to cut. what is expected in vienna on saturday. ♪ it is 8:30 in singapore. monetary authority of singapore saying they had instructed the singapore's tonge -- singapore exchange discover the root cause with the opening of the derivatives training. more to come on that. i'm you yvonne man. of a dark, shadowy day in singapore. let's get to first word news with courtney collins. list seems to be more at the european central bank. mario draghi cut his bond buying program from the equipment of $85 billion a month to $64 billion. he also added three more months of buying than expected. he says qe is essentially open ended. draghi: the two options are those started by committees in the preceding months. one is the option of continuing with 80 billion euros a month for six months. the other one is the one that received a very broad consensus. air isy: shanghai's again heavily polluted. internationally accepted safe level. days of suffered choking smog a week ago. young people and the elderly have again been warned to stay indoors. half of alls banned cars in the city and made public tran

. i'm yvonne man in hong kong. in newand betty liu york. singapore could turn out to be a bellwether for distress across all of asia. more companies throughout the region are expected to face growing debt problems as the new year unfolds. here is sophie kamaruddin. this sounds pretty gloomy. why is it so dire next year? sophie: betty, it would seem singapore has claimed the role of canary in the mine. they have defaulted on bonds and this could be a hint as to what may face asian corporate next year. taking a look at this chart, $76.4 billion of bonds are maturing. that is 24% more than this year. think verse in asia, so we are looking at of course, an increase given the commodity price downturn, so that is impacting sectors like inergy. we are expecting the drug to white into the property sector. inking at economies particular, indonesia will be one of the top markets that will face restructuring next year. more distress likely out of china. too pretty,looking especially when it comes to singapore, given that it is most affected to the downturn in trade. sophie: we are expecting the

dollar dropped. unreliable and non-credible. a third banker is convicted in singapore's investigation into malaysia's fund. alibaba is slammed for those estate goods. it is back on the u.s. markets notorious list and says it is not happy about that. this is the second hour of a brake asia coming to you live from bloomberg. anyre glad we are not on notorious list. i am betty liu and we will be digging deeper into that alibaba story. --king about the dow 27 20,000 that we are not reaching quite yet. we will see of the rally will last until next year. >> some have said it has gone far too fast. the open most thoughts are off except for seeing some weakness. you guys were talking about 20,000. the two major indices that people have been talking about waya good part of the past five years. first 18,000, 16 then 18. i has reached 20,000 several times. that is falling short over the past few months or so. that is your level right now, 19,000 -- 19,400. korean index is seeing some green. asia is managing to buck those losses that we saw in europe into the u.s. volumes are light. when it comes

out of the open in singapore. this is bloomberg. ♪ craig's it is a 11:30 a.m. in sydney. theave breaking news about monthly business survey, a slight improvement in confidence strife in theying australian economy. this is good news. to five ingot november, having dipped to four in previous months. we are in hong kong. a little bit of a perk there for sydney. betty: im betty liu in new york. you are watching "daybreak asia." >> oh peg boosted production in november ahead of next month's collect of -- opec boosted production in november ahead of cuts.onth's total output is 38 million barrels per day. andysts expect opec independent producers to .ncrease output donald trump is said to be postponing until next month details of how he will handle business operations while at the white house. a news conference scheduled for thursday will be delayed because the president-elect's busy filling his administration first. trump has about 3.6 billion dollars in assets in over 500 companies. christine lagarde has told an -- has told the tribunal that she acted in the public interest as french

lows. let's talk more about this. joining us from singapore is our guest, live from singapore. good to have you. king dollar.ut we have seen it reached a new high. let's show the were is how much we are seeing in terms of the upside. 23 of the 36 trading days, it has arisen cents trump won the election. does -- is it time to sound some caution now? >> there is no doubt there is a consensus the dollar is heading higher. certainly in these illiquid markets at the end of the year, there is a potential for volatility. there are very good reasons many investors are bullish on the u.s. d at this point. is likely to extend into 2017. the risk is we might see more rapid dollar appreciation. then many the market anticipate. the reason the risks are weighted on this side is we are going to see a shift in terms of market focus toward politics. we are shifting away from focusing on central banks. ofwe enter this era politics, with a fiscal push in the u.s., likely reductions in terms of regulation under the trump administration, these are probably going to be favorable for the u.s. economy. it has

current stimulus program is not sustainable long. ♪ 8:30 in singapore. half an hour away from trading. a gorgeouss like day. i am betty liu. you are watching "daybreak asia." nina: wall street closed at new highs as wall street showed resilience to geopolitical events. hours ased after all results showed it is not losing ground to sporting rivals. say -- three worshipers were wounded when a gun man opened fire in the building. he later killed himself. are investigating the incident. a chief economic adviser says sustaining the trump rally is not just about implementing his economic policies. he cautioned against overlooking the threat to global markets. >> we have priced in no policy mistakes. we have priced in no market accidents. we have ignored all sorts of legal issues. our of the reason why the markets are reacting so well is because we are getting a political disruption in the u.s. that seems to be positive. unleashoing to congressional action on key issues. you are also getting political disruptions elsewhere that are not so positive. of scientists have set up an anonymous hotl

for speed. built for business. >> it is 8:30 in singapore a half hour from the opening of trading there. we have breaking news out of singapore. domestic exports. 11.5% up for the month of november. the estimate was for a fall of 2.7%. month to month also rising 13.1%. 1.5% drop. the expectation was for a pickup in november. this is the performance in north asia as a sign post. this certainly is much, much better than expectations, betty. betty: some better news there in sing more. you are watching daybreak asia. now let's get to the first report news. >> first up china holdings of u.s. treasuries has fallen to the lowest in more than six years. as beijing used its foreign eserves to support the yuan. down more than $41 billion from september the lowest since july of 2010. that means japan has become america's top foreign creditor as its holdings edged down at a slower pace. japan's benchmark bond yield rose to the highest since the b.o.j. introduced its negative rate policy on january 29. it's added 1.5 basis points tracking the renewed sell off in u.s. treasuries and puts pressu

that. this is bloomberg. ♪ yvonne: it is 8:30 in singapore. half an hour from the opening of trading in the lion city. also expecting inflation numbers this afternoon. betty: you are watching "daybreak asia." let's get to the first word news. haslinda: the u.s. justice allegedly's suing for deceiving investors. the lawsuit is rare for the banks, which typically negotiate a settlement rather than risk a trial. the justice department alleges deceivedatedly investors. extended trade after finding a bug. oftenitch overstated how towas used and is the latest shake confidence. ed clients who placed ads. constitutional court has held its first hearing into the legality of the impeachment of the president. the judges have up to six months to decide whether park should step down or be i reinstated. saudi arabia has presented the most detailed budget in its history. cutgovernment says it spending by 16% this year, narrowing the shortfall by more than expected. the kingdom expects revenue to inp more than 46% from oil 2016. hours a day,4 powered by journalists in 120 countries. new zealand, closed

the good times can keep rolling. this is bloomberg. ♪ yvonne: it is 8:30 in singapore. from theour away opening of trading. i am yvonne man. betty: quite the opposite in new york. a rainy and gloomy all day. it would have been snowing if it was a little colder. i am betty liu. let's get to the first word news. reporter: donald trump says it is time for the u.s. to bigger and better things after the sheda administration puni russia. the tycoon issued a statement saying he will meet intelligence officials next week. russia rejects the accusations. announced angs has campaign to eliminate waste. the plan is nicknamed the waterline project. he has spent four years cutting costs. has trimmeduring some $700 million of expenses. also, italy's bail out of the world's oldest bank has won the green light. the rules say banks with a capital shortfall are not allowed to benefit from liquidity schemes. and a north korean economic leader has said to have executed 140,000 officials. ordinary people have also been killed for helping defectors or for watching south korean tv. 340.otal number is put

remain weak, opened towards more fiscal stimulus. he joins us live from singapore. really great to have you. we were speaking on the survey earlier this morning from tankan. he had a red flag when it came to the yen. he said the u.s. registration and donald trump will realize this might not be a good idea for the economy. what was your take on the overall? feel about the business sentiment that we see in japan? it seems to remain the same, despite the manufacturer balance. >> i did listen to your conversation. you are right, the tankkan was flat. most of the rally was predicated on the yen weakness. maybe 27% on share buybacks. the share buybacks will continue next year, but the yen weakness is the major call. , do see the dollar as stronger and the bank of japan will be happy about that. if the bank of japan keeps the 10 year bond yield around zero, and yet bond yields elsewhere are creeping up, then the change has to be reflected in the currency instead. i think japan will continue to be a good market on that basis. betty: we have not exactly seen asia track the gains we have see

telecom has won the bid to become singapore's first mobile phone licensee. they paid 74 million dollars for the right to the spectrum which is expected to -- in april. singapore has one of the deepest penetration rates for global -- mobile services. the market is currently dominated by three players did a billn has passed legalizing casinos paving the way for billions of dollars of potential investment. more legislation is needed before so-called integrative resorts can be built meeting known is likely to open before the 2020 tokyo olympics. las vegas says it is prepared to make an unmatched investment in japan. a recent poll found only 12% public support for casinos. we are hearing -- is not currently in talks to acquire mont elise good sources contradicted reports that the company could be a target. in. heinz was taken private 2013. they merged with craft last year. -- they merged with kraft last year. and much more ahead. crown resorts folding its plan to spin off international assets. we will have details of their new move to cut the dead. this is bloomberg. ♪ ♪ >> this

singapore and hong kong and even australia. definitely, if that comes up, that will slow down export growth in gdp growth. of course, the devil is in the details of when this is going to be imposed. but any increase in trade restrictions will be negative. betty: what you mean by the recent global selloff of bonds -- that they have not been fully transmitted to local credit spreads. what could that mean? when we tendally, to look at credit spreads, we the markets including the u.s. and the u.s. dollar. what we have seen in terms of spreads going up, we have seen upcross-border bonds going 25-40 basis points. the impact has been much more muted. because of two things. the banks are still the largest provider of capital to borrowers. and second, there is a home buyers in terms of local investors investing in names that they know. debt fully seen transmitted into local markets cap. betty: hang on one second. we are getting some headlines out of new zealand. the prime minister saying he will be standing down as prime minister. the national party can win the 2017 election. he says it is a

now, head of career research, joining us live from singapore. great to have you. about reformioned momentum. i want to get your take on this. the events of 2016 that we have seen in south korea, like the likes of samsung, now park's vote, is it enough to shock the system now where we can actually be a catalyst for systemic reform? reporter: vote, is it enough to shock the system now where we can actually be a catalyst for systemic reform? reporter: yes, i think he can be enough shock. korea is a country that needs reform. we have one of the highest, fastest rise in inequality, and the wealth of the country is concentrated vote, is it enough to in several -- and the corporate's to much cash in the balance sheet, while the household have too much debt. lowests trading at evaluation around the world. what was clear throughout this whole event, the scandal, the candlelight protests, the impeachment is that people want change. they want to and the corruption and the collusion between political power, and inequality. for the next election, i think people will vote for a candidate that wi

banks in hong kong, singapore, some of them korean as well. in our latest reshuffling of the asian model portfolio, we have greated the financial sectors to neutral, while we were underweight for quite sometime before. we are overweight in financials now. >> when it comes to emerging markets in your notes you say they are at a cross road. i call it a policy dimon drum. you are seeing expectation of higher rates in the u.s., which will mean fund outflows, and weaken their currencies, and they are tempted to raise rates with the u.s., but that would cap growth. where do they go from here? >> there are pressures here. i think europe's growth recovery is good for market companies. at the same time as you rightly point out. that will tempt investors to put money in developed markets and pull money out of developmenting markets. this round is likely to be more related to companies like the euro and the j.g.p. these emerging market economies have repaired their current accounts over the last three or four years remarkably. emerging ink that phenomenon market flows choking is likely to be

to leave it there. you're watching bloomberg. ♪ is 8:30 a.m. in singapore, half an hour away from a open in trading there. i am is yvonne man in hong kong. ramy: i am ramy inocencio in new york. you are watching "daybreak asia" . let's get to first word news. >> president putin has called for a crackdown on terrorism after the russian ambassador to turkey was shot dead. andrey karlov was assassinated at an art ambition. initially his death has been linked to bombing in syria and aleppo. the gunman was killed by turkish security forces. on the run insert after worshipers were shot at an islamic center near the main train station. three men were wounded as they were shot while praying. the shooter is still at large. police say the body of another person was found later. it is unclear if the two episodes are linked. attempted fraud and abuse of authority on the opening day of her trial in seoul, korea. ledrelationship with park to park being impeached. the court is reviewing the evidence and will rule on whether the impeachment is legal. global news 24 hours a day powered by more than

in on the markets. asia stocks tracking gains in the u.s. , theng us from singapore head of asia-pacific equity and credit at ubs wealth management. great to have you. you mentioned about these records, the dow rallying more than 300 points, bonds also up. it seems like there's a lot of pressure on mario draghi on this one once again. what if we get another disappointment that we saw in december 2015, it is not seem like we are setting up for that disappointment right now. howard: starting with the u.s. perhaps, we have [indiscernible] as compared to the first half where we saw earnings decrease drag by oil and other factors. the third quarter was evidently the first one since a while since -- that we see earnings growth positive year on year and that trend will accelerate. -- 2016omparing i-16 and next year followed by 8%. what the market does right now is to start pricing in and anticipate that better momentum and earnings. i think it is quite logical for the market here to follow the future ending trend upwards. yvonne: i you surprised by these impressive moves we have seen ov

:00 a.m. in singapore, midday in sydney, 8:00 p.m. in new york. i am rishaad salamat. ♪ rishaad: japan had a third straight monthly trade surplus as exports the decline. prudent and neutral, china's leaders say they will work harder to rein in risk next year. australia's