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tv   Bloomberg Daybreak Australia  Bloomberg  August 18, 2020 6:00pm-7:00pm EDT

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>> welcome to "daybreak: australia." i'm haidi stroud-watts in sydney. we are counting down to ages major market open. >> good evening from new york, i'm shery ahn. >> u.s. stocks complete their fastest ever return to your record, topping february highs for the first time since the coronavirus upended the market. the s&p 500 capping a rally from march low. sydney opens later.
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net income coming below estimates. revenue jumped by one third. jeff bogged shows us -- joins us later on. china tensions rise further. u.s. colleges are being told to offload holdings of mainland companies amid warnings of a wholesale sale of stocks from american exchanges. shery: let's get you started with a quick check of the trending markets. u.s. futures opening flat. this after reaching a record high. finally passing the february high after failing several times in the past week. the s&p 500 was led higher by consumer stocks. propelled by tech shares. the quickest rebound on record. fastest ever return to a record after a drop of at least 20%. we are still headed for the fifth straight month of gains. the longest winning streak since september of 2018. take a look at the dollar at the moment.
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still under pressure after it fell to the lowest level since may of 2018. gains itte most of the got during the u.s.-china trade tensions in the past two years. here's how oil is trading. wti heading towards $42 a barrel. under a little bit of pressure. it fell after a five month high ahead of the meeting by opec-plus. the monetary committee, the eia inventory report also coming out on wednesday. haidi: let's take a look at our futures. this is the picture when it comes to the nikkei futures. a little bit of weakness. looking like we are starting in the red when it comes to asia. more coming out of japan. the machine orders and the trade balance data coming out. kospi futures off by one. we are seeing some profit taking, given the recent run-up in south korean shares. also watching the start of trading in sydney a in the thick
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of earnings season. continuing to watch out for the strength in asian currencies, given the renewed weakness in the dollar that we have seen. new zealand seeing downside, .30%. also bank indonesia monetary policy rate. could leave the rate unchanged at 4%. one thing that could be affecting liquidity and trading is the potential trade delay in hong kong markets. we have catherine he growth lashing the city earlier this morning. it needs to be lowered below eight before 7:00 a.m. for trading to proceed as usual, otherwise it could be a variation of those disruptions. session potentially canceled in hong kong. shery: the fastest ever return to a record for u.s. stocks had a rally from the march lows. let's get more from adam haigh .
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lose equities starting to the correlation with u.s. stocks. why are we seeing this? what does it mean throughout the rest of the year, particularly that we have the backdrop of dollar weakness? >> in one sense, it is really a story of how much the u.s. has outperformed the rest of the world, and through this coronavirus pandemic. it also speaks to the fact that you do have some tech element in the asian markets, but you have a lot less. the big broadbase moving to u.s. stocks. we haven't seen the same magnitude in the nikkei. that correlation coming off, we look at the 30 day correlation between the msci asia-pacific and the s&p 500. that is clearly continuing to come off of the highs we reached in march. now coming back below zero. certainly looking towards the u.s. presidential election, you would expect that correlation to
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weaken as the domestic issues within the u.s. tend cover market performance, particularly with the developments you expect coming on the stimulus front. in this part of the world, far more idiosyncratic differences between regional markets that would suggest that correlation continues to weaken. the big reason continues to be the u.s. outperformance. with fed rates staying where they are, and the indication rates will continue to stay low, people are willing to pay up for the higher valuations we see in the u.s.. we are hearing more and more from investors on that side that it is a trend that will continue. shery:shery: on the other hand, we have the underperformance for the dollar. what are the technicals telling about where the greenback goes from here? >> in many ways, what we have already seen is a huge move in dollar weakness. typically when you get this kind
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of a magnitude, you can see just looking at the momentum indicators,ou do t towards a pretty oversold level if you look at the bloomberg index. there are arguments building on the short-term that you get some kind of rebound. the virus situation may be seeing marginal improvements in the u.s. in recent weeks, but it is still dire. there may be isn't enough to indicate that we have seen the end of the weakness. we are awaiting both the elections and some development on the stimulus front. it is not clear in the technicals whether you get the push up. but you would expect further dollar weakness. shery: adam haigh with the latest implications on the record moves in the u.s. let's now get to the first word news with karina mitchell. hasresident trump says he called the trade review with
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china, blaming beijing's handling of the coronavirus. he told supporters he doesn't want to resume talks for the time being and "we will see what happens with the phase one deal." the plan to review progress of the agreement, but the agenda never made it to any official calendar in washington or beijing. the democrats are willing to lower their stimulus demands to break the deadlock in washington. nancy says she will cut calls for 3.5 trillion dollars in new programs to help the sides reach an agreement. it could indicate the democrats are ready to negotiate below the funding level they have been fighting for so far. the white house wants a $1 trillion package. the u.s. postmaster general is suspending changes to the mail service after concern slow delivery of ballots led to claims president trump wants to undermine vote by mail in in november. he said any changes to the running of the usps will be pushed the on the election to avoid any charges of interference in the voting process.
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he is set to testify on capitol hill in the coming days. canadian prime minister justin trudeau is turning to his most trusted aide to drive the economic recovery and reset his government's agenda. she succeeds the other finance minister, having overseen canada's interests in the north american trade deal. she has enough political authority to maintain fiscal discipline in the administration. global news, 24 hours a day, on air and a bloombergquint take, powered by more than 2700 journalists and analysts in 127 countries. i'm karina mitchell, this is bloomberg. haidi: still ahead, jessica meir takes us through earnings coming out of australia. but we will speak to jeffrey back to and the strength of the chinese market. and global uncertainty. this is bloomberg. ♪
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haidi: a 33 percent jump in revenue in results. it was driven by an infant nutrition sales in china and via a bigger distribution footprint. let's get some results, and whether they are sustainable, we are joined by geoffrey babidge. great to have you again. when we last spoke, this was back in february, you said there was a great deal of uncertainty of how the pandemic plays out. he wasn't sure if it would be negative or positive. it has clearly been positive. have you been surprised, and is this ongoing growth sustainable? >> we are pleased with the performance we have achieved in the second six months. revenue at $1.73 billion. we did get some headwinds as a result of covid, particularly in courts or three.
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there was some winding about that occurred in q4. we see that continuing into the first part of fy 21. our business is in a very strong position. our brand is performing well. we continue to see a continued strong growth moving forward. that is particularly in response of the opportunity that we've gotten. haidi: that opportunity, do you expect that will take your existing business from about 40% to even more? will that be endangered by the australia-china deteriorating trade relationship, given how ramped up the branding is with the image of australia, as well? aren fact, 48% of our sales actually being sold through our china business.
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there is a component of our sales in australia that found its way into china, as well. we certainly understand a very important part of our business is in china. mucheality is we are very focused on the fact that we are a trained company. we are incorporated in new zealand. our product and formula is sourced from new zealand. we are very much focused on the relationships we have in china, what we have with our trading partners, the importance of our brand and consumers in china. we believe all that taken into account, and the reputation of new zealand being very much about products finding its way into the asia pacific, position us as well as we can to navigate through some political tensions
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at this present time. shery: how about the competition angle? chinese vendors are also trying to really push themselves up market. there seems to be this move to compete in that market. how do you plan to keep your competitive edge? >> we have a unique product position. we are the innovators, the founder of that proposition. it is unique, the bedrock of our brand. but now our brand represents more. the sourcing from new zealand. we believe we have to differentiate a product. it's a very large market. we believe we can continue to grow very successfully in that market over time. acknowledging there are other players performing well. obviously we monitor what they are doing.
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but we are focused on our business model and think it will produce going forward. shery: your percentage of world sales in china, will that stay at around 40%? >> that will continue to grow. that's part of our strategy. in some elements within the china market, we still have a long way to grow. the mother and baby store at ael was adding reasonably small market share position. we have been focusing on how we grow. there is a lot of runway to grow there. we have a team in china that is performing extremely well. we have been investing in additional people and resources to grow out. we see further opportunity in mbs. we have the promise channel, as well. we see further opportunity there. alsodition to the formula, within the portfolio, we've got
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opportunity to further grow in respective liquid meal and other powder products, as well. comfortable that the opportunity is there for us to continue to grow. earlier, tod navigate through the challenges from covid and the political tensions that are presented. haidi: in light of all of these political tensions, is it fair to say that you prefer to be a new zealand company? >> we are a new zealand company. that is where the company originated. that's where the protein proposition was discovered. we are listed on the asx. isen all of our product, it sourced from new zealand. that's clearly a key point. but we obviously continue to
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communicate. obviously, we see that as being very relevant at this point in time. haidi: how big of a competitive threat would you see the acquisition of bellamy, particularly as we have seen in the past the chinese government giving preference and promotion to homegrown brands? >> we respect them. they are a good liquid company. we know them, we have had discussions with them. i think they are going to do well with the bellamy's brand. there is plenty of room for a range of players that have distinct propositions or strong brands. the other important thing is we have very good partners in china who are assisting us in how we grow our business. a very strong long-term distributor partner in china, a state owned enterprise, they
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have been tremendous in assisting us and working with us in growing our business, and growing their business through the distribution alliance we have in place. the reality is there will be competitors, we respect the competitors in the market. it's a very large market with a differentiated product offering and strong brand proposition. we believe there is plenty of opportunity for all of us to grow over time. haidi: always appreciate your time. geoffrey babidge there. we do have breaking news when it comes to the pharmaceutical biotech giant. earlier this year, it overcame cba to become the biggest listed company in australia. income meeting estimates. $2.1 billion. the estimate was $2.11 billion. a final dividend pressure being
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issued on $1.07, versus one dollar year on year. up $2.72coming billion. we see that share price looking well prior to the three-month period of the back of the gains we had seen in health care. other positive news, because they are currently in talks with astrazeneca on producing a vaccine. and then hearing that they signed the letter of intent to receive the university of oxford's coronavirus vaccine, should it prove successful. shery: don't miss another big interview coming up today. richard white joins us exclusively on bloomberg markets later. catch that interview at 1:40 p.m. in sydney, 11:40 a.m. in hong kong. the state department warns u.s. colleges to divest from chinese holdings in their endowments. the latest on the geopolitical fund, next. this is bloomberg. ♪
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tensions between beijing and washington are continuing, with the u.s. state department telling colleges and universities to divest from chinese holdings in their endowments. steve engle joins us with the details. perhaps more ominous signs we delisting ofe th chinese companies. >> it's perhaps part of a broader campaign by the u.s. slow the flow of money that has gone into chinese stocks, whether it is state pension funds, or university endowments. and we have seen the letter written under the secretary of economic growth at the state department. it was addressed to the board members of u.s. universities
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saying divesting from chinese stocks would be prudent in the likely outcome that enhanced listing standards lead to a wholesale delisting of prc firms from u.s. exchanges at the end of next year. there's a time frame have put. and a warning that holding the stocks of the chinese companies runs the high risk associated with prc companies have to restate financials. the u.s. has been alluding to allegations of fraud from companies, as well as national security. that has been at the forefront of the number of efforts to attack chinese companies, whether it is huawei or other chinese companies. this is obviously yet another sticking point in the u.s. china relationship. we have heard from the chinese foreign ministry reacting to the latest moves to tighten the noose on huawei.
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>> that's right. not surprisingly. when i talked about it yesterday, i expected the foreign ministry to brief -- in the briefing to blast this decision from the commerce department, basically holding a loophole is how the secretary wilber ross said, by adding some 38 affiliates of huawei in 21 countries to this blacklist. the ministry of foreign affairs in beijing say they oppose discrediting chinese companies. beeni said the u.s. has abusing their state power in the guise of national security. he called the u.s. empire hackers and said the move would backfire. sharp words coming from beijing following the second round of a crackdown on huawei. that was in addition to curves
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that were announced earlier. in a separate story, we also hear the extradition hearings in canada for huawei's cfo will proceed this week in british columbia behind closed doors. apparently the legal team wants to see some documents that have not necessarily been released, they are classified. the defense team believes those 38 or so documents, out of 400 that have been released, could help exonerate her, saying the arrest by canada at the behest of the u.s. the extradition request perhaps violated her rights. haidi: our chief north asia correspondent, stephen engle. let's get a quick check of the latest business flash headlines. uber considering changing its ride hailing model in response to tough labor laws in california. it may license its brand to franchisees for new driver regulations and avoid
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classifying them as employees. new california laws require offering benefits to workers who carry out corporations. looking into a similar business model. catcher is to sell to businesses in china as taiwanese companies move away from the mainland amid rising u.s. pressure. the studioill buy with completion expected this year. it is valued at almost 1.5 billion u.s. dollars. 40% of their total sales last year. new datapening a center in singapore, expanding into southeast asia amid claims it transmits user information to beijing. surgeas seen demand during the coronavirus pandemic, but it has triggered questions about software encryption. zoom now has 18 flats around the world. users jumped up 65 fold in singapore from january to april amid the covid-19 outbreak.
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goldman sachs in malaysia signed a deal to finalize the near for billion dollar session over the one mdb scandal. $2.5 billion within 10 days. it also guarantees a return of $1.4 billion in assets around the world. it was agreed in july in exchange for malaysia agreeing to drop all charges against the bank. shery: we have an alert coming from california. governor gavin newsom saying they are deploying every resource available. they have just declared a statewide emergency due to the fires and the weather. we see extreme heat around california, with nearly 30 wildfires burning across the state. the governor now coming out and saying they are deploying every resource available and declaring a statewide emergency. plenty more to come. this is bloomberg. ♪
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if you look at the post office, for years, that's all people complained about. we will run it well, and we will not lose so much money. >> he's tried to prevent people from voting, undermine the u.s. postal service. >> we should be funding the postal service so it can do its job. we need to make it easy for americans to vote. >> we do need to make sure vote by mail will be safe in this country, as well. >> we have to request mail-in ballots right now tonight and send them back immediately. >> the postal service will be just fine. ability toe sure the
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function going into the election is not adversely affected. >> the president said he's not putting up any money for absentee voting, and he's not putting up any money for the postal service. undermining the health of our democracy. some comments on the u.s. postal service and the mail-in voting issue, which has become a key debate for the november election. the democrats are gearing up for day to of the democratic national convention, including speeches from a former president bill clinton and jill biden. joins us. what are you expecting? their ownwo, by definition, is a study of leadership. they will focus on trying to undermine president's leadership, talking about why that hasn't worked out for the country, and give the attributes
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they can to joe biden and his leadership qualities to create the contrast on leadership. using bill clinton, a former president, and dr. jill biden, to push that line tonight, the second night of the convention. that's the focus for today. shery: what about in terms of the vision for the democratic party this evening? >> it's going to be a mixed bag. there will be a number of people speaking in this video format they have developed, who will represent almost every nook and cranny of ideology. congresswoman a have court has, aoc, will a very short speaking opportunity, but probably represents the more far left side of the democratic party.
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they will have a voice tonight. haidi: i'm curious as to what you make of the latest polls. everyone talking about the cnn poll that saw the shift towards trump. are we being especially cautious with polling, given the many times we have been led astray before? >> polling is polling. it's a snapshot in time. you have to look at the underlying elements of the poll. the cnn poll, anybody would answer the phone, it wasn't even registered voters. there were filters to try and get the right names and numbers. the bottom line is the state polls are what matters in the national election. when you look at the targeted states, like michigan and pennsylvania, wisconsin, florida, the race has been pretty static. that is not good for donald trump. the static nature of it has joe biden up significantly.
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more than hillary clinton was ahead of donald trump for years ago. certainly better than the outcome for the democrats last time on election day. really, you have to track the battleground polls to see was happening in the election. has been at the center of a lot of discussions around the ballots in in november. any update on that front? >> i think they are working toward a solution. who would have thought the postal service and the postal secretary general would be a big political issue in the middle of these conventions? the access to the ballots, especially with big demand to the mail-in voting due to the coronavirus, has gravitated this debate around the postal service. there is going to be a deal in congress. the senate has bid $10 billion to help them through their
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difficulty financially in order to support election day. the democrats want $25 billion. that will be rounded up. there will ultimately be a deal. we see progress in that regard, because the secretary-general of the postal service has even postponed the reforms he was going to put in place in advance of the election that would have really created a tougher situation for processing these millions of ballots that would go through the mail. davis, thank you very much. wall street is watching for any clues on whether a biden victory could derail the stock market's workers gains through more regulation and taxes. hashill seen said joe biden a very intelligent tax plan and could boost investments in areas like health care, education, and infrastructure. ini think what we will find
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the biden administration is perhaps a commitment to a little more of a commitment to things like health care and education than we have seen in the current administration. more importantly, and certainly a big commitment to infrastructure, and very importantly, the willingness to pay for those commitments so we are not saddling our children and grandchildren with unacceptable debts. >> i think everyone agrees we need to spend money, and that means borrow money, given the crisis in the economy. now we are looking at a cliffhanger with fiscal stimulus. we thought we were going to get something by august 1, we are now looking at september. what will the economy look like by november 3, whoever wins the election? >> the economy will be in recovery, but unemployment is still going to be, by fr, unacceptably high -- by far, on
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excessively high. probably on one side or the other of 9% or 10%. we will need to have a continued stimulus. hopefully the plan will be compromised between the democrats and the white house, and republicans in congress, that is needed for sure. of once we get on the path recovery, and that will not be fully done until we have a andly available vaccine widely available therapeutics. because people will then be fearful of returning 100% to their lives prior to this. neednce we have that, we to provide more resources through the government. and i think biden has a very intelligent tax plan, part of which is simply reversing some of, but not all of, and
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certainly the most irresponsible parts, of the trump tax cuts. the investments that we so strongly need in this country. >> we will pick up on that. did you see an uptick for corporations, and if it went back up to 28%, which is what pence is talking about, will that hurt your business? >> neither an uptick or a down tick. let me explain why. , it redrawse rate the line a little bit between the pretax earnings, what goes to shareholders, and what goes to the government. went to policy that 35%
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the government, and 65% went to shareholders. with thenoncompetitive rest of the world. generally, the majority of the developed world is in the 25% to 28% range. is 8% going to the government, and the rest going to shareholders. that's important, because we don't want to lose businesses domicile think in the u.s. because they perceive, relative to other countries, that too much of their pretax earnings are being taken by government. at 21%, we are probably out of step a little bit from all but the tax agents in the other direction. what does this really mean if it goes to 28%, as vice president
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biden has suggested? of pretax 79% earnings going to the shareholders, 72% will go. declines roughly a 10% in earnings per share and net income. it will have probably a little bit of an effect on the stock market, but not a lot more than one year's earnings growth. was ralph shaw slander. coming up, we get some insight on australia's earnings with jessica aimir. this is bloomberg. ♪
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you're watching "daybreak: australia." i'm karina mitchell with the first word headlines. hong kong issued a second-highest storm warning, with a typhoon set to make landfall to the west of the pearl river as sherry and a couple of hours. the hong kong exchange will cancel if the warning is between 7:00 a.m. and 9:00 a.m., and there would be no morning operations. trade will be canceled for the entire day if the warning is in effect after midday. global coronavirus cases are nearing 22 million cases, with three quarters of a million deaths. the latest figures come amid
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signs of infection slow down in florida and california. the prime minister of finland is being tested, and germany's restrictions will remain in place. the u.k. reported its lowest death toll in 20 weeks. hong kong is to roll out a third round of support measures. antigovernment protests continue in thailand, calling for a new constitution and upper curves on the monarchy. the prime minister is downplaying the demonstrations, saying people are being pressured on social media to join the rallies. several protest leaders have been arrested. the prime minister indicated he is not necessarily against rewriting the constitution. the under fire leader of belarus has put the army under alert with the biggest challenge of rule in more than two decades. he is facing daily protests after claiming a landslide election victory. he's complaining of unspecified national security threats both inside and outside the country, and has ordered soldiers to the border.
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russia has offered its support. global news, 24 hours a day, on air and out bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 127 countries. i'm karina mitchell, this is bloomberg. representing more than 40% of the cap reporting results this week. learning from the reporting season. we are joined by jessica amir. great to have you with us. in the u.s., we have seen investors seeing to dismiss the latest quarter, given the uncertainty of the coronavirus pandemic. the reaction has been mostly positive to low expectations. what are you seeing in australia? >> you are exactly right. we have seen that in the u.s.. on average of the majority of the companies that have badrted, it is down not as
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as the expected 58%, but so far, it is the busiest reporting season in australia. we have seen mostly in line and better than expected results. but keep in mind, from the get-go we expect earnings to fall broadly by about 15% this financial year. biggest earnings and dividend declines have been in banks, as expected. yesterday with exp. their results-- were pretty much on the mark. and the recovery coming through from asia, particularly, the rebound in china. that's what reporting season is about. china, china, china.
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and where growth is coming from, it is rebounding the most. shery: what does it mean for the unloved sectors? transportation, production, industrials. let's go to profit outlook, what have we seen so far, and what we expect from those who have yet to report -- what do we expect from those who have yet to report? >> we think it will shift from the earnings to the big banks dividends. the talk of dividends last reporting season came from banks. that's expected to come from the sector this year. to put it in context, dividends made up about 33% of ordinary dividends pay through last year. that's expected to drop to 18%. and if you look at the resources that made up last reporting
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season, about 26% of the dividends paid, that is now expected to rise to 30%. industrials,t packaging companies and the likes for amcor, expected to have results today. have been performing exceptionally well, boosted by stockpiling and growing into the market shelves. that was a logistics industry. it has been doing exceptionally well, boosted by the shift to working from home. so this is expected to really continue to unfold this weekend next week. haidi: when you talk to fund
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managers out of australia, most are underweight or hedging the global index. analysts are not positive, either. yet you see the overall market is resilient. is it setting up for a short squeeze, or do we not see that decline, given we see the u.s. and china continuing to rally? >> that's a good question. the fund managers i'm speaking to our still overweight in cash. on the 23rdvid low of march, they have been deploying that capital and buying those undervalued stocks. particularly those upgrading their earnings. for example, metals and the like. all picked to be economic recovery. but definitely staying with
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all-time highs. i think it's a big part of that, --ause they closed it and the majority of the s&p 500 companies in reporting season and results, even though they had been from the last quarter results, better-than-expected. that is key. on top of that, the economic stimulus in the u.s. is continuing to go up. in australia, we heard from the rba governor yesterday. he hasn't really laid out all the trump cards, but we are expecting stimulus. and the jobs data later this
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year. so economic stimulus will continue further. the share market performance. unlikely to have recovery next year. yesterday on the back of the probe announced by china, what sectors could you be avoiding that could fall into that? it seems some of these consumer facing stocks can face a great deal of uncertainty as long as the tensions continue. workss a company that closely with treasury.
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much hit the nail on the head. companies that don't really have couldtal clear picture see a fall. week, theythat last reported mostly better-than-expected results. thenally it popped, yesterday it was virtually erased on the back of the china inquiry. so it's really hard to say. i would definitely be avoiding those companies downgrading their earnings and don't have cash flows. cash flow and earnings momentum drop share price growth. certainly not seeing that. particular, some industries
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brought into the likes of conscience, red dish. travel management. it is so uncertain. remember traveling behavior changed significantly. it wasn't just away from international travel months, restriction eased. but it was domestic travel that has also suffered. i think that is key. some investors need to keep in that they shouldn't be expecting recovery any time soon, because they are not seeing these cash flows and to sees that are needed the share prices recover. just stick to the basics, avoid companies that are downgrading, look where there is earnings flow and cash flow growth.
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we know a lot of that is coming from the chinese economy and the mining sector. keep your eyes peeled on that. haidi: we appreciate your time, that's jessica amir with us. coming up next, a free vaccine for all? australia signs a deal with astrazeneca to provide 25 million australians with a potential covid-19 vaccine. those details ahead. shery: take a look at a live shot of what happening in hong kong. we have the storm signal, key nine, being dropped to eight within a couple of hours. it will depend on the typhoon signal on how much trading will be disrupted. if it remains after 9:00 a.m., the preopening session and morning session will be canceled. that afternoon session will take place as usual at 1:00 p.m.
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watch out for those typhoon signals. this is bloomberg. ♪
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here's a quick check of the latest business flash headlines. citigroup has won a temporary court order to free the $175 million of the $900 million it wrongly paid out to creditors of revlon. it's held by brigade capital,
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which is refusing to return it after the transfer. a judge will decide the next steps later wednesday. citi has recouped more than half of the money. try theler tiffany will journey of diamonds from the ground to the store because of concerns with human rights. the retailer will give expanded origin details on new diamonds in an industry first that took two decades to complete because of the complexity of tracing. the sector has annual sales of around $80 billion. even tiffany admits it is murky. what: let's look at shaping up this week, especially in asia. nikkei futures a little bit lower. we do have the trade balance and earnings data out later this morning. the kospi at 1.8%. a correction after the recent
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rally we have seen. and here we are looking at a flat open. potential disruptions to the hong kong trading session. the signal should be lower. details on that. ♪
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haidi: i am haidi stroud-watts in sydney. shery: i'm shery ahn in new york. welcome to "daybreak: asia." our top stories. u.s. stocks complete their fastest ever return to a record, topping february highs. the optimism it not travel. futures are flat in tokyo and down in hong kong and sydney. u.s.-china tensions rise further. president trump


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