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>> welcome to "daybreak australia." we're counting down to asia's major market opens. annabelle: a flat lead in for asia with stocks nearing all-time highs. jamie diamond said the bank won't buy back a lot of stock at current prices. haidi: a high anticipated earnings report. we hear exclusively from the c.e.o. jenseng on. annabelle: a lot of speculation after the iranian king's death. >> sydney futures down about a

on the 01%. the nikkei futures seeing a bit of weakness. pretty cautious setup from wall street. we are waiting for nvidia numbers, the crux of the frenzy, and can it sustain another leg further? we are seeing futures to mild losses in hong kong. a bit of a dip in australia. perhaps a little bit of a gain in japan once we get start. remember, we're trading pretty close to near all-time highs for a lot of these major markets. >> that's right. it was pretty much the same story in the u.s. session. we had u.s. stocks sitting around the multi-year highs. treasury is inching lower in the session. more fed speakers on the take. we're going to hear from the atlanta fed presidents in a few

moments from now. that has been driving the market narrative of late. but that shift again as you say, haidi, it does come back attorneyings over the course of this week. one stock in particular is that nvidea is the last of the big tech names to report. investors are looking for any sort of evidence and the guidance that we can see that optimism around a.i. and whether that continued ample i. chips. chai son wong spoke us to exclusively. and we hear from the c.e.o. out to being this partnership. >> it's about delivering an entire infrastructure. that entire infrastructure is insanely complex. the last 30 years both of our companies have changed a lot >> al of our p.c.'s will be

a.i.p.c.'s. the reason is that anything that you're doing that has an edit property is going to be sped up because every software developer in the world is figure out how to use all this new power in the g.p.u.'s and the n.p.u.'s. annabelle: that was michael del. let's bring in our first guest. mark templar from our tokyo studios. so much has been predicated on beg tech. do you see that persisting ahead of nvidia's number or do you think valuations are becoming a problem right now? ron: when i look at the a.i. phenomenon and say let's look at the biggest economic droppingses of our lifetime, in my view there are two of them underway.

one is a.i. and the automation that allows for the global economy. and the other is the energy transition. they're in conflict with each other. i do think there's runway for this story to play out. my suggestion is for investors we really want to start thinking about what are the second and third iterations of the a.i. stories. we've had a small gain. who are going to be the next companies who can capitalize on this opportunity? it's another facet or extension of what we've been talking about and in automation in terms of try going to crease efficiency in the economy -- to increase efficiency in the economy. annabelle: i think it's interesting that you bring up energy usage because storage has been one of the key areas. where are you looking to play the theme then? ron: the key issue is there are different facets of a.i. who are the users of the

products and services going to be? one of the keys for the earnings growth of these big tech companies to be sustained is their customers have to realize a return on investment, right? if you're a major corporation and you're spending hundreds of millions of dollars on building that infrastructure for a.i., you need to see early signs that there will be a pay off. it could be competitive mansion, market share, margins but they're gone to need to see that it's important to focus on which companies are doing this intelligently? and it's hard to read that. a lot of that is assessing their strategy but then there's also looking beyond that and saying whether it would be private markets or public market what is planes come out of the wood works and capitalize on that infrastructure. i have to say in the 1999 or 2000 era a lot of the focus was

on cisco systems and sun micro systems but there ended up being dozens of companies that profited on the back of those rails. that's anaphia set as you mention the power consumption. there's going to be enormous demands on the kid on power availability globally, that might be another tonight play this. >> do you think we have good visibility over what those second stage, third stage certainly later stage companies the ben flit be? >> no i think it's early. all i can say is we can make broad assertions in that i think this will transform many parts of the economy. it can be when you go from a fast food restaurant or order at drive-thru window to drug testing to see the efficacy of new compounds or the effects of cells from new bio pharma products. i think this is the big challenge right now is that we're so early in the game. if we're really honest, this

phenomenon is something no one was talk about very much even 24 months ago. it's really more of the last 18 months that this has been front page in the headlines. i think it's early. it's a difficult task. but i think that's where the real opportunity might be over the next three to five years. and that's not to say, by the way there's not more opportunity in the big provide necessary the big tech universe. there have been some pretty significant earnings gain. the key challenge there is can those gains exceed high expectations? and we'll be watching carefully this week to see at least in the case of invidia if they do. >> we did hear from cleveland fed loretta messer about the rate trajectory. let's take a listen. >> i was on the record saying i was at the media which was three. the developments i've seen in

the economy right now, i would not think that would be appropriate because tin frustration in risks have moved up. haidi: that was loretta miss. ron, does that is it with where you're seeing rate hikes? we could see something as early as mid year. ron: my base case is that i do think there's a strong case for the feds to start cutting rates at the september 18th meeting. but there's a chance they will be able to cut rates as early as july 3 1st. the premise or my base for my view here is that when i look at inflation for the last two to three years, there's a clear deceleration of inflation. in the second half of last year, if we look that fed's preferred index, that index for the second half of 2023 was below 2%. we had the nasty surprise in the first quarter this year with pc

and cpi running at much hotter levels. but i was very encouraged by the april report on c.p.i. last week which came back to levels more comparable to the fourth quarter. i think between now and july, obviously, we'll get two more inflation reports by september 18. we'll get four m. i'm hopeful that we get two to three rate cuts by the fed and probably more importantly to the cost of funds, it's probably less important when the fed cuts rates the first time and more important how far they cut rates through the easing cycle. in my view, the easing cycle is likely to end 3 1/2% on fed funds which is higher than many other investors might be expecting. and my logic is the fled be cutting rates because inflation is slowing not because of economic weakness. i do think there will be deceleration in the u.s. those lags are still hitting in

economy. but i don't think the fed will need to take rates down to 2 1/2% to 3%. if that's the case, fair value on the 10-year treasury yield is between 4% to 5% which means they're not going to get a lot of relief at the long end of the curve. >> ron, obviously, the fed tech earnings dominating the momentum when it comes to what we see from market sentiments but i do wonder how much you're watching international developments as well when it comes from some of the efforts that come out of china, do you think this is meanfully -- meaningful enough to be able to make a difference how markets perform from here? >> well, i believe since the beginning of the year, that china could end up being one of the strongest equity markets globally in 2024. and my logic there is the economy is weak. we know that the housing issues are deeply en grained in china. they're going to take another

one, two, three years to work out. but sentiment was so negative on chinese equity, the market was the cheapest major market in the world that there was quite enough room for upside. i think there's more upside in china. but i would causing that this is more of a rent, not own or a better described as a tea when i look at the chinese equity market, i think the real challenge is the underlying economic story is not particularly bright. the announcements last week in particular on friday, i think are a strong step in the right direction. but the government announcement for example that the pboc would provide 300 billion remembi. it's a good start. but the an cease i've seen indicate we might need $3

trillion to $4 trillion. and i would note the pboc had announced a similar facility before. there was 100 billion rmb and 2 billion have been used. it's not clear the details aren't there. it's not clear what the takeup will be on this funding. and so again, i appreciate that the government is acting but will need to wait and see if this actually leads to housing being absorbed taken out of the supply moved into public housing and starting to resolve some of these issues in the housing market. >> really greet have you us. ron, lazard asset management we'll have more from sydney huang, michael del, and bill mcdermott. we were talk about the

opportunity to end the global energy transition. what you focusing on? >> pretty soon this hall behind me will fill up with 200 delegates and exhibitors. the theme of this year's conference is delivering the new energy economy. australia's oil and gas loyalty be here. does seem like an oxy moron. they have been dealing with these theme. a carbon capture storage, hydrogen and the world of gas as a transition field. that fits from what we heard in government in the future gas strategy. part of the plan is to help australia become a critical minerals processing hub. that's going require energy. so there's a big role for guests here. prices are still very high. prices we haven't seen since january. the c.e.o. will give a speak in this conference a little bit later on. she's going to be hitting that

theme. supply, supplying supply. i'll be talking to meg o'neil a little bit later on this afternoon. >> coming up, iran calls the election avenue -- after the death of their president. this is bloomberg.

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♪ >> power transitions in the middle east are in focus after the death of the iranian president. meanwhile in saudi arabia, their prime minister's health is being watched as he's receiving treatment for lung inflammation. michael joins us for all of these developments in a year that has many up expected developments so adding to the sheer amount of uncertainty. >> uncertainty is a perfect word in a sense that the iranian president is not -- he's not -- it's not a powerful position in itself. the ayatollah and the talk now

moves to his son which would be unusual because it's not meant to be hereditary system. it does raise some questions the idea or the notion that perhaps someone more liberal will be installed. it seems very, very unlikely. this is a regime that is at wear with its own people. relations are very poor. 60% of iranians are under 30. these sanctions make it difficult in the economy. this theocracyy a lot of older men there, i'm a gentrocracy, and they're not interested in people's welfare. then you have saudi arabia, of course, the implications aren't quite as strong as they might seem.

the crown prince has been running affairs since 2017. he did cancel his trip to japan. it's fairly serious with his father who has a lung inflammation who is also in his late 80's. china broke in a restoration between iran and saudi arabia. most think that won't be affected with depower transition. it's uncertainty. we have some reporting on the terminal which has israeli analyst saying it's important to know who you're up against. this uncertainty as to who will come in as the president of iran, we just have to wait to see how it pans out. >> yeah, certainly adds a fresh layer of uncertainty to the israel-hamas war. but what could inject a level of uncertainty is the chief prosecutor of the i.c.c. >> yeah, it's an astonishing decision, an arrest warrant

they're recommending that that would be issued for prime minister netanyahu and the prime minister gallant as well as hamas's military chief as well as some political officials there from hamas as well. i don't think this does very good for the i.c.c.'s credibility to put him in the frame is someone -- with sinwa who murdered 1200 innocent people who involved sexual assaulters used as a went of war, has welcomed the israely attacks on palestine because it strengthens his cause internationally he has no concern for human life to put a democratically prime minister on the same level, it almost speaks to not being able to defend yourself. whatever was going happen, it's going the lead civilian death. it's almost saying you can't do anything in response. and we saw last year when they -- when they indicted vladimir

putin. i mean, russia was abducting children from ukraine and rekeying them. these are crimes of war what israel has done is just conflict involves civilian death. and it was a reaction toward an attack. so it's -- it really does -- it's a worrying sign. it's a be the of a concern for the inch c.c. credibility and it had grad wally being built up for leader and other who is have been involved in war crimes and to now put out an arrest warrant, undoubtedly a lot of it is good work, i think. >> a panel of international criminal court judges would need you to consider to accept that application from the i.c.c.'s chief prosecutor that was michael heath. we'll have more on "daybreak:

australia." this is bloomberg.

♪ haidi: jamie diamond said the bank is well on its way to success plans. he was asked about how long he would remain as c.e.o. >> i have the energy i've always had. that's important. when i can't put the jersey on and give it its fullest thing i should leave basically. the board probably -- it's up to them will i stay as chairman for a while? we'll see. but i think the most -- and we're on the way. we're moving people around. annabell e: bre, jailed dimon has said five more years would be the case for succession here.

how long he would real estate 911 the role. buts that pretty big shift in commentary. br e: what we got today was a shift in the tone and the shift in the context he's given about how long he expects to stay in this role. on monday j.p. morgan had their annual investor day. jamie dimon got a question about mike mayo about his plans and where succession might go instead of using that phrase that he's often jokingly used of five more years, he decidely said not five more years. the bank is well on its way to the success planning. he said that this is up to the bank's board and that he still has the energy that he's always had. he put on the iteration of putting on the jersey. he's up and excited to do that. but this brings in the question of the time line that we see for the potential succession there.

annabel e: we saw a shovel in the ranks. he said the process is well underway. bre: that's a yelly good question. the next could -- question would be who is up? today it was hearing from all of the j.p. morgan's top lieutenants. some of the people that we heard from today include jennifer peepsack and are in the commercial investment bank as well as marion lake who has been there since 2021 and has sole control of that segment. we heard from all of these folks today. they gave detailed presentations about their segments. those are three names that have been in focus. obviously, there's not an exact timeline yet. annabelle: thanks so much for

your time this evening. j.p. morgan one of the big lag hits of the session knowing that we heard jamie dimon no buybacks but a drop in the stock. equities trading at their year high and nvidia numbers. can we see that momentum around tech, around a.i. extending? that's the big question facing officials. officials reiterating the case for the need for keeping rates higher. here you see j.p. morgan at 4.50%. 4.50%. we'll have more on "daybreak: people couldn't see my potential.

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haidi: renewed focus on power

systems in the middle east after the death of the president of iran. to paraphrase someone else he's spoken to, you want to know who you're up against. i guess that's interesting. do you think either of these potential leadership shifts also portend to changes in policy or positioning at all? >> no, listen, i think continuity will be thed orer of the day here for a couple of reasons. first of all, the president and the foreign minister really don't set the major foreign policy goals for iran. that comes out of the office of the supreme leader. anybody who replaces those two positions will essentially do they same. one thing the iranian regime wants is stability, as much as possible, so the replacements

for the current president and foreign minister will reflect that. >> as many have pointed out, raisi was a top contender for being next supreme leader. do you think that casts some uncertainty in terms of how that role is filled? potentially as it was suggested, prapt his son might -- the supreme leaderrer's son may step in? >> that's the $64,000 question at the moment. even prior to his death, the idea of front runners is fraught with difficulties when we're talking about the succession to the supreme leader's position because it's only happened once previously. so the system is immatur and -- immature and relatively untested but he was being put in the positions to make him a strong

candidate to be supreme leader and with him now gone that's thrown the conservative factions into a degree of disarray because it wasn't foreseen, obviously. so that'll have -- so they'll have to come up with their own candidate. who that is, i think, we'll find out a bit more over the coming months. it certainly has thrown the cat amongst the pigeons. annabelle: some of the people we've spoken to said the idea of dynastic rule in the country has been sort of a shoe -- eshooed following the iranian revolution. do you see that complicating if they have to argue against that approach now or whether it complicates the supreme leader's son also being nominated? >> it'll be a consideration, as has been pointed out, the last thing you want to do after, you know, a half century, nearly, after throwing over a domestic

rule, is to then have the son of the supreme leader take over that position. particularly if his juristic or religious qualification aren't to the same degree. we saw with the advance of the current supreme leader you can always make exceptions if it's in the best interest of the stability of the regime. so while the idea that mustaba would take over as supreme leader presents a range of complications, it's not out of the question if those closest to the center of power, including the supreme leader himself, believes that's the best option for the stability, future stability, of the regime. they'll work their way around the justification in this instance if they believe it to be the best option for them. without a doubt, it would be complicating for that to occur.

haidi: do you see regime change injecting more instability into the israel-hamas war and the outcome there? >> i think we have to separate those two issues. in saudi arabia, muhammad bin salman has been effectively running saudi arabia so there'd be a great degree of continuity with the death of the king, if that was to occur, and m.b.s. has been in direct communications with the u.s. about potential bilateral agreements, the u.s. has floated the idea of saudi participation in some future security force. those kinds of issues are already being addressed with muhammad bin salman as we speak. as far as iran is concerned, i don't see any real change in their foreign policy outlook at the moment. they sense that events favoring

them at the moment and their asymmetric way of engaging with the region will continue for the foreseeable future regardless of who is in positions of authority. annabelle: it was just a few weeks ago, april 14, in fact, when we saw what we would have expected as red lines being tested between israel and iran. with this leadership change, i know that continuity is expected. do you expect this idea of a shadow war to continue and potentially more volatility on the front? >> listen, i don't doubt the idea of this, confrontation will continue for the foreseeable future. wit will recede at various times and peak at other times. you're seeing a peak currently. but we have to remember that uns pre dentd aerial attack launched

by iran against israel was in response to provocations from israel in terms of an attack against senior iranian military and iajc personnel in the compound in damascus. they felt the red line had been breached. but they -- their response was very well calculated insofar as it was a massive and unprecedented attack but they didn't have the element of surprise and it was shown the attack could be thwarted. in this very strange and bizarre way of resetting red lines, i think we're seeing that in the recent past, and i think we'll see a continuity of the shadow war for the foreseeable future.

annabelle: roger, always great to have you with. roger shanahan, independent middle east analyst, joining us. a loft this expected to continue weighing across the comodcy tyes space. we had a bit of a shrug when it comes to impact on the crude markets. that dip in the early part of the week being sustained as we see new york crude still under $80 a barrelthere really this range bound situation continuing to show that traders are look ahead more to the opec plus meeting in early june for supply policy even though we're expect a rollover of the existing limits. we're getting close to the $120 level there, even though some chinese markets were deemed disappoint big investor they did create more demand, suggesting we could see the housing glut

key see some improvement. we're watching copper continue this rally, just under the $11,000 level there, which is a sort of record high but it's continuing to pile up in bits on the prospect of supply shortfalls. more ahead on "daybreak: australia," this is bloomberg

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annabelle: we're taking a look at the energy sector. china ease l.n.g. requirements alone set to jump by almost one fifth this year. let's get more with our l.n.g. analyst. big focus on l.n.g. demands. talk us through the forecasts you're predicting. >> china l.n.g. imports are looking strong so far this year. we think china is on track to absorb nearly $80 million metric tons of l.n.g. this year. there are a few key drivers of this. china is able to achieve 5% g.d.p. growth rate as paired to the 4.5% growth rate we were expecting at the beginning of the year. this is support growth from the

sector closely related to economic growth. and other prices relate to the strong l.n.g. imports. the economics of l.n.g. says these are counterparts. others are weather related. and more cargoes are coming thru terminals in china rather than being sold elseysm. annabelle: there's a number of snu gnu supply plonlts, how does that affect the summer? >> we see limited growth this year but overall we're expecting supply to be roughly two million

tons this summer, only two million tons higher than last year. on an annual visit we are expecting the rise by only seven million ton which is is less than the growth seen last year. so most of the supply is happening in the fourth quarter as new projects in the u.s. contribute more volumes. we are assuming projects like mines and corpus tris tee state street in the cold quarter, and one of the reasons for supply growth, growth we have seen in places like egiant -- egypt and nigeria. and also issues in russia. haidi: what about the market, we saw a graphic looking at asia's l.n.g. prices rise, so what about that but also the competition between arrest and european buyers as well? >> on a fundamental level, marks

are still bearish. we are projects underground gas to reach that by november. this is likely to continue limiting competition between european buyers and take downward pressure despite limited growth and supply this year. however, we will also see some support to prices despite these balances as there is nervousness in the market. it is likely to continue because of the possible supply so for example we have seen the loss of supply from australia, malaysia and the u.s. have supported prices. >> bloomberg analyst, more to come here on "daybreak

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j.p. morgan wealth management. haidi: a 234u conference of australian oil and gas producers is under way in perth as they gaple with the transition to net zero emissions.

great to have you with us, what is the mood at this event? is everyone focused on the opportunities of this global energy transition potentially brings, or potentially i guess there's also concerns about the risks that are being thrown up as well. >> we're just getting under way here in perth at the australian energy producers conference, one of the largest business conferences in australia. we're expecting well over 1,000 delegates through the doors over the next three days. it's a fantastic opportunity for the industry to come together, to share the latest innovations and technologies. but also to discuss those issues that are really important for the industry, for our role in terms of the transition, and our role in the region in terms of being a reliable supplier of l.n.g. to asia. >> in terms of the current policy settings, for australia,

do you think that's sufficient to encourage new levels of investment? >> well, there's no doubt that we are seeing a number of reforms and changes in the policy and regulatory environment here in australia in the last 12 to 18 months. just a week or so ago, we had the federal government release the future gas strategy that was unambiguous in terms of long-term critical role that natural gas will play in the energy mix to 2050 and beyond. that includes here in australia but also in terms of the role of l.n.g. in the region. so we really very much welcome that reshot of the policy environment. we're now looking as an industry to work with the government to ensure that we can get the investment that we need to bring our new supply for the domestic market but also for our international customers. annabelle: and speaking of those international concern, we have -- international customer, we have heard concerns from

buyers of australia's l.n.g. that their contracts won't be honor. do you think these changes are enough to alleviate those fears? >> well, we share some of the concerns of our original trading partners. it's imperative that those l.n.g. contracts are honored. the industry is working hard to ensure we remain a reliable, stable supplier of l.n.g. we know how important our l.n.g. is to keeping the lights on in tokyo, to fueling manufacturing in south korea, and it's key that we have the stability now in the policy settings to bring on those new investments that are needed and to reset that relationship with the major investors. annabelle: then you've got projects in qatar and the u.s. that'll be able to deliver l.n.g. at a lower cost. will australia be able to stay

come pet toifn an international level as well? >> there's no question that we're heading into an era of intense competition in l.n.g. markets. you can see that the u.s., qatar, are really doubling down on their investments in l.n.g. it does reflect, though, the important role l.n.g. will play in terms of the transition, particularly in the region and for soviet asia, the international energy agency is predicting as much as a 10-field increase in l.n.g. demand. australia is well-positioned to be able to supply that l.n.g. to the region, to support not just energy security in these comie bus the transition away from coal and toward net zero. >> what are your views on australia's role for carbon capture, particularly serving the rest of the industrialized area? >> certainly the future gas strategy released by the federal government just a week or so ago

did indicate a very important role and opportunity for australia to provide that c.o.2, that was a co-2 storage to the region. c.c.s. is important to affect our industrial structure. so we are already progressing opportunities to be able to take that co-2 from countries like japan and korea and start safely and permanently here -- store it safely and permanently here in australia. that's part of our contribution to a global net zero target. haidi: samantha, a last question on gas prices generally. they've dropped from the record whietion saw going back to 2022 but they're still well above the levels over the last decade or. so do those sort of high prices risk demand destruction across the emerging markets?

>> certainly we've seen a period of high prices following russia's invasion of ukraine. this was a global energy crisis. we had unprecedented prorns l.n.g. market. those pressures have come off substantially still but there's still strong, growing demand for l.n.g., that's why here in australia we feel it's impor tat we get the investment set ghts right to contribute to the supply needed to meet that demand and keep l.n.g. affordable, reliable, because we know what happens when the gas supply is not there, that countries are shifting back to coal and higher emission fuels. it's not good for economies, it's not good for job and it's not good for the environment. haidi: that was the chief executive of australian energy producers. we'll have more from that event ahead. in the meantime, a quick check on how marks are going so far, just looking ahead to the open of sidney, seoul and tokyo.

you can see in futures, fairly range bound so far. that sets the stage for what we're expecting in a session today. quite listless trading because investors are looking ahead to the nvidia earnings and the last of the big tech to be reported. we did here from nvidia and dell's c.e.o. saying the company will unveil a new line of personal computers optimized for a.i. tasks. we've spoke exclusively with michael dell alongside nvidia's chief at the conference in las vegas. >> all our new:'s will be a.i.p.c.'s. and the reason is that anything you're doing that has an adebayo prompt will be sped up because every software developer in the world is figuring out how to use all this new power in the g.p.u.'s, the n.p.u.'s, in these new a.i. p.c.'s. >> processing units for the

uninitiated. >> exactly. so that experience will be better. when your p.c. is four years old and it's time to get a new one, you want to get one that speeds up the new capabilities. and inside your company, they're going to want to make sure you have that, you know, they don't want to buy a machine that will last for several years that doesn't have that capability. >> jensen, where is nvidia's place, i know you as game, i grew up with the gaming side of nvidia. do you have a place in the a.i. p.c. market? >> come back next year. dollar bunch of nvidia and dell p.c.'s. all of our c.p.u.'s have the same tensor cords that are running in the cloud is over one of our g.p.u.'s use a.i. to do its work. a.i. will transform gaming, all the n.p.c.'s, the nonplayer characters -- >> but talk about development

time how it will be cut? >> creating worlds will be easier. instead of instruction driven compute, it's intention driven computing. it's easier to write program. python programs will be even easier to write. video conferencing will be better because of it. >> what you did with blackwell and other products is you innovated by saying let's combine g.p.u. with c.p.u. is that the next iteration for you with a.i., here's the nvidia c.p.u. that goes with it? >> we want to support every c.p.u. the world makes. there are places with r86, we support those. others support arm. so wherever it makes sense we'll support the right c.p.u.'s. haidi: michael dell and jensen hahn speaking to us from las

vegas. there is one big story, nvidia and the ability of this one stock which ignited the entire broader market, if that can continue, as the expectations for a.i. and this stock in particular keep building and building and building. this is the main story we continue to watch. a little downside for s&p futures. trading pretty flat at the moment. it is a mixed picture in asia as we get into the start of trading in about five minutes. we are seeing in particular a little bit more weakness, really across the board when you talk about tech stocks or industrials as well. this is bloomberg. because with the right mobility solutions, the path to success is shorter than you think. (♪♪)

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>> this is "day break: asia," counting down to asia's major market opens. haidi, we have stocks around all-time highs. there's a big test in days ahead, nvidia's numbers and whether the enthusiasm and demand we have seen for its a.i. chip, if that can extend. haidi: every time this comes around we're sort of wondering how much higher can this go? this is the stock that ignited the rally and how much can it be sustained given the el visited expectation it is? but we still have the drumbeat from the fed, saying more evidence needs to be seen. she was in the camp of cuts but that's looking much less certain across market expectations. annabelle: very busy day for fed speak. let's kick off with what wie seeing in japan. the big focus in the country is what's happening with the 10-year yield. just