This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world. Straight ahead on the program, a jobs report or maybe not, we get a preview of what to expect. I'm Tom Busby in New York.
I'm Caroline Hepe. You here in London, where we're looking ahead to the UK's party political conferences.
I'm Kaylie Lyons, getting ready to make the trip from Washington to New York for the start of the trial of Sam Bankman Freed.
I'm Doug Prisner, the first woman to lead the Reserve Bank of Australia, will guide a decision on interest rates this week.
That's all straight ahead on Bloomberg Daybreak Weekend, the business news you need to wrap up your week in just one fifteen minute podcast available on Apple, Spotify, The Bloomberg Business Appen everywhere you get your podcasts.
Who I'm Tom Busby. We begin today's program with a look at the September jobs report coming out this Friday or is it. With the government shut down, a lot of data critical to Wall Street investors will not be released until a bill, even a short term stopgap bill to fund the federal government is passed. To talk about what we can expect with Washington and to stand still, we welcome Bloomberg International Economics and Policy correspondent Michael McKee. Michael, thank you.
Happy to be here. At least I'm here.
Yeah, yeah, that's right. Someone's working well, Michael, we've all been here before. Twenty government shutdown since nineteen seventy seven, the latest one thirty five days long. That was in late twenty eighteen. It's horrible, but let's talk. Let's start with what is not affected. Social Security and the Postal Service.
Right right, well, and Medicare goes forward. The programs that our entitlements are funded separately from all of this. There is no mechanism to reauthorize them, so they will go out. The problem is if enough people at the Social Security Administration come in to lick.
The stamps, I guess.
But the Postal Service is also self funded. The Federal Reserve will be open because they are self funded, so not everything is closed, and most parts of the government that the public would interact with will be closed, although there are exceptions for workers in what they call public safety facing or jobs like air traffic controllers.
People like that.
Well, that's I think that's a good thing. But there are nearly three million workers who will be out of work or told to stay.
Home essentially, whether it's just over two point nine million federal workers and about the guess is eight hundred thousand or so will be told to stay home. Others will come to work but will not get paid. Now that includes one point three members of the active duty military who are going to be putting their lives on the line for you for free for the time being. Now, everybody gets paid according to law that was actually adopted
after that last government shutdown. It was customary before. Now it's a law that back pay is made up, so they will get paid eventually. But it does create a hardship for all those people because they have to tell the credit card company, I don't have the money this month.
I'll have it maybe next month.
Yeah, call me next month. I mean, that's a lot of spending power as we enter the fourth quarter of people who and these people need that money.
Yeah, that's a problem for the economy if it goes that long. I'm not the political correspondent in Washington these days, but there does seem to be a feeling that this one could be longer than the ones in the past, and if that's the case, then you have an issue for the economy. Now, what we find in the past is that most of that is made up right away because people get their back.
Pay and they go out and spend the things.
The people who get hurt are the people who might say, run a restaurant or something like that because you don't have money, you're not going to go out to dinner. Well you can't redo that dinner because the day is passed.
So there will be hardships around the country.
And one of the things that people don't realize is that the federal government has spread all over These two point nine million people are in every fifty states, every one of the fifty states. They're all across the country, so you'll feel it in your own state.
Well, there's also you know, like you say, the restaurant right outside Elgin Air Force Base, you know, the store right outside where everybody gets you know.
One of the big problems, of course we laugh about it, is that they always close the national parks because that provides a sign that says closed that the TV people can take a picture of and represent the shutdown. But there are a lot of tourist businesses outside of national parks that.
Will be in trouble. And in California they're talking.
About using some of the money that they get from a state lottery to keep some of those places open because they will be in trouble if this goes on for a long time.
Yeah, it's a real hardship for a lot of business owners, not congress members, though they still get paid.
Congress members get paid, and the President gets paid because there are constitutional provisions that would keep them from.
Not getting paid.
But everybody else at the White House and all the staffers on Capitol Hill are not getting paid. The interesting thing about the law time too, is that people can't volunteer. You're not allowed to volunteer to work for free. If they send you home, your home.
Your home, that's it, and you'll wait until it's over. Until it's over. Let's talk about how this could impact Wall Street investors and the economy. And let's talk about we'll start with Wall Street.
The SEC. You know there's going to be well, the SEC. Most of their work will shut down. You'll still be able to if you have to file, You'll still be able to upload files to Edgar and so that work will go on, but there won't be anybody in the office at the SEC, and so a lot of their enforcement stuff will go by the boards for.
The time being.
If you want to get a passport, you're not going to be able to do that while it's shut down or anything like that. Government records will not.
Be accessible if you need to get.
Your military retirement or a new Medicaid care card or something like that. So a lot of things that are sort of day to day mundane things won't be happening, and that'll start to build up some frustration. But history shows Wall Street tends to overlook all of this, and the last two, which were the longest ones that we've had shutdowns, the market's finished up from the time that they shut down to the time that they reopened. So it's kind of the figure this is a temporary thing
that won't last. If it lasts longer, then maybe you do have an effect because investors start thinking that consumers aren't going to be able to spend as much money, and corporate profits go down.
Big concern. Also, I mean there's some critical data coming out. I mean it's always coming out from the government, But next week, you know, including the biggie, the jobs report, and after a very dismal I would say September for the markets, I mean investors accounting on some of this coming out, but we may not see.
We may not see it.
All of the September data after today is in, and they could release it on time if they got a quick deal, or they could release it with only a few days delay if they don't, but still get settled in the coming way. But if it goes longer than that, then we won't get the jobs report for a while. You've got the CPI coming up on October twelfth, the
PCE inflation data on October twenty seventh. Those numbers could in theory not come out, and then the FED is going to be left flying blind at their November first meeting. And as one observer said, quite accurately, how are you supposed to have a soft landing if the pilots are blind?
And so for the Fed it'd be difficult.
Probably means that they don't they don't move on November first because they might feel they don't have enough data. All the private sector data comes out, the isms, the ADPs, things like that, but the government data will not come out, and that could be a problem. And then longer term, if everybody's off work, then nobody's collecting data. The way the jobs numbers work, most of that data would come in.
But inflation data is what a price is on a particular date, and if they don't have that, then if they don't collected that date, it would be hard to backfill it. So we could end up seeing a month without without inflation data, which only makes the fed's job even harder.
That's not good, and we've actually gotten some encouraging data about inflation.
And yeah, last week. Last week the PCE numbers came in very low. The core PC was up only tenth of a percent, and on an annualized basis, that would be inflation of about one percent for the year. So we've had a dramatic drop in the Fed's favorite inflation indicator. And if that continues, then that may mean the Fed is done and may mean the higher for longer longer becomes a little shorter.
But the problems we may not know.
No, and also, jobless claims have been you know, to four to five for a couple of weeks, and we haven't seen that in a while.
Well, that's probably going to change because if you're on strike, you can't file for job as claims. But if some workers at your plant are on strike and that means your plant shuts down so you're just furloughed, then you can. And so we will probably see distortions start to come in that as the UAW strike expands.
Well, we got a lot to look forward to and a lot to be worried about. Michael, thank you so much. In coming up on Bloomberg day Break weekend, we look ahead to the UK's political party conferences. I'm Tom Busby and this is Bloomberg. This is Bloomberg day Break Weekend, our global look ahead of the top stories for investors in the coming week. I'm Tom Busby in New York. Up later in our program the rise and fall of FTX and a preview of the trial of its founder
and former CEO, Sam Bankman Freed. But first, the UK has had a turbulent time with four prime ministers in four years and significant economic challenges. Now a general election emerging into view in the next sixteen months, so the annual party political conference season is getting extra attention. Let's bring in Bloomberg Radio anchor Caroline Hepger and Anna Edwards in London, with more tom.
Party leaders, activists, press and all sorts of politicos dispersed to various cities across the UK in October for these annual party conferences. In the next few days, the Conservatives gather in Manchester, and Bloomberg Radio will be there to cover it all, including the set piece speeches from the Prime Minister Rishi Sunak and Chancellor Jeremy Hunt.
Well ahead of that, we've been speaking to Bloomberg Opinion columnist Adrian Wooldridge about why this year may be different, what Wooldridge describes as a feeling of profound change in the air in Britain, and we began by asking him firstly, what party conference season is really like.
Well, it used to be something that was really serious, particularly on the Labour side, that policy was actually made at the party conferences. Now they don't make policy, policies made in secret enclaves, but they do so some quite important things. One is that they create a certain momentum. You know, if you have a good party conference, that's good for you. Another is that they create enthusiasm amongst the party base, the people who actually knock on the
doors do all the work. You know, the party conference is fun, you know, you get that, you have hi japes and you come away enthused. And it's also a sort of talent show. The Prime Minister or the leader of the opposition has to prove themselves with their speech that matters, and also all the other people who are maneuvering for a preferment also have to show their wares.
Okay, so a bit of a showcase then, very much. When I've been at these conferences and I've been in the sort of large rooms, the larger auditory of where they're doing these big set piece speeches, it's really interesting because they're talking to the converted, so you'd expect there to be lots of applause and appreciation, but sometimes there isn't.
And I wonder this year with some divisions within the Conservative Party, what it is that Suna can Hunt really have to get across in their speech is to try and win the rooms over.
I think what Hunt has to get over is the idea that things are on the mend. That's the process of mopping up the mess that was left by predecessor has gone on and they have a vision for the future that it's not just an endless process of cleaning up and cutting people's living standards. What reci has to do. What Sunak has to do is to introduce himself to the party. This is his first party speech and people don't have a very clear idea of who he is.
They know a few cliches about him, but they don't have a sense of him as a person. And he needs to introduce himself to the party but also to the country, both as a person but also somebod who has a vision of where we need to go in the future, not just five things to be ticked off, but a natural vision of the country.
Yeah, of course there's five pleasures from the start of this year about what is going to do with the economy. Okay, So look, he's not just the Conservatives. The lib Dems have already had their party conference in Born, with the SMP also a significant force in UK politics overall. And then there's Kiss Darma, the Labor Party, very hotly tipped in the polls at least for now. What is he going to be focused on at conference.
We have a sense of who he is because he's been around for some time. We know his sort of conventional Stade fairly boring, but a decent sort of guy. And he's more avoiding mistakes than doing anything else. So he has to create confidence that he's capable of delivering change, that he won't give in to the to the left of the party, that he's a safe pair of hands, and that he knows how to translate his general vision of things into a set of policies that might work.
His great mistake or his great weakness, I think he's talked for too long. I mean the last conference speech that I ever that I saw of his life life speech, it was a good speech, as a well written speech, but just went on and on and on and on. You're just waiting for it to end and then you start again.
Well, that's a danger for the whole.
It is, and I think soon next speeches is being trailed as being a very long speech. I think that's a mistake. You know, this is not North Korea. You know we're supposed to We're supposed to have some sort of democratic right to a short attention span.
But I'm sure that's somewhere an unwritten constitution. Absolutely, let me ask you about comparisons with Blair. As we're talking about labor. We did a big piece just this week on the Big Take Peace. On comparisons with Blair, there are some, but then there's also a very different fiscal situation that he'll be inheriting.
I mean, how far do those comparisons get.
Not very far, really, partly because they're very different people. I mean they're both lawyers and they're both middle of the road. Tony Blair is more to the right, but both sensible politicians. But they're really quite different people. Blair was a showman, you know. He you know, he played in a rock band at Oxford. He liked as an actor, he liked to perform. Kir Starmer isn't like that. He is somebody who you know, is more of a sort
of backroom man in some ways. He doesn't like the stage naturally.
A lot for a back room man. He's picked a lot of front room.
Jobs he has, indeed, But I don't think it's you know, he wants power, but I think, and you know, to get power you have to do this sort of thing. But I think that actually appearing before large groups of people is not natural metire in the way that it obviously is with Blair. I think the other big difference is that the circumstances in nineteen ninety seven were right for Blair. They're right for a progressive realignment, both in terms of you know, you had a young president of
the United States with a new set of ideas. You had the talk of the Third Way, You had a lot of economic room for an sort of expansionist policy. All of those things don't exist. We have Joe Biden, who's not exactly young in the United States, and we have a real shortage of money, not very much room
to do things. So they keep talking, you know, about progressive moment or spending forty billion a year on a green revolution and things like that, or you know, getting rid of not getting rid of but shoving taxes on public schools. And then they come backreat, they retreat, they keep retreating, and basically, it's not time for a progressive realignment. It's time for a set of pragmatic policies to deal with with with with particular problems.
Well, no doubt, we'll hear this phrase working people many many times, hard working people indeed, and who doesn't want to be that? But I've heard it. We hear a lot from the Labor Party. But actually increasingly. I've heard that phrase now from the Prime Minister themselves. So this seems to be taking on what are working people and voters in the UK do you think, you know, in as far as we can take of reading, what do
you think they're thinking about now? Will they pay any attention to party conference?
Well, one of Tony Blair's great statements was that people spend about thirty seconds a year thinking about politics. People don't think about politics as much as politicians think that they do. And also we're getting a general turn off from politics at the moment. I just saw the host of the Today program, you know, complaining that people were
just turning off politics because it's too too awful. So I think that people are basically worried about their living standards and they want somebody to address those living stats that they're want inflation to be brought under control. They want the price of food to be more reasonable than it might seem at the moment, and I think more broadly, they want a sense of order in society. And they says if you look at politics, this is chaotic. You know,
things are falling apart. We go through prime ministers like some people go through wives it's.
Well four and four years, yeah, exactly.
It's an incredibly unstable environment, so I think people do wants stability in a sense of practical policy, right.
And one thing we'll be watching for, I suppose as the conferences get underway is some of the wedge issues that will likely feature in the campaigns towards the next election. We've heard a bit about net zero from the Conservatives and a different take, shall we say on net zero around certainly on EV's is this going to be an effective wedge issue? Do you think for dividing the population?
Adrian? Is that is this going to be the one that works for the Tories?
Yes, but I don't think it will work in the sense that they'll win the next election. That seems very unlikely to me.
Thanks to Bloomberg's Adrian Wooldridge, I'm Anna.
Edwards and I'm Kroin Hepker here in London and you can catch us every weekday morning for Bloomberg Daybreak. You're at beginning at six am in London. That's one am on Wall Street.
Tom, Thanks Caroline and Anna, and coming up on Bloomberg Daybreak weekend. Sam Bankman Freed is import this week we'll get you the latest. I'm Tom Busby and this is Bloomberg. I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. Sam Bankmin Freed is accused of orchestrating one of the biggest white collar crime cases in US history this week.
The trial starts on Tuesday. For what we can expect, let's head to our Bloomberg ninety nine to one newsroom in Washington and Bloomberg Sound On. Co host Kaylee lines.
Yeah, Tom, that's right. Next week, I won't be spending the whole week here in Washington because there is a big event going on in New York City. Sam Bankman Freed, the once billionaire founder of FTX, the now fallen crypto exchange, is going to be on trial. It starts this coming Tuesday. Ava Benny Morrison, who's one of our great legal reporters here at Bloomberg, is joining me to talk about this
case and what it could mean for Bankman Freed. But first, I feel like I need to remind everyone about how we got here. Remember, Bankman Freed founded FTX in May of twenty nineteen. By October of twenty twenty one, the company raised capital out of valuation of twenty five billion dollars, and at the end of that year it said it had more than five million users globally, about one point two million of them in the US. By early twenty
twenty two, its valuation was thirty two billion dollars. Sam Bankman Freed, who then was just thirty years old, was worth more than twenty six billion dollars, making him one of the world's riches people, and FTX was one of the world's biggest crypto exchanges. But in November of last year,
it unraveled very quickly. It all started with a report from coindesk about Alimeta Research, which was a crypto hedge fund also founded by Bankman Freed in twenty seventeen, and the article found a significant portion of Alameda's assets were made up of FTT, that is a token that FTX created. In response, cz the CEO of rival crypto exchange Binance, said he was going to sell his company's entire holding
of FTT. That triggered a massive wave of withdrawals, sort of like a run on the bank, and FTX didn't have the fun to meet them, so in a rescue attempt. It reached a deal with Finance to sell itself. Binance then backed out and so by November eleventh it was over. FTX filed for bankruptcy and bankment. Freed resigned as CEO. Just over a month later, on December thirteenth, Sam Bankman Freed was indicted accused of misappropriating billions of dollars at
the cryptocurrency exchange. And this is where we pick the story backup with Ava so Eva. If you will just remind us of the charges that he is facing.
So Sam Bankman Freed is facing seven charges in total. He's pleaded not guilty to all of them. Those charges include wyre fraud, conspiracy to commit security fraud, and conspiracy to commit money laundering. Among them, I'd say wireford is the most serious that he faces, each attracting a maximum penalty of twenty years in prison.
So he could spend a lot of time in prison for this. If the prosecution is able to prove this right, what do they needed to prove for him to be found guilty.
One of the key elements they need to prove here is intent. But Sam Banateman Freed set out to defraud people to steal billions of dollars to co mingle customer funds, and that he knew what he was doing was wrong. This will be the biggest hurdle that they have to overcome. Sam Bateman Freed will likely turn around and argue that he didn't have that intent and that he acted in good space and he didn't know that he was inadvertently committing fraud. Yeah.
Remembering here that Sam Bankman Freed was someone who practiced what we call effective altruism, or what he called effective altruism, the idea that he wanted to do good with all this money he had. And I wonder how that's going to come up over the course of this trial. How long do we expect this trial is going to last, how long it's going to take his defense team to make their case and for the prosecution to make theirs.
The trial is expected to last at around six weeks. We heard that the prosecution's case could go from three to four weeks and the defense will go for a week to a week and a half. So we're looking into a way into November.
And so when we think about what's going to happen, First, as I said, this trial begins this coming Tuesday. What happens on that day? How long is it going to be before we start getting into the meaty part of these proceedings.
The first day is set aside for a administrative process, but a very important one. This is when the jury will be impaneled. So a whole bunch of everyday New Yorkers will come into a big room at the courthouse em Lower Manhattan and they will go through the process of being appointed to the jury. The prosecution and the defense will have the opportunity to object to specific jurors
being as part of that trial. By the end of the day, hopefully we will have a jury of twelve men and women who are ready to get things started. The following day, on the Wednesday, that's when and we'll really see all of the duty details start to emerge. That's when the prosecution will open their case and we will hear the full extent of the allegations against Sam Bateman Freed. The defense will also have an opportunity to give an opening statement.
I'd like to return to your point about the idea of selecting this jury. Given the high profile of this case, we're talking about something that has been dubbed one of the biggest financial fraud cases in history. You know, we put this kind of in a basket at least in common thought with and Ron or Birdy meat Off. How hard is it going to be to select an unbiased jury?
That's a good question. We got a little bit of an insight into the types of questions the defense and the prosecutions want to ask this jury. For the defense, they have asked the judge if the jury can be asked certain questions about the crypto industry. Have they ever invested in crypto? Have their friends or family been the victims of a financial forward before? Do they think that a person who is that the head of a company
should be held responsible if that company fails. There was also a question in there about affect of altruism, what's their views on a person a massing wealth? And then giving that away, So that gives us a little bit of an insight into the kind of jura that sat Bankman Freed's defense may want to see as part of that trial. On the prosecution side, the questions were a lot more general. Have they been a victim of the crime of a crime? Do they know anyone within the DOJ?
What are their views on crypto. So I think there's been so much publicity about this case, it'll be hard to pick someone who hasn't heard of Sam Bankman Freed. The challenge will be really drilling down to see if anyone has any very strong views that they can't put aside on crypto or on fraud that won't allow them to be able to carry out that exercise without bias.
Okay, So it might be a little tough to get the jury together, But once it is, let's talk about what they're going to hear and who they're going to hear from. Talk to me about the witnesses in this case, because I know that there's three really important ones, former really close associate associates of Sam Bankman Fried, former executives of FTX and Alameda related enterprises. Tell us why these witnesses may be key.
They are really at the heart of the prosecution's case here, and certainly who we are really looking forward to hearing from. The three witnesses Caroline Ellison, who was, like you said, the head of Alameda, Mishad Singh who was the director of engineering at FTX, and Gary Wong, who was Bateman
Freed's high school friend and helped co found FTX. The three of them together are going to give a very powerful insight into what was happening at FTX, almost in the foundation, but also in those final days before a file for bankruptcy. For Nishad Sing and Gary Wong in particular, they're going to speak about They're likely to speak about the code at FTX, and that they were asked to change the code to give Alameter a loophole essentially to
access customer funds whenever it wanted. Caroline Ellison is a little bit different in that she was leading Alameda Research, and one of the key allegations in this case is that Sam Bateman free misled investors about their relationship between FTX and Alameter, that Alimeda was using customer funds however it wanted for Irish Trading for lowing two executives. So she'll be able to give a little bit of an
insight into how that dynamic actually operated. The prosecutors have said that they've got up to fifty potential witnesses that they could call. Of course, it is highly unlikely that they will call every single one of them, but we think we're going to hear from other former employees, investor victims, FBI agents, and some forensic accountants as well, who will try to walk the jury through Alameda's financials, ftx's financials to make it this case as simple as possible.
All right, Well, the eyes of Washington and probably a lot of other places around the world will be on New York for this trial beginning this coming week. Thank you very much to Bloomberg Legal reporter Eva, Benni Morrison, and Tom. We'll send it back to you.
Thank you, Kaylee. That was Bloomberg's sound on co host Kaylee Lines, reporting from our Bloomberg ninety nine to one newsroom in Washington, and you can hear sound on weekdays one to three pm on Bloomberg Radio. Coming up here on Bloomberg day Break weekend, we head to Australia and preview what we can expect from the RBA. This is Bloomberg. This is Bloomberg day Break Weekend, ourk lobal look ahead at the top stories for investors in the coming week.
I'm Tom Busby in New York. Australia's monthly inflation gauge accelerated in August, So what do we expect from the new Reserve Bank of Australia Bank governor at her first board meeting next week. For more, let's go to Bloomberg Daybreak Asia anchor Doug Krisner, Tom.
And the week ahead.
The new Governor of the Reserve Bank of Australia, Michelle Bullock, will lead her first meeting of the Central Bank. Bullock, by the way, is the first woman to serve as governor of the RBA. She was appointed back in July, and like many central bankers around the world, Bullock is being confronted with stubbornly high inflation. For a closer look now at the RBA decision, I'm joined by James McIntyre, Bloomberg's economist covering Australia and New Zealand. James joins us
from our studios in Sydney. Thanks for being with us, James. Before we get to the story on inflation, I want to try to apply a little context here, because Bullock is taking over from Phil Lowe. Now, he had been facing calls to resign in recent months. Before his departure, he had been condemned by the public and accused of missus leading Australians about future rate increases. Now I know Bullock was at the RBA when those decisions were made.
But I'm wondering whether restoring credibility is kind of job one.
Well, that's a really good point. Not only was Bullock at the RBA, but she was actually as Deputy governor, was at the board meetings, was at those meetings when those decisions were made, not only to raise rates as they've done in the fastest height tightening cycle in the inflation targeting era. So the RBA has been targeting inflation
since the nineteen nineties more than thirty years now. So not only was she there for those rate hype decisions, but also part of the decision making around that communication that ended up tripping up pil Low. Now, it's been tough going the last couple of years for central bankers, and if you think that your economy might be locked up for three years, you know, you could make an a credible case that that was going to be the
where policy might go. But then as the situation changed, I think fill those a bit tonity make that communication change obviously didn't didn't flow or didn't flow in a way that people like who really does like interest rates rising, especially on their home loans. The way they work here in Australia, so that's been what happened to Low and it's also the challenge, it's not the only challenge that Governor Bullock faces over her term, which lasts for seven years.
So her first board meeting this coming week, she will be implementing these reforms to the RBA, including this new Monetary Policy Committee staffed by external monetary policy experts. That's something that the RBA hasn't had to deal with before. So it's not just a credibility restoration communication challenge for Governor Bullock. But as the review rolls in and as a term rolls on, communication I think is going to be the theme for her home in the chair.
Well let's take a quick look at the overhaul as a result of that government review. What are some of the major changes she must implement.
Well, I guess one of the changes is she'll have less to do. Rather than monthly meetings eleven of them a year, which the RBA used to do, they'll be moving to eight. And that's pretty consistent with other central banks around the world. You know, the RBA did like to have the opportunity to communicate month to month and do things a bit more gradually, so that step change.
That's a communication challenge as to how to nuance what might be slightly more lurching changes in communication, in policy direction, press conferences after every meeting, that's going to be something that will be a little bit different, and we'll get
to see how Buller candles those. But also this new Monetary Policy Committee, the experts or the external appointees, they're expected to be out there communicating about monetary policy to the community at large and so having a whole range of different voices, whereas up until now the RBA has been had a monopoly on monetary policy and explaining it and explaining the direction.
James, thank you so much for helping us set up the RBA meeting. James McIntyre Bloomberg's economist covering Australia and New Zealand. I'm Doug Prisner. You can join Brian Curtison myself weekdays here for Bloomberg Daybreak Asia, beginning at six am in Hong Kong six pm on Wall Street.
Tom Well, thank you, Doug, and that does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning, five am Wall Street time for the latest on markets overseas, and the news you need to start your day. I'm Tom Buzby. Stay with US. Top stories and global business headlines are coming up right now.