tv Bloomberg Daybreak Australia Bloomberg September 24, 2017 6:00pm-7:00pm EDT
♪ >> an uncertain top -- outcome in two elections, merkel will face coalition talks in germany as the far right returns to parliament. >> new zealand as bill english fall short of majority. and antifeminist -- party holds the key. japan, up could be shinzo abe is expected to call a snap vote this week, despite much voters rejecting the idea. >> president trump in another battle with senior republicans, this time over the corporate tax
rate. sydney, it's just past 8:00 a.m., i'm paul allen. for -- we are two hours away from the opening of asia's first major market. >> it is just past 6:00 p.m. in new york, i'm kathleen hays. elections made the headlines today, conclusive ones in germany, new england -- new zealand, and a possible snap vote in japan. angela merkel now faces drawn out coalition talks after former partner, the fpb says they go into office -- opposition. news from germany is the return of the far right to parliament first time since world war ii. new zealand also faces possibly weeks of uncertainty after prime minister bill english fell just short of the majority in the house of representatives. his national party, claiming 58 of the 120 states leading labor to 45 states. those never could change --
those numbers could change. now it's back to to talk to the anti-immigrant new zealand first party. westin peters is going to be the kingmaker there. let's take a look at new zealand stocks. the clock have changed, let us see what we have. first opportunity for them to react to that stock, up by a single point. the kiwi dollar slightly weaker, it must be said that it did seem like the polls before the election it was unlikely that we were going to end up in this situation. sydney futures up a 10th of one part s .10%, aussie dollar just below 80 u.s. cents. let's get the first word news, here's rosalind chin. poll says almost two thirds of japanese voters disapprove of prime minister
shinzo abe's reported plan to call a snap election. the government announced an extraordinary session were he is expected to solve the lower house. other critics say he's trying to cling onto power, despite a string of scandals and resignation. b-1 woman flew the closest to north korea a century on saturday. hours before pyongyang foreign minister the u.s. the president trump's threatening he is the one on the suicide mission. u.s. aggression is the reason his country needs nuclear weapons. china says on earth tremor detected on saturday was not artificially triggered. the growing dispute over the u.s. national has to -- anthem has joined stevie wonder. he made his protest in new york at the president trump said
athletes who fail to stand for the anthem should be fired. trump also canceled a white house invitation for steph curry in a twitter rant that brought condemnation. global news -- global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. i'm rosalind chin, this is bloomberg. germany, the euro fell against the dollar after the german election result. chancellor angela merkel came out on top, but now faces tough coalition talks after her current partner, the fpb ruled out a deal. bloomberg europe anchor caroline hector joins us from berlin. the results already tell a story, don't they? the christian democrats party, the one merkel leads got about a third of the vote, but they dropped nine percentage points from the last election. then we have the rise of this far right party, is this part of the general mood in europe that is anti-immigrant, worried about
refugees, and terrorism? this is a really unexpected. everybody thought this election was going to be essentially dull, that you would have angela merkel winning in record time. thestory has been about halloween doubt of support for her cdu csu party, and also her coalition party, the fpb. the afp, the far right party which manynd 13.5%, people see as largely reliable -- according to the polls, which people see as largely reliable. it does seem to be on the back anchor -- anger, this frustration when she saw her popularity dropped when she allowed 1.3 million immigrants into new -- germany this has
taken the political establishment by surprise. merkel saying she was disappointed that her party had not done better. the frustration really with their coalition that they had with merkel for four years showing up with the fact that margaret schulz says he will going to opposition. what's this going to mean for coalitions billing? i want to jump into the bloomberg and talk about what likely numbers are we going to stack up here. if we have a look at this potential to make a coalition, which has nothing to do with jamaica, it's just the color of the parties. the green the fpb, and angela merkel's christian democrats. that looks like the most likely scenario, is that your reading of the situation? >> this doesn't seem to be the most likely scenario, although, the talks could take a long
time. the last time it took 86 days to form a coalition government. it could be even more difficult, because the green and the pro-business fpb are far apart in what they want to do. the seb much more skeptical about bailouts within -- for example. the greens are talking about moving away from diesel and combustion engines by 2030. there views remain quite different, that is one of the issues that angela merkel have to deal with, and also this pressure to get a coalition government formed. on tuesday, u.s. president emmanuel macron key partner, key ally to germany laying out his vision for europe and what he wants to drive forward, which is close integration within europe. all of this as germany will still have to get the coalition government done. >> daunting challenge, perhaps.
merkel facing the most splintered parliament in modern german history, as our bloomberg news team right from germany getting these results from the polls. they also point out that this is a record equaling, fourth convicted -- consecutive victory, she is now on track to match former chancellor helmut kohl's record of 16 years in office. a very she remains strong leader. it'salso equal to act now, the german leader after world war ii. of course, angela merkel is seen as the leader of germany, but also really is the leading voice or europe. a lot of challenges facing, not least dealing with president donald trump and the u.s. trying to show up the euro. that is still an issue in europe. there are many challenges that bothtill faces, yet she's
a protect as potentially will be, one of the longest serving german leaders, a woman born in the east. priest a parent to was a -- who was a priest, she's a very unusual leader. hector, keepoline an eye on those results coming in from what was a very interesting german election. for more on the fx reaction, we're joined with commonwealth bank of australia's senior current these strategist -- currency strategist. you heard her talking about the impact on the euro, what could be weeks of coalition negotiations best negotiations. on unusual looking -- looking coalition. it's the great desk is the great rally of euro 2017 over? >> i think it's limited following the results of german election. it's important to remember that
chancellor merkel will probably form a coalition with the ftp and the greens. what's important to realize is both the ftp and the greens are pro-euro parties. the prospect of greater eurozone integration is not going to be derailed i such coalition, since we know chancellor merkel will probably not form a coalition ish the stb, this coalition -- still remains a pro-euro party. it's still supportive of the european currency. >> one of my bloomberg colleagues described the influence of the u.s. dollar weakness in effect here saying the of the contest, between the euro and u.s. dollar is back on. it's on like you disagree with that, you are more optimistic about the future. there's significant support for the euro, not only from a political perspective, but from monetary policy perspective. i the ecb is clearly moving toward a less accommodative market stats, the fed tightening
cycle looks like it is at a most sure stage. stage,y policy at this lots of people are going to start to benefit or continue to benefit. more importantly, in terms of it's a very pillar large current account surplus of roughly 3% of gdp. that's another underlying pitting factor for a former euro versus u.s. dollars going forward. going to bee hearing from mario draghi later on monday, he's going to be speaking to the eu parliament. what are people going to be looking for from that speech? i suppose we could wonder what these elections mean for the european central bank, it strikes me that mario draghi has a path, part of the path is to keep stimulus going until he sees more of an inflation increase. what do you see, what does that mean for the euro?
? particularly as we going to be watch the headlines. >> mario draghi will continue to be very cautious in terms of the ecb's ultimate normalized interest rate normalization path. the data continues to show that the ecb is probably closer to the end of -- the beginning of normalization cycle, rather than at the end. i think mario draghi will continue to talk down a little bit on aggressive interest rate cycle normalization. it's unlikely to be a significant drag for further european strength -- euro strength, considering that the data continues to show that the ecb is probably on track to normalized interest rates sooner rather than later. >> i think timing is still people,t, a lot of including bloomberg intelligence looking for the discussion to take place. that's just next month at the ecb.
start the policy of purchasing fewer bonds not what the fed is doing it, #btv for 65 shows you where the headline inflation rate at one point expect to go up. the core rate is down 1.2. still pretty far from that, just under 2%. are they can't be on guard the paper starts? if mario draghi sticks to his guns, he made still be on his feet. >> that's certainly a risk, absolutely. ecb to begin the tapering process in january, and ultimately begin to lift interest rates in june. at the same time. , the other side of the equation, what is the fed going to do? they probably have another one or two interest rate hikes, one interest rate hike is largely
priced in at this stage. in terms of relative monetary policy, we are still in an environment where even if the ecb does begin to taper asset purchases in january, it's still an environment conducive of the further euro strength versus the u.s. dollar. >> one of the interesting things we saw was the turn of the the afc, the, first to make it into the german parliament since 1953. it's almost certain they weren't marking up anywhere near power, at the same time, this rise that does always seem to bring the major parties back towards the more conservative direction, the cne risks there that angela merkel mike huckabee -- do you see any risks there? >> i don't think they are going to have much influence in driving a political narrative in germany. what important to remember is support for the euro is highest
among all of the other eurozone members. anti-euro platform means it has little margins of maneuvering with the german public. >> please stay with us. next, we will be turning to the other big election, new zealand. that is coming up next. we will also look at what the vote means for the rbnz rate decision, that is later in the week. >> we look at what australian banks are scrapping atm charges later in the show. this is bloomberg.
♪ york.athleen hays in new >> i'm paul allen in sydney, you are watching "daybreak australia." prime minister bill english has claimed a mandate to form the next newly them government after winning the biggest such of the vote. though he did fall short of the majority. new opposition leader is in the
under and is refusing to meet face-to-face. us.hew brockett joins let's talk about who is most likely to form a government. on one hand, you have just and other refusing to be sure, but you have weston peters, the haser of new zealand first -- is no fan of the green party. it seems like a national new zealand first collision is the most likely outcome. how long is weston going to draw out these negotiations to see what you can get -- what he can get? >> we're thinking about 2-3 weeks, what we know from previous expenses is that winston will negotiate with both sides, play one side off against the other and try to extract as much as he can for his support. the final election results are due on october 7, there's an expectation of -- that labor and the greens may when one extra
see or two. won't expect hesitation from winston peters. >> to what extent -- this is interesting, it's want to complicate what it means or build english to get his coalition together. in terms of actually governing, or what the national party has to do now. you would assume moving ahead policy platform, etc.they have to respond a one of -- to just send mania. how substantive is this issue of what cabinet post should get out of this? in the past, in return for peters'support he said the post treasure beforehand. step,k this is the next parties will do what they need to do to secure a majority. what he will want this time,
he's 72 years old, there's is full of thought that he wants to build a legacy. he can do that in several ways, he can extract big policy positions, think he can plant a flag and say i did this. by thinkingdo it which government is unlikely to be in power the longest? ae national is looking at fourth term, one can imagine that it may not have a great chance of winning a fifth. if new since desk new zealand versus a coalition, he may be looking at being out of government in three years time. the labor government is new, it's fresh, it could be in spreadent for 2-3 term some people think that's white winston may actually just to go with labor. thank you matthew brockett, joining us from wellington. let's get back to our discussion commonwealth bank of australia currency strategist. it's really been a year of
elections, hasn't it? in it so many markets hitting so many currencies and trading strategies, what does this mean for the short-term play on the new zealand dollar and longer-term? >> i think in the short-term, the political uncertainty until we have peculiar election outcomes or clearer results following the new leasing -- the new reason -- new zealand election. it will certainly traded in a volatile trading range. experts agree that the most likely scenario is or the national to form a coalition with new zealand first. judging from the new zealand dollars reaction to polls of such a scenario, it looks as though it could be supportive of the new zealand dollar. more portly, going forward for the new zealand dollar is not really political, relative monetary policy, trend commodity prices. on that front, it remains fairly supportive of a new firmer new
zealand child dollar versus the u.s. -- firmer new zealand dollar versus the u.s. dollar. >> we have bank of new zealand's or meeting going to be acting governor prospects's first time in charge. -- grasp spence'first time in charge. >> it's widely expected for the european keep interest rates on 1.75%. they may also reiterate their neutral monetary policy stance. we don't expect europeans that to raise interest anytime soon, because inflation in new zealand seems benign. the backdrop is certainly respective -- restrictive, it has certainly given time for monetary policy to keep forcing or encouraging the europeans to remain on hold. >> there is a new governor, as well>>. are you expecting to see any change in rhetoric or policy direction of their, or is it a
continuation to the green? >> i think it will be a continuation of this stage. the new governor will be guided by the data, the data particularly inflation, so that inflation remains soft. for them at this stage to move to a more tightening or hawkish stance. ,> thank you very much commonwealth bank of us to senior currency strategist. there's plenty more to come on "daybreak australia." this is bloomberg.
, commonwealth bank national australia says there acting immediately. wide-ranging inquiry into the industry. fight back against a $6 billion lady over the next four years. >> sprint on softbank is said to be willing to accept a stock or stock merger with the margaret -- t-mobile. we are told the two sides are yet to agree on exact figure, the respective premium to spend $34 billion market capitalization. sources also say t-mobile parent deutsche telekom felt sprint shares should be valued at a significant discount. scrapped land to create a new class of shares, mark zuckerberg heap voting control while selling all of his stock to length of the. it's a rare victory for outside investors in the world's largest social media company. just days before, he was due to appear in court over the plan,
zuckerberg said he would proceed without, selling over $13 billion of shares. >> 20th century fox>> blamed north america honors over the weekend in its kinsman action comedy series. the goldman circle taking in $39 million on debut, according to calm score. the latest legal movie came in "hird behind another movie "it it is on track to pull in $.5 billion over -- worldwide. >> let's take a quick check on the markets. the new zealand dollar u.s. all across right there. not changed by a great degree over it that uncertain election result that we saw over the weekend. in thatpeters became election. coming up next, investors face a
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>> it's 8:30 a.m. in sydney, markets open in just 90 minutes time. futures up ever so slightly. domestically be prepared for delays. there are issues at the airport current citing exactly, with the start of school holidays -- school holidays. >> it certainly looks like a beautiful day to be flying in always.ning, as and kathleen hays in new york, it's 6:30 p.m. you're watching "daybreak australia." we want to get to the first word news with rosalind chin. problemraffic control has grounded flights in and out of sydney airport. the operator has tweeted that it is working to rectify a technical issue.
national board plus to the abc says the issues affecting domestic flight departures for all airlines. it's happened on a day of heavy travel demand on the first day of the spring holiday. the euro fell against the dollar after the german election results. cducellor angela merkel's came on top, the basis of prohibition talk -- but faces tough prohibition talk. a process that could take weeks. the other big news is the return to the bundestag of the far right for the first time since world war ii. kiwi also fell felt after an inconclusive result in new zealand. coalition talks are also on the agenda after prime minister bill english's in the 120 strong house of sensitives. the opposition labor party took 45 and both leaders are expected to talk to the anti-immigration new zealand first party.
the discussions could drag on for weeks. curves areroduction starting to stabilize the oil market, but attention must not be paid to writing output in libya and nigeria. changes for the deal are called that isn't it the two countries because of the recent turmoil, however he did not retaliate. some suppliers have agreed to curb up to drain the global oil. republicans on capitol hill are set to be targeting a worker tax rate of 20%, higher than president trump's. he's called for 15%, down from the current 35. an announcement is expected on wednesday. the plan is also to cut tax rates from 39.6% to 35, despite earlier of for the highest earner. in finance -- more corporate investment in the face of a
slowing economy and falling return. speaking at the bloomberg india economic form in mumbai, he says the system needed to improve its financial health to support higher spending. the indian economy expanded at the slowest pace in three years in the course of fuji. >> i don't think there's any need for batting. responsive action. we are fully prepared for it. >> global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. i rosalind chin, this is bloomberg -- i'm rosalind chin, this is bloomberg. >> we are tracking all the market reaction after the german and new zealand elections. bloomberg's global market. 's joins us now. what are we seeing so far? what we seen in the initial reaction has been in the currency market. we see a little bit of weakness in the kiwi a lot of is paired
back,. it's interesting to see across flat, a lot of that coming back. we had a flat start in new zealand trading this morning. that really speaks to the theme that this is uncertainty and indeed these talks may play out for some time. for an equity investor, this means they got through that thele, and allocation for next few years with not too many problems. there isn't a sense that it is going to affect the local economy in any meaningful way. this is pretty much something that investors don't need to worry about too much. that's kind of the reaction that you are seeing so far in the markets. it's largely a transcript at this point. >> how about europe? what market reactions, the german election, angela merkel maybe on track to be a four termer. her coalition had its worst
showing since 1949, the far right jumped up very smartly. think that's a far different proposition, especially when you think about europe and its place in the global markets. is far more significant. the euro has been a player in the last couple of years, a lot of people have been buying more euro denominated markets. german equities have been outperformance, as well. look at this chart, to give you a sense of the german equity outperformance over the number of years. with this chart shows is the valuations of the taxes, still very reasonable when you compare them to the likes of the s&p 500. we may be still in the situation where people may want to allocate more to german equities, indeed some of these
big global companies invested in germany. this election result, the christian democrats in a slightly weaker position, it's ok from an investment point of view. it's not a set up for people to want to start pulling money out or risk off in a particular way. that's the setup we are seeing on the back of these elections going into global markets. of course, it's a very busy week for markets, in terms of what the central bankers will be saying. i think that's what people will be moving fairly quickly onto. >> thanks so much for that. taking a look, paul, you and i know i want to jump in with the ecb. does it make any difference to them if there's any kind of political uncertainty coming out of are many? our bloomberg intelligence team seems to downplay that. what they did highlight this week is that the zoo expectations index is coming out
. it could signal a bit of deceleration in expectations and growth, strong growth makes voters happy. further, she pulled up that chart of european inflation, i will bring it up again. inflation is still at a level where it seems, if i'm mario focus. that's my unless something really crazy comes out of, terminate you have one more thing by you -- walmart things come out of germany, you have one more thing by you. there is this interesting intersection going on between politics and the central bank on both sides of the world. we have a similar situation in new zealand, right now. the election and uncertain outcome. bill english tantalizingly two seats short of being given to govern alone without the help of
a coalition partner. it's likely he's going to need. one of the things winston peters has always wanted to see is another dollar. it didn't really even to wait as a result of that election results over the weekend. we will be keeping a close eye on the reserve bank thursday and for the first time under the leadership of the acting government brent spencer. we have the situation, we are it and a lot of other developed nations. in new zealand's case, it is within the 1-3% and. the feeling is that the first meeting in charges definitely going to be no change. once he gets his feet under the desk, it's going to be interesting to see which direction he has after that. conundrum, the fed officials were referring to it when they were talking about week inflation. week, janet yellen said
it's a bit of a mystery, after the fed meeting when they announced it will start reducing its balance sheet, leaving the door open to a rate hike in december. the median forecast is following that. -- if i can look at get it on my bloomberg. take my word for it, inflation is lagging so far below. what i was scribbling very earnestly during the break -- inflation is closer to target. the red line is two point desperate 2% inflation. the court only 1.5%. they have a way to go we're going to hear from so many officials this week later today, monday. charlie evans from chicago, neel kashkari from minneapolis said. it goes on and on. chair yellen is speaking on tuesday.
jim bullard, brian rose, -- brian rosenberg from the boston fed. of the even tell you all people speaking. when we will be talking about that chart, i think what people are listening for is more leaning towards g, we are uncertain about inflation's raid -- we are on search and -- we are uncertain about inflation. >> we are just getting news out of japan. shinzo abe is to speak -- seek a ¥2 trillion economic package plan. that news coming out of young yuri just a few seconds ago. a very large stimulus plan being seek. we are keeping a close eye on what the japanese prime minister might say in terms of calling is not election sometime this week. in a moment, the rhetoric heats
♪ ♪ >> i'm paul allen in sydney. >> i'm kathleen hays in new york. you are watching "daybreak australia." one of the big highlights in the week ahead, you heard me talking about all of the fed speakers. the focus on fed chair janet yellen. the fed can take credit for the recent bump in the u.s. dollar. will they take a victory lap? we will also be getting a fresh round of economic data. joining us to connect all of the dots, su keenan. >> the big question is the direction of the market. let's start with stocks to watch. there have been pretty big moves. individually. on friday, we saw seco holding dr. medically. this -- drop dramatically.
that will be a big focus in the monday trade. gopro also in the spotlight, it has been fighting a lot of shorts and people betting the price will go down. is prepared to do battle. six flags got a little bump on friday. many analysts say it could drop, so that will be in focus. the dollar, when we have a list that speak. bloomberg,to the what we are looking at is the stock pickers favorite chart. the s&p 500 members collation. it is sliding this year. meansstart correlation stocks move more independently of each other so that volatility doesn't bubble up. intrinsic stock correlation is a measure. these are two types of risks,
systemic and not systemic. you are seeing something that a lot of chart watchers looking at. you will notice it was very close to unchanged. they did have some slippage in the dow. oil is trading water by friday's close. what can we expect in the weeks ahead? >> let's take a look at the chart. it has been very close to 50, which is a good thing for the bulls. we haven't had a couple closers above $.50 going back to may. we got there on recent speculation, they decided to do nothing. the silence was very loud as traders would say. one u.s. veteran trader said it was a bland meeting, the fact that there was no decision, bland is very good right now. keeping prices at that 50 mark, many are saying that there's
going to have to be a movement or affirmative decision on deepening the cuts from opec going forward. in terms of what's going on in the u.s., as prices have been dropping at the retail level. -- on refinery read bound the refinery rebound recovering in the wake of all the hurricanes. hurricanes are on abatement become a, maria has tropical storm a link at the north carolina coast, out of the range of any refineries. it looks like the focus will be pretty fundamental on oil going forward. back to supply demand. much, thisu very week looks like it will be a busy one for president trump. with taxes and political agenda stopping is. the potential for another disagreement with republican leaders.
let's discuss all of that with our reporter ross presley in washington -- roz presley. it's been a big week for president trump. >> it really is. on thect to get a vote republican health care plan, possibly on wednesday. if we don't get a vote, that's bad news for mitch mcconnell and for the president. we also are looking for a tax plan that is being crafted the so-called take six republicans. it looks like that is very close to coming out. we have been getting details on that leaking out. we will also get a new travel ban from the administration later today. the current ban expires today, that could really come at any point. we will see possibly a cavalcade of lawsuits in response to that. >> let's take a look at health care reform, because it is seen
as the gateway to stepping forward into tax reform. reports are that trump is looking at cutting the corporate tax rate to 20%. health care reform is -- if are onsays no, if others the fence, is there any chance this health care plan gets through? >> we know that rand paul from kentucky, john mccain from arizona, have said that theyre no's. he things they can possibly put rand paul, willard from susan collins of maine. she was a no vote in the previous go-round. thatally does seem like bill is teetering, the hope would be that there could be a vote this week if it looks like
the measure is going down in flames. chances are there may not be able at all. president trump spoke to reporters, he got off the plane from new jersey. he kind of distance himself from health reform. he said he's moving on to taxes, so it could be that his internal numbers, or his inside information suggests that the health care obamacare -- repeal will not go ahead this week. >> bring this up today date on what happened to the united nations, north korea's representative got his time at the podium. has anything changed as regards to the u.s. north korea standoff? better,sn't gotten any but it's probably about status quo at this point. north korea's foreign minister had a very interesting 22 minute
talk yesterday. he had some choice words for the president, talked about returning the united nations into a gangster den, and quite colorful language. president trump tweeted on that, he had heard the speech, he didn't go further than that. we did see on saturday some u.s. warplanes flew in international waters, quite close to north korea. supposedly the closest they have been in. this century, which is 17 years. the u.s. military is sending a message to north korea, it's prepared to take action. other than that, no fresh developments over the weekend, really no backing down of this kind of war of words between pyongyang and washington. >> another world words that ignited over the weekend between ourld trump and the nfl,
global listeners understand -- so our global listeners understand, football is to the u.s. as cricket is to india, as soccer is to every other sports crazy nation in the world. african-american athletes that are kneeling during the national anthem, trump has called for the nfl to do something about it. let's hear about what he said later today. >> this has nothing to do with race i've never said anything about race,. , or anything else. this has to do with respect to our country and respect to our flag. >> is this something -- is this donald trump's impetuous this coming forward? in could be machiavellian saying he's got some things he may want to pull attention from, maybe he doesn't want a lot of focus on health care reform. what do you sense is going on here. ? >> it's always hard to know whether the president has an
agenda in terms of turning attention away from the russian investigation, or turning attention away from possible failure on obamacare repeal. he certainly went quite hard on this issue from friday night through to just one hour ago. to some extent, this issue plays well with his base. one of the things we are hearing from inside the white house is they think that people really support the president on this. we know most americans are very patriotic, respect the flag, stand for the national anthem, unclear exactly what the agenda is here. the issue is how much does this distract from his upcoming fights on all of the legislation he wants to pass? >> we shall see, a lot of people think it's a question of first amendment rights versus
respecting the flag. who knows, it was a conversation everybody needed to have. we shall see. thank you for taking time for us. thank you for taking time for us, we can get a round of stories you need to know in today's edition of daybreak. will brexit strivers can go to dayb on the terminal, it's also available on the mobile app. you can also customize your settings so you only have to get news on the industries and assets that you must care about. -- they most care about. this is bloomberg.
immediately. consumers, but how this is going to impact the banks? through. much it cuts in terms of the overall amount of money revenue that banks make, this is relatively small bear. one thing consumers hey is being charged to access their own money. it's a much-needed win after months of problems. >> will it be enough to appease regulators?nd there has been a lot of missteps by the banks and australia to say the least. is this enough of a bone to throw them? >> i doubt it. it's certainly going to be good news for the banks, in terms of its a while since we've had anything positive. about their banks in the headlines the overall context, in terms of the allegations of repeated money laundering bank,ties in common with
in terms of the fact that three of the other banks are going to be facing court cases or religious rate fixing -- allegedly fixing. fi haveedly raped had -- rate fixing. signu can also call it that the banks have listened and they have to do something to stall the reputations. the big four banks are crazed on monopoly in australia. this will actually make a difference to consumers, hopefully. that's a consumers and. politicians want. this will be the first move of a many to make things better for people. >> there's plenty more to come on bloomberg this morning. we had two big elections to consider. uncertainty in germany after the well. and new zealand, as we will see what the reaction is
♪ >> 7:00 a.m. in hong kong were real life for -- and bloomberg's asian headquarters. welcome to "daybreak asia." uncertain outcome in two elections this weekend. germany faces coalition talks, the far right returns to parliament. in new zealand, bill english came up just short, anti-immigrant party now holds the keys to power. >> from bloomberg's world headquarters, i'm kathleen hays in new york, it is just past 7:00 p.m. on this sunday. president trump another battle with senior republicans, this time over the corporate tax rate. as commerce secretaries in china amid heightenete