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wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. it is our responsibility, zuckerberg defending facebook. critics demanding more protection has senators ask whether facebook can deliver after failed assurances. in five hours of testimony, lawmakers warned to make sure that the dream does not become a nightmare for users. i am haidi lun in sydney. rishaad: i am rishaad salamat in hong kong. trade high on the agenda as washington and beijing dialback the rhetoric. investors like that idea.
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this is "bloomberg markets: asia." certainly this session on xiday, a lot of liking of jinping's speech at that form, not so much this time. zuckerberg,m mark but that rhetoric has been dialback. does donald trump actually say xi jinping blinked, or does he double up on what he has been doing? haidi: at the moment, it seems like a love in with those conciliatory remarks followed by the responsiveness from president trump, saying it is
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good they are seeing some movement when it comes to trade negotiations. we are waiting on some key inflation numbers out of china, 30 minutes away from the open. let's take a look at markets coming online. we saw that optimism overnight from wall street, not so much in asia? when lookingo much for direction, but the open and taiwan, stocks rising. heavyweights reporting margin sales numbers. there is inflation data to consider come march cpi less than forecast. , malaysia stocks seeing gains. ,ndustrial output due at noon expected to pick up in february. the sei is up .5%. singapore exchange shares after it is to listed new indian
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equities derivatives in june. inflation top of mind. we are waiting for chinese cpi and ppi this morning. jack japan consumer prices rising 2.1%. s&p futures gauge up by .4%. stocks in tokyo have swung to losses, now marginally lower as the yen firms. aussie shares halting a two day rise. the latest consumer sentiment reading indicated pessimism that could have implications for rba policy. won on pulling up the board to check in on cosco shares, goldman sachs saying buy in after the stock has fallen since february. consensus earnings estimates on the rise for cosco.
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-- posco. j. front retailing sinking after profit guidance missed estimates. softbank rising. haidi: let's get you caught up to date with first word news. paul allen in sydney. rose strongly as mark zuckerberg defended his company and agreed the data sharing scandal is facebook's fault and the company is responsible for content on its platform. he added the social network must take a broader view of its responsibilities. crisis experts say zuckerberg appeared shaky at times, but overall did a good job. >> there is a common misperception that we sell data to advertisers. >> you clearly rent it. forhat we allow is advertisers to tell us who we want to reach, and we do the placement.
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house has been advised that president trump has the authority to fire robert mueller. the president complained again about the russian investigation after fbi agent's raided the offices of his personal lawyer. he said it was a disgrace and a attack on the country and "we will see what happens." senior republican say it would be political suicide to fire robert mueller. u.s. and chinah broken down after china demanded that rushing to and curtail support for high-tech industries. china rejected the request to stop subsidizing businesses. sources say beijing offered to never rode the trade deficit by $50 billion by importing more gas, agricultural products, memory chips, and luxury goods. could face banks higher capital requirements under a proposal from the fed that would be the most significant update and acted after the financial crisis. the central bank is considering
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a stress capital buffer, which could increase capital requirements for the largest lenders. however, it deletes a party have enough of a cushion to clear the proposed harder -- hurdle. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. thank you for that. our top stories, facebook ceo mark zuckerberg defending the company's values before congress today. the ceo ofnow is trade association digital content. dave one done and dusted for mark zuckerberg. how do you think he performed? >> the general sentiment is he probably performed pretty well, especially for the broader public watching it. he was apologetic and got out with any big issues. -- without any big issues. investors --
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haidi: there is a serious concern whether regulations will result in facebook having to change its business model. >> that is the key issue, to get to the business matter. we did hear questions about how facebook collects and tracks data across the web to target advertising. that is 98% of their business. is they do notm align with consumer expectations . as much as there is pressure to change that, it will be an issue for the business. haidi: there have been a lot of apologies, and that was the sentiment coming from the senators speaking, saying the time for apology is over, just fix this. is facebook capable of fixing this? again, their underlying problem is their business does not align with consumer expectations around data collection.
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do not70% of users expect them to be tracking the browsing behavior across the web , and they do that as a part of their business. to betterix that align with consumer expectations and what users want? that is a business challenge. jason, five hours of testimony in a but what did we learn? >> we did not learn that much. we had four minutes or five minutes person at her. -- per senator. we heard the same talking lines we have heard for years. we don't sell your data come although they give access to that data. we learned their business is about targeted advertising, and that is core to everything they do. we learned there is a gap and trust growing for the business, but i don't think we learned anything strike he or -- striking or new. thesenator listed all
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things that mark zuckerberg failed to answer, and that was an interesting moment. was a lotason, there of talk about privacy laws and how they can be enacted. to having loster such as that in view of what was said? >> based on what we heard today, absolutely not. that is a real problem here. we have in europe new laws that go into enforcement may 25, the data protection regulation, so europeans will be protected in a way they long desired. in the united states we are nowhere closer and we have a public sentiment that is a bipartisan concern, but we are nowhere closer to actual regulation or even self-regulation that matches what consumers really want. think one other thing important to remember is we saw the visuals today, a ceo and one of the wealthiest men in the world sitting at a table
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testifying, but we still have 37 state attorney general investigations that will happen, and ftc investigation, the ukip investigating, so this is only the beginning of the story. ico investigating, so this is only the beginning of the story. theaad: it has thrown up notion of our data and how it is used. perhaps we were blasé about it. is there a groundswell that this really matters now? >> there is definitely a gap in trust. there is data out of the research kind, in the past year that shows that it matters. we have to constantly remind ourselves that there is this trust happening around facebook well before this cambridge analytica blowup in the past month and a half with them, and so we are seeing underlying trends that are bad for facebook's core app.
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their usage has been down since last summer. one thing we did not hear to date that is important is we never heard about instagram. allowed to buy instagram and we heard no discussion on instagram. i think facebook has been doing a good job keeping instagram and that whole business, which is a huge part of the growth come out of the mud. about not talking implications of having instagram, right, but i am curious as to whether you think are we likely to see a different model for facebook in terms of having an at-prepayment model, even though he always said there would be a free version of facebook. >> that is a talking point we have heard from big tech and silicon valley for the last decade. usyou don't allow us to keep a doing what is often called
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surveillance business model, pullback, we will have to charge you. that is not a real proposition. and we have to remind ourselves that they had $20 billion in margins, $40 billion in ad revenue. there is a lot of gap in which they can make changes before they would ever think about trying to charge users for the product. haidi: great to have those insights. coming to us from washington after day one of congressional from mark zuckerberg, over five hours for grilling, and back for another day before the house. today was just the first day of the testimony to congress. you can catch up on day two on bloomberg television from 10:00 p.m. tonight, 10:00 a.m. wednesday in new york. -- in hong kong. the trade tensions between the u.s. and china, business leaders
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and investors have welcomed renewed pledges by xi jinping to open up sectors from automobiles to banking. in this speech we heard yesterday, the keynote address from xi jinping, drew praise from president trump, temporarily seen easing this ratcheting up of trade tensions over the past few weeks. tom mackenzie is in beijing. or peoplerning point, have been calling this a game of chicken, right, so what happens from here? certainly the rhetoric has been dialed back by the two leaders. that is a positive overall for trade tensions. the key issues remain unaddressed. president xi jinping outline proposals that do address some key concerns of trump and his team around the automobile sector, financial services, intellectual-property
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protections. president xi jinping said the chinese would be bulking up ip protection and make greater efforts to draw in imports, but none of the policies announced were new. what a lot of investors and china's trade partners will be looking for is how these policies will be implemented, the timescale, and what the implications are going to be of these proposals, so that is what they are looking for. remain to bes that addressed, the talks ongoing between washington and beijing broke down last week when the u.s. demanded that china stop supporting its made in china strategy, stop supporting sectors around artificial intelligence, robotics, and electric vehicles. china is saying it will have to be the u.s. that initiates a official talks.
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unaddresseds remain and there is more work to be done. rishaad: from what you are saying, the mood music seems to have changed there. the question is what are we expecting out of the forum today? the key person to watch is the pboc governor who has recently taken over that post. he is speaking at the moment on a panel with our editor in chief john mickelthwait. the pboc will continue to maintain a prudent and neutral monetary policy stance. we will be listening to see if he says anything about the fx xiime and any pledges jinping made yesterday, pledges we have heard before, and certainly big investment banks on wall street will want to get more on that.
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interested about the rate regime, saying we will be more market oriented. he has said in the past that he wants to see markets opened up gradually, so that continues to be a focus of the pboc, but they have also said they want to ensure that risks are tackled first, then of course the focus on the deleveraging campaign. for moree listening comments out on that as the pboc governor is speaking now. haidi: thanks for that. forum, be back at the the pboc governor of course making his first comprehensive remarks on monetary policy since taking over at the home, saying china is ready for normalization of global monetary policy, but domestic monetary policy will remain further prudent. no doubt he will be asked about the risks facing the chinese
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economy, the effects of the deleveraging campaign and how that will play into growth. we will get another look at that as we get march inflation numbers as well and just about 15 minutes time. in the meantime, you can catch ,ll of this live on tliv commentary and analysis from bloomberg's expert editors as these comments come through as the question session continues. .lenty more to come this is bloomberg. ♪
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haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. rishaad: i am rishaad salamat in hong kong. this event taking place here. malaysia and employees funded
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one of the biggest pension funds, over $200 billion in as that. we are here with a person from .he epf we have all this talk of trade tensions between washington and beijing, seemingly dialed back. just a quick opinion on what is happening? >> what we are seeing is more volatility. we are seeing appreciation of the fact there is more risk in the markets today. 2017 was a sanguine year and people were complacent about the equity markets. the valuations being at 2018, the market was right for volatility. rishaad: has it changed the way
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you are investing and looking at things in a different way? >> it has not changed our long-term outlook and strategy. we are driven by what we perceive to be more volatility. we are reinvesting in different cyclical sectors we believe will volatility-proof, especially for that is drivens by returns and cash flows. to invest in sectors and industries that fit our profile. rishaad: i want to pick up on the malaysian election coming up on may 9. it is a wednesday, and that is -- it is only weekends, elections in malaysia. >> it is not unusual. if you look at different anisdictions, having
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is notn on a working day possible because everyone has to get time off to workers by law, so you are seeing companies trying to formulate policies in terms of allowing our workforce to take time off. important is this election for the malaysian economy? >> from an economic point of view, they are glad we have reached this point. we have been talking for this election about a year now. it has been a big overhang on the market. it is good to see it come together. by may 9, you will have a settlement of the policy disputes going on in the current government. are currently pricing in a continuation, which is a victory for the current government. rishaad: is that the way you are
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perceiving it, not changing in terms of investing? areost of our investments not driven by political events. in malaysia, we are big in core infrastructure, basically cash flow to live in methods and those businesses and assets will perform day in and day out. there will obviously be some feedback on some issues when it comes to more sensitive sectors, and when it comes to obstruction , which is more politically driven. we have seen in the past where governments have changed hands in malaysia, then things come back to normal again. rishaad: great eastern in malaysia, where argue with talks on buying a stake there? the foreign insurers in
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malaysia are under a mandate to dispose of a block. we have been talking to several insurance companies. discussiony complex given that these are businesses with lots of moving parts. we think we are on the path to reaching some tentative agreements. we have a deadline. rishaad: you are talking to other insurers? >> we are. when the deregulation scheme came into force, all the major foreign insurance companies came under local laws, so it is very complex where institutions like ourselves are engaged on multiple fronts with discussions with insurance companies on the possibilities, but we will have to make a decision on which one are two we want to do a
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deal. rishaad: you have exposure abroad of 32%? >> roughly 28%. it has been an interesting journey. 6%, andonly running at this is a fund which grows by 11% every year. basically looking to keep investing overseas in different markets. rishaad: which of sectors are you looking at? tell us whether it is the growth or value side of things. i know it is a long-term view you take. >> it is an even mix between value, cash-flow driven investments, and growth. here in asia, for instance, we are exposed to growth in china and the north asian economies. in developed economies, it is cash flow driven focus given that we prefer those sectors. we try to always balance the
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dividedportfolio and equally between the balance of growth and cash flow driven equities. rishaad: where does the dollar go till the end of the year? itt?ersus the ring >> we are tightly bound in the toge and will be trading up 390 and should be in that range to the end of the year. rishaad: thank you so much. fund inoyee property asia, talking to me here at the bloomberg form taking place. other guests from this forum throughout the day. at 10:40,ead, talking morgan stanley china chief executive joining us, as well as a look at what is going on in health care. jeff chan. coming on a more
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date when trade tensions are darling back a little bit. this is bloomberg. ♪ welcome to the xfinity store.
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haidi: we are monitoring the session underway, including the pboc governor talking about the opening up of the chinese economy and structural reforms and in leveraging campaign and how china is planning to react along with the tightening of monetary policy globally. this is a panel being moderated by john mickelthwait. part of that panel, we will hear from the boj as well is the amp ceo craig miller, among the panelists there, of robust discussion. taking a look at what we have
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been hearing from the pboc, domestic and foreign capital will be treated equally as part of this opening up and caps will be removed from the financial sector to allow foreign banks to serve their headquarters and branches in china, to greatly open up financial markets, so a great deal of emphasis there, picking up on the sentiment of xi jinping in his speech a day, talking about the willingness of china to open up. let's get you across these chinese inflation numbers. tom mackenzie taking a look in beijing. let's zero in on the ppi number below the surveys 3.1% increase in ppi versus the expectation of 3.3%, so suggests you are seeing a gradual slowdown in this industrial reflation policy. it is not a big surprise given we saw softness in the metals
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price for the mantra mark, particularly copper, steel, and iron ore, so input prices have soften and industrial ppi have come down, missing expectations. 3.1% in march versus february 3 .7%. numbers of cpi, that missing the expectations as well, coming into .1% increase versus 2.6%. a saw 2.9% in february, from pretty low base. that was largely down to food prices. target for the pboc is around 3%, so well below that number. the pboc reiterating that monetary policy remains prudent and neutral.
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if the cp numbers had been higher, it might have thengthened their -- cpi numbers had been higher, it might've strengthen their hand. keepingl want to be largely in line with what has been happening with the fed. he said he is not concerned about this rate differential with the fed. ppi three point 1%, missing surveys, cpi 2.1%, this is the month of march. haidi: thank you so much for that. more analysis in a moment with comeso stay tuned for that a very significant given that march is the first month we get without distortions from chinese new year. asian development bank has released its latest economic report forecasting gdp growth of 6% across developing asia in in8, easing back the 5.9%
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2019 compared with the 6.1% expansion last year, but china looking at gdp to expand six 2019 3% this year, 6.4% in and saying most asian economies are well-positioned. oil prices are edging up and consumer demand remains robust and growing. inflation picking up after dipping slightly last year across developing nations in asia, but the risk clearly to protectionist measures, retaliation could undermine the recent pickup and trade growth. also pointing out a response to the fiscal stimulus to be expected to continue from the trump administration, saying the fed may need to raise interest rates than expected. that will clearly have a reaction when it comes to the capital flow nature of things in asia. more analysis on that on that 11:30 am hong kong time,
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1:30 p.m. if you're watching from sydney. shanghai and hong kong markets opening, a slight miss when it comes to inflation numbers out of china. let's take a look at the reaction on the markets. and thatome more pep bounds when it comes to mainland markets come us shares rising for a third session, stocks rising for a fourth day. i on then offshore won. the pboc strengthen the daily fix by a touch. check out the hong kong dollar, a whisker away from that 7.85 handle against the greenback. that will be closely watched as well. looking at hong kong, consumer stocks leading the advance on
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tuesday, but now under pressure. they may be on the move after the commerce ministry said first-quarter retail sales may have risen 10%. the official data is due april 17. we are also watching auto stocks. has pledged jinping to cut duties by half. to tariffs on u.s. petrochemicals, cicc reckons it will help producers. you have energy shares leading the advance on the hang seng with petrochina and cnooc the biggest boost so far. sophie, that speech by xi jinping sparking that big as though it seems has not had legs, has it? the stock darlings of that speech are deflated now. at one we are looking
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stock in particular. checking out this chart the terminal. investors have piled into shippers come approach builders, and rubber makers in anticipation it would become a duty-free hotspot, but were disappointed when president xi jinping did not offer details for any such plans. stocks look to be continually under pressure today. thank you very much indeed for that. let's find out what's been happening on capitol hill. overs testimony lasting five hours. let's get the story from paul allen in first word news in sydney. facebook rose strongly has mark zuckerberg defended his company on capitol hill.
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he agreed the data sharing scandal is facebook's fault in the company is responsible for the content on its platform. social network must take a broader view of its responsibilities. crisis management experts said zuckerberg looked shaky at times, but overall did a good job. a commonis misperception about facebook that we sell data to advertisers , and we do not sell data to advertisers. >> you clearly rent it. is for we allow advertisers to tell us who they want to reach, then we do the placement. >> russia has vetoed a yuan resolution that would have condemned last weekends suspected poison gas attack in damascus. it also would have established a new body to determine who should be held responsible for chemical weapons attacks in syria. favor, lydia13 in joining russia in voting no, and china abstaining. an issue that
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more time or consultation could have resolved. at a certain point, you are either for an independent or impartial investigation, or you are not. thousands of separatists rallied in barcelona to support a group that organizes protests linked to catalonia breaking away from spain. seven people were arrested in a crackdown on disturbances such as blocking roads and train lines. it is believed to include the leader of the group demanding independence and was formed last year to defend the band breakaway referendum. a group isggling hn postponing a sale. this about two weeks after abandoning a similar plan for gate group. the ipo was announced in late january before the recent surge in volatility. it says it is being shelved due to market conditions. hna hopes to raise $16 billion
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in the first half to pay down massive debt. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. haidi: china has released its march inflation numbers, a miss on the consumer and producer price side. let's take more analysis with our guest. i want to throw up this quick chart. it shows this trend, particularly factory gate prices. we have come off the highs now. that ppi number for march with the lowest since 2016. what are the negative corporatens for profits as well as paying back to that debt burden for some of these companies. think there are two things that should be taken away, the cpi surprise to the downside help to narrow the risks as we
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up because ofg chinese tariffs on u.s. goods. market fears about higher interest rates, especially benchmark rates, that can shake thatts and help to cap risk. cpi was in line with what we expected. we are expecting ppi to come down because it is from a higher base last year and commodity prices are no longer accelerating as quickly as they did before. the doesn't bode well for higher stream players. the mid stream players have more room to breathe. as they pass on the higher cost, because the input costs are no longer rising as quickly, maybe that will affect margins and supported.be bu do these numbers fit in
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with the picture of slowly but steadily moderation of growth for china? at first glance, yes. we don't have the full of they -- update yet from march of the first quarter. we had strong numbers for january and february, but looking at high-frequency data for march to just q1 will be moderating gently from the last quarter of 2017. our expectations for china's economy to slow modestly to 6.6% remains in play. i want to get your views on these comments from the pboc now at this panel underway. is of the things pointed out that as a lot of analysts have been saying, that the structural imbalances in terms of the trade deficit between china and the
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u.s. are just that, structural. is this a point that washington kind of understands and does it underlie the problematic aspect of using tariffs to get to a trade balance? washington is well aware of it, but understanding is different from prioritizing it or letting it interfere with your priorities. terms of the u.s. administration's priorities, it is clear they want to narrow the trade deficit to that is something we always thought was the case amongst the government hawks, but more details about section 301 and potential products on what the u.s. tariffs might hit. it's interesting that did not include computers, laptops, cell phones, which are the biggest culprits behind china's gaping deficit with the u.s.. did emphasize of the
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advanced manufacturing sectors that may benefit from china's made in 2025 campaign. , it is meant to replace china's -- place china's high-tech in a position to compete with the developed market counterparts. thinking may also be guided by this desire to preemptively address the rise in competitive threats from chinese advanced manufacturers further down the line. the pboc was also talking about markets in the future determining rates, no timeframe here. that is similar to xi jinping's speech yesterday, lots of promises, many repeated, but no timeline. did these reforms have to be an to sooner rather than later now in your view. >> i think chinese policymakers
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are well aware the risks of doing it too quickly or to aggressively far outweigh any potential benefits of doing so. china has already been engaged in a deleveraging campaign for more than a year. we have seen money market rates and interest rates in general rise significantly higher than 2016 levels. a lot of that is still to an extent guided i the government, but also can heard 25-10 years ago, there are a lot of market for simply, so they have advanced significantly. i think the gradual liberalization of china's interest rates will continue to ensure the stability of the monetary system and monetary conditions at home, which in turn has much needed to provide a stable platform on which all of china's other crucial ongoing
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, soams, supplies of reform reform, etc., can be managed at home, so they are often committed to the course. the fact it has been flagged by senior officials is clear, but i don't think that is the case. countries have commonl seen what has happened in the past good they are right to take the time, i just, fine tune measures as market conditions changing necessitates. mentioned the supply have side reforms. let's go back with the ppi data out, slight miss. how much is being people died being led lower or is it a much deeper issue than that and more structural economically speaking? i think supply side reforms
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have change the dynamic of china's price environment, but ppi, the terms of the cpi is to a lesser extent affected by what happens with producer prices, but producer prices, we have all been expecting some kind of start --n and the very sharp acceleration at the end of 2016 and 2017. there had been concerns they may actually normalize as they did on the way down as they did on the way out. china reform has helped to temper the pace of that help toation, and continue to offer some limited it is not ansure sharp drop off the cliff, which is also help to retain some the benefits to china's over all
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corporate price reflation and profits reflation story, and this in turn is one reason why we are more constructive about china's background for 2018, because the chinese corporate outlets should stay positive for 2018. the offset from supply side reforms is helping to make sure hot the profits won't be as as 2017, it should only be coming down moderately, which means there are still benefits coming through. haidi: thank you so much for that. great to have your insides. our senior china correspondent there in florida. we feature on the bloomberg would like to bring to attention is our interactive tv function at tv , you can watch us live in catch up on previous interviews and do a deep dive
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into any securities or bloomberg functions we talk about. of the also become part conversation by sending us instant messages during our show. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪
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rishaad: we are back. this is "bloomberg markets: asia." i am rishaad salamat in hong kong. haidi: i am haidi lun in sydney. withe listening in bloomberg's editor in chief john mickelthwait currently moderating the session with the head of the pboc as well as the economic of the japan research, and boj's greg miller is there. some fascinating things being said. of thesehrough some lines, saying china want devalue
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its currency to deal with the trade spat. thatd been getting reports various studies were being conducted by the central bank in china to study implications of what would happen in case of the andluation in the yuan whether that could be used to deal with the growth fallout coming from a trade war with the united states. it is a broad ranging corporation, now talking about bitcoin and its role in the real economy. when it comes to opening up in structural reforms, very much mirroring the story we saw in xi jinping's keynote address yesterday. absolutely. other comments coming through, bitcoin, cryptocurrencies, saying china is at the forefront of digital currency research. he is pledging further steps to open up the economy and reflect as you were alluding to what has
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been said by his boss, the president xi jinping, highlighting reforms they would be undertaking, including the markets. some efforts to liberalize the economy and open it up there. pledging additional measures to open up the economy, offering more specifics that may go towards easing trade tensions between washington and beijing. they are also aiming to introduce the shanghai-london stock connect with any year. that will be substance of, and with a time -- some stance of that is what we have just coming through from that panel taking place, which is moderated by our boss, john the corporate. there, butve that bloomberg subscribers can
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continue to watch that on live -- mliv . you can find the story entries and diary entries and some of the events you may have missed earlier. this is bloomberg. ♪
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a quick check of the business flash headlines. embraer in merger talks. the brazilian defense minister saying they are close. nd in aks it will e tire. this follows airbus in the tire. haidi: airbus planning to revolutionize flights by putting beds in lower deck cargo spaces bedsorking to fit flat bu
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on three 80's. the sleeping modules are designed to be removed during the typical airport turnaround. spotify developing a new version of aids free music service in the first big change since going public last week. free musicof its service in the first big change since going public last week here at spotify needs large numbers of new listeners who value the company based on user growth. haidi: coming up over the next hour, plenty. we discuss investment banking with the morgan stanley chinese ceo joining us from the in fast asia form in hong kong with rish. reactionout for market
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as we continue to get remarks from the pboc chief on china's opening up and policy trajectory. this is bloomberg. ♪
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♪ haidi: we take responsibility, zuckerberg defending facebook, telling congress they must except their role in society. beijing and washington dialback the rhetoric. president trump he sees great progress. the markets struggling for direction here in asia. thegaining, brent at highest level in 10 months. i am haidi lun in sydney. rishaad: i am rishaad salamat. the bank of china governor indicating more relaxation for china's economy, yi gang says he will further open the financial
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sector. this is bloomberg markets. ♪ haidi: a lot to contend with, asian markets struggling to get some directional equilibrium, not picking up on the optimism we saw in the gains overnight in wall street. remarks from the pboc chief, yi gang speaking at the forum in , talking about greatly opening the financial sector. also the financial and banking sectors in china, making remarks about how the trade imbalance of the united dates is a structural issue that has to do with the development of each other's economies. absolutely. chinave to talk about how
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is the lead in digital currency research, bitcoin not a factor. speaking of the economy, supposed to be inflation numbers. the producer price number had a slight miss, we will see if there is any reaction. let's kick it out with sophie kamaruddin. chineseit comes to the asset classes, we are seeing the offshore renminbi off by a touch. the gains we saw for chinese shares are eking. stocks mixed as we try to find direction. focus -- talks of u.s. airstrikes against syria, a reminder not to get too comfortable. u.s. futures off 0.5%. the yen gaining ground, hitting 107.80 against the dollar. machinery makers are climbing in
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tokyo after it surprised to the upside, investment even during a bout of yen strength. a check on commodities. want to highlight what is going on with oil. ground, $71 a barrel, after rising to a 2014 high overnight after saudi signaled getting barrels near $80 a barrel. aluminum extending gains after posting the biggest five day since 2009 on supply concerns. checking stock movers of note in the region, softbank shares, the biggest boost to the nikkei, riding the most since june on reports sprint and t-mobile might have a deal. another falling after guidance missed estimates. co, shares have
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fallen 19% since february, even though estimates are on the rise. checking in on chinese equity movers in hong kong, sports surging to a record, a buyer record, after first-quarter retail sales jumped. china and other energy players rising. they will benefit from china's proposed 25% tariffs on u.s. petrochemical goods. chinese pharma stocks under losing theinopharm most on record, after indicating net profit will fall 30%, rish. rishaad: thanks, sophie. it was over five hours of mea culpa. that is way of describing it by analysts. that story in the rest of the first word news in sydney with paul allen. >> facebook rose strongly as ceo mark zuckerberg defended his company on capitol hill.
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he agreed the data sharing scandal is facebook's fault and the company is responsible for the content on its platform. he added the social network must take a broader view of its responsibility. experts say zuckerberg looked shaky at times, but overall did a fairly good job. mr. zuckerberg: there is a common misperception about a's book, that we sell data to advertisers, and we do not sell data to advertisers. senator: you've surely rented? mr. zuckerberg: we allow advertisers to tell us who they want to reach, and then we do the placement. >> the white house says it has been advised president trump has the authority to fire special counsel robert mueller. the president complained again about the rush investigation after fbi agents raided the offices of his personal lawyer. he says it was a disgrace and attack on the country, adding quote, we will see what happens. republicans say it would be political suicide to fire
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mueller. new data suggest business -- british businesses want to stick to e.u. rules after brexit. it is the most detailed look yet at what companies want negotiators to fight for in talks with brussels. they argue opportunities from the split are vastly outweighed by the costs associated with losing access to the single market. qatar tobia has beaten the debt markets, raising money in bonds. 140 basis points over similarly mature u.s. treasury's and sold bonds in 2030 and 2049. saudi arabia sold the bond --hout a roadshow, global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. ♪
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haidi: competition in china's financial sector will be wide open, according to the governor. he has been speaking at a panel, underway at the boao forum in hainan. you can see him responding in the question and answer session at the panel, talking on a wide range of policies -- topics. policies, they would be brought out in june. jinping's after xi pledge to further open up financial assurance and auto sectors. tom, key takeaways? in tune with what we have heard from policymakers, also this comment i find interesting, saying they will not be using devaluation of the yuan to deal with the trade spat. tom: yes, that is interesting.
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bloomberg had reported that was being studied by the pboc, the potential option. of course, we saw the renminbi drop on that news before strengthening again. it is interesting he is committing to not using the yuan as a tool in this trade. there have been analysts and economists that have been skeptical that would be a likely option by the pboc. he take -- key takeaways, yi gang has been fleshing out policies from xi jinping. infractions, if anything, talking on the financial sector, the opening up around the stock connections. london-shanghai stock connection would be executed this year. stock connect would be quadrupled, as well.
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the insurance sector, president xi talking foreign ownership fees would be increased to 51%. and again, trying to articulate this message laid out by president xi to the financial sector in particular, would be opened up more to foreign investments in foreign players. speech didi's something to ease tensions around the rhetoric. it was welcomed by president trump. he tweeted he was thankful to president xi. president xi had crafted this message as a nod to president trump, even if what he was saying when he delivered it was nothing new. yi gang is adding more details around timeline and implementation that have been key to vest -- key to investors. whether this will be enough is a key question. focused on the
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financial sector, intellectual property will have to wait. this move things along to a degree. haidi: tom, thank you for that. tom mackenzie in beijing keeping an eye on comments from the pboc governor, yi gang, speaking on this panel at the boao for them. , china could be discussing a devaluation of the yuan, if trade tensions reinflate. market, we have had this pledge from the pboc, yi gang, saying it would not devalue its currency for the sake of dealing with a trade spat. either way, how likely and beneficial with the speed? mark: you have to consider the a bitation of the yuan is like a nuclear weapon, it is a last resort tactic china would
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want to use. they have done so much to show to the outside world of the yuan can be used as an international currency, it is establishing itself, even with reserve status. the widening use of the yuan through the swiss payment system, and contracts that have been nominated in yuan, china is doing everything it can to attract the rest of the world use its currency and instruments available to invest. part of that, you need a stable currency to attract that money to stay in your country. the idea they would upset all of that just by doing a one-off devaluation does seem to be a far-fetched idea. however, it is always something they keep up their sleeve. if negotiations with the united states go very badly, and they feel they are boxed into a corner with no other choice, it is something they could do. i would suggest they have many
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things they would like to use before they get to the point they decide on a one-off devaluation of the yuan. japan we have in talked to that shinzo abe's grip on power may be waning. how is it playing out with the yen? mark: one of the reasons why the yuan has not been strengthening as much as you might expect, why ofre have been periods turbulence related to trade talks between china and the united states, even today we are seeing possibilities airstrikes in syria -- these things would normally make people jump into the yen straightaway. it is not doing too much of that. they could be because of uncertainty of the situation of abe's leadership. he does not need to have a leadership contest in september. the way things are going, it seems he is not guaranteed to be
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reelected. prettyt few months look tough for mr. abe. if he does not, he is at risk of being pushed aside. it is surprising this has gone on such a long time. haidi: more yen volatility to come, it seems. mark cranfield in singapore, thanks for that. you can follow this story and more of the day's trading action on our live blog. get a market run down, commentary and analysis from bloomberg's expert team of analysts. this is bloomberg. ♪
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♪ guest, 150r next
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million registered users to make an appointment with a network with the region of 260,000 doctors spread across china. it will come to valuations. joining us here at bloomberg jeff. asia, how does it work? >> it is the leading -- rishaad: this is your sales pitch. >> of course, we're the leading health care company enabling better services for users across china. what we provide is seamless integration as well as general practitioners. on the platform, once you see a dr. online, you can go to one of our clinics or access points off-line. rishaad: your clicks are backed
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up by bricks? jeff: yes. that is what you do not see health care disrupted by technology, the majority of the services are still off-line. rishaad: what is the big business imperative? how do you make money? jeff: simple, number one we make money by providing consultation. a person comes here, does a consultation online, and we take a fee for. number two, we have memberships. people with the membership can see doctors online and off-line. we provide other value-added services. rishaad: what about diagnoses? do you perform those as well online? but online is a service doing other key things. second opinions, revisit, number three is management, and number
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four is triage. most of the surfaces -- services have to be done off-line. the first time, it is difficult for a doctor to be 100% confident to issue a medicine to you. rishaad: tencent a shareholder? jeff: our largest shareholder. rishaad: what do they bring to the company? jeff: they are very supportive of shareholders. we have done many strategic partnerships together. we are doing a smart health office. we are also providing services on we chat -- wechat. we provide act and services as well. whered: in this era privacy is being discussed so much, how do you protect the privacy of your patients, and do you protect the privacy of your patients? jeff: that is a very good
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question. privacy we take as one of the utmost important things we protect. our data, number one, requires user consent. if they see a dr. online, whether we can share the medical data were why are's consent. also, we do not allow a third party to hang on to it. like aable to use data, provide, to [indiscernible] rishaad: i will come to ai in a second. this latest round of funding, $500 million. when is it all complete? jeff: our target is end of april. round there will be strategic investors coming in and i guess everybody will find out soon. quite confidential
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access at the moment. rishaad: let me rephrase it. do these new strategic partners bring with them the capability for you to develop further? what do you use the money for? one of the key things you will realize in health care, insurance is a very important tool. building online presence is also important. what you will see this round will improve both of those aspects. rishaad: insurers and off-line. quickly, ai, how much investment in the? and how will it complement your business? jeff: ai is not going to replace doctors. it will be an important tool to enable doctors to become more effective, efficient and accurate. it is more image recognition.
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a two-year experienced doctor 20 year of experience. [indiscernible] jeff, thank you so much. a panel onwill have this later at this panel taking place at the four season in hong kong. from wechat. coming up, it is my fault and i am sorry -- zuckerberg defending facebook on capitol hill. did he convinces audience? this is bloomberg. ♪
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♪ haidi: a quick check of the latest business flash headlines. ant financial in talks to raise $10 billion in a funding round that could value around $150 billion. they want to be the lead investor ahead of and.
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it would make it the largest fintech company in the world. alibaba rose on plans to buy a 1/3 stake in and -- ant. rishaad: glencore loosening ties with russian oil company oleg. the commodity trader will proceed with a plan to swap shares. left to buy has metal, and evaluating all of its contracts. t-mobile says discussions of mergers are back on. jumped at the most since the middle of last year. t-mobile for its biggest intraday rise since october.
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softbank searched the most in 12 months on the news. let's see the top stories, mark zuckerberg making his first of two appearances on capitol hill. he was answering questions for more than five hours, defending facebook and excepting the use of data is his responsibility. peter elstrom is in tokyo where he joins us. what does this testimony mean for facebook and arguably, the wider technology industry? peter: hi, rish. as you mentioned, the testimony today was very long. it was five hours, just the first of two days of appearances by zuckerberg. lots of questions around facebook's business model and what needs to happen. a republican senator raised the question, we do not want to have to regulate facebook, but we are
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concerned about how your -- you are facing privacy issues now. explain how you will take steps to never let this happen again. the challenge is that facebook is a free service. the way it generates revenue is by selling time to advertisers, time and attention to advertisers, who get on the social network and try to market to these users. facebook has been helpful in terms of providing data and metrics to help advertisers effectively reach the people they want to reach. now facebook is going to have to tighten up controls that have been in place so far, that probably will have an effect on some of the business practices they have been using so far. haidi: what is the long-term prospect for facebook? peter: it is a challenge. this is not just a facebook issue. there areap, twitter,
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many businesses that have been built on this free model with advertising. said,ok, ceo of apple, the challenge is, you are not a consumer, you were a product for facebook. facebook turns around and sells that other people. that is an issue for these companies as they try to implement this business model. it does not look, at least in the u.s. and europe, you will see tighter controls over privacy issues. they need to figure out if they can live up to that on their own or whether the government will get involved. haidi: quite a grilling for zuckerberg on day one. of course today, day one of mark zuckerberg's testimony to congress. from 10:00 day two p.m. tonight in hong kong, that is 10:00 a.m. wednesday, if
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you're watching in new york. taking a look at why higher prices could be here to stay, at least that is what saudi arabia is aiming for. this is bloomberg. ♪
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>> it is 10:29 in hong kong, 12:29 in sydney. the new pboc governor says china will implement financial reforms this year. forang spoke at the boao them. he said domestic and foreign capital will be treated equally. he added ownership restrictions on foreign banks will be removed in november as outside investment will also be encouraged. wall street banks could face higher capital requirements after a proposal from the fed. the central bank says it is considering a strict capital buffer which could increase
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capital requirements for the largest lenders. however, it believes they have enough and are clearing to push the proposed hurdle. the london offices of rupert murdoch's fox network has been raide by the european commissiond. pan-european a investigation. fox tried to win permission from u.k. regulators to complete its acquisition of sky, a deal that already has e.u. approval. saudi arabia beat its rivals to the debt markets, raising $11 billion in bonds. billion.om sold $4.5 inalso saw bonds maturing 2030 and 2049. qatar is meeting investors in the u.s. and u.k. this week, i had of a possible sale. global news 24 hours a day, powered by more than 2700 journalists and analysts in more
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than 120 countries. i am paul allen. this is bloomberg. ♪ haidi: thank you so much for that. from exuberance we saw in the u.s. session overnight, spreading the positivity here in the asian session. moderate declines, not much pick up in volumes. a slight miss when it comes to chinese inflation data, not playing positive for investor sentiment. sophie has more. >> looks like a topsy-turvy day for asian stocks. morgan stanley throwing in the towel, saying, cash in right away. they have their largest downgrades for japan in almost two years. stocks in tokyo under pressure the firmer yen weighs, nikkei 225 down 0.2%. geopolitical risks capping the upside, imminent u.s. airstrikes against syria.
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orders jumped in february. a boon for profits for japan think -- inc. the philippine peso gaining ground, the nation shooting for 7% growth in the first quarter. take a look at aussie assets, shares of sliding with the aussie dollar as well as the chinese yuan. perhaps a miss on chinese inflation numbers. yearetreated from a four high. we have seen fluctuations for stocks in china, gaining 0.4%. extending its rise after the best three-day rally in a month. yi gang announced plans to increase the stock and hong kong. let's check in on the bond space. want to highlight chinese 10 year yields, on the rise. the commodities rally losing a
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little bit of steam. you do have copper gaining ground. both up 0.1%. aluminum now under pressure, down 0.1% in shanghai, after seeing its biggest three-day gain since 2009, amid supply concerns. topix exchanges said they would stop accepting from them. haidi: thank you for that. we are watching oil prices, the price of crude treading water after the biggest jump in a months. let's see how it is faring in the asian session. brent really soaring after these comments from saudi arabia, saying they want to see crude closer to $80 a barrel, new york crude trading at 65.35. barrel.st shy of 71 a forumest, at the energy
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in new delhi. what are the catalyst pushing oil higher at the moment? >> good morning. we are seeing the highest we had seen since 2014. check out this chart on the terminal. you can see the spike there yesterday. michael whitney are saying this is risk appetite, not fundamentals. there are two big things happening in the market. xi jinping striking that conciliatory tone. china, huge importer of u.s. shale. looks likely that is not going to stop. he is talking down the fact, this escalation of trade tensions could go to an all-out war. seekingabia, said to be and $80 price target. that is what riyadh is looking forward. we heard them speaking in time magazine that the saudi prince
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saying, prices looking to go higher this year, likely to go up higher next year. we will strike the right timing when it comes to initial public offering of their crown jewel, saudi aramco. they are looking for the price do support their policy agenda for vision 2030, on top of the ipo of saudi aramco. those two stories are playing into the market this morning. today we had u.s. data coming out about stockpiles building in the united states. we had a reading that it was expected higher. depending what we get today, we could see movement on the downtrend of oil. right now it is $70 a barrel for brent. the saudis will be happy when they arrive in new delhi this morning. haidi: the indian oil minister weighed in on the prices as well? annmarie: yes.
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the minister is looking the complete opposite of what the saudis want. he is the head of india's energy ministry. india is the third-largest consumer. not only are they a consumer, they rely so heavily on oil, 82% a year. they are so keen to the price of oil because they import so much of it, and they are not a producer at all. he is looking for a $50 price target. take a listen. we do not see any reason why it should be so high. [indiscernible] from the indian consumer point of view, i would be happy if the prices were around $50 plus. annmarie: what he is looking for is what he says is a reasonable price between producers and consumers. he woulds a consumer
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want $20, $35 a barrel, but says that is not reasonable. a $20 price difference between what the saudis want and what he is saying india would want. his counterpart from the saudi --egation, as well as that the saudi aramco ceo, they will be speaking. potentially signing deals between the kingdom and india. in newthank you so much, delhi, covering the energy forum for us. singapore's central bank forecasted by the majority of analysts, to tighten monetary policy this week. let's get to southeast asia where michelle has more out of singapore. u.s.-tradese skirmishes potentially flowing onto regional trade? how does it impact to them when
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they make their decision friday? u.s.-china trade skirmishes have stolen headlines over the past couple weeks. that is a concern for a small, open economy like singapore, trade reliant. they continue to watch this closely. --doubt the number correct number crunchers at mas are looking at this. different threats going back-and-forth. when we have also heard from singapore officials over the past couple weeks, including the board chairman, is that this could end in a positive way, maybe the global trade framework has evolved for the better. there is still a lot to be decided, a lot of the threats not borne out yet. really look at more domestic factors in their decision friday. haidi: what else are you watching out for in that announcement? there is plenty to
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care about in the singapore economy. last year was a great year for singapore. it surprised on the upside with a lot of trade developments that help to the export economy. we are seeing that in other sectors this year. the labor market is feeling better this year. they will cite developments in inflation. inflation jumped in february, but still in a comfortable band for singapore. they take that into account, something to prompt tightening quickly. it is not too out of control yet. haidi: michelle, thank you so much for that, looking ahead to that m.a.s. decision. bloomberg'sack to invest asia event. we will speak to morgan stanley's wei sun christianson. this is bloomberg. ♪
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♪ you are back with bloomberg markets. we are at the bloomberg invest asia event taking place. i am joined by one of the top figures in asian investment inking and one of the most influential dealmakers. she is wei christiansen from morgan stanley. tell us the feeling you're getting at the moment, given that speech by the chinese president yesterday? wei: i think it was very timely. recently we were all anxiously a back-and-forth between china and the united states, the trade tensions. a lot of people were not sure what this was about, is at the end of globalization, or the start of a trade war? sure, i i am pretty think this is not a trade war.
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is political posturing, and escalation. we have a reason to be worried. yesterday the speech was reassuring, demonstrating the leaders on both sides have the intention to really resort to negotiation. in your view, the central message coming out of the speech -- if you look at this from donald trump's point of view, you could interpret this as china blinking first. china as not playing this tit-for-tat game. threatened china pretty seriously after the first tariff proposal. opening upcusing on its own market, and also china
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wants to deliver the message that china supports globalization. i think that message was delivered. he delivered again. a lot of people said, nothing new, but i think -- rishaad: that speech you made an davos [indiscernible] wei: which is important. against the backdrop of this trade tension, will china be able to say that -- the same thing? the question was answered yesterday, which was reassuring. rishaad: i appreciate that, but in any other sense, was it. rhetoric? -- was it pure rhetoric? we do not have any timelines yet. leader of china, he is entitled to speak in more general terms. what is good, there are actions being developed. they made an
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announcement with a london, the first time officially they have talked about this, which is fantastic. rishaad: by the end of the year, increasing the stock connect in shenzhen and shanghai. wei: by four times. news for for us, good investors in our companies globally. rishaad: absolutely. willng about how the yuan not be used by a tool. -- as a tool. evaluation, -- valuation, is that posturing or is it real? china is saying, we will focus on the big picture and the chinese are opening up.
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that helps the trade dialogue, which will resolve hopefully in negotiations. how is the mood in china evolving in your view? u.s. a situation where the the chinesedo regard themselves on equal footing with washington? no: with china there is [indiscernible] it is the second-largest economy, it is rising. economy and country will be 30% to the global growth. like it or not, that is the fact. domesticallyn focused in terms of issues and risk and making sure the world is more balanced. world, china this cannot be seen [indiscernible]
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world china will play hopefully as a stronger leader, number one, to really report globalization. global participation is taking place without the world's second largest economy? it puts pressure on to all markets in the sense to start a more positive dialogue. rishaad: no doubt about it, joining us at the wto. the argument is, have other countries been the loser because of china? wei: i do not think china is growing [indiscernible] until recently, china has been howrd focusing in terms of to really grow the economy.
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it was focused on exports, sure. but china is focusing on cheap labor and benefiting from this population dividend. that is the early stage. now china is focusing on the high-end manufacturing, innovation and all of that. these policies are very much focused on specific domestic situations. in fact, with china shifting into technology, neighboring countries in asia benefit from them. old manufacturing capacity will be exported to them tountries, helping grow and create job opportunities. rishaad: or lose them, if you have automation. there is a demographic issue in china, the aging population. how much time does china have to get up to a level where it can
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be considered a high income country? wei: we have a research report on that point. as you said, you're absolutely right. china has a huge challenge demographically. they are getting rich and also older. they have to focus on creating healthcare services as well as coverage, insurance and all of that. lots to do. the important thing is that china has done two things. the inflection point when the labor force has really started to stand down, china changed its one child policy. labor fromunleashed rural areas to the city. these are smart moves. have they got everything figured out? i do not think so, but i believe
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they are moving toward the right direction. rishaad: that is one thing which may be a bit of concern. and we have huge debt issues. a lot still to be done, structurally speaking. tell me, why are you still overweight? wei: we are overweight because if you look at the debt issue, 280% of gdp. rishaad: that is a lot. wei: but china is still behind other countries. that alone i do not think is a problem. the problem, a few things. china, what worries a lot of back., it gives a lot the deleveraging effort is to reduce. china's increase of the debt is only 4% last year.
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rishaad: still debt. wei: still debt, yes. as a country, holistically speaking. that is not a systemic risk. the effort china is doing, compounded with the cleanup for financial sectors, will allow for more comfort. time for one more question. when you have prospective investors talking to you about china, what is the number one concern they have before they put their money, give their money to you? wei: geopolitical tension. that is the number one concern, because people do not know how china is going to react toward tariffsed states if the
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basel -- proposal is made. the number two concern is what i the well-beingt, of the financial institution. we have a research report. is going to change and transform itself from middle income country to high income country. that gives us the comfort because [indiscernible] rishaad: can it get rich before it gets old? from morgannson stanley, co-ceo for the asian pacific and chief executive for china. up to speed with a feature on the bloomberg terminal, our interactive function. watch us live or listen to discussions. send us messages using the instant message function.
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it is tv . this is bloomberg. ♪
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haidi: a quick check of the latest business flash headlines. six months a deal, between major playmakers. negotiators closer to an agreement after months of talks. he thinks it will end up in a
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tie up. the plane leading to a challenge for embraer. revolutionizing, retiring flights with beds in lower deck cargo spaces. the idea for sleeping areas has been raised by qantas. he wants to make long-haul flights more bearable. removed to be swiftly during the typical airport turnaround. still ahead, haslinda amin david will be updating us on big stories of the day so far, then we are joined by a chief economist, breaking down projections.owth
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later, and do not miss takinglusive interview place at 2:45 here in hong kong. london.7:45 a.m. in a mixed bag, speaking of equity markets, no doubt we will be having investors talking to us about their concerns about trade tensions and how perhaps they have been mollified in large part from that speech by xi jinping on tuesday. this is bloomberg. ♪
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>> welcome to special edition of bloomberg markets: asia, i am haslinda amin and we are coming to you live from the bloomberg invest asia conference in hong kong. top stories this wednesday. new relaxation in china, pboc governor yi gang talks about more reforms, greater opening up of the financial sector. the governor would remove foreign investment caps on the bank and said foreign investment capital will be treated equally. bloomberg's asian
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headquarters, i am david ingles. heading into the last hour of trade for the morning session. trade tensions still in the mix, though easing in washington, darling back the rhetoric. president trump says he sees great progress. and, he takes responsibility. zuckerberg defense facebook on capitol hill and says they must accept of their role in society. let's give you a look at where markets are right now. down in singapore as well. long story short, we are losing a lot of momentum heading into the european session. we are still up compared to yesterday. as you can see, msci has been range browned. -- range bound. $80 for oil. might be a problem for countries like india, for example, which imports a lot of its energy needs. japan very much in the

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