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tv   Bloomberg Daybreak Asia  Bloomberg  November 15, 2017 7:00pm-8:00pm EST

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8:00 a.m. in hong kong come alive from bloomberg's asian headquarters. i am yvonne man. welcome to "daybreak asia." president trump says world leaders are treating america with a long-lost respect. softbank may invest in saudi arabia. they could see a new high-tech city on the red sea coast. sending badge of honor, tencent to a blowout quarter, enjoying its fastest growth in seven years. and self driving cars, the future is on the line. we're live it baidu world in
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beijing. ♪ yvonne: it seems like the stress of the markets easing off a bit, which is a good sign. it is how you read the sentiment. is it that the valuations are overstretched, uncertainty over tax reform, also, is it just the end of the year and traders are closing their books? it seems traders are using this opportunity to buy. betty: it seems to be the mantra you keep hearing these days. adding to the media mentions of buy the dip. these markets have been going up and up it is about time for a correction. it would not be a surprise. he seems to be in that camp, once we see a correction, it is
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time to buy into these markets. we will see how it plays out. in the meantime, let's get to first word news with courtney collins. >> bhp says litigation continues disaster, butg warns insurance will not cover the extent of its liabilities. andrew mackenzie told investors investigations in the incident that killed people in brazil. there is a degree of urgency in withdrawing from u.s. shale, and he sees further scope for cutting costs. tencent rose in new york, tapping the most optimistic of revenue growth estimates. they reported a rise in third-quarter sales, fueled by ads and the hit game honor of kings. wechat is on almost one billion smartphones in china.
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they also have a stake in snap. stocks fell as army put resident mugabe under house arrest. it had rallied this year as people but equities. mugabe has ruled zimbabwe since independence 37 years ago. by thel was caused sacking of his vice president, a move seen as opening the way to take over. nafta talks have resumed in an atmosphere of tengion and animosity. thinly veiled threat to scale back border patrols if it does not like the way negotiations are going. to thehaving a challenge u.s. lumber duties. wilbur ross warned of administration is patient with the whole thing -- losing patience with the whole thing.
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global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney collins, this is bloomberg. let's take a look at how the market open is shaping up. looks like a turning point from the selloff we have seen globally. let's get the latest with sophie kamaruddin. they areust an hour, opening later at 9:00 a.m., hong kong time. caution is prevailing, though the session could go either way. u.s. stocks fell by the most in to go months. bonds are tracking the rally. we saw treasuries overnight. yields on treasuries pick up slightly. the dollar looking little changed. oil is continuing to drop, but softening the pace of declines. as you pointed out, the buy the dip sentiment at tempest investment.
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they are eyeing the entry point at the nikkei 225 between 21000 00 points. we are seeing losses continue for the benchmark today. the seventh session of losses for the nikkei 225. energy, materials leading the drop with kobe steel among the biggest lagers. it was downgraded to neutral. shiseido among the best performers. things to consider in the tokyo session. the yen is holding euro one month high, near uncertainty over u.s. tax reform. the aussie dollar below 76. bonds are climbing before we get october jobs data at the bottom of the hour. the aussie finishing around 76 by the end of the year. before i go, a quick stock check. fairfax media in sydney is
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thinking this morning. its listing40% of in a domain, macquarie's target $.70. the u.s. fda said tests show increased rates of heart-related deaths. we do have a bit of pressure there this morning. betty: sophie kamaruddin the stocks you need to watch. president trump we saw earlier today presenting his marathon trip in asia, saying the u.s. standing in the world has never been higher. he said he wants new respect from regional leaders about -- after many the drum on security and trade ties. host trump: our foreign welcomed the u.s. delegation with incredible warmth,
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hospitality, and most importantly, respect. this great respect showed very well our country is further renewed america's confidence in standing in the world has never been stronger than it is right now. betty: joining us from washington, our bloomberg editor joe sobczyk. do's comments reflect reality? it is hard to tell how much respects he got from the asian leaders he met with. he came home largely empty-handed. there were no major trade agreements, breakthroughs, or other sticking points. he was billing this originally as a speech with major announcements, but there was none. it was more a campaign-style speech. he wanted to make the point, something he promised on the campaign, and implicit criticism
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of his predecessor barack obama, that the u.s. had not been respected in the world, and now it is. that was his main message without having to give any substance to what he could do for the benefit of the united states. he came back home to d.c. with plenty of drama when it comes to tax reform. dropping thiscans bomb, adding a repeal obamacare before they actually vote. we have heard ron johnson saying they could pass it without me, let them. is that likely going to stay? joe: that is going to be a tough road for them. the house will be voting tomorrow on their version of it, which does not include the repeal. but the senate version, which is still being worked on, does include the repeal of the obamacare mandate for insurance. objection is not
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back, it is how corporations, llc's and other pass-throughs, are treated in the tax code. he says it comes at the expense of other types of businesses. but republicans only have two votes to lose. susan collins is sounding very skeptical about the obamacare mandate repeal, as is lisa murkowski. of the threeone senators who sunk the obamacare repeal earlier this year in the senate, has not been heard from. there is not much margin for error. they have some difficulties ahead with getting everyone on board. will certainlyy be interesting for you guys out of d.c. joe, thank you. planning tod to be invest billions of dollars of its vision fund in saudi arabia. the cash would bolster crown prince mohammed in his attempt to balance the economy.
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let's get more from tokyo. peter, seems there has not been any let-up when it comes to where softbank will invest that. we heard about uber and now this. what will the deal consist of? on -- masayohe saw shi son has been busy. putting as much as $25 billion in debt asia. a new city of the government is planning to build on the red sea coast. in addition to that, there could be as much as $10 billion going into saudi electricity as part of their efforts to diversify away from oil into renewable energy and a variety of other projects. the company is in talks about these deals and we should find out more soon. we should find out
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details on where this money, how exactly this money is being deployed. what are the big questions around this? it is aroundf exactly how the $15 billion will be spent in this new city. going in government is tamil to come up prince cracking down on corruption. he wants to move the company away from its dependence on oil into other areas. softbank see encouraging its portfolio companies to set up operations in some of these locations. it would bring technology expertise and perhaps operations of its portfolio companies to help both in the development of this new city, as well as saudi electricity's efforts to diversify beyond oil. betty: why would softbank want
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to do this now, why would masayoshi son want to do this now? said he developed a close relationship with the crown prince, mohammad bin salman. the crown prince came to tokyo. someone said they met for 45 minutes. and as a result, saudi arabia agreed to invest $45 billion into his vision fund. he jokes that is $1 billion a minute, not bad for a meeting. the two men have developed a close relationship. saudi arabia is helping putting capital into this investment used for uberhas and other ride hailing companies. now it looks like softbank will help in making these investments into saudi arabia. to put that money in context, saudi arabia had $7.5 billion in foreign direct investment last year. this would roughly double the
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money coming into the country, a big deal for them. betty: thank you, peter ahlstrom. let's look ahead to the future of health care with california institute for regenerative medicine chairman, coming up in half an hour. our special look at the future of health care. yvonne: tencent posts its fastest growth in seven years. but can it keep up? we will get a view. this is bloomberg. ♪
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yvonne: this is "daybreak asia." i am yvonne man in hong kong. betty: i am betty lou in new york. postednese tech giant its biggest blowout quarter in more than seven years. asian correspondent stephen engle joining us for more. it is the gaming division of
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tencent propelling these numbers. our of kings is so popular. in the previous quarter we saw gaming residue of tencent surpassed that for the first time. in the third quarter they built upon that. like you said, smart phone or mobile gaming revenue up about 84%. honor of kings really driving that. 1/14thack then were just the size of today. a lot of big gains. revenue up 62.5 billion yuan. that beat estimates by some 7%. net income up 69%. u.s. -- 2.7 -- $2.72
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billion u.s. dollars. honor of kings has billions of users. their advertising sales also surging. they are getting more successful advertising distributed to their billion plus users. wechat, online ad sales up 40%. all this growth allowing them to expand into other areas, less saturated areas, also they are competing against the likes of alibaba. also autonomous driving, cloud services, financial services, music and movies and other strategic investments, like most recently, snapchat. yvonne: let's look at these spinoffs, it has been good when it comes to china lyft. one, what is expected? will it be another blowout? stephen: it looks like that, the
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initial graymarket indications up 50% from the ipo. also part -- already priced at the high end of the expected range. $11.50.rices upward of it is over chris -- oversubscribed. over subscribed. priced at the high end. have tencent-backdoor alibaba-backed in front of the whichn this environment, is already surpassed the previous tech boom. at some point it was up more than twice as much, 100%, just a week ago. betty: thank you so much, stephen engle on tencent. we are getting more news on the us trillion guest producer
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approving they have been approached in august from harbor energy for a takeover offer. but they rejected that offer and 5n indicative price of $45 australian dollars per share,. saying they rejected it because the indicative price was inadequate. they received a proposal on august 14. they are not currently engaged in talks at the moment. still seems there is tension. we're still waiting for trading to come through in sydney. let's talk about china tech. we were talking about tencent earnings. let's expand our conversation with brandon lin. fund up 30% year to date. thank you for joining us. a big beef for tencent.
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we are used to them beating on earnings, but this is something. third time in a row we have seen a surprise in the double digits. they cannot be growing like this forever. when does it start to slow for tencent? brandon: first of all, great to be back here. we have been tracking tencent for a long time. we have been investing in china for the last 16 years, investing billions of dollars in the region. for tencent, you can see their numbers, starting with their earnings report in may, really picking up, and every quarter keeping the beat. that will continue. their fundamentals are very strong. in the earnings call last night, which the president participated in, there was a lot of discussion and questioning around the next generation of mobile games, which is in the survival game generation, which
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is interesting and quite addictive. they already have pre-registration for two of their new games at over 20 million and it is not even launched for testing. we believe the fundamental trend will continue. and they will deliver strong numbers in the quarters to come. yvonne: it was not all good news. just some highlights, we had mobile games outperform. but it is becoming a more competitive space, the light -- of net ease knocking off honor of kings at least for one month. seen a blip in terms of user growth. is there concern we have reached peak wechat? brandon: if you add up we chat -- wechat, 980 million users.
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billionssages sent was per day, which grew 25%, year on year. if you look at those numbers, they are still quite strong. there comes to a saturation point in the law of huge numbers that echo system continues to expand. ecosystem, they are scratching the surface in terms of monetizing. betty: on that conference call he said spinoffs like what they did with china literature, they are not in the business of spinning off their periphery businesses. you believe that? brandon: yeah. distinction,a big if it is 100%, organic homegrown, those would not be considered for spend off. but companies like china
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literature, they already had the leadership position, but they cobbled it together to be a dominant player. true m&a and acquisitions, companies like that, like ,encent music, similar path cobbled together, the dominant player. to be somewhaty spun off with the controlling st ake in ipo's. gives them flexibility to partner with partners other than tencent. they can go beyond that. it incentivizes the management team to really push and grow their independent businesses. looking ather out tech companies in asia versus the u.s., i want to bring up a chart i had shown earlier, g #btv 3694. it shows how both the u.s. and
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asia tech shares a rally. but still a considerable discount china shares are trading at versus their u.s. counterparts. do you expect that to likely narrow over the next few quarters? brandon: actually, i do not think that is necessary. the asian tech companies -- you look at tencent, alibaba, now they are the sixth and seventh largest, most valuable companies in the world, behind five other tech companies in the u.s. you look at the growth rates. even if we keep the same multiples in terms of the discount, because the growth rates are faster, stronger in asia for alibaba and tencent, the valuations are going to continue to perform strongly. the if we do not narrow, shares still have upside, as long as they continue to draw up strong numbers. betty: thank you so much for
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joining us, brandon lin from spq asian capital. this is bloomberg. ♪
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♪ jumping ino shares extended trade-off to the company forecasts its first revenue growth in eight quarters. the current period climbing as much as 3% from a year earlier, up to $11.9 billion of profit. ceo chuck robbins has been focusing on software and services that lets corporations remotely manage and support their network. yvonne: deutsche bank and commerce bank rose in new york, a merger might be back on the cards. they have a 3% stake in deutsche. that bank is the leading shareholder in both.
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both lenders try to revive revenue after scaling back their investment operations. andment both infuriating unpredictable numbers.
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betty: it is 11:30 a.m. in sydney. flat with aing slight sell in the markets. we are getting breaking news on the jobs numbers in australia. yvonne: a little off the mark when it comes to employment. we are seeing the month of 3.7k jobs, after expecting the 13,000 mark. rate coming down at 5.4%.
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that was slightly better than expected from the 5.5%. high momentum may have kept the rate ready stable. it looks like the most gains were in full-time employment at 24,000 jobs. part-time employment has dropped for the month of october. the participation rate slightly off, but in line at 65.1%. betty: quite a big of a miss 3.7 the employment number, 0 jobs created versus the 19,000 expected. we did see the aussie dollar drop on this news. let's get more market reaction with sophie kamaruddin. dip in theery slight aussie, somewhat steadier now, u.s. cents.w 76
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have quite a bit to assess on top of the latest october jobs field -- figures out. westech sees the currency ending the year at around the .76 handle. when it comes to the share market, slight losses for the asx 200. gaining up over 1%, along with property shares. we could see aussie shares extend the stocks for a fifth straight session. taking a look at equity movers, let's pull up aboard and show you the likes of fairfax. that is something ahead of the trading debut. -- minerlithium minor is falling. ramsay health-- is leading.
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harbouraking over energy. those $72 billion offer was too low. we now have the aussie dollar gaining 0.2%, back above that . 76 handle. we might see aussie buying against the kiwi, leading to the drop we are seeing for the new zealand dollar. check out the nikkei 22 stocks now fluctuating as investors assess whether we are seeing a correction or rout when it comes to the pullback of currencies looking unchanged elsewhere. the yen trading below 113. taking a look at the nikkei 225, you have consumer staples and health care leading the charge. softbank, fast retailing on the rise, along with shiseido.
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with santos shares up a 10%, seems like there could be negotiating tactics. but the ball will be back in harbour energy group's court. >> president trump has talked up his asia visit in a white house speech, claiming progress on trade and in gaining the respective regional leaders. paused toent twice drink water during his 24 minute address. there were no new announcements on trade security or the tax debate in washington. he refused to answer shouted questions. pres. trump: we will never again turn a blind eye to trading abuses, to cheating, economic aggression, or anything else from countries that profess they believe in open trade, but do not follow the rules or live by its principles themselves.
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>> house republican leaders have cleared the way for thursday vote on their tax overhaul bill. senate tax writers released a late-night draft that would make many individual breaks temporary and repeal a key part of obamacare, reopening the political -- lyrically painful debate could cost them the vote. ron johnson says he opposes the current plan. airbus shares it jumped in paris after it confirmed the biggest commercial aircraft transaction in its history. the deal with indigo partners a320 planes. it will go to several budget airlines, including frontier, mexico, and another. they call the deal extraordinary. >> it is hard enough to put a deal together for one airline. but getting deal together for the individual airlines, they
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have a lot in common, but also have their own perspectives, management team, differences. it takes an awful lot to do that. anti-debtng's watchdog has charged 19 people over fake tests on the massive hk bridge. they are accused of falsifying data. the agency claims lab staff tempered with computers and blocked out samples to conceal concrete compression tests that had not been conducted in accordance with official norms. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney collins. this is bloomberg. ♪ economist need support for rising inflation. we are stucketting in a low inflation world.
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economist saying one thing, traders saying something else. kathleen hays is here with more. i am not sure if the numbers clear this up. kathleen: but it cheered economist because we are gradually moving in that this -- in the direction the fed wants to go. let's look at the month of october. up 0.1% in october. up 0.2 percent. economists like to see the year-over-year number on the core cpi moving 0.1%. jump into g #btv 6030. this is the core cpi, at 1.7, moving to 1.8. fed'sllow line, the official inflation gauge. it is at 1.3%. far away from that 2% target.
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that move up in the core cpi could be a signal that the other one will move up, too. as for retail sales, solid gains. nine out of 13 categories did share an increase. but the overall number, not best on. let's look at g #btv 3174. a simple chart, the month of september, after the hurricanes. people had to buy cars, building materials. in october, a more normal number of 0.2%. it is not strong enough to convince bond traders yet. many agree with the janet yellen, and a strengthen the economy, inflation will move higher. the president of the boston fed was speaking about an hour and a half ago. fed is on track for more rate hikes because he sees inflation rising. that it isiew is likely the unemployment rate will continue to drift down some
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of the economy is growing faster than the potential. we are at 4.1, there is a chance we will fall below 4%. we rarely stable 04% for very long. that usually causes prices to go up. kathleen: he is worth listening to. at one time he called for four rate hikes. but three rate hikes in 2017 and three more in 2018. rosengren is firmly on board. it seems you are signing with the bond traders. eventually is there a risk they are not going to match with the fed is saying? kathleen: the numbers can go one way or the other. the fed will go ahead and hike rates and that will prove the bond rate -- bond traders wrong. short-term rates are rising.
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but they do not think it is enough to push yields to the stronger level. they are betting against inflation. , love this chart, g #btv 49 because it is really simple. inflation, court cpe is down here. it has not met core inflation except for one month. the phillips curve suggests as this comes down, this should go up. and that is not happening yet. it is another reason bond traders are so skeptical. they were writing about it earlier today about behavior in bond markets. they are talking about a low inflation world. aussie trade data not being so hot, the japan data being on the weak side, u.k. inflation not rising. from the trading standpoint in
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the bond trader standpoint, it is still a lot of skepticism. the 2018 is just around the corner. tax reform, maybe this will finally put a little more juice, and we will see inflation start to rise. yvonne: thank you, kathleen hays. the global battle against microbial resistance. our series on the future of health care. this is bloomberg. ♪
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betty: now to our special series on the future of health care, globally. microbial resistance is a major political, social and economic problem.
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specialists say if no immediate action is taken, 5 million people die every year in asia, tom conditions relating infections resistant to antibiotics. here to join us, jonathan thomas. thank you so much for joining us. resistance so threatening, why is not more attention paid to this? jonathan: that is a great question. it is a major, looming disaster, it has really flown under the radar. as it currently stands here in the united states, there are 2 million illnesses a year in hospitals, which are caused by antimicrobial resistance. of those, 23,000 deaths. we have already begun to see certain of the last lines of that are now shown to
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be ineffective against certain bacteria that have mutated to the point where they no longer respond to those drugs. once that happens and starts to spread, it will be a major, major problem. for some reason, it is just not getting the same focus that other diseases or conditions are getting. not just media focus or public attention focus, what about among drugmakers, pharmaceutical companies? what pipeline do we have to combat this? jonathan: we have very little pipeline. the big issue for pharmaceutical companies is, it is just not economically feasible for them to develop new antibiotics. same, roughly by today's estimates, $1 billion to create a new drug. to crate an antibiotic that is going to be used intermittently and cheaply priced, as it does
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to produce the next lipitor, more expensive and something you have to take every day. if you are a pharmaceutical company faced with those options, you would naturally choose the one that would give you a more lucrative return on your investment. we have seen over the years unfortunately, since the heyday of anna biotics in the 1940's to has fled theharma space, and that is a real issue. is research being incentivized for these big pharma companies? is there one solution that can fix it all? jonathan: unfortunately, no one has hit on it. more unfortunately, no one has been discussing it. need to have economic incentives to make this work. there have been a number of things proposed.
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for example, the concept of a market entry reward where pharmaceutical companies creating an would be paid in upfront sum for three to four years after approval, and be allowed to charge for that drug on the open market. once the three to four years lapsed, they could raise prices and that would give them greater return. idea to been just an this point. it has not been implemented. another idea, to have fixed contracts with major buyers. the government would be a great example, whether it is the department of defense. thethird idea floated, notion of a patent after -- voucher. the concept, when you have a drug approved on the cbc's list of drugs affecting most wanted
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you would be given a voucher that would expedite the regulatory treatment of the next drug you are developing. that can save a lot of time and lead to much greater and sooner return. these about could be sold on a secondary market for very large amounts of money. these are ideas floating around out there. to date, none have been it lamented. nted.ne have been impleme yvonne: europe at one time they were focusing on clinical trials. in the u.s. come up looking at research and development tax incentives. have these works, or are we just scratching the surface? jonathan: i do not think a lot has worked. europe is ahead of everybody else. there have been a number of to try to develop new
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drugs, develop the issue of stewardship, the overuse of antibiotics in humans and animals. to assue has risen discussion topic at the highest levels. 20 considered it, the un's general assembly considered it. there have been a number of blue ribbon panel reports that have talked about these. including one commissioned by the white house, another by the u.k. the charitable trust has put out a great discussion. these are identifying the problems and suggesting solutions. to this point, we have not gotten around to implementing them. betty: it sounds slow going. what area, what country, what region's most vulnerable to these superbugs?
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a lot of things have come out of asia. it is because there is a combination of factors that place thee development of new pathogens at the forefront. you have large livestock populations, which are pools of different types of bacteria. because the livestock are getting the antibiotics, worldwide, not just in asia, but particularly in asia where you have lots of poultry farms, the more things are given, the more opportunity there is for bacteria to mutate. there have not been any new classes of new antibiotics since the 1980's, you have
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decades of mutation going on. in asia, you have large numbers of people proximate to large numbers of livestock. there is a chance for mutated bacteria to jump from animals to humans. and that is a real issue. i referred to an antibiotic of last resort. the first real appearance of dna came in asia where the plasma which has mutated bacteria hopped over to humans of that caused an instance illness that was not treatable with colistin. in fact, it is just the tip of the iceberg. betty: thank you, a huge problem that needs more attention. jonathan thomas, california institute for regenerative medicine chairman. you can find more on our website, head to bloomberg.com.
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this is bloomberg. ♪
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betty: baidu takes up the baton.
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a keynote speech, where they will outline a strategic shift from artificial intelligence and autonomous vehicles. tom mackenzie is that baidu world in beijing. what are some of the devices we might hear about today? one of the key devices they will be unveiling is the first hardware. they are a search engine company, primarily. to launch their first piece of hardware, they are excited. it is a smart device, an ai-device. possibly around entertainment space. it will be launched around 11:00 a.m. they will be doing a big push on their ai platform. one example, a system they can put inside cars to detect whether or not a driver is getting drowsy or falling asleep, and they can alert them to avoid an accident.
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they will be giving the keynote speech around 10:00 a.m., laying out the strategy, moving away from the search engine and more toward ai. it will be powering newsfeeds and video. but also autonomous vehicles. they have worked with china's big car producers. they plan to unroll it by july of 2018. yvonne: what are the challenges facing baidu? last year there was a regulatory scandal. leading up to the party congress, they had restrictions when it come to their -- when it came to their video ad sales. are they passed that now? they say their artificial intelligence push is helping them. they have cleaned up the advertising, moved on from that 2016 scandal. they took it upon themselves to restrict a lot of content in the
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lead up to the party congress and that had an influence on q4 results, which missed estimates. they said their huge gold mine of data, they are the largest search engine. they have about 7% market share. that data will give them advantage when it comes to this autonomous driving push and ai push. revenues, autonomous vehicles will not be pushing up the bottom line much. but it is the big data baidu says is there big advantage. yvonne: have fun, tom mackenzie, joining us live from the baidu world in beijing. that is almost it for "daybreak asia." a look at "bloomberg markets. you have tencent earnings for a blowout quarter and this ipo from tencent. rishaad: we will be talking to the chief executive in about 45
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minutes from now. will we get another blowout? yvonne: seems like it. [indiscernible] yvonne: 49% in the gray market. rishaad: an insatiable appetite for ipo's in this part of the world. if anything, has momentum. the question to be asking, when does it all go wrong? it is going to go like this until it doesn't, i suppose. we are also looking at risk, as well, in about 15 minutes. betty: those are some of the executives ahead of the ipo for them. this is bloomberg. ♪ is this a phone?
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♪ kong.d: 9:00 in hong 8:00 in new york city. haidi: this is "bloomberg markets -- asia." ♪ rishaad: japan putting the brakes on a global selloff at least for now. some say we are heading for a correction. haidi: santos is one of the day's winners. the salk -- the stock is soaring. rishaad: president trump presenting

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