Transcripts For BLOOMBERG Bloomberg Daybreak Australia 20240712

But those hopes may be shortlived. Democrats proposed a new plan but republicans worn a wide gap remains. Mitch mcconnell says the plan contains poison pills. And australias plan to have women hold at least 40 of leadership roles in asx 200 companies. Aberdeen has already signed up. Shery heres a look at how markets are trading. We are seeing u. S. Futures coming online, down. 2 . This, after u. S. Stocks ended the session higher wednesday. Also the last trading day of the quarter for u. S. Stocks. Haidi mentioned talks and hopes for a stimulus package in the u. S. The house has delayed the vote on that bill, trying to get more time to reach an agreement with the white house and treasury secretary. The s p 500s on nine sectors out of 11 higher. Health care and financials led the gains. Showingitive ecodata, u. S. Companies added more than 700,000 jobs in september. The dollar weakness, a third consecutive session of losses. Not to mention before the quarter, just posted its biggest quarterly drop since 2017. Take a look at what oil is doing at the moment. Its now below that 40 a barrel level, after it rose the most in two weeks. We had some optimism over shrinking u. S. Crude stock aisles and stimulus hopes, but of course it all depends on how demand will look like Going Forward. And here in the after our session we are seeing this headline crossing the bloomberg the u. S. Senate has cleared the stopgap funding bill to revert a shutdown. A much expected move but it clears away all of that political bickering that we could have seen that could have prevented the government from operating. Normally. Are shapingw things up in the asian trading session. Sophie going into the final quarter of the year lets get a quick check on what is offline the rest of the week. Taiwan, china, hong kong, south korea. We will get korean trade data later this morning along with the Rate Decision from the philippines. Flipping the board, nikkei futures, lets see how they are faring at the start of the session for nikkei futures in chicago. We are seeing a gain. Looking for perhaps upbeat sentiment in this hong kong survey. That could help the catalyst to help japanese stocks break out of the range have been stuck in since early june. The pace of production recovery is slowing. Aussie futures closed at session lows, but still gaining ground. Watching Energy Stocks on m a prospects. 27 billion in the next few years. 6. 79ore yuan trading below helping the high, renminbi clinch its best quarter ever. Itcking in on the yen, marked its biggest quarterly gain in a year against the dollar. With the markets positioning for a potential u. S. Potentially messy u. S. Election, seeing more haven flows. The yen in particular. Is Something Else that will be potentially laying the groundwork for further rallies when it comes to u. S. Stocks. The removal of the uncertainty. The u. S. Senate cleared the stopgap fund to avoid a Government Shutdown. We know on tuesday the senate had voted to clear that procedural vote to stop the stopgap spending bill that is needed to prevent a complete shutdown of the federal Government Spending on october 1. We know this funding bill will keep the government operating through december 11 at the current spending levels. We are also getting some separate news when it comes to potentially a currency probe into vietnam from the trump demonstration, playing to announce a probe into the vietnamese currency and currency practices, according to people familiar with the matter. That will be taken under section 301 under the 1971 trade act. This came off of comments from the Treasury Department that vietnam has been in violation of manipulating its currency in a specific trade case involving tires. We are going to get more on that but certainly huge implications when it comes to vietnam being in the top 10 of americas trading partners. Lets get back to that top story and the developing story about the u. S. Senate clearing the stopgap funding bill. Lets get over to Laura Davidson joining us from new york. Expected butely certainly something that clears uncertainty for markets. Laura certainly. It gives that government funding that certainty Going Forward. This is a bill that initially lawmakers but they might be able to attach some stimulus relief to. Obviously as we have seen, that did not turn out. But they are talking about another stimulus deal that could potentially happen sometime before the election. It is still a long shot at this point but congress is wrapping up its work for the year and there are couple things left and this is a main issue for them to address. Haidi tell us about the stimulus package, because the house just delayed that vote on the bill. Is this a positive sign given that that was not going to pass the senate anyway, so that might give them more time to try and negotiate something that could work. Laura it is a positive sign that talks are going well and there is at least some optimism both on pelosis side, as well as they think they might be able to get a deal. There is still several hundred billion dollars apart from one another. Pelosi wants something about 3 trillion. About 2 they are close but not quite there. The issue is will the senate able to take up this measure. Mcconnell was really not sounding super optimistic. He said there are poison pills in the house bill. A lot of his members are hesitant vote for something that is even more than 1 trillion. A lot of republicans in the senate said they do not think any stimulus measures are needed. A lot of different constituencies and not a lot of time to resolve them. Having settled somewhat now from the first president ial debate, what has been the consensus on the performances we saw . Laura the consensus was that it was hard to watch. A lot of yelling, a lot of crosstalk. Frankly, the president , the readout was it was not very good for him. Joe biden had a great fun nice fundraising night. He raised about 10 million while the debate was going on, the peak time when some of the most vitriolic exchanges havent. Happened. Two more to go. The Debate Commission has said they will put more stringent rules to prevent chaos he saw on the stage last night. Theres two more debased ago, the Vice President ial debate. But undecided voters do not really go to the debates to change. It is more people watching for sport. Shery hoping those debates will get easier to watch. Laura davidson joining us from new york. The Federal Reserve is extending through the rest of the year constraints limits will continue due to uncertainty from the coronavirus and the need for lenders to reserve capital. The move is likely to disappoint the banks. Jp morgan settable already be adjusted in resuming share buybacks. A new report says the best is already behind us for the post virus global recovery. A 20 trillion stimulus from governments and shut two has pulled world most of the way back to prepandemic levels the last lap to be the hardest. Ethan harris says the bounce is turning into a grind. The u. K. Government says the coronavirus is still not under control and rising infection rates may not cover new curbs. 7000 new cases were reported for the second day running. Their highest total since the pandemic struck. Boris johnson said he wants to avoid a new lockdown but his governments handling of the crisis has brought increasing criticism. The retail sales slumped in sitters continues in hong kong. From the 13 dropped year earlier to 3. 3 million u. S. That is better than a recent forecast. Sales by volume also dropped 13 , but thats an improvement on the near 24 decline in july. Global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Haidi, over to you. Haidi next, Gradient Investments Mariann Montagne says u. S. Stocks will get higher despite the election uncertainty. But history tells us otherwise. Plus, top Money Managers are calling on australias Biggest Companies to hire more women for executive roles. This is bloomberg. September proved to be a cruel month for risk assets and history shows Election Year october are usually not kind either. On average the s p 500 had lost 200 in october for the past seven Election Years, and there may be more pain if the Election Results delayed. A contested election could mean a correction. Most likely youre not going to know the winner is. We could have a 10 correction just because of that. If you have a hotly contested situation. Shery to discuss this and much more, joining us now is Portfolio Manager Mariann Montagne. Great to have you with us. Fact yourethe seeing so much election risk, not to mention we do not even have a stimulus package yet, we continue to see a stock rally. What is driving these moves . Is it just portfolio rebalancing here . Mariann it could beat rebalancing. People like end, so to position their portfolios to show some winners in there. But i think just generally, as we are looking into volatile october, coming into the elections, wed be buying gold. Pullback is a hedge which we think is coming down the road. Hedger as an inflation with protection security. Shery what would that mean for emergingmarket assets . Mariann emerging markets just are attractive to us simply because they were early on with the covid and its impact on their economies, and actually a relatively smaller impact on their economies. They seem to be in a better position than the internationally developed markets, primarily the you are rezoned the eurozone and the u. S. Haidi is there shortterm risk when it comes to e. M. Complex with increased volatility from the u. S. Election . Mariann it could be, but i would use that volatility as an opportunity. I would just say that is an area thats even more attractive as it pulls back at all. Haidi right. So in that case, let me get your expectations for the u. S. Dollar, because obviously that has a huge amount to do with where e. M. Heads from here. Mariann i think the u. S. Dollar will continue to pull back, and i think that that is a function of the volatility here, the relative growth here vs. Abroad. And i think there was actually some Short Covering that took place recently to give it some strength, but i think that is temporary in nature. Haidi what about the sector distribution right now . Because we have continue to see the rally in tech stocks, especially during the pandemic. Could we see finally a shift towards value and cyclical . Mariann if i am looking at the thefund data, i can see Technology Sector had outflows just month. 3 billion to date going back to last friday, whereas year to date we are still up 7. 3 billion. So weve already seen a switch to outflows in the tech sector. We think that valuations particularly for the Largecap Companies Tech Companies have become stretched. When you see things like we saw this morning with the ifm manufacturing report, we think that is positive for the cyclicals, the industrials and the materials. Haidi Mariann Montagne, always appreciate your time. Coming up on daybreak of soya, more job cuts. Abandon their commitment to retaining employees amid the pandemic. This is bloomberg. This is bloomberg. Shery Goldman Sachs is resuming job cuts and abandoning it devious plan to put terminations on hold during the pandemic. Goldman announced they are cutting about 400 jobs, or 1 of its staff. Su, what made goldman decide to move on . Rivals, goldman had pledged to refrain from the the pandemicas unnerved a lot of employees in many professions. But as the pandemic and its aftereffect has outlasted initial expectations, goldman has decided to move forward, according to those close to the cuts, with about 400 job which affects about 1 of the industry. It is signaling there may be more cuts ahead. Again, this is according to people close to the matter. It comes even as the firms core dealmaking business, as reported in their latest earnings reports, are booming. There have been persistent outbreaks in the u. S. That are forcing some of the biggest tax to look again at their biggest banks to look again at their plans. Citigroup was among the first to restart cuts. We are hearing j. P. Morgan will be eliminating more than 100 jobs as part of their annual cuts. Again, this is a major issue in terms of how the banks embrace this. But goldman was one of the first moratorium,absolute and they say now they are reexamining their need, and announcing according to people close to the matter, a cut that will impact about 400 people. Other these cuts come as Companies Make similar moves. Disney yesterday, allstate a few hours ago. What are we expecting going thisrd as far as moratorium period seems to be coming to an end. Su allstate is a good example. They announced after the bell they cut about 3800 jobs. As they are Going Forward now with a restructuring and revamping of the company, that had earlier been announced and planned. But the ceo said they were waiting for signs that the economy was improving, at least that is the comments we are getting. And they are saying the insurer is going to push forward with plans for more competitive pricing through these kind of reductions and tightening. Again, as mentioned, its one of several firms. Disney, a massive cut of 28,000 jobs, one of the biggest layoffs yet in this covid and postshut down era of companies trying to adjust. And there are many economic analysts who say you can expect more of this Going Forward. As we mentioned, wells fargo and citigroups the first to restart cuts. J. P. Morgan chase is joining the fray with a first round of reductions. Industry analyst say to expect more of the same. Of course airlines and the travel industry are in their own separate situation regarding massive layoffs. Back to you. Shery japan may be considering a new virus stimulus package, as the Ruling Coalition insists voters are not looking for an early election, despite some elderly members calling for a swift vote. Instead they say people want the government to be focused on tackling the pandemic and the economic and social fallout. The party leader told us what the government should do. Say whennot want to there should be an election or were in or when there should not. But we are always thinking about what should be the policy priorities. What is it people want more than anything . It is for the Coronavirus Infection to come under control. They want us to bring social and Economic Activity back to normal. It is important for politicians to work earnestly on that. Opinion polls show people do not think there should be an election before the end of the year. A majority say it should come around the end of the term next year. Business leaders want us to create an environment where they can be more active, so politicians should bond to these wishes from the people and business leaders. A needou think there is for another extra budget by the end of this year . Economic and social activities are suffering constraints and blows from the Coronavirus Infection. We have taken various ushers to help recovery, but there are concerns that their effect may be wearing off. As to whether we should put together another budget now, we have ¥7 trillion in reserves left over from the second exit budget. The good thing about reserves is they can be used quickly at the will of the government. Thehould first use reserves. If that ¥7 trillion is not enough, i do not deny that we should consider a third extra budget. But i do not see a concrete path that at the moment. We should prepare measures to help the economy improve on its own, such as the go to travel campaign. Jobs are under threat, soak spanning subsidies for companies to keep employees may also be necessary. In november we see initial figures for july and september gdp, so we should use the reserves. If that is enough, then consider a third extra budget. That is the order we should do. We do not yet know for sure what will happen with the tokyo olympics, but we really wanted stage them. We should gradually return Economic Activity to our normal path, especially travel to and from overseas, with a proper testing system so anyone found to be infected can be treated speedily, as a basis for preparation for the olympics. There have been calls within the ldp for a visit to japan from xi jinping to be canceled completely. What do you think about this idea . And given that japans biggest ally, the u. S. , is clashing with china over many issues, how do you see the importance of the chinajapan relationship . Japan and china are neighbors and they have the worlds second and Third Largest gdp. Our mutual ties are very deep the International Committee wants to countries to Work Together for peace and prosperity. The International Community wants the two countries to Work Together for peace and prosperity. From a broad perspective, it is important to improve relations so leaders, including president xi, can pay mutual visits and the people of the countriess can also do so. There has been friction over the coronavirus and criticism of china, and it is not as if china has done nothing to deserve such criticism. It is important for us to point these things out to each other honestly, but from a broad shouldtive, both sides make efforts to improve relations. This relations between the u. S. And china have become very confrontational, but deepening this confrontation will damage both sides. There will be negative effects on analyzing in japan. Countries like japan that have deep ties with both countries should lead things in a harmonious direction. That is the role of countries like japan, the eu and south korea. Japan wants to take leadership in this respect. Leader speaking exclusively to bloomberg. Next, palantir makes their trading debut ending a 17 year tradition of secrecy. We hear from the cofounder next. This is bloomberg. Is bloomberg. Haidi we are getting breaking news the bloomberg when it comes to ecodata out of australia. September Manufacturing Index has fallen 2. 6 points month on month to 46. 7. We are looking at the traction contraction when it comes to production falling into contractionary territory, new orders declining, 41. 1. Stocks seeing a boost, deliveries declined by almost seven points. Input presses are slightly lower there as well, as we have essentially a quarter of australian gdp and an output standstill, with greater melbourne under lockdown measures. We expect the budget to be levered tuesday, to include details of the latest economic rescue plan, with the economy headed into recession for the first time in about three decades. Lets get first word news in new york with karina mitchell. Morning karina good morning. Avoids a Government Shutdown with the new offending bill government new spending bill President Trump is expected to sign. The covid relief bill is a separate discussion. The Debate Commission says change is coming after the debate between joe biden and donald trump ascended into chaos. Its as measures will be needed to restore orderly discussion, although what is needed is unclear. Cleveland saw the candidates and moderator talking over each other, with few clear policy statements. The debate last night was great. We have gotten tremendous reviews. We are giving what people want, law and order, which biden isnt even able to talk about, because of his radical left followers. I dont think there are too many of them left. But it was a great evening. It was an exciting evening. The ratings were very high. President of the United States conducted himself the way he did, i think it is a national embarrassment. Ravaging theires Northern California wine country are forecast to strengthen and destroy even more land. The National Weather service is issuing a red flag warning for the fire in the napa valley for extreme heat and gusting winds. Temperatures in the city of napa 100 degrees to top fahrenheit, 39 celsius, by the weekend. The crew of the International Space station finally traced an air leak in the laboratory after an hours long search. Nasa insists the leak is small and poses no threat. Astronauts seal hatches throughout the iss after fears the leak was getting worse, however, the erroneous reading was put down to a change in cabin temperature. Global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Shery. To lets turn palantir lets turn to palantir technologies. Spoke tor joe lonsdale bloombergs Erik Schatzker about the companys work with government authorities. Facebook,u invest in you make a bet on mark zuckerberg, and that has been a good bet, how we are thinking about that company 15 years ahead and making sure he is growing. And people are also planning 10 or 15 years ahead. They care about the reputation and principles, and these are guys i would not bet against. That is a bet you are making, the value of the principles. Erik some people are wondering why peter thiel hasnt been around. He wasnt part of investor day. He is the chairman of the company. Where is he . Joe peter has always played a very Important Role at palantir. He was always in the background, never a front and center person, but a key person. there remains a fog of mistrust and skepticism around palantir that dates back to its time is a more secretive company. Why do you think it persists . Is good atir attracting the best technologies and building Amazing Technology problems to solve our problems. They are really not good at pr. I am the best theyve got. They let me come out here. But this is a company that continues to save billions of dollars for the government and do important work. It is hard to explain what palantir does. It is not an analytics company. It is Building Infrastructure to allow analysts to build massive amounts of data and build information environments to solve our problems with that information. That is a mouthful, but that is what palantir. And i dont think people understand the important work that it is doing. And it is difficult to explain it to people who are outside of clients. Mistrustther it is or skepticism or misunderstanding of what palantir does, does that bother you . People have to make decisions every day whether they want to own it. To it would be great educate people more about the types of problems you are solving. If you walk people through one of these problems, it would take 10 minutes. You have 200 databases, you have to augment people with intelligence to see what is going on. You are not solving a problem or them, you are helping them solve the problem, and what these problems look like in the intelligence world in the world of health care and energy and aerospace, you have to take people through them. If you give me 20 minutes with a smart person, i can get them fully aligned on it, and you need to get more people to take more time to learn these type of things. It is the duty of the investor to inform himself or herself as to what it is they are buying. , palantir helps the government do things people find unsettling, like spying. sy should we trust palantir intentions. Joe the best people in Silicon Valley got to work on this after 9 11. It is disheartening to see how far Silicon Valley has gotten ahead, but i dont think anybody wants the government wasting billions of dollars on these projects. The government i dont think anybody wants the government to use systems that dont have Civil Liberties builtin from the start. So if you can get a palantir solution outofthebox, it would secure the data to make sure we are watching the watchers. Continuesy palantir to wean in 30 countries all over the world, because it is the best solution for protecting data. Shery that was palantir cofounder joe lonsdale speaking to Erik Schatzker earlier. On palantirs now debut from dan morgan, senior Portfolio Manager at syonovus trust. Is he right that palantir has a pr problem and thats why we didnt see a blockbuster debut . Dan 50 of their revenues come from the government, spying and things like that. If you read their filings, it goes into some detail of what they are doing, but we dont know for sure. That does create a mystery surrounding the stock. The issuance today, using direct listing, the stock did trade above the Reference Price, but it didnt skyrocket like we saw in previous issuances like a theflake or a g frog, where stocks took off. Its interesting we didnt have the same kind of response in terms of investors that we have in the preceding Software Ipos the past couple of weeks. Haidi it is interesting that in a time when investors are techoring for investment opportunities, we saw that. Are the political headwinds depending on what happens in the member election, depending on what happens in the political environment, given that we know for example, a number of their clients include city police departments, homeland security, and there has been National Criticism saying that there is a high risk their software contributes to human rights my elations. Human rights violations. These are things investors should be worried about. Writing onis a lot the election in the United States a lot riding on the election between donald trump and joe biden year in the United States. If we had a major change in president ial leadership and in the house and senate, then you obviously might have rethinking of some contracts going on between various departments, as you mentioned, as a National Basis and also local basis, and will there be a continuation of revenues coming from these local governments and the federal andrnment towards palantir, does that change the model . They have estimated for the coming year they expect over 1 billion in revenue, a 43 jump from a year ago. If, as you mentioned before, there was a change in terms of the president ial in different areas, with that then affect these contracts Going Forward, which would then cause some sort of reevaluation in terms of expectations and Revenue Growth . We will have to see. But that is part of the risk associated with these shares, as we saw in this recent issuance. Shery how much of that risk is also perhaps corporate governance, given that the public holds very weak Voting Rights and control remains squarely in the hands of the cofounders . Dan you are right. The three cofounders have super voting shares which allow them to control almost 50 of the total vote. It is a step further from what we have seen. We know facebook also had stipulations like that, snap did, wework, i deal that never went through, so i am not as uncomfortable without is a lot of people on the street are. I dont have a problem with the three people who have gotten the Company Going and erected up to this point, having a majority in making decisions as opposed to some corporate raider or large shareholder who would dictate to them exactly what they should be doing. I am not as uncomfortable with it, but a lot of people are, and that has led to uncertainty surrounding the stock. Shery i stock that had better luck was santana today, that ended the day 30 above their Reference Price. This is a Company Related to peter thiel. What do you think of the direct listing today . Asana performed better than palantir in the direct listing a grew revenues 80 last year, compared to 25 with 30 for palantir. They are a smaller company. We are expecting 1 billion in revenue out of palantir, so different dynamics, different growth rates, but definitely a much better reception in terms of the stock trading above the Reference Price with asana than did palantir. We are working with our way through this model working our way through this model, so the jury is not yet out on direct listing at this point. Shery dan morgan, great to have your thoughts, senior Portfolio Manager at syonovus trust. Up next, top Money Managers call on australias Biggest Companies to appoint more women to leading roles. Blakey is leading that charge. This is bloomberg. Some of the biggest investment firms in australia are stepping up pressure to gender equity. Toumber of firms signed up aim for gender parity by 2040. Is 40 of companies by men. Is the ceo of hesta 4040 vision the group. Tell us how you came up with these targets. Debby the background is that we are very disappointed progress has been so slow. Executive women have a senses censusis identified a and only 30 asx 200 companies achieved gender balance in 2020. There is great research. There is there was a time we hoped would get there without targets, but target bring us into focus and hence we have 40 40 vision, hitting 40se targets but 2030 40 vision, hitting those targets by 2030. Haidi what would be the consequences of companies that ignore these targets . We are seeking board diversity. Boards that dont have diversity at the board level, we have voted against of the appointment of senior directors. That is one action the chair can take. But we must not underestimate the possibility of influence for engagement. In thegender diversity portfolio, and companies that fail to consider 50 of the population for leadership positions are potentially missing out on amazing leaders. That is generally recognized across australia. But what we need is the focus and scrutiny and the setting of targets. And is not and it is not just the 2030 target. We are asking companies to set their own targets for 2023 and 2027, so that they can get for achievement by 2030, and to report on those targets, which get all investors involved in the visions to engage directly with the companies, and that comes back to how the company is going against the targets they have identified. Shery will there be more signatories soon . We already have signatories representing 1 trillion in terms of investors, and will be seeking more. We have got to work with the community. Theeally wanted to get governors in place, the vision in place, and the support of the inaugural group of investor. Of investors. Now that we have launched, we will engage with other investors in australia and seek further support. Shery explain your engagement program. What do you mean by that . And how are you persuading companies to become part of this 40 40 vision. First, i think it is the profile, making it very clear that a particular program can work. It is supported by other organizations paid we know we cant do this alone. The workplace gender equality agency, the Australian Council of investors, and others, they are all supporters of the work. So i think it has got a lot to voices and influence behind it. So we will engage with companies on the back of that, and we will engage closely with the 200 Largest Companies in australia. There is a lot of interest and engagement among investors, partly pot through the Australian Council of investors but also through Companies Like hesta. We engage deeply when there are critical issues, and gender diversity from our point of view is very much at the top of the list. Asxave written to the company chairs and ceos to plan the three things we think are most important. That is a very active engagement program. Shery debby blakey, thank you ceo and insights, hesta chair of the 40 40 vision group. Plenty more i had. This is bloomberg. Check of business flash headlines. Japan post will book a 28 billion charge on the value of its bank unit stake after week outlook pushed down share price. The drive down wont affect dividend forecasts, it says. Japanese rules require companies to write down stock value when it falls 50 below book value. Off tensines will lay of thousands of workers thursday, unless they win additional government aid. Furloughing of 19,000 staff will start at midnight wednesday u. S. Time when federal payroll support runs out. 12,000is planning to ax positions. The nations four largest carriers cut 150 thousand jobs since the covid crisis began. Is the latestell Energy Company to announce job cuts as the sector battles oversupply and the coronavirus fallout. 9000 positions will go. Jobs acrossre axing the board, taking massive writedowns and slashing traditional dividends. Nikolai isuck maker postponing its in person conference where it was planning to delay its plugin pickup. The event was due in december but is being changed as the company regroups after a selloff in the departure of its chairman. Has been accused of talking up its company. Australians are being offered incentives from cash to the promise of a boost to their social media following if they take a year off study. Paul allen joins us more. The Australian Board is closed because of a shortage of Seasonal Workers that flocked to the company, and the incentive is that it is a perfect selfie. Paul desperate times call for desperate measures, i guess. There will be a lot of backpackers here, Seasonal Workers from Pacific Islands that had closed borders. That workforce has failed to show come interstate borders are closed as well, so that has made the problem worse. Eighte of 20 shortage of 26,000 Seasonal Workers right now in this remark from deputy Prime Minister Mike Mccormick is priceless. He says, if you know somebody lounging around with a surfboard, tell them to the come to the region and bring a cell phone, because it will be a major instagram moment to see them in a tree picking fruit. Picture is instagram a draw enough, but there is always money and measures that will be announced tuesday to get jobseekers to get an x or 150 per week without affecting their benefit payments. Offerre is a reward forgetting that instagram shot as well. Shery what else is being done on Seasonal Workers . And it is hard work, Fruit Vegetable picking, so it takes a lot to get locals to get into that kind of work. Normally 140 thousand backpackers in australia at this time. Right now, there is less than half that number. So they are looking at scrapping the age limit, which is currently 31. Ministry once those who are in the country ticket to 12month extension and they are looking at allowing temporary visa holders to extend their stays and allow workers from the Pacific Islands to helping the harvest. Shery paul allen in sydney. Plenty more coming up in the next hour, but first, check of how markets are trading at the moment. We are seeing u. S. Futures continue to gain about. 2 , after stocks ended the session higher on wednesday. This was also the last trading day of the quarter for u. S. Stocks. We are seeing kiwi stocks gaining. 2 , after two sessions of gains already. Sydney futures are up 2 . September house prices are out of australia, watching for that, and japan, the survey, watch for those as well. We get the outlook on currencies and we aren sachs, focusing on the japanese economy with an economics professor and former boj Monetary Policy board member. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Asia. Welcome to daybreak shery we are counting down to the major market opens. Stimulus sendss. Wall street higher with the s p 500 passing a key level that could herald more gains. The index closed above its 50 Day Moving Average after purportedly trying and failing