tv Bloomberg Daybreak Asia Bloomberg March 24, 2019 7:00pm-9:00pm EDT
shery: -- haidi: i'm haidi stroud-watts in sydney, where australian markets have just opened. kathleen: good evening from bloomberg's global headquarters. sophie: welcome to "daybreak: asia." haidi: how top stories. robert mueller finds no collusion, but doesn't clear the president of obstruction of justice. trump says it is a complete exoneration. president trump: there was no collusion with russia. there was no obstruction, none
whatsoever. and it was a complete and total exoneration. haidi: elsewhere, theresa may meets top brexiteers as she tries to save her bill. no deal has been taken off the table, reports say. asian stocks are set to fall amid concerns that momentum is slowing in the global economy. haslinda: i'm live in bangkok with the first elections since 2014, but the outcome will not be known with both parties running neck and neck. i will have the details later in the show. kathleen: time to look at how the stock market closed on friday. we will start-- at the bottom. there was a hefty gaining futures about an hour ago. it has just about disappeared.
i think you can see why. it looks like the pessimism after the u.s. yield curve inverted for the first time since 2007 is still hanging around in the markets. the a three-month billed to 10-year note. it is the fed's favorite gauge. what happened on friday? in contrast to wednesday, when they took the rate hikes for 2019 off the table, by friday morning, when germany released its latest purchasing managers index and it fell from 48, below 50, which already signals contraction, to 44, that got the market spooked. the german bund fell below zero for the first time since 2016. the u.s. 10-year note went down to about 2.42 at the close. that's where you get that yield curve point at the very far side of the screen, just slightly inverted. we will see how that carries out into u.s. markets on monday. for now, it is certainly in the
asian markets psyche. wouldn't you say, sophie? sophie: the bond rally is continuing. shares are under pressure this morning. sydney stocks, up half a percent at the start of cash trade. nikkei and kospi futures, dropping at the start of trade in those markets. we will see trade talks. politics in view with the pending tie election -- thai election results. beach energy sliding as much as over 3% so far. bonds, as wen on are seeing the rally continue sending aussie and kiwi 10 year yields to fresh all-time lows. the aussie benchmark rate down to 1.78%, slipping about six basis points. treasury futures are signaling this rally has further to go. the tenure jgb -- 10-year jgb fell to a low, but it remains
within the permissible trading range so some strategists, do not expect action from the central bank. bhp is losing ground this morning, up 1.6%. this as commodity players in australia have halted iron ore and lng operations as a cyclone hits western australia. haidi: soph, thank you so much. let's get you to first word news with su keenan. su: italy has joined china's belt and road trade project and in so doing irritated the u.s. and western allies. g-7 nation toirst join the initiative, signing deals potentially worth $23 billion. washington and brussels had urged caution. strainedion has relations between movements and coalition.- the
australia is bracing for increasingly strong wind and torrential rain as a cyclone ro lls slowly toward the coast. this is the day after trevor hit the northern territory. the cyclone is approaching us commercially -- a commercially important region, bringing guests of wind up to 220 kilometers per hour. it slowed down out at sea. to the u.k. now, prime minister theresa may has held talks with leading conservative euro skeptics as she fights to save her brexit deal. she met boris johnson and other s to see if there is sufficient support for an agreement that has already been defeated twice in parliament. the meeting came amid reports that senior cabinet figures are plotting to remove may and install a hard-line brexit backer as prime minister. thailand has unexpectedly delayed its election results until later monday after the first vote since the 2014
military coup. the tally was expected sunday evening, but will now be released at 2:00 in the afternoon in bangkok. a promilitary party created by the ruling junta is seen in the lead, putting the former general in position to return as prime minister. global news, 24 hours a day, on on twitter,toc powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. kathleen: president from claiming victory after special counsel mueller found no evidence of collusion with russia -- president trump claiming victory after the special counsel found no evidence of collusion with russia. president trump: there was no collusion with russia. there was no obstruction and none whatsoever. and it was a complete and total exoneration. bloomberg's chief
washington correspondent, kevin cirilli, joins us live with more of the details. do you think history will say the president is right, that he was exonerated today? kevin: there was no collusion, according to look -- to attorney general william barr's assessment in this letter sent to congress a couple hours ago, based upon the mueller investigation. let's pull up a portion of that letter. according to this letter, attorney general barr says, "the special counsel did not find the trump campaign or anyone associated with it conspired or coordinated with the russian government in these efforts, despite multiple offers from russian-affiliated individuals to assist the trump campaign." from here, there is another issue in the u.s., which is obstruction of justice. there was no concrete conclusion that the attorney general made on that issue about whether or not president trump obstructed justice. now, the chairman of the house
judiciary committee, a democrat from new york, tweeted out that he is going to be bringing barr lling on barr to testify public week. he tweeted, "in light of the very concerning discrepancies and final decision-making following the special counsel report where mueller did not exonerate the president, we will be calling on attorney general barr to testify before the house judiciary in the near future." i do want to bring for you some breaking news that our colleagues at the white house now are monitoring. president trump, arriving back at the white house. he has arrived there. he did not add to his comments that he said earlier, a few hours ago, when he took off from mar-a-lago to washington, except to say, "america is the greatest place on earth." then he went into the white house. president trump, i can tell you, from his public comments, do it -- declaring public victory,
particularly on the point of there being no rush of collusion. haidi: you're getting one line out from -- we're getting one line out from democrats. nancy pelosi saying the attorney general is not a neutral observer. is the pressure we are hearing from the democrats going to result in the full report being made available? kevin: that's what they want. senator dianne feinstein is the ranking member and top democrat on the senate judiciary committee, which is chaired by senator lindsey graham, a republican from south carolina, who has -- is traveling with the president back from mar-a-lago this weekend. so, the democrats, including the 2020 presidential candidates who are campaigning for president, would like to see that full transparency, would like to see the full text of the mueller probe. they say that the four-page document that was produced by attorney general barr is a political document and just a summary, a hastily-put-together
summary, as one democrat put it, and that the american people deserve the full mueller report. thank you so much, kevin cirilli, bloomberg's chief washington correspondent, with the latest on the mueller report and the attorney general's memo, released in the earlier hours of today. sandick, a in harry former district attorney. you there.with does this have implications to some of the other investigations, in new york, but also as part of this 22-month investigation, robert mueller handed off certain segments to other states as well? harry: it really shouldn't have an impact on those other aspects of the investigation that are going on in other offices. the reason i say that is because
of deliberately concluded with rod rosenstein that, for instance, the campaign finance issue, where michael cohen implicated the president in a crime that he was guilty of -- those investigations will continue. it seems as if arrangements have been made for different u.s. attorneys offices -- attorneys' offices around the country. the roger stone case being given to the u.s. attorney in the district of columbia those cases will all continue. haidi: we are obviously seeing the president claiming vindication, saying it is complete and total exoneration. on the collusion front, that may be true, in terms of the findings. on the obstruction of justice, it seems less clear. is it unusual to use the special -- is itdidn't drop is unusual to you the special
counsel didn't draw a conclusion? harry: it's a little bit of a day is night-ism from the president. even the barr report quotes mueller's report, which concluded this was not meant to be an exaggeration -- an exoneration. it seems designed to mislead the public as to the underlying fact of what happened. even on the russia issue, some of the language that was used leaves open questions. something like the evidence did not establish that there was a conspiracy or coordination between the trump campaign and the russian government. what about people associated with the russian government? what about conspiracies by non-us people and the russian government? there is just a lot of open questions, and these can be answered when and if the mueller report in some substantial form is released. what we got today was not the mueller report but sort of a summary, of it. kathleen: isn't that sort of
standard operating procedure in this kind of investigation? a previous guests said this is a high-profile investigation. of course they have to let it go. there is a lot of legal things written about the fact that there was no obligation, really, by mueller to release this. the on that, president -- beyond that, president trump has said, go ahead and release it. do you think it will happen? harry: his lawyers were equivocal today about whether it should be released. they said it is up to the department of justice. barr describes the process to review and redact the mueller report, which seems appropriate but doesn't give any timetable,, doesn't indicate any real urgency for that to be done. while you're absolutely right, the special counsel guidelines that were promulgated in the late-19 90's don't require a public report in the same with
the independent counsel guidelines did for kenneth starr and lawrence walsh in the past. congress needs to have some summary from mueller himself provided, along with enough underlying documents to make an assessment of what it needs to do, or it has to conduct its own investigation. those are the choices. it can't be the case that they get a four-page summary from a political appointee who says, nothing to see here, and then they back it -- pack it up and go home. that would seem to be insufficient if i were a member of congress. kathleen: is there any limit on what kind of investigation we will see? it was decided that there was no collusion with the russians by the trump team. you mentioned these other conditions. is that what we are going to see, endless things that haven't been investigated, to just keep going and find something the president can be found guilty of? harry: i don't think that's going to happen. i think what will happen is that there needs to be a public
airing of the underlying issues. there was, even according to barr, a conclusion that the russian government successfully interfered with the u.s. election by hacking into u.s. email accounts. the president personally continues to deny that any of that happened, continues to say that there was collusion between his opponent in the 2016 election and russia, continues to say these things that are just totally contradictory. i think it is fair for congress to say we can't just take a summary from a political appointee. we need to actually see what happened. it doesn't mean that it has to lead to any charges against anyone. it may well be that charges are not appropriate, but congress has an oversight role that goes beyond the question of whether there is evidence of something, proof beyond a reasonable doubt. that standard is very high. prosecutors are appropriately cautious before charging people. that our ordinary lives, we don't make all decisions based
on proof beyond a reasonable doubt. boaters and people in congress should know what actually happened should know the -- voters and people in congress should know what actually happened, should know the underlying facts. haidi: thank you for coming on, harry sandick. the former assistant u.s. attorney for the southern district of new york. theresa may meeting with leading brexiteers. some are plotting to force her out. we will have the latest. kathleen: the election in thailand. we will hear from one of the biggest critics of the military-backed government. keep it right here. this is bloomberg. ♪
about a: we are talking the founder and leader of a for -- party that has done well in this election, garnering about 5.4 million votes, with 90% of the votes counted so far. votes coming from not just the young voters, first-time voters, but also the pro business elite here in bangkok. good to have you with us. >> thank you. haslinda: what do you make of the performance? >> we are very excited with our performance, first election, one year after the forming of the party. we came up number three in the elections. what are those results saying? >> i think people want to see change. it is obvious that, particularly, the younger
generation, enough is enough, i think. that is what our voters are saying. are seeing a delay in the preliminary results. this has never happened before. 2:00 p.m. later today. will that hinder or impact the legitimacy of whoever comes to power? >> people now start questioning the credibility of this election. there's many -- thehe case of last night, ratio is 180%. in the case of one bangkok district, the number that -- s of votes counted is more than the votes cast. there was a blackout in the south during the vote counting. been questioned by
the people. basically, the credibility of the election -- haslinda: all things considered, you are saying it wasn't a free and fair election? >> no, by far. haslinda: a lot of the surprises of this election, not just the boats the came to your party, but also -- the votes that came to your party, but also the other party forcing its leader to resign. other party didn't perform as well as expected. what's your reading of that? >> my observation is i think this constitution, the constitution of 2017 breaks the two-party politics of the past. you will see this result clear.
it's multiparty politics in bangkok. having said that, it means a decline of the two big partieds. traditionally, these two parties combined, they would get about more than 60% or 80% of the votes, but now it's clear that these two parties are in a decline because of the constitution. haslinda: you have said repeatedly that you reject the military, that you want the military's influence to be dissipated over the years. how much influence can you have in parliament, given that 250 members of the upper house of parliament were appointed by the military? >> since the election result is not clear at this point in time, it's very difficult to say who will be forming a government. but i think that the likelihood that the military junta will come back is high. at this point in time.
we have to wait and see this afternoon what will be the final result of the elections. but we are very comfortable being in the opposition. --believe we are not the not in a good position to align with some other parties to be the government, given the election result is not very decisive. returns: this election thailand to democracy, but it does seem like the divisions within the country still remain, despite the election. >> exactly. i totally agree with you. you could see that the democrats, palang pracha rath party, has been gaining a lot of votes. that represents a different
point of view among the thai people. the will lead to instability of the next government. haslinda: does that mean we have not seen the end of the coup? >> no. instability of the next government, there might be another election. there might be another military intervention. everything is still on the table. much,da: thank you so leader and founder of the future forward. we await the results the preliminary results, will be announced later today at 2:00 p.m., haidi. haidi: haslinda amin on the ground in bangkok after the weekend general election. we are waiting for those results. plenty more to come on "daybreak: asia." this is bloomberg. ♪
haidi: a quick check of the latest business flash headlines. uber is said to be buying a japan-based ridesharing company in a $1 billion deal. it is one of the most valuable tech startups in the middle east with over one million drivers in 15 countries. kathleen: the world's largest refiner aims to raise spending to the highest since 2014, joining other chinese state-owned companies trying to churn out more oil and gas. they have seen more than $20 billion this year. full-year profit rose in 2018, but missed estimates. sophie: this week is your last chance to buy tesla before prices rise. elon musk says the price of all ties let inventory cars worldwide will rise by about 3% on april 2. they plan to wind down store operations -- planned to wind down store operations, but
all of you. how you live, what you love. that's what inspired us to create america's most advanced internet. internet that puts you in charge. that protects what's important. it handles everything, and reaches everywhere. this is beyond wifi, this is xfi. simple. easy. awesome. xfinity, the future of awesome.
asia." is "daybreak we start with robert mueller who has delivered his report and found no evidence of collusion with russia in the 2016 collection. but the report doesn't exonerate president trump of attraction of justice, not completely even though the attorney general does not see enough evidence to pursue a charge. the president treated in triumph after the report was released. he says he has been completely cleared. mr. trump there was no collusion with russia. there was no obstruction and
none whatsoever. and it was a complete and total exoneration. reports china is going to agree to curbs on digital trade. beijing has yet to offer significant concessions on calls for an end to discrimination against foreign providers of cloud computing services. in -- an initial offer was deemed inadequate and was withdrawn when the u.s. asked for more concrete information. the pboc governor said there is more scope for china to open its financial markets to the rest of the world. he said the foreign and financial services firms should be treated the same as domestic companies. he also told the china development forum the pboc will focus on more hedging tools to help investors manage risk.
in brazil, state prosecutors are seeking a freeze on 300 -- three quarters of a billion dollars of vale's fund. they say the stability of the into dam has fallen critical condition, prompting urgent warnings and evacuations as of friday. vale is under scrutiny had has removed executives following disasters. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. haidi: let's look at how markets are faring. sophie: australian and kiwi stocks snapping a two day event, u.s. futures little changed. markets are focused on the slowing global economy.
that is playing out in the bond rally -- bond market. five and 10-year yield slipping to record lows in australia which could inspire the upcoming five-year sale. for looking for -- watching bonds to be more expensive. looking at stock movers in sydney, i want to highlight bhp, the biggest drag. this as cyclone victoria lingers, easing to a category two storm. westpac using ground as the bank takes a $184 million hit. lcf losing 5.5%. gold producers on the winning side. ufc a barbara adding 1.8%, after plunging 29% friday. rbc raised, but set to perform.
goldman upgraded it to live -- it to buy. the yen is losing ground, back above 110 after ending last week with the biggest weekly gains since january 4. the turkish lira is firming up after earlier weakening. this as turkey's banking regulator started an investigation into j.p. morgan for the lira's recent plunge. and the euro against the pound, slipping again as theresa may faces more brexit deal issues. with: we will continue brexit. the theresa -- the prime minister has met with leading eurosceptics as she fights to save her deal for another week. senior cabinet seekers are plotting to remove may and install a hardliner to drive brexit through. jodi schneider is tracking all of this. another week of increasing
pressure on the prime minister. jodi: she is fighting for her political life again. she wants to try to have another chance to get her brexit deal through the parliament the house of commons, though it has failed twice. she is going to meet with her cabinet and ministers that are said to want to name her -- have her name a date when she would step down. some think that might help her get the deal through. there is, in her own party, there is the vote to get that deal through. over the weekend she met with the pre-brexit -- some of the strongest brexit proponents in what were called lengthy talks people said she was in danger of losing her position. wonder ifthe sharks she might step down. she could soon get a date -- one
they this guy is a candidate, the next day he is not very what are you able to glean from the sources and stuff? jodi: so david lovington, her de facto deputy, set to be the leading cabinet to take over her position. another candidate is more of a remainder -- remainer. unclearngstone, it is if he wants the job. he said one of the things, when you are close to seeing what happens with the prime minister -- one of the things that makes you reluctant to take that position. it to her's you have any -- it cures you of any ambition to want it. but it would be a temporary position. perhaps he would take it for that. but it is all going to play out in the coming days. that cabinet meeting will be important. if they pressure her to name a
date to leave, the next question becomes, who are they putting in that position? kathleen: or maybe, does she go? it is a complicated story. glad you came in sort it out for us. jodi schneider in hong kong. joining us now, a senior emerging market strategist. i want to start on the inverted yield curve. we have said, it is not always recession. in the u.s., it often does signal recession. it seems the world has taken notice. what does it mean for emerging markets? >> it is a bit of good and bad. markets are excited the fed have become more dovish in its trajectory, more than a couple of months back. hikes, even a little bit in terms of rate cuts. that was good news for emerging markets, good for carry trades.
we have seen a lot towards kerry and high-yield. but the down side is why is the fed taking hikes off the table? the fed announced last week there are external concerns. you still have not got a china trade deal. there is continued signs of weakening growth globally. there is still questions about the u.s. economy and how quickly or slowly the economy will grow in the second half of this year. there are signs of weakening. all of it put together could be negative. growthhave a weak backdrop, emerging markets will find little support for the positive buyers and inflows. kathleen: so not necessarily the emerging-market economies themselves but the economies they do business with and receive investment from. in asia, china put massive stimulus into its economy.
people are looking for it to unfold and show itself in the second half of the year. a lot of economic drivers for emerging markets in asia. does it matter if europe is looking as sick as it is with that big drop in german manufacturing? in the ecb, don't have a lot of ammo left to do anything. mitul: you are right, there is a lot of stimulus in the pipeline. that probably means china's economy will move to a softer landing. earlier -- we are looking at growth around 6.1%. a lot of it is domestically oriented. it will not necessarily help the export sector or trade overall. for that reason -- of course we look for a trade deal, but it may not help the weakness in trade. europe, it matters a lot in terms of global growth trajectory. you have got to pay attention to
how quickly the economy is slowing. we had a week german -- weak german manufacturing data. despite stimulus in china, unlike past bouts of stimulus, this will not help the global economy. it will help china is chief -- china achieve a soft landing. haidi: to what extent have markets already priced in a mildly positive trait headline? -- trade deadline? it might help investor sentiment or animal spirit, but not trickle through to a rebound in the data. to some extent a trade deal has been priced in. we have had mixed noises in recent weeks about any such deal. china is willing to buy a huge amount of u.s. products. that has massive trade implications because of import substitution. if china is buying more autos,
that hits the european auto sector. if china is buying more soybeans, it hits brazil. and if china is by more technology, it hits korea and taiwan. there is some good news priced in. we are worried about a structural issue, ip technology transfer, stuff china doesn't agree it has been doing, but there is a long way to go before we get something on paper. you have trajectories towards a deal. china and the u.s. need to get a deal done going forward. we will get there, but it will be painful. some is price, i don't think it will solve problems. haidi: the u.s. dollar, does it remain the best out of a bad bunch? mitul: that is a good question. for now it probably does continue to do well. some of the interest rate
>> it was the government party did as well as it did. that was not predicted. and the future forward did as well as it did. that is a new party, nontraditional. they did well. both of the two sides take away. haslinda: what is the reading from the results so far? thesee the support of younger population and then the other one is status quo. dane: the younger party did at -- they did well outside of bangkok and in the south where they are stronger and that is due to economic revival thailand has had. if you look at levels going back last year, they have been increasing, the big infrastructure work. they have been campaigning for quite a few months and also
taking mp's and candidates from other parties. all of that added up gave them a better result. all the places, we are seeing political parties adopting [indiscernible] by being welfare oriented. is that a fair assessment? dane: the message from virtually semi- the parties was populist with respect to economics. the government has had [indiscernible] the deputy prime minister for the economy and that twists thai politics. so the policy hasn't been that different. all of the parties recognize it is a vote-getter. you reference the optimist message, it draws votes. that is the most popular one. haslinda: where do we go from here? there is no majority.
it would be a coalition government. a weaker coalition government. dane: i am calling is constrained continuity. you have continuity at the top, the current prime minister again, then you will have some kind of coalition underneath and opposition in parliament which hasn't been the case the last five years. the next six weeks before they announced the government there will be horse training in terms of who will form what, get what seats, as you expect in any coalition type outcome. we won't have a final six or so to speak -- fixer so to speak until may. haslinda: some say this is the best outcome in thailand to meet stability and peace. in the longer term divisions will appear and we could be back to coups and protest.
dane: in the short-term that is true. stability is good. concerning iseen very few people have talked about what you said, how do you resolve this conflict between essentially north and south. thailand issue facing, competitiveness, education systems, aging demographics -- they are the fastest aging country in asia. aged22 they will be an society. that means productivity needs to go up. both are longer-term problems. haslinda: there is a high likelihood the prime minister will stay. can he meet stability for the country? dane: in the short-term you will have greater stability because you have a known entity, a number of measures put in place
to ensure stability of a 20 year master plan that is everyone is lit -- locked into following by law. economic master plan. short to medium-term you have stability. what you need to think about in the long run, how do you resolve this zero-sum mentality between north and south, and who benefits and who doesn't? they have to resolve that. i don't hear anybody talking about that. haslinda: thank you so much for that. from control risk, senior partner there. results 2:00 p.m. local time. kathleen: that is our haslinda amin joining us from bangkok, doing amazing interviews and terrific coverage. there will be more analysis and reaction with big guests throughout the day. we'll joined by baker mckenzie chairman, and others.
kathleen: let's take a quick check of the business flash headlines. thea's business -- selling stake through an auction through the group, led by state bank of india, will give the airline emergency funding of $200 million and plan an estate sale. this comes after the modi government wants to keep india air in the air. huawei is planning to raise investment in foreign universities despite the u.s. urging people to cut ties with the company. they are saying huawei's collaboration research body will increase your they said 80% of investment in u.s. schools is categorized as gift or funding
money with no strings attached. john sebastian jack is monitoring global growth but is not worried about demand out of china. he spoke with bloomberg at the china development forum in beijing. >> we are watching the gdp situation in a close manner. the key one is china. if we look at metrics today, i have $25 million [indiscernible] , bonds,iron ore, copper diamonds, [indiscernible] so we have a good understanding of chinese situation. [indiscernible] as expected [indiscernible] is chinese government influencing more. [indiscernible] are we concerned by this? the answer is no. tom: and in terms of demand, do
you expect it to be higher or less? >> i look at my books in terms of iron ore or copper on both sides, there are no concerns. i do not control the environment per se. i can only control [indiscernible] make sure we have the right quality of products. making sure costs are controlled. so we can make sure we generate cash and the did weaken [indiscernible] supervalu for the short and long-term. last year, $30.5 million [indiscernible] history of this company. tom: is it true your stimulus measures for china, around infrastructure, it will impact your company? >> absolutely. this means additional steel,
additional iron ore, copper and aluminum. absolutely. tom: in terms of the trade war, there was a sentiment we were close to a deal, now tariffs won't be listed -- lifted. that is what we heard from president trump. does that raise your concerns? >> i believe [indiscernible] createdwealth has been globally. one of the key drivers was trade. --elieve people [indiscernible] sometimes people don't see a trade that has been fair. if they put issues on the table -- [indiscernible] will prevail at the end. i am the optimist in the room. [indiscernible] kathleen: rio tinto's ceo speaking to tom mackenzie there
now let's get the preview for that market open in japan and south korea. what are you seeing? sophie: futures hinting at losses of more than 1% in tokyo as well as soul -- seoul. the global bond rally looks set to continue. futures hinting at gains and jcb futures at the highest level since july 2017. anticipation in the 10 currentld below 90 -- fiscal year for japan. boj'snchmarks within the permissible trading -- trading range. they are not expected to take action. city is cutting japanese , slashing the price arget 58% to ¥6,500, after
sincesite -- the most 1988 really company with bioject decided to stop these studies on the alzheimer's job -- drug although they will continue to look at other drugs in its pipeline. recommending others as alternatives. keep an eye on the japan health care. a lot -- haidi: a lot to watch. looking at the broader markets that are trading, australia is seeing downside of over 1%. we saw the 10 year yield for the aussie benchmark falling to a record low earlier in the morning, joining new zealand. kiwi stocks off .5%. there are declines in store when seoul and tokyo coming online. kathleen: we will be joined by evan lucas to talk strategy and
just say teach me more. into your xfinity voice remote to discover all sorts of tips and tricks in x1. can i find my wifi password? just ask. [ ding ] show me my wifi password. hey now! [ ding ] you can even troubleshoot, learn new voice commands and much more. clean my daughter's room. [ ding ] oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome.
justice. >> pro and military parties seen running neck and neck. >> let's get straight to the market action with sophie. sophie: the any kay 22.51%. we're keeping a close eye on bond markets as whelm we do have trading around 2016 levels. e are looking for a move minus .1% and there's a move by a higher yield by bond investors. you have the 10-year yield. just that 2.5% this morning. et's check in on trade in. peace talks also on the radar as north korea has pulled out on talks with the south. you have major banks and myors
weighing in on the asx minor. bonds are rallying in the market. sending the aussie to fresh all-time low. keeping an eye on the bond sale this monday which could give us a pulse check on investor appetite. investors are saying bonds could be a little bit more expensive than they like, heidi. heidi: let's go the sue. >> we start in the u.k. where prime minister theresa may may be leading you yo skeptics as she fights to save her brexit deal. she met david davis to see if there's sufficient support for an agreement that's already been defeated twice in parliament. the meeting comes amid that senior cabinet officials want to remove may and install a brexit
backer as prime minister. there are reports that china is refusing to agree to u.s. demands for an easying of purchase on digital trades. this comes from the f.t. that says beijing has yet to offer significant concessions on calls or an end on discrimination on cloud providers. it was withdrawn when the u.s. asked for more concrete information. italy has joined china's belt and road trade project. it's stoking tensions within the populist government in rome. italy is now the first g7 nation to join the initiative signing deals potentially worth $29 billion. i should say 23. washington and russells had urged caution and the decision of strained relations between italy's five-star movement as
well as the coalition partner. thailand has delayed its election results until monday afternoon. this after the first vote since the 2014 military coup. the tally was expected sunday evening. but will now be released at 2:00 in the afternoon in bangkok. a pro military party created by the ruling junsa is seen in the lead putting the former prime minister in position to return as prime minister. global news 24 hours a day on and twitter inok more than 120 countries. i'm sue kin non. this is bloomberg. >> the u.s. bond market is flashing a warning sign investors haven't seen in more than a decade since just before the great recession started. the spread between the three-month and 10-year rate went negative. what is it signaling now? katharine has the story.
katie, when you look at all the things going on because it was a pretty flat curb but to drive it over the edge to negative, what happened? >> i think what happened after inverted territory was all these fierce over global growth coming to ahead. you know, last week you had a federal reserve that sounded very cautious followed by these really weak manufacturing numbers out of germany. i mean, against a backdrop where markets were worried about a chinese slowdown, i think investors were ready to finally pull the trigger. >> a lot of fed officials especially last year but maybe now too say you can't really get such a strong signal as you used to. it's distorted by things like the fed's quantitative tightening, quantitative using and quantitative tighting. what are traders telling you? >> i think that's a fair point. the signaling has been distored
by bond buying. but this curve in particular has inverted these four seven of the last recessions. so that's a pretty strong signal to ignore. at this point, investors aren't yet ready to say recession is coming in 18 months. i think at this point people are viewing it more of a reflection that the market is starting to price and the federal reserve will have to cut rates. >> but is it a strong enough correlation that the fed would respond? >> well, i think the next week will be very interesting because we have a whole bunch of federal reserve officials to speak. and, you know, this is the curve that the san francisco fed has said is the recession indicator that they watch. it's curve that's most reliable for predicting a recession. it will be interesting to keep an eye on that for sure. >> for sure. we have a lot of that this week. bloomberg news and f.x. reporter
katharine. we're joined by the chief market strategy evan lucas. most of the people that we've spoken to have been pretty san given when it comes to reflecting the 10-year curve as well as the phenomenon we're seeing everywhere from the aussie market and everywhere else. does this mean doom and gloom or is it not as reliable a recession indicator now? >> look, i think it's ok to set a previous meeting. you've got to take it for what it is. it is a fairly reliable predictor of recession. what happened friday and why the 10 years, not just in the u.s. but across the globe fell very, very sharply. those p.m.i. dialer particularly
in europe caught up -- not necessarily off guard but i think personally europe is where you're going to see it first. and you've got germany having a technical recession last year. the manufacturing p.m.i. was horrendous at 44. that shows you that europe was in a recession. the u.s. bond market is one of the greatest ways to look at credit. if you look at it that your shorter than your long end, you can make a return off that. that's beginning to slow financial conditions. it's what all global banks have been telling us is that the end ing st year, the tight condition has created this snowball scenario where it kept coming at us. it's coming through in markets not just in dialers.
you can't ignore it. it's happening across the globe. you alluded to what's happening in australia. 1.77, ha that's the lowest we've had. they're talking around the ideas that things are slowing. they're aware of it. they will certainly try to acted ian:. but the market is ahead of them in terms of where they're at. >> we're seeing that reaction across equities. take a look at what's going on with the topikk following and the any kay. just in the first four minutes of that trade. is that unusual to you that you're starting to see stock market deficits than what we anticipated? is that really kind of at play here this concern that it's not sharp -- enough to stop global growth. >> they have been running away with this for quite a while.
even with the really sharp pullback from october through december 24, we're still -- if you look at the u.s., you look at down here in australia and emerging markets as well, they have rallied back quite strongly. there's been a huge gap between the bond market and the equity market. history again using that as your platform. history shows you that the it's a leader and that gap between hat was going on is needing to shop. economy an a chinese that holds its own but after all the stimulus moves ahead in the second half of the year, can this sort of keep growth in asia and emerging markets in asia afloat so that maybe the rest of the world gets a little more recession nair or by a year or so does or does china get dragged down too? evan: there's a whole foost that, isn't it? china will do what china does.
it's a very good part of your question, china has been showing that it's been stimulating itself in ways that it will have changes that the p.b.c. has made. it will have stability pressures that they put on for long-term regulation some of they will moderate that. they will support emerging markets. and you've seen that since october emerging markets managed to balk the global trend. the caveat is this with regard to your e.m. question. if you look at those places particularly in southeast asia, ndonesia, tie -- thailand, and asia, they do have a lot of u.s.-denoted debt. they have that pressure of being more exposed to the u.s. dollar and for a u.s. movement even with the chinese economy that will be symmetry for the region. push/pull on that is that they'll get exports and tons of
trades but they are servicing in u.s.d. >> particularly in thailand, they're the only asian economy in which fixed investment spending has yet to return to 1996, sian peak of that's a long time, right? but arguing that the military under the military-led government has had very low investment and just meager growth. and in fact, assuming that the military maintains that party, maintains control, we recommend being underweight thailand. do you agree? evan: again, i probably look at it from a different way. yes, i do to the point that thailand has other structural issues going inside of it. if you are looking at e.m. there are much, much investment friendly areas in that southwest region wetch the issues going on politically in malaysia.
indonesia is turning on the right side of that direction. back to the original question that you asked does china support them on the e.m. side? possible. i must -- much. rather look what gives me support in this risk environment because develop markets will overreturn emerging markets. i would rather look at south korea and taiwan and looking higher than that and looking at someone like hong kong gives me a little bit more ability to look at risk with a little bit less concern, as you can get through when you have political issues that can go into those nations i talked about. >> does the outlook for the u.s. dollar suggest that we might not e.m.s. rther run in assets? >> yes, you do. the only caveat to all of that is that what we first started talking about is if you looked at what happened last week, talking about the fed and the really bad numbers, yes, the
u.s. number fell away. the caveat being that if you look at the pairs that look at it, look at you yo and look at the yen they got structural issues itself. and although the u.s. dollar is down, it will be the safe haven capital and that will cause a run-on anyway. you can make that argument in the short-term. but the euro, the yen and to some extent maybe what's going on in the pound, it will probably pick up. they're the big players that move dixie around and will probably mean that dixie will appreciate over the years because it's a safer option particularly in the euro at this point of the cycle. >> thank you very much. evan lucas, investsmart chief market strategist. and another big guest coming up, chicago fed federal charles evans will be on bloomberg tv later monday. we'll find out what he think of
an inverted yield curve. thailand is kept waiting with the election results delayed. we'll have the views of a law firm, baker mckenzie law firm later. >> but up next, robert mueller finds no closing. evidence of obstruction of justice is found. we'll be discussing all of that next. this is bloomberg.
nd it was a complete and total exoneration. kathleen: joining us now two people who have had very busy weekends, our chief washington correspondent kevin cirelli and david wariakos. david, put all the latest drama on the table, this big climax of having the mueller report out and mr. barr gives his report to congress. what all has happened today? >> the first big thing is no collusion. in fact, i'll read a portion of the four-page letter that attorney general william barr sent to congress and was made public. this is the summary findings of the special council bob mueller robert that was sent to his office on friday. he writes "the special council did for find that the trump campaign or anyone associated with it conspired or coordinated with the russian government in these efforts by multiple offers
from russian affiliated individuals to assist the trump campaign." so no collusion. that's why president trump has declare as much. that's why he's been out with this statement in the last hour as well as lawmakers saying as much as well. then there's the issue of obstruction of justice. whether or not the president obstructed justice. there's a bit more political ambiguity here. democrats are calling for the full release of the mueller report to allow folks to decide whether or not there was an obstruction of justice but ultimately there was not complete exoneration as attorney general william barr put it. he said he didn't want to weigh in the issue of obstruction of justice. house judiciary committee chairman jerry nadler, he is the democrat from new york that overseas the house judiciary committee that has oversight over these issues tweeted out in light of these very concerning
discrepancies an final decision-making at the justice department where mueller did not exonerate the president, we will testifyng on lumbarr to before the house judiciary in the near future. >> it seemed most dem crates decided the president is guilty. we just have to find the evidence or the right thing. when president said he did not act with rupt intent did that mean he did not mean to break the law? what do we make of that? >> he has to corrupt intent. in other words, he has to have taken an action to obstruct an official proceeding in this case, the russian investigation, to be found guilty of obstruction of justice. and the primary area that he could have been charged with is from the firing of james comey, the former f.b.i. director. and mueller would have had to
show that the president acted with a corrupt intent to thwart the investigation. apparently, he did not find that. i should say that there's a justice department policy that they do not criminally charge a sitting president. >> yes. yeah, and kevin, it's interesting. that point about the pressure that the president put on the then f.b.i. director james comey to go easy on michael flynn, that was seen as potentially one of the aspects that could go towards obstruction of justice. where do we go from here given that we've heard overwhelming sentiment from democrats that look, the attorney general and the deputy attorney general are not impartial voices. we need to see that full report? >> it is an interesting point that is raised about whether or not you can indict a sitting president. and in fact, the house judiciary committee was scheduling to have a hearing on such topics later
this week even before we've got word officially that the mueller investigation had concluded. where do things go? get ready because starting on monday morning in washington, every lawmaker is going to be asked about this and the hearing is already put out by house judiciary committee jerry nadler with the attorney general testifying publicly whenever that is ultimately scheduled for. no doubt going to be a major dominating topic of conversation . benjamin netanyahu is going to be in washington for the first half of this week. we should note that president trump himself is going to be hitting the campaign trail in wisconsin -- i'm sorry in michigan later this week as well on wednesday where he will have a campaign style rally. and the president in his brief remarks before arriving back at the white house a few hours ago making no shy statement about it. that he feels that this was complete vindication. this is now in the political
rem. but the bottom line, the issue of no collusion and the number -- subpoenas, 150 of them, led to no collusion, a host of other individual who is were wrapped up in this investigation and well, no come lotion. -- closing. >> we know there are a number of investigations namely in new york but robert mueller during the course of the last 22 months have handed off certain segments of the investigation to other states. what are some of the other threats as kevin said as political or legal that the president still faces? >> there's federal prosecutors in new york who are investigating the trump organization which is the president's private business for fraud and money laundering charges an possible racketeering
charges. there's new york state prosecutors. and the congress is investigating as well. so the president is by no means in the clear after all this. >> already. thank you for joining us. at's bloomberg's kevin ciriliii. and david joining us. you can get more on today's edition of "daybreak." it's right there on the mobile in the bloomberg anywhere app. you can tweak those settings so you get the news on the industries and the assets that you care about. this is bloomberg.
compensation bill to $250 million and that could go furrer with the bank reviewing more case where is customers could have been charged for more services than they received. companies. talk to the board member says their collaboration with research bodies will increase. he says more than 80% of huawei's investment is categorized as gifts with no strings attached. >> this is your last chance to tesla.est -- they will rise by about 3%. last month the company with a cost cutting move but backtracked on the idea saying it would bump up prices to keep
>> this is "daybreak asia." i'm sue keenan. we start with robert mueller who has delivered his report and found no evidence of collusion ith russia in the 2016 election. however, the report does not exonerate president trump with obstruction of justice. lumbarr does not see enough -- william pursue a barr does not see enough evidence to prosecute.
>> it was a complete and total exoneration. sue: teresa has has held talks with euro skeptics as she fights to save her brexit deal. she met three advisors for an agreement that has been defeated twice in parliament. it came amid reports that senior cabinet members are plotting to remove may and install a hard line brexit backer. lawmakers in brazil are reported looking to freeze three quarters of a million dollars of vale fund. oglobo says the stability of a third dam has fallen into critical condition. and that is prompting urgent warnings and evacuations as of friday. vale is under increasing scrutiny and has removed
executives following the recent mining disasters. italy has joined china's belt and road projects irritating the u.s. and western allies in the process and stoking tensions between the populist government in rome. italy is the first g7 nation to join china's initiative signing deals potentially worth $23 billion. washington and brussels had urged caution and the decision has strained relations between italy's five-star movement and its right-wing coalition league partner. global news, 24 hours a day and at tik tok on twitter in more that 120 countries. i'm sue keenan. this is bloomberg. >> sue, thank you. let's take a look at the asian markets how they're fairing this morning. >> aussie shares are raising more than $18 million with minors and banks under pressure.
samsung down more than 3%. the kospi is snapping a two-day rise. and we've seen 2% in a rise in the any kay. nd the biggest drag on the any kay. you have aussie and kiwi dropping to record lows. let's check in on stalks. i've been keeping an eye on asei and a potential move after a plunge 17% on friday when it wiped out about $4 million in the market values. and we are anticipating a drop as the citi slashed its price target by 58%. i want to highlight oracle japan after its nine-month result, we are seeing woodside petroleum. this company evacuates all personnel from the off-shore platforms that are in the path
of tropical storm veronica. they're using essential staff only. let's check in on benchmark j.g.b. we are seeing the benchmark closer to 21.0 trading that could see it reduce this morning, kathleen. kathleen: that's a very important question. it may be why the b.o.j. decided to broaden that range so they can go as low as 0.2%. let's bring someone right in the middle of it. our manager editor chris, joining us. chris, you and i know very well that the b.o.j. isn't actually forced to do anything right now because they have a wider range. but do you think they might be a little bit concerned about this? >> well, certainly i wouldn't expect to hear any expressions of concern from the bank of japan. i think they will probably point
out that the decline in japanese bond yields is in keeping with the global slump in bond yields that we've been seeing over the past several days some of there's nothing extraordinary or unique to the japanese market that is stoking any particular concern. it's interesting to see that former bank of japan deputy governor nicaso out this morning saying that central banks globally has clearly shifted over a more accommodative mode and that this may be -- may be helpful for the short-term for the global economy. but does have longer term implications that are not necessarily positive. i think, you know, the bank of japan, you know, privately, probably views the -- the drop in bond yields into negative territory as a potential concern from the standpoint of enhancing the negative side effects of bank of japan policy. so we've seen increasing
expressions of concern from market players about how the rock bottom low yields in japan are pushing japanese financial institutions and individuals into risker areas, into foreign bonds, former b.o.j. deputy governor nicaso pointing out the problem with japanese going into p.l.o.'s this morning. so all of this is, you know, in the background of creating a certain level of consternation here in japan. >> yeah, we're seeing consternation for equity investors with the biggest decline in over a month. i mean, is it unusual that we're starting to see this kind of contagion from the -- a risk version in a bond market to now equities? chris: well, you know, the irony is that last year, it was rising bond yields that were stoking
concerns in the equity market, and when u.s. treasuries spiked up above 3%, everyone thought, oh, my gosh, we've got to you apply a higher discount rate for the future earnings in stocks. so we've got to get out of tox. and now it's the bond yield dropping to multi-year lowing that's causing consternation. if you look at bond yields and stock prices, i think what you're seeing here is joint consternation about the outlook for global growth, the year peen numbers on friday for the p.m.i.'s were not good. and we're in a period where it's going to take some time before china stimulus and the feds shift to, you know, more a come dative stands or less aggressive stands starts to show up if some of the economic numbers. >> chris, of "bloomberg asia"
there in tokyo. the worlds's finest refinery joins other companies trying to churn out more domestic oil and gas to ease relice on foreign imports. it missed estimates with fourth uarter results tumbling almost 90%. that's sinopec. let's bring in ivan or reporter. when you compare the four-year numbers and the fourth quarter numbers, it's quite striking. ivan: yes, for the full year profit is still reasonable growth it's up 20%. ut in the first quarter we can say it's more than 40%. it's for a couple of reasons. the number one is the trading loss -- the unipec. so they lost more than $4 billion in the first quarter for
some oil trading business. be too hat shouldnd concerned about that. another reason for the fourth quarter, the brent oil price was falling in three months from $80 to $50. so as the worst biggest refiners they had to carry the inventory law which means they had to buy the oil and sell them at a higher price. one or two-month inventory carryover. there will be market computation because in china there is a redundancy in the market and they had to compete with those private local market refiners. that kind of refining market in diesel and some other oil product could be a squeeze in the fourth quarter. hopefully sinopec they will have a press conference today in hong kong and they will try to explain to investors where all
of those went off or something that investors have to deal with going forward for a long time. >> china's big oil aims at spending oil fields to meet mission. they're trying to boost supply from fields that are old, high cost, new, challenging. so they're going to go ahead and kopix. % on how will shareholders react to that? >> i think the share holder, they probably wouldn't like it because we're in a time of uncertainty on the oil price. i mean, that's for sure. but most -- the private shareholders they want to get more catch pay-off. but if you look globally around the whole world, you look at the exxonmobil b.p., almost everybody they try to limit their investment, but at the same time hand out more cash reward for their shareholders. for sinopec they invest more on
he os ospri. -- but ed the 37b925 on handed 2.25 prts. sometimes you have to understand, from time to time they have to try to fulfill their duty to the central government. and you had to figure out a way, you know, to get the best return among those circumstances. >> ok. very complicated situationful we're glad you helped out with it. aibin guo. >> up next, china's election. we'll have the view of a leading law firm baker mckenzie bang congress. this is bloomberg.
>> i'm heidi in sidney. let's get back to the thai elections where officials have delayed the results until later this afternoon. our correspondent is on the ground in bangkok. we're still waiting, of course. in the meantime, there has ban election weekend of surprises. >> well, we're still waiting. and there's so much uncertainty. until those numbers come in, it's difficult to say what it means for thailand and its future. let's get some perspective, mckenzie bangkok chairman. people are looking to this election for greater clarity where economic will go. and here we go with greater uncertainty before. >> yes, but i think in my view if the p.i.p.p. will form the
government then the economy policy will be stable because they have the current government and by the current cabinet, they source policy and our nubla. so if they can form at least a 50-member, then i believe it will be stable for a while. and see how the landscape will be. pprp you talk about the junta. you need policys that take the economy forward in the last five years, thailand has left behind its pierce in southeast asia. 3.9% for the year versus 5.2% if the rest of the region. it's not conducive for growth.
>> but you can see a lot of the infrastructure project has been laid down. it's not investors coming in yet. but the infrastructure of the project: i believe they can continue those policies. ,nd i hope that if that project infrastructure project are within this government, then i elieve that you can be good. reporter: you're talking about the eastern economic corridor and investment of more than $50 billion into the economy which has yet to trickle through through the economy. what difference will it make? can you quantify that for us? >> it's difficult to quantify because if you look at that one, if it's implemented, i think the problem how the money go to the grassroots. and with that project even though they have the -- what you
call the policy of the giving the cash to -- to -- to the poorest people, and that -- i believe that the money will be coming into the system. and that's what i can see. they tried before like the -- what you call the cot that gives the cash -- the smart card to the -- to the -- 11 million people. so that i believe, i think they will continue to do that together with infrastructure. that's what i can see the growth in the g.d.p. >> how confident are you about the thai economy? because some have talked about the debt level which is now climbing to about 49% of g.d.p. >> that's another worry about the debt -- the family debt. and i think with this -- i think you have a lot of -- what you call, they can monitor. i don't think they can create the debt. i think they need to increase
the revenue as well. and i believe that probably with some -- some projection -- with the new government they try to tax small in my view. >> what -- what -- what can d adopted? what policies can be adopted to increase -- >> to increase the number of taxpayers, i think is number one. i think they're going to tax ercommerce that's -- tax -commerce. they can collect some taxes to use in the government or local. >> this election mark's thailand's return to democracy and it paved the way for negotiations to resume between thailand and the u.s. >> i think that's important for the thailand government. but thailand is friends with the
chinese. to establish or to resume the relationship with u.s. is also important. i can say that at the moment, a lot of big u.s. investors are coming to start with big project in thailand. if we have for democracy, i think that is whereby the u.s. to trade will become -- and that's maybe sometime. > do you see that relationship growing even more? do you see more contrast for instance in terms of infrastructure project? >> i think so. i think china will play a major role there. >> and the biggest risk of the thai economy will be? >> the big risk will be the debt that you mentioned. if they cannot increase the revenue, that will be a problem. and with the -- what you call the public policy by which they
can keep something to the poor. that's also worry me. >> thank you so much for your insights. baker mckenzie bangkok chairman. gives me an assistment of the elections on the thai economy. there you have it, kathleen. kathleen: thank you so much haslinda. bloomberg covering the thai elections. very important question question, clearly. app forget our b.p. function. dive into any of the bloomberg functions you hear us talking about. send us instant messages during our shows. give us questions for our guests. this is for bloomberg subscribers only. check it out at tvgo. this is bloomberg.
>> china's capital market, are the reforms being turbo charged? that's according to the head of u.b.s. china who says the tech and the indexes of chinese bonds provides significant opportunities. the president, eugene kiong spoke exclusively to bloomberg at the china development forum in beijing. >> i think china wants to move on from rather have this kind of, you know, tick for at the or
punishment, all that kind of thing. but china is quite determined to open its own market. so many of the thing that u.s. is wanting to get on the deal, it will carry it out anyway. under the banner of further reform it will carry out. >> you c.e.o. spoke about a pretty gloomy environment saying it's one of the most challenging environments for investment banking that he's seen for a long time. are you seeing that gloom in china as well? >> from the chinese economy side, we don't see that kind of gloom. slowdown yes, but we're talking about 6%, 6.5%. chinese now emphasize more to have the financial market districtly or indirectly serve the underlying economy that is literally happening now. i think here you will see more relaxed the chinese i.p.o. rules
and also bring china back on par with a global i. p.r. market. >> in terms of the i.p.o.'s that we're expecting this year, how much involvement are you likely to get? are you sponsoring those? >> we are working on a couple of live deals if you like under this banner with our chosen clients. >> how many clients are you working with? >> we're working on several of those clients. we're looking to have more clients under this initiative. >> so a significant impact on u.b.s. china? >> i would say it's a welcome, a new avenue of new businesses, new product to some extent. but as business as usual is just another new group of i.p.o.'s is more significant. it's the way they're being done in china. and we feel that we can do that. >> coursing some pretty strong
upside since the beginning of the year. do you expect more momentum or are you starting to see that calling now? what are you looking in terms of target? >> we believe that asia is still not that demanding. we're talk about 12 1/2 times for the consistent stocks average p. and that's around the five-year level. right now asia is probably in a good place. but, you know, it could either go up or could go down for a technical adjusting purpose. we think asia could be trading -- e rain of 3,000 to 300 3,000, 400 kind of range. we see this year with the new initiative such aztec bore and other things, i believe there could be more of a catalyst that could perform certainly much better than last year.
>> let's get you a quick check of the latest business flash headlines. uber in a $3 billion cash deal that could be shared on monday. >> they're one of the most valuable tech start-ups with over a million drivers in 15 countries. >> india plans to sell their stake of the economy by auction. the group will give the airline energy funding of more than $200 million and plan a sale one the next two months. >> let's take a look at what we're watching later as more of these asian markets go online this monday morning. >> we're going to be watching for top officials plenling to lower tariffs. we're going to see if bonds will ontinue to falling 3.1%.
among earnings due today flipping the board we're keeping an eye out for results scheduled from china vanke along for this monday. we have results from k.w.g. group. bloomberg intelligence forecast that 2018 growth will miss consensus following the 56% in the first half. >> that's it from "daybreak asia." stand by for bloomberg markets. this is bloomberg. this isn't just any moving day.
this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving simple. easy. awesome. stay connected with the best wifi experience and two-hour appointment windows. click, call or visit a store today.
9:00 a.m. in beijing, shanghai and singapore, welcome chinaomberg markets yvonne: we are counting down to the open of trade in hong kong and mainland markets. david: let's get your top stories this monday. have a look at markets in japan, leading asia down as investors worry about slowing global momentum. signs noobert mueller collusion, but doesn't clear the president of objection of justice. trump says it is a complete exoneration. pboc chief says china has much more scope to open its financial system to the outside world. ♪