international monetary fund for the inner statement we heard them say this is going to help, a bold move that would help stabilise the economy and set the basis for more sustainable and private sector led growth. the first group we have seen by the newly appointed economy minister and when mrjavier milei be sworn in as president on sunday. it has been quick. a huge roof. whenjavier milei huge roof. when javier milei came huge roof. whenjavier milei came into office he promised shock measures. he walked around with a chainsaw promising that is going to indicate the spending cuts and tax cuts he was promising. seen as a libertarian and very ultralight leader. this is the first of the measures. other measures announced as they will cut transport and fuel subsidies and cutting any spending by the government on advertising. huge reforms and all of this as part of living up all of this as part of living up to those campaign pledges made byjavier milei. one of the most controversial
that number has remained higher thanks in part to persistently high housing costs. raising interest rates is meant to combat inflation. higher interest rates make it more expensive to borrow money and that is supposed to tempt down spending which in turn should tame runway prices. president biden praised the data as good news and called on large corporations to pass the savings on to consumers. now it is up to the fed to decide whether they have done enough work to help prices return to normal. that would mean holding interest rates steady and that is what they are expected to do on wednesday. what investors really want to know is when the fed thinks it will be time to cut rates. they will almost certainly have to wait and hope for next year. of course inflation has been a big topic for many economies around the world this year. it is a different picture in china where we just found out last week the economy is slipping further into deflation, that s falling prices. with a de
I am paul allen in sydney. We have some breaking news right now on south korea. We are awaiting the bok decision. Industrial output for october, down 1. 1 in industrial output month on month. Year for october, down 5. 9 . Expectations were for a continued rebound in industrial output. Not great on year, so news at all for the south korean economy, industrial output had been on the rise of wing to the export of electronics and other items. Have a bit of the damper may be countering some of the opinions that the bank will raise Interest Rates this morning. We will introduce more uncertainty in that decision. Markets seem to have priced it in. We will wait and see what happens when we do get the results of the bank of korea Board Meeting later on. Running ints up and the asiapacific. Lets take a look at new zealand. Off. 3 . The kiwi dollar little changed against the greenback. Trading just getting underway and australia. Not too many stocks online at the moment. We are seeing a little bi
Bouncing back. This is Bloomberg Markets asia. Haidi the dollar demise. It any dollarid is looking for an excuse to take it lower and has been given the green light. We have these comments from the treasury secretary, and also essentially saying that a weaker dollar is good for the u. S. Economy and competitiveness. Interesting given the rhetoric coming out about china and south korea and taiwan over the past few years. Rishaad absolutely. How does it fair when it comes to individuals . Company earnings . We are in the midst of a stellar earnings season. The dollar does play into this. Here we go. The bottom half of this shows you what is been going on with earnings estimates. Of dollare a bit weakness. But generally speaking, we can still see a move to the upside. What it does tell us is that the percentage gains under the Asian Pacific index, that the bull market is not over. Actual Quarterly Earnings announced since december, and also more to the point, upgraded earnings assessments
Manus welcome to countdown, breaking news live bloomberg terminal. The Worlds Largest chemicals producer has delivered their 2016 earnings outlook. It will be below a slightly below. That is the line from 2015. Definition of the considerable drop in sales meet anything below 6 . This is a warning in terms of their outlook. This is at the forefront of global industry. Were seeing trade under pressure. Defined a considerable drop in sales anything below 6 . They are saying they will see a slight drop off in profits. Chance 1 to 10 change that is what theyre calling a potential slightest change. If i drop in profit. Now, the chairman of basf will move with the guy johnson. The one thing that is driving markets today, the s p 500 hit a sevenweek high. Managedenchmarks had all february losses. What will come from the g20 . It depends if you listen to. From china, they have room to tweak. That we the prism of fx are perhaps the most focused. The uks taken a battering, sterling has had a bad