tv Bloomberg Daybreak Asia Bloomberg January 10, 2017 7:00pm-8:01pm EST
anchor: posting the cartel. free currency traders charged with using a chat room to raise forex prices. anchor: there is a guilty plea and a $4 billion fine. anchor: china car sales accelerate to their fastest pace in three years. preparesresident obama to bid farewell. this is the second hour of daybreak asia, coming to you live.
i am yvonne man in hong kong where it :00 p.m.. i am betty liu. it is the start of congress being back in session already. we are seeing fireworks down washington, -- in washington. a lot of market watchers are staying on the sidelines and saying, we are not that far from the inauguration. let us he would happens before we really start buying into the market. the flat market today. yvonne: a little bit of jitters ahead of that media press conference of donald trump later on in the u.s. for you guys as well for the inauguration day of january 20. let us see what is kicking off in the asia open. looking pretty good so far, sophie. people we are seeing waiting to see what he says at his press briefing since the inauguration is one week away, but given what we have setting
the tone for the day, asian stocks looking marginally lower here after we saw the u.s. action with s&p 500's unchanged overnight. about .8% after what we saw yesterday and the kospi lower .2%. we are seeing a bright spot with aussie shares up .2%, and with that after what we saw yesterday and the kospi lift we are seeing in minors given the rally in metals prices, it gold jumping to a six-week high overnight. anchor: ok, but mining stocks have been on a tear, sophie. cuts and trump's spending plan, that is helping producers, rate? sophie: absolutely. take a look at the chart on the terminal. it will show you how stocks have been doing in that state. white line shows the miners highest since 2014 on tuesday. the blue line is anglo-american glencore.rple line is
we are seeing that play out on the asx 200 in australia, leading the advance among miners in terms of points, up 3.4%, followed by fortescue metals. that is outperforming the asx with year-to-date returns of nearly 3.7% and a final word on vhc. they met with trump and mike pence on tuesday on the agenda. the investments in the u.s. and the outlook for the global resource center is -- bhp. trumpre seeing talks with with the likes of bhp addressed in the new administration. betty: thank you so much,
sophie, read and with how the markets are shaping up so far. stocks were unchanged on tuesday. are we on hold here? have we pressed to hold button here? clearly been a slowdown in the post trump election rally, but we started off with declines. it looks like a second day of the pullback. we advance in the afternoon. it came back unchanged. the fed is up for a positive session on wednesday. let us take a look at the movers. su: we have a reflection of the financials back out front and losses in energy. down, one of the big losers. general motors, positive. euralstem up. at one point, within two points
of the record, but we were in a tight trading range as this chart shows you have not seen the s&p 500 moving than 1%. some strategists say they want something to break a set of that band and that could be the story going forward short-term. let us talk about currencies. looks like charges are about to be filed in the justice department over currency regain. this is a>> long-standing probe your criminal charges are likely to be filed and soon against members of the cartel, as it was called. these are the actual traders that were part of a chat group to coordinate the rigging of foreign exchange benchmarks by actually using confidential customer info. this was part of an antitrust case that led to guilty pleas by five banks in 2016. the government making good on its promise to go after specific individuals.
many of them have parted ways, if not all of them, with the banks. morgan parted ways with a senior dealer. also said to be in the bull's-eye. longer employing the former global head of spot trading. all three of these men outside of the country. according to those close to the matter, they will likely have to be extradited, which could take months if not years, because a fight is expected. attorneys from, for these men had no comment. i should point out another member of the cartel, matt gardner, is said to be helping the u.s. government bring these traitors to justice. we are seeing steel, copper, and aluminum up 2% in the asian session with the metal stocks surge after shares fall
and wall street overnight. what is the story there? this is probably another trade that translates into wednesday. let us go take a look at some of these moves because what happened is more cuts to access the amid pollution concerns. you have sources up 11%. were on both sides of the pond, if you will because in shanghai, there were earlier reports that -- up the highest in weeks. , big natural resources company particularly in the copper, was up as much as seven today. 6% gains. the announcement coming from the heavy fuel producing region, cutting back on excess capacity and that is pretty much affecting almost anything in the metals base. su, thank you. first word news with heidi in -- haidi in sydney.
attorney trump's general has emphatically racism. accusations of jeff sessions promised to recuse himself for any investigation into hillary clinton female than the clinton foundation. he faced questions on his hard-line views. a company is selling its finance unit to china. the lender says it's that game on the sale of ubc finance will be around $74 million, boosting its equities hereby about 10 basis points. elliott is focusing on the domestic business. been on a $1 billion deal spree over the past year. toshiba shares currently looking like this in the early tokyo session. 2.7%. up two point --
tomay make it ineligible receive loans. this comes as the company faces a potential multibillion-dollar write-down of its nuclear equipment business following that profit padding scandal last year that reggie -- that led to record losses. people killed by flooding in southern thailand has risen to 25 during torrential rains have affected more than one million people. rubber plantations are devastated and stranded thousands. the disaster prevention department says the flooding is reported across 11 provinces with a main north-south highway impassable. news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am haidi lun. this is bloomberg. it is: volkswagen said
closing in on a multibillion-dollar deal with the u.s.. let us bring and ramy inocencio. all ofe the beach of of this right now, and is the worst behind? ramy: it seems like the worst could be behind but there is still some criminal and civil penalties we have to talk about here, but the headline numbers are what i want to get to first. $4.3 billion in terms of the penalties to settle what is happening here in the united states right is now. this is a draft agreement, yvonne. is set to's board review this on wednesday and we will see what they say, whether they agree to this or not. if they do agree to it, basically volkswagen would be pleading guilty to these cheating -- to cheating these tests here. criminal and civil penalties. interestingly, that would raise the cost of the scandal to more than $23 billion.
interestingly, volkswagen had only put aside -- only is relatively -- $19 billion in order to deal with this. they are above what they wanted to be out here. interestingly, if you take a look at the share price and the investors reacted positively. you see the spike in the middle, 1:45 p.m. wall street time. you know, you are asking whether this is wrapping up things in terms of scandal. the short of it is yes, but with that said, every time someone goes to see a volkswagen brand, the question will pop into their mind with the question saying "is this car one of those involved in the cheating scandal?" >> what about the people involved? ramy: it is interesting. one of them has already been arrested in the past week or so. one of the executives was arrested back in miami, and they
were actually here on vacation and u.s. prosecutors are prepping for the event that more people will actually be arrested. volkswagen in germany has gone so far as to warn their managers and germany to actually a in germany. they came out with the same and recently that said it would not be appropriate to comment on any ongoing investigations or more specifically to discuss personnel matters for one thing of note is that volkswagen aployees, it comes that it is matter of extradition laws, too. the u.s. can actually charge executives over in germany, but germany constitution bars extradition to any nation that is outside the you member area -- the e.u. member area. you so much, ramy inocencio on volkswagen. the final farewell. what is expected from president obama's swansong address, coming up in a few hours. betty: we'll ask the indeed pair
anchor: this is a break asia. i am betty liu in new york. christinia: i am yvonne man in hong kong -- yvonne: i am yvonne man in hong kong. ford plans investments in autonomous vehicles. the carmaker remained confident it will pay 200 billion dollars to shareholders on top of the regular first-quarter dividend. investors will be receiving a total of $.20 per share. it expects pretax profit to fall, but it will rise in 2018 as core business improves. betty: general motors profit forecast beat expectations. it expects net income between six dollars and $6.60 per share pulled byaverage
bloomberg. gm will buy back that additional $5 billion in shares even as global auto sales fall. boosting earnings with new models and cost cuts. yvonne: the first indian bank to report earnings since the high-value cash than posted records. the income for the period soared 29%, beating bloomberg estimates. for a fourth day and tumbled as much as 14% as the government withdrew high denomination bills in november. let us take a look at the trading day ahead with daniel morris, senior investment strategist at b.n.p. paribas. thank you for joining us. one thing i got out of your notes was value is back in stocks, as we see yields rise. this is a class of stocks that have disappointed investors for much of a decade now. what is different in the macro picture that 2017 is any
different. at this major inflection point in terms of bond yields after we have seen quantitative easing since the crisis? years from now when we look back at the combination of the bank of japan and the ecb beginning to taper and the election of trump, it will be this point were the yield door modestly. daniel: they have struggled so much over the last couple of years. anchor: where are we in this rotation then? there is a lot of debate about where we are. are we fully there yet? we have seen shaking a severely part of this year already, four weeks for the dow to hit 20,000. are there flagging alarms you see at this moment? we certainly have priced in a lot in terms of how much yields have gone up since brexit and october and how much the stock market has rallied and at this point, if all of the good you will setd in, up for disappointment. in the short-term, we could see
a selloff in equities. longer-term, the outlook looks better as you are at a point where it yields have bottomed and we should see them higher over the course of the year. yvonne: what do you think is undervalued at the moment? u.s. or further afield? daniel: yeah, that is just it. even though you expect bond yields to go out and you are more inclined towards equities, they are not undervalued. that is the dilemma that we are seeing. that is it on a relative basis. emerging markets looks better than -- in the short-term, we are also focusing on the dollar, which is going to be a drag on emerging markets. yvonne: how do you factor in the political risk? elections.a lot of brexit seems to be rearing its head for 2017 and trump taking office in 10 days. you think about brexit and trump and the italian marketdum, all from the point of view, interpreted as negative. it is a matter of turning the a
political event into something that has economic applications. actually having terrace that are ariffs or losing -- t that are higher. referendum on whether italy wants to remain in the eurozone has economic implications. for the others, it should not be such of a key factor. potential is positive, which should matter in the long run. betty: in the u.s., just to bring it back stateside, it seems like we are watching a drama unfold here in the bond markets and are we or are we not seeing the end of the bond bull market? you talk to the big voices -- yield.nlop says no, 3% it is like a movie playing out here.
up that chart and see where the yields have gone. as you know in the last few weeks, really, just at that route we have seen in the bond market, do you think as bill gross says that the bond market is more important than doubt 20,000 -- dow 20,000? daniel: we are thinking between 2.5 and three. than twoeing higher point six, within an environment of modest stimulus coming out of the tax cut package and reforms. we think that is manageable and will not lead to a bigger selloff in the fixed income market are necessarily to a selloff in the equity market, though i think in the short-term, we see nonetheless higher yield. at the same time, fundamentally, if you think of where real yields can go to the potential growth rate of the u.s. economy, it is probably lower than it has been historically. it will run 2%. potential for higher yields, but
we are not going to 4% or something extremely that. anchor: a something happens, unless what, daniel? daniel: two scenarios. we could get some type of shock and have yields move back down to the levels we saw last year. always a possibility. probably the bigger risk is that you get a larger stimulus package with the republicans in trump. trump did talk about $7 trillion in tax cuts. that would be a lot of money. we are expecting it to be modest around $1 trillion. if it were bigger, you are talking about large numbers and that would be passed through inflation expectations and nominal yields and you see a bigger risk of inflation. anchor: where are you with fed rate hikes? two this year? how many this year? daniel: probably around consensus of two to three height. big much a function of how the stimulus packages and how much the u.s. economy can support because the key point people need to keep in mind with
all the enthusiasm, which is good for animal spirits, as they say, is the trend potential growth rate of the u.s. economy is around 2%, so if with some stimulus you push the growth rate higher, in the end, you probably generate inflation, which the fed is going to react to, so you need to see policy than improvement and productivity that let you believe the u.s. economy can grow faster than that and that is something that takes time. anchor: daniel, thank you so much. we appreciate you joining us. daniel morris, senior investment strategist at e&p gerdau investment -- at bnp paribas investment partners. why china's roads are getting more and more crowded. this is bloomberg. ♪
betty: i am betty liu in new york. a dramatic downturn in india, deliveries dropping last month by the most in 16 years, being blamed on the government cash todwidth prompted drivers delay the purchase of new vehicles or motorbikes. car sales dropped while two wheelers dropped 22%, the biggest decline on record because of the cash ban. heading the opposite direction in china, where car sales were up at their fastest pace in three years. stephen engle has more on the numbers. what is driving sales in china,? -- china, steve? not think they would need incentives necessarily. people are still using cars as aspirational purchase, but they do need to do that as many cities around china of course have been clamping down on license plate restrictions and traffic research is because of all the small and gridlock --
and gridlock, but that is what the government had to do in the small engine category, and they did that to the end of last year, cutting the tax on those cars and have from 10% to 5%. that spurred a lot of customers who were maybe thinking about buying.nto we thought the end of the year, total vehicle passenger car sales, i should say, that includes suvs and multipurpose vehicles, but not commercial vehicles, rising 15.9% to 23.9 million vehicles, the largest auto market ahead of the united states. biggest salen, the jumped since 2013. 2013 was the year any country in the world had surpassed 20 million vehicle sales in one year. they are at the 3.9, but they are not as healthy as it seems, because the china auto dealers association secretary-general, this is his quote, quote of the
day. "china is like a giant who needs medicine to sustain his health, which means the biggest auto market is not healthy enough to grow on its own. it needs these incentives." general motors and ford among others including the small they are not complaining. they got a nice sales bump at the end of the year as people moved their purchases up into the end of 2016. point 1% tog seven 3.7 million. ford up to 1.27. sales jumped 50% for geely last year. fastest-growing market. anchor: interesting. we do see may be some headwinds leading up in the industry as well despite the bullishness of some of these carmakers. thank you on the china car
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public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. anchor: 8:30 in singapore, half an hour away from the open there. it looking like a beautiful morning in the lion city on this wednesday. i am yvonne man in hong kong. spring orking very summer like. i am betty liu in new york, you are watching "daybreak: asia." haidi lun in sydney. have: u.s. prosecutors charged three traders. the former jpmorgan, citigroup, and barclays employees coordinated benchmarks by sharing confidential customer
information. the three are outside the u.s. and would have to be extradited if they do not surrender voluntarily. volkswagen says it is closing in on a deal with the u.s. to results that will and criminal allegations surrounding the on the $4.3 billion agreement with has yet to be finalized. it would be an expense that exceed current provisions and includes pleading guilty to some criminal charges. other penalties and compensation at $19 billion. taiwan says the flagship of the chinese navy failed -- the defense ministry says her escort entered the zone to the southwest, going north along the west side of the taiwan strait. they have been carrying out combat drills in the taiwan seasons last week. the u.s. envoy has raised questions about china interfering.
high-profile incidents such as the disappearance of a group of booksellers who turned up in the mainland. the distorted their oath of office and were then disqualified from the legislative council. >> the unwarranted disappearance of the booksellers as well as the unfortunate preemptive interpretation of the basic law by the national people's congress with respect to official oath taking have contributed to a sense among many in hong kong that beijing may be losing sight of the importance of respecting hong kong's autonomy. biggesthe world single tournament is getting even bigger. fee for has approved plans for 48 teams to contest at the world cup at 2026 up from the current 32. the campaign on expansion in the race to replace -- they say it will lower the
standard of play but increase revenue as much as 25% to more than $6.5 billion. global news, 24 hours a day, 00wered by more than 26 journalists and analysts. i am haidi lun. anchor: asian markets are shaping up so far this morning and sophie, when it comes to asian stocks, 2017 looking so far so good. the best january since 2013, easily beating the average 1% drop over the past five years. the shares from seoul to and theon on the rise nikkei 225 up .3%, snapping a three-day drop. taking a look at some of the movers on the nikkei, the likes .f toshiba industries toshiba up about 5.6% earlier now about 5.2%. lenders today maintain financing to february. so goes the report. rising 10.7%s
after the nikkei reported that ge will be looking to ube for jet engine material. and keep an bank on what is going on -- an eye on what is going on with samsung today. faa reports airlines no longer llc to notify on samsung note 7 and samsung has recalled and 97% of note devices, earlier of course, we had that rise on the asx 200. miners leading the charge their. the likes of rio tinto, and fortescue. of course,l surges given what we saw china data and what we have around expectations of trump's and the structure spending plan. anchor: you talked about metals having a good day, but we continue to see the diversion with oil. oil clogging its
worst two days in four months and on the flipside, copperhead it's best to two days -- best day in two months. take a look at the terminal showing the divergence between copper and oil continuing this week. we -- tweak. the blue line in and oil in the white line. that is when the oil divergence started to become apparent. we will see how this plays out in currencies with metals being a big theme this wednesday. kamaruddin on the markets. the best-performing asset class globally this week has been commodities, specifically those traded in china, and that brings concerned as speculation is taking hold. let us bring in david ingles, joining us from new york. david, what kind of gains are we talking about here? right, i mean speculation obviously, people are talking about it being right. sophie was just -- being rife.
you look at that copper chart we just brought up there. copper is an underperformer when you compare it to what we are seeing across the chinese mainland, so have a look at some of these examples. you guys have an idea of the magnitude of these gains that we are looking at. let us start with steel, reinforced bars for example, up 10% this week alone. we are looking at similar gains already to what we saw back in the fall. 3200 per metric ton. flip charts. i talked about rio tinto. have a look at iron ore in renminbi per metric ton. flip the boards, have a look at rubber as well. 9% from friday. 19,500 u.n. per metric ton. we could go on. aluminum, copper, nickel, zinc, coils for example. you get an idea. we start to talk about this as
money coming back into the space, similar to what we saw several times last year. it looks like looking at these gains. anchor: is this all down to speculation? that is a very good question. i mean, it is not all blind speculation, if you will. there is the reflation trade we keep talking about, one reason. within china, all this money just close capital accounts. money flows from one side of the aquarium to the other, which as aally takes me -- retail investor, back, this for it mentality. we have yet to crunch the numbers and really look at, say, what the average holding time it's for contracts. if last year with any indication. elevated to aill you have a high open interest. if you do simple math, we get an idea of how much thomas a, the average holding period is for
iron or and i mentioned last average holding period for these contracts was less than four hours. people are not buying for the long-term. they will buy it in the morning and flip it before they head off to lunch. i'm not sure how much that really plays into a longer-term bullish view on iron ore. goldman sachs, to give you an idea, goldman sachs, last year, one of the investment bakes -- investment banks, when you look at the daily volume in iron ore in china last april, roughly speaking, the average daily the amount ofd annual imports that china needs, so i am not sure how much underlying demand there is to bid up iron ore 10% in three days. questionhat is a great . what about this other potential here, though, david, about these capacity cuts also playing into
the rally, right? what is behind these moves. been: right, so there has a lot of talk and news coming out that china is looking to basically crackdown and the limits the overcapacity in the steals sector. -- steels sector. call minds can only operate this many days of the year and what we saw with coal prices than, absolute -- then, absolute spike up. that might be what people are talking about when china cuts down on the overcapacity issues here in steel. guys? anchor: david, thank you so much. david was in singapore for us on the metals markets. increasingly, it looks like the fed could hike rates at a faster pace. bloomberg's global economics and policy editor kathleen hays with a look at the striking surge in among small businesses.
tell us about who they are and what news they are making today. kathleen: national federation of independent businesses has 325 thousand small business members in 50 states, all across the country. 99% of u.s.sses are employers so this is an important group to be following. the typical member has 10 employees and have a million dollars in shares. , business optimism index, sword the most since the the 1980's., jump into the bloomberg with me. you can see at the far right how that thing just spikes up in december and you can go all the way back to the 80's and see it went up sharply. it is really something to 105 point eight, the highest in 12 years. move on to another chart with me. seven to 10 components rose. to see 1971, if you want it on your bloomberg. the red line is hiring. people are optimistic and going
to do something. you can start pushing the economy right now. capital spending plans also up. failed expectations really jumped. the star here is conditions expanding. it rose 38 percentage points, so this is a really big move. also a big thing in this report, taxes and regulation remained members' biggest concern. obama carenk that act will be repealed, and now, whatever you think about that, many thought this has been a cost burden, so maybe that is part of what is going on. anchor: part of that optimism. they do not underscore the labor market is in fact healthy. we know this is something janet yellen watches. shows,nover survey, it there is more openings now. our bloomberg ego team and
washington describes a solid job market. a in washington describes solid job market. more openings, all of these things come together. if i am the federal reserve, i look at the surge in optimism. then officials have said that but they realize that in fact the last minute shows that the fiscal steps that trump could take on the fact that he could stimulate the economy is an upside risk they are well aware of. it is interesting that we have got the report on the 12th said banks, but the last meeting, 11 -12 wanted to raise the discount rate. there was already a huge consensus behind that move. the only one who did not time in -- chilled it it has got a -- t has got a tilt this year. another fed president and halt announced he is retiring this year, so what does this mean for fed policy? fedleen: we are losing two
presidents. three years short of the mandatory 65 year limit. what is important about jeff jeff lacker, he kept the faith. he believed in price stability, which should be the feds main focus. they will seek another hawk like jeff lacheker. he is more of a centrist. what it means for fed policy right now, probably not much. it will be interesting to see how it plays out over donald trump term. anchor: kathleen hays, thank you. closer to home, bellamy's is due to resume trading at the end of downgradefter a heavy
. anger over the performance of its board or for more, let us go to paul allen, joining us in sydney right now. it has been a rough period for bellamy's, but the market might get news today on a milk products deal. what is going on? is right, yvonne. one of bellamy's best products is in since milk formula, and they have a deal with font tara fonterra. whether or not they take fonterra's product. today on a be news renegotiation of their deal, but that is really the beginning of lme's problems. problems.amy's the business model relied on chinese nationals lagging back tons of the stuff to china. it turned that with the role changes in china that perhaps
that has not been the most successful business model. that in december, we had news of an earnings downgrade by about 40%. bellamy's chart looks pretty ugly from that point on with a rather precipitous decline in the share price. shareholders revolted as you would expect. to a lot ofming criticism as well over its use of consultants. it has not been a great christmas new year period for bellamy's. the market is going to get a chance to react to all of this, possibly in a few days time. betty. betty: paul, thank you so much. paul allen in sydney for us. much more ahead. president obama's final attempt beforenting his legacy the trump administration takes over the white house. details next. this is bloomberg. ♪
i'm man in hong kong. betty: and betty liu in hong kong -- in new york. another round of jobs cuts reported hundreds of people will be made redundant this week as part of the company's streamlining efforts. hundreds of positions were asked. this time -- were axed. it will mainly affect the hr department. yvonne: not just walmart, boeing. internal numbers will be reduced in the coming months in areas the company considers department overstaffed. the cuts will be announced on january 20 and boeing says it cuts.two more american apparel's retail future is in doubt after some of the assets were bought at a bankruptcy auction. canadian t-shirt and underwear maker activewear will get the rights to the brand and
equipment. the workers are not part of the deal. , $600 millionel in sales, but it filed for bankruptcy twice in 2016. president-elect donald trump is at odds with senior party colleagues. he wants a swift repeal of obamacare while some senate republicans want any move to be delayed until march. ramy inocencio has more on the latest in washington. ramy: it looks like the branches are working in different gears with donald trump saying he wants repeal immediately and he said to the new york times it should happen as soon as next week, which of course is before his own inauguration, set for january 20, but let us take a look at a quote here. he says "replace will be very quickly or simultaneously very shortly thereafter." he definitely wants this to happen very quickly, but five moderate senators, betty, say delay the repeal
until march 3. any suggested this in amendment they proposed good rob portman of ohio, bob corker, susan collins of maine, and lisa murkowski of alaska. these are moderate republican senators. bob corker, in a statement, also at play and further saying " mr. trump has stated repeal and replace should take place simultaneously, but this amendment they are introduced will give the administration more time to outline its priorities." it is not just the incoming white house needs more time here at congress needs more time because from the senate to the house of representatives, they do not have a consensus on what they want to replace any potential repeal of obamacare with. now, the senate republicans have a slight majority.
if they lose more than one senator, then this fast-track that is what donald trump is trying to do, is definitely going to be in jeopardy until the inauguration. fromr: in one hour's time now, about that time, president obama is scheduled to give his farewell address today. do we know what he will say? toy: bloomberg news talked one official who wanted to remain anonymous that did share a little bit with regards to what he will say and mr. obama is going to stress one same, which is inclusiveness, especially after coming off a trouncing in the white house race for 2016, of course, as we know. he will ask citizens at the electorate to embrace tolerance against another push back against the campaign of donald trump that was definitely non-tolerant in many ways. he said he will recognize conflicting voter emotions with hillary clintogetting just about half of the electorate and nald trump getting the other
half, but interestingly, yvonne, he has invited donald trump as well as melania to the white house and they will ride together to capitol hill for the inauguration as well. that.: we look forward to thank you we'll have -- thank you. we will have coverage at 10:00 in hong kong and 1:00 p.m. in sydney and 9:00 p.m. in new york. the first chinese head of state to address the world economic forum in davos. what we could see on his agenda. this is bloomberg. ♪
anchor: time for a quick look at what is coming up over here in bloomberg the next few hours. i know you're looking ahead to obamacare wealth each. rishaad: coming up in a little while from now. he will be giving his farewell speech in chicago, where he gave his victory speech as well. i actually attended that in 2008 after that tumultuous night that evening. perhaps, thist can accentuate the positives of his presidency and no doubt if there are any negatives, they will be under the radar. looking at that of course and glenn scheiber will give us reaction to what he has to say after this bitter election contest between donald trump and hillary clinton going down to the wire on november 8. itsing also at anz selling
new zealand business to nh in a group of china -- to an hna group in china, 661 million u.s. dollars. how that translates into its strategy overall as a bank as it has been divesting itself out of asia. it is seen as the day growth engine for the banks. that is what we have there. also look at emerging markets and what investment prospects back in there as well. back to you lot. anchor: rish, we'll see you soon. thanks. davos --mic farm in week.in davos next he will be the first chinese head of state to address before them. how will this take advantage of his global platform? >> it will help china and him carve out and put themselves on the world stage, call it a bigger wall for themselves.
china is keen to do this. he will be leaving his business allegations to davos. he will address the forearm and be given the opening address on january 17, and he is expected to highlight his key initiatives and 80 iid -- a iib. the great and the good of the business in the political world. rosalind: possible leadership and the founder says he expects china will be will the u.s. soon in terms of economic power, so he hopes the presidency will be talking about how china will be responsive and responsible leader in the world. anchor: which chinese leaders will be with xi in davos? rosalind: it includes the two richest men in china. and also the baidu president.
on the government side, we'll stockee china's market regulator showing their faces. chinas mean there is more voices being represented, more china voices giving their point of view and a friendlier approach to the world business community. betty: thank you so much, rosalind chin. more to come. bloomberg markets: asia is coming up. more several market opened in asia. yvonne: their interesting. we saw a friday flat one in wall street but in asia, a pretty solid start for 2017. the regional benchmark having the best january. this is bloomberg. ♪