It's 7 30 a.m. in Hong Kong. I'm Kathleen Hayes here at Bloomberg world headquarters in New York City. And I'm Doug prisoner. We are coming to you from the Bloomberg interactive broker studio. It is kind of a down day. I'm afraid for risk assets in the states, it was a put it in past tense because obviously the session has finished. We are trading U.S. sovereign debt right now in the Tokyo session, yields hanging in after quite a bit of a spike, I would say, in the U.S. session, we had a services PMI that beat forecast and that sent yields up across the curve by well in the case of the two year 12 basis points. That's a pretty sizable move, and in turn, equities were weak. I'll go into that more deeply momentarily. Right now, Kat and I want to get you caught up on a few of the showers top business stories. Well, I think in getting back into stocks, maybe think again, market as Stanley's strategist, Michael Wilson, is returning to the bear camp. The strategist who is one of the U.S. stock market's most vocal skeptics has seen enough of the recent rally that he'd actually predicted and he now says investors are better off at least for now booking profits. This differs from Wilson's view last week, he had said the tactical recovery could continue into December before coming under pressure from weaker corporate earnings next year, with both economic growth and inflation cooling next year, Wilson recommends retaining a defensive positioning in healthcare, utilities, and consumer staple stocks. Yeah, he was focused on the 200 day moving average to and I think we closed below that level today. Some people were a little enthusiastic last week when we kind of broke above that 200 day and stayed there. So it's a lot about the interest rate environment, I think it's fair to stay, and it's not just the U.S. and the fed. We've got a rate decision today from the reserve bank of Australia. We have that from Bloomberg's annabelle drew's. There was a bank of Australia is likely to hike rates by 25 basis points in today's meeting. October inflation was weaker than expected and economic data has softened. But Bloomberg economics says that's unlikely to get in the way of the potential rate hike. Looking beyond we're told that the RBA's next move will be a smaller 15 basis point increase in February. That'll take the cash rate to a peak of 3.25%, but there's another chance that another hike may not be necessary even inflation risks continue to ease. We get the RBA decision later at 1130 a.m., Hong Kong time. I'm annabelle drawers, Bloomberg daybreak, Asia. Moving on to another big Central Bank, the ECB, European Central Bank will probably lift borrowing costs by a half point this month, and that's according to governing council member Gabriel makov. This comes after inflation moderated for the first time in one and a half years. Now he didn't rule out a bigger increment, depending on what fresh quarterly economic projections show this month, and he told us the Eurozone will likely endure a technical recession in the near term. I suspect that Q four this year, the one that were in now, we'll see a very slightly negative GDP number. And we're likely to see that for Q one next year. On the other hand, my expectations were not going to see 2023 as a year of recession. The ECB's final gathering of the year is on December 14th, the same day as the fed is going to give its rate decision. Well, in Asia, we know the COVID story in China is one of the big stories and other big story today is around Taiwan and the country going to be receiving and increasing number of U.S. patriot missiles that tops global news