 First up though let's bring in Jonathan Sheridan live from big securities in Sydney for more. Let's just kick it off with those RBA minutes today out obviously just right now. I guess nothing too new from these minutes given we heard from Glenn Stevens overnight. Good morning Ingrid that's right yes much as expected I think and you've seen that in the market reaction with the currency basically doing nothing. The bond yield curve also has done nothing just slightly tightened by about one point across the curve just on the slightly hawkish tone I thought. So let's talk about what we saw overnight then in bond markets in terms of RBA Governor Glenn Stevens comments the live comments overnight in New York what sort of reaction did it have in the pricing for a rate cut going forward? Yeah look I think the rate cut pricing hasn't really changed the the futures market showing about a 60% chance of a cut and and I think that's been stable for the last few days. What we've got if you see the survey of the economists on Bloomberg it's much more clear cut I think 27 out of 28 economists surveyed think that there will be a cut in the next meeting but actually in the last few months the futures market's been a really good indicator of what's happened the surprise first easing notwithstanding of course but we expected a couple of cuts since then and they haven't happened which has been more in line with the futures pricing. What about the Aussie dollar moves I mean we're at 70s just above 77 US cents right now of course that's after rising to above 78 US cents with some sort of you know weakness I guess in the green back I should say over the past couple of weeks is there now just downside risk for the Aussie I mean in terms of where you're seeing the risk now is it is it all to the downside? Yeah look I think what we'll see in in the Aussie is a period of volatility historically we've seen interesting enough overalls the when the US economy outperforms as a as a in relation to the the trade weighted index the currency also outperforms but if you spread that down somewhat against the different types of currencies so you have the commodity currencies or the emerging market currencies or the developed market currencies interestingly it actually depreciates against the commodity based currencies now that's obviously the opposite to what the the great consensus is and it must be said that we're in very different times you know with QE going on around the world that we that we haven't seen before in those previous examples of US outperformance so I think in our house view here is that we'll see a period of volatility and and that could you know that could mean we get back to 80 cents perhaps but the the longer term towards the end of the year and into the next 12 months is that we think we'll see the Aussie down around around the 70 cent mark. John we've been talking a lot about the property market obviously and foreign investment into the property market really over the past year as as house prices in Sydney in particular have continued to rise and we've heard the RBA obviously discuss it with Glenn Stevens overnight we've also seen a property group the Kaiser property group become the first Chinese company to default on an offshore bond issue can you just talk us through the implications of this on the property market but also on the bond market as well. Yeah that's right so as you said Kaiser property group have overnight basically said that they're not going to pay their interest on one of their bond issues they've got about 10 and a half billion dollars of US dollar debt offshore from mainland China and they're not paying the first installment due on one of those debts so it's the first default that we've seen in that Chinese property sector for offshore bonds we did see a default on the onshore bond market last sorry about three or four months ago the implications in that one the market's really already priced that in those bonds of trading at 62 cents in the dollar pre the official default notice and they went down to about 55 I think the the market's fairly confident that the central bank will keep easing easing conditions and providing stimulus to the particularly that property sector as we saw with that 100 basis point reduction in the reserve requirement that they announced yesterday so the market reaction to that was pretty muted but I think investment in in the bond space in the Chinese property sector it should be viewed as a fairly high-risk proposition at the moment all right Jonathan Sheridan will leave it there live for big securities great thanks Ingrid