Skip to main content

tv   Bloomberg Daybreak Asia  Bloomberg  May 15, 2018 7:00pm-9:00pm EDT

7:00 pm
and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. yvonne: 7:00 a.m. here in hong kong. we are live from bloomberg's asian headquarters. i am yvonne man. wall street's biggest fall in three weeks, said the heard asia. yields at the highest since 2011. data, theail bloomberg index at a 2018 record. >> i am ramy inocencio in new york, where it is just have to 7:00 p.m. tuesday evening. north korea cancels talks with the south over new u.s. war gains. and it puts the historic
7:01 pm
trump-kim summit in doubt. facebook enforces community standards. we are live to san francisco. we have breaking eco data crossing the bloomberg, south korean unemployment at 3.8%. the survey was for 3.9%. coming in a little better than estimated. this is also a little lower than when that wasod at 4%. that was at its highest ever since 2010. jobless rate falling a little better than expected. i have to wonder how much president moon jae-in is looking at these numbers, given we saw that headline with the north koreans canceling their meeting.
7:02 pm
could put this summit between president trump and kim jong-un in jeopardy. certainly there is a lot going on when it comes to them em space. it is because of this bond rout. take a look at my bloomberg. you can see how this defendant during the wall street session and europe. that hawkish comments from an ecb policy maker yesterday. the german 10 year at 0.64%. the u.s. 10 year well above that 3% handle at 3.07%. the 30 year as well we once had 3.22% during that session. a little bit of steepening in the 5-30 curve. ramy: we did see that pressure in the u.s. markets with the dow down almost 200 points. the s&p down nearly 20 points. as you rightfully pointed out,
7:03 pm
it is the story about rates. 3.09% for the u.s. 10 year rising. the last time that happened was in 2011. i think right now it is at 3.07 %. gold futures was lower, but catching a bid. nymex crude losing, a tad under the $71 handle. the u.s. dollar spot is rising a bit. very important to point out at the bottom of your screen, that is the turkish lira. we do not often talk about this, but what is happening out of turkey and with prime minister an wanting tordog become president and pushing his fist into monetary policy, making the central bank what -- do what he wanted to do. you can see the lira dropping to
7:04 pm
a record. yvonne: moody's said this could affect credibility. nzxzealand, 2% down on the 50. during the u.s. election, reaching that yet -- record high. 65 for the kiwi, it is also legit day. australia, we are getting underway an hour from now. futures pointing to a low selloff, seven points down. the aussie at .7470. maybe as good as it gets for the asx as well. 2.88 for that aussie 10 year yield. with the likes of franklin yieldedn saying discount in australia could triple the next 12 months.
7:05 pm
that is something to watch. we are counting down to the opened the japan and korea. chicago, could be seeing downside. gbp numbers coming on tap in a few moments. .25.japanese yen, 110 in the meantime, let's get you caught up with the first word news. jessica summers joined us. >> the european union is calling on israel to exercise maximum restraint to allow people to protest. this is after 58 people were killed on the border of gaza. also marked the 70th anniversary of the eviction of hundreds of thousands of people and the creation -- in the creation of the state of israel. foreign ministers from the u.k., france and germany met in brussels to talk about how to stay the iran nuclear deal, now
7:06 pm
that the u.s. is pulling out. they say they wanted protected, despite president trump's decision. it also threatens measures against any ally doing business with iran. dallas that president robert kaplan has cautioned against speeding up the pace of interest rate rises. he says the fed should not knowingly inverse the yield curve. meanwhile, san francisco john williams is positive about the economic outlook both in the u.s. and abroad. he sees three to four hikes this year is appropriate. >> i see the distribution as three to four rate increases as appropriate for this year as a whole, and a few more increases over the next few years. i view this to be the right direction for monetary policy. >> tencent slumped below 400 hong kong dollars. it is shedding more cash ahead of yearly earnings.
7:07 pm
the decline was the biggest drag on the hang seng index. the stock lost 95 billion u.s. dollars after a record high in january. tencent will probably reported slowest profitability since 2003. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. ramy: jessica, thank you. we have breaking news on the bloomberg. brainard speaking after this conference in san francisco on cryptocurrencies. she says the fed will monitor cryptocurrencies as they evolve. she says the said does not see additional value in fed-issued digital fx.
7:08 pm
she also said cryptocurrencies do not pose a current threat to the system, but also something we continue to talk about, the issue of monitor -- money laundering. cryptocurrencies are vulnerable to that. comments lael brainard on cryptocurrencies at a conference in san francisco. making a bit of a wait right now on xbt, bitcoin. let's continue with the market closed. stocks have fallen the most in three weeks here in the united states. treasuries plunging, pushing above the key 3% threshold. that said, strong retail sales data. the fed may raise rates faster than initially thought. susurprise bloomberg's keenan is here. surprised, not surprised? >> it is good news and bad news, the strong economic data fuels the fed will raise rates
7:09 pm
faster than expected and that caused stocks to selloff a bit. let's go into one of the bloomberg charts, the chart of the day. this is called, better than a coin flip. add that to the fact, the dollar surging. the odds of four hikes this year are better than 50%. with the dollar higher, going into the dollar -- market snapshot, it was negative for many commodity. the focus on that 10 year, which is above that 3% threshold. when you see rate hikes like that, it saps the demand for stocks. let's go into stocks moving in a big way. health care and tech under pressure. nvidia down almost 10%. this was a heavily shorted, recent ipo that did better than expected.
7:10 pm
took off as some analysts had warned. yvonne: take a look at the trigger when it came to the yields. it seem it came on retail sales data, as well. march was revived higher. it seems we are seeing tax cuts come into play now. su: the strong sales data underscores the american consumer, recovering after a weak early part of the year. let's go to the bloomberg one more time. gtv is where you can find these. it points to a second quarter pick up. what control group sales are, this is the focus of the latest -- it is used to calculate gross domestic product and exclude auto dealers, gasoline stations, and others. x-out those xo --
7:11 pm
groups, you see again in march and another revision of february. you are putting together a couple strong months. it underscores the bigger after-tax paychecks, the rebound in the labor market, are definitely paying off in terms of the retail sector. nine out of 10 groups had strength. a lot of it was led by closing retailers. jcpenney.hl's abercrombie and gap were struggling last year, and are back in the green on the basis of this latest report. yvonne: finally catching a break for the retailers. thank you for the wrap up on wall street. let's get to the latest on north korea. they have canceled wednesday's talk with the south. the planned a summit with trump, in doubt. 's military seoul exercises with the u.s., calling it a deliberate provocation.
7:12 pm
let's bring in our correspondent from sand -- san francisco. how should we interpret this statement from north korea? ian: interpretation is everything. look,hey are saying is, we had this agreement in place, everything is going well, why are you holding these military exercises? that is not in the spirit of what we agreed. why can't you just suspend them is what they are saying. ratcheting up the tension a little bit. yvonne: we have seen this ebb and flow between the conversation of north korea, south korea and the u.s. when it comes to relations. does this fit a pattern you see? it is not just of the last couple years, it has been going on for decades, since the two countries its apart since the war in the 1950's. there is a pattern of provocation, the creation of a
7:13 pm
crisis, then sanctions, of pressure put on north korea, than a glimmer of light, an appearance things might get better, some movement toward that, some positive feeling, then it falls apart and things go back to a negative situation. if you are cynic, you would look at what we saw today and say, this is the breakdown of our goodwill. it is a renewal of that cycle heading back toward the negative trend. looking into the crystal ball of north korea is like looking at mud or looking through it, but a lot of people watching probably wondering, is the trump-kim summit in doubt? what needs to happen, and can both sides get through this to june? ian: the first thing to point out, the latest statement from north korea, we have seen a lot worst.
7:14 pm
bloated.age is they have not canceled the talks with south korea, they have suspended them. they were not threatening south korea or america. they were just saying, you want to look at this more carefully. you want to stop people from protesting in the streets of south korea. obviously, are aggressive and potentially provocative. some are looking at this, there is some room for negotiation. yvonne: even leading up to these negotiations, the positive vibe that got was contingent on the fact these spring exercises would go on. it is a u-turn. how do you think the u.s. will respond? ian: that is a good question. we will see whether the trump administration is sincere about making a step forward, achieving
7:15 pm
what on the face of it would be a huge foreign relations victory. or whether this is something they regard as still a threat, something they need to bully north korea and come across as a strong regime, a strong administration that fights against what they perceive to be previously a terrorist regime. yvonne: ian king, bloomberg technology, usually covers checks, but has extensive history and coverage covering all things korea as well. a knife straight quarter of growth, gdp figures due later this hour. ramy: u.s. stocks and their four-day rally. treasuries are plunging. we unpack the day's action. this is bloomberg. ♪ ♪
7:16 pm
7:17 pm
7:18 pm
.vonne: this is "daybreak asia "i am yvonne man in hong kong. you in am remy innocence new york. wall street fell the most in three weeks. investors are concerned about a lot of things -- trade tensions, growth, geopolitics, as well as rising interest rates. let's head to los angeles and bring in kirk hartman, global cio at wells fargo. good to have you here. i want to get your initial reaction with regards to what is happening with the yield, 3.09% is as high as it got for the u.s. tenure. insaw a little o -- rout equities. is this a sign of a healthy market course correcting? irk: i am not surprised, called this the year of contradictions and volatility.
7:19 pm
i expected we would test 3% this year for a couple reasons. one, inflation data is it sticking up somewhat. you also have a tremendous amount of supply in the market. i think what is interesting is that add-on affect of the stronger dollar and what that is going to mean. contradictions and crosscurrents in this market. ramy: one thing i am interested in in your note, your optimistic on the front and -- end, but looking ahead you sour a bit. walk us through that logic. tax cuts are the very stimulatory because they push a lot of money into the economy up front. what people on the equity side are worried about is the second derivative of fact -- effect. guidanceok at forward for earnings next year, even though it is positive, it is
7:20 pm
slowing down. i call that the second ct.ivative affect -- effe one thing also, you are thinking we will get back to january highs. right now we are seeing this red on the screen. three seeing probably more rate hikes this year. why do you think we will get back to those january highs? kirk: because earnings are extremely strong. a lot of money coming back because of tax repatriation. this is benefiting multinationals tremendously. more than 90% are share buybacks or it -- or dividend increases. many companies beat their earning estimates. those are positive, but we have a lot of headwinds on the other side. yvonne: talk about what we have
7:21 pm
seen in the bond market. now that we have had well above that 3% threshold when it comes to u.s. tenure, it looks like a recoiled the spring, that -- recoiled spring. this chart says, cash is no longer trash anymore. you see this below the three year treasury yield as well. between stocks and bonds, why would you think it was out, we are seeing a bit of a ruckus here in the bond market. kirk: a little inflation good, it shows the consumer is healthy and spending money. what is key to me is the pace of the increase. of ank if it is a function healthy economy and healthy spending and earnings continue to be strong, i think we can continue to test the january highs again. to my earlier point, it is a year of contradictions and we will have back-and-forth all
7:22 pm
year long. yvonne: how do you position yourself, given this back-and-forth? do not know where the dollar is recovering with yields, how do you hedge? kirk: some things will continue to do well. u.s. small caps continued to hold up, especially small-cap growth stocks are doing well, because the tax rates are lower. you want to you -- look at stocks a playoff of the fangs stocks. companiesshow you two we own. one is a data company. 51job's, it is a recruiting and employee health company helping companies like tencent and the other big thing fang stocks. i just got back from hong kong,
7:23 pm
vietnam and thailand. the anon and thailand are doing well. there are still great opportunities, you just have to pick your stocks. yvonne: especially with the -- we areking up, starting to see not just the fed in the tightening position, but we see the ecb talking about how we could be seeing tapering by the end of the year. synchronizedof slowdowns in the data. kirk: absolutely. the strong dollar will hurt emerging markets. i think we are range bound. i am not a dollar bowl, that the -- bull, that the dollar will keep going. it was declining the last couple years. i tend to think the dollar is
7:24 pm
range bound. once we get past this period, you could see emerging stocks coming back, which are trading at a 25% discount. yvonne: we will leave it there, kirk hartman. remember, our bloomberg charts. you can check out those charts by going to gtv . you will see charts featured on bloomberg television, key analysis, and save those charts for future reference. this is bloomberg. ♪ this is bloomberg. ♪
7:25 pm
7:26 pm
ramy: this is "daybreak asia." i am ramy inocencio in new york. yvonne: and i am yvonne man in hong kong. company earnings falling below analyst forecasts. it leaves revenue for the lowert financial year --
7:27 pm
than the estimates of $650 million. apple is seeking $1 in theirrom samsung long-running patent drama. tolds in california were samsung infringed on patents. they are figuring out if damage is should be paid on the whole device or just parts that were infringed on. the price dropped to $28 million. falling amongs japan lenders because of low interest rates and spending on technology. they expect net income to drop in march 2019. cut rangesanning to as the boj system looks at margins.
7:28 pm
they say more customers are banking through mobile devices. facebook crackdown on fake profiles and insecure apps. this is bloomberg. ♪
7:29 pm
7:30 pm
7:30 a.m. wednesday. a beautiful, sunny hong kong. minutes away from the first major market open. meantime here, beautiful, warm and muggy evening. new york. p.m. in markets closed 0.2%, the lowest in weeks. the u.s. 10 year, all the yields rising right now in part because of what happened with u.s. retail, but there are a lot of reasons. i am remy inocencio in new york. yvonne: i am yvonne man in hong kong. you are watching "daybreak asia ."
7:31 pm
let's get to first word news with jessica summers. jessica: north korea canceling -- threatening to cancel the plan summit with the u.s. the southe talks with have been canceled because of a drill. kim jong-un is a scheduled to meet president trump on june 12. washington says preparations are going ahead despite the latest twist. >> we are operating under the idea and the notion that the president's meeting is going forward with chairman kim next month. jessica: china's holdings of treasuring -- treasuries rose to almost 1.2 trillion. underscoring the lower of u.s. government debt, despite trade tensions. china remains the largest creditor to the u.s., followed by japan.
7:32 pm
it is at the lowest since october 2011. u.k. prime minister theresa may will publish a detailed plan for the e.u., forcing her warring cabinet to agree on an approach. it should give the clearest vision of what the u.k. wants post-brexit. they are deeply spit -- deeply split over europe. as expected, there was no breakthrough. haspel said to be confirmed as cia director. haspel willsays stand up at the president trump if order to do something illegal or immoral, this is referring to torture. she was accused of overseeing waterboarding of suspects after the 9/11 attack.
7:33 pm
global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. yvonne: jessica, thank you. let's look at your market check. day,d be an interesting given what we see in the bond market. let's look at new zealand. we are paring back losses on the and of x50, but we are still down 1.8%. -- we are paring back losses on 50, but we are still down 1.8%. a lot of people are saying, a lot of exhaustion happening in these markets when it comes to australia and new zealand. to .7473. holding on 2.88 for the aussie tenure now.
7:34 pm
also counting down to opens in japan and korea. modest losses when it comes to the japanese market. we have a figure coming out in 10 minutes or so. it may be overshadows what we see in dollar-yen, 110. we have not seen that level since february. we will see if that sticks. the dollar seems to be back on this bullish front. the bond market, taking a look at how we have been faring overnight. we see that take higher. the u.s. 10 year breaking above 7% -- we were 3.0 at 3.07%. we are once again contending with supply issues, when it comes to treasuries. ten-year, and the5-30 steepening this morning
7:35 pm
curve steepening this morning. fakeook removed 580 profiles in the first three months of this year, usually within minutes of their creation. let's go to sarah frier, she has the story in san francisco for us. these are big numbers. what does this mean? sarah: these fake account numbers are massive. even more than that in the fourth quarter, this company is constantly battling people who are trying to take advantage of its platform. to reach 2.2he way billion users around the world. there will always be people trying to break the rules. the company has historically not been great at stopping them. they are trying to get better by leveraging artificial intelligence technology. ways theye of the
7:36 pm
stop these fake accounts from building followings and spreading fake news, but it is early days on that for us. ramy: it is interesting, i am still smiling because 580 million fake accounts, that is nearly double the size of the united dates -- states. what does this mean about the ai on whether it is working or not? effectivecan be very for things you can discern what it is by a computer, you do not need extra context. ai can be good at sensing what is a piece of nudity, because all human bodies look similar, and they can flag it to the content moderators. but sometimes it can be part of a piece of art, so human moderators have to say that is not banned from our platform.
7:37 pm
there are so many nuanced cases. it is hard with hate speech. when people are insulting each other and using vulgar terms, it is hard for a computer to tell if they are using it to attack someone else, or if they are telling a story about a time they were attacked. there are so many ways people speak and use slang, is difficult for any computer to clean them up well. clearly,- ramy: facebook has a lot to do, looking at those numbers. a lot in terms of evolution of ai. bloomberg's sarah frier, thank you. speaking of facebook, they won, got a lot of likes among the hedge funds, which made $3.7 billion in net purchases. are to break it down is
7:38 pm
bloomberg reporter. tell us about the hedge fund darlings. >> hedge funds are traditionally quiet, secretive. these 13f filings give us a glimpse into what securities they might have interest in. what stood out for us today was facebook, as we were discussing. of hedge funds money flowing into this stock. they more than doubled their stake in facebook, making it the largest. many increased or started positions in facebook. it speaks to the interest in , especially in the wake of concerns we were just addressing. ramy: clearly a lot of hedge
7:39 pm
funds did. the stock has recouped most if not all of its losses. in terms of other companies, wynn was interesting with regard to what was happening at the head of that company. what is another company that stands out to you? hema: if we look at the fang, the rest of them minus facebook, fell out of favor. we saw a number of hedge funds distance themselves from holdings. larry robbins capital. citadel and renaissance cut their exposure to google. another cut google entirely. what really stood out for us -- a very well renowned famous , they had manager
7:40 pm
tripled their stake in apple. what we saw in the first quarter of this year, they rethought that move and have ditched their $776ion on apple of about billion dollars. yvonne: we will leave it there. up, apple's billion claim against samsung. why the tech giant is chasing a mammoth payout. this is bloomberg. ♪ is is bloomberg. ♪
7:41 pm
7:42 pm
ramy: this is "daybreak asia." i am remy inocencio in new york. yvonne: i am yvonne man in hong kong. get $1 billion from samsung over a patent dispute.
7:43 pm
let's bring in our tech litigation expert from san francisco. we have been talking about this for some time, since it was filed back in 2011. it is been the subject of multiple appeals, even a trip to the supreme court. what are they fighting over at this stage? a long path,been 2011 the case was filed. we are looking at the design value of the iphone, essentially. there are three design patents that cover the ornamental features of that original iphone with the screen, the way the screen looks, the beveled on the outside. they are fighting over damages. samsung was found to have infringed upon patents. it now, how much is apple due for that infringement? they want $1 billion.
7:44 pm
samsung is looking to cut its exposure to $28 million. discrepancy, but this was about the design value of the iphone. ramy: it is like from everything to nothing on the table. what is truly at stake here in this lawsuit? we are slicing down that $1 billion number, but do those really reflect the true impact of the suit? matt: the real impact of the suit have to do with precedent. apple is looking to establish that the design features are king when it comes to selling iphone. ample has emphasized a trial, smart foreign wars -- smartphone -- apple has emphasized a trial, smartphone wars. samsung says it is the guts of the phone. is not attributable
7:45 pm
just to what it looks like, but how it performs. samsung already paid $548 million as part of this suit in the first quarter of 2016. the supreme court challenged $399 million of that $548 million. the delta we are looking at is about $600 million. for these companies, that is not a major amount, so it is more about setting a precedent than the dollar figures. ramy: we are seven years into this saga. darren i ask what comes next? ask what comes next? matt: the trial is expected to last five days. that will present evidence of the damages owed. we expect the deliberations to be fairly quick, they were last
7:46 pm
time. we could see a jury verdict sometime next week, wednesday, thursday. both parties have been allotted one posttrial brief where they can challenge the jury verdict. after that, if they do not like the rulings or cannot arrive at some decision, further appeals could come down. the supreme court changed the law little bit when it comes to how design patents are assessed. it is a playing field right for further appeals and developing the law in such a way that is favorable to either apple's position that design is king or samsung's position that design is only one element of the value. that is what we have looking ahead, assuming the companies do not settle in the middle of trial or on the courthouse steps. ramy: whatever happens, we will have you back.
7:47 pm
our technology litigation analyst, matt larson in san francisco, thank you. let's switch gears to the apple side, but off of litigation. cook has told the david rubenstein show on bloomberg that the company will inject $350 billion into the u.s. economy over the next five years. >> we are investing a time in this country. in this country. yes, we will buy some of our stock, it is a good value. from a shareholder point of stock from can buy people who think it is worth less than we do, that is good for the company. it is good for the economy as well. not only that, tim cook discussed his recent meeting with president donald trump. >> i met with the president the next day. i would not want to say what he
7:48 pm
said, that is not the way i look at it. trade talked about was and the importance of trade and countries that two trading together make the pie larger. it is true i think, undoubtedly true, not everyone has been advantaged from that in either country, and we have to work on that. i felt that tariffs were not the right approach. i showed him more analytical kind of things to demonstrate why. we also talked about immigration, the importance of fixing the dreamer issue now. we are only one court ruling away from a catastrophic case.
7:49 pm
of course, you can watch the full interview in the new season of the david rubenstein show in june, only on bloomberg television. coming up, we break down japan's first quarter gdp numbers and get reactions from masayuki kichikawa. this is bloomberg. ♪
7:50 pm
7:51 pm
news, japan'sng first quarter preliminary gdp numbers. it looks like it was a mess across the board. annualized growth contracting at 0.6% after the 1.6% gain we saw in a previous quarter. analysts were expecting better than that. it is seasonally adjusted when it comes to quarter on quarter, contracting 0.2%, there was a
7:52 pm
0.4% prior reading. they have been revised lower. 0.6 percent growth for the fourth quarter of gdp. also taking a look at the gdp deflator, that is negative territory once again, sapping out of the positive numbers, 0.2%. also seeing business spending and contraction mode as well. we are seeing a little reaction when it comes to dollar-yen. just a little weakness. let's go straight to the analysis. masayuki kichikawa, asset management chief macro analyst. thank you for joining us. it seems it was a miss across the board. is this just a blip, or something more sinister for the japanese economy? course the number was worse than expected.
7:53 pm
initially i was disappointed. mainly, this time the construction should be temporary -- the contraction should be temporary. ble pricesigher vegeta and unusual weather. we think the japanese economy would resume. yvonne: what is going to be driving japan? besides the temporary factors, what was weighing it down was r spending numbers and slower export growth in february and march. what is going to be driving things higher going forward? all, i thinkst of exports will continue to be good, given the recent
7:54 pm
improvement in the data of the global economy. also, capex would be the driver of the growth. surveys havemany indicated companies are planning to increase their business investments. some export recovery and growth of the business spending should be a main driver. question isbig going to be about individual continues because we to get locked into this softness from the japanese consumer. even in march we saw the biggest rise in wages in decades. earnings rose more than 2%. what do you think is going on there? we are cautiously optimistic about consumer
7:55 pm
consumption for the reason you just mentioned. the market is very tight. have finally begun -- it should support personal consumption in the near future. we have to be careful because of factors. one is a higher oil prices, would be constraining the purchasing power. recently, even in japan, the sharing economy is spreading. that might be constraining the consumption of goods for some time. over the medium term, this would lead to an increase in service consumption. the rising of the sharing economy could be depressing consumption of tangible goods.
7:56 pm
if you could speak directly with of the folks at the bank of japan, is there anything you would want them to know, that you would advise them on, with regards to looking ahead to this possibly being a soft patch? stay steady as she goes? masayuki: yes, that is right. we think this is temporary contraction. probably the boj will continue their current monetary policy until we see more signs of higher inflation. ramy: looking at the jp why trajectory,-- jpy not much movement. in terms of your forecast, what are you thinking? we still think the yen should be range bound. hand, the trade imbalance
7:57 pm
program with the u.s. should be limiting the upside of the dollar against japanese yen. yen inother, japanese japan, the interest rate is still very low. the impact of the interest rate versus political uncertainty should be balancing with each other. we think the yen will fluctuate between 105 and 110. bojne: why do think the dropped in the timing of meeting 2% inflation at the last meeting? how should we read into that? masayuki: i think the boj decided to be more realistic. words, members have shifted the balance between sending a strong signal for expectations, versus to be realistic about inflation.
7:58 pm
this time, the boj became more realistic. yvonne: we have to leave you chief masayuki kichikawa, macro analyst. this is bloomberg. ♪
7:59 pm
8:00 pm
♪ yvonne: 8:00 a.m. in hong kong, we are live in bloomberg's asian headquarters. i'm your yvonne man. asia-pacific markets expected to fall, u.s. equities fell the most in three weeks. data feels best of margaret hikes this year. ramy: bloomberg global headquarters, i'm ramy inocencio, or it is just past 8:00 a.m.. north korea cancels talks with the south. that also puts the historic trump-kim summit in doubt. hate speech, spam, and fake
8:01 pm
accounts, facebook calls expensive profiles. ♪ yvonne: plenty of things to add more pressure to investors, not just with bond yields, taking higher even for, dogs -- further, dollar also getting stronger. this is the first contraption we have seen in nine quarters. ramy: it all started with u.s. 10 year. that surprised many folks wondering what was the proverbial straw that broke the camel's back. it was those retail numbers, which were better than expected. we saw this tip over, spilling into u.s. markets. now we are seeing the knock on
8:02 pm
effect. yvonne: it seems like a red screen across the board. let's look at the margaret -- let's look at the market open. 2% lower for the most part. let's bring in david with mark. -- more. >> it is still standing out. when you see this color, statistically that doesn't happen. that should be about two standard deviations. have a look at the bond space. it is moving up. across bond yields. the dollar is very much in -- oiloil is up for you is up. we're still making our way into the asia-pacific. data coming out. were just talking about the contraction over in japan. first time in nine quarters.
8:03 pm
north korea closing up talks with south korea. some of these markets, like new zealand, coming off. as far as other things we are following, in about 90 minutes we get the latest property prices out of china. also, a rate decision out of thailand later on in the afternoon. have a look across this board, we are talking about oil prices. i will start with engine and talk about turkey. india, we yields in are 10 basis point away before we had their. oil has been -- head there. oil is on the way up. june 6 is the next meeting for r.b.i.. we don't have any more inflation readings since that figure on monday. a lot of people are talking about june being live for the
8:04 pm
r.b.i. is back -- going from bad to worse. record low in turkey. overheating.s when you look at the monetary policy tools they have, or at least how the tools are being used, they are ineffective. you have heard one yesterday, his intention to perhaps broaden his role and influence monetary policy is starting to price out the possibility of a rate hike. perhaps that is what movies is alluding to. 445, expect that to jump when we approach the midday in asia-pacific that's when you get a lot of traits happening. that's a look at your markets. great wrap up of what is
8:05 pm
happening after the u.s. markets close in the red, as well as with all of those yields rising. let's get the first word news with paul allen. -- paul: japan's economy contracted more than expected in the first quarter. annualized gdp shrank. estimates were for a .1% fold. -- fall. business gang foul, 1/10 of 1%. economists had seen a four tend gain. rose to treasuries a four-month high. china remains the largest foreign to the u.s., followed by japan, whose holdings dropped by $16 billion, the lowest since october 2011. the european union is calling on israel to maximize restraint and
8:06 pm
recognize the right of peoples protests after at least 50 people were killed on the border with gaza. demonstrations erupted after the deaths. they also marked the 70th anniversary of the eviction of hundreds of thousands of people amid the creation of the state of israel. uk prime minister theresa may will publish a detailed plan for ties to the eu , forcing her warned -- wawrinka cabinet to -- should give the clearest vision of what the u.k. wants post-brexit. the conservative party is split over europe, her inner circle met again on tuesday and there was no breakthrough. foreign ministers from the u.k., france, and germany met in brussels to discuss how to save the iran nuclear deal now that the u.s. is pulling out. three cigna cherries say they -- three signatories say they want to protect it.
8:07 pm
washington imposed sanctions on the head of the iranian central bank and is also threatening measures against any ally doing business with tehran. below, 3.4%ent back share decline was the biggest drag on the index. the stoxx lost 95 billion u.s. dollars since the record high in january. analysts think tencent will report lowest profitability since 2003, after the close of trading on wednesday. global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. allen, this is bloomberg. ramy: let's go to geopolitics. north korea has canceled wednesday's high-level talks with the south. that puts months planned summit with president trump in doubt. ol'sgyang blames se
8:08 pm
military exercises with the u.s. how should we interpret this statement? about theoncerning south korea talk that was supposed to happen. it is unclear how serious this could be, whether there is some breakdown in negotiations. as far as how it could affect the u.s. summit planned june 12 in singapore, that is also unclear. the u.s. says it received no notification from north korea of any consensual problems, and it is going -- potential problems and it is going ahead as planned. the u.s. is going ahead with the military exercises, which are annual military exercises to help the u.s. and south korea troops coordinate. north korea said it is a deliberate military provocation and that is the reason it is
8:09 pm
calling off its meeting this week with south korea and issuing this threat to the u.s.. yvonne: is the singapore summit in jeopardy? >> it is certainly a complication that they are walking away from the talks with south korea and issuing this. it is unclear whether this is a gambit by north korea's leader to put the u.s. on notice that it will not -- it has to give something if it wants to get something. yvonne: we will have to see how this plays out. we were all talking about how things were positive leading up to these negotiations. now we see more pressure when it comes to the u.s. and europe after this iran pulling out of the deal from the u.s.. it seems the u.s. is threatening sanctions on the eu. >> it is another trade tension with the eu. ruled thater the wto airbus had received illegal
8:10 pm
government funding and help to develop jetliners. this is obviously competitive disadvantage to u.s. based boeing. the u.s. said it will impose sanctions against the eu to make up for that. the next step is the size of the sanctions that the u.s. could impose. it has been a 14 year battle that has gone to the wto. yvonne: we heard from the apple ceo in this interview, he talked about the threat of tariffs and what it could mean for not just apple, but the rest of the economy. what did he have to say? >> he is concerned about the trend for that tariffs and increasing tariffs between both the u.s. and china, even though apple says it hasn't been hurt by these. he is concerned about this whole notion that the minute something goes wrong, the way new to go
8:11 pm
she it -- the way to negotiate with china is more tariffs. he thinks the old approach, ignoring some of these problems, was not the right way to go, either. but he is concerned about these tariffs. he told the president in a meeting that he should find a pathway to deal with immigration, particularly the dreamers, the young undocumented workers brought to the u.s. as children. our senior international editor joining us in our hong kong studio, also talking about china. group to adings five-month high after the allure of u.s. government debt, despite the trade tensions between beijing and washington. let's bring in our chief asia correspondent. there was a fear that they would use treasury to trade weapons. it doesn't seem this is the case. >> this reinforces the view.
8:12 pm
they still heavily rely on the treasury -- they still heavily rely on the treasury. they are the world's biggest foreign predator to the u.s.. the autonomy was interesting. we have another leg forward in the trade discussions. the interesting thing would be if we are able to get progress and the u.s. and china moves toward resolution, or they don't -- theytrade dispute double down on differences, then china could use treasuries as a weapon against the u.s. all indications are they are not doing it right now. ramy: we got a lot of fed speak coming out of the united states. richard clarida and supports syncing the fed's balance sheet, but maybe not to what it was before. how do you think emerging markets will respond? critical speech, especially
8:13 pm
where treasury yields have gone. this is a driver for sentiment and markets. of message was he is part the team, he is on message. i don't think that shocked the market -- the emerging-market world. as aything, he came across mainstream central banker. perhapsre fears that the fed could be drastically re-orientated, that never happened. judging by what he said to me, it was standard and nothing that would unsettle this part of the world. ramy: we will leave it there. our chief agent economics correspondent. still ahead, facebook un-friends. millions of fakes accounts. we will have the details on that later this hour. treasury yields
8:14 pm
climb to their highest in seven years as investors bet on more rate hikes. we talked to michael temple, joining us with his views in a moment. this is bloomberg. ♪
8:15 pm
8:16 pm
♪ asia," this is "daybreak i'm yvonne man in hong kong. ramy: i'm ramy inocencio in new york. treasury yields did climb to their highest in seven years off of the strong u.s. retail sales data. on top of that, risk aversion is spreading across asset classes as investors weigh the trade tensions, growth, as well is geopolitics. let's discuss that and more with michael temple, a pioneer in the and director of corporate credit research. thank you for coming on the show. crosswindslot of going back-and-forth. make heads or tails, especially
8:17 pm
since you are the bond that, with focus on what is happening with u.s. 10 year and other bonds and yields rising around the world. the 10 year is above 3%, for many investors it was the psychological line for the 10 year rising to greater heights. beginninghe markets to anticipate there will be an additional rate rise out of the fed. strong.ales were quite the thing that gives us comfort that this won't get out of control, some have argued we could see a 10 year at around 4%, having jamie dimon make that suggestion. we haven't seen dramatic increases of inflation. inflation expectations have gone
8:18 pm
.p, but the data has been soft everyone has been pointing to the rise in oil and commodity prices. the u.s. is insensitive to those types of triggers. we are taking a laid-back approach. we think our rights will continue to rise. i don't think it will be enough to upset the apple cart. ramy: we have been talking about the flattening yield curve. at one point we were saying it was going to happen, then we weren't talking about it, now we are talking about it again. where do you think we are headed? to what degree do you think this is a zeitgeist, in terms of whether it does harold a recession or not? of thestandard measure flattening yield curve is the basis points between twos to te ns. that has been coming in over the last 1.5 years. people were beginning to look at the decline in that spread
8:19 pm
relationship and expectations were where we would see twos intends get to zeros. we were on board with that. at the end of the day, this is not going to be a smooth ride. i was looking at twos tens when i came in, we had a significant steepening in the relationship. it now backed almost 15 basis points. i don't seea clear signal -- i don't see a clear signal that a recession is on the way. it could be 8-12 months out, the standard average. view is we will not see a recession this year, unlikely to see one in 2019. you have to think about it in 2021, depending on what the fed does and how fast interest rates rise. that is the key variable we are trying to get our arms around.
8:20 pm
about: just want to talk where yields go from here. you mentioned it wasn't an inflation story. we'll yields have picked up, getting close to some of -- real yields have picked up, getting close to the peaks in the 90's. you take a look at the comments from richard clarida, the potential fed vice chairman, he was thinking when it comes to reducing the balance sheet, they want to reduce it to a smaller version. for the first time in a while we net seller become a of securities. how much of a support did that before yields? >> it is a good question. we are concerned about the shrinking of the fed's balance sheet possibly leading to a significant move upwards in yields as you get the additional supply. the past we are seeing -- the pathe we are seeing is a tremendou. our expectation is the fed isn't
8:21 pm
all that excited about the possibility of creating significant volatility in a dramatic steepening in the yield curve in the u.s.. to the point of the earlier comments, it seems like it will be steady and maybe it will effect -- i have seen some research, maybe it will effect yields by five or 10 basis points a year, not enough to cause steepening in the yield curve. yvonne: it has a lot of implications now that we see the dollar tracking yields higher. i have a chart that highlights there is perhaps a silver lining . after the surge we have seen for the past year, things are rolling off better. when it comes to the e.m. hard currency indexes, or the investment grade, we are seeing a bottoming out. do you think this is a sign of
8:22 pm
comfort, that we have reached the worst of this route? is a great observation if you think about the timing of what happened, a real rise in began to getstors concerned about the possibility of the fed raising rates more dramatically. then i think the markets got more comforted by the fact that rates want -- were not going to be going out of control. time, we started to see cracks in emerging markets. there was a lot of concern, particularly in the week links as rates were rising. is a bit of a stair step process. our expectation is for most of the emerging markets, they will absorb this and digest it, then move on. we are not negative about
8:23 pm
emerging markets at this point. yvonne: where are you buying when it comes to bonds or credit? in asia talking to a number of clients about looking for the signs of problems in the bond markets. we are looking for high-yield and pointing out the high-yield market today is very different than it was eight or 910 years ago when we get the problems. that hasn't been a lot of poor issue. we are pretty keen and positive about high-yield. it tends to be the fixed income asset class that does well in a rising rate, accelerating growth environment. we have seen opportunities in the energy sector in high yields, given the energy backdrop. we are always looking back to the last problems in the market
8:24 pm
and assessing whether or not they are going to be the problems in the current market. energy and high-yield had problems in 2015-2016, but many of these companies are much better prepared. the overlying oil dynamic is much more positive. that is one of the key areas we are looking at. yvonne: michael temple, director of corporate credit research joining us from singapore. you can interact with the charts shown using g tv . browse some of those charts featured on bloomberg television. catch up on analysis and save those charts for future reference. check it out at g tv . this is bloomberg. ♪
8:25 pm
8:26 pm
♪ ramy: quick check of the latest business flash headlines. the world's second-biggest maker of bitcoin mining software has
8:27 pm
filed for an ipo that could raise 5 billion u.s. dollars. sources say they aim to start trading as soon as this july after the first cryptocurrency ipo. the have about 15% of global market for bitcoin mining chips and equipment, trailing chinese rival bitmane. yvonne: shares plunged in wellington and sydney after the company flagged low year earnings. revenue for the current financial year of $631 million compared with estimates of $650 million. shares down more than 15%. growth your margin broadly in line for the results of 29.8% ramy: mitsubishi sees profits falling the most because of negative interest rates and spending on technology. the bank expects net income to fall to an eight year low at the end of march 2018.
8:28 pm
they are planning to cut jobs and branches to cut costs as a stimulus plan hits net interest margins. more customers are banking v mobile devicesia. more to come, this is bloomberg. ♪ mom, dad, can we talk?
8:29 pm
sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us."
8:30 pm
that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. ♪ yvonne: good morning in singapore, 8:30 a.m. we are half hour from the open of trading. i'm yvonne man in hong kong. ramy: i'm remy inocencio in new york, you're watching "daybreak asia." let's get the first word news with paul allen. north korea is threatening to cancel next months summit with the u.s. because of new american wargames with south korea. north south hotlines were canceled because of the drill. he is scheduled to meet president trump on june 12. preparations are going ahead despite the latest twist. >> we are operating under the
8:31 pm
idea and notion that the president's meeting is going forward with chairman kim next month. paul: dallas fed president robert kaplan has cautioned against speeding up the pace of interest rises. he says the fed should not knowingly invert the yield curve. meanwhile, san francisco's john williams says he is positive about the outlook both in the u.s. and abroad. he sees three or four hikes, as appropriate. >> it has uber three or four rate increases or as appropriate for this year as a whole and a few more increases. i view this to be the right direction for monetary policy. paul: gina haspel is said to be confirmed as head of cia after a democrat confirmed his support.
8:32 pm
stand up to president trump if order to do something illegal or immoral, such as returning to torture. the 30 year veteran supervised waterboarding of suspects after the 9/11 attacks, but says the program was a mistake. tim cook says he spoke out against tariffs on chinese imports in a recent white house meeting with president trump. focused onhis method cooperation between two countries boosting the economy more than the nations acting alone. he met trump in the oval office late april. >> i talked about trade and the importance of trade, and how i countries trading together make the pie larger. is undoubtedly true that not everyone has advantaged from that in either country. we have to work on that.
8:33 pm
--elt that ramy: i felt that tariffs were not the right approach. paul: you can watch the full interview in the new season of the david rubenstein so coming in june, only in bloomberg television. global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. allen, this is bloomberg. yvonne: let's take a look at your markets this morning. a mixed picture when it comes to equities, but we are heading lower today when it comes to new zealand leading those losses. paring off some of the losses, but we are down about 1.4%. kospi also seeing pressure, north korea canceled the summit with south korea. that is certainly weighing on equities and the currency.
8:34 pm
200 is the only outlier. ramy: looking at movers, stocks tied to businesses between north and south korea are falling. hindi engineering and ndi is down. -- hyu cement is yvonne: i just looked at currencies. this started with bond yields higher than 10 year. that sends the dollar climbing across the board. we are still holding onto the gains when it comes to the greenback. we are seeing strength coming through, for dollar-yen. it is significant that we have held at the 110 handle. won, the biggest loser when it comes to the fx
8:35 pm
face in asia. we are continuing to watch those currencies. take a look at your bond markets. we are seeing a little bit of civilization when it comes to the 10 year yield, 3.06%. we also have some bad data when it came to asia. japan releasing its latest eco-numbers for the first time in two years, it economy has shrunk. , ifing us is deputy chief you look at across the board, this affects bad numbers. what can we make of them? it not to bed great. it definitely came in on the downside. it is unsure what to make of it. there are a lot of things you can point out. a lot of the blame seems to be pointed towards the weather, which was cold during the period in question.
8:36 pm
also, vegetable prices seem to be one of the things the government is blaming, as well as people buying fewer smartphones. also the yen was supposed to be strong during the period in question, it is in a different position. speakingn we were earlier, it was said the yen would trade at 105. in terms of what to look ahead to. it also seems like folks are thinking this is just a soft patch, and the second quarter will be better. what is your take? >> that definitely seems to be the prevailing opinion. people are being cautious. i think the opinion is this is going to be temporary. datain mind japan's gdp
8:37 pm
tends to be unreliable and can be revised upwards. we could be having a different conversation about this data in a few weeks. sayingt seems folks are this will be a watch and wait approach. we will have to wait for another quarter. bloomberg deputy bureau chief, thank you very much. suspended 200 apps that may have leaked data of users without consent. it also removed 580 million fake profiles in the first three months of this year, usually within minutes of their creation. our managing editor peter elstrom has the details of this story. the numbers are mind-boggling. walk us through those. the efficacy of what facebook is trying to do. facebook came under heavy
8:38 pm
fire after the 2016 presidential election when its platform was allegedly used to manipulate the results with fake news and other sorts of things. this is the first time it has come out with these numbers to say what it does when it comes to the community standards. they removed 580 million fake accounts that they saw. they took down even more than that number in spam. there were a couple of instances of hate speech when they removed that. there are a few conclusions you can draw, they plan on releasing the report twice a year. people try to expose -- exploit facebook a lot. there is a huge number. number two, facebook uses artificial intelligence to get a quick jump on a lot of these
8:39 pm
instances of bad behavior, that works well in certain instances, not nearly as well in others. nudity, it tends to be accurate almost 100%. for things like hate speech, it is not accurate. it was about 30% of the time the ai was able to help discern hate speech because it is much more new and's, -- nuanced you can tell what is being said. -- can't tell what they are trying to say. there are thousands of people hired in order to enforce the community standards they want to maintain. yvonne: there is only a certain capacity ai can do, it relies on humans to actually start to police these more. is howbroader question is facebook doing overall with maintaining these kinds of practices? mark zuckerberg got in front of
8:40 pm
congress to talk about the election. in terms of each position as a very important part of the media landscape, it is less clear how they are doing in terms of fake news. there are many instances where it has not been able to crack down on behaviors that it doesn't want to see on the social network. there was a story last week about selling opiates on the network, there are still sites where you can do that. there is hate speech in countries with languages other than english, where they don't have enough people to enforce the practices they would like. there is also recruitment of terrorists. they are trying to stamp out these other areas, it is an enormous network and challenging for them. ramy: is there any granularity in terms of the geography? when we think of hackers, is it russia, china, some place in africa, or the u.s.? to what degree do we know that these figures are -- fakers are?
8:41 pm
>> a lot of these attempts come from overseas. investigation during the investigation into the 2016 presidential election, the russian hackers were fingered directly. thisook's ability to stop is due to wear their enforcement is, and what language skills they have. it is stronger in the u.s., but it is a global network. it is popular in a non-english areas, in those areas it is much more challenging for them to enforce community standards they want to maintain. yvonne: peter elstrom, managing editor for asia tech joining us. some lines coming through from japan. us abouts speaking to a second vision fund that might be raised as soon as next year. he is talking about paying another $100 billion -- eyeing
8:42 pm
another $100 billion for that fund. we will see if it has that price tag. he's been having early talks with investors. it really has been falling. we have been stabilizing since the lines have come through. certainly interesting headline saying he is eyeing a fund 2.0. moving on to malaysia, jill malaysia politician may be released -- a that malaysia politician may be released. he pulled off the election. it is unlikely he will take over as premier anytime soon. is crossover with sophie. -- let's crossover with sophie. >> in the past 24 hours, we have heard from several voices indicating when he might see that transfer of power. on tuesday, it was reiterated the initial stage may take one or two years to get things
8:43 pm
right. us pk artisand expect a handover for several -- tkr doesn't expect a handover. time is needed for my hatchet to rebuild and get the government working and running well. plansso said there are no to hold a by election anytime soon for him to be made a member of our limit in order to be made a minister. the first step is pardoning him, which will lift a five-year ban from political activity. me this morning, but it is now scheduled to kick off at 5:00 p.m. this wednesday. we are still waiting to see whether they will follow through with that. ramy: you can see those smiles from earlier. while the country waits to learn if and when anwar will be released, the heat is rising
8:44 pm
amid the one mdb had investigation. a case may be made against them soon. what are the details? >> the front pages of today's newspapers in malaysia are covered with front lines, no deal, the screws, and this is a piece come together to form charges against him over one mdb and the classification of an audit report, that is a key part of the puzzle. it details known transactions and flags possible anomalies, finding among other things, that they had used $73 million of government funds to pay interests on its debt. other jurisdictions are seeking malaysia's cooperation, this after the attorney general declared not to a wrongdoing, refused to allow bodies to follow the money trail that led outside the country. we have prosecutors saying they want talks as soon as possible.
8:45 pm
they are prepared to assist malaysia. stuff, sophie following up on the latest developments in terms of what's happening in the country and the new leadership. up next, we are going to go from malaysia to music. tencent's sinking competition in china -- singing competition in china. and snool, coming up. this is bloomberg. ♪
8:46 pm
8:47 pm
♪ this is "daybreak asia," on your yvonne man -- i'm yvonne man in hong kong. ramy: i'm remy inocencio in new york. tencent reports earnings after the bell. investors will be watching closely with stocks slumping with a record back in january.
8:48 pm
if we look at our first bloomberg terminal chart, the shares have done much worse for the past seven weeks in a row. sinces the longest streak 2012. tencent investors are not used to being overtaken by the broader index. that's because the stock outperformed the benchmark every full year, ever since its listing back in 2004. the fault in the share price has wiped out about $80 billion in market capital. according to bloomberg intelligence, tencent's profits could disappoint expectations. that's because the money flowing kingsonor of gains -- could slow it down. bloomberg intelligence says tencent's margin will probably slide even more.
8:49 pm
we are seeing this since it's feedback in 2006. it could slide below the 47% -- 4.7% threshold. inis increasing spending payment related services, cloud computing, and artificial intelligence. this is to compete with alibaba. estimates for a 19% operating growth implying a 7% drop in margin for the first quarter. tencent's revenues are expected to grow after a dip in the fourth quarter. this is important to remember that the mobile game business had its first sequential sales decline in the first quarter, falling about 7%. growth,s are for 42% that's when tencent
8:50 pm
reports after the bell. you can have a closer look at all of these charts on the bloomberg terminal by going to gtd go -- gtd go. yvonne: we saw the concern leading up to the tencent fines. definitely one to watch. initiatives iss music. last year it invested in social media app creator smule creating a base across asia and india. $54 funding round rose million. we're joined from san francisco by jeff. pleasure to have you on the show. you talk about karaoke, which i am a sucker for. we are excited about this. tell us how it works. >> it is a music company, we allow you to create music with other people by singing through your mobile phone. you have 20 million people singing songs together across the world.
8:51 pm
the process is straightforward. you pick a song, you typically it iso pick a partner, more fun to sing with someone else. often, using with somebody -- you sing with somebody in hong kong. maybe you want to clean it up, not all of us are trained julliard graduates, so we have filters you can turn on to correct the pitch, maybe add reverb, then you let it rip. we automatically makes your -- mix your song, and you can stream it out. yvonne: i always like a good duet. how profitable is streaming? we have seen spotify, they just said during the perspective that they spent nearly $10 billion
8:52 pm
when it comes to distribution costs. even with the monthly active users they have, they can't generate the revenue to offset these costs. is the business model working? >> i think so. i think you have to stake -- take a step back and look at it as a medium. it is one of the most engaging mediums. it is displacing television. engagement, there is opportunity for monetization. it is a policy -- it is appropriate that they are right holders for music, these are important people in the ecosystem. the artists are creating a lot of content that the people of two sing, play, or string. you are seeing these innovative business models are allowing to to tap the engagement and skill the revenue. -- scale the revenue. ramy: in terms of growth and
8:53 pm
expansion you want, you are talking about mobility. i am curious about where else you are expanding. -- i didn'think realize i was using smule about three years ago on my apple tv. i turned on sing karaoke, i was singign. when we were prepping, i thought i have done this before. are you still doing desktops, tv's, or are you focused on mobility for the expansion? >> i'm disappointed i missed tv, ierformance on apple hope there will be a future opportunity to share that with your audience and perhaps with some of the people at smule. i'm sure you are good. on the mobilelly ecosystem. across a opening up lot of different platforms that
8:54 pm
are adopting android and ios, including apple tv. we are excited to bring the music creation experience to people wherever they might be, their shower, their car, living room. ramy: great stuff. we are going to have to leave it there. smule, thankeo of you very much for your contribution. ramy: remember, bloomberg users can interact with the charts shown using g tv . you can browse, read charts to catch up on key analysis and save charts for future reference. this is bloomberg. ♪
8:55 pm
8:56 pm
♪ asia,'his is "daybreak i'm remy inocencio in new york. yvonne: i'm yvonne man in hong kong. up,a look at what's coming what are you watching today? >> tencent earnings later on today. life has aandard 3/10 percent holding in the company. talking about how the performance is in terms of the market. we will have to find out what venture core is in about 10 minutes time. the chairman peter church, he has us on. the latest china property prices
8:57 pm
, then discussing what the property market is there. a lot -- last but not least, we have a bloomberg live event called investor australia in sydney. cold to cleaner energy or sources of energy mean to investors. ramy: good stuff. j that is it from "daybreak asia,." markets coverage continues with rick and heidi next. stand by for bloomberg markets. opene how asian markets do and continue after the handoff. this is bloomberg. ♪
8:58 pm
8:59 pm
9:00 pm
rishaad: asia-pacific markets , investorsy losses weighing geopolitics and rising u.s. bond yields. snapping a two-year growth streak, the economy growing more, business declined come trump-kimand the jong-un some it may be in doubt. i am rishaad salamat. listing in 2004, but slumping this year, results may yet disappoint. this is "bloomberg markets: asia."


info Stream Only

Uploaded by TV Archive on