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tv   Bloomberg Daybreak Australia  Bloomberg  June 25, 2018 6:00pm-7:00pm EDT

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>> trade tensions rattle u.s. stocks. china and europe from its retaliation to president trump's threats. >> tech shares were hardest hit but the nasdaq down more than 2%. the u.s. familiar also weaker. >> officials are downplaying trends to limit chinese tech on national security grounds. >> but some american icons are feeling the pain. harley david son and jack daniels among the losers as
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trailed turmoil bites. >> hello from sydnie, just past 58 a.m., i'm haidi lun. >> and just past 6:00 p.m. here in new york, i'm thrath lean hays. a lot of the action in washington where trump's national trailed director peter navarro tried to backpedal on stories over the weekend that the trade secretary is getting ready to approaches another way to curb technology investments by singleling occupants china. this as chinese and european officials have been meeting in beijing. haidi: that's right. very much another session dominated by trailed. the french ambassador saying he hopes the u.s. soon sees tariffs are bad for its own economy but trump has belt on european weakness.
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we're talking about this retall toirp tone struck over china and the e.u. brexit also saying the timeline is worrying. the french finance minister speaking to reporters there in paris. so doubling doubt on this tit for tat tendency to fight back. not taking this lying down at all. cath clean: no wonder that -- kathleen: no wonled they were major stock indexes which have proven pretty resilient to this kind of back and forth. we see a big dwroun turn in u.s. stocks. the dow jones strip losing 328 points to 24,252. in fact, it's dropped for the ninth time in 10 sessions. 50 &p 500 slimmed believe and the nasdaq getting hit hard as well on those technology concerns. haidi: yeah, and it is the sense
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that these trading partners are fighting back. the french months anyonester saying when we're attacked we will fight back. looking like a pretty flat opening here in asia. new zealand and snid give futures, even a steeper dwroun side. the aussie dollar testing that 74-cent level, the worst performer in that g-10 space with the background of a steady dollar. let's head to commodities. that was the bloodbath when it comes to global recession worries. the dollar still looking pretty weak. copper futures, had pretty good company across the rest of the commodity complex. soy bean to wheat and nickel following.
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slow starts to currencies. the first monday since 2016 for the occurrencey index. of its losing some earlier gains as well as the west careen yuan. jessica? jessica: the u.s. supreme court has stallone out a government them of sphere rning -- steering customers to cars with lower fees. its deals a blow to retailers looking to reduce the $50 billion in fees they pay to credit card companies each year. visa and master card femme. he turkish leera attempted a rally after erdogan's election victory proved short lived. concerns about the direction of
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the central bank and policy direction erased gains service 3.1%. stocks and bonds also reversed their vafpblets erdogan urged his own central bank not to rise interest rates. the head of the investment bank says he homes there will be no trade wars between the u.s., china, and europe. he told bloomberg leaders need to negotiate to work out their differences. he also said the bank has no plans to raise funds nancy: soon. after securing a trip handful a credit rating. >> getting the triche handful a ratings from the three companies is certainly very, very important for us because we are recognized as a multiple development bank with high standards. and even though we do not need to borrow anytime soon, the
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triple rating is crucial. >> china and the european union have promised to oppose trailed protectionism. they say it risks pushes the -- pushing the world into a re preparation. he said china and the. . firmly oppose profectionism. ch actions could trigger a resex, he said. accusinging both the u.s. and china of unfair trasmede. bloomberg, in more than 120 countries. i'm jessica summers, this is bloomberg. >> thank you so much. white house trailed advisor peter navarro is week is so -- seeking to ease concerns about u.s. trailed policy. he says a report due later this week will not be as sweeping as markets are opening. certainly hit stocks early in
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the trading session on monday. joe is in washington with the latest. the trump administration sending mixed messages here. did the bad reaction with stocks have something to do with navarro trying to clean up the mess at the end of the day? >> two things going on. while markets are rattled by the administration's states -- statements and moves on trailed, it's clear that the administration was taken aback by the reaction in stock markets across the world for kneels trailed moves. the other thing that's going on, too, there's a bit of a struggle going on within the white house over just how to approach the trade issue with china primarily but also with the e.u. and our other trading partners. so that is some of the struggle that's being played out here. kathleen: from what we know so far ahead of this announcement on friday, who is facing investment restrictions and who isn't? >> it's sort of unclear.
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the treasury secretary came out this morning saying no, this is not focused on china. he's been one of the leading voices in the administration for taking a softer, at least more negotiated approach to dealing with china on trailed. that has triggered some of the stock market reaction because it suggested these would be broad but he said these are directed at those who steam u.s. technology. that's primarily china, according to the administration and the president made clear when he ordered this up that it was trect at china and that's what navarro came back and said today, that this was, in fact, primarily focused on china. it is not a big issue with the e.u. or canada or mexico. there may be some instances of that but it's pretty clear where this is directed. cath clean -- kathleen: what are we going to get some clarity with this announcement?
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joe: we're supposed to here on friday what the administration is going to come out with, with the treasury report. there's pushback from congress as well as pushback from investors in the business community. . so it could be that it's going to be still modified as we go along and we'll find out in a few days. >> joe, thank you very much. our bloomberg congress ed toirp in washington. lots of uncertain tip. i'm joined in sydnie by the c.e.o. for international at goldman sachs asset managements. the firm has over $1 trillion invested in these very turbulent marks markets. how do you position yourself when things change or do they change from day-to-day depending on the tweet or the thought? >> thank you for having me. i think everybody wakes up in the morning and wonders what they missed overnight,
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particularly sitting here in these markets. and in this case we missed the ultimate final reaction. it's taken a long time for the markets to feel like the trade commentary that's been coming, particularly out of the u.s. had some meaning. we see investors finally looking and saying wow, something actually might happen. that's been the hallmark of the broader question of how we reacts to tweets, to rumors of potential sanctions or potential restrictions or this or that. it's always been with something actually -- will something actually happen? some of the dissension that was just mentioned in the prior conversation about navarro says one thing, munchen says another s what is confusing in consumers sentiment. they had already been concerned about how well the markets had
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performed anyway. >> 2018 was always going to be harder. what's your kind of base case or worst case scenario in terms of how this translates to how it affects inflation or deflation and whether that impacts what the fed does. >> i think investors are concerned about the vicious circle. we've already seen the fed become more hawkish. certainly a bit of a surprise, although we had always anticipated four hikes this year. a bit more priced into the market now anticipating that. then with such good markets and seemingly be nine economic conditions and good conditions for growth, investors saying what else could happen? and this trade war has been the thing. we see places like india that are more domestically focused potentially better investment vehicles. it's also certainly a challenge
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for commodities and we see some pullback there. obviously emily: is a different case given some of the actions of opec lately. >> i noticed in an earlier peels you wrote in the spring, you downplayed trailed tensions and the impact they'd have on the markets. have you changed your view at all given how this sbep spreading out? it's not just tit for tat tariffs, it's talking about chinese technology and her. >> i certainly think we have turned more cautious as have our investors. we've seen a number of issues mentioned and come up where action then doesn't actually happen and that was the position most people were taking in prim. this is a lot of chatter, blust eshe. it's to get a few things done but won't represent a full-out change to the moment up that global investment has seen for
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over a decade. now i think investors are saying ok, there may be something that generates reaction from china and the e.u. it's that reaction and the potential tit for tat that has people more nervous. >> what about the federal reserve, the assumption that they'll make four rate hikes now. if you have market volatility, if business confidence suffers. is that creating some uncertainty about the fed programs? >> i think it will. i think at this point people had been more focused up until the last 24 hours, had been more focused on the fed commentary itself. what are we hearing, what are the fed governors saying and the nuance there? i think at the broader level, people still expect that the fed is always reactive to what is going on in the global markets
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and the macrotrends. this throse throws up a key obstacle from a u.s. perspective they'll watch closely so i do think it will mitigate some of the expectations for extremely proactive fed action on the hikes. >> you mentioned the markets being a so spot in this environment, which they always were going to be given the dollar environment. this is looking at china in particular and how investors are still willing to pay basically double to hold u.s. stocks. are some of these markets, i'm thinking of china and some of he asian e.m.'s that have good domestically driven demand destroyers -- stories. re they willing being unfairly conservative? >> we've seen many instances where they're unfairly penalized in the face of any large scale action coming out of u.s.
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markets. in this case you do see emerging markets with better fiscal positions. with better domestic markets, rising middle classes. so we come to this position more positive on e.m. we see investors looking very closely at china and india, other markets around asia where they see a strong domestic economy and companies that can benefit from that it's a close parallel to what we've seen in the u.s., where we've seen people move away from large caps nd continuing to ask about the small-cap markets. >> what would you pick as being relatively shielded from. impact of whatever happens in paris? >> there's certainly a nuance to it based market by market but anything from an emerging markets that's more consumer focused and more loam markets focused. some of the burgeoning internet
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companies or payment companies in india are some of the most interesting to us and actually some of the most interesting regardless of what's going on in the u.s. because of their extreme growth potential. >> sheila patel with us. coming up, her views on investment strategy as nevisors face geopolitical risks from other things. >> and an exclusive interview with john lowered. how protectionism is affecting their business. ♪ j.d.
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>> in the u.s. market as elsewhere, it was a rough ride for stocks as they kicked off with a wave of selling, particularly in tex. the steepest drops since early april. we did see buyers coming back as we try to digest exactly what
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was going on with the news flow out of washington. >> it seems the white house comments may have made a difference. let's look at the snap shot. what you have is a market that is wondering hey, is this a deal negotiating with all this rhetoric or think again. maybe this stuff is going to continue and really hurt the market and that's the mentality that seemed to sink in no gold movement. declines for seven days. crude caught up a little bit after hours but did decline after its big run-up post opec. let's go to the bloomberg charts which says it all. tech troubles. technology, particularly semiconductors. the philadelphia semiconductor index here taking a big jump lower on the possibility that there might be some chinese limit on china investment into technology firms and let's go
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into specific names that got hit. note quickly the size of these moves lower. netflix had its biggest drop in more than two years. the stock is still up 100% year to date. some of these momentum players are being hit, like maybe the time is up. amazon down. micron technology is pacing the semiconductor moves. lower again. but this is a stock that's up some 300% in the past two years. boeing is exposed to the trade wars, as is harely david son, which got into sort of the target of president trump. they're saying hey, this stuff is going to cost us $2,200 extra per bike. we have to start making it out of the country. marathon down with some of the oil and steel you'd think they would benefit but there's a
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concern that the higher prices caused by the tariffs can come back and bite them. you're looking at the superspike chart. the wedge formation that you see back in 2016 is forming again to the right and that is a signal, chart watchers say, just as we spiked up here after the last wedge, we could spike up again. the difficulty with this chart is you really can't time it but when it does move higher, it really moves higher. it's a sort of caution flag of what's ahead. >> i think everybody is trying to figure out just what's ahead. thank you very much. sheila patel still with us in sydnie, c.e.o. of goldman sachs assets management. we were following the interesting stocks movements, small caps are getting hit and they've been a stalwart.
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when you see something like that, does it make you a little more doubtful about the prospects at least for u.s. equities this year? >> i think there are two parts to this question. most broadly, people turned more negative overnight on u.s. equities period and that's why you see a selloff in a broad context but also small caps getting hit, people taking some profits. we also see investors looking to increase their positions in small caps coming guard and along the lines of the previous conversation, small caps tends to be more domestically oriented. tend to have a more insulating effect in we do see escalations in the trailed warp talk. i think it's more of the jeven egg in active reaction in the markets overall to some of the chatter overnight. >> you had said in your mid-year
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outlook that you're more positive on stocks than on rates on bonds. but given the move we've seen nto bonds again, given trade tensions, does that alter your view of rates of credit now? >> as you see the fed take action, there will be some opportunities but i don't think there are rankings and still finding opportunistic plays in equities. certainly the investors we speak to are look for broad pullbacks such as the one that just happened as the opportunities to get into certainly spaces. if you look at some of the noise and things that might happen, for example, it may mean that some of the money that might have flowed towards u.s. tech flowed to tech in other countries. >> does this change your view on chinese tech or will that
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redistribute across other markets? >> i think from a chinese tech perspective, they're already quite advanced but it does give potentially morer tulsa to some of the investments they've been starting to make. the paper made in china 2025 has gotten a bit of noise as the basis for what restrictions we might see the u.s. take. if you look through that, think about areas like health care. there's a tremendous opportunity in health care in china to advance health care through technology so that they can reach the very large population with the demographic that needs that kind of service. it may drive investment that could be beneficial to china and a good opportunity. >> scheela patel, thank you so much for joining us. d.t.c. go. see that on bloomberg tv and catch up on analysis. save them for your future reference. this is bloomberg ♪
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>> a check on the business headlines. a looming trade war takes its toll on companies. harley david son shares slumped after shifting more production from the united states. the motorcycle maker, once a trump favorite. , blamed e.u. tariffs imposing retaliation for the president's own tariffs on steam and aluminum. >> another iconic brand is in the firing line. this time the maker of jack daniels europe says it will have to raise prices in europe once a 25% tax is imposed. it says it will cut earnings for the company by 4% to 5% this year and next. >> in europe, car stocks fell to the low nest almost nine months. volkswagen and dime learn led the clients dragging down the
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stocks. president trump has threatened 20 tariffs imported on cars if e.u. doesn't take down tariffs on its own. this iblooerg. ♪ this is blmberg. ♪
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haidi: it is 8:30 a.m. here in sydney. markets open in 30 minutes time. for u.s.nt session stocks overnight as we get these reports of stricter limitations on chinese investments in u.s. tech. seriouslye taking deep threats of a trade war. kathleen: i am kathleen hays in new york. we're getting right into the first word news with jessica summers. tradea: escalating tensions and u.s. stocks has in the steepest drop since early
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april. that comes as president trump promises more protectionism. the dow and s&p 500 fell more than 1.3%. after were repaired pierre navarro said there were no plans to impose restrictions on chinese investment. a spokesman denied that china is the main target of plans to create stricter laws -- they list them as a security risk in terms of new vehicles, robotics and aerospace. mnuchin says it would apply to any country trying to steal u.s. technology. a civil rights group has tried thesk the u.s. to order trump administration to reunify the 2000 undocumented children
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taken from their parents. halt of calls for a separation of all families seeking asylum. said that the executive order to reverse the child separation policy has explicit loopholes. they have reached a settlement with brazilian prosecutors over the disaster at their mining venture. they seek to offer greater cleanup and reparations through a foundation. it erases outstanding lawsuits, lifting their chances of resuming operations. 2700e powered by more than journalists and analysts in more than 120 countries. nowleen: let's look at more
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with adam haigh. trade tensions are clearly the number one factor and have been weighing on sentiment. are we in danger of overlooking some of the seer -- some of the theories and development? then i think that the trade tensions and developments going on in geopolitics are taking the limelight. but there are underlying fundamentals we nee dto examine. let's look at the fund rebalancing argument. going into the end of the month, there is tweaking around the edges and some money is coming out of equities and giving a pronounced setting. there is also the technical argument. the s&p 500 sitting at a key technical level in the 50 day average. reaction, it is very well to talk about these trade reactions, but as your guests said earlier, it is important why and how the fed reacts.
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we heard from jay powell earlier saying trade could affect their outlook for economic and monetary policy. have we gone far enough and are set to start dialing back? that is still an assessment people are making. haidi: adam, it looks like that triple-r cut with not enough to convince investors. guest: we are still at that 19.6% level from heading into the bear market. we are so far down off the january highs. a is difficult to see situation where domestic stocks in china can get any kind of relief rally. no sign of any sustainable move. we have the weakness of the currency. there is also the pace of how much that currency move
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happened. as you say, that triple r cut not really swaying anyone. investors are taking a wait-and-see approach. haidi: the bloomberg global markets editor. e some of those charts on gtv on the bloomberg terminal. the growing trade tensions between the u.s. and china is a problem for australia. china is its biggest customer and the u.s., its largest investor. joining us for an exclusive interview is john lorde. great to have you with us. looking at the narrative overnight, i am wondering to what extent do you think the problems you are having with your business in australia has been because of this impact of a
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global american wave of protectionism. haidi.good morning, at the moment, it is not impacting us. i'm sure there are lots of situations arising between china and the u.s. business has been going quite steadily for the last six or seven years. the actual impact of trade between those countries is not impacting us and australia. zero: but it is in that growth, revenues flowing. -- involved are you with [inaudible] couplethere are a misconceptions. cut.pending has not been
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there may have been some reduction sent to universities, but in australia we opened a new laboratory last year. we are about to open another one in the sydney main office. that talk -- type of r&d expenditure is alive and well. numbers, theyf go up and down depending on the contracts. 700-pluseen sitting at australians for a couple years. to 900 during major projects and come back down when major projects are not on. why do you think there are such severe security concerns being expressed by the australian government? there were similar concerns in the u.k. australia launched
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overwhelming concerns? guest: there are a lot of reports around and we are discussing with the government regularly. if i look back over my seven chairman, one in two australians are using huawei equipment. discussion is now around 5g. huawei is one of the global leaders. competitors, are talking to the government about what 5g means. government and huawei discussions are healthy and regular. there is a lot of reporting around it. that is part of the overall environment in australia. haidi: it seems to be part of the environment globally, but
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the investors also have misgivings about huawei. in a piece you wrote, you said that china's intelligence law dictates that all organizations and citizens must cooperate with the espionage work. you were a military man in australia. tell us why you don't share these concerns. i can't imagine you would work for this company if you did. guest: i most certainly wouldn't. decemberined huawei in of -- i met with the global board. did theirdirectors separate due diligence. all of us felt perfectly happy. after that, there were several reports and they have been circulating on and off. none of us have felt any need to doubt our initial judgment. we recently had a new director join, the ceo of the largest railway and australia.
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lance is perfectly comfortable joining us and we all have committed to seeing the way grow . we feel confident. haidi: -- ,athleen: the development of 5g how important is that the huawei and australia? how do they mesh? guest: it is very important to huawei. arebodies in europe developing thestandards and along with our competitors, huawei is a leader in the development. huawei brings that leading technology and we would like to see that come to australia. australia is well fitted with 4g and huawei was one of the first of put a 4g network and to australia. is the natural projection for australia and the rest of the world. of 5gvantages
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communication for australia in the future is essential. would youn, categorize this as politics over reason? do you have any reaction to the letter the jong-un -- john others, wroteng to the government of australia? guest: we have had a very positive response. yang was there to push out the benefits of huawei, having been in australia since 2004. then we wanted to say if australia will benefit from new technology, it needs competition. not just on price but technology. you have the three big players in the market. we start to compete in our r&d centers.
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australia, embracing all three of us, allowing us into the competition together, will really benefit among the leaders. haidi: how much with the company be willing to compromise to do business in australia? it is not a matter of compromise, around the world we have a different arrangements with different companies. u.k., germany, france, spain and new zealand. in different technological companies in different ways. we are arrangements comfortable with overseas but we are talking to the government now. what arrangements would australia like to have to allow huawei to contribute to this 5g network. it is not so much a compromise but working within the government that the framework sets.
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governments must always have the security of the info work -- framework and infrastructure in the back of their minds. your address to the national perth club deals with the theme of the rise of technology and innovation. to what extent do you think that globalism is an ideological war being fund by the u.s. and other nations. maybe there is some fear from china on this front? may be true and i would not like to comment about how other people in other countries see while way and new technologies -- see huawei and new technologies. from my experience is it a great -- it is a great learning experience that we have to get accustomed to. the key innovation comes from europe and the united states. now, with the growth of china
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education,he rise in we are getting new countries. uhue is one of the latest -- huawei is one of the latest. it is easy to say that part of the new technology and innovation is not from the traditional sources. this has happened before. when japan produced cars and watches, people said they are strange. now, the japanese toyota, the seiko watch are fully accepted around the world. and asiaawei, and china dn and companies from those areas being somewhat similar as they bring new technologies, this time in the communications sphere. haidi: thank you so much for joining us. huaweird from technologies australia, the
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chairman. coming up we will take a look at the potential new curbs on investments. this is bloomberg. ♪ ♪
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kathleen: silicon valley may no longer be the understated capital of finance investing. no surprise that this asian nation is making new unicorns at a faster pace than the u.s.. china's largest angel investors has played a big part heading a dozen ilion dollar companies since 2010. a dozenof this's -- billion dollar company since 2010. as part of this series, we go to this interview. >> you are seeing people with a lot of experience, people who were heads of new
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research, these senior people around 40 years old starting companies. they want more money and higher valuations given their experience. people who have been in the internet industry for 10-plus years coming out. reporter: do you think silicon valley has been slow to wake up to what is happening with china and technology and the funds available? guest: i think that they were slow in a few years ago but this time they are deficit -- definitely aware. i haven't seen that much consumer innovation in a while. you have mike morris' letter earlier this year. i think in silicon valley there is interest in people wanting to companies. there is investor interest in people are excited about what is happening. >> in terms of the broader
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strategy, how closely do you a line your strength in your decision-making around that? that was less policy for us but i very much agree with the story. i think it will be sooner than 2025. by 2020, i think we will see more global companies that are chinese in the tech sector. db already profiting in many countries and profitable. you can see musically one of the top apps in the u.s. we have copies competing with amazon in india. in southeast asia, in the sim tech sector, you are seeing payments. what china did years ago with lending happening in southeast asia. trends thatlot of china experienced 10 years ago
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that are mirrored in southeast asia. kathleen: 2020 is chester on the corner. -- anna fana thing g. joining us now is jeffrey lynn. jeffrey, respond to that. anna is very optimistic about the global heavyweight china technologies. do you also see this on the horizon? for the, if simply reason that china has a lot of intelligent people, a very strong economy, and has many people doing research in technology. about some things that you mentioned in a recent note, that china centers -- sensors internet content. that there is concern about internet piracy. does that create a contradiction or put anything in the path of
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development? guest: certainly for u.s. companies, particularly in software, it has been difficult to do business over there. big you look at the internet companies in china, they have been doing well. with companies like nvidia, there is no company that can replace them. other components, such as memory, there are not necessarily direct substitutions. we also depend on china for low-cost manufacturing. if the iphone is designed in california, but apple uses the -- it haser in china
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a big market in china as well, but particularly companies with a lot of software content or difficulty doing business over there. you are fairly positive on china intelligence. you say china companies are going to check -- going to catch up and you think the world is big enough for both but who should i be looking at now? in particular how we define ai is using computers to make decisions that humans would normally make. frompplications run across consumer internet to automotive and advanced safety features. looking for new treatments for cancer. being it to connect better with customers and detect frauds. aiot of the applications for
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-- companies that are part of the ai food chain that are providing the underlying technology or using ai as part of the business will enjoy higher growth rates and better profitability. the ai look at opportunity globally, it is tremendous. when we look at china and some of the big internet companies, they are seeing extremely high growth rates just like the beginner companies in the u.s. that are also using ai. we think there is pointing of opportunity for many companies to do well. haidi: in terms of regulation are they sufficiently supportive or is it becoming age drag on frontier tech like ai? guest: fundamentally, what we are reading and the news is more of short-term concern because it
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is creating some uncertainty among investors, but over the long term, we think that companies that are competitive in technology will continue to do well regardless of the rhetoric on trade. haidi: what is the next big thing, you are already investing in ai but what are we not talking about? think ai spent several years and well into the next decade. thing is ai next becoming more ingrained in our day-to-day life. iphone, it up my tells me how long it will take to get to work. many cars can stop to avoid hitting something, but eventually that will evolve into self driving. thing isthe next big
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an extension of something we currently have and continued improvements in technology. haidi: a quick check of the bloomberg business flash headlines. hbos it website is down after john oliver criticized president xi jinping. called out the chinese leader for amassing political power and censoring online dissent including references to the he the pooh -- winnie pooh. kathleen: xerox e-cig new ceo has blast -- xerox's new ceo has blasted these efforts. he says fuji films' own accounting problems made the deal impossible. who's denies this and accuses
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xerox of breaching the merger agreement by ending the deal without a legitimate reason. haidi: apple is about to pop up the gilliam on its new design strategy. among the upgrades in the works for the new airpods is said to be noise cancellation, water resistance, and biometric sensors. higher thance tag the existing one. facebook instagram may be worth more than $100 billion. that is a 100-fold return since the social network but it. platform reach 100 billion active users this month and bloomberg intelligence expects that this will double in five years. the younger audience is more attractive to advertisers. for asiaat is it daybreak earlier this morning.
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avon will take us over -- yvonne will take over as we go to daybreak asia. yvonne: we will hear from mark, wrestle ceo. how are they doing -- viewing the market? they just recently launched their ftse total connect index. and we will look at these licensing deals and how they are viewing the situation. kathleen: i will be looking at trade with larry hathaway. early in the year he wasn't so concerned. about whether the federal reserve will keep to that 4% rate hike and what this will mean for the market.
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>> we know what we are setting up for. it is looking pretty negative. we will have all the action on daybreak asia up next with kathleen and yvonne. this is bloomberg. ♪
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yvonne: we are live from bloomberg's asian headquarters. i am yvonne man man and welcome to daybreak asia. trade tensions rattled markets. trading and its major partners face off. tech shares were hardest hit on wall street. the dow down almost 2% and the dollar also weaker. trump administration officials tried to play down plans to limit chinese tech investment on national security grounds but some american icons are feeling the pain. harley davidson

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