Russia, Mayor Vitali Klitschko, U.S. discussed on Bloomberg Daybreak Asia


Today on another subject saying that the globe needs to step up more fervently than ever to support Ukraine Russia is losing this war. So we have to continue supporting Ukraine. This after Ukraine's capital city Kyiv was battered by Russian drones at least 5 major hits and explosions in the downtown area. Mayor vitali Klitschko says Russia's efforts are, well, they're more fierce than ever now. They want to destroy our critical infrastructure. They do want to give it he said Ukrainians will continue to fight though. The U.S. says the drones are being supplied by Iran and deplores it. Iran denies that. Former U.S. assistant Secretary of State Mick mulroy on ABC today said defense against these types of drones is very, very tough. They're very difficult. They barely show up on radar. They can change directions and they can loiter, which means they can stay around a target for a while coming in from different directions. They can be shot down, but they are very, very evasive. South Korea is kicking off their annual ground defense drills this week. This follows a series of military joint exercises with the U.S. and Japan. In the U.S., president Joe Biden announcing the formal launch of his student loan forgiveness program today. And despite what the Republican officials say, we can afford we're able to afford the student loan relief. It's because of our historic deficit reduction. The Republicans voted against. On my watch, the deficit fell by $350 billion last year. Biden says the government will be watching closely to make sure those who are qualified do get the grants and those who are not do not get the grants. Website a student aid dot gov. Heavy rain event, eastern Australia, moving to the central part of the continent, likely to get heavy rain from Queensland to Tasmania this week, the major cities, Brisbane, Sydney, Canberra and Melbourne are likely to be soaked as well in the next 7 days. In San Francisco, I met Baxter, this is Bloomberg, right? Douglas, thank you, Eddie. Let's take a closer look at this market action with our guest fan schuchat, Asia CIO at HSBC global private banking and wealth joining us from our studios in Hong Kong. Miss van, thank you so much for being with us. So let's begin with the delay of the publication on third quarter GDP. Are we to read into this that the number was not going to look so rosy for the mainland economy? I think of the delay of strategy GDP data should be more related to the ongoing 20 national party Congress. And I think the market actually expected quite a tough Q free. Economic performance as we continue to see the COVID disruption to get up with the property market slum. So that would be a reflected in the Q three GDP numbers. And the September economic indicators. We've seen China junk bonds drop to a record low because they're property crisis is really just, again, a concern about the successive borrowing. When do we see some really strong policy steps for the property sector? I think a more comprehensive and these sizes, policy actions, to reverse the downturn of the public sector. We will likely come out after the party Congress. But I think more visible policy actions would need to be formulated and finalized when we have central economic work conference in December because that would be an end new policy setting working conference to formulate a specific policy action. But we have already seen at the local government authorities of rolling out more popular market stabilizing measures, but I think that this is not yet sufficient to reverse the Tang turn as reflected by the substantial year on year decline in populist sales. So a more comprehensive policy support package is still needed to contain the spill of defect from the popular market weakness. So we think the central economic work conference would need to formulate a set of effective policy actions, not just focusing on the completion of unfinished property project, but also address the liquidity crunch of the developers. So we do expect the government to roll out more substantial stimulus action. Because this whole key for the grove recovery auto in 2023. You can make the case that the dark cloud that is hanging over the mainland economy is the zero COVID policy. I mean, it's really been holding back a lot of confidence, a lot of growth. Here's president Xi announcing a couple of measures to support the equity market, which as you know well, has been struggling. And I'm wondering to get your take on whether or not the more important issue really is to maybe allow policy to change slightly as it relates to COVID if the economy is going to begin to recover. Let's pick up on that point where we continue the conversation with fan chuck WAN, Asia CIO at HSBC global private banking and wealth joining us here on daybreak Asia. Right now we've got positivity, although markets in the apac region off their best level of the early going will take a closer look for you

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