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

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>> 8:00 a.m. in hong kong. live from bloomberg's asia headquarters. the top stories this wednesday, rolling back the rhetoric. north koreaump says should come to the table, and declines to rollout direct talks. the president wants maximum cooperation on kim jong-un's nuclear plan. betty: from bloomberg's global headquarters in new york, i am betty liu. tokyo has been partying with the year high. two
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but the music may pause for a little while. we will hear from malaysia. ♪ does not seem like the party is going on today in tokyo. stars are aligning for japan. some say this could resume in the given the fact that we have seen stronger earnings, weaker yen. kuroda likely to stay in his job next year. that --e are some signs perhaps some caution ahead. while we have seen the breadth of this rally match what we have seen postelection after the donald trump win, this red is some of the stocks that are overbought.
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greater than 70 in red. we are seeing more than half of the nikkei 225, which is in overbought territory. green is where we are seeing under bought. we are not seeing much green as of late. perhaps a region when we are seeing a pullback today. betty: perhaps indeed. seems like it is the same situation in japan as you might even say in the u.s., where we have this record run in stocks. people questioning, when does that party end? certainly a lot more conviction after the snap elections and abe putting into place abe-nomics. >> stock markets across to the gulf fell after the corruption crackdown in saudi arabia, and geopolitical tensions heighten. index slumpedice 2.8%. saudi arabia arrested prominent
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investors and members of the royal family over the weekend, and blamed iran for political alleged missile attack from yemen. opec expects shale to grow faster than expected. prices helping u.s. producers as well. says north american shale output will top 7 million barrels a day by 2021, 6% higher than forecasted a year ago. opec's dilemma has been curbing its own supplies, meeting demand for its oil will remain little change. >> the oil market has undergone significant and fundamental changes. the rebalancing of the global momentumt has garnered with a number of important factors. >> into u.s., the number of business lobby glimpse -- in the
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u.s., a number of businesses proposing a 20% tax, called an atomic bomb in the draft. the house ways and means committee have supported it. it will stop moving cash to tax shelters. fear impacts on consumer prices. we will speak to steven mnuchin on bloomberg markets to talk about the tax plan 11:30 new york time. if you are in hong kong, that is half past midnight on thursday. global news powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: let's get to the market open. given the highs we have seen, no surprise we are seeing a bit of red this morning. >> the pied piper taking a break. asian stocks pausing at multiyear highs. aussie shares down to 10th of
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1%. , given theed lower slit in oil and metals. gold is up 2/10ths of 1%. the yen climbing with other regional currencies, given the dollar is slipping on the report of a possible delay to u.s. tax reform. the aussie dollar is gaining ground, but still near in october low. enforce our focus did to grow by double digits -- imports are forecasted to grow by double digits. good timing for president trump's visit to beijing. breather ontaking a concerns of an overbought market. this shows you the relative strength index for wti, hovering above the levels. u.s. oil and gas stockpiles added to the drawing to crude prices. -- to the drag to crude prices.
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you have toyota climbing after it raised its annual profit forecast a second time this year. yet pricedost is not in. mitsubishi motors following -- voters falling. switching to south korea ahead of president moon sitdown with president xi jinping, keep an eye on korean companies that have been caught in the middle of seoul's year-long spat with china over thaad deployment. thatline in purple is kapok factory. -- the k-pop factory. hyundai motors have been looking good. sales have improved considerably in the years since september, after a pretty sluggish first half. yvonne: thank you. let's get to our top story. a dramatic change in tone as the
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trump tour of asia rolls along. the president has toned down his rhetoric on north korea, and calling for direct engagement on kim jong-un's nuclear program. we saw a headline, the president has scrapped plans for a surprise visit to the dmz. let's get to our north asia correspondent in seoul this morning. not going to the dmz. perhaps a welcoming sign. steve: can you scrap a surprise visit? [laughter] he wasn't supposed to go to the dmz. he might okay, maybe go this morning in a surprise visit. record. off the now we have an on the record. now we have an on the record statement saying he was scrapping that visit.
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he was not planning to go there anyway. he will come here later. behind me is the national assembly, the parliament building of south korea. he will give a speech in the 11:00 hour local time. will he stick to the script like he did with president moon, where he solidified partnership and the south koreanshe will ga talked about the agreement on how to handle north korea, and even opened up the door for dialogue. come on down -- come to the table, kim jong-un, we should say, and let's make a deal. what will north korea do? they have been silent over the last few days as donald trump has been here on the korean peninsula. it is a bit of a break from tradition for donald trump not to go to the dmz. i did research on past presidents. bill clinton went in 1993. george w. bush in 2002. the last u.s. president to go to the dmz was barack obama and
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2012. that string, five years of no presence going to the -- no presidents going to the dmz continues. yvonne: how will this set up the meeting with president xi jinping? will that meeting be tougher than it already has been with president moon, and shinzo abe, which was quite warm? steve: it is going to be tougher, because the stakes are a lot higher. on the trade front, the deficit the united states has with south 2016.is $27.6 billion in yes, it has doubled over the last five years, but relatively small compared to japan, which is $69 billion last year. china -- [laughter] 360 plus billion dollars deficit. negotiations on that. and how far do you push china? donald trump authorized an investigation into allegations of chinese theft of intellectual
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property from u.s. companies. how far is he going to push that? keep in mind, donald trump wants xi jinping to come to their aid in trying to resolve the north korean situation. boy, we are getting some loud music playing now. i will have to shout over the din. the security cordon has increased. donald trump will probably be arriving fairly soon. yvonne: sounds that way. we will be monitoring closely. steve in seoul ahead of president trump's remarks at the national assembly, where our next guest has four years of experience in korean affairs, and express -- and expects less fire and fury. formerring in th investor to south korea, kathleen stevens. surprising about this scrapping
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of a visit that nobody even knew about to the dmz, which is breaking with tradition of former presidents from ronald reagan on. vice president went to the dmz earlier this year. kathleen: that was breaking news to me that there was thought of going to the dmz. no, i think this is a prudent thing to do, given the level of tensions on the korean peninsula, given that other trump officials have visited. he may have another chance to come to south korean. perhaps he can do in. -- can do it then. i think the white house has focused on the right thing, the must-do of his first trip to south korea, which is to reassure the south koreans of the alliance, to work together with their president not only on the defense of the korean
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peninsula, but to prevent war. >> what did you make of his softening tone on north korea? kathleen: i think he got the advisers,ne, from his both in the military and in the state department. but this is a very important relationship. it is certainly a military alliance, but it is a big relationship. there is a lot of nervousness in south korea. i don't think there has been this much nervousness in south korea than when president jimmy carter came threatening to withdraw all u.s. troops. that was a long time ago. a lot of nervousness. he rightly put the emphasis on smoothing the waters, having a very congenial relationship building series of opportunities with president moon jae-in. he made it clear in his press
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appearance with president moon, we are worried you will ignore us, have a war without us. he called it korea skipping -- he said he is not going to do that. that allows them to go to beijing having demonstrated that u.s. traditional alliances with republic of korea and japan are in good shape, then we are all on the same page when it comes to addressing north korea. page, and it strengthens his hand in talking to xi jinping about next steps to get korea to the table, to ge t to some kind of deal. i think he will press china to bring sufficient pressure on north korea to make that inevitable. betty: the president seemed like he wanted to strike a deal with north korea, saying it makes sense for pyongyang to come to the table. how far do you think the president is willing to go to get a deal with kim jong-un?
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is it feasible? kathleen: i think getting some talks going are feasible. i think there is a big question as to what precondition there might be. if the precondition is that north korea has to say, we are wrong, we won't denuclearize, i don't think they will come to the table. i think that of the will take more pressure. i imagine president trump will be looking to president xi and others to administer more pressure. -- and iis a readiness is on the if there part of president trump to look at a is on the part of president trump to look at a step by step deal -- which would probably start with stopped testing and return of inspectors, and some kind of reciprocal listing of sanctions, then i think a deal will be possible. it will be step-by-step.like any negotiation , it will not be complete within the first round or so. betty: this is the first time we
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have heard from the president acknowledging we have seen some movement, some progress when it comes to reining in pyongyang. what positive signals are using? are you just as optimistic as what the president was saying yesterday? kathleen: i don't know what he was referring to. we could take the absence of tests over the past few weeks, after a vigorous cycle of tests earlier in the year, as a sign. and north korean rhetoric has cooled somewhat, just as i think president trump's rhetoric has cooled. perhaps this opens a space. i have to hope that is the case. but i don't see any concrete signs. i think kim jong-un remains committed to what they consider a viable nuclear deterrent, along with considerable missile capability. betty: ambassador, stick with
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us. in the next segment, we want to turn to, jump's china leg of the asian tour. another u.s. ambassador will join bloomberg markets -- markest next hour. insights from his time as ambassador to beijing. betty: we look ahead to the weekend's apec summit. that is in about a half hour's time from now. this is bloomberg. ♪
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betty: this is "bloomberg daybreak: asia." yvonne: the trump tour rolls on through asia while the president heads to china after his visit with seoul. former u.s. ambassador kathleen stevens is with us. you mentioned earlier how president trump is coming into beijing with a more strengthened hand, so to speak, given that he
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has seemingly tried to calm his allies when it comes to north korea. set us up for what will happen in beijing. earlier to theg asia society earlier, saying there will be a difference publicly what is set on cameras compared to what is set behind closed doors. kathleen: i imagine on trade issues that will be the case. with north korea, probably so too. my own suspicion is that president trump will, behind closed doors, push very hard to fusion pain -- to xi jinping to do something dramatic when it comes to north korea. for example, coming off oil exports. -- cutting off oil exports. president trump may want to make the case that something like that may be the final
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pressure china could take in concert with the rest of the international community, and demonstrate he is ready to sit down at the table. maybe he has some ideas in his pocket about the outlines of the deal . i am sure that the chinese have some ideas about not. afreeze for a freeze, negotiated peace treaty and so on. i imagine there would be some discussion about that. if there is some type of peace treaty then, what that disrupt relationships with some u.s. allies, with japan and south korea? we have heard from south korea -- a pretty rocky political relationship earlier this year over the deployment of thaad. there is a shift in global dynamics when it comes to where president trump wants to align himself with his allies. kathleen: i think it is too
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early to say net. president trump has sent over in the course of his presidency some pretty mixed signals about whether he is looking to have a special relationship, what used to be called a g2 relationship with china, or whether he wants to take the more traditional american foreign-policy approach, relying on our alliances and that web of partnership around asia. they are not mutually exclusive, but it is unclear about how he will balance that. in respect to a peace treaty on the korean peninsula, this has long been in the works. with north korea's nuclear advanced, ando its determination to keep it seemingly being so strong, the approach of the united states and other countries has been we cannot talk about these things advanced, and its determination to keepabsento denuclearize. curious, because he
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has gone on the first two legs of his tour, you have seen how these trips are done -- how do you think the chinese have viewed what has happened in japan and south korea? how do you think they will leverage that when trump arrives in china? kathleen: to some extent, the chinese might be somewhat encouraged that president trump has taken a more conciliatory aproach, seemed to pivot little bit anyway towards the notion that we might be approaching the time for some sort of engagement with north korea. when it comes to hosting him, the chinese are master hosts. i think they will have no problem compressing president trump. i think he is already impressed with the chinese miracle. betty: they will roll out the red carpet. really quickly on the trade
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front, do you think president trump will be able to make any headway? if not getting them to lower perhaps more market access for companies? kathleen: we're talking about with south korea? betty: excuse me, with china. kathleen: with china -- i don't perhaps more market access for companies? know. i think there will be some emphasis on announcing some deals. again, if japan and south korea indicate anything on this trip, it is that he has put a big emphasis on american defense sales and manufactured goods. our defense relationship with china is a bit different. he mayknow. be salesmen in chief, would be my guess. betty: thank you so much, kathleen stevens, former u.s. ambassador to south korea. many more stories you need to know to get your day going in this edition of daybreak.
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yvonne: let's get a quick check of the latest business flash headlines. snapchat's parent dropping like a stone in extended trade. revenue coming in under $208 million against an expected $235 million. at 178 million the number of active users was below forecast
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of 180 million. snap added to the gloom by only gaining 3 million new users in the three months since september, seeing the price per adof 180 million. snap added to the gloom by only gaining 3 million new users in the three months since september, seeing the price per ad fall 60%. betty: first quarter on audited cash profit rose to 2 billion billion -- 2 billion u.s. dollars. of 180 million. snap added to theequal to 11 baf gross loans. that is down from 16 basis points last fiscal year. australia focuses on cost cutting and selling non-core assets. yvonne: singapore airlines profits most tripled last quarter, fueled by rising passenger and cargo traffic. it warns of challenges ahead in key markets. net income in the three months to september up from $48 million a year earlier. revenue climbed 5% to 2.8 billion u.s. dollars. this time last year revenue plunging 70%.
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up next, investors don't seem to be cheering the latest move. why a dispute with shareholders saw the company stock tumbled more than 6%. this is bloomberg. ♪ who knew that phones would start doing everything?
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betty: 8:30 in singapore, i have hour away from trading. -- ah half hour away from trading. dark skies, reflecting what we are seeing in the markets. betty: makes you want to end the week and get to the weekend with that weather. you are watching "daybreak: asia." >> president trump has turned down his weekly rhetoric on north korea. he now says the regime should make a deal on its nuclear program. mr. trump declined to rule out direct talks. his comments in seoul contrast directly with his fire and fury
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comment earlier this year. the president says he is open to engaging with pyongyang to strike a deal that is good for north korea and the rest of the world. china reports october trade figures later. risen 7%orts have year-over-year, down from 8% in september. observers say china's fundamentals haven't changed. external demand remains strong. yuanweek yuan -- weak provides support. the catalonian former president made his first public appearance since being apprehended by a belgian court. he said he would continue the fight for independence. he challenged the european union to take a position on jailing of 15 separatists. if belgian authorities decide to extradite him, he could face 15 jail on- 15 years in
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charges of embezzlement. united bid farewell to its latest jumbo jet, the iconic 747. the plane made its debut in 1968 to carry more people. the final flight from san francisco to honolulu. the flight will be retired to the so-called aircraft graveyard in the mojave desert. thea is not the only -- now only aircraft carrier to fly the 747. 120nalists from over countries. this is bloomberg. betty: there has been a bit of a retreat when it comes to equities. tohie: that gloomy weather match the gloomy mood in markets. oil enthusiasm is petering out. asian stocks are set to snap a
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two day rise. the dollar is sliding along with treasury yields, amid reports of a delay on u.s. tax reform. gettingan yuan not brought along for the ride. in may only be a matter of time before the currency touches the year high. yuthis has been the line in the sand for the bok. bank maythe central not be willing to defend it with donald trump and the reason. donald trump in the region. that expected rise in the reserve in october. donald trump's this is expected to add to the bullish outlook of the yuan. to continue to slide in chinese bonds addington outlook. widening yield gap between the u.s. and china. that could point to a stronger revenue beat. that line in blue, the yield spread. yvonne: cnet shares tumbling --
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in new york. beijing-based owner made the move after an attempt to install independent directors on its board. let's get more from bloomberg's tech reporter david greenlee in beijing. what happened directly? how was this transaction made? hisd: new wave has been holding company, the vehicle through which he held 20% of the company. essentially, he now runs the company with 55.5% of the voting rights. betty: does that mean essentially this stamps out any kind of ability, not only from active investors, but anyone to introduce outside directors to sina? david: that is correct, it does.
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thatis quite amazing is they are very unapologetic about that. child made it clear on the chao made that-- clear on the earnings call. they think proxies are disruptive to shareholder value. their move is to totally destroy them. anyone that tries to bring a measure against the wishes of the board, and effectively against the wishes of chao, will find themselves almost immediately out of luck. betty: what does this mean for active investors in general in china? we have seen pushback from ceos, these active investors don't understand the china market like what we do, what management would know. what is next, at least? david: it's hard to say what is next. essentially, it's almost like a battle of philosophies, isn't it? you have american shareholders
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used to having activism, having the ability to essentially change the direction of their companies through measures like this. and chinese companies in america looking for capital, not looking for that level of guidance from american shareholders. this is basically what we have seen not just in chinese company, but also in tech companies, where ceos decide that they know best. yvonne: looking to be a pretty messy situation. our tech reporter joining us live from beijing. we will be watching the debut of tencent's unit. china literature sword in the gray market -- soared in the gray market. let's get to our asia technology managing editor, joining us live from tokyo. tell us a little bit more of the business of china lit. it is kind of like a candle app -- a kindle app, so to speak.
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>> that is right, it is similar to the amazon kindle. 200 millionound active monthly users. it is similar to the games business that tencent has, where you can pay to read a few chapters. it has been a growing business and they are raising this capital because they have ambitions to expand not just within literature, but they would like to expand into other parts of entertainment. tencent has big aspirations to build a model similar to disney or marvel, where they have games and movies and literature, all sorts of content people can look at. yvonne: looking at investor demand, we have seen oversubscribed multiple times already with this ipo. what are they buying into? is it more in the proxy of tencent, or the literature side
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that we are seeing grow in china? peter: tencent will remain a significant hand in this business. demand was quite strong. they priced ipo shares at the top of the range. a note of caution -- those volumes are cut quite light. it is not sure what will happen when the real trading starts today, but you are likely to see upward movement in these chairs. the business is promising. it started to make money this year. they will make some investments. they have high hopes to be able to grow this business going forward. that will fit into tencent's powerful ecosystem. tencent runs the most popular messaging services in china, and that has been a great driver for growth in games. they should be able to use that to market these literature products, moving products, whatever they want to. that will fit intoit has been al for promoting all sorts of
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businesses. betty: tencent seems to be spending many different areas. -- spanning many different areas. now driverless cars. what is that about? peter: [laughter] spending many differentthis is . there are many companies jumping into driverless technology. our reporter dug out this scoop that tencent is jumping into the driverless car business also. it is not clear what competitive advantage they think they have. they have a stake in tesla. tencent also has an interesting business model. they let teams run after ideas that they think is worthwhile. there are a lot of skunk works projects going on. this had come from the bottom up. it is not clear if they will develop was into a significant business at this point. it is interesting they are willing to experiment in these new areas. betty: everyone getting into
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driverless cars it seems these days. echnologyberg t editing. transpacific partnership. withll be live in da nang the asian pacific secretary executive director next. this is bloomberg. ♪
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yvonne: this is "daybreak: asia." betty: trade talks, especially the tpp, are topping the agenda as world leaders get ready for the apec summit in vietnam. the malaysia trade minister tells bloomberg there is growing momentum towards the tpp without the u.s., but is not convinced such a deal would be as effective. think as we all know, it is
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common sense -- tpp with the tpp has more value than the without the u.s. point number two, some aspects of tpp might be u.s. centric in the sense that the u.s. and some countries might have a lot more say in some of the provisions. the u.s. is not part of that, so it makes sense. it is logical that some provisions would have to be discussed. >> what would it take for malaysia to agree to tpp? >> we would have to have an assessment of benefits and costs. throughout this process we will be looking at the cost and benefits. partly we went into tpp because of the excess of the american market, but canada and
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mexico. for malaysia, one motivation for fact go to the tpp was the --t we yvonne: that was malaysia's trade minister speaking exclusively to bloomberg ahead summit.pec summit. let's cross over to da nang, w here we are standing by with the man who heads the apec secretariat. so many different views on trade policy at the moment. linda: trade front and center at this apex meeting, the backdrop of negotiations getting tougher for economies to find common ground. good to have you with us. we know that trade is gaining
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momentum, but is it enough? what are the prospects for trade in the next 12 months? >> not bad actually. we are getting more growth than we have had for quite some time. prospects are pretty good. i don't think we will see a massive trade them. merchandise trade may have already plateaued. electronic trade, absolutely. that is what we're talking about now. much more digital commerce than we have seen in the past. haslina: we know china's growth is gaining momentum, poised to grow at 7% in the second half of the year. alan: of course china makes such a difference because it is so big. some chinese traders are moving inland as well. som movee from regional supply chains to domestic supply chains. driverill still be the around the asian pacific. haslina: aipac is trying to -- apec is trying to deepen its
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regional corporations. what are the prospects for that? this is the first time trump is making an appearance. he has pulled out of multilateral trade agreements. what does that mean for apec? alan: we will keep pushing ahead. i think it is a bit different from some organizations. wto with regional trade agreements -- it is not a legally binding agreement. therefore, he could be more important as things like nafta and wto come under stress. it is a group of economies coming together to help improve links. we try stuff out. be part oft want to deal, you can be in pathfinder and do it that way. it becomes more important in this sort of environment,
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because it is not legally binding, not a bilateral dispute resolution. we all want more trade. the u.s. wants more trade. haslina: what message would you like president trump to deliver at this apec meeting? alan: we would like to get clarification on his trade policies. we would also like to see him recognize the importance of continued multilateral trade. the whole region has been such a huge driver of growth, and improved the way people live. we know domestically there are issues about who gains and who doesn't gain from that. the big picture remains the same. haslina: what risks to trade do you see in geopolitics? alan: absolutely there are geopolitical risks. there are protectionist risks at the moment. we are not seeing the numbers changing yet, but there are risks around that. relationships are always important. there is the usual possibilities of extension of credit and
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tightening of monetary policy. haslina: tpp is not on the official agenda at apec, but something everyone is keeping an eye on. is there a chance a deal can be pushed through this weekend? alan: absolutely there is a chance. it is half of the apec members. tpp 11 announcement would be quite a boost around the region. we are open to new interims as well. haslina: how could a tpp 11 wor k? we have canada say in just a few days ago tpp 11 announcement woe quite a -- wanting to renegotiate terms of the tpp agreement. we have malaysia and vietnam also reviewing the tpp. how can tpp 11 be pushed through? what will it take? alan: there has been some renegotiation going on.
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on one hand, partners don't want it all up again. on the other hand, there are latent stages of the negotiation where they don't need to keep them there. there is negotiation, and they will need to work it out. in general, it will be ratified even if leaders agree it is not the end story. it has to go to all leaders for ratification. haslina: where are we in this financial crisis? some would say we are at the turning point. it is a slow recovery, but it is a recovery. i think regionally good, but nothing really scintillating. china, whatart from willries do you think
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participate in this recovery? alan: we hope they all do. in vietnam, they know trade and growth is important. they are on the lower cost end of supply chains. exporters, chile, malaysia, so on,alan: we hope t. have reasonable conditions at the moment. others like the united states and japan have gotten more competitive. haslinda: to some extent countries in the apec region are taking two steps forward and -- one step forward and two steps back implementing nationalist policies. alan: we are always concerned about that. we have generally heard quite a lot of talk from officials about the importance of trade as a driver. i don't think any of the do notes want to see -- want to see trade continuing to grow. all still see trade as the
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driver of growth. haslinda: we have to leave it there. bollard, executive director of apec. the meeting continues throughout the weekend. betty: trade continuing as you mentioned, continuing to be the big driver of growth. you can always find in-depth analysis on the day's newsmakers, like what we just saw on bloomberg radio. you can download the app bloomberg radio plus or access it the of bloomberg radio.com. bloombergradio.com. this is bloomberg. ♪
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yvonne: this is "daybreak: asia ." betty: a quick check of business headlines. a business investor under pressure, losing billions on a drug company. his stake in a burrito maker went soft. adp shareholders have rejected 3 board candidates proposed, ceo carlostory to rodriguez, who has called ackman "a spoiled brat acting like a used car salesman." >> i have never heard from an angry shareholder. every shareholder we met with -- we met with as many who would
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meet with us. we spoke to the top shareholders. every one of them said we did incredible research on the company, that has opened their eyes on adp. is anhet contest inherently healthy thing for shareholders and management teams, because it gets everyone to focus on the issues. yvonne: a chinese logistics provider -- the alibaba backed company raised $450 million before its september ipo. the ceo plans to break even as early as next year. he told bloomberg it is targeting one particular u.s. company for its ai and robotics, but would not name names. >> they are doing very good in artificial intelligence and robotics. we are thinking about using this technology in warehouses. -- usingl companies
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technology, especially in a busy season, reducing labor so you can have faster packing and things like that. yvonne: toyota shares are trading higher in tokyo after the carmaker raised its annual profit outlook, announcing a $2.2 billion buyback. full-year net income of $17.2 billion, up 11%. nomura says toyota is its top pick, saying its self driving battery and technology has not been priced in. betty: let's look at how markets are trading. we are seeing a retreat when it comes to stocks. given that we saw in the nikkei 225, this225, this rally the hit since 1992, we are seeing a bit of caution moving forward. shares down 164 points on the nikkei.
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we saw more than half of those stocks in overbought territory. dollar-yen seeing a bit of strength. yvonne: a little bit of air taken out of that rally in japan. it is the same over in south korea. underway,ust getting down marginally 1/10th of 1%. the korean yuan weakening just slightly against the u.s. dollar. yvonne: we are still maintaining some momentum in australia. we are still above that 6000 psychological level we broke yesterday, the highest level we have seen since the financial crisis. to -- china trade numbers will be in focus later on. as we look ahead to president trump in beijing later this afternoon. rishaad: we have the former u.s. ambassador to china, a rought
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ride from the chinese authority. we are talking about what he needs to talk to beijing about, donald trump wrapping up that visit to seoul. we have a former trader minister from south korea joining us as well in an hour and a half. looking at what you need to do to renegotiate free trade. betty: there was no mention of it during his time in seoul. rishaad: just over an hour away from that. betty: that is it from "daybreak: asia." stand by, this is bloomberg. ♪ that is it from "daybreak: retail.
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