weeks. australia.hsbc we will get his perspective on the shock from the reserve bank of australia. stay with us. bloomberg "surveillance." ♪ inncine: i'm francine lacqua london. tom keene is in new york. let's get to the bloomberg business flash. >> thank you so much. first-quarter profits fell at bmw, the world's biggest maker of luxury vehicles. bmw has been investing in new technologies like a self driving electric car. the company hopes that could eventually replace the 7 series sedan as its flagship model. ipo for is planning an its lighting division. for months, the company try to find a buyer for the unit but failed. now phil's plans to sell at least 25% of the shares of the division in amsterdam. the company may seek evaluations of $6.3 billion. reached aner has agreement on self driving cars with google, according to italian media report which says the deal will be signed today. google has developed the software and vehicle control capability for driverless cars and tested it for one million miles. that is the bloomberg business flash. francine: thank you so much. a sle

$5 trillion rout.; also, version australia chairs take off as they take the stage. it would take a look at why the billionaire founder is on a global buying spree. and i am keeping my eye on what's happening with your money this tuesday. it's the last trading day of may, and despite what will be a monthly loss, it is shaping up fairly decent, a fighting chance, across asia-pacific, especially midday. the markets that are lower are off the bottom. what do we have? china is the outperforming market -- 2%. shanghai composite, other metrics, also showing very sharp gains. the index gaining the most since march. the story is coming down to speculation that the msci, the index compiler, will be including a shares in the reaching of these indices. they includewon't it? investors are choosing to focus looking at how these brokerages that financials trading on the chinese markets. currencies, the past four days, what's been happening in the next few days -- at the moment, trading sideways. traders are still trying to reprice the fed rate hike. dollar-yen in the meantime -- there we go, back

news and political debate. rishaad: on a website, australia taxing foreigners buying homes there. do have a look at that. bloomberg.com/asia. the big names behind the push to turn sydney into silicon valley. the low-inflation challenge. how the austrian economy is coping with the collapse and commodities. you're watching "trending business". ♪ rishaad: we are back with "trending business". currency meddling will not help global growth. if thesk our next guest bank of japan should heed washington's advice. research,d of market thank you for coming in. let's start off with the yen. there's nothing on the table to discuss. what is your view on this? >> we have become less certain that the bank of japan will do aggressive action. they chose not to do aggressive action in april. the economic case has become quite week. it is not clear the yen is particularly strong. when we run longer-term valuations, purchasing power parity models -- devalue atu can't the end of the day, can you? >> the road to prosperity is not paid by a weak currency. talking of strength, we've seen the dollar on a t

: speaking of alol poli you gave the greatest apology after the thing in australia. >> these are things you to prepare a long time for, and to be able to tap into the emotion that you need. >> jimmy: yes. you really seemed sincere. some are calling it your greatest performance ever. >> i haven't seen many of them, but i wouldn't disagree. >> jimmy: you don't like to watch yourself on camera. >> no, but i didn't mind watching that one. >> jimmy: i would like to watch this one because i have about 5,000 questions about it. >> australia is a wonderful island with a treasure-trove of unique plants and animals. >> that has to be protected. >> it's free of many pests and diseases. that's why they have to have such strong biosecurity laws. >> and australians are unique, warm and direct. when you obey the law, they will tell you firmly. >> i am truly sorry that our animals weren't declared. >> declare everything when you enter australia. [ laughter ] >> jimmy: wow, the passion. >> that was -- i, you know, i played that sort of, you know, anti-government australia, you know, when someone threate

policy. saudi's veteran oil minister is replaced. as australia heads to an election in july, it will be the longest campaign in decades with opinion polls saying it is no -- necl amk and neck. >> filipinos go to the polls today. for continuity or change from manila? ."gie: welcome to "first up i am angie lau. let's check in on the markets in the asia-pacific. new zealand, we are seeing losses of one third of 1%, but it's a stronger new zealand dollar at $.68 after china's exports show signs of stability. we're counting down to the open in australia and japan. futures in australia, pointing slower open.ally let's get over to japan, checking futures trading in chicago, pointing to a higher open, this after the nikkei 225 came back in the red after a three-day holiday. it was a -- it was one quarter of 1% down. we've got the japanese yen weakening. of course, no trading in the philippines because it is election day. the latest trade and foreign exchange data from china point to more stabilization, but signs are modest. we've got stephen engle going through the numbers. stephen: it's mod

. australia gets a double dose of stimulus as it heads toward an expected july to vote. and trump takes indiana, dealing a devastating blow to ted cruz. the democratic primary is too close to call. welcome to "firstup." under way inng australia and south korea. david: let's set this up and really have a look at what happened overnight. one of the biggest drops in one month. that is europe overnight into midnight. a look at the americas. brazil, 2.5%. i think what's really interesting here is that the reasons people are selling is building an part of it, some of the reasons like a weaker u.s. dollar, was a trigger for risk appetite and has become a reason to sell. disappointing earnings coming through. financial stocks wiped out from the u.s. to europe. and you have earnings as well. watch the top line. markets open in asia. tracking the losses we saw on wall street. japan is still closed. .25%.korea down about a double dose of stimulus coming from the ibm. we will check in on a lot of these stocks, which analysts have a flag of the main beneficiaries. cents.dollar, 75 u.s. check o

have never thought about in my professional career. oliver: what outside of australia, what effect does an awfully cut have in the area? guest: it is more the impact on austria, it pops up the australian dollar it gives the liberating slide in commodities, that has been a big headwinds for australia. that is why we are keen to see the currency starting to work, it is starting to produce income and support growth as well. alix: it was a few years ago, look at the oil price bust, i was looking at australia and a lot of iron operations and copper operations shutting down, many areas deserted because there were no more lines going up and it was no longer operational, so i look at that as a barometer on where the commodity cycle is going, so where do you see it now? i looked australia three years ago, it would've forecast for me what happened to oil, so what will happen with commodities three years from now? guest: we are not looking at encouraging signs out of china and they are a major trading partner committee of the biggest influence on our commodities. but we are also looking at a

remains -- the democrat race remains too close to call. commodities producers in australia, investors prioritize safety over stimulus. and the government hoping that stimulus and the new budget will bring victory in july with anticipated elections. you can't take anything for granted. let us know you think of the top stories. don't forget to include the hash tag. let's tell you about the markets, it is a day or your seeing a bit of a selloff in china and hong kong coming on in 30 minutes. here is david. david: all of this global selloff, emerging markets. down 2% on the embassy i gauge. you look at the world, places that the big hit, turkey, argentina, brazil, and a lot of markets we are waiting for in southeast asia likely to take that you. global selloff, you look at embassy world, some of the world's biggest companies in that index, half $1 trillion, and the bank of japan is still closed for greenery day. gold at 1285, 1300 yesterday. old on the way down. it was under pressure as well. u.s.than it was up was the dollar and the u.s. treasuries. having a look at the euro, 116, should

this year. australia down to tens of 1%. new zealand up by a third of 1%. i want to show you a story weighing on sentiment in new zealand and australia, the world's biggest dairy exporter payout for its farm shareholders that had missed expectations. that has seen the kiwi-dollar fall by a third of 1%. shares of fun terror down. teraa down. crude nearing that $50 a barrel mark. parsons extending its its price target was boosted by 50% by credit suisse. yesterday, a $164 million charge booked. the fact that it has shaken off appears to have a piece to shareholders. this is what the kiwi-dollar looks like. fonterra holding at 67 16. asian equities generally firm. others: china and indeed would rather like to know when the fed plans to hike rates. pboc officials plan to ask their american counterparts next month. tom mackenzie has been looking at this one. it seems a bit forward, doesn't it? the concern ofto chinese policy makers as they love a potential hike in june. they told bloomberg news they will put those concerns to their u.s. counterparts when this china-u.s. strategic economic

%. shares have climb the most, up by 7.6%. some good moves in australia. up by 7/10 of 1%. a little weakness from gold players. gold close lower in the offshore session. a nice pickup from new zealand as well. toshiba.ed up by 7.5%. having a look at the, starting to weaken after an erratic session on those cpi numbers that came through. pretty steady, but weaker against the dollar. 109.82. a boost to japanese equities as well. rishaad: a summit communiquÉ saying leaders are committed to a coordinated response to global economic conditions. we are at the summit. how has the mood been that these talks as they conclude? they have been mixed so far. you are seeing different , differentiews domestic issues and political interests involving these nations. the french president did show some sympathy on the economic abeicies that shinzo o brought forward. germany has disagreed on the words like crisis. combing through the policy communiquÉ, we don't see that much mention or focus on the word crisis, so maybe not going as far as what abe had mentioned about a lehman-like crisis looming if

>>> good morning, breaking overnight, a central bank shocker australia surprises investors with an interest rate cut. we'll bring you market rate reaction, straight ahead. >>> not so fast, tim cook has a message for wall street. saying the iphone is not dead and neither is his company. >>> plus, one of the greatest cinderella stories of all time. a 5,000 to 1 shot winning the english premier league. congratulations to leicester city this morning. it's tuesday, may 3rd. "worldwide exchange" begins right now. ♪ >>> good morning, welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> and i'm wilfred frost. let's bring you up to speed on the markets. about the best trading day for the last three weeks for the major three indices. yesterday, we are expected to give up the gains. dow low by over 100 points. s&p by 12, nasdaq by 31. looking at just 0.5% declines for each of the three major indices this morning. the ten-year note in the u.s., we're looking at a yield of 1.82%. >>> news to catch up from overnight in asia, australia's central bank cutting interests rates to an all-tim

. buy virgin to australia. classic cartoon characters could see disney taking legal action in china. up."me to "first we are streaming on your mobile and bloomberg.com. there has been economic data coming out of japan in the last 30 minutes. we have had rosalynn taking a look. one key surprise, industrial output beat expectations. not a huget was up amount, but still better than the forecast which was for it to fall i 1.5%. -- by 1.5%. this came as a surprise because economists have seen april is a week month for -- weak month for output. this was seen as perhaps a factor that could have affected just your production. it looks like he did not affected as much as some thought it would. there was also some flash manufacturing pmi from may that came out last week that pointed to a weak performance. are from the data today that the picture does not look as bad as expected, at least for industrial. angie: also job figures. showedd: jobless figures up limit was 3.2%, in line with excitations. -- expectations. also that is no change from march. the job to applicant ratio previously, and no

the opens in australia, japan and korea. sydney pointing to a lower open. 76 u.s. cents. let's get over to japan. checking futures trading in chicago. a big drop for futures and indicating a lower open at the start of the session. this, after it took a market holiday on friday. this is really the first chance for equity markets to react to that boj surprise decision to keep things as is. japan yen 106.65. continuing to strengthen there. lots of closed markets to tell you about today to mark labor day. china, hong kong, taiwan, singapore, thailand, malaysia and sri lanka and vietnam. our top story this morning, here in asia, china's factories are exhibiting more encouraging signs of stability, and that implies further stimulus may not be needed for the time being. we have got stephen engle looking at the latest pmi numbers. it looks like things have stabilized. we have gone beyond the lunar holidays. now we are into april data, so there is stabilization. some of that targeted easing working into the system. at least to your point that perhaps as economist are increasingly thinking n

opinion, please share your thoughts. youth might handle. australia will have a new bosses for their reserved -- a new boss for their reserved bank. hall, -- paul what will philip bring to the job. >> he has some useful credentials. he has been the deputy since 2012 and he has written a number of papers in the past on the role of central banks in low-inflation environment. that will be very useful experience because that is what we have here in australia right now. we had our first deflationary cpi, the first in eight years. the first governor in 40 years who will not inherit an inflation problem. he also has the least ammunition of any of his predecessors with the cash rate already at a record low. is scott morrison making the confirmation announcement of parliament. >> he brings a wealth of knowledge and experience to governor, having served as deputy says 2012. publishing on a wide range of issues. he has had a three decade career with the rba. paul: this will bring the curtain down on the glenn stevens era. saidutgoing glenn stevens of philip lowe he is the job. let us take a loo

%. whyaad: we are looking at [indiscernible] and they to consider further --e cuts could australia starts his longest campaign in decades. take you to sydney for our look on that. some investors may be facing a tough time, but how are the superrich navigating the rough waters? ♪ the imf trend growth forecasts pointing to rising debt concerns in asia. how are investors responding? you have the perfect guest to answer that question? yvonne: good morning. we are live at the four seasons with simonjoined smoltz, who works with high wealth clients. us.k you for joining you were telling us how you to hong kong from los angeles where you say the mood is depressing? how is the mood here? think it isdo not much worse. it is amazing. private equity managers talking about small valuations. my take away was a very cautious outlook. two things differentiate the mood at the moment. one is faded not necessarily participate in terms of selling into the falls that the markets had. today, many clients have seen modest gains, which is very different from hedge fund managers. mood ision, the general

pockets of weakness in an economy. 49.4%. fell to australia's central bank cut its its market just rates to a record low. the unexpected move -- the aussie dollar weakens on the move. its bad loan charges surging, profits fell from $7.1 billion earlier. -- -- badr bad loans loans --. net income fell to $707 million. that fell short of the 735 million frank. chief executive told bloomberg uncertainty as well as global market volatility led to more pronounced risk aversion. we are seeing a very challenging environment. i think this cocktail of macro issues, geopolitical issues are coming on and we are going to see soon brexit. we are seeing distillation coming from the u.s. just seeing the escalation coming from the u.s.. volatility, it is a paralyzing volatility. marco b.n.p. paribas posted -- mark: b.n.p. paribas posted its -- a slump in trading revenue. it rose to 8.1 billion euros. the new cfo told us the market environment was unfavorable. >> revenues held up well. particularlywas a unfavorable market environment at the start of the year. mark: banks reported -- it plunged more than 5

showing since january. virgin australia's shares are gaining some altitude. h in a group is buying a stake. they will buy 30% and made by more overtime. have an analyst saying in india, there must be a balance between a strong rupee and a realistic rupee. follow me on twitter. markets, opening in shanghai in about 30 minutes. , we have memorial day in the u.s., and much of europe also having a break. what do we have? of these markets in europe are up 5.1%. -- up by .1%. this is how asia looks. i should note it is looking slightly better at the moment. in japan, we were down by 4/10 of 1%. we have basically erased those losses. australia is pulling the index closer -- index lower. volumes are very light. you have these three markets opening up, singapore up out of the gates, a tenths of 1%. taiwan and malaysia are slacking. you look at where the benchmark is, about 128 or 129 on the asia-pacific. drop in january, two percent right now. you had that rally in between. long story short, the markets are waiting for a cue. are -- there are fairly hawkish comments coming from the fed. when

year with 122 performances 71 cities in australia and new zealand india and south africa. it is exhausting for young man trip 98 nights at sea and 50 days' sick from other illnesses travel by rail and rickshaw and elephant and the sightseeing boat would of go close to the floating corpses so the first job as cleveland ohio which is a disaster. nolan told them a pair of newlyweds would perform 40 minutes of violin and flute music. [laughter] space told him 500 newsboys would be sitting behind him in the bleachers with no chaperones. [laughter] he later complained about all the horseplay which i find a little ironic from the creator of "huckleberry finn" but he judged it as a dead failure and describe the audience is paying $1 apiece to go to hell in this fashion so the cross-country trip improve quickly than he would feed off the audience laughing and paying and his lecture agent luckily for us brought along a kodak box camera he was sent to a very good photographer these are independent not fancy shots here is the first one telling her husband to put on a coat and it was 90 degr

why someone from australia loves america so much. >> it is good question but very simple. what is good for america is good for the world. whether america is strong, the world is strong. when america is weak, the world is dangerous. that is not a nick adams hypothesises. that is the reality we are living. that is why every person, no matter the color, sexual orientation, everyone has an investment in keeping america robust and as powerful as possible. there is a whole tradition of people around the world have to inexplicit desire to get to the united states. i think it is something about the energy in america, the optimism, the feeling anything is possible. this the land where magic can truly happen. that is really, what i kind of subscribe to, and i have to tell you i have never been disappointed. i think this is still the land where anybody can rise above the circumstances of their birth and go on to achieve whatever it they want to achieve and that is an elegant and beautiful principle and one we have to preserve for as much and as long as possible. >> the title of your recent b

manus: it is a big day for the banks. >> australia is in the spotlight. a budget is expected to show a widening deficit. manus: oil is below $45 with an eminent rate hike. energy. unde secretary tells bloomberg it should come this year. manus: it is 8:00 a.m. and 5:00 a.m. in london. i manus kearny, live from bloomberg's middle east headquarters in dubai. >> welcome to bloomberg markets, middle east. we are awaiting results from hsbc, due any moment right now. the net income is about $2.9 billion, according to estimates we have right here. they include pretax profits at $3.2 billion. we're waiting for hsbc. we are for these numbers to come through. as we do, run us to the background and talk to us about what we can expect with hsbc and the middle east. manus: the middle east has always been an earnings giant for hsbc when it comes to bond issues. leag, that is what you want to look at on your bloomberg. let me give you some of the flavor. this year we are slipping down to rank number -- ranking number is slipping a little bit. $26 billion last year. they grabbed the lion's share

strong moves in the australian session as well. juliet: it really has all been about australia in the last hour as we saw this surprise decision. i what to show you this six-month graph of the aussie dollar. since january its reason 15% against the greenback today. we had that very significant fall when many in the market were surprised by this decision to cut the cash rate to that record low of 1.75%. certainly a big thank you for many in the economy as we saw $.17 all part of the effort to rebalance the economy away from the mining boom and that has been a very by almost 2% in late trading. a very solid session coming through in new zealand as well. the rest of the region has been playing catch-up a little bit. we had many markets close yesterday so they have come back on mind -- come back online and have seen that strong rally. moser doing quite well. the shanghai composite up by 1.7% in late trade. that pmi number was a little bit weaker than expected in april, but there are some encouraging signs of stability and china. that is why we have seen up pickup come through on the share

australia. futures are pointing to a slightly lower open. plus including being in the second cut from the royal bank of australia. dropping to record lows. after that chinese data over the weekend. let's get over to japan tracking futures trading at chicago. we are seeing signals pointing to a lower opening on monday. japanese yen is still range bound. watching out for producer prices for april. we will break that to you when it comes. is the story disappointing data from china over the weekend that highlights the challenge facing policymakers trying to reform the economy and cut overcapacity. how bad do things look? in march we saw a slew of positive data. some would say this is a corner has been turned. the reality is that industrial output and production and retail sales and private investment all missed their forecasts. bloomberg tracks gdp growth. the bloomberg tracker has come and that is down from 7.11% in march. some of his cause by that date on industrial production. a big part of the reason is a slowdown in the coal and steel industries. a big part of that was a slowdown in

happening with a stronger japanese yen. australia, just about every stock on the nikkei underwater at the moment. when you take the losses back on thursday, we are down about 7.5% over just two trading days. let's break it down across sectors. down onngle sector is the nikkei. have a look at the nikkei volatility index. we are looking at a sharp jump. it up there? there we go -- 18% higher. that is something to watch. a lot of people are starting to downsize. when the yen starts jumping around, expect people to be risk-adverse. volatility is higher than usual. we are watching shares of takata.at -- u.s. authorities are looking to to all cars that use their airbags. nitrate.nium we understand based on the report that the plant is going to be announced sometime toward the end of the month. shares are on the way to record lows. let me wrap up with an update on the japanese yen. hear low, theto same levels as mid-october 2014. boj --are the rishaad: absolutely. yen -- the u.s. has put japan on a watchlist for foreign exchange practices. what is this all about? shery: japan's finance minister

whether they can do this to some extent. this company is based in australia and they did not have the pressure from venture capitalists from the get go. >> i think that's part of the question. thinkenture capitalists is not possible for a company to replicate this to that extent. it is fairly religious of doubt in the sense that there are no exceptions. they don't have any salespeople. a customer we spoke to who reached out to them and wanted to purchase and wanted a salesperson but they said they don't do that. it's hard for other companies to do that. there are certain types of software where this will not a once every 10 year purchase will be hard. it's a different model. most of their business is global. they have a novice in san francisco but they were self funded off of the co-creators credit card. capitalists wanted them to grow faster but this allowed them to take this tack. the ceo told me it gives a more steady and predictable growth rate it is probably slower than what some venture capitalists would like. he likened the idea of a sales force to taking and adderall. it's

and china and india, australia, and now south africa. what we see is that systems that we built decades ago are no longer suitable for today's environmental and social conditions. we have a changing climate, changing demand patterns in the story is twofold. , do policymakers and society recognize that change? number two, how do they respond to it? the story we tell is one pointing out the changes and also take a look at what the response is, is it efficient, where the gaps and where do we need to see more action. i'm glad to be on a panel about the comedic asian these challenges because it is a big problem with a lot of big words and concepts that need translation to the public to advocate for change into the policy makers to understand what the best change could be. >> marianne. >> hello. i represent the alliance pour water efficiency, which is a nonprofit organization formed in 2007, to promote the efficient and sustainable use of water in the united states and canada. you might wonder why we were only formed in 2007 when energy efficiency organizations similar to ours have be

president obama spoke about with australia. the readout said last night, we saw the comments from usgr last month. does this suggest there's some new white house initiative that might be going on, a broader initiative, to tackle this? mr. earnest: i think what both the ambassador and the president made clear in those statements is that the united states is working both bilaterally and through multilateral institutions, including the oecd, to build a policy consensus on addressing the access capacity -- exs capacity in the steel market and our industries as well. so we're going to continue to pursue vigorous international engagement as part of a broader effort that includes aggressive enforcement right here at home. so, for instance, the government has initiated an historic number of trade remedy proceedings in 2015 assessing more than $45 million in penalties on importers of steel products for violating their obligation to pay anti-dumping and countervailing duties. so the enforcement of these rules is something that the administration takes quite seriously. and it's also an impor

at a hospital in australia. it's the second recent act of self-immolation but a refugee on nauru island. the iranian who burned himself there last week died just two days later. senior international correspondent ivan watson has been following this horrifying story. he joins us now from hong kong. so, ivan, what does this desperate act tell us about conditions there at the detention center? >> reporter: well, the united nations high commission for refugees says that it's time to basically end these controversial australian offshore detention centers. it says that in the wake of these two cases of self-immolation, one of which ended up in the death of the 23-year-old iranian who set himself on fire, that it is time for all of the some 2,000 residents of these two detention centers to be immediately moved to more humane conditions. they went on to write, quote, there is no doubt that the current policy of offshore processing and prolonged detention is immensely harmful. arrangements in both countries have proved completely untenable. the cases here on the island nation of nauru, yo

hong kong, down 0.25%. australia giving it all back today. at least some of it back today. the shanghai composite ending flat. >> energy sector taking the worst. declines in australia. particularly bpp. the the energy sector across the board is reacting to in australia. oil prices there for you today. we're down a little further for wti, 43.6. as we said, we saw declines of about 2.5% yesterday for wti. part of that was down to the u.s. dollar, which we'll come to in a moment. first, with the bond, let's have a look at the ten-year u.s. treasury note. we did see yield compression. we saw significant buying on a risk-off day pushing it 1.78. back to 1.8 as i speak. as i said, the dollar was an important factor yesterday. broke its recent trend of weakness. saw a bit of strength and that hurt risk sentiment across the globe. both for equity it's and oiies . the pound losing about 3%. disappointing manufacturing data out of the uk yesterday. we also got the euro basically flat. 114.9. a bit of u.s. dollar strength today, 106.8. let's have a look at the gold price quickly. it's dow

china's agent a group buys a stake. mightaland said it offload its entire virgin australia stake. economic data coming out of australia. we just put a bit of flame under the aussie here. david: we typically do see the aussie react more than most other currencies. 7227. taking it back above 72 u.s. cents. data of course. this was down to the building approvals which unexpectedly rose month-to-month. we can reverse some of the losses toward midmorning. we are back above the 111 handle here for the dollar yen. at 658.eeing cny it is flat of a young to look at this with them the context of yesterday. that being said, have a look at japan. we are now up half a percent. gaining a bit of traction over the last 30 minutes. rishaad: paul allen has the details of this deal. i'll, what is going on here? >> the operator of the fourth largest airline in china is paying 159 million australian dollars for the stake in paying a hefty price for it. $.30 per share. if a 7% premium on what monday closed at. the virgin ceo held a media call a couple hours ago. here's some of what he had to say. >> t

done. it grows jobs. minister of a centerleft party in the commonwealth of australia, our party is united behind free-trade. we've seen it grow jobs in our economy with net benefit. adjustment onal the way through so you don't just trash people, through andopriate retraining effective inventions to find people new jobs, that's the way impact.th the economic david: we will hear more from kevin rudd in a few minutes. y is looking at company movers this afternoon. ramy: the retail sector, it has been a bad start to their earnings season. positive news for a handful of them today. up by sporting goods nearly 4%. goldman sachs is upgrading the stock to a buy from a neutral. it is the company best positioned to gain market share from the closing of boards authority. -- sports authority. target raised to $53 a share. a change at the executive level at l brands. they are up by nearly 5%. picked the former anx to leak the brand urbanecret outfitters rising 1.5% here. morgan stanley is upgrading the stock to overweight from equal weight. key sales and margins moving in the right direction. s

education. >> name all seven of the continents. >> okay. let's start over on the other side. australia, asia, australia. did i say australia? >> yeah. >> so, whatever one i'm missing, say it. >> africa. >> oh, god. not africa. >> reporter: handler, of course, made her name on e's "chelsea lately." >> i think a lot of my fans that came from my own show are probably like we want more celebrity gossip but i am not feeling that anymore. >> reporter: she's trying to make it feel different. >> i think you show great promise, chelsea. >> and you want to have those kind of flashy, high profile people because people are interested in them. i had a great interview with gwen stefani because we have like 12 in talk show world, it's a lot of time. >> i heard you want to hit a big note. >> reporter: christina aguilera's on the show giving chelsea a singing lesson. >> i have my work cut out for me. >> reporter: her thumbs are very odd. >> are they? >> reporter: hers bends -- because mine don't bend back at all. >> you're is freaking me out. at least you can hitchhike. i bet you're a big hitchhiker. >

cut in australia. the biggest trading partner for australia, at least the biggest export market, is china. if australia gets nervous, that might affect the growth in china . and we had weaker european markets and all of that translated into a weaker showing on wall street. oil prices down by a good 2.5% maybe also because the global economy might slow a bit and that could mean less demand for oil. >> thank you very much. that is all your business for now. >> thank you. we have the surprise of the year and the sports world. david has beaten goliath in the world of football. -- futbol. fans of the fox's as they are known took to the streets to celebrate in the triumphal stuff -- triumph. >> a fairytale ending to an unbelievable season. the 5000 to one ranked outsiders are now premier league champions . monday night, leicester city became the center of the futbol universal's that >> this season has been a real heart ache. we have done it. >> the man who helped to spearhead the sensational season was the leicester manager. the morning after becoming king of the premier league, this is w

videos i'm about to show you. the first video takes place in australia at a barber shop. the guy pulls up. smashes right up. >> yes, smashes right into the front of the shop. now this video happened in january, but the folks returned again in february. they smashed the window and broke into the shop. >> did they get a bad hair cut or not paying protection money. what's going on >> i asked for frosty honey tips and i got blonde highlights. >> they are about to start throwing flames inside. looks like a monthlotov cocktai. >> it engulfed the entire shop. >> there's product in there that's highly flammable and this fire has fuel for days. >> was anybody hurt? >> thankfully nobody was inside. this will cost the shop owners some big money, $374,000 in damages. >>> the second video takes place in denmark at a bakery. a guy comes in and starts pouring gasoline all over the bakery. >> the cash register is sitting open as well. i don't know what's going on here. >> two incidents where people are not interested in stealing anything corre anything, they just want to trash the place. >> you see th

, australia shrugged off early decline, the yen weekends and oil remains around $46 a barrel. with as among the losers plunge of the recall of millions of colors -- cars to replace faulty takata airbags. they missed estimates by 34%. alibaba is kicked off an anti-counterfeiting group, amid questions of the platforms and worries about a conflict of interest. alibaba says it must be part of the global fight against fake. to let us know what you think of top stories, you can follow me on twitter at @yvonnemantv and do not forget to include the hashtag #trendingbusiness. singapore and malaysia have just come on a line -- online. how are they digesting this data? juliette: yes, we were pointing to a next session. that is certainly what we are seeing with the ppi numbers coming through the japan, the yen is weakening so japanese stocks are higher and australia due to the fact that we see good movement in base metals on friday. elsewhere, there is data coming through across the board, singapore and malaysia coming down online, all down between .1% and 0.2%. the chinese economic data coming through

australia and canada that says we need immigrants but we are going to decide who they are and bring them in. canada has a larger share of foreign-born population than we do, but they do it by choice. australia's conservatives dealt with immigration by saying if you are a refugee come in here land on ourry to territories, you're not going to be admitted to australia. largetoo, have a immigrant population, but it is not one that places the foreigner ahead of the citizen. with respect to trade, what you need to do is stop treating people who are indirectly harmed by trade as collateral damage in the willy-nilly pursuit -- a tony blair approach. that means a more robust system and an attempt to bring people to work. need to rethink our social safety net, that, on the margin, says that if you are of low skill, you will get a handout. nothing to help you get really back on your feet and help support you recover some of the income you have lost because of the jobs that we have encouraged south koreans or burmese to have. a republican party that is portrayed, but for a serious way of accomm

by materials and telecommunications. $.67.wi is at futures in australia looking like this. it is pointing to a slightly higher open, $.72, the aussie dollar level. let's get over to japan, wrapping up the finance ministers and policymakers for g7. futures in chicago pointing to a higher open. this could be helping a weaker yen. kicking off aa is weeklong trip to asia in hanoi. he is seeking closer economic and security ties with vietnam. we are traveling with the president right now. president obama want to accomplish on this trip? >> good morning. it is a significant trip for president obama, wrapping up his time as u.s. president. his event toement asia, which has been a top priority for his administration for trade in defense relationships. onwants to press vietnam human rights, a country he thinks that has made progress, but will be meeting with civil society leaders while here. he wants to show to the world that vietnam is an increasingly important u.s. ally. angie: three days there, how significant is that? it is very long. it is unusual for the president to spend three day

. australia flat, as is new zealand. we have been watching the crude price rising in asian trade, so good support to energy players in our region today. session, for a ninth one of its longest losing streaks in quite some time, down .5%. at this stage, looking like we are taking a positive lead from wall street. we have some breaking news crossing the bloomberg. has accepted the resignation of its ceo. it is set to make a separate announcement about secession plans in the hours to come. -- the chairman will continue in his role. they will name william randall rase as co-ceos. the stock this year alone down over 20% after being badly beaten down for the majority of last year as well. the commodity trading firms has received downgrades by all three major ratings companies. the ceo of noble group has resigned and the resignation has been accepted. there will be a separate announcement about a succession plan. we will be getting you more on that story as the details become available. analysts concerned about the risk of it default chain reaction in china. let's get over to steve and star

literally has a backpacka backpack in the shape of a train that he ordered from australia. >> this is a rare backpack. i got this shipped to me from australia. it is called a mojo backpack >> he showed me civil service exams he is taking. he paid 60 box and scored high, 92 out of 100. >> this is an example of something i took for train operator were my score was a 92.857. >> he also showed me the picture that he drew that his mother kept of him basically drawing a picture of a train and saying he wants to be a conductor one day. >> of donald trump is running for president he has no experience, i can definitely run new jersey transit. >> because i have the experience in the passion. >> he also has a vision board command i looked at it right next warning a lot of powerball is becoming new jersey transit executive director. >> the equivalent of winning the lottery powerball. >> so perhaps there is a spot for him somewhere. >> and he is open to that but get in the door. keep your nose to the grind stonegrindstone and he knows, maybe intended 15 years he could be. >> you would have to be app

. australia futures pointing to a flat the australian dollar is at $.71 u.s. japan pointing to a lower open this morning as we see a slightly stronger yen in play. jobless figures are due out later this hour. continues to be dominated by the prospect of the u.s. interest rate hike, which could come as soon as june. emerging-market currencies on track for the worst month since august. gold falling for the ninth straight day, longest losing run in one year. we will have a market moving him, today, stay tuned for he will talk oil ahead of the opec meeting. chinese equities are once again in the crosshairs of short-sellers. they -- mainland stocks have searched. we have heidi here with the story. here we go again. reporter: it is certainly looking that way. remember, it is not so simple given that authorities have cracked down on shortselling. short interest is what you are looking at now. we are tracking domestic chinese stocks. all year.t level of the last time we saw this level of bearishness was may and june last year. .hat proved to be well-founded what is driving the growing as hesitancy?

author. this july and august he will be performing live in australia and new zealand in his new live show called "an evening of sit downs with billy crystal." please welcome back the very funny, always very entertaining billy crystal! ♪ ♪ [ cheers and applause ] they love you! they love you. we love you. billy crystal. [ cheers and applause ] yes, absolutely, yes. >> thank you. >> jimmy: of course. [ cheers and applause ] welcome back. we love having you on the show. >> it's great to be here. >> jimmy: clearly they love you too. [ cheers and applause ] they love you. >> i know, i know. >> jimmy: i want to talk about this. 'cause this is very cool. wednesday, you received an honorary doctorate of the fine arts, nyu. >> yeah. >> jimmy: there you are there. [ cheers and applause ] >> i'm wearing -- well, the graduation was at yankee stadium. it's a small school. little community school. >> jimmy: exactly. >> they made me a yankee hat with a tassel which was like really cool. >> jimmy: no way. >> like a graduate hat with a a tassel. so, that's what i wore. >> jimmy: here's your point

australia's aaa credit rating when it delivers the budget later this afternoon. the reserve bank of australia holds its meeting today. economists are split on whether or not the bank will lower the cash rate to one point -- 1.75 after last week% -- 1.75% after last week's surprisingly deflationary cpi. bank that watching a posted a $2.7 billion first half cash profit. that was much less than expected. analysts hoped for $3.6 billion profit. that's the lowest result from the bank in almost six years. a lot to watch in australia today. i am paul allen for bloomberg kilby -- bloomberg tv here in canberra, australia. ♪ emily: this is "bloomberg west." i'm emily chang. if you've ever played a video game, you owe a debt of gratitude to nolan bushnell, who cofounded atari in 1972, and created cult classics like "pong," which laid the foundation for the booming electronic gaming industry as it exists today. his biggest focus now is weaving games into the classroom, trying to make education as addictive as an atari game. nolan bushnell joins us live from the milken institute global confere

have done? they are based in australia. they did not have the pressure from venture capitalists back in the company from the get-go. dina: i think that is part of the question. most think it is not possible for a company to replicate what atlassian has done, at least not to that extent. atlassian is fairly religious about this. they don't have any salespeople, so much so that a customer we spoke to that reached out to them a couple of years ago and wanted to purchase them and they said could you send me a salesperson. they said we don't do that kind of thing. it is hard for other companies to do that. even atlassian admits there is software where this will not make sense. once every 10 year level purchase. it will be a hard thing for them to do. you also have this kind of different model. they grew up in sydney. most of their business is global. they have a significant office here in san francisco. they were self-funded off the cofounder's credit cards. they did not have the pressure from venture capitalists who wanted them to grow faster and do things differently. that enabled them

coming out of australia. we have retail sales a bit later on in the afternoon. inflation numbers are due out of taiwan. that is asia for you at the moment. we are flat, fairly mixed. southeast asia still seeing some pressure. keep your eye on this group of stocks. stock market has been down for eight or nine straight days. there has been pressure on the currency for various reasons. time one is opening it -- taiwan is opening as well. mainly flat. flowing into the u.s. dollar. underpinned by this rally we have seen in u.s. treasuries. the 30the all the way to year yields are on the way down. take your is at -- the tenure is at 177 basis points. we do expect trade to be this way basing it on the current news flow ahead of the jobs report. we are looking for 200,000 and if it comes in below that will for speculation. expect the dollar can -- to continue. that is what the likes of citibank are saying. let's get back to the dollar index. at 9328. the third day that the dollar is on the way up. everything else falling especially these oil related currencies. we saw a big tumble in the ruble.

to watch in australia after the regulator released more details of its probe into the bank, accusing it of attempting to fix the bank bill swap rate. this is australia's equivalent of libor. denies the allegations. also out today, the reserve bank of australia minutes for the previous meeting. we will be looking for some more clues as to where we might be going in the future. i am paul allen for bloomberg tv in sydney, australia. ♪ amazon is upping the ante, planning to roll out privately-labeled goods across our range of categories, like perishable foods and household items like laundry detergent. these plans have been in the works for several years and could appear on the site by the beginning of june. under brand names like happy belly and mama bear. how big could this business be for amazon, and what does it mean for the competition? i'm joined by our editor at large cory john. mark, i will start with you. have you heard anything about this, and how big of a business could this become? mark: it has been building up for a few years. they had something called elements. emily: wit