tv Bloomberg Markets Asia Bloomberg May 22, 2017 9:00pm-10:01pm EDT
the middle east. u.k. antiterrorism officers are meeting. 19 people were killed in an inflation at a music concert in manchester. monitoring the headlines and we can see there is expected to be a press conference happening imminently. what is the latest? steve: we will be monitoring those headlines that are likely to come from the greater manchester police as they reveal the latest details. here is what we know. greater manchester police are treating this as a terrorists incident until they know otherwise. you are right to say that as of the most recent twitter feed from the police department, 19 people have been confirmed killed. 50 others have been injured. ofphen: there was a report an explosion as concertgoers at this area the -- this arrieta
grande a concert. say they heard a loud explosion, expected to be a bomb as authorities are treating this as a possible terrorist incident. it happened at 10:35 p.m. monday night in the u.k., so 3.5 hours ago is when police were called, so witnesses say they were filing out of the manchester arena and this is what one actress who was at the concert, isabel hodgkins, who told sky news that it smelled of burning and there was quite a lot of smoke as we were leaving. we have another statement from the british transport police on their website saying emergency services are at the scene and we are working to establish more information regarding the equation and we will provide further updates as soon as possible. again, police say the explosion
happened in the foyer of the manchester arena that you are seeing here, not in the actual bowl of the arena as concertgoers were leaving. the concert had finished. there is no official word on the safety of arrieta monday, -- or ariana grande. there have been reports of bomb squads diffusing or doing a controlled explosion of a suspected item that apparently buted out to be not a bomb, they are taking all precautions right now as they feel the area off around 2:00 a.m. local time in manchester. just recapping, it is being treated as a possible terrorist incident. weil police know otherwise, are waiting for details from manchester police as they hold a news conference. 19 people confirmed dead. 50 have been injured in this perceived terrorist incident.
haidi: thank you for staying on that story with us and we will foretting more, waiting headlines news of this press conference at the top of this hour. we are tracking that to take place imminently. we will try to get a few more details about what is going on there. coming out of time when the u.k. is in the middle of an election campaign. just getting some other breaking news that is crossing the terminal, president trump's budget plan has been sent through. it is seeking $3.6 trillion in u.s. spending cuts over a period of 10 years. as expected, they are looking at things like u.s. social programs, seeking cuts to subsidies as well as the food stamp program. it is unlikely that congress is likely to adopt this budget without major changes, which typically happens when congress begins with a version of the existing budget, one that was passed previously with bipartisan support, and add and
subtract onto that. that does not take into account the fact that we have this new dynamic of a republican majority. we will be going through the details of that as they become available. let us into the markets and how they are reacting to this developing news. that flock to save haven is dominating the story is morning. >> that is right. we have seen a pickup in bonds in the asian region and the yen. equity markets are pretty muted. volumes really significantly down across the board on the nikkei, off by 32% at this time of the day. fairly flat as is the topix. have seenwe singapore, malaysia, taiwan slightly to the upside. investors in asia taking this in their stride because we do have this cycle of bad news that has been hitting investors for quite some time last week. it was washington, brazil, so there has been a bit of some sort of let us ignore this move and look at what is happening locally.
you are seeing volumes down, and where you are seeing significant moves is if i look at the gmm function and have a look at the g10. weakness coming through in the s&p 500 futures, down by .1%. you are seeing it in the currency markets. the british pound is the biggest laggard. the flight to safety is reflected in the japanese yen. we have to remember, the yen was stronger than his early this .3%, because of what we are hearing out of the trump administration as well. bullsare a lot of focusing on that. have a look at the chart of the pound versus the u.s. dollar. it is not significantly lower, %.wn by .1%, or .15
there has been a lot of trigger selling coming through in the currency market following this news. we will continue to watch that and just remember that we are looking at those weaker futures for u.s. equity markets, so that will flow through into the asian trade later this afternoon. haidi. haidi: thank you so much for that, juliette. watching gold as well as cable. first word news now, the roundup with tom mackenzie in beijing. tom. thanks. your area finance ministers have failed to break the impasse on greek debt relief. it delayed the subsequent billionof about 8 dollars in loans. athens will need that much to pay its bills in july, and the delay at to the uncertainty around an economy that slipped back into recession. french economy minister, renaud le maire expects the deal will be done. >> we shall find an agreement
and compromise, and will look at it. i would like to emphasize that today, the world we have made together was very useful and constructive. >> china's record supply of iron ore has grown even bigger. at ports expanded for a fourth week, by a total of 22 million tons this year, surpassing 20.9 billion tons added last year. the price of iron ore has stabilized in the $60 region after thinking in march and inking in march and april. north korea is ready to begin mass production of a new medium-range missile, saying combats test proved its readiness. state media says the missile is capable of hitting u.s. bases in japan and is "an answer to
president trump's policies. an official statement said more launches will follow and scientists are continuing to work on nuclear warheads. ,ong kong stocks rose today highest and him as two years, led by a rally for insurance. the hang seng close 1% higher as chinese dogs outstripped moves by their mainland. pretty shanghai composite declined by half of 1%, while shenzhen fell 1.5%. has accounted for one third of that advance your global news, 24 hours a day, powered by more than 2600 journalists and analysts in 120 countries. i am tom mackenzie and this is bloomberg. thanks for that. still ahead, moody's balancing act. jobs are floundering at home. set to reporty earnings. why some analysts are tracking sluggish growth ahead.
haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. holdings is said to be cutting staff and shutting down offices in singapore in mumbai. currencies would withdraw almost completely from making goods in european etf's. g being is being -- kc bought. of the staff and relies more heavily on technology. it willfrom japan say really's profit forecasts through next march on friday. the news says the forecast of the company by a three-year business plan. the nikkei's backing a net income of the hundred $60
of $360in sales -- million. that could happen in july. end.st does not s&p global rating for default on its debt within a year. c plus.iple singapore lifts its noble stocks have plunged.it will not be enough to cover debt due by may 2018. jaguar lander of all -- land rover has reported its earnings. this could be affected by slower sales growth of commercial trucks. let us take a look at the indian auto sector with a senior vice president for mobility practice. he has advised other indian foreign companies.
he is coming to us from singapore. great to have you with us. impact.alk about the fx are you accepting that you inspecting that to drag out how long the recovery is going to take? .uest: yes when it comes to the pound versus rupees, [indiscernible] when you report, it does impact you, but whereas, when it comes to a significant part of the costing, coming from rupees, it saves you when you calculate that from the pound. say that itwould will have an impact on the reserves, but it will kind of be soft and because -- softened because of the reduction in cost. haidi: how long do you expect that jack to continue? sometime -- that drag to continue? until the middle
of june, we would see this drag. buying season starts in june after the monsoon impact is clear. we also have one more development in india, which is the implementation -- we are looking at june 2017 to give us an indication of which way the sale will go. haidi: it is interesting you bring up the gst being rolled out. this is such a significant reform. do you expect that to be just a short-term distortion when it comes to these numbers? not really. i think, especially for , gst is likely to bring down the price. taxes have ay -- cascading effect in india, which inflates the price. just tease have the most --
gst's have the most radical reforms and it will bring down the prices of certain goods and commodities, and this is one of them. .t is not likely to be a blip it is going to be a good long-term and medium-term sub .sustained trend you talk about the sort of cascading effect, and there could be a cascading effect from protectionism, particularly coming from the u.s.. we are talking about an impact that is potentially going to be over the entire value chain. think theh, so, i u.s. and india and automotive industries are not strongly related to each other, so protectionist policies in the u.s. will have a very dramatic impact on the indian automotive companies. because of this protectionist
mechanism, there might be some investment that is probably in might gett m diverted to india. that is a better thing to happen as far as the manufacturers are concerned. only i think in case of this, they have a significant business u.s., so apart from that, most of the indian automotive industry is different from the u.s., so effectively, there is likely to be a very marginal impact on the automotive industry in india. haidi: we have just got to pause you there. as you know, we have had this developing breaking story. this is the latest lines out of the u.k., theresa may saying they are looking to establish the details of a possible terror attack. we do know that police are saying they are treating this as an act of terrorism until they know other. -- otherwise.
50 injured in this ariana grande concert in manchester. the tories are said to be suspending the campaign following this attack. the country is in the middle of election campaigning at the moment. we will bring you the latest as we get more on these details. we are still waiting for that press conference from the police in manchester. think you for staying with us. just getting back to -- we're talking about the indian demand as well as the health of the auto sector. about suzuki, because they are overwhelmingly dominant when it comes to that market. is there any expectation there might be a challenger or that that might change? vivek: i think the challenge -- there are challenges galore. they are just going from strength to strength. last month, they drew their market share.
from 46, they went up to 47, and that is an incredible feat. toy have 18 motors lined up 2020. they are trying to address every possible segment in the mass-market, in the popular segment. they are really in a dominant position, and they don't want to let go. they are making progress on the technology, proactively introducing stop and go hybrid systems in their cars, so they are not just the leader. they are acting like a leader and therefore likely to remain the dominant market player in indian market. all of the companies have to try their hardest to take away the market share from them. they are really defining the automotive segment in india. [laughter] haidi: the goliath there. pleasure, the effects idea-- vivek.
haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. president trump budget proposal has just been released. it would significantly reduce the role and reach of government. ramy inocencio has been taking a look at the details for us. we clearly just got this in the last few minutes and i guess the question is, are any of these, or most of these, likely to get through? ramy: the short answer to that is that it is likely not going for many, haidi, reasons. mitch mcconnell, senate leader mitch mcconnell, has said this dead onely be doa --
arrival. he also reiterated that last week, when he was here on bloomberg television talking about the fact that it is not only republicans that are against it, but it is also conservative republicans versus the more moderate republicans on that side, and of course, if they were to come together at some point, you still have the blowback from the democrats saying that this cannot happen. it's basically is trying to tear down the great society plan from lyndon b. johnson in the 1960's, from the great society. i guess we could say, the great america. that us make america great again, from donald trump here. that is good through some of the lines that are the big number items here. supporters might support one positive thing saying the budget would be balanced within a decade, but then i expect there would be a lot of critics that would say, look at all the cuts that would happen. for example, cuts would be made to medicaid. medicaid payments, specifically to this is taking a huge hit to
of repeal in the form and replace. there would also be student loan payments that would rise for recent college right to its good -- writeral subsidies recent colleges. the office of budget director mick mulvaney said this. "we are no longer going to measure compassion by the number of programs or the number of people on those programs." are going to measure passion success by the number of people we managed to get off of those programs and back in charge of their own lives." some self-sufficiency there for sure. more sticks in this case than carrots to get people off that. there are additions to some programs. we talked about this earlier
when the first budget dropped a few months ago. the department of homeland security, dhs, as well as the gain 9n, in total, would billion dollars. interestingly, the much touted mexican border wall does not get fully funded over the next 10 years. not much detail. paid parental leave what actually gain $25 billion. that is over the course of 10 would actually gained $25 billion. that is over the course of 10 years. that is one of the big pushes by his daughter in terms of trying to get more money. those are the big top line items. there is more we have to comb through. while all of that is happening back home, the president is at his inaugural foreign trip. he is in israel talking about a mayor opportunity for peace. take us through what has been a pretty eventful 24 hours. ramy: it definitely has been. off of the supposed success from saudi arabia with all those business deals, he is trying to
one up on that not so much in terms of economic, but in terms of political, potentially even religious. you can see donald trump and his wife getting off air force one earlier on monday, but he was saying that there is solidarity that he is trying to push together with arab countries and with israel. take a listen. pres. trump: today, we reaffirm the unbreakable bond of friendship between israel and the united states, a friendship built on our shared love of freedom, our shared belief in human dignity, and our shared at lasting israel peace. we want israel to have peace. meetings,in tuesday's donald trump does meet up with palestinian authority president mahmoud abbas, bright and early, 7:00 a.m. local time. haidi: thanks for that. markets have largely been
haidi: it is 9:29 a.m. in hong kong and we are counting down to the opening of trading in shanghai, shenzhen, and hong kong. this is bloomberg markets: asia and i am haidi lun in sydney. we have been grappling with a mixed asian session. very much taking front and center attention. we had that strong bid after the yen and that fluxes eight havens given the news and -- and flock to save havens, given the news coming out of manchester. we have your future is falling as well. asia looking decidedly mixed. u.s. futures falling as well.
asia looking decidedly mixed. meeting, this chart, iron or. the price has stabilized over the past few sessions at 60 u.s. dollars, but this could get a whole lot uglier because iron ore stockpiles are surging higher and higher. in fact, the amount added this year so far, we are only and may of course, has already surpassed the total amount in 2016. chinese mills are producing a amount of steel, rising 3.6%. of comparison, we had all 2016 just over 20 million tons. terms ofto come in paying for iron ore prices. let us get over to jules. thank you. i'm looking at the u.s. futures
at the moment because that is where you are seeing much of this reaction to what we have seen coming out of manchester. the s&p 500 has risen for the past three sessions near those record highs. .2% onbeen holding down the futures and the pound falling against the dollar, down by .2% as well. that is where we are seeing much of the reaction and of course a little bit of a flight to safety with the japanese yen, the front runner out of the g10 currencies. it is up not only against the dollar, but against all its g10 .06.s, 111 the japanese yen with already higher on the back of what we are hearing out of the trump administration. there has been a lot of bowles in the -- bulls in the air in terms of what you are seeing in the bond space. asian bonds are getting quite a good bid on the yield in the
australia 30 year note. switch over to asia in particular, china coming online. point opened up lower by 25%. you are seeing the strength in the end. other markets are taking this news in their stride. more importantly i guess, they are focusing on local news rather than what they are hearing and the global space because we have had such a stream of bad news for investors to deal with brazil, washington, and now this attack out of manchester. people are focusing on what is happening in their own entries as opposed to global noise. have a look at malaysian's ringgit, up .1%. that is a six-month high for the ringgit against the dollar on the back of that rally you have seen in crude, the wti contract above $51 per barrel. some emerging-market assets and currencies getting a lot of the bid, focusing on more local news rather than that macroeconomic space. haidi: that is a really
interesting point, jules. we talk about the fragility of this record rally we have seen in global equities, but on the flipside, we have investors that or a little more resilient to some of these awful headlines that are seemingly constantly crossing the bloomberg these days. that us get you up to date with the news with tom mackenzie in beijing. tom: u.k. anti-terror officers are meeting after 19 people were killed in an explosion at a music concert in the northern city of manchester. 50 others were wounded in the blast at the end of a performance by the american singer ariana grande at a manchester arena. it is not known what caused the blast your the number of deaths make it the worst -- blast. the number of deaths make it the worst such incidents in 2005. the global oil glut being undermined.
agreed permitted by the reduction curves. the restrictions are expected to be extended to next march when opec meets later this week. however, iraq's noncompliance may persuade others to break the agreement as well. there should be no so-called "asia premium" on crude sales to that part of the world. in oil minister held talks with opec secretary-general mohammed in the and and said the cartel has subsidized western buyers at the cost of asian clients for too long. india imports 86% of its oil, 70% of its natural gas, and 95% of its lpg from opec. the european union has finalized a tough brexit position, reiterating a hard line on the you k's potential divorce -- the u.k.'s potential divorce bill. chief negotiator michel barnier set accounts must be settled on both sides.
britain's exit bill has been put as high as $104 billion based on its past financial commitments to the e.u.. president trump has begun his visit to israel by telling prime minister benjamin netanyahu that iran will never have nuclear weapons. he also called for peace with the palestinians, but was vague on details, saying he prefers to leave it to both sides to sorted out amongst themselves. he will visit the west bank later for talks with president mahmoud abbas. pres. trump: i believe that a new level of partnership is possible and will happen, one that will bring greater safety to this region, greater security to the united states, and greater prosperity to the world. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am tom mackenzie. this is bloomberg.
tom, thanks for that. chinese conglomerate hna group are in talks. that deal would value what of asia's largest asset manager that more than $2 billion. a conglomerates reporter is covering this for us in hong .ong is is one of the most exuberantly inquisitive conglomerates in china. what is the market doing as a reaction to the news? >> so we put out a story yesterday about the potential share sales, and once the markets opened in the afternoon, the shares jumped back 11%, so it shows the market reacts really positively. one of our sources told us that the transactions could value the company at more than 2 billion u.s. dollars, which is higher than the current market share.
company sentt, the out a statement confirming the therman is in talks with third-party about the potential share sell. prudence: the company shares will resume today and we will see if the shares will go up further. prudence, what does asian a/c in terms of this investment see in terms of this investment? prudence: [indiscernible] prudence: the fund management has a strong brand presence in asia, especially in hong kong, and the chairman is well-known by fund managers in the city. has an ambition to build up
their asset management business into ay, and we see them the asset also in management arm, so their new partners could give that to them. i was alludingas to earlier, this is a clump, it that has been -- this is a conglomerate in hong kong. we have had concerns about where these capital controls would be. do you think hna are likely to invest more particularly in this bank? prudence: yeah, for sure. especially in hong kong, actually. justnk it is [indiscernible] prudence: we see them investing 3.5 billion euro dollar in so theyong kong areas,
just set up a new company that is based in hong kong, innovation finance, which focuses on the commodity trading. definitely, we will see them doing more in hong kong and of course, in other countries. haidi: prudence, thank you very much for that. prudence ho for us in hong kong on that hna partners deal. commodities trade, one of asia's largest -- we are getting this announcement through now. its stock fell a further 32% so far in the early session, and it has seen record low after record the lowestg today to since 2001 after yet more worries. i think he warning noble could default within -- s&p warning noble could default. we are seeing more trouble
looming. the company supporting a surprise loss in a previous quarter, getting on the wrong side of the bet on coal. before theropping downgrade. there are some concerns it could essentially default on its debt, and there have been white knight interests that have come and gone. central-bank watch continues. a trio of fed speakers give us their view. the bond market making a surprising reversal. hays has been all over this. kathleen. >> connecting the dots. the president of the chicago fed, child evans, giving a speech. evans, giving a speech. meeting the fed's inflation goal would promote stability, appoint a lot of fed speakers would
agree on, stability of market than inflation expectations in all of this would be good for the economy. the fed should be equally concerned about overshooting or even undershooting its target. unemployment is very low at 4.4%. some have said it is undershooting on the downside, but that is based on -- is a stronger labor market. right now, it is undershooting that way. a big question is will fed officials allow inflation to keep rising before they raise rates and allow it to overshoot? they don't seem to be moving in that direction. the board governor noted in a speech that did not touch on the economy that core inflation -- he is also a voter -- he set the baseline remains three based hikes for 2017. the fed's dual mandate -- we can put these numbers in a nice picture perspective.
you can see the on employment purehas come down, 4.4% that is at low at the fed expected it to get this year or lower. it is close to 2%, but it has pulled away a little bit. that is why some people are wondering what is going on here. it is moving away from the target but the fed is determined to hike rates. look at the overnight interest rates. they are suggesting more than an 80% chance of hikes in june. is there a break in december -- a hike in december if the trend continues? haidi: and how this plays into the if petitions as well. always policy and politics at the fore. this is playing out in the bond market. what are the implications? kathleen: i am glad you mentioned the politics in washington. one of the reasons we are seeing
the turnaround of the bond market is one big perspective. it has been trump turmoil, rethinking what can be done on the fiscal side. we get this budget announcement for big cut in spending to pay for big cuts in taxes. will this make it through congress? the bond market and said will wait to see on that very important story. but for now, what has happened is hedge funds and speculators, according to the net longs and shorts in 10 year treasury futures, have had a big change. look at #8672. terrific chart. see that big chunk of downward red? that points to the biggest net short position in 10 year treasury futures on record. that is how bearish the bond market got with all the talk of trump succeeding with the reflation trade and the fed hiking rates. look at the green at the upper right-hand side. now, the net longs are at a 10
year high, the longest since -- 2007.ghest since there are inflation expectations if you look at breakevens. it is a market measure. they are all coming down from where they were. ramificationsely, across asia. we are going to have to leave it there. kathleen hays for us in new york. coming up, it is game on at sony after the turnaround. the company's business outlook is next. this is bloomberg. ♪
has for three hotels. the union is concerned about job life is -- job losses and labor costs. a globalny launched acquisition spree in 2014. peach aviation is to become the first japanese carrier to accept that coin for to get that part of a campaign to attract passengers from across asia. the crypto currency will be put in place by the end of the year, and peach aims to link up with companies to spread its usage. the ceo says he wants to encourage more tourists to revitalize less well-known parts of japan. no closer tois expanding in china despite the entry agreement for u.s. companies that was announced earlier this month by washington through the deal thought china promising full and prompt market access. lisa its struggling in china, while mainland competitors -- visa is struggling in china,
while mainland competitors are abroad. one of the driving forces in chinese tech is morning that people will need to retrain to as ain the workforce revolutionizes the labor market. anotherw the ceo of company. he of us his outlook when it comes to artificial intelligence. >> the top technologies are still in the u.s. and canada, but i think china is coming up strong because of the large market and a large base of ai knowledgeable people. 43% of the top publications are written by chinese authors, and china's large market will create a lot of data, and ai is driven by brains plus beta. china is coming on strong, currently number two. it has a strong shot at
becoming one of the superpowers in ai. >> you about ai when it comes to jobs. you said all financial companies will be turned upside down with ai replacing traders, anchors, accountants, research analyst, insurance companies. my algorithm returned eight times more than my private banker. when i go home, i am going to fire my private banker. [laughter] kai-fu: i hope he is not watching. haidi: >> he has been shaking in his boots. he goes on to say that simple willlike factory workers be replaced. contact jobs like doctors, teachers, reporters -- who still has a job in this brave new world? kai-fu: creators will have a job , the creators in technology, science, but also arts, entertainment. so that is a significant portion. i think people who are in service industries who deal with social aspects of service, you know, that will actually be a set of jobs we have to create.
you see, unlike in the industrial revolution, where a set of jobs are gone and another set comes about through assembly lines, this time, we have to deliberately create these jobs that relate to social aspects, because ai is no good at dealing with people to people. >> so do you see words of -- hoards of unemployed people? kai-fu: i think, first, there has to be a way to redistribute the wealth created to ensure and kind of social welfare minimum stipend for the people who are displaced, and it is going to take time for some amount of retraining, and i think if people are open and inclined to be retrained in these social aspects of the job, say, bartender, masseuse, toward guide, concierge, that will be on the rise for the people-to-people interactions.
haidi: this is "bloomberg markets: asia." sydney,di lun in getting you a recap of our top stories today. this explosion, potential terrorist attack in manchester. we have been hearing greater and greater details. 90 people -- there are people confirmed killed. this comes as the country is ripped in the middle of election campaigns. over the last half an hour or so, we have had an announcement that the tories are said to have suspended their u.k. election campaign following this attack. we did hear something out of the prime minister theresa may, saying that they are working to establish the details of what is
being considered a potential terrorist attack. they are treating it as an act of terrorism until they know otherwise. 19 people killed and around 50 injured at what was an ariana grande concert taking place in manchester. if confirmed as a terrorism attacks, it would be the worst such attack in the u.k. since 2005. coming at a very sensitive time. we have seen the markets react somewhat predictably. the yen gaining. we are off the highs when it comes to the yen. u.s. futures pointing lower. asia looking premixed at this point. let us go over to stephen in hong kong. pretty fast-moving story. what do we know? stephen: it is a fast-moving story and we do not necessarily want to put out false rumors. we will hear from the greater manchester police department as they have their meeting momentarily.
people havehat 19 been confirmed dead in what is perceived to be an explosion, treating it as a possible untilist incident police know otherwise. you are very right when you are saying that this is coming at a very sensitive time. the u.k. is in the middle of the election campaign and the tories have announced they will suspend their election campaign after this attack as they are of course putting together this information. also, we are getting a headline now. u.k. government ministers to hold a crisis meeting at 9:00 a.m. this attack, if that is what indeed it was, happened at 10:35 p.m. u.k. time, 5:35 a.m. hong kong time, so 4.5 hours ago is when police were called. witnesses say they heard a loud bang.
it apparently happened in the 48 in the adjacent hall to the foyer in then the adjacent hall to the concert which was just completed. concertgoers were filing out of the arena when this report is pushing -- well, we do not know if it was a bomb or not. we have to confirm that. we will likely get more information at this upcoming news conference. we do have, again, a number of other reports are various media organizations. want to speculate, but we will hear from the police department momentarily. haidi: absolutely. we are just waiting on that press conference, taking place imminently from the greater manchester police during we will be cutting live to that as soon -- police. we will be cutting live to that to keep your top of this breaking story which has taken headlines when it comes to the markets.
story , this report of an explosion in manchester. we are awaiting to hear from the greater manchester -- police are set to give a press conference imminently. what we do know is police have confirmed 19 people have been killed in this explosion, 50 injured. it took place at an ariana grande concert in manchester in the past hour or so. we have heard from people saying they have suspended their -- election campaign, the tories. this incident comes as the u.k. is in the middle of election campaigning. we also heard from prime ministers theresa may saying, they are working to ascertain whether this was in fact an act of terrorism. the police have been treating it as a terrorist attack to until they know otherwise.