tv Bloomberg Markets Asia Bloomberg March 20, 2019 10:00pm-11:00pm EDT
>> continuing our coverage at the bloomberg invest asia event. we wrapped up our conversation with an executive not too optimistic about the breakthrough in the u.s.-trade tensions -- u.s.-china trade tensions. fedhat we got out of the was something the doves would not even dream of. we have that dot plot moving. looking like we are not going to get interest rate hikes this year. even that has been discounted by some. where goodsituation news has been treated as bad news because of the economy is in that sort of state and it does not need any hiking, it could mark a fairly deep slowdown taking place, not discounting a ultimately recession -- ultimately a
recession. where we dotuation have moves taking place right now. there we go. that is the picture for us. the shanghai composite up. china also moving to the upside. a quick word on the hang seng. seeing what is going on as far as that. this is moving to the upside by 0.1%. a quick look. just bringing up this chart from the bloomberg. it is showing us that of the past 50 years, no u.s. recession has occurred when we have had interest rates, real interest rates, at being this low. that is what we have at the moment. that is the fed target rate at the moment in white. that is the dollar rate at the moment. this is where gdp is at the moment. that is what we have. history is a guide, no chance of a recession. -- at least for the
time being let's move things on and go over to new york and have a look at the first word. >> we start with the european union, which is considering an unscheduled meeting to decide whether to ground a brexit extension period the eu president said it is up to theresa may to driver deal through. france said the eu needs guarantees before any extension is granted. asked for a delay until the end of june and says she plans to put her plan to the house of commons again. [indiscernible] we cannot give up speaking -- seeking a positive solution.
of course, without opening up the withdrawal agreement. >> to japan where the government is downgrading its assessment of the economy for the first time in three years. basic weakness in exports and factory outputs, underscoring rising concern about the scheduled tax hike in october. back in 2014, the economy contracted sharply after a similar tax increase. the bank of japan also takes a cutting its assessment of exports and production at its latest meeting. new zealand's growth accelerated in the fourth quarter, driven by construction and services 0.6% in line grew with forecasts, however annual growth is 2.3%, the weakest since 2013. the kiwi dollar climbed as investors priced in a slightly lower chance of a rate cut later this year. the reserve bank has said it is not planning to hike until 2021.
to the latest on the boeing drama. it has taken a surprising turn with reports that french working with the ethiopian crash will not carry out further analysis of the data. the information has been sent back to ethiopian authorities, who are expected to ask another country to take a look at the data. a bowling teamnd have been providing technical expertise. dayal news 24 hours per powered by more than 2700 keenan, thisi'm su is bloomberg. thanks. has poised reserve itself to move in either direction. let's get to kathleen hays with what we saw.
, jay powell delivered and then some. kathleen: that's right. back in december when the 17 economy,ssessed of the the consensus said two more rate hikes. it we are in march in those views have changed enough individually to come to a consensus, looking for no rate hikes this year. jay powell explaining the outlook is positive. things like business investment and retail sales. he talked about at a point like this, best to sit back and
watch. signaldata is sending a that does not suggest moving in either direction, which is why we are being patient. how policy rate is in the neutral, inflation is close to target, unemployment is under 3%. it is important to watch and wait and see how things evolve. kathleen: another indication of this cautious, prudent stance -- they are going to start reducing the balance sheet run out and end it by september, considerably earlier than we might have thought a year ago. when we spoke to the former fed bank president of richmond and asked if there could be a cut, he said the main driver of that would be job growth, something like that, but of inflation starts moving lower, that could be the key.
rishaad: the new zealand prime , they have been semi-hot arrived -- semi automatic rifles and she is expecting a buyback that could cost in the range of $100 million new zealand dollars to $200 million new zealand dollars. immediate action to prevent stockpiling and that is the latest coming through with this new law in place by april 11. that is what we have coming through in the wake of that awful shooting taking place. president trump saying that tariffs on china will stay in place until he is sure beijing is complying with any trade deal. of aomments dim hopes
lasting truce with a tariff rollback. does this reduce the likelihood of a deal? it certainly seems to be. policy is locked in or if the decision is locked in by president trump and his negotiating team, i think it makes it very difficult. it certainly poses a significant challenge for the future of these talks. we know that they are going to continue. we have a time frame for that. china has made it pretty clear it wants to see and come out with something that does not look like a one-sided deal. a priority for them was to get these tariffs on $250 billion worth of goods removed. if not removed immediately, then rolled back or pledged by the u.s. seemdent trump's comments like he is determined to keep those tariffs in place for a significant amount of time. that boxes china in to a certain degree. we have already seen chinese
negotiators take a tougher stance, walking back some previous pledges. to some extent, this shows the pressure president trump is under from his own hawks, and also from the democrats. the likes of chuck schumer, who have pressed president trump. it does make things more tricky. we do know these negotiations are expected to continue. and talks are set to happen. we have been reporting. what is the timeline for negotiations? tom: the u.s. trade representative along with steve mnuchin, the treasury secretary, are expected to be in beijing next week. they will be holding high-level talks with their chinese counterparts. then we are expecting the chinese vice premier to travel to washington. he leads the chinese negotiating team. it is positive that these negotiations are continuing at a high level, but in paris and the
enforcement mechanism, that could become more heated as we get closer to a potential deal. this is a not insignificant headwind for these conversations. tom, thank you very much indeed. still to come, the business of baseball. major league baseball scoring growth in japan. onshore opportunities. we will look at mainland bets with global equities. bloombergve from invest asia in hong kong. this is bloomberg. ♪
morgan stanley cohead of global equities and co-ceo of asia-pacific. thank you for joining us. we are all talking about the fed you turn. powellen we thought jay could not turn more dovish, he has delivered. markets seem confused. have we priced in patients already? gokul: a lot of patience was priced in. what he did was a surprise to the upside. not a lot of people thought they were going to. the dot plot was a manifestation of that. i think concern is what this means for growth. growth forded 2.1% next year. that to me feels a little bit like a goldilocks environment. you have reasonable growth. it is not low, it is not a hot economy, but it is nowhere near a recession. increases, balance
sheet normalization. that in many ways is a pretty ideal outcome for the whole range of asset classes. emerging markets in particular. our whole take is that the fed has been on hold, balance sheet normalization starts, the dollar is a little bit weaker, financial conditions are easier -- that is the kind of environment in which em as an asset class really does well. yvonne: i'm curious because it seems like what really sparked the u-turn from the fed is markets pricing in slower growth. shouldn't it be more symmetric than that if markets are balancing back, that rate hikes could be back on the table? why push the next rate hike to 2020? why not keep on the back burner for 2019? two factors. financial conditions tightened dramatically in the last quarter of 2018. andal growth slowed down
was not great either in quarter one. it is not just the fed now. you see the ecb, their commentary is marked with dovishness. the bank of japan has not changed its dovish commentary. central banks in emerging markets have joined the bandwagon. you now have this almost synchronized dovish tilt by central banks, which for asset classes is really good. what this means for are we falling behind inflation and is there going to be a catch up later -- i do think we are going to know that for a few months. they could change their stand again. i don't think it is likely, but it could happen. yvonne: with president trump saying it is unlikely they are going to lift tariffs, does that put a cap on where this rally is going to go? can we reclaim the highs that we saw? especially when it comes to china? gokul: trade is. a big deal, no
question to me, there were three factors. when was the fed and the narrative has been better. chinese stimulus, which has been a little bit better. didas compared to what they in 2008, 2009, but certainly as related to market expectations. and then trade. trade is complex. i still think there is going to be some kind of a deal. the sustainability of any deal is a bigger issue and we certainly think that is somewhat fragile. the complexities involved are significant. i cannot see a situation where we have a deal that is all-encompassing that lasts forever. this thing is going to go back and forth. yvonne: you have raised your target to 93. 4300 for th csie.
need the policy stimulus? do we need a trade negotiation to get back to this level? gokul: policy stimulus is a big deal. that adds about 3% of earnings. there is a ton of inflow into china right now. hard targets by the end of next year is out of consensus. it,if you think about earnings growth in the u.s. this year we think is going to be close to zero. we think it is going to be below consensus. warning -- earnings growth of china -- in china is north of 10. there is a bit of a reversal, so that should attract more flows. that is probably the most important factor. ,he on that, if trade blows up in the near term, we have an issue. there is going to be a retracement. the base case is that there is
some kind of a deal. gokul, very near to you in hong kong, i want to get a sense of your business and how you are doing in this part of the world. can you hear me? i think we have an issue. gokul: i can hear you now. rishaad: i want to get a sense of your business. in this part of the world. -- what is the status of your license application? look, we have been very public that we will take our stake to 51%. it is an ongoing negotiation. the regulators have now allowed it. we are hoping to get it done as soon as we can. that is an important priority. being local on the mainland in almost every business that we do is important to us. rishaad: absolutely.
what are the biggest opportunities you see by taking majority controlled? will it be simple banking? will it be flows? what is the deal? gokul: i think it is a combination of things. one of the things that has happened in china over the years has been an export of capital markets. a lot of activity for chinese companies happens in the u.s., happens in hong kong. i think we are going to see a trend that a lot of the capital raising, while there will be some that happens in hong kong, there will be some that happens in the u.s. going forward, a lot will happen in china. from an underwriting perspective, we see china as a big opportunity. from asset management perspective, there has not been a move off the savings pool into equity. as that begins to happen, there should be tremendous growth, not just for us, but for asset managers all over the world to
take advantage of that. so the asset management business is a priority. as the institutionalization of the market does occur, sales and trading. the inclusion in the bloomberg index, all of that means capital and willl start continue to increase participation in the mainland. for us not to be on the ground with local licensing, we don't foresee that situation. we are doing everything we can to get there. but it does take time. yvonne: that brings me -- rishaad: what are you talking about in terms of headcount over the next couple years for the mainland and indeed here in hong kong? does hong kong lose out to what is going on in china as you ramp-up? i don't think hong kong loses out. hong kong will always be a means to access china.
it has been and will continue to be. growth --e headcount growth we foresee will be as we build out new platforms in mainland china. it is difficult to put a number to it. thething about china and thing about a lot of other markets that are liberalizing and opening up is that the opportunity involves over a period of time. we need to be careful about how much we invest, at what point in time we invest. it has got to be clear over the next 12-18 months. in 18 months, we are going to have many more people than we have right now on the ground in china. yvonne: you mentioned about msci inclusion, in terms of the funds perspective, do you think this could actually detract from fund flows from other asian markets into china? polka to bring more funds into the region? gokul: i think at least initially, it is going to take
from others to put into china.we get a fair amount of work on this flows of close to $11 billion or $12 billion. it is difficult to put an executive -- exact number on it. that is going to come from other parts. .orea, taiwan benchmark toeed to the msci index. 20 move. is just the 5- ,hen you think about 20 to 100 it will take taiwan about six to eight years, i think china is going to be sooner. it took us four years to go from zero to five. a year to go five to 20. i think it happens a lot sooner than people think. in the scale is truly dramatic.
that is not going to come entirely by. new capital allocation some will. some will come at the expense of other markets in the region, no question. yvonne: some still say the asian market is like a casino. the msci had to recently kick some of the stocks out of the benchmark because they surpassed the foreign ownership limit. do you think that is going to be a turn for many foreign investors? gokul: that is the kind of stuff that needs to get sorted out. i don't think we are getting to 100 until these kinds of issues get sorted out. that really goes to what is the desire for china to continue to liberalize markets to attract to this kind of flow? there the important dynamic is for the first time since the early 1990's, china is going to run a deficit. from this massive surplus, they are going to move to a deficit, if any kind of trade deal happens, or even if it doesn't. they need to capital. to attract the capital, as they
have done over the last 12 months, they are going to liberalize markets. and that would suggest to me that this happens sooner. yvonne: if we are tipping toward a current account deficit, how do you square that with your more bullish forecast? gokul: it is just the amount of capital. yvonne: got it. a little bit more about the business. morgan stanley was recently imposed a major fine by the hks see along with other banks as well. could this cost be absorbed in your investment banking division? gokul: this is something that relates to a matter several years ago, so we have been in dialogue for quite a while. that was imposed was provision for. it has no impact on earnings going forward. that is already accounted for. yvonne: will things be affected this year? said, the matter
related to a historical issue, so any impact that had to be had has already been accounted for. you mentioned china as a key market, are there any markets that you are excited about? before we let you go. gokul: china is obviously the big market in the region. to do well in asia, you have to do well in china. our business is a very diversified business. we have a large on the ground presence in japan, in asia-pacific, in korea, taiwan, india, australia, southeast asia in part. the other market where we see scale and in a similar situation in china as it relates to market liberalizing and more opportunities is india. the other big market in the region. over time, that is the other place where we are going to be putting a lot of investment dollars to work. yvonne: is going to be before the election? there is quite a bit of political risk leading up to that. gokul: this is just long-term. the election has independent risk.
the market will react to that. to us, it is more than one election, it is over the next 5-10 years. it is a $2.5 trillion economy. yvonne: despite the valuation? [laughter] gokul: it is much more expensive than china from a valuation perspective. the amount of new cap we are raising in india is a fraction to china. india needs capital. when markets need capital, they become interesting to us. yvonne: thank you so much for joining us. morgan stanley cohead of global equities in co-ceo of asia-pacific joining us here at the bloomberg invest asia event. rish? rishaad: thanks. about raising joint china. stake to 51% in talking about the sustainability of a u.s.-china trade deal being an issue. that is what we have with priorities in china. going to be next looking at the
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>> it is 10:29 a.m. in hong kong. with the first word headlines. we start with the federal reserve in the u.s. saying interest rates could be on hold for some time. this as rising global risks weigh on the outlook for the u.s. economy and domestic inflation remains muted. chairman powell says there is no data to suggest they move either up or down. the fomc shocks the market by slashing the number of rate hikes this year from two to none. arehe data we are seeing
not sending a signal which suggests moving in either direction, which is why we are being patient. the policy rate is in the range of neutral. we need to watch and wait and see how things evolve. president donald trump has rebuffed china's plea for tariff relief. he wants to be sure beijing is complying with trade deals. they may bring a halt to restrictions. pushing for the removal of tariffs to be part of any agreement with the u.s.. --na is defending its in belt and road initiative as president xi heads for a three nation tour of europe. the policy has been criticized
for settling debt on poor everries and tying them closer to beijing. italy has vowed to be the first g-7 economy to join the project. beijing insists it is playing by the rules. >> we always encourage chinese companies to actively engage in international cooperation. we encourage them to follow commercial principles and market rules and abide by local laws and regulations. found oh ofionaire epic games is offering grants worth $100 million to game developers. no strings attached. epic burst onto the scene with "fortnite," a very popular free to play shooting game. founder timed epic
sweeney's net worth. news 24 hours per day on air and at tictoc on twitter powered by more than 2700 journalists in more than 120 countries. i'm su keenan. this is bloomberg. china is the world's number two pharmaceutical market and policymakers are pushing for cheaper and quicker access to health care for the growing middle class. giving taxalso approvals of novel drugs. all of this could spell good news for our next guest. let's bring in the ceo of will she biologics -- wuxi biologics. your earnings continue to be robust. i'm just wondering. biologics is still a very nascent market in china. what do you see in china when it comes to pharmaceutical
innovation? chris: absolutely. we see very exciting things in china. china will be the next frontier for biologics. all those reforms in china are pointing to pharmaceutical companies that need to innovate. biologics happen to be the next frontier people are working on globally. yvonne: the vaccine scandal that we saw. for a foreign investor, they have to be concerned about quality. is this a big wake-up call for the industry? chris: absolutely. wuxi has always been ahead of the global standard. we are the first company to be and wed by the u.s. fda are now approved by the european union. quality has been our lifeline. we hope we set the standard for other chinese companies to follow. yvonne: when it comes to wuxi biologics, what gives you that edge? when you compare to other
players, what is your invented? we have a huge market we can benefit from. talent have a lot more in china every year. this is a lot more than the u.s. and a lot more than korea. when i started in this company, i started with 13 people. i have 5600 at the end of this year. yvonne: is there a plan to move up the value chain? when you look at the products out there now? chris: absolutely. we are working on anti-bodies. we are working on complex biologics. we started out construction in ireland. we are investing in the u.s.. we are investing in hong kong as well. yvonne: if so, how does that
impact the relationship that you have with your customers abroad? some of the key customers. .ould there be more competition chris: we enable them. we don't develop the drugs ourselves, we help them develop drugs. we will be closer to our customer. just looking here at what is going on generally speaking in your industry, it is all about r&d. what are you focusing on? chris: absolutely. we are very unique. we are a platform company. we spend up to 6% of our revenue in r&d, which is very rare in the service industry. we invest in new technologies to make biologics cheaper.
to make them available and affordable in china. chris, what is the most exciting thing for you in your pipeline and where are you with that in terms of testing and bringing it to market? chris: sure. as i said earlier, we are not a drug company, but we have platforms to empower and enable drug companies. we have 205 biologics we are working on. we can treat diabetes, cardiovascular disease. we cover the full spectrum. most exciting area we are working on right now is oncology , infectious disease. like alzheimer's and parkinson's.
oncologygoing back to and this is a question everyone would like to have answered, in your view, will we ever have a cure for cancer? that is a billion dollar question. is definitely getting closer and closer to finding a to her. it is not fatal anymore. , immutable, recently oncology is an active area we are working on. immune oncology. to help people live 10 years, 20 years. and hopefully allowing time to find a cure. there are exciting areas in gene therapy.
chris, always good to have you. the ceo of wuxi biologics. rish? rishaad: up next, we are going from the business of biologics to the business of baseball. tokyo. engle's is in >> i'm here at the tokyo dome where they had the first game of the opening series between the seattle mariners and the oakland a's, won by the mariners and ichiro suzuki. this could be his final game tonight as they wrap up this opening series here in tokyo. isning us after the break going to be the head of major league baseball international division, jim small. we will have an exclusive conversation right here at home plate at the tokyo dome in japan. ♪
rishaad: we are back with "bloomberg markets." major league baseball kicking off the season in tokyo. the fifth time emily has opened this -- mlb has opened the season in japan. let's get of it to the tokyo dome. our correspondent is there. the business of baseball. take it away. a big business. as you heard from that interview earlier. we are also going to be speaking with jerry dipoto. we're also speaking with the mlb international division, jim small. thank you for having us here at home plate. jim: how about that? happy to have you.
stephen: how lucky is major league baseball to have shohei ohtani filling in as ichiro is perhaps stepping away from the plate? he has been a treasure trove of opportunities for the internationalization of the game. jim: i don't think you can overestimate what he has done not for our business alone, but really for bringing both countries together, the united states and japan. he is a cultural icon here as he is in seattle. bringing him back here is important for us, it is important for our brand and the people who will be in here tonight saluting him. the nextwhat is challenge for you? they say baseball is waning in popularity in the united dates series ofis a -- a new rule changes, but here in japan, i've been looking at statistics saying the popularity is perhaps waning, so what other
markets do you need to develop? japan it is number one. jim: we started about 10 years ago with an initiative in china to grow the game and grow the business of baseball and we have had some success. we have seven players from china that have come through our development that are playing minor-league baseball. we have a robust tv sponsorship business. the state of baseball is strong there. as we look to expand the brand of baseball around the world, we are looking to india, brazil, and later this year when we play in london, we hope those games with the red sox and yankees will provide the building blocks for us to grow into europe as well. stephen: how soon do you think you could have a game in china? or is it not there yet? jim: it is there and we played exhibition games in beijing in 2008. to be able to bring baseball stadiums into nontraditional baseball venues, we can create a field like we are doing in
london, like we did in sydney a few years ago, we can lay a most anywhere. we are actively looking for an opportunity to play. what kind of revenue are we talking about from international markets? china is the biggest potential market in the world. jim: absolutely. the business is robust, strong. it is over $100 million around the world. can growe think we that in several areas. we are primarily a media business. that is where we are getting most of our revenue. games,watching our whether that be digital or traditional tv. see big upside traditionally in china, where we have a relationship with tencent, the largest digital operator. almost one million people saw the game last night in china, the game here. we see that as a growth opportunity for us. sell a lot of product around
the world. the ability to bad yourself as a yankee fan, a red sox fan, that is important. stephen: you just need a yao ming. jim: we are working on that. we have seven of them playing in the minor leagues. that one of those guys or guy may not be signed to a contract yet. stephen: major league baseball is venturing into new territory with a partnership with mgm. pete rose has been banned for life from baseball for managing games that he gambled on. we know about the black socks. how do you reconcile those conflicts? jim: i think things have changed a lot. obviously in u.s. culture and in the world. i think what we want to do is make sure that we are making a connection with our game and our customer and a lot of those customers and some of the changes now, we are looking at things differently. i think what we are constantly
doing is trying to find ways to make sure we are connecting with our customer wherever they are and this will be an extension of that. stephen: you spent many years here is the head of major league baseball japan. japan has passed two that are going to allow claiming to come into this country. mgm is one big reason why they are partnering with you. partnerships with their expertise in sports marketing tied to gaming in japan, where it is a sensitive subject? jim: when major league baseball can team with a brand like mgm, it is going to be positive. we think we can help them with the popularity that already exists for them. they are first in class and hospitality. sense to work with them here and in the united states. we will look to do that with any partner that can help grow our brand around the world. stephen: potentially a big revenue generator.
1.1 billion dollars that this partnership could bring into major league baseball. jim: absolutely. it goes beyond the dollars for us. it is making sure we are where our fans are we want to make sure we are nesting and making that emotional connection with our fans wherever they are. stephen: are you worried by some of the studies that indicate that the popularity of baseball's declining? jim: the popularity of baseball in the united states continues to improve. kidsve never had more playing baseball in the united states than we have. do we need to make changes? good atoner man fred is improving our products. in japan, baseball is still number one. there have been talks about soccer coming in and taking over. that was the talk after the 2002 world cup. did not really happen. stephen: are you confident you can still have labor peace?
that could put planning for your international markets on hold. jim: one thing i will tell youjim: is that i'll we speak about things i know about, which is the international business of that al, but i will say think both sides really want to come to an agreement and i'm guessing we will. stephen: billy beane avoided that question, too. [laughter] stephen: thank you for your time and having a zero the tokyo dome. of baseballbusiness coming up in the next couple hours right here exclusively on bloomberg television. rishaad: good stuff. ok, we have more of baseball coming up in the next hour. we will be hearing from the seattle mariners gm. heading to tokyo again for an exclusive interview with the mgm ceo. let's get to markets. what have we got at the moment? seeing the price action to the upside. this is the current position for some of these earnings.
equity investors have been pretty upbeat. they're calling for the biggest profit slump in a decade. the stock has added 3.2% in the past week. that is the best run out price to any tencent release. look ate, let's have a the samsung display. they will be one of the beneficiaries. and the bottom. china mobile up ahead of earnings. that is as we get february subscribers. 928 million people. we will have a look at the latest business flash headlines. cutting production because of a slump in demand. we are talking micron technology. revenue down 21%.
the company saying that the current quarter will likely fall again and missed estimates. revenue.otecting shares actually rose in extended trading. ' business conditions of the toughest and years of the current quarter taking -- shaping up to be one of the worst in recent history. the bank will slowdown down hiring and step up cost-cutting by $300 million as it confronts this worsening situation. this is the assessment coming from the chief executive. it also prompted declines that rivals deutsche bank and credit suisse. bmw earnings. will fall well below last year's level. embarking on a $14 billion efficiency drive to counter the trade war and the rise of electric cars. shares fell the most in september. pretax profit will decline by more than 10% this year. the company is going to be
rishaad: time for a battle of the charts. viewers can access charts on the bloomberg running the function featured at the bottom of your screen. who shall we start with? let's go to singapore first. >> thank you. my chart is actually about the hottest market in asia right now, which is india. there are elections upcoming. they are betting on a stable government. or a stable government led by narendra modi. as you see over the last two months, international fund support of about $6 billion in
indian stocks. indicators have stopped working, you've got to focus on liquidity. this chart shows that liquidity is going really long on india's stocks and is expecting a brighter economic outlook to prevail. upgradedachs recently the indian equities from market rate to overweight, saying that a lot of markets would be betting that would be a stable government after the polls. rishaad: ok. that is pretty good. what have you got, eric? >> today, the chart i have for you is taking a look at the smartphone maker in china who has really had some tough sledding since the ipo last year. thiswhen you are comparing chart to some of the other hot ipos from hong kong last year, it is underperforming those since the start of the year. it is off about 11% so far this
year. by thely left behind other rally. it had good earnings in february. it had good earnings earlier this week, but it has not gotten the same bump. big concerns about smartphone demand in china and it is struggling against heavyweights in china. rishaad: yes, i have not learned anything from that, eric. eric,ore, i'm afraid, maybe i'm biased against you or we are going with singapore. well done. that is currently what we have. best of luck next time, eric. just to say, markets moving marginally to the upside. it is the fed effect, the dovish turn coming out of the federal reserve. but stick a look at what we have coming up. -- let's take a look at what we have coming up. >> we are coming to you live
from the labor markets invest asia. we talked about the 2% growth expected for the year. we also talked about the collateral damage of the trade war. we have great guests coming up. the pe be talking about market. some say winter is coming. startups are now costing much less. we are also speaking to the ceo of biologics for the outlook on the drug industry in china. , this is bloomberg. ♪
chang in sanily francisco and this is "bloomberg technology." europe slams google with another fine totaling $1.7 billion. the third and possibly final eu penalty, but regulators are still scrutinizing other tech giants like apple, amazon, and facebook. apple continuing its hardware revamp, unveiling a second-generation airpods