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tv   With All Due Respect  Bloomberg  July 21, 2016 8:00pm-9:01pm EDT

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♪ >> set to weekend, asian markets look like staffing, putting of mixed earnings and dampening stimulus hopes. gets theh -- starbucks buzz from china, but shares slip anyway as u.s. sales go cold, accept thetrump to
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republican nomination, painting himself as the savior of a country. we will be live in cleveland. welcome to breaking news in asia. where trending on mobile and number.com. let's check in on the early market action in the region. juliette taking a look at all of that. u.s. stocks off of record highs. we seeing a pullback here? that is what the future as was indicating. you can see quite a bit of weakness coming through from the nikkei 225 down 1%. a closed higher by 0.8% yesterday, and there has been these comments coming through, even though it had been a to be did to last month from governor kuroda about the fact of pouring oil on that sort of helicopter money. and you mentioned that weakness coming through the u.s.. we have to remember the regional adex thursday actually hit
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2016 high. given that is a friday and we were at those levels, not surprising. investors take a bit of money off the table today. because we open lower by 0.3%, australia still opening up, pretty flat. 0.6% -- we will see some pressure from those energy players in australia today. gold rebounding. it actually rebounded from three-week lows. perhaps support from gold stocks. new zealand has been open for a little while, and it is looking pretty flat after a solid session yesterday. the key we falling to a six-week low -- kiwi falling to a six-week low. want to show you the japanese yen. it had that very solid session thursday when it rose 1%, that is the dollar weakness of their. we see more clarification as to what it is going to mean, the stimulus package from governor kuroda. it is pretty unchanged, holding
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at 105.78. and if i can show you one market we will be watching very closely today, that is the hang seng index. it hinted bill marquette -- entered the market -- bull market territory. you can see it is up 0.4%, importantly 20% from lows in january. rishaad: thank you's -- you so much. wall street stocks are retreating from record highs. corporate results raising concerns about the economy. let's bring in su keenan, watching this out of new york. what happened? sun: a few disappointing earnings. the market closed down across the board. you have investors not seeing anything out there other than the recent deason earnings to justify the rally, and validate it. that is what they are looking for. .ickets a look
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-- take a look. there were more down than up. 4%, and its much as followed through in the thursday trade here. southwest, the airline coming 11% on a weakness, and the fair structure, that drag down the entire airline group. ebay was a bright spot, reporting with a positive report that it had stocks surging 11%. they raised their outlook. but it failed to overshadow the disappointing earnings reports that clearly wait on the index. data --agency positive we did see positive data. su: that limited losses here. there was a pause in the rally, it was not a significant pullback. we did have strong data on house sales. it was the highest in nine years. gas and leaders include
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applications for on implement benefits, those falling. we are now at a three-month low. 500, the valuations of the stocks are a big -- a bit rich. you can see that is one of the concerns that is serving as a counterbalance to the strong economic data. yvonne: let's talk about more earnings. boeing is suffering a drop, but it has paired some of those losses. what is going on? su: we had boeing and starbucks, negative surprises. boeing is interesting. after hoursrise that pushed the stock down as much as 2%, it has come off that low now, is it was recording a $2.1 million earnings after-tax accounting laws. and earnings charge for second quarter. this as it absorbs losses from delayed jetliners. the dreamliner was two years
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late. investors say it is a reminder of costly delays inherent in this business. the stocks rebounding could have something to do with boeing guidance for 2016 both revenue and cash was reaffirmed. a bit of a surprise in the charge, that we will see how it follows through. yvonne: thank you so much. joining us live from new york. let's go to first word news. it is not yet clear how the uk's decision to leave the eu will affect the eurozone economy. they left policies unchanged at thursday's meeting, and there is little economic data due before the next gathering on september 8. mario draghi says the central bank is ready to act. >> if oriented to achieve its objective, the governing council will act by using all instruments available within its mandate. so i would not stress readiness,
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willingness, ability to do so. mobil will buy natural gas explorer inter-oil. -- deals and games pop. they will use their own stock and cash to pay $72 per share feepay $60 million breakup for inter-oil, was backed up of an earlier deal. resigned to bes replaced by his boss, rupert murdoch. he ran the channel for 20 years. after being sued by a former anchor, the founder and chairman will become chairman and acting ceo of the top-rated u.s. news channel. global news 24 hours a day powered by more than 2600
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journalists and analysts more than 120 countries. let's go to the top story, singapore is investigating financial institutions after a rebuked bank, including ubs, for lapses in money laundering related to malaysia's embattled one m.d. funds. haslinda amin has the latest. there is another twist to the scandal. haslinda: call it a one-two punch. first the u.s. justice department filing soon after singapore with its own soundings on the investigation, and it says it is not done yet. you talked about ubs, dbs. also the standard chartered and felt in bank. they were singled out. the list could be longer. some of the financial institutions are being investigated as well. they referred to as certain other financial institutions. mes says certain lapses were
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, in do delays and reporting transactions. mes receives more than $100 million in assets linked to one mdb. they also revoked the license of swiss bank bsi. it breached money-laundering rules. we continue to see this widened across the globe. what did singapore have to say about these one mdb investigations? how complicated has it been? haslinda: it is a complex web of ,oney transfers and ostensibly disguising the nature of fund flows. we are talking about multiple entities, individuals operating in several jurisdictions. many international banks have been formed. allegations that billions of
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dollars suffered out of one mdb, point 5ated three billion dollars. according to the u.s. justice department, $1 billion laundered through the u.s. banking system, it is a web. yvonne: isn't it true that even though singapore has been investigating this, it is never referred to by name until now? why is that? it is true. it probably shows how sensitive the issue is to bilateral relations. we can appreciate those countries, of course neighbors, it is the first time singapore is revealing details of its investigations which started more than a year ago. findings will put additional pressure on one mdb, hot on the heels of the u.s. seeking to seize assets linked to that. this is the largest money-laundering investigation ever done in singapore. yvonne: all right, not done yet.
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more to go. joining us live from singapore to talk about this one mdb scandal. reasons to be cheerful in the post brexit world, we could all use it. our next guest says the global outlook is not bad. ♪
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yvonne: a quick check of the latest business flash headlines, jp morgan may be close to settling the u.s. inquiry into a higher practice in agent -- hire practicing's in aegis -- asia. there could be higher influential chinese decision-makers winning business. regulators spoke only on jp morgan. sources later widened the inquiry to other wall street firms. general motors finished the day higher in new york after raising the 2016 guidance, posting record second-quarter earnings of $2.9 billion. the result was given by north american income and a return to profits in europe. china sales remain stable at half $1 billion. >> we had record sales in china,
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so we continue to see a lot of traction, strong performance from fa jun and buick and cadillac. the yen went on a tear after governor kuroda rejected the idea of helicopter money. the comments remains last month on thursday and bbc radio. the central bank has three quantitative and qualitative easing and negative interest rates. the current policy will be expanded, and there were no significant limitations to the monetary stimulus. pull u.s. stocks back from the record highs. the markets in asia are also down this morning. the next guest says the outlook for this year, not all that bad. joining us from sydney is shane oliver, anp capital. it is nice to have you. we need a little bit of a half last all kind of you here.
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kind of view here. the reasoning is a fundamental story that shows improvement? : i think it does. we are weeks away from that disastrous brexit vote. we got the news on a friday, and yet, the world has not fallen apart. economic data looks good, europe is continuing to grow, central bankers, if anything, think domestic policy will remain easy or get easier. profits in the u.s. look to me like they of softened. we saw the worst in the march quarter. the downside of the currency in china, but it is not panic. we thought that in august and september last year. result whole bunch going on that are more positive and a lot of investors are giving credit. yvonne: are central banks going
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to be enough to keep the rally going? we have seen push back here and in the u.s.. talk about helicopter money in japan. the kind of startled markets articular in the yen. should we look at this with a pinch of salt even the comments coming out of governor kuroda? shane: i think we should say it is a bit dated. it is also throwing in mind, legally the bank of japan cannot buy bonds directly from the government, so that helicopter money, investors are trying to lure the japanese parliament, and it does not meet until september. but he also said there is lots of things the boj can do, and what we are seeing when they meet next friday, and when you 10 trillionether, japanese yen surplus, sorry, deficit on the way.
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that is good for japanese shares. they had a good rally here. through a bit go of a consolidation, but the big picture globally and in japan is one of improvement. yvonne: you talk about ¥20 trillion the millis. we hear reports that there could be ¥30 trillion according to the nikkei. if japan does not deliver, we see this double bottom in the japanese market, like we saw in april and june, if they don't deliver, how much of a pullback could we see? shane: it could be quite substantial. we will see the lows that we saw in the post brexit environment. deliver, butwill if they don't, we will see a decent pullback. that said, i don't want to be too bearish, because if they do deliver, it will only be a delay, they may be wanting to
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tie any manifest stimulus with fiscal stimulus that might come later. when the fiscal package is ready to be announced next friday, there is an argument they will tie that together, which is more bang for the buck. comes to theit bond market, how painful is it to actually buy bonds right now? is it a safe asset anymore? shane: no. [laughter] can't. i thought a recession was around the corner, maybe. it is not painful in australia because they are around 9% for a 10 year bond. ofble bonds, 30 odd percent the bond index in negative yield territory. i cannot justify that. bond yields, even though it is positive, way too low for me. even the growth environment,
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which is not fantastic, but the economy is not in recession globally. global growth is around 3%, when that has been for the past five years. that is not too bad. it is not why you can justify bonds as low as they are, but i guess the reality is that they can still drag on for some time to come. here's the question, where do we go for safety in this environment? it is more difficult than it has been in any part of my career over the last 10 years. yvonne: getting much harder to gauge the type of geopolitical risk. i want to show you this chart are our viewers. you mentioned the 10 year bond in australia. we have this yield premium compared to treasuries in the u.s. where do we see this treasury yield narrow quite a bit? do you think this downtrend will continue?
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shane: i think it will. of thes short-term risk reserve bank does not ease when it meets again on august 2. the aussie dollar could have a short-term balance, pushing up towards $.78, which is the level it was around earlier this year or maybe even $.80. my opinion is it will raise again, and that will put down your -- downward pressure on the aussie dollar. i'm looking for $.60. commodityg soft prices, and the one you referred to, the study narrowing of the interest rate between australia and the u.s., and things ultimately pushed aussie dollar's down. yvonne: great stuff. shane oliver joining us out of sydney. still ahead, a bad proof for starbucks. china boost the grande day, but
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customers go cold in the u.s. ♪
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♪ yvonne: you are watching daybreak asia, i'm yvonne man. starbucks announces third-quarter earnings after the bell. the big take away was they are losing steam, and that is because of its biggest market, the united states. let's go to ramy inocencio. he has the details from new york. what is happening? ramy: it looks like starbucks did not sell as many mochas, frappuccinos that was hoping for. quarterse 7.3% on the to $5.2 billion, but they were expecting an estimate of $5.34 billion, so they were off by $100 million. the ceo is saying this past quarter was an anomaly.
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with that said, shares did fall as much as 6%. your to date, they are down 4%. after hours, they are down by more than 2.5%. growth reason for this, in same-store sales here in the united states are the reason for that. take a look at the bart chart in front of you. starbucks steady drip, as it were. same sales grow by 4%. before that it was 6% and before that, 8%. we are looking at this drop in growth for the past three quarters. even if you look at it through 2010, the first quarter of 2010, this is matching the past six years, basically. , u.s.as when the economy economy was coming out of the financial crisis. you are seeing numbers here, something definitely weighing on --estors' space mines
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investors's minds. it is hard to swallow. yvonne: not enough of a kick when it came to same-store sales. but asia continues to be a bright spot. ramy: it is interesting. asia-pacific revenue actually yeard by a whopping 18% in on year. quarter on quarter, china and southeast asia saw sales rise n q. hat is q o china roses 7%. japan did see positive sales growth, despite earthquakes, we have reported as well as economic concerns that have been hitting the country. looking ahead, ceo howard schultz and starbucks is saying in the fourth quarter, same-store sales are going to improve a little bit.
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we are seeing smiley favorable cause for coffee beans. at 15%, they are looking eps growth annually. in terms of the number of locations across the region by fiscal year 19, starbucks wants to see 10,000 stores across the entire region. right now it is 1600. a third of them will be in china. growth in asia while the u.s., as well as europe, stagnates if not pools off a little bit. -- cools off a little bit. now to the culinary changes at the fox news channel, long-time head roger ailes has resigned after accusations of sexual harassment. stepping into replace him is his boss, 85-year-old rupert murdoch. >> you heard from a lot of senior people from fox news,
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fred hume, chris wallace, saying they were comforted that he was coming back, that projected some stability and continuity. that was the message rupert delivered on a conference call with many senior fox employees. you have to imagine that, as you mentioned, he is 85, he will not run this for the long-term, and will spend the next several months meeting with people, seeing who is good, who should stay, who should go, who might become verbal running the whole place, -- comfortable running the whole place. there will be some changes to fox news in the future, but for the time being, fox is trying to project the stability for employees and the -- investors, fox employees being an important asset. yvonne: we'll go live to cleveland where donald trump gets set for the biggest speech of his life.
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into our guests about how the media shift -- we were talking to guests about how the media shift toward policy. it is what he needs to focus on after a very turbulent and dramatic three days. ♪
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yvonne: it is 8:30 in singapore, we are half an hour open from trading there. you are watching "daybreak asia." ♪ rishaad: yvonne: let's go to first word news. haidi: top stories, asian stocks have snapped their winning streak after wall street week and on earnings and dampened stimulus hopes. industrials and consumers leading losses. turned after policies
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held steady. the boj governor rejected the idea of helicopter money. starbucks is tumbling and extending trading. there's -- first-quarter revenue there was a slowdown in same-store sales in america. it is struggling to get u.s. consumers to spend. china and asia in general provided a bright spot. sales in the region rising 18% on year. singapore has reviewed several banks for laundering controls related to one mdb. ubs, dbs, standard falcon. they were preaching money laundering laws. -- breaching monday laundering laws. it is still examining other financial institutions. global news 24 hours a day powered by more than 2600 journalists and analysts and more than 120 countries, i am
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haidi lun, this is bloomberg. yvonne: asian stocks have retreated from 2016 highs as investors mull over action from the high in the ecb and falls in at this week -- u.s. equities. how is it looking? haidi was mentioning the pullback for the final week, but we have to remember the regional index hit a 2016 high yesterday, erasing those losses it had seen and pushing past that april pick we had been holding onto. weakness in japan as we saw that big rise coming through in the nikkeiing the session, off 0.7%. we reversed what it gained yesterday. weakness in korea, but not as 0.2%.he kospi down it will be interesting to see how hong kong opens in an hours time.
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we did have hong kong and bull market territory officially during thursday trade. weakness coming through in australia. we have falling oil prices. new zealand has reversed earlier losses, but it is flat at the moment. i want to show you stock movers we are watching in the region. they are all in sydney this morning. we have seen this big crunch coming through from a celia care, down 31% after the first impact at 29 million australian dollars, down from a year ago, and it cut the for your guidance. be search, this is likely to ample supply when the u.s. summer season finishes, so that is coming off. oil search leading losses in australia, but there has been a flight to safety, gold, so new crest money looking good.
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looking at the trade, a little. it felt like 0.5%, $44.54. from energyakness players in the region today. yvonne: donald trump is expected to deliver the most important speech of his life in a few hours. he officially accepts the republican national nomination. he pictures this nation on disaster. he presents himself as the only one who can fix it. toss a eisenberg joins us from the gop convention in cleveland. tell us more about the focus today. ha: we have been hearing for several weeks, from talking about the law and order candidacy. what we have seen of his speech, suggesting from violence, crime, and the suggestion that americans are not secure in
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their borders, terrorism and the immigration.of the idea of setting himself up as one man that can reject the u.s. from chaos and disorder, turning into the dominant general election theme for him. yvonne: that is right. we are expecting several business leaders speaking on trump's behalf. a particular one is paypal cofounder peter field. a: he is here as a delegate from the state of california, and will be given a relatively high-profile speaking slot, where we anticipate he will talk about being openly gay, which is unusual from the republican national convention. based on his remarks, he will talk about the culture wars. the implication that gay-rights issues and abortion are distracting from what he calls the country's economic decline. yvonne: i look forward to that speech.
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thank you so much, joining us live on the republican national convention out of cleveland areas left look at other hide lines. the french headline -- resident has met with the new british prime minister, says she will have limited access to immigration. free-trade cannot work with free -- without free movement of people, but to resume said this was -- theresa may said this was for tighter immigration control. she will gain the right deals on trade. billion -- 2.1 after billion dollars because of cost of projects delayed and stumbled. the dreamliner aircraft was tested out. it failed to find any buyers. it is also observing an after-tax charge of $814 million on the slow selling 747 eight, on the kc 46 aerial
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tanker. china, some companies are swimming in cash. they are not spending it, and that is not unlike the experience we see out of japan. bringing this together is the news correspondent andrew current. how does this all play out? authorities have pumped cash into the system is a part of the effort to rev up demand, get activity off the ground, keep the economy from falling over. the problem is companies don't have to suspend, they are not spending what is known as liquidity trap. we have seen companies whereby they unleash check credit to be enough to get companies hiring, but it is not the case. the money is going to bank accounts, or like japan, the money is going overseas. we are seeing record oei out of
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china. so as that of putting it on the ground in china, they are putting it in the bank or sending it overseas areas yvonne: when it comes to investment, we see the divergence when it sows how much money they are pulling in versus the private sector. argueof stuff to otherwise, but why do you think private investment is so weak? angie: it is one of the biggest problems -- reporter: they just don't have the confidence. it is are electing the slowing economy, reflecting the bullish trade story. even the prices come up, let's not forget the world deflation tract . it is to be taken together, and it is quite a nervous backdrop to china's economy, and that is playing on corporate minds as well. yvonne: factory prices are concerned. is there a solution to this writer investment?
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-- private investment? reporter: one solution could be spend more money, pull the fiscal lovers once again. this will have to include confidence. it is all about confidence in the private sector, that the right settings are in place for the fundamentals of the economy in order to go expand your business to hire staff, increase wages, and until we get those, the private sector will stay out of the mix. and that is the difficulty china faces. yvonne: like what we saw in japan. thank you so much. becauselk to japan now, the troubled airbag maker takata may have arrival snapped up by the chinese economy. let's go to dan mott out of tokyo right now. we are talking about key safety systems.
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what are the potential benefits for the company to buy takata? safety standards have been increasing -- key safety standards have been increasing rapidly. it has been gaining market share and bringing new customers. but takata is pretty much in octave situation. for keymake sense safety to seriously consider takata, because it needs takata's engineering expertise and patterns in capacity to fuel the future growth. it does have the potential to create a win-win situation for every stakeholder. yvonne: so it could be a win-win stakeholder, but what are the chances that key safety actually wins the bid? reporter: well, it is still too early to tell, but i think
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someone from the same industry, maybe easier to be accepted by carmakers, because of the end of the day, they need to have a stable supply of air bags. there are not so many airbags in the world. qrw, they have been rolled out a possibility because of antitrust and safety. we are looking to watch that one. that will come live from tokyo. up next, does china's top coal miner have the power to secure a merger worth over $200 billion? we are discussing the prospects of a deal with chinois and the state. ♪
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yvonne: a quick check of the keptines, indonesia has
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its interest rates on hold after reducing it four times this year. the central bank left the benchmark frank at 6.5%, 10 out economists so the situation. they were expecting a cut, and most makers say the current is appropriate for now, but there are signals for more easing. there is a stake in electric worth $450 million. it acquired shares to bolster this conductor business for cars. this warren buffett companies said it would look into research for new electric vehicles. sales are surging in china with the government million by 2025. this is dropping more than 48% in the second quarter. forcedbal crude glut has
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the company to shrink the workforce by 11,000 since last year. the company says falling data rates is weak and there is a long harsh winter ahead. is going tochinois be seeking a merger with state owned china general nuclear power in a deal worth over 200 billion dollars. we have a reporter now onset. why would shenhua want to do this? >> it is the largest researcher and user of the fuel. the company itself is trying to reduce its alliance on the -- cleaner fuels.o they had a 10% decline this year. it is looking for some sort of oflet towards another type fuel and cleaner energy. they are looking for some sort of tied up to an option into
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nuclear. yvonne: what chemchina do? -- what can china do? reporter: it is the biggest, and now it is the largest nuclear producer in china. at the moment, it only accounts for 2% of the country's energy consumption, but that is expected to rise. at the moment, they have about of gigabytes -- gigawatts power plant expected to come online by 2030, which is more than any other country in the world. they are building out an enormous amount of nuclear power. it is in tends to. a company like china general nuclear, they want to export technology. they are looking in europe and exporting to by compete with companies like westinghouse and arriba. yvonne: we have the top coal miner with the nuclear power,
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does this combination makes sense to you? who stands to benefit more? reporter: most analysts and scratched their heads about this. access or would get access to an energy that would be growing, and coal falling.ght be but they don't complement each other, so it is ahead scratcher. in our reporting, it turned up the government had at one point considered china shenhua and china: as of merger come up -- china coal as a merger. they seem to be the ones going after this outlet for cleaner energy. yvonne: do you think the government will support this potential merger? reporter: the government has made efforts to reduce the number of what they call soe's
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to bring them together and make them more efficient. $18 trillion industry, and they are try to find mays to make it work better -- find ways to make it work better. more, butooking at whether or not they find this is yet to be seen. yvonne: thank you so much, joining us from bloomberg news, talking about the deal between shenhua and cgn. it comes to spending up massive pipeline reform this bloated energy sector. let's bring in stephen engle's joining us more for this. the state oil sector, $1.8 trillion, but he missed. it is in -- behemoth. ,t is an corruption scandals they former many member that fell from grace.
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nping wants -- xi ji to make some of these companies bigger, better, and full of confidence. yvonne: a change of language. stephen: it goes against what we have been hearing for the oil sector, which is spin off of the pipeline specter -- sector, opening up to competition. given the low oil prices and environment and the higher cost of explanation, there seems to be a sea change. people familiar with this matter tell bloomberg the government officials are growing cold, spinning obvious pipeline assets, 1000 kilometers worth of pipeline. a big network, 90% of which is owned by the largest energy company, china national petroleum corporation, a state owned behemoth as well as china and goal, the parents of sinopec. there is a lot of reasons why this might be a sea change.
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they talked about oil price environment, but their vested interests, very powerful people in the energy space and oil industry. they don't want to share the pie. economic cost as well, you open up the cost to develop, or explore for oil, you can really afford given the high cost environment -- few can really afford. the government officials are in the pot as well for cleaning up the environment and making sure the environment stays clean. yvonne: we were just talking anderday about sinopec others venturing towards natural gas exploration. how does that fit? stephen: i talked about how cnpc said they will prioritize dass, natural gas, exploration. a lot of these pipelines are in gas, so there is a shift to more
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cleaner burning fuel, and that natural gas is one where large corporations including sinopec are moving into. these types of statements, ephesus on natural gas -- emphasis on natural gas is hand-in-hand with this rethinking on the pipeline strategy. yvonne: it could be a step in the right direction. stephen: we will see. if it is a setback in reform, we will see. yvonne: still ahead, a japanese brewer says the economy has failed to give consumption. we will hear from the ceo next. ♪
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♪ yvonne: let's do a quick check of the markets in play, looks like we could be ending the week on a bad note, stocks going down including in tokyo, the nikkei steepest rally in a month on the yen, comments coming up from the bank of japan chief about helicopter money. he downplayed it, but the amments have been in june month ago before brexit. we saw the ecb standing back, down 2%. oil fell overnight. continuing on with this downward trend here as the end of the week in singapore.
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trading just 15 minutes time, we will see how it does. it could be heading south as well. one of japan's biggest brewers says agronomic have failed. ceopoke with centauri beer to talk about how their coping with a flat economy and a stronger yen. our focus is on building a premium position in asia, including markets like taiwan, korea, singapore, and malaysia. the target volume is to sell 2018 fromters by 75,000 now, and that would be the benchmark for the expansion into china, of which hong kong is a gateway. reporter: we are targeting several things perhaps in your way. we see changes in the industry, consumers have shifted to craft beer, flavored beer. some have actually shifted to
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whiskey and spirits. is that a problem? >> when it comes to overseas expansion, a booming craft beer us --aft is a must for plus for us. we see is a product of japanese craftsmanship, because it is different from bigger foreign brands, and for whiskey, our brands are very popular, so customers become curious about beer produced by suntory. david: the past three or four years have seen changes in policy from the government of as theybe, abenomics call it. have you seen a pickup in consumption? abenomicst that happened is not positive. there is a polarization. people either by luxury goods or cheap goods.
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luxury malt is a product. sales of been increasing 12 years despite inflation, which is showing there is demand for premium products. david: you export premium products from japan, but the japanese yen is all over the place. 120, back to 100, back to 105 now. did you ever consider moving your production overseas? a very difficult question. asian customers love products made in japan, so we need to respect that. it is not as simple as moving a factory to china or korea just because of the currency. the yen fluctuates from 100 to 140 and so one, is of course a headache for us. david: what is the balance, the ideal range for the japanese yen? >> we are focused overseas for growth, so a weaker currency is important. about $120 is a deal. yvonne: a perfect way to enter
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my friday. trading business with rishaad salamat is up. what is coming up in the next two hours? rishaad: the ohio, cleveland convention coming to an end with the finale and the big one, it is donald trump speaking. outlining a vision of america where he is supporting making it great once again. that is donald trump. mark nicholson will be helping me with this. , goingrom ima in asia with what donald trump does actually say. andthe open is in china indeed also a look at luxury watches as well.
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♪ rishaad: it is friday the 22nd of july. this is "trending business". i am rishaad salamat. ♪ ok, taking you to singapore and cleveland, ohio this hour. asian equities pulling back. possibly's of central-bank stimulus cooling down, earnings not doing the job. donald trump accepts the republican nominn,

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