed towards a new elections. rival populist parties are unable to agree on forming a new government. it five-star movement says is now in campaign mode. leagnti-immigrant calls for a new vote. sergio matamelaue is considering a final attempt. lawyers are accusing the u.s. securities and exchange commission of engaging in a "celebrity hunt." the regulators trying to compel the hip-hop mogul to testify and accompany heated business with more than a decade ago. they find a court order to compel jay-z to provide testimony. global news, 24 hours a day, on
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air, and @tictoc on twitter. i am jessica summers. this is bloomberg. haidi: let's get you a quick asiae on the markets as gets hit for another day of trading. we have seen things turn .8%.ive, up by hitting its high point for 2018. sydney futures pretty positive. intoints to the outside go the open. the aussie dollar holding at 75.13 ahead of budget day and the aussie-kiwi pay -- lossd an environment of for the kiwi. the yen trading at 109, as well as watching the sterling ahead of the bank of england's decision and mark carney's
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policy statement as well. u.s. stocks, topsy-turvy. these geopolitical concerns imminent, throwing things into the mix. the u.s. tenure pretty much unchanged. pretty sticky at 2.95%, it seems. we have got garfield reynolds here with me in sydney. saying, we have this holding pattern when it comes to u.s. yields. the supply that's coming into the market, what is the reaction we are expecting? >> it's going to be hard for the 10 year yield to stay below 3%. there was a lot of talk about this is when they yield is going to take off. instead, we saw a couple of things. there was search for an alternative. that helped to keep yields down. now, when we have got these
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up, oilauctions ramping holding above $70 per barrel, and even an iran solution -- the only way is up for u.s. yields. options,oking at those the u.s. is selling more and more deck. will there be enough demand? >> i have got a chart to show which the gt the library looks at how the bid to cover ratio has started to come off. we are getting to a state with the supply where demand is getting testy, so to speak. it's not as though you see the , but thetion as yet lower the demand gets for treasury auctions, that sort of helped to build that based for yields. the suren enduring
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that's going to help to drive up yields, and i think they are going to get sticky each time on the floor. it will go up, come down, get stuck. you need to see a really strong turn in demand at auctions and elsewhere before you can get a sustained decline in yields. betty: the forget to check out those charts in our gtb library. hitthe charts you just saw, gtb go. it did not produce any media concessions on trade, but they did agree to keep talking. advisor willonomic be in a delegation to washington. , here with more. tell us who is coming. is this an encouraging sign? kathleen: i am a glass half-full kind of person. it's encouraging. even though we reported over and
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done,hat nothing was obviously something was done because something will continue in washington next week. president xi jinping since his top economic deputy to continue to keep these talks going, and this is how trade talks work. it would be very unusual for them to spend a couple of days in beijing. it continues on donald trump's home turf. let's take a look. very important a person as these talks continue. he started out as a government researcher. he is the top adviser on economic matters of all time. to be recently promoted vice premier, and he will sit down with trump's team. let's remember what donald trump wants to be. he is threatening to impose on hundred $50 billion of tariffs on u.s. imports from china after the public comment period ends, may 22. that deadline is trying very near.
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put your trade surplus with the u.s. by $200 billion by the year 2020. that's only two years from now. they have a $350 billion shortfall. to drop itsina retaliation threat against the u.s.. earlier, stephen engle spoke to jpmorgan's head of asia-pacific -- to thes some big risk u.s. and china as this continues. ware do not expect a trade to actually happen. we do expect trade friction to continue, and this is going to be one of the most important issues facing the global economy. >> she also said that the trade measures u.s. might take against china could slow exports from china to the u.s., slow down their gross domestic product, so it seems like there is definitely some incentive for both sides and china to avert
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the worst that could happen which is no deal at all and a full-blown trade war. does beijing actually want? is it possible? >> what they would really like is to just back off. they want the u.s. to just drop this big terror threat. the head of the pboc had an interview recently said this be dealte plus must with russia. it is a long-term structural issue. own specificir demands. they want the u.s. to stop its investigations in china's acquisitions of sensitive u.s. technology. they want them to address this on one of china's biggest telecommunications companies, tied into the north korea sanctions issue. this could make a big difference and it reallyess,
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doesn't make sense. they want the u.s. to lift their ban on integrated exports. another interesting story i think is in the past, trade talks that china was involved in were handled by the commerce ministry. now, they are being handled by the central commission on the economy and finance. there is no robert lighthizer. have a not really corresponding person on the other side. that is something to think about as we look at how these talks will continue. the daily reporting in the last 24 hours, the commerce ministry onpaying cuts to tariffs some of the imports the u.s. since the china, including agricultural products and from is. maybe around the edges, things are already starting to happen. this meeting next week in washington, a very big deal for the u.s., china, and the world. haidi: thank you so much for that. andleen hays with a preview
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lots more to talk about on china. china summit in beijing later on today. stephen engle will be speaking exclusively with some of the biggest names in the business including the jpmorgan ceo, and douglas flint will be joining us on bloomberg television. betty: great interviews will be coming up. it's budget day in australia with an election looming. the treasurer looks at the splash, next. this is bloomberg. ♪
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haidi: i am haidi lun in sydney. betty: i am betty lou in new york. you are watching "daybreak australia." australia's government is expected to use tuesday's government to win back disaffected voters before trade tensions between the u.s. and china could undermine the economy. paul allen is in canberra and
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joins us from the lawn of the parliament house. what are the specifics we can expect in this budget? betty, the key thing we have been hearing about in the weeks leading up to this budget is a big boost in revenue for the government. commodity prices have been a lot higher than what forecast in the previous budget. there has been a boost in the tax revenues which have increased because of the losses they have been able to claim in the wake of the global financial crisis and personal tax revenues are up as well. the deficit forecast is likely to be a lot less than it was last year. surplus also forecast earlier than previously expected, coming by 2019, 2020. the books are expected to be back in the black with a narrow surplus. scott morrison has been speaking to reporters as he often does on budget day, so let's have a listen to what he had to say.
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>> the strength of that economy we all live in will determine so many things. the plan for a stronger economy that i will be announcing is about improving the opportunities for all australians to live in a stronger economy. to steal a little of the fender, some of that is likely to include tax cuts, albeit moving the thresholds for which higher tax rates kick in, in the government likely continue to press ahead for the company tax cuts as well. likely to be the last budget delivered before the last election. is this generosity we are seeing? yes, and a word. it's very much an election-year budget. the election has to be held he form a of next year. this will be the last budget the government hands down before
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going to the polls. i'm sure that the key reason to be fair. probably any incumbent would do it. alsoes tax cuts, there is some big infrastructure projects as well, particularly for western australia in queensland, two states where the government has been struggling. we will be watching close in the lockup. for decisions that have been taken, but the government has not yet announced. it's all setting us up towards election-year gifts. a risky strategy. many commentators have said this is only short-term, and australia is a very trade exposed economy as well, and in the context of this ongoing trade battle between china and the u.s., giving away presence in an election year can be a little bit risky, so there is likely to be some criticism and discussion around that strategy as well, haidi. haidi: thank you so much for that, paul allen in canberra.
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the details of that budget as it is announced later on today. joining us for analysis is the australia chief economist. it is a headline look at what the government debt to gdp situation is, up 41.5%. on an insubstantial rise we have seen. as paul pointed out, are you expecting a bit more of a populist budget? do you expect that can still return to surplus as treasurer says we will? >> it comes at an interesting time in the economic and political cycle. we think it will confirm a positive shift in australia's public finances that is consistent with what we have seen in the australian labor market, that we have seen in terms of australian investment, and also in terms of the broader economy. we think they can deliver a very positive mix of personal income
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tax relief. corporate tax cuts, and to your question on that debt, we think projections will come down and they will be delivering surplus. a very small one, but a year ahead of previously forecasted. that, i think, is a positive ask for growth. that will be interesting to see how markets absorb that. haidi: how transitory are the tailwinds? you could be staring down the barrel of a full-blown trade ir, out of which australia -- would hesitate to point out a country that is more exposed to developments when it comes to its exports. andrew: i think we should be careful about understanding the improvement in the broader australian economy we have seen over the past years. haidi: rebalancing. andrew: exactly.
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we have navigated the major downside tail risks in the mining boom. it was those tail risks that were undermining the public finances, so we look at the labor markets. we have seen the strongest jobs in 2017. history employment growth currently tracking more than double population growth. from the update business survey yesterday revealing the strongest level of business confidence or conditions in history. consumer sentiment is pretty close to a five-year high. a massive pipeline of public infrastructure work yet to be done. at its highest level since the 1980's. close to 10%. there are a lot of, you know, solid improvements in the fundamentals that have underpinned the improvement in the public finance, so we should he about understanding the longevity of those. time will tell of course that we should be cautious about getting to negative on the broader -- too negative on the broad
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improvement have seen over the past year or so. haidi: let me take a look at the household view of things. thee, it kind of does paint picture of what paul was talking about. .ower to middle income earner we have got wage growth, very sluggish. it is struggling to gain traction. household that is at an all -- debt is at an all-time high. will it make an impact? there are structural issues. andrew: we think that households in this budget are really moving out of the crosshairs of government, because they had been in the crosshairs for a number of budgets now with a range of tax increases. we forget that we had a andorary deficit levy increases in fuel taxes, increases in tobacco taxes, increases in the medicare levy. changes to the congressional rates. threats of
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copayments and negative news flow for households. this year, we think the news flow will be very different and in the other direction and intended to mitigate some of the negative trends you highlighted on the wages front. we think the tax relief will be targeting those lower to middle income households. to $4nk that up to 3.5 billion could be a return to this households in the form of raising the low income tax offset, which would boost consumer spending, and you know, you could not ruled out payments to households as well to compensate for a period of weak wages. betty: there are some critics of this upcoming budget saying that the spending is going to make australia more vulnerable to an economic shocks or economic downturns. would you agree with that? ways, i mean, we need some perspective on the
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spirit yes, australia's public debt is much higher than it wants, around 8%. it was not that long ago that we had no debt. context, most economies are averaging public debt and share of gdp four times that. yes, the progress lowering that slower thanperhaps we would like, but we have to reconcile that with the political cycle as well, and at least now we are moving in the right direction for the first time in a long time. betty: thank you so much. chief economist on the upcoming budget due in a few hours. we will have a full wrapup of the australian budget tomorrow morning on daybreak australia. scott morrison joining us. shadow finance minister will be joining us from
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8:00 am sydney time, and 6:00 p.m. here in new york. haidi: l you can watch usive and on the you can watch us bloomberg functions we talk about and join in on the instanttion and send us messages during our shows and any questions you have for our guests. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪
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haidi: a quick check of the latest business flash headlines. a surge after elliott management offered to acquire the medical company for $160 per share, saying executives failed to correct a host of operational issues. valuing all cash bid the platform at $6.6 billion. value is $18rket
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away. that is how much each share of the iphone -- they need to rise to the tech giant to reach the round market capitalization with shares at $203.43. they have risen for a sixth straight session. amazon areosoft and competitors in cloud computing. their voice controlled system -- talkts alexa and quintana to each other. the mash-up is being tested. that is almost it for "daybreak " this morning. taking a look at what is coming up, yvonne. yvonne: watching the oil markets but heading to beijing as well for the jpmorgan global china summit. stephen engle is there with the whole morning of big-name guests including the ceo of capital , and group ceo. it is the biggest developer in singapore.
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we will be asking the ceo the prospects for expanding real estate businesses in china, given how much competition there is with local developers. betty: our guest after that is the u.s. army chief of staff, former army u.s. chief of staff. he is president. when he left office last april, he said he was leaking into one of the most unsecured environment he has ever's been in his nearly four that get career. i cannot imagine he is feeling any more secure these days. really interesting conversation, i am sure. this is one you will not want to miss. we will be speaking exclusively to jamie dimon with us in beijing. it will be a comprehensive, expensive conversation about the strategy in china. the opportunity opening up reforms where he sees the growth
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that mayd the risks arise from these trade tensions as we set up for round two of trade talks between washington and beijing. that's it for "daybreak australia." you shows coming up next. asia with yvonne and betty. ♪
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yvonne: 7:00 a.m. in hong kong, live from bloomberg's asian headquarters. welcome to "daybreak australia." the top stories this tuesday, nuclear options. president trump to announce the decision on tuesday as allies make their final pitches to fix that. stocks also paring gains as investors try to read the president's mind. betty: i am betty liu in new york, where it is just after 7:00 p.m. on this monday. china's top economic advisor to visit washington next week for another round of terror talks.

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