tv Bloomberg Markets Asia Bloomberg October 15, 2018 10:00pm-11:00pm EDT
world capital continuing, weighing on the oil market. we have china inflation numbers. benign, but we did get pickup when it comes to the cpi prices. poor prices on the way up, as well. things could actually pick up when you have you on depreciate -- you want depreciation -- yuan depreciation and investment in infrastructure. david: it is a country that consumes 40 kilos of pork per capita a year. that is as of 2013. imagine a piece of the basket and how that drives consumption -- yvonne: they like their barbecue. said, not exactly on fire. equity markets are on the way up.
seeing acrossre the region, although we are nowhere near recovering the loss we had in the thursday selloff. of massively friday, down again monday. futures also pointing higher. you are getting some weakness coming through in the japanese currency, which bodes well for risk appetite. the the swiss franc being referred haven as of late. copper is down .5%. i'll talk to you about goldman sachs and their bullishness on copper. brent is $81 per barrel. let's change this up and look at other things we are following. route,tures, the tech the likes of morgan stanley say the drop in u.s. equities might weigh on the dollar, which is roughly at a two-week low and it may stir -- spur haven demand for other things. u.s. 10 year yield, at these levels.
barclays says to start going wrong. 2.95 on the 10 year. they are saying seven for the dollar is no longer the threshold for the pboc to defend the chinese currency. that is a look at the markets. jakarta is coming online, as well. should be doing well the last we checked. rishaad: back to inflation now. beijing, factory gate prices pretty much in line with expectations. they were down. yvonne: tom mackenzie, our china correspondent joining us from beijing. give us some of the top takeaways here. are right toyou point out these are fairly benign numbers but let's look at the consumer price index. we haven't paid much attention to in 2016, 2017.
we really focused on the producer prices. at 2.5% level, so in marginal tick up from the number in august in line with the forecast, but as you have pointed out, we have the story of the higher food prices, particularly pork prices, the african swine fever into doing to spread. reports of another outbreak, about 20,000 pigs affected. this is under control at the moment according to experts i have been speaking to, but something to watch in consumer prices going forward. is 3% for thecap cpi number, so something to look for in the future month ahead. the vegetable prices picking up. producer price, we have a chart showing what has been going on over a longer. than, coming in below the number in august. the september number is 3.6%. even though he have seen a tick prices,l prices, steel
metal prices, the overall weakness in the general economy has weighed on those factory prices. that impacts corporate profits, their ability to pay down debt. you will see from the terminal that these ppi numbers started to edge down. we had a few peaks and troughs, but the trend is pretty clear. bloomberg economics expects further weakness in producer prices the next few months towards the end of the year. rishaad: it doesn't really move the dial when it comes to policy, does it? the inflation numbers? tom: not at this stage, no. you talked to betsy wong and she it isor the moment, unlikely to change the calculus from china's policy make is, -- policymakers,-- but if you see a tick up, that could impact the steps toward further evening's -- easing. >> if inflation does go higher,
i think it could leave room for the pboc to a -- do a broad face monetary easing. tom: certainly consumer prices, firmly in focus given the impact it may have on be easing program, that it is starting to be fleshed out. you talked about the impact of the softer yuan, and weaker inflation, as well and the tariffs china has imposed, the countermeasures and the impact that is having on prices going forward. it was also interesting that we are expecting a tick up in infrastructure spending. bloomberg economics says that may impact producer prices, may underscore those to some extent but the team here think the broader slowdown in the economy will offset those spending the -- measures. rishaad: tom mackenzie for us in beijing. yvonne: joining us from
singapore is vishnu varathan, mizuho bank thing -- bankhead of strategy. in terms of concerns for the pboc, where does it rank when we are talking about inflation? vishnu: i think it falls within the acceptable range, where it leaves the pboc with a lot of policy flexibility and one thing we want to emphasize is from day one, regardless of inflation, the pboc's policies going to be very nuanced. it would be difficult to use a one word tightening to describe policy. you will see liquidity adjusted both ways as necessary, yet inflation is within the comfort range, particularly even the run so thend for pressures, pboc won't be forced to tighten before it wants to. yvonne: we were talking to tom about this, the renminbi weakening from 9% in the past
months, prices going up. why isn't that translating in some of these ppi numbers at the moment? reasons -- of the the reason in the producer supply chain for some of these cost increases, particularly for --r channels to be absorbed, we don't see ppi beginning to stir tremendously but one of the concerns, as you were discussing earlier, food prices could be on the rise driven by court. it -- pork. if that coincides with oil price rises, the number may be more discernible. rishaad: impact of the trade war? what is your thinking here, vishnu? impacts of of the the trade war, which will be harder to avoid is higher inflation, but our take on this is, given the different inflationies and the
effect on the u.s. will be greater than on china. do see pricese picking up come even as the demand function slows. despiteowth slows inflation remaining firmer than it was earlier. the consolation is we are from a low starting point, so we don't stumble into the stagflation risks yet. rishaad: the trade war is a huge risk, there are other risks out there. the finance minister in japan, saying it is hard to see a lehman level shock taking place at this level. why would you say that? i guess the starting point is almost like verbalizing a hope, i suppose, that we don't arrive at such a point. with the trade wars, anything
that comes through the macro economic channel seems to be more slower burn than anything that might otherwise arise through financial shocks. risks dohat trade war not spill and cause a financial meltdown, i think he has a point. we will not see the brutality and abruptness of a shock that came through in the lehman era. but this would be more slow burning, and could drag on potential growth for far longer. rishaad: a key much, you stay with us. vishnu varathan, mizuho bank head of economics and strategy. yvonne: paul allen from sydney with more. u.s. budget deficit grew to a fraction under $780 billion in donald trump's first 4/5 -- full fiscal year as president. spending made it the biggest shortfall since 2012. the budget cap was 17% wider than the year earlier.
spending rose more than 3% while government revenue gained .4%. italy's populist coalition has managed to pull together and last-minute budget that will allow it to fulfill costly election pledges. it may threaten a confrontation with the european union. tuesday is deadline day for eurozone nations to submit their budgets for fiscal 2019 and brussels it already warned rome about raising the debt beyond the eu rules. that sparked a selloff in italian bonds. the rupiah pared losses as indonesia posted a first trade surplus in months. reported $227 million in september. an estimate in bloomberg was for a shortfall of half a million. -- a widening current account deficit and stabilize currency. korea continue their burgeoning friendship,
agreeing plans to connect and improve cross-border road and rail links. uneaseord comes rising in washington over the speed of engagement between the neighbors. observers say that u.s. effort to rig count getting of its nuclear efforts are falling behind. global -- global news 24 hours a day, powered by more than 2700 journalists and analysts in more .han 120 countries foraad: the implications the island as brexit talks between the united and the european union hit another sour note. yvonne: next, find out why mizuho bank's vishnu varathan is expecting more air pockets for emerging markets. tom: if you have a question for any of our guest's, don't forget to click tv . you go to this part and click on that. this comes out and you can send a question.
david: welcome back. let's check the fx markets and have a look at safe haven currency's. you have swissie and japanese yen. turmoil, it has been a preference for the japanese yen. we have a story about that on the bloomberg. it pertains to dollar strength and where we are for emerging markets, the dollar charge takes you back to make. we have been range bound since that time and it has popped out against ever currencies. swissie, euro, you can pick out maybe a peak in the pound. is that a sign things are turning for the dollar in favor of yen? -- e.m.? guests have pointed out opportunities in the emerging
market space. hopefully, the worst is behind us. we can always hope. rishaad: how long have we been saying that? david: everyday. rishaad: hope springs eternal. david: it is self-fulfilling prophecy. it might ring true. rishaad: vishnu varathan is with us from missoula bank. -- mizuho bank. what do you think of this long hope we all have, i suppose? vishnu: i think we don't want to underestimate the power of hope. after all, famously as george soros put it, reflexivity for currencies to overshoot, particularly on the downside, i think builds on fear in itself. helping to avert that and being hopeful does help. see the attorney of trade-offs playing out. rising yields and what was discovered earlier, u.s.
debt could become a burgeoning problem with the wider deficits. these things would initially cause the fed to lean against it and have a tightening policy in place. if we do get a much steeper end, curve led by the long young currencies could come under more pressure, not less . that wouldn't help if oil prices go higher ahead of the iranian sanctions and geopolitics. please usually bode badly for currencies, particularly as equity market corrections take place. yvonne: do you foresee further steepening of the yield curve? most people say now that we are seeing the bid into the long end, the steepening is pretty much over. grow wary ofn, we the fact that a lot of markets were quite fixated on the flat field curve and in fact, the risk of an inversion and that portending a recession ahead.
our view was the bigger risk for gm's in the short run is not so much an inversion of the yield curve which is indicative of recession, but the steepening because as dollar liquidity tightens and you see debt issuers in the u.s. causing yield curve to steepen as oil prices rise, this is what will see funds getting out of e.m. and long on the curve, instead. for us from an e.m. perspective, that remains one of the concerns. further steepening from where we are dozens seem outlandish, given the yield curve is pretty --t despite having come off despite the long end having risen more over the last few weeks. rishaad: you mentioned some of them. where are these air pockets? vishnu: i think for us, the air pockets, to be almost boring about it comes from the twin
deficit countries exposed to oil risks. countries such as india, indonesia, the rupee and rupiah, the philippine -- the libyan -- peso. -- the philippine peso. if onethe asia space, were to take a neutral view on the dollar, the malaysian ringgit looks more attractive than the indonesia rupiah, to play on those rentals. -- if rentals. -- differentials. i think a lot has to do with the -- what goes with the renminbi too. do you think the chinese authorities think seven is a psychological barrier they need to continue to defend? vishnu: i think there is no
question that it is a psychological barrier, whether we like it or not. at authorities are looking two big figures. the sevens for the renminbi and the three or the fx reserves. inherenties the trade-off could they wouldn't want fx reserves the fall to steeply. to the extent they want a stable trait rate at renminbi, they will defend the seven if it is consistent. however, if we see broad-based and unilateral dollar appreciation, then the sensibility around it is to let the seven go, but to maintain fx reserves at a fairly resilient position instead. this is not an easy decision and the trade-off be a dynamic one. yvonne: thank you so much, vishnu varathan. mizuho bank head of economics and strategy joining us from singapore. more ahead. this is bloomberg. ♪
david: let's have a look at stories trending across the bloomberg universe. a look at what is happening on social media. tictoc, watch a video detailing pong's return to the smartphone market. small device, calling it a companion phone endorsed by steph curry. on bloomberg.com, the countercultural investment firm robin hood gets almost half of its revenue through a controversial bargain with high-speed traders. that is getting a lot of traction on bloomberg.com. and the most read stories on the bloomberg terminal, donald trump angle.g "roadkill or" -- "rogue killer."
rishaad: softbank, collateral damage. battered by the global selloff shares almost being hit by links to the kingdom. riyadh is a major investor in the vision fund and the relationship worrying quite a few people. yvonne: let's bring in bloomberg's asia managing editor. does this put the grand plan in danger? it puts him in a complicated spots. as you mentioned, the story begins with the disappearance of this journalist who went into the saudi consulate in a stumble and disappeared after that. originally said he left freely and didn't know what happened to him, but turkish authorities say basis that he was killed in the consulate and there is growing international pressure for the saudis to
explain what happened in that situation. haveentioned, the saudis mentioned they will investigate and figure out what happened. donald trump has put pressure on them. they are scheduled to have this big conference, data votes in just a few days time. desert, in a few days time. as puts pressure on softbank because the south arabian government is an investment in the vision fund that was famously persuaded for the crown prince to put in $45 billion of capital when he originally raised the money. they are the cornerstone and as of right now, he is one of the few business leaders who says he is not pulling out of that conference. he still plans on going to the middle east if it takes place. rishaad: can we expect a warm welcome should he go and be in silicon valley? softbank in it puts
a complicated position if the saudis do not explain what exactly happened to the journalist. in -- been put into very prominent startups wework in uber and china and as he looks to deploy that capital, the question is whether technologies will be accepting of that if there is a tight audi arabia that is under a cloud. one who pulled out ceo ofconference was the uber, who said he didn't want to go under the circumstances. weighs on softbank right now. yvonne: peter elstrom in tokyo. we were speaking to some analysts that are either cutting their exposure or reduce or downgrade the stock for down the -- soft bank, a senior
strategist will be joining us. rishaad: in just over half an hour, but softbank. david: i think we are about one third back. at one point..25 for shares at softbank. when you look at the damage yesterday, it was about 1/5 of the points decline on the nikkei 225. ¥262 to the upside. a change in terms of ratings. a new neutral and a new outperform in terms of impact and up 1.6%, still down roughly 40% from the peak. the macro picture doesn't bode well for the outlook for orders in the company. quickly, let's wrap things up the japaneset how cash markets are faring ahead of the lunch break in a couple of
paul: 10:29 in hong kong. china no longer believes seven yuan to the dollar a psychological redline. theing has grown to accept currency may rise or fall and that threshold no longer applies. the yuan has been under increasing pressure in the escalating trade war. a series of weaker fixes while allowing the currency dislike further. saudi arabia is preparing to admit the journalist was killed in an interrogation that went wrong. it cited two unidentified sources. president trump says he has been
assured by the king riyadh no official involvement in the disappearance. the president floated the idea of rogue killer's. >> became firmly denied any knowledge of it. i don'tt really know, want to get into his mind, but it sounded to me like maybe these could have been rogue killers. who knows? paul: north and south korea continued their friendship, improving cross-border rail links. it comes rising unease in washington over the speed of engagement between the neighbors. observers say the u.s. effort to rid north korea of its nuclear program lags behind. the signaling system glitch has disrupted the hong kong metro, delaying thousands of commuters heading to work. r says the island lines were
operating at slower speeds extending total journey times by 40 minutes. it is the backbone of transportation in hong kong with trains carrying almost 6 million passengers each week day. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. david: let's get a sense of where we are as far as markets are concerned. we brought this up several times in the last few months. pe on the 100.rd bottoming during the summer, analysts said seven times earnings was the floor. in china, we could be heading toward this other bottom, which the.5 times earnings, start of 2016.
we may see a real rating in ating inmarkets -- re-r chinese markets. equities are doing well with the exception of new zealand. equity pushes are -- futures are pushing up. chinese markets were up 1% earlier, so we are paring the top index. japan entered its lunch break and dollar-yen, up. japanese yen is weaker by about .2%. the euro, flat and other majors. big weekkly, it is a when it comes to the brexit conversation. a quick look at where we are on cable. everything that is happening out there, the challenges, we will talk about this in a moment, we are managing to hold up the 100-day moving average.
that is a general sense of how things have progressed when it comes to the currency. innne: eu leaders gather brussels for a summit at which they had hoped to announce an agreement tom brexit. worked through the weekend, but talks collapsed over the length of time the u.k. would remain in the customs union. rishaad: it is all about the border between northern ireland and the republic. ryan, thank you for joining us. the language gets more bellicose, doesn't it? gore's johnson says this would be the economic annexation of northern ireland by a foreign power. tell us what the biggest stumbling block is here. end, what we want in the we don't want a hard border.
goods and services going back and forth and movement of people. this is recognized but the -- by the british government. that is our so-called backstop. if there is no agreement, we would have a backstop to avoid a hard border. it is something we expect to be done. rishaad: it dovetails into the northern ireland peace accords. paul: a hard border coming back, you have 200 border crosses that were there before during the hard border days before the peace process of 2012. less pern europe, far kilometer. if you put back in our borders and security checks, you go back in time almost 30 years. yvonne: after what we saw over the weekend we didn't see a break for with the eu and u.k.,
where do things stand right now? where does ireland see talks going? is it a cause, or are we getting closer to a hard brexit scenario? yvonne: the prime minister basically said -- paul: the prime minister said the discussions may moving to november-december now. the key thing for us is that there is no hard border. there is a regional transition our planter that, but is to help other come -- companies to see consistency with our tax rate, general planning. backwards from the end of march, basically the people want certainty. yvonne: what will a no brexit deal mean for the financial sector in ireland? sector,r the financial in terms of financial services, we do quite well.
trade between the ireland and u.k. and trade between the island and eu. a lot of our supply chains go through the u.k.. put intonment has place 1.5 billion in a rainy day plan. in economic and fiscal policies and last five years. we have a balanced budget this year, surplus next year. we planned for it. something we don't want, but we planned to beat this. rishaad: how do you attract the staff from leaving the city in london because frankfurt and paris are vying for that talent, as well, into dublin? paul: we have done pretty well. ireland is one of the largest projects. we have raised confidence and will do well the next five years. staff, highly skilled counted staff, common-law.
many people don't realize. paul: the city will still be important. we have good connectivity between london and dublin. a very strong i.t. industry in ireland and a very strong financial services. the two sides are working together. fintech is becoming important. u.k. and the eu, but we will do well. china,: looking at ireland has been seeing as an entry for rmb, as the japanese have seen into the eu. is ireland trying to set itself up that way? paul: we have good connectivity with hong kong. economy next to a
big brother. same with hong kong. we have good connections with hong kong. five or six meetings with business in hong kong. ofhave attracted a lot chinese banks and asset management companies the last couple of years, with far more to come. we see these things getting stronger and stronger. yvonne: ireland is known for more back-office operation, more fund management. do you see things changing where front-office operations get more opportunistic in your country? paul: we actually have front offices. people tend to associate the back-office, we have both forms. a lot of companies have come to ireland. they have to deal with shareholders and directors, we are confident we would get front-office. do you have any tangible proof of this? have you got any mo you's --
mou's? paul: public announcements to regular -- regulators and stockholders. it is tangible. yvonne: we have seen most companies steer toward paris, amsterdam right now. do you think ireland could do more in terms of attracting business? paul: i think we have one been more than our aligned share. we will get more and more companies in. a lot of companies have made decisions. not public yet, but over the next three are four months, they will. rishaad: 10 years ago, lehman, etc., direct -- ireland really suffered. it has come a long way from their. -- there. paul: it is almost like a different panic -- planet.
unemployment is 5%, it will be full unemployment next year. on the basis of hard work, prudent fiscal economic policies. the country was hit badly, gdp was 42% but we are back. it is a small, open economy. when those tradewinds in the world get cold, we bounce back very quickly. so ireland, not the likes of greece? they haven't bounced up nearly as much. paul: the difference with ireland was across governments, policymakers, six -- mistakes were made. we need to improve. people took pay cuts of 24% and the whole combination basically take -- took a step back,
improved ourselves, and tried to reinvent ourselves from the start. it is a small economy. with brexit coming down the line, we have to change markets, come up with new products. people did focus on what had to be done and it has worked, but a lot of hard work and pain. left irelandle who for 10 years are coming back now, a lot of immigrants, so a lot of opportunities for the country. yvonne: paul, thank you. paul ryan, director of international finance divisions with ireland's ministry for finance. rishaad: coming up, betting on bitcoin. by galaxy investors and nova grad say the cryptocurrency's set to rally next year.
the most prominent investors in the crypto world sees a rally for bitcoin next year. yvonne: we are talking about michael nova grad. early inal currency the next -- first quarter of 2019 as institutional investors jump in. he gave us his outlook in an exclusive interview from new york. >> everything takes longer than you hope it does. the whole crypto ecosystem is still like a fourth grader and we all want it to be a high school graduate tomorrow and a phd the next day. this stuff takes longer going through internal committees, takes longer testing. it is a bear instrument has to resonate. if you lose it, you are screwed. >> some people have been. to put: if you are going your reputation of 70 years of fidelity on the line, you'd better be sure your process work so they have an working on this
for fujian years and it is exciting we will be one of the first clients. >> bitcoin, just to use it as a proxy,crypto doxsee, -- if this wave of institutional buying comes, where will it be six months from now? michael: you have to take out 6800 as a technical level first and as that happens, you will see people from run the institutions coming in. is a big level, and i don't see that by the end of and q2, if theq1 institution comes in, you will put in neutral -- new highs. >> u trade crypto, you go long and short. how do you feel about it? michael: we go long. bitcoin has held above 6200. there seems to be support their. -- there. in the last six months, people
have divided the world, bitcoin and everything else and bitcoin has been destined with gold -- store value. >> with the exception of last thursday, bitcoin false 5% -- falls 5%. michael: it will not be without volatility. we are still a young asset, but i see people looking at that as where i can store money in a from zimbabwe to venezuela to iran -- >> you are still on the store value kick as opposed to crypto and ether and -- where the we're -- world -- wheels of the numeral economy. michael: i am sure at one point, we will have a 3.0s. i am less certain when that is neo, of the ether,
100 odd blockchain's, how they will fit together to create web three point know -- >> until then, it is a scarcity play? michael: you also have to look at who is adopting, are they a market leader? there are plenty of cool technologies with money behind them. >> you are a macro man at heart. i want to talk for a moment about the markets. you can't ignore them and you still run a macro trading operation. outside galaxy digital, if i am not mistaken. michael: correct. 500, you look at the s&p the 10 year, high-yield spreads over, dollar index at 95, i could go on, what does that tell you? michael: listen, we have had an yearsevable run for nine in equity markets.
is getting narrower and there were. from has a big election coming. instinct is he gets beaten badly in the house. even if he gets beaten, the trump trade which drove this last run out is degraded a bunch. rishaad: exclusive interview with michael novogratz. yvonne: a check on the latest headlines. staying on digital currencies, fidelity investment is jumping into the crypto array know -- arena to manage hedge fund family offices. the firm will offer storage he and security functions, trade customer service for digital assets. other firms have shied away from crypto after bitcoin plunged from fears of market manipulation. ever larger and more expensive, it is time for a smaller alternative. a return with a credit card
sized phone at verizon. it aims to be an accessory for people who don't always want to carry their main devices. consumers with a sedan or suv also have a sports car for the weekend. pleasesaston martin james bond and markets selling to short-sellers. markets have not bet against aston with shares equal to 6.5% of the stock. chairs have plummeted more than 20% since it began trading october 2. aston martin had saw the benchmark against rival ferrari. the other big question if james bond was chinese, would he prefer a great wall? i have no idea. markets are doing well at the moment. we were down .8% yesterday. it is useful to look at this group of automakers divorced
from the broad ups and downs of the index. out saidt 20 come fourth-quarter will be about lower sales volume, inventories being drawn down and lower margins, as well. you are not getting the pop you are seeing elsewhere. in terms of the challenges within the auto sector as a whole. morgan stanley, help with a note on airlines. on the back of a weaker currency and higher oil prices, they are cutting their price target for all of these airlines stocks with the exception of spring airlines, which is still their top pick within this market. essentially what morgan stanley is saying, as far as positioning, neutral on currency and oil, spring air but as far as the top three are concerned, you are looking at china eastern and china southern. let's see how much they have cut, air china by 14%.
36% for china southern and 27% from theirastern previous price targets for the stocks into where they are now. we are seeing substantial losses on a day where markets are trading higher. that is a quick look at what has been moving across chinese markets. benign, not a big deal so far. we will be back. this is bloomberg. ♪
yvonne: time for our battle of the charts. they will pick their best charts against each other. rishaad: you can asset -- access their charts using the bloomberg function on the bottom of your screen. today -- charts today is on mongolia. rishaad: unusual choice. >> yes indeed. --n it comes to fronting frontier market investing, it is not all bad news. in asia, mongolia stands out. as you can see in the chart, the sovereign bond has dropped this month to the lowest since august. that is on performance of peers like sri lanka and pakistan whose borrowing cost has gone up this month.
mongolia is one of the few growth stories in the asian frontier market space. recently, asian development bank has lifted its growth forecast for mongolia from 3.8% to a dramatic 6.4%. has obviously got bond investors talking and you can see yields dropping there. mongolia is the one to watch out for in asia. rishaad: matt, what have you got on the table for us? matt: i would like to bring up this chart. it is a good head scratcher for traders, bringing up a good trade idea in the end of the year for the fx. oversold into territory according to this chart, the 14-day relative strength index. you'd be poised for a bounce. it dropped into that territory for the first time since
november 2016 and two years ago, is rallied 11%. this time around, the biggest weight on the index, especially in october, has been the banks. there is no doubt about that, so if they have decent numbers when they report in a couple of weeks , not as much as feared, they don't have to put as much money away for the scandals they are facing in australia, you expect a relief rally. if the same pattern plays out compared to 2016 come you could -- the ask retracing losses asx looking at more of a 6200 level, which would be a good christmas present for the traders in ostrow you. yvonne: i like how you wrapped that into a bow, matt. always like optimistic charts, too, which matt's certainly does but in terms of interesting
trades, we have never had a mongolian chart on battle of the charts. because of that, it is new, it is fresh. sorry, matt. -- wouldmatt, you have have won if you would have put the asx on there and we had seen that better. yvonne: great one. thank you. you can interact with the charts using the gtv . browse charts featured on bloomberg television carried catch up on key analysis. you can save those charts for future reference. "bloomberg markets: asia ♪ --this is bloomberg. ♪
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