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tv   Bloomberg Markets Asia  Bloomberg  November 20, 2016 8:00pm-11:01pm EST

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♪ it is 9:00 a.m. in singapore. fromrishaad salamat bloomberg market asia headquarters in hong kong. this is "bloomberg markets: asia." ♪ asia-pacific leaders say donald trump must not be allowed to derail closer global integration. china shakes up the order, claiming the mantle as world free-trade champion. japan posting a trade surplus with imports falling faster than
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exports. for and against the korean president as prosecutors say park geun-hye did collude over access. 30 minutes from the open in china and hong kong. singapore, kuala lumpur, and taipei coming online. how our markets tracking? buty: it is looking mixed, we are seeing markets in the red except japan and taiwan. hown not surprising given much the yen has plunged against the dollar. downe seeing the kospi .4%, the threat of impeachment as prosecutors say park geun-hye was involved in that influence peddling scandal. we are seeing minor stocks and consumer stocks driving the declines, the asx down,
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reversing three days of gains, while new zealand is down .2%. new zealand has been losing ground for six consecutive sessions. about japan, look at that, gaining .5%, the nikkei already in april market territory, but we are now seeing the topix also gaining for an eighth consecutive session. if gains are sustained, we could see it in to her bull market from its february low, a gain of 20%, so what has been leading the rally in japan? exporters, of course, due to a weaker yen, but financials are gaining ground as we see global bond yields surge on expectations of a higher rate hike in the u.s. afterare losing ground being beaten by negative rates introduced in january. talking about the yen, unchanged
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at the moment, but after losing ground, the biggest two-week loss against the dollar. it is strengthening a bit. bank of america merrill lynch saying the yen could fall to 120 by the end of december. rishaad: right, let's get first word news. with that is sophie kamaruddin. crowme resorts lower on reports that three employees have been arrested in china. and 13 otherralian china-based are in custody. 18 staff have been held over a legend gambling related crime since october. one person was freed on bail earlier this month. the charges are not clear. himld trump has described
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as the real deal as he considers more cabinet takes. specialer head of command is in the running for defense secretary. mitt romney is leading the race for secretary of the state did romney described trump as a phony and fraud. and at least three men with wall street experience, wilbur ross may be on the short list for treasury or commerce secretary. the german chancellor angela merkel is to seek a fourth term in office, saying her expense will help and what she calls exceptionally difficult times. she will attempted to retain the position next month as leader then contest elections and fall. angela merkel is germany's first female chancellor, and president obama has called her his closest international partner. thousands of people marched in kuala lumpur demanding the resignation of prime minister nodular sock, an estimated 15,000 protesters renew their
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call for him to step down. wrongdoing and says he won't quit despite allegations of investment. he has been cleared of corruption by the attorney general. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. summit hase apec wrapped up in peru. did actually come out of this meeting? i think the sense of china really trying to push here and sees the momentum in terms of leadership in global trade. chinese president xi jinping told apec leaders he wanted to china hase, and joined hands with russia, xi puting and president
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saying they will push for a free trade area in the asia-pacific region. must also says that apec reject attempts to slow down cooperation between nations, a reference to donald trump and addressing -- rishaad: he wasn't there, but casting a shadow. especially the growing of protectionism, propagated by donald trump as he for to tear up tpp and trade agreements and protect the u.s. from trade agreements that he says are harming workers in the u.s. because it is destroying jobs in the u.s. unlikelyincreasingly that the tpp will be ratified by congress, especially with donald trump being inaugurated in january. xi jinping said he wanted to open up china further and give
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greater access to foreign investors. it may seem hard to stomach because china has been criticized for its lack of transparency and not opening up its economy to foreign players, so china trying to take advantage of the geopolitical situation going on and perhaps we will see some movement from other players in the region warming up to china's advances. tpp, it is champion president obama's av in his pivot to asia. what did he say about it? address peopled as the meeting wrapped up and set global integrated economy does help improve the lives of many, and this is also what he had to say about the flow of goods and services around the world. >> when it comes to trade, i believe the answer is not to pull back or erect barriers to trade given our integrated economies in global supply chains that would hurt us all,
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but rather the answer is to do trade right, making sure it has strong labor standards, strong environmental standards. rosalind: domestically, obama says he believes the tpp is a plus for u.s. workers and the economy and said the u.s. will still have a vital role to play. ae rise of protectionism is concern for all these nations around asia and south america as waiting they are not around to see what happens when donald trump comes in. they are pushing ahead to see where they can -- rishaad: that is the point, isn't it? a lame-duck seen presidency, but china has something up their sleeves. rosalind: they have something they have been working on for a while. the regional economic it's own baby.is
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the tpp excludes china, so this regional partnership agreement is one that china has put together and perhaps is a little bit, has its own interest at heart a little bit more, but this would be the first ever pan-asia trade deal involving 16 countries. it would represent about 30% of global gdp. the tpp would have included about 40% of the world economy. president obama has predicted that if the tpp does not pass, it would allow beijing to drive the global rules of trade, and we are starting to hear that emerge. rishaad: thank you very much indeed. there is even more pressure on the president of south korea after prosecutors say it -- said she did play a role in this peddling influence and access scandal.
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is accused geun-hye of collusion and allies have been indicted, haven't they? yes, they have. yesterday, the prosecutors filed indictments against her longtime friend and two former aides, accusing them of not only influence peddling, extorting money from the largest corporations in the world, samsung, hyundai included, they were pressured to donate tens of millions of dollars totaling about $65 million. two foundations that she apparently siphoned off for her own personal use. what was interesting about the indictment was they went into park'sabout president involvement, saying she had a major role in influence peddling and alleged in one instance that she directly told an executive to donate to one of these foundations. parks spokesperson
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flatly denied it, calling these speculations imagination. rishaad: what are the chances i" word being used, possible impeachment as some are saying? >> the opposition party leaders are meeting today to talk about what would be the process and the timing for an impeachment. keyerday, one of the influential opposition leader that there was a strong reason as a result of what was said in the indictment to start on the impeachment process, but again, they urged her to resign. look likely to happen anytime soon. she has been going about her business as president. last friday, she named some ambassadors and made some appointments. this will be a drawnout battle. i mean, what's it, about public mood on the
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streets? her approval rating is something like 5%, isn't it? is a historic low. we don't know of any president that has have that kind of approval rating. nearisapproval rating is 90%, and we saw that reflected in the massive protests over recentlyeekends, most 600,000 showed up according to organizers. the prior weekend, it was more than one million according to them, so public opinion has considerably swayed against her, and that is why the opposition party feels like they have the momentum to seek an impeachment. rishaad: peter, thank you very much indeed. this scandal surrounding president park continues. more to con. this is "bloomberg markets: asia." ♪
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rishaad: here we go.
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looking like a rainy day at the moment in singapore. the market offer little bit. justs in the asia-pacific showing a move to the downside. there we go. by .4%.f the nikkei down to a further yen weakness on top of exporters, so that's what we have at the moment. the asx 200 on the move down .2%. just got this retreat taking place, the dollar cementing moving to the upside, traders convinced by the fed and how they will be pulling the trigger on a rate increase in december. on the commodities front, oil moving to the upside. australia led lower by consumer and mining equities. that is the position at the moment. let's check the latest business flash headlines. sophie: thanks. take a $185 million
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stake in bank of commercial. commercial. it plans to raise that holding 230% in the future. fosun has picked up club made and cirque du soleil on a buying spree. some in tech buying identity theft -- symantec buying lifelock 42 $.4 billion. sources say the deal may be publicly announced on monday. lifelock had been pursued by before. lifelock shares have risen 45% this year, giving it market value of almost $2 billion. new zealand's finance minister says tax cuts are still on the table, but a stronger-than-expected economy means tax will be higher. bill english and said that despite unforeseen pressures on the economy, including last week's earthquake, he expects to
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see budget surpluses. english says the earthquake reinforced the need for the government to reduce debt. those are the latest business flash headlines. rishaad: right, i look at what is going on at the moment. it is the normal time for the yuan fixing, of 11 days being weakened by the pboc. the european union is china's biggest trading partner, and it has been flat, more of the story of dollar strength. there you go. the yuan being fixed at another weaker setting for the chinese currency. ofther injections in terms reverse repos taking place as well, all designed to add liquidity to the system. let's look at the week ahead. on wall street, likely to be dominated by speculation over who will be in donald trump's
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administration. su keenan has a look at that and a couple of other evidence we will be watching in the days ahead. headlines from the transition team of president-elect trump are expected to dominate the week ahead. series ofeekend, a interviews continued as donald trump moved his operation to a suburban golf course in new jersey. the interviews was with the next marine known as mad dog. fors going to be considered the top position, leading the defense to hartman. after the meeting, donald trump issued a tweet that said he is "true general's general." surprising the most controversy has resulted from donald trump's meeting with mitt romney, a former trump critic who may lead the state department. the vice president, said romney is under active
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consideration. mitt romney during the primary call donald trump a fraud and a phony. apparently, according to those who observed the meeting, there was warmth and mutual respect, and he is considered a top candidate. in terms of the potential treasury secretary position, a number of wall street veterans continue to be interviewed. wilbur ross met with trump, said to be on the shortlist for the treasury appointment and the possible commerce secretary appointment. blackstone's jonathan gray another high profile wall street veteran, he also met with trump, , adid david mccormick bridgewater veteran. all of the said to be in the running. let's have a look at some other news, shares in boral in a halt that it is buying
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headwaters. $1.8 billion. boral says it aims to benefit from donald trump's promised infrastructure splurge. it will be a premium of 21%, and is selling shares to fund the deal expected to close next year. deutsche bank supervisory board chairman paul achleitner has secured the backing for a second term. to haveear-old is said been nominated at the meeting last month. achleitner oversaw a management shakeup in 2015, but was criticized for not taking action earlier. deutsche bank shares down by more than 30% this year. j.k. rowling's fantastic beasts and where to find them worked its magic to top the north american box office. of arequel marks the start planned five-part fantasy series from warner bros.. in 75 million
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dollars, lower than the forecast of $82 million. the movie is said to cost 180 million dollars to make. it opens in china on friday. , having a markets look at them and more. this is bloomberg. ♪
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global equities rallied on donald trump's win, but our next guest believes a pause or correction is on the horizon. he recommends trimming exposure to u.s. equities. spooner.ined by rik great of you to join us. your centro play seems to be cold long dollar, but so u.s. equities. in some ways, those don't square together. >> they don't.
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there is a timing factor. indeed, the gold long dollar part of that equation would be from here into -- go long at dollar part of that equation would be for me here into weakness. that would probably square things off. the general position with markets is that nobody really knows exactly what the trumpet administration plans to do economically and what they will be able to get through congress, and for all markets that creates a conundrum really. have had to move in the direction of the assumption of significant fiscal stimulus and inflation, but there comes a time when they will have to weigh that against's the risk of the policies turning out to be different from the promises or watered down, and i suspect we are getting pretty close to that tipping point at the moment. just yet, yous
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see relief rallies perhaps you could argue when we saw what happened when donald trump was surprisingly elect did, or what about a slump when it comes to equities? >> one of the key things with and particularly u.s. equities, violations -- assuming a even continued goldilocks situation where rates don't rise much further and the economy does well, there is not a lot of quick upside movement in equities. there is quite a bit of downside risk in the order of 5% or 10%, so as you say, in the absence of any news, and that is likely to be the case for the next few months, we may see things pullback if we get any sort of fright at all. rishaad: the federal reserve is almost out of the equation, nearly 98% probability we will
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get this move in december, so what is the next wall of worry of course? >> well, you know, has usual there are several things. rates come upt and not for the fed, just bond selloffbond rate, the continues, and if what i said turns out to be wrong in the u.s. dollar rally continues, then we really are getting into a situation where we wire -- we will have a damaging effect on the u.s. economy and inflation a matter what the fed does, so that is one risk for other markets like equities. mind asemains always on a list of risk, the italian referendum, taking a backseat recently, but that is one of those situations where the probability of things going wrong is -- rishaad: great talking to you.
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ric spooner there. early relieffor an of 16 crown resorts employees held in china and we have the details from sydney in a moment. ♪
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rishaad: you are back with "bloomberg markets: asia". i am rishaad salamat. looking at this open in hong kong, shanghai as well. ex-japan, not doing too well in the asia pacific. some data out of turkey boosting basic markets there, and the topix entering into a bull market on friday, up 20%. the open upon us, and let's find out what's going on. the response to that
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rally in the u.s. dollar, a lot to do with how markets are moving these days has to do with president-elect donald trump, setting up economic policies and how these asset classes respond to that. we are seeing the japan nikkei .5%old territory, gaining after that plunge in the japanese yen. the shanghai composite, the hang seng index, they are declining at the moment. day of declines following .1%, that this coming after a recent rally in the shanghai composite with analysts saying we might see the index now gaining as much as 9% to 3500 by the end of december. the hang seng index seeing a fourth week of declines coming off from that and losing .1%. reversing three days
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of gains and losing .3%, while in new zealand is also down .2%. when it comes to the chinese yuan because of that strengthen the u.s. dollar, some reaction there. we have seen the pboc allow the currency to weaken by lowering thedaily reference rate , 6.89 a few minutes ago. look at the offshore yuan, currently unchanged. this of course after the biggest weekly decline in the 10 months. goldman sachs warning that despite the fact that the yuan has in fact advanced against the basket of 13 currencies on a trade weighted basis, you have to keep in mind or at least , because dollar-yuan this is what investors are
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watching for. analysts expect the yuan to weaken 27 next year. -- to seven next year. second day ofa gains, gaining .7%, $47.20, less obstacles for a possible opec deal. russian president vladimir putin coming out and saying that he sees no major obstacles for an opec deal to cut production or freeze production. extendinging the wti gains that $45 99 cents, and we are seeing increased optimism as russia and iran signal more gains to come for prices in oil. rishaad: thank you very much indeed for that. let's get you up to date with first word news headlines. here is sophie kamaruddin. sophie: data out of tokyo,
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japanese exports -- global trade and a growing fear of protectionism where the main in peru. the apec president obama in peru. president obama says others must resist the isomerization missed -- the isolationist policy. china is in peru. president obama says others must resist the isomerization missed continuing to loosen mining policies that caused global coal prices to search this year, reversing output restrictions and encouraging production to ease tight supplies through the winter. analysts say the latest guidance signals a wider range of producers will increase output. coal prices have doubled this year. the u.k. chancellor has warned u.k. businesses that that they faced two years of uncertainty ahead of the departure from the eu. philip hammond will deliver his
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all-time statement on wednesday, facing a potential hit from brexit and the goal of a balanced budget by 2020. a new report from ernst & young said global growth will trim tax resident -- tax revenue. shipmentslling, dropped 10.3% from year earlier against estimates of an 8.5% paul -- fall. leaving a trade surplus of ¥496 billion or $4.5 billion. exports to china were down 9%, while u.s. shipments surged more than 11%. global news 24 hours a day part by 2400 generalists and analyst in more than 120 countries. this is bloomberg. rishaad: japanese trade data showing a surplus again. which is getting a look at the reaction to that and some details of this news with james in turkey. if we look closer at the
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figures, it's not quite such a positive story, imports on the way down for the 22nd month, and exports lower for a 13th. what is going on? >> part of the story is the yen. the yen has weakened over the past couple of months, and that is driving down the value of imports and driving up the value of exports, so it is cheaper for japan to import oil and natural gas, but more expensive for companies to export cars, steel, chemicals, so that is part of the reason why this has played into this long-term decline. the -- the other part of reason for this continuing decline in exports and imports is that worldwide trade has been week and falling. taiwan, that in korea, china, and from the u.s. and other places. there is less trade happening at the moment, and that is playing into japan's as a big trading
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nation as well. --s partly a current sink currency thing, and a structural change with worldwide trade. that is the headline, the good news. is there any more good news in this data? the most look at recent gdp statistics from japan, the percentage of japan's economy trade related is falling, exports down, and how much imports were down, but if you look at the whole, trade itself is a net positive for japan's economy. the economy grew .5% last quarter, and trade contributed .5 percentage points of growth, so the growth you saw in japan's economy last quarter was from trade, but actually a smaller and smaller portion of the economy, so on the one hand, good for japan and they are benefiting from international trade, but on the other hand, that benefit is not as big as it was a number of years ago.
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rishaad: how much of these figures, how far are they skewed with what happens with energy imports? for the import data, it is dependent on energy imports. japan's energy imports profile has changed after the 2011 earthquake. they stopped using almost all of their nuclear reactors and had to change. nuclear, now completely coal, oil, and gas, so energy imports are having a big effect, in the yen is benefiting from that. compared to october the year ago, oil prices are the same, a little cheaper, but if you look at it at yen value, they are down 20% because of the fx the weaker yen was having -- effect that the weaker yen was having on energy.
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is japan's imports, what happening with energy is very important. rishaad: thank you very much indeed with that. looking at that economic data out of japan. down inf crown resorts sydney, reports that 16 employees have been formally arrested in china over alleged gambling related crimes. what do we know about this? the key differences between the arrests and the detention, the 18 employees have been waiting for a long time to find out their fate, and today they have been formally arrested, although they have not and charged yet. it relates to the raids on crown's offices in china when those employees were detained, ,ne of them released on bail but there are three australians now under arrest, including the head of the ip international candling, jason o connor, who
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just happened to be in the country at the time, but the key difference between being detained and arrested is that is an in for the so-called golden. under which any release could be negotiated. employees havese been formally arrested, surely we must know the charges? >> you would think so, but we don't. what will happen now is the police will continue their investigation and these employees could remain in detention for six months or more while the police work on that, and the charges were only be known when the police handed the case over to prosecutors, and that is when they will find out what the charges are. a legal is happening in gray area. it is illegal to organize gambling trips for 10 people or more, but it is perfectly legal to market the non-gaming aspects of resort.
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it looks like that great area has just got a lot less gray. rishaad: thank you very much for that. the shanghai composite has gained 20%, but can the bull run carry on? we will get more on that next from the chad -- the head of china strategy at ubs. this is bloomberg. ♪
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just serving a look at these market movers at the moment. having a look at, well, what is driving things down ex-japan across the asia-pacific. we have seen this recent rally in chinese stocks, and we are now seeing the rally continue, at least in shanghai, up .3%.
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was the market opened, it in negative territory, losing ground for a second consecutive session. analyst are saying we could see this rebound continue through the year end and see it reach 3500, great news for chinese stocks. the hang seng down .25%. take a look at some of those movers in shanghai and shenzhen. pfizer saying they have not made any decision on a joint venture exit. north china pharmaceutical unchanged at the moment, but we are hearing from sources saying there have been production halted on pollution curbs. sanjiang shopping surging almost 10% after alibaba's unit has
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agreed to buy up to a 32% stake, but does not plan any additional purchases in the next 12 months. all eyes on what happens with the hong kong-shenzhen connect. at the moment, we are hearing the latest that that is not going through. we are now seeing at least chinese stocks at the moment gaining ground, although the hong kong index is down .25%. muchad: thank you very indeed for that. let's have a look at market action in china with that ubs head of china strategy from shanghai. bullare you making of this run we have had an does have momentum? of momentum int the past 2-3 months is on the coalcal stocks, surging
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prices and steel prices and cement prices and so on, so i am a bit cautious on the sectors because i think a lot of that has been driven by production cuts, and we have just seen last c has reversedndr some measures to control output. on the cyclical part, i'm cautious, but overall, it is good. good earningsery in q3. next year, were looking at 6% growth. for the next year, i might lean positive. getting people are excited about this hong kong-shenzhen stock connect coming a couple of years after the hong kong-shanghai one. do you think the shenzhen link will prove to be more popular? bit, notk yes a little a huge swing factor i think.
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if you look at the flows in the mostfew months since may, of the action is in the outbound flow, so whether the ocean will be different from shanghai, it might be given a lot of new economy companies are listed there, but it will not be huge. i think people will look at the valuation there. we do have some of the mid to large cap companies trading in shinji and having decent growth -- in shenzhen having decent growth. i think that will be more attractive for investors. rishaad: eight out of your 12 picks harsh and jen listed companies. you have to be excited surely? prospects, at growth offersnzhen market better.
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if you look at the first three markets, the shenzhen has moved 20% and earnings, shanghai 0%, see you can see the difference in growth. we do have a lot of stocks in health care, consumer, and material sectors listed in shenzhen, and those are good growth stocks. rishaad: one thing perhaps that it may well do is in a it or make it more likely that chinese equities get msci and collusion. do think it makes it more likely -- msci in cluj in. do you it makes it more likely? >> i think so. the key thing is not that we have a new connect program, rather they removed the quota. founds why qc out increase in the last few months -- that is why you see outbound
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increase in the last few months. lifting the quota is a big thing and china is committed to opening up the equity markets. in the first stage is not going to be a huge inflow, but it will be a strong sentiment booster. rishaad: the thing is of course we have a-shares and h-shares trading in china, is there a premium, the spread has not narrowed sufficiently. will this affect the behavior of hong kong stocks and reduce that spread? spread has narrowed some be cuts of the h-share rally. that we willlikely
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see bigger flow into hong kong, especially those institutional investors. for opportunities to diversify their holdings, and especially under current macro environment currency depreciation's, so there will be more flows into hong kong. if i remember correctly, 15% of trading this year by mainland money, so it will be influencing the behavior gradually. i don't think it will do it in the next week or two after the opening. i think it will take some time, but yes, mainland investors will be an important part of the h-share market. , thead: final question yuan and the constant move downwards as the pboc keeps weakening it, would you make of that? is there a line in the sand in your view? gradual.k it will be
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people are talking about more stability in the renminbi. is moving inboc that direction. so far, the market has not reacted strongly to the depreciation lately because i think it is better communicated this time from the pboc. we do have a weaker currency basket, but i think it's some point if you depreciate too much, there will be some concern about capital outflow and so on, so some risks there down the road. so far, the markets are quite cool to that. rishaad: thank you so much for joining us. having a look at the prospects of the chinese equity market. right, let's get to the this is flash headlines. here is sophie kamaruddin. the elderly in japan may
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see their health care costs rising as the government looks to increase the contributions of those who earn more than the average salary of $33,000. they expect the proposal to cut social security costs in the next budget. the u.k. chancellor has warned businesses they faced two years of uncertainty ahead of the country's departure from the eu. philip hammond will deliver his awesome statement on wednesday, facing a potential hit from brexit that has seen him abandon the goal of a balanced budget by 2020. a report from ernst & young says growth will trim tax revenue. facebook says it is cracking down on fake news and may post warnings and enlist third-party to curbckers to disk -- the dissemination of stories that are not true. facebook says it wants to
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improve its technical systems to detect fake articles and make it easier for users to report them. those at the latest business flash headlines. back to you. getting up next, weibo ready to report, we will see what is expected. that is on the way. ♪
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rishaad: you are back with "bloomberg markets: asia". i am rishaad salamat. equity markets, china has turned positive. we have a trade surplus in japan, helping things along nicely, and further weakness for the currency. china's top microblogging network has had a stellar year. what can we expect when weibo
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reports earnings later? we have this preview. >> the consensus estimate is for 170 $3 million, the top end of the range that weibo announced in august. be its, that would highest since it started reporting in 2014. for profit, it could also be a record, consensus expects that to come in at $.20 a share, double the 11 sense from the second quarter. the stock has been a pullback in the past month and a half or so. it is actually in bear market territory, down 20% since october 10. it is unclear why this is happening, but there could be profit taking happening. shares have more than doubled this year. in the past two quarters, one
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analyst rating the stock a sale. still, it has 13 buys with a consensus 12 month price target of $49.90. rishaad: right, let's have a look at markets. stocks moving to the upside in japan, but that positive feeling is slowly making itself felt elsewhere with the hang seng turning positive as well. --have a conviction currency currently, an 88% of options traders thinking we will get this rate increase in december. the nikkei 225 bolstered by exporters, a bit more weakness for the yen. i'll strain market down, but better -- the strain market down, but better off as some of those miners are having a rough time of it as well. taipei moving to the upside, this is a look at the markets.
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in the next hour of "bloomberg markets: asia", steven chu elbow and what he has to say about the apec summit and how donald trump could affect trade ties with united states. ♪
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almost 10:00 a.m. in hong kong, 1:00 p.m. in sydney, 9:00 p.m. in new york. i am rishaad salamat. ♪ rishaad: japan posted a trade surplus for a second straight month, with imports falling faster than exports. world leaders say donald trump must not be allowed to derail global integration. china claims america's mental -- mental
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presidents say that park geun-hye did collude on access. we're getting a turn around it comes to the yen. we are watching this game coming through on the nikkei, which entered bull market territory on friday. this is the eighth session of gains from japanese equities as we continue to see the yen weakened against the dollar. this is their longest run of winning streaks on japanese equity markets since august last year, mining and insurance companies leading the advance. ata on a tear at the moment. a lot of speculation for who ,ill be the front runner bidder rising now the most since may. up almost 12%, so a pair solid run from japanese equities. we are seeing some turnaround in
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taiwan, hong kong, and look at the shanghai composite come up .6% towards those 10 month highs we saw at the end of -- beginning of last week. strategist saying the shanghai composite could gain to 3500 points by the end of the year. the hong kong-shenzhen link has been delayed, but analysts saying it will be a huge way for investors to put their money into these markets. we are seeing the hang seng gains from.3%, good insurance players today. elsewhere, weakness coming through from southeast asian markets. australia flat, as is new zealand. new zealand had a good run last week. having a look at the yen, touching near six-month lows against the dollar. it has fallen 6/10 of 1% against the dollar, so this is dollar strength ahead of the fed's
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interest rate decision this week, likely to see we will see interest rates by the fed rise for the first time -- second time this year. having a look at the yuan, we fixing again pboc for the 12th session in a row, i week fix, the longest on record. down by .6%. some movement coming through in the offshore renminbi as well. time now for first word news headlines. sophie kamaruddin. japanese exports fell further than expected in october, shipments dropping 10.3% against testament's of an -- against estimates of an 8.5% fall. 4.5 billionlus of
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dollars. exports to china were down 9%, while u.s. shipments fell 11%. sydneyesorts is lower in on reports that three all strain employees have been formally arrested in china. australian and 13 other china-based staff are also in custody. eight teen staff have been held over alleged gambling related crimes since october. one person was freed on bail this month. the charges are not clear. donald trump has described james deal as hehe real considers more cabinet picks. the former head of central command is in the running to become defense secretary. mitt romney appears to be lading -- leading the race for secretary of state. at least three men with wall street experience joined the
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president-elect, will barrasso may be on the short list for treasury or commerce secretary. has warnedancellor businesses that they faced two years of uncertainty and ahead of the country's departure from the eu. philip hammond will deliver his autumn fiscal statement, facing a potential hit from brexit. a new report from artist and slower growth will trim tax revenue and force of the government to borrow more. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. has wrapped upphie apec in peru. a -- nothing substantive. at very: you could look
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-- various leaders to see where they stand in terms of global trade. this was probably the focus of the apec meeting this time around. leadersng told apec that he was to boost trade and cooperation, but china has joined hands with russia because they will push for a free trade area in the asia-pacific region. must rejecthat apec attempts to slow down cooperation between nations, and this is a reference to donald trump, who has said he will tear up trade agreements and does not want to go through the tpp, and anhas also been propagating atmosphere of protectionism which has been growing in the u.s. because he has been saying that these free trade agreements are harming the u.s. economy, and donald trump said he would protect the u.s. from these
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agreements, so it looks unlikely that the tpp will be ratified by congress. what will happen in its place? all these nations in apec are trying to jostle for position with who ever may be the most powerful country or supplies the most leadership at this time. tojinping said he wanted open up china further and give greater access to international investors. beene past, china has criticized for not opening up its economy enough, and also issues like transparency. it was barackurse obama's pivot to asia, tpp was part of that. did he make a comment on it? >> he did. he did not necessarily specifically refer to the fading fortunes of the tpp, but did say a global integrated economy helps to improve the lives of
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many, and this is what else he said. >> when it comes to trade come i believe the answer is not to pull back or erect barriers to trade given our integrated economies and global supply chains, that would hurt us all, but rather the answer is to do trade right, making sure it has strong labor standards, strong environmental standards. rosalind: obama believes domestic leave for the u.s. that the tpp is a plus and that apec will still have a role to play within it you'd he also said he would take a wait and see approach to donald trump's presidency. wait and see if the donald trump language will match the policies once he becomes president. protectionism is a concern and countries are not waiting around to see what president-elect trump will do. rishaad: china is starting to
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fill that gap in essence. there he are looking at their own solution for free trade in the asia-pacific. it has been discussing an integrated partnership for several years now, having gone through 15 round of talks, so with tpp fading, china sees the opportunity to push this partnership. from the been excluded tpp, and this offers the opportunity to take leadership in the asia-pacific region. 16 countries so far are interested in it. that ift obama did say the u.s. does not have the leadership on an agreement like tpp that it would open the doors for a country like china to drive the rules on global trade, and it does look like that is starting to happen. been talkingave about this throughout the course of the day, the trump team being assembled.
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andre hearing bits pieces about that. su keenan has a closer look. headlines from the transition team of president-elect trump are expected to dominate the week ahead. over the weekend, a series of interviews continued as donald operation to a suburban golf course in new jersey. one interview was with an x marine known as mad dog. bees mattis is going to considered for the top position, leading the defense department. after the meeting, trump issued a tweet that said he is "a true trump saideneral", to be impressed with that meeting. the most surprising controversy trump'slted from donald meeting with mitt romney, a former trump critic who may leave the state department.
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mike pence, the vice president, under activeney is consideration. romney called trump a fraud and a phony during the presidential election. the meetingserve said there was warmth and respect and he is considered a top candidate. in terms of the potential treasury secretary, wall street veterans continue to be interviewed. said toire wilbur ross be on the shortlist for the treasury of appointment, as well as the possible commerce secretary appointment. blackstone's jonathan gray, another high profile wall street veteran, head of the real estate division at blackstone, also met --h trump, as did mccormick david mccormick, a veteran from bridgewater associates. all of said to be in the running. still to come, we speak
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to the australian trade and investment minister. what steven ciobo has to say about trump trade and the tpp. .epal's richest man and noodles, we talked to him about the country's post-quick recovery. ♪
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rishaad: we have the latest business flash headlines. halt onn boral in a news that it is buying headwaters for $1.8 billion. will be a premium of 21% over headwaters friday close. expectations are it should close next year. symantec said to be buying
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lifelock. the consideration $2.4 billion. the deal may be publicly announced monday. lifelock has been pursued by other bidders. shares of 45%, market value of almost $2 billion. international to take a bank oh commercial. the investment will give the says it% and fosun intends to raise that holding to 30% in the future. a buying been on spree, picking up club med and cirque du soleil. is nepal's first and only billionaire. covering conglomerate
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76 brands and 120 companies, and is behind the instant noodle. .ere is binod chaudhary noodles, let's start with that one. huge. >> it is huge. old.e a family 120 years our food business starting with it has become a household brandon moore than 30 countries. we now produce about 2 billion packets. rishaad: in the poll chiefly? africa, middle east, even in serbia and belgrade. we are at an level of 3% of global market share. we are launching an extension of the brand in terms of the quick service restaurant chain.
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the first one has already opened and delhi. we hope to open in the gulf, india, and hong kong soon. are in discussion with some prominent players in this area. it will make nepal proud. want to associate themselves with it has a brand. proudd: nepal should feel especially after the recent earthquakes. you have been using part of your fortune to help rebuild. where are you with that? .> i talked about it earlier it changed the lives of many people, including ourselves. the rebuilding effort of nepal in terms of putting back the 700,000 homes in more than 30,000 classrooms, and not to talk about all the cultural heritage, monuments, what a
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huge, gigantic task, which is small country like nepal, despite hold the support from neighboring countries and our global friends, was not easy. that is when we in the private sector felt that it was time for us to put in all our efforts. delivered 3000 homes, more than 120,000 classrooms. we are working rapidly to find and create an echo system to add those missing elements in the cluster areas in which we build homes. rishaad: some of the worst devastation was in the villages, which were notoriously hard to get to. >> absolutely. it was not easy. we may resettle them by providing them with settlements, but the problem does not in the.
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the problem begins. what about water, sanitation, education, energy, power, jobs? we are trying to put together an ecosystem with our partners worldwide. rishaad: unfortunately a tragic event like that presents an opportunity, doesn't it? >> i think so. the country needs to put together a platform that works, that responds and a time like this. the country also needs to understand that we as a small country do not have the luxury to do the best, but what we need to do is to do what works. for instance in the process of building these homes, we trained 600 people who were living in these homes to build homes, so maybe half of them will end up becoming artisans, the construction workers, so that changes life, so you have to be more innovative, a little more
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creative in your approach to addressing disaster management. how does this approach to this philanthropic project extend from which you have learned in business? business, businessmen, entrepreneurs are , philanthropyelse activities far more effectively, this is what i'm beginning to learn. difficult to run a successful enterprise and make money, but it is much more difficult to run a philanthropy and to give it back in the right manner, because you don't have the luxury of hiring , development costing you millions of dollars. rishaad: but you have a foundation, so it has to be run by ceos. passionate,e more
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more motivated, there is a commitment angle to it. it is not. it is all about you being there because you believe in what you need to do, and to put together a team like that is not easy. it is also not easy to cut through the red tape. the competition between the state, why should i let the foundation do what the government is expected to do? in the third world, this is a problem. they don't appreciate that. at least the private sector has come forward and try to deliver their part. iteverybody could have done and everybody could have given their personal time and commitment, ok, leaving aside the huge other obligations, why would warren buffett give money? because warren buffett believes
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that they have dedicated their lives and taking their foundation forward. we are partners. we work together. is a completely different scale of commitment that it calls for. next?d: what happens you have the infrastructure problems, of course, but you have to go to the next level. do you have a stage one and stage two? ends in a it never company like nepal. he have to come back with new come innovative ideas, adding those elements which give people a better quality life. building aoment are infrastructure in one region. once you get there, it is
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divine, paradise, a lake at 14,000 feet, turquoise blue lake , and we are now creating the entire trekking route by creating a very organic, very comfortable trekking lodges all over. this can bring nepal back to the global map and bring in hundreds of thousands of people back to nepal. rishaad: and jobs that come with it. thank you so much for coming on today. that is binod chaudhary. taking to the streets, another weekend of protests, calls for park resignation. we are heading to seoul, korea next. this is bloomberg. ♪
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there is even more
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pressure on the president of south korea today after prosecutors said she did play a role in a pedaling and influence and access scandal. is accused of collusion, and close allies already being indicted. , her former as well as two of her former aides were indicted. her friend was accused of core version, basically pressuring business groups and companies to donate money to two foundations she ran. one of the former aides has been accused of assisting her in that , as well as disclosing classified information, so the indictments were very so because itore included allegations that the words,nt was in their
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had a major role in this extortion scheme. well, what are the chances that she actually could be in peach tear? impeached here? >> the indictments actually implicate the president. today, opposition party lawmakers are meeting to talk about what would be the process and timing of an impeachment. the chances are increasing, however there is that question as to whether the parliament has enough votes to impeach the president. they need to thirds of the parliament. the opposition parties have about 165 seats. president's ruling party has the remainder, so the opposition party seeking the impeachment would need another 30 seats, so if this point they are trying to
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convince the president's ruling party members to defect. rishaad: thank you very much. right, up next, after a month of being in detention, china said to bring formal charges against crown resorts employees. ♪
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>> it is 10:29 a.m. in hong kong. i am sophie kamaruddin. supermarketregional chain have gained after alibaba said it is buying a stake for $290 million. alibaba's latest physical retail acquisition as it tries to revamp online and off-line models. the store sells discount groceries. global trade and the growing fear of protectionism was the main theme at the apec summit in peru.
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president obama heard other leaders say that america must resist the isolationist policies put forward by donald trump. said donald trump cannot be allowed to put the brakes on economic integration. china is continuing to loosen mining policies that caused global coal prices to search this year. is encouraging production and limiting output restrictions. analysts say the latest guidance from regulator signals a wider range of producers will increase output. coal prices have doubled this year. angela merkel is to seek a fourth term in office, saying her experience will help during what she calls exceptionally difficult times. she will attempt to retain the position next month, then contest elections and fall. germany's first female chancellor, and president obama has called her his closest
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international partner. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: thanks. "bloomberg markets: asia" this is. i am rishaad salamat. japan heading for its usual lunch break. japanese equities higher for an eighth consecutive session, up .5%. entered into bull market territory friday and continuing the upside as the yen weakens further against the dollar. also solid movement on the shanghai, up .6%. for chineseppy week equities, but they did hit a 10 month high earlier in the week. elsewhere, mixed movement coming index, from regional thailand third-quarter gdp expanding three towing --
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expanding three point 2% year. southeast asia markets mixed, but hong kong up by .4%, weakness coming through some energy players, flat in australia and new zealand. i want to show you some of the movers we are watching in the region. sigma pharmaceuticals and australia falling significantly. down 7%. this is after morgan stanley cut its rating on the stock to underweight versus equal weight, sliding the most in five months. ta the most since may after speculation as to who will be the successful bidder. currently up 10% heading into that lunch break. in theife leading gains insurance space in hong kong, a lot of upside from those equities. this is the biggest gain we have seen from china life since october's fix, and quite a lot
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of movement in terms of volatility on that stock as well. a quick look at how currency markets are faring, the offshore renminbi weaker, 6.971, the pboc a 12th the yuan for straight session, the longest weakening on record. analysts saying the yuan could weaken to seven against the dollar in the first half of next year, so further weakness in the offshore renminbi. posted a trade surplus for a second straight month despite of weaker than forecast drop in exports. imports on the way down for a 22nd month, exports down for a third team month. what is going on? -- down for a 13th straight month. what is going on? the cost of energy, oil, gas,
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coal falling. causes the cost of exports to rise. the yen is the proximate cause driving this movement in the trade. big factors is that very trade is not doing well this year. the world bank said recently that world trade is on course for the worst year since the global financial crisis. you are seeing it in japan's data, importing less, but there is less demand because the economy as not growing strongly, and they are exporting less because there is less demand from export partners in china and the u.s., so the factors are the currency pointing to
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fluctuations with trade, but the underlying factor is there is less demand for exports and imports. rishaad: what about any good news. in the data? apart from the top line. overall, trade is still a plus for the japanese economy. if you look at the gdp data for the third quarter, trade added .5% growth. you could say that all of the growth that happened in japan's economy last quarter was due to wereact that exports larger than imports. from japan's perspective, trade is still a net benefit for the economy, but the value of trade as a portion of gdp, so how much japan is dependent on trade is falling, now down at 15% or 16% versus the high of 20%. trade is less important to japan's economy, but still
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providing growth. rishaad: thank you very much indeed for that. down atsorts on the way the moment, 16 employees have been detained and actually, well, they have been arrested, but we don't know what the charges are. let's find out what's going on and get it over to paul allen. that this all relates to high profile raid on crown resort offices in china in october in which 18 people got a rounded up, 17 crown employees, one was a private operator believed to work for a company that arranges junkets. one of those crown employees has been released on bail, but of those that remain, three of them are austrian straight in nationals, including jason o'connor, head of the international vip program, and he happened to be in china when
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the hammer came down. the distinction between the tension and arrest is an important one as it means the so-called golden time for negotiating releases is now closed. employees have been formally arrested, do we know what the charges are here? no, you probably noticed it was not mentioned. that is because we don't know and may not know for some time because the police will now conduct their investigation. that could take six months plus, and we won't know the charges until the police and the case over to the prosecutors, so these employees could find themselves sitting in the chinese jail for some time waiting to find out what their fate is. ae whole area is something of great legal area as well. it is a legal to organize a camping trip for 10 or more
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people, but completely legal to market non-gaming activities that casinos in gaming resorts offer. so it is into this gray area that crown resorts has stumbled just as china begins this crackdown on illicit funds flowing out of the country. rishaad: thank you very much indeed. crowne resorts and arrests in china. just ahead, we will ask australia's trade and investment minister steven ciobo for what is in store under donald trump. that is on the way. this is bloomberg. ♪
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rishaad: more now on that apec summit that took place in the peruvian capital. it wrapped up with impassioned calls for greater global trade. steven ciobo is just back and
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joins us. let's start things off with a sense of what the atmosphere was , perhapsfree trade there is a certain gentleman in the u.s. casting shadows over proceedings. the atmosphere was very positive. it has created an opportunity now for those of us that were at the summit to focus on highlighting and being strong advocates about the benefits of free and liberalized trade. we saw a effectively a doubling down so to speak of sentiment anut the need in economically challenged world to continue strong advocacy to make sure that wherever possible that we can reduce tariff and non- tariff barriers to trade. also, job opportunities, a
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direct consequence of more liberalized trade. and you you say that say you're doubling down, is that because you can feel the winds of protectionism? >> it is a consequence of doubt it being it would appear a growing sentiment that says protectionism is the way forward. we have to make it very clear that protectionism does nothing but he future living standards. rishaad: one of we say that is because of donald trump selection. to throwe was going tpp and the waste paper been of history. do think this is something that he will perhaps renegotiate in a way?
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will we get a different type of relationship with the u.s.? >> i think the jury is still out. to pursue trade agreements that are good frost ray and australian workers and australian wages and assist with our budget situation. i have a sentiment that seen expressed by a number of leaders around the world. from australia's perspective, we want to engage in agreements that are producing meaningful commercial outcomes in helping to boost exports. we saw an example where australia's growth was underpinned by strong exports and increases in volumes and values. that is the future for us, and that is what we are focused on. rishaad: there was a lot of talk about other free trade agreements led by china. do you think china is stepping into the void that perhaps the u.s. is vacating for the time being it least?
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tpp is an important agreement, but it is only one agreement among a multitude of others. australia is involved in negotiations around the regional comprehensive economic partnership did it includes india and china. more than 50% of the world's population and 30% of global gdp, so there is opportunity to do an agreement there if we can negotiate a meaningful outcome. likewise, we are pursuing opportunities around trade in as bilateralwell options with the u.k. in due course, the european union, india, indonesia, so there is a lot of focus on what we can do to boost the prospects for trade. china has indicated a willingness for continuing to pursue discussions on the free trade area around the pacific,
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another topic for discussion in lima. rishaad: absolutely free trade transparency the is always a problem there. we have crown resorts employees being arrested as well. -- were your you where we are legally speaking when dealing with china? will need to china continue opening itself up to the world. i noticed over the weekend that president xi jinping made comments that there is a desire on the part of the chinese government to make sure they continue to open themselves up to the world. the future for many developed economies lays in services, services trade is a key part of the future growth directory -- trajectory for australia. not just traditional markets, but also providing opportunities for australian services exports.
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in an economy that is 75% services based, we will be looking at working alongside countries like china, and indeed any country that is willing to open up the contest ability of those services in investment marketplaces. rishaad: absolutely, what are you doing to get at the bottom of why these crown resort ?mployees have been arrested we still don't know what the charges are. look, i have seen reports about the arrests. i am not in a position to confirm that or otherwise. australia always will take a strong interest in matters involving australian citizens, but we are mindful that this is something happening under chinese law in china, so there is limited ability for the australian government to intervene. we will continue to provide
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consular assistance and look at opportunities where australia can play a role, but fundamentally this is a sovereign issue for china involving chinese law, so we will be providing assistance, but for further clarification. not raiseoes it alarms with you about doing business in china here? well, i think the business understands that irrespective of jurisdiction, they need to comply with local laws. there is nothing unique about china in that respect. they have an expectation that businesses operating in china will comply with chinese law. let's move away from that and get back to australia it self. how would you characterize the state of the economy? i think fee australian
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economy continues to strengthen. in many respects, the story of the past 3-4 years has 10 one that has surprised the number of commentators. there were those who did not have a full appreciation of not only the resilience of the australian comedy -- economy, but the breath and depth of the austrian economy. rally oneen a commodity prices, which will ride some support, but more fundamentally as a government, we are focused on the fiscal consolidation challenge we have. sure weocused on making are investing in the rebalancing of the economy so that we are not putting too much stock in just the resources and energy story i'm a bit looking at what we can do to increase opportunities around growing the services side of the economy, and in particular the strong focus for preferential market access to key markets, which will provide an economic growth pathway for the austrian economy
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into the future as well. rishaad: absolutely, fiscal consolidation is which are looking for, but this is endangered by wage growth at low levels. that must be affecting your revenue generation to some extent in leading to budgetary issues? challenge that australia faces is not dissimilar to the challenges that a number of developed economies around the world face. we have a situation where there are difficulties around structural deficits. we need to make sure we put in place important savings measures . as a government, we have been undertaking that task and have achieved $16 billion worth of savings over the last month or so. strong continue to put a focus on a sustainable pathway forward, but we have to work within the political environment we have been dealt with respect
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to the most recent election results. in ant to engage constructive way to achieve important reform that will make sure that we continue to have as i said a sustainable pathway forward. rishaad: just a last word, there is this danger of australia losing the aaa rating, does this concern you? our focus is very much on making sure that we retain that. that is why the government, we have consistently said that we are very focused on putting through meaningful savings initiatives. we are also focused on making sure we continue to try the economic growth. we want to make sure we continue to provide opportunities for more strains to consider thesement you'd combination of factors we think will work to ensure that the challenges we have around fiscal
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consolidation are recognized, achievable, and met. , thank youeven ciobo very much indeed for joining us there. up, fasterng retailing, shimamura has the secret for selling clothing in japan's moribund economy. that is next. this is bloomberg. ♪
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rishaad: you are back with "bloomberg markets: asia". i am rishaad salamat. semantic buying lifelock, just getting this read through coming through. they will buy it for $24 per share. that is what behalf at the moment. lifelock has been pursued by other bidders and private equity firms. having a look at the share price, up 45% this year. markets the company a value of $2 billion. the deal has been approved by both boards, and they have been reaffirming their full year earnings guidance. $2.3 billion in enterprise file you. in enterprise value for you. had a stellar year,
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shares doubled in 2016, but what can we respect -- can we expect when it reports earnings later. is scheduled to report after the monday close, and it could be a record. forconsensus estimate is 173 million dollars, the top in the range that weibo announced in august. if true, that would be its highest since it started reporting in 2014. ar profit, it could also be record. consensus expects $.20 a share, almost doubled the other $.11 a share from the second quarter. the stock has seen a pullback in the past month and a half or so. it is actually in bear market territory, down 20% since october. it is unclear why this is happening, but there could be profit taking.
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shares have doubled this year already. started to creep into recommendations as well, with one analyst rating the stock of cell, 13 buys, with a 12 month price target. looking at japan's has the secret to sales success in a stagnant economy. it has helped it to outpace the bigger rival fast for five quarters. and the secretra of their success in the sluggish economy in japan? i don't know whether you have heard of shimamura? a lot of people have not heard of it either. wear some clothing from their store, but the brand
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itself is not well known. share the second-largest in japan already, so what is the secret for them? good had offering goods at the lowest available price. they have been doing that for the past 60 plus years in japan, and that has made them strong, even during the economic downturn of the 1990's. now because consumers are more conscious about prices, so that is contributing to their good performance. rishaad: thanks a lot for that. which has shimamura, been outstripping its competitors in sales. "bloomberg markets: asia" continues after this. ♪
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>> it is a limit but here in hong kong. i am haidi lun. thee are in the middle of asian trading day. welcome to bloomberg markets asia. ♪ >> asia-pacific markets made gains, shrugging off early declines at the start of a brand-new training week. >> leaders talked trade and say protectionism must not be allowed to threaten the global.
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japan sees a surplus for a second straight month. imports falling even faster than exports. building bridges. trump meets with mitt romney as his team starts to take shape. this is a dollar a sentence that refuses to go away. i find it remarkable. >> given all of the postelection come so the daughter is that still the dollar is surging. here we go again. japanese equities. take a look at what is happening in japan. nikkei now in bull markets territory. we are seeing it continue to gain across the board. we are seeing the dollar seeing the biggest two week gain
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against the yen. the nikkei surging today. talking about equity markets right now, take a look at china. gaining about 1%. the shanghai composite lost ground in the early trade center -- early trade session, but is surging. as the dollar gains, asian currencies lose ground against that. now the chinese renminbi, the onshore you on -- yuan is currently set. recordhe longest run on for the chinese renminbi on the g.m. angle toward. postelection rally or movement across the board with all of that stunning selloff in u.s. bonds and we are seeing justl bond prices also
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take a beating. asian markets trading right now. commodities are also a bit of a mixed picture. oil not on the board right now, but extending today's of gain -- two days of gain. on to the first word news. >> thank you so much. japanese exports fell further than expected in october. shipments dropped 10.3% from a year earlier against estimates of an 8.5% fall. there is a trade surplus of ¥496 billion, or $4.5 billion. shipments fell more than 11%. operator is lower in sydney down by 7/10 of a percent on reports that three australian
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employees have been formally arrested in china. and say a fourth australian 13 other china-based staff are also in custody. 18 crown staff have been held over allegedly gambling related crimes since october. one person allegedly freed on bail earlier this month. it is not clear what charge they may face. the u.k. chancellor has warned businesses. they say two years of uncertainty ahead of departure from the eu. they are facing a potential hit from brexit. they have abandoned a goal of the balanced budget by 2020. the government will be forced to borrow more. the german chancellor angela merkel is going to seek a fourth term in office, saying her expense well help in what she calls exceptionally difficult times. she will attempt to retain the position of christian democrat leader next month, and then contest that conduct federal
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elections next fall. president obama has called her his closest international partner. this is bloomberg. over to heidi and sherry. international trade was a key focus of the apex leaders meeting, which wrapped up a few hours ago in lima. the group said it would resist all forms of protectionism. >> a lot of strong rhetoric coming through from the weekend's events. what else actually came out of this meeting? after everything wrapped up and the leaders at the in the meeting said that they hope to expand economic integration and to continue work on the free trade area for the asian pacific based on existing patterns and ones that have yet to sort of come into full agreement like the transpacific partnership.
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they also accepted that protectionist trends are a threat to their goals. this comes along with the growing sentiment in the u.s., sort of a growing feeling of protectionism. that is of course following the donald trump being made the president-elect, and concerns about his future policies because he has promised to terra trade agreements that do not seem to have a positive impact on the u.s. economy. he said free-trade was destroying american jobs. china movingnt was to assert itself in that field , with usuallye being say he wanted to boost cooperation with global corporations. they want to see a free trade area in the asia-pacific region.
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there is a point at donald trump. it is increasingly looking likely that the gdp will be ratified by congress -- tpp will be ratified by congress. countries in asia are looking to where they can hitch their wagon to protect them. >> most people are saying the transpacific partnership is dead. president obama had hoped this summit would be a ground for them to build momentum on the transpacific partnership to try to ratify it in congress. this was his child, wasn't it? >> it was very a big project. he has still not even up hope. he said a global integrated economy helped improve the lives of many, and this is what he had to say. it comes obama: what to trade, i don't think the erect is to pull back or
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barriers to trade given our integrated economy and global supply chain that would hurt us all. rather, the answer is to do trade right, making sure to have stronger labor standards, strong environmental standards. obama believes transpacific partnership is a plus for the u.s. economy. he says he believes the u.s. will still have a vital role to play in a pack. he says that we should take a wait and see approach to donald trump. what he said during the campaign may not translate to actual policy when he becomes president. a lot of nations and their leaders can't hang around what is going to see what happens under donald trump. they have been talking to each other at this meeting to see what they can do to help themselves and trade in the region. >> a lot of this is the trade policy for trump would look like. we do know china is hoping to potentially fill any sort of vacuum. we going to be talking more
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about their trade deal as the transpacific partnership goes by the wayside? >> absolutely. what has been coming out of the aipac meeting, a lot of the regional leaders are looking for that as a backup. regionalking about a comprehensive partnership which is been worked on by china for years now. as part on the road. there would be 16 nations involved in it so far. that is china, japan, south korea, new zealand, and asean nations. the gdp would have taken about 40% of the global economy. some economists are saying that this is -- this has less teeth than the transpacific ridership. it is in china's interest to in some ways lead a trade agreement that it has a big hand in forming.
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>> thank you so much for that. like the apec summit, the week on wall street is likely to be dominated by donald trump and the people he chooses for his team. >> a lot of speculation. a look at who is in the running at the moment for some of those top positions. >> headlines from the transition team of president-elect donald trump are expected to dominate the weekend -- the week ahead. truck moves his operations to a suburban golf course in new jersey. one of the interviews was with a next marine known as mad dog james mattis. isse close to trumps a he going to be considered for the top position leaving the defense department. after the meeting, trump issued a treatment said he is quote a true general's general.
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trump said to be impressed with that meeting. perhaps the most surprise and controversy has resulted from trumps the meeting with mitt romney, a former trump critic, who report is close of the matter say he may lead the state department. mike pence says romney is under active consideration. romney during the presidential primary called trump a fraud and a phony. apparently according to those who observed the meeting, there was warmth and mutual respect. he is considered a top candidate. in terms of the potential treasury secretary position, a number of wall street veterans continue to be interviewed. trumpionaire met with over the weekend. ross is said to be on the short list for a treasury appointment or a possible commerce appointment. another high-profile wall street heading the real estate
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division at blackstone also met with trump. david mccormick, a hedge fund manager. all of these, said to be in the running. >> let's get the latest from julia. pressureocks are under to we have some curves coming through from china. what is that story question mark >> -- what is that story? china is really cracking down on korean celebrities, particularly kapok celebrities appearing on chinese tv. these are flying through into a number of areas in korea. these media companies and holding companies coming under significant pressure in seoul today. it is also flying through into the the cosmetic stocks in korea. there has been a lot of concern that these curves from china could reflect in tourism and in
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sales. your's and quite a lot of weakness coming through from the cosmetic and media in korea. elsewhere it is positive in the overall market. we are still saying the nikkei which is a blog lunch break up by half of 1%, and a bull market territory. an eighthiling up for consecutive session. a very solid run coming through from shanghai composite. a number of companies hitting the 10% daily limit. things certainly looking a lot better than they were at the start of trade. asian markets now trading in positive territory. back to you. much for that. still ahead this hour, a look at why investors are once again betting big on oil, and whether we should be bracing for more volatility. >> plus, with a transition underway, what it is likely to mean in terms of trade and close. this is bloomberg. ♪
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>> welcome back. this is bloomberg markets asia. i am haidi lun. >> trade was top of the agenda peru. apec meeting in australia -- >> australia's minister for trade and investments spoke to us after returning from the summit. he agreed there are reasons to be concerned. globally at this point in time is that we are seeing a slowdown in trade numbers. we have consistently seen from the imf and others that trade is not growing as rapidly as it has . australia is absolutely committed towards continuing to grow trade and grow trade opportunities. thingna's president gigi
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said hedent xi jinping was greater cooperation. why that approaches unsurprising. -- little considered considerations, there has always been a continuation of free trade and trading negotiation. i think china is happy to continue going down this route. it helps the regional economy. what we have heard from the eting iseting -- apec me that china wants to be as involved as possible. i think they are in favor of continuing free-trade. >> while uncertainty hangs over international trade relations, our chairman told us that trump could be good when it comes to the real estate industry. his ideology is going to be reducing taxes for the wealthy.
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will give them work my to employ and buy real estate, which will be helpful. he wants to put money in u.s. cities which will be helpful. it looks like things are positive, although trump is always a wildcard. there are some things that are rocky that make foreign investors quite nervous as well. that is the word on trump and trade from asia. is to talk about higher inflation and so gdp growth if trump manages to come through in some of these protectionist policies. >> joining us now is a chief economist. thank you for joining us. >> we're talking about protectionist measures. even before donald trump got elected and we saw protectionist measures rising, especially the
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look at institutions like the imf. there is a more protectionist measures this year than at any time since the global financial crisis. how does trump's presidency of fact that dynamic? >> i think that is an important point you're making. done anythingm that the u.s. to protect the steel industry in the u.s. was also blatantly untrue. there are protectionist measures already in place in favor of steel, and arguably that has not succeeded in saving many jobs. more.s. is going to put money into trying to protect those jobs, first of all that is wasteful spending, and second of all bad for the world economy as a whole. sort of new paradigm where you potentially have a u.s. which is our inward looking at more protectionist -- because as we said, there is no such thing as free trade only freer
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trade -- you could say that china is perhaps losing out on -- on a major trade partner but, but it could step into this vacuum? there has been some failure and liberalization of trade will -- trade agreements, moree thing now is regional trade agreements. with the dpp that being a viable option anymore, the asian region should try to pursue more liberalization within asia. latin america should focus on more trade liberalization within latin america. ourl is trade war with neighbors. it is entirely possible that that would work out well for those regions. >> will that upset the trade loss with the u.s.? these are complicated calculations, because it depends on how much protectionism versus how much liberalization. we should remember that china
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already trades more with asia than it does with the u.s.. it is a possibility that i could work out for the region. you look at the lessons learned from brexit, and that calculation. we did it again when it comes to trump. at the moment we come to this trump trade, the bond yield trait surging, the dollar. we are getting two different conflicting signals from the markets. how do we rationalize the higher bond yields? thisond market is seeing spending plan as perhaps irresponsible. u.s.the will and 25% to debt levels. that is definitely disturbing. on the other hand, you have the stock market thinking this is somehow all good news. traditionally, we think that
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bond markets tends to be right. >> given your assessment on trump's economic policies so far -- and of course things can change -- do you see the federal reserve and trump on collision course, given where the u.s. is headed? stagflation, higher interest rates, but at the same time slowdown in growth? there are veryk many items on trump's to do list that actually strike me as seriously progrowth. therefore, you would think that going forward, the fed will have to take a different stance. at this current junction, the fed is only looking at the current situation, which is actually not bad. there is 3% growth in the u.s., which is twice the potential. looking at the current situation, they are right at hiking rates. i think it will then be one of
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higher inflation and slower growth. it will be different -- difficult for a central bank to deal with that with only one tool. >> thank you so much. we'll talk about more about the implications for asia of a trump presidency. >> as the pressure is on, reporters and critics rally as -- rally thing she did collude. this is bloomberg. ♪
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>> welcome back. this is bloomberg markets asia. i'm sure young. >> there is more information on the president of south korea, saying she did play a role in this influence peddling and access scandal. peter, and all of my years of
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following south korea, living in south korea, seeing a former president being accused and investigated of corruption, this is huge. , closecused of collusion allies have been indicted. what is going on here? >> this is huge. it is a first time that a president in the office is being investigated as a suspect. this is pretty dramatic. the latest is that the opposition party lawmakers are meeting today to figure out how to impeach her. they're looking at the process. they are trying to basically recruit parks ruling party members, which has already split. this is of course coming amid that protestss over two successive weekends in which hundreds of thousands of koreans took to the streets
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asking for her resignation. >> what are the chances she could actually be impeached? >> it is growing by the day. the indictment yesterday really put a powerful force in play for impeachment. the allegations being that she had a major role in this influence peddling scandal, and basically implicates are on these crimes that were launched against or charged against her longtime friend and two of her former aides. lawmakers, particularly opposition party lawmakers, feel like they have ammunition now to proceed with the impeachment. the question will be can they drum up the votes to get her impeached? arkt is a big question m right now. >> thank you so much for joining us.
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in the meantime, we're looking forward to the afternoons business in tokyo, getting the latest on japan's reopening up next to we have a sea of green across asia. this is bloomberg. ♪
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♪ sophie: further gains for nikkeie shares has the enters a bold the market. the boj's monetary policy stance, the yen, and the overseas return of money managers. symantec is buying lifelock $424 a share. the deal has a value of $2.3 billion. lifelock has been pursued by
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bidders. its shares have risen 45% this year. it has a market value of almost $2 billion. donald trump has described former marine corps general deal asttis as the real he considers more picks. the former head of command is in the running. mitt romney is leading the race for secretary of state. mitt romney attacked trump during the campaign as a phony and fraud. three men with wall street experience join the president-elect. wilbur ross may be on the short list for secretary of treasury or commerce secretary. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. juliette: let's see how the nikkei has resumed after that to thoseak, adding
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gains, up .6 percent, bull market territory for japanese equities on the nikkei index, higher for the last eight sessions as the yen continues to weaken against the dollar. that is the longest running streak on japanese equity markets that's last year. a rally and china, the shanghai composite up by .9%, so back at 10 month highs. also, upside coming through from hong kong's equity market, led light insurance players, looking strong, and also consumer stocks.chocks -- mixed movement in southeast asian markets, australia has turned into negative territory in late trade, new zealand looking flat. korea down by .1%. checking currency markets, the offshore renminbi weakening further against the dollar after fixpboc weakened the yuan
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for a 12th straight session. you have seen further weakening in the offshore renminbi. 6.91, so further weakness in that currency. that is the state of play across asian markets. shery: welcome back to "bloomberg markets: asia". more on trade numbers out of japan. we saw the surplus, but if we not at the figures, it is so positive, imports falling for the 22nd a straight month, exports down for a 13th month, so what is behind these numbers? there are too many factors driving this continued weakness in japan's trade. the first one is the currency, japanaker currency makes
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exports of energy cheaper, so driving down the value. is the currency is affecting japan's exports. the ministry of finance saying the weakness in october is due to the klein in the yen compared to a over previous year. globalgest story is trade is bad this year. the world bank says this year's trade will be at the slowest pace since the global financial crisis, and that is coming through in japan's trade data. you are seeing falls and vines --exports and imports, so falls in volumes of imports and exports. overall, what you are seeing is bad demand for japan domestically and overseas. leaving -- under underlying reasons has continued
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to decline for so long. >> considering the seasonal factors in the numbers, it is still a high trade surplus, so tell us the good news in the data. the nation is, still in a trade surplus. there have been a couple of , buts of a slight deficit there is still a trade surplus. -- if japan sells more overseas than other countries, that benefits the nation. third-quarter gdp data, you saw the growth you saw in the third-quarter basically came from the excess of experts -- exports over imports. even though trade is weekend getting weaker, it is still a net benefit for japan's economy. >> it is not all bad. thank you so much for that.
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oriole is rising again amid increased optimism a deal may be reached before the opec meeting in vienna at the end of the month. iran and a rack signaled they may be moving towards an agreement when it comes to cuts. this is the job owning that happens ahead of any opec meeting. his that what is driving this rebound -- is that what is driving this rebound? >> we have seen oil rebound from a two-month low. around $46 a barrel, brent near $47 a barrel because of comments from oil ministers who are part of opec. they pertain to this next opec -- the end, where they will try to agree to a deal to cut supplies. that would be bullish for
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prices. the iranian oil minister says it is highly profitable -- probable that opec countries will reach a consensus on the deal. there was another report saying the iraqi oil minister was going to propose a -- three new postal's when the group meets along the lines of what they have been talking about, so both those were seen as optimistic. on top of that, russian president vladimir putin said over the weekend that he does not see any obstacles to the deal. , buta is not part of opec has said they are likely to freeze output, so that would help members and would help globally limit supplies. christian right now is where are all the cuts going to come from? who is going to bite the bullet? >> that is the big question. like we always say, the devil is
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in the details. a lot of countries have asked for exemptions, iraq asking because they need the revenue to fight islamic militants. iran is returning to the oil market after international sanctions were lifted in january, so they have in boosting supply the entire year, so there is likely to be a lot of dissent among who will cut and by how much. what is new is a sense of urgency among members. you have the international energy agency say earlier this year that if opec does not cut, we are likely to enter a fourth year where supplies up pace demand. >> thank you so much for that. ahead of that all-important opec meeting in vienna next week. shares of crown resorts are still down by .4%. pointere lowered by one
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6% lower after reports that 16 employees had been formally arrested in china. >> that over alleged gambling related crimes. let's get over to paul allen for more. what more do we know here? 18 people got caught up in this dragnet back in the middle of october. 16 or 17 crown employees, one of whom has been released on bail, and a private junket operator. of the 16 under arrest, three are australian nationals, vipuding the head of the international program, jason o'connor, who happened to be in china when the raids happened. really what this means is the switch from detention to formal arrest is not great news for those 16 people, because it means the grace period under
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which early release could be negotiated has now closed. these employees have been formally arrested, do we know what these charges are? i'm just seeing these lines crossing the bloomberg now, prime minister bishop saying they are seeking the employee's status at this moment. it seems like we do not know a lot. >>, no we don't. it is not surprised that the foreign ministry is looking for that information because no one seems to have it at the moment. as to what they are formally charged with, we may not know for six months or more. the police will continue their investigation and the charges won't be known until the police hand over their investigation to prosecutors, so there could be quite some time that the 16 employees spend in limbo in a chinese prison are waiting to find out what happens, but it is really a legal gray area. it is illegal to organize for 10g chips -- trips
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more people, but it is not illegal to market the other act dvds, so it seems crown resorts has been caught up in this area that does not seem terribly gray anymore. >> thank you so much. paul allen keeping an ion those crown resorts employees. >>. donald trump pose a threat to the global economy and growth? we will discuss that, up next. this is bloomberg. ♪
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>> welcome back. this is "bloomberg markets: asia." i am haidi lun. >> a quick check of the latest business flash headlines. international to take a , giving the stake group 17% of banko commercial,
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and says it intends to raise that holding to 30% in the future. has been on a buying spree, picking up club med and cirque du soleil. on a haltin boral over news it is buying headwaters for $1.8 billion. it will pay a premium of 21% over the friday close and is selling shares to fund the deal. that is expected to close next year. ,> growth in thailand slowed putting pressure on the government to raise spending. gdp expanded 32 -- 3.2%. the prime minister has pledged to boost infrastructure, launching short-term stimulus measures, including help for farmers.
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>> let's get back to our group chat. lovely to have you here in hong kong. we spoke about global trade, protectionism, and donald trump china front and center. ?hat is happening with the yuan it is a dollar strength story that feeds nicely into this currency manipulation story if donald trump wants to make it that? what does it mean for the fundamentals of capital outflows? >> my favorite indicator is the current account, so countries that have current account surpluses tend to have currencies that are trend depreciating. think it is a valid indicator. current account
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surplus, so fundamentally the currency should be on an upward trend, but what we do know is they want more market-determine fx rates, some more volatility should be expected. if we think the chinese are moving towards an open capital account, then also it is clear they need to have an appreciating bias. rishaad: their biggest trading partner is the european union. if you look at the yuan against the euro, it is flat. it is telling you that it is essentially a dollar move, and they have a good reason to keep it at that level. >> exactly. there is no interest to depreciate the currency if you think you are going to open up your capital account. up a capital account, chinese investors will be able to take their money abroad comes to you need to counteract that and have an appreciating currency so the
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outflows are not too large. positive, the especially with trade hostilities from the u.s., and elsewhere from the world? harde growth rate, it is to find countries that has as much growth as china has, so that is a large positive. if we think we will get more protectionism, that favors countries with large domestic markets. china is one of the largest in the world. the competitiveness'tis not come cheap. you can't the base your currency and think that will give you a fundamental competitive edge. it is only by having a clever labor force and transpent institutions, something that china could wo on, but generally speaking producing quality products is how you get competitiveness, not through depreciating your currency. >> the debt issue is becoming a drag on growth. is true. the composition of debt is also
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interesting, but when you look at the total debt, it is comparable to the total debt in the u.s., so we need to keep a perspective on how bad things are. often we take a global phenomenon and try to betray it as a particular chinese problem, but it is actually a shared problem. >> we have been talking about apec since the meeting concluded, how much do you think trade in the asian pacific and help offset protection from the u.s. and europe? be the strategy. that is the only healthy response we can have to the protectionist threat. those who have not voted for protectionist governments, that they pick up the baton and run with it. i think it is possible that we can offset a large share. it is a matter of degrees. we don't know how much protectionism we will get, but that we will get some feels like
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a certainty, and the last time we had protectionism on any major scale, i must take the opportunity to remind everybody 1920's, and what happened afterwards was we got the great depression and the second world war. as linked asasn't it was then, was it? out, realpointed growth coming in. phenomenony similar where the role roads -- railroads would be like the internet in those days, huge income disparity, carnegie and morgan were making those fortunes comparable to zuckerberg today. countries thatt have not signed up protectionism so far. talkinge how we keep about china as a champion of free trade. they are not opening their own
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markets, and that is a huge criticism there, right? we are all thinking it. is not ay, wto free-trade agreement, right? the wto is the regulator that is policing the tariffs that everybody is still imposing on each other, but global trade negotiations have obviously failed. we have not made any progress on that. so regional trade is perhaps not optimal, but better than nothing. wave?t is the next the italian referendum, french elections, germany as well, has the tide party gone and there is no stopping it? this is the great fear. how do you fight protectionism and regressive policies in general on ethnic issues and gender issues? you fight these issues by
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populations voting in more progressive governments. when populations don't vote that way, we are in the conundrum in which we find ourselves now. >> one country we have to talk about is japan. they whole third arrow of restructuring and reform was going to be boosted by the tpp, which is now almost dead. estimation of how much growth tpp could have contributed to the countries that were going to sign it is like 0.3% extra gdp. a radicalt sound like amount, but there are very few other policies on the table that could have provided that kind of boost to growth, so on not having the tpp, we already have a slower growth scenario. rishaad: we are thinking too much about the rhetoric. we don't know what will happen with president trump. that breaks it was a form of protectionism, but
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a lot of people did not vote that way for many different reasons. perhaps we are overplaying this whole idea that ts is a protectionist and inward looking world now. >> i hope you are right. that would be the best for the world economy, that you are right. >> let me add to that point, if we talk about the rhetoric, maybe not there yet, but when we talk about the protectionist measures implemented this year, that is different, right? imf, you see the counter protectionist measures implemented this year. that has increased exponentially since the global financial crisis. that is how you can measure that we will see more protectionism going ahead. onthere is an over focus jobs being lost across the border i think. most of the trade we do we do within our own countries, then we trade more with our neighbors and so on. u.s. jobs, 5 million lost
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and created every year, a lot more than anything could us to could ostensibly be blamed on workers. i come from sweden, sweden used to have a steel industry, but that was a long time ago, so throwing money at declining industries cannot be a growth strategy. >> right, thank you so much. i think we could argue and talk and tell trump actually comes out with some policies. it was a pleasure to have you. safe travels. coming up next -- >> hitting a high, why weibo's revenue may rise to record when it reports later. this is bloomberg. ♪
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>> welcome back. this is "bloomberg markets: asia". get some headlines from the tech sector. symantec buying lifelock four $24 a share. the deal has an enterprise value of $2.3 billion. lifelock has been pursued by other bidders. its shares have risen 45% this year, giving it a market value of $2 billion. >> shares of a regional chinese have surgedchain after alibaba must said it is buying a one third stake for $290 million. the deal marks alibaba's latest physical retail acquisition as they try to revamp off-line and online models.
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>> china's top microblogging network weibo has had a stellar year, shares doubling in 2016. we respect -- expect when it reports earnings later? is scheduled to report, and it could be a record. the consensus is 173 million dollars, the top end of the range that weibo announced in august. would be its highest since it started reporting in 2014. for profit, it could also be a record, consensus expects $.20 a share, almost double the $.11 a share from the second quarter. the stock has seen a pullback in the past month and a half or so. territory,ar market
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down 20% since october. it is unclear why this is happening, but there could be profit taking happening. shares have doubled this year already. started tonow's has creep into analyst expectations, --h one rating it a cell sell. bloomberg markets middle east is coming up at the top of the hour. manus cranny standing by in dubai. what do you have for us today? >> an action-packed show. gilbert, the ceo of aberdeen asset management. minutes ofg us 30 his time to talk about donald trump, markets, what happens to emerging markets. he is the man that should be up to give us some idea.
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what donald trump means for markets. madame angela merkel back in politics. banking in abreu dobby
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♪ manus: oil on the rise amid optimism that reducers will clinch an agreement on output cuts. leaders talkm trade and say protectionism ust not threaten global links. posts a surplus, impofa

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