no other goal motivates american policy in southeast asia. for years representatives of our government and others have traveled the world, seeking to find the baseness for peace talks. since last september they have carried the offer i made public. and that offer was this, that the united states would stop its bombardment of north vietnam and that would lead promptly to productive discussions, and that we would assume that north vietnam would not take military advantage of our restraint. hanoi denounced this offer both publicly and privately. even while the search for peace was going on north vietnam rushed their preparations for a savage assault on the people, the government and the allies of south vietnam. they attacked during the holiday, failed to achieve its principle objective. it did not collapse the elected government of south vietnam or shatter its army as the communists had hoped. it did not produce a general uprising among the people of the city as they had predicted. the communists were unable to maintain control of any of the mor

check it out at tv go. >> this is number market asia. -- bloomberg markets asia. >> what are we doing on singapore? the 9% comes after a series of stories. thes bring in to talk about noble here. >> they have a 30 day grace. deal, but what we are watching for the next payment is the principal payment on march 20. that one does not have a grace period. that would go against noble group's wishes, which was to go for a consensual base -- whichring without can be costly. an alternative restructuring plan. what is that entail? >> that is the latest news that we were reporting this morning. the potential bondholders proposed a new deal, a four-year deal at a much lower cost than what was originally proposed, so what is interesting here is bondholders definitely want to push for a higher recovery because they were the biggest victims. 96%initial plan works out , so in thelue interest to push for a much better plan, but what is interesting is if they were allowed to join, that means the recovery might be marginally lower, so it will be interesting to see how noble group management reacts to t

this is bloomberg. ♪ yvonne: "daybreak asia this is "daybreak asia." i am yvonne man in hong kong. -- this is "daybreak asia." i am yvonne man in hong kong. betty: founding member of the e.u. has tilted to the right eurosceptic,ort of anti-immigrant voters. ramy inocencio joining us now. matteo renzi stepping down as the defeated leader. ramy: when you take a look at the election results, they only got about 23%. less than 23% of the total result. this is the worst showing for the central left coalition in history. it is no surprise that matteo renzi is saying timeout. take a look at what he actually had to say. >> it is obvious as a consequence of this result, we the leadership of the democrat party has -- ramy: renzi is out. the big question here is who is in? no one knows. we have a few weeks at least of horse trading. let me get you back up to speed on where we are in terms of the vote shares that have come out so far. you can see on your screen, 37% is the, clearly shifting across the aisle. the five-star movement, the eurosceptic populist movemen

it used to be a sick dog of asia, labeled as such, but now fastest and southeast asia in terms of gdp growth. haslinda: it is no secret that you love art. you are obsessed with art. you are self-taught when it comes to art. jose: yes. haslinda: how did that come about? jose: first i am interested in -- firstly, i am am interested in reading and learning. i am an inquisitive individual. it is not about collecting for me. it is about learning art history. haslinda: you are a huge collector and go to every high-profile auction, as far as i am told. jose: ok. it is also work for me, right? i work with artists. i guess i love doing creative projects, and for me to inject creativity or whatever i have and to absorb that from other people makes the entire process action exhilarating. haslinda: what is it about art that inspires you and got you hooked? jose: seeing the journey is interesting, and it is interesting who will make art history, right? what will shape artist x from y? i like to take mental notes for myself, and it is really learning who made the impact in history, because whether

uber reverses from south—east asia. the ride hailing app pulls out of eight countries as the boss seeks a route to profitability. the us opens the way to a truce with china but says its not afraid of a trade war between the world's two biggest economies. and the week has not started well for financial markets in asia, at no surprise given the rising trade tensions between the united states and china, and the friday slide on wall street. —— but no surprise. the ride—hailing app uber is in reverse once again. the company that is promising to transform how the world travels is pulling out of south—east asia as it tries to stem its losses. it follows similar retreats china and russia where it has struggled to capture market share. the latest manevoure means it's selling its operations in eight countries to its malaysia—based rival, grab. uber will retain a stake of 27.5% in the newly enlarged company and will move its customers over to it. last year uber racked up losses of $4.5 billion as it continued to subsidis

our asia credit reporter. what you need to know to get the day going in today's edition of daybreak. subscribers will go to tv on your terminal. you can also customize your settings and get news on the industries and assets you care about. this is bloomberg. ♪ betty: this is daybreak asia. i'm betty liu in new york. yvonne: i'm yvonne man in hong kong. look at what is coming out the next the hours, let's go to david and see what he's watching. david: we will continue the airline conversation. the ceo of the airline there. in about 40 minutes time, the stocks are epically bad. good analysts are not terribly excited over the prospect of the stock price. and the prospect of the company. and we join us from bnp and we will be talking about, again, approaching when we get the new governor on march 19. they might be suited for a job and it doesn't necessarily mean the students actually get it. that marchre getting of good guests continuing their, david. markets trading here in the asia-pacific, let's take a q

in the days of the czar's it was the gateway to asia. at the entrance to the town lorries and trains crossed the ural the river that marks the geographical border between the asian and european continents. instead of just historically speaking the ural has always formed a natural border just this is just the big brother spoke of and as yes you can in the post caravans coming from asia are always full list here if the couple of the river was a barrier. greenwich the schedule. today the chinese efforts once again seem to come to a halt at the symbolic border. from here the project of the new silk road depends on moscow's goodwill but does putin's russia even want it. watered down to dream but i'm skeptical about the relationship between china and russia what's your russia is facing a laborious rethinking process a solution that. russia used to be china's big brother today it struggles to accept that china is superior and she's also mentally we're told of course china and russia are cooperating on military to raise for geopolitical reasons

welcome to daybreak asia. the top story, asia-pacific start andok start to positive fashion. the president's power play. china repeals term limits allowing xi jinping to rule for life. betty: it's just after 8:00 p.m. on sunday in new york. exemptionallies seek for terrorists. reports from london say the aramco listing is being delayed. saudi arabia has already said the timing is unimportant. ♪ yvonne: green light for a rally in asia. with been talking about a goldilocks scenario. robust jobs growth. a lot of calm. trade tensions seemingly in the back burner. volatility back in the focus once inflation comes through. betty: seems like the global economy terms -- turns on a dime sometime. one-week where on the brink of a global trade war, the next moment president trump is about to meet president kim. it's amazing. factors seem to be driving this rally in the markets. the volatility from february becoming more and more of a distant memory. yvonne: it's getting harder and harder to cook -- to call the markets. we continue to see green. >> the green light is flashing. coming t

now, backed by uber is reducing its footprint in asia and specifically south—east asia. it is a very big market, but uber‘s major shareholders want the company to focus on its core markets of the us, europe, latin america, and to try and turn a profit because it has been losing billions each yearin it has been losing billions each year in the way they do this of course is to sell to regional rivals, while retaining some skin in the game by retaining some stake in this combined company that they will have would grab. one of its major shareholders is softbank, who at in both grab and in that uber, so what is next for uber now? we spoke to the ceo recently and he told us that his ambitions for grab is to have it become more than just taking you from point lead our flat become more than just taking you from point lead ourflat two point b, he wants to expand the service across the whole region. we want it to be an app that allows you to buy a coffee and few rewards, and after that i your lunch and have your food delivered so that you do not have to go to the trafficjam. and

still more ahead on "daybreak asia."this is bloomberg. ♪ ♪ yvonne: chinese conglomerate hna abandoned the ipo of its group, less than 24 hours before the shares were meant to start trading. prudence is here to discuss that with us. we thought this was going to be a sure thing, what happened? deal athey cut off the day before the company was about to start trading. ipo happened is that the valuation was a bit expensive, and that is why they did not build up demand for the offering. also, hna was a bit unlucky because last week, the markets -- the equity selloff happened. their value drop 6%. it. yvonne: is a bit unfortunate for them how critical was the sheer flow for them? prudence: it was really important, because the deal was billion,bring in $1.2 which would help them to repay their debt. they told the creditor earlier this year that they would sell about $16 and cash in billion. so this $1.2 billion was kind of cushioning for them. yvonne: what else are we looking for in terms of asset disposal? it seems like the

no other goal motivates american policy in southeast asia. for years, representatives of our governments and others have traveled the world, seeking to find the basis of peace talks. since last september, they have carried the offer i made public at san antonio, and that offer was this, that the united states would stop its bombardment of north vietnam when that would lead promptly to productive discussions, and assurance that vietnam would not take advantage. hanoi denounced this privately and publicly. even while the search for peace went on, vietnam rushed for a savage assault on the people, the government, and allies of south vietnam. their attack during the holidays failed to achieve its principal objective -- it did not collapse the elected government of south vietnam or shatter its army as the communists had hoped. it had not produced an uprising in the city, as they had predicted. the communists were unable to maintain control of any of the 30 cities they attempt. and they took very heavy casualties. but they did compel the south viet

i am yvonne man, welcome to "daybreak asia." a mixed day ahead for the asia-pacific. wall street saw losses in consumer and energy. day,&p fell for a fourth the longest losing streak of the year so far. investors now await the fed. betty: i am betty liu in new york. it is just after 7:00 p.m. thursday evening. good news for broadcom. after a bruising week in washington, earnings are in line with estimates. it is the end of the

inr cost were up over 5% south asia and southeast asia. your revenues were down to be fair for some of the exits. where did the two metrics go over all? how does that jive with the bank's global push to cut cost. anna: when you look to the cost base a few years ago we saw opportunity. we're on track to achieve our target. we saw investment opportunities. particularly in technology. a good portion of that is coming to might markets and it is important given consumer needs. cap to provide that capability. from a cost side, if you digitize there is an opportunity. you can move faster. initial cost program that we make progress on investment or ultimately that will drive efficiency as we grow strongly. haslinda: you are looking to cut costs further, if so, where and how? want the cost base to grow less quickly than income. we are investing here in. we're trying to growth more productively. wealth management product income across the various places where we try to manage our clients money. that grew 17% last your. we want to keep doing that. bu

welcome to daybreak: asia. the top story, the war in the white house, president trump says he has no choice but to impose tariffs. sent, it is not want to trade war but is supportive of the president's plan. i'm betty, it is just after 6 p.m. on this tuesday evening. the news will send the shockwave through the market. easing, autos are falling after hours. the party is over, the fcc onsident tightens their grip all aspects in china. betty: this news of gary cohn's resignation hitting the markets. just as asia is opening. gary cohen, the chief economic advisor is to be leaving the white house. one of the most high-profile departures. closelysachs worked with gary cohn and one person said he deserves credit for serving his country. i join many others disappointed to see him leave. related to this or not, we are watching these tariffs, coming tariffs, the u.s. has said to incur broad tariffs on chinese imports and takeover. good into thisng asian session when he came to geopolitical aspects. it has seemed this ha

particularly in asia. people look at australia for instance, that could severely get hit by the street or. -- this trade war. if you listen to my point that the volume of u.s. imports will change very little. paying for the rest of the work is very limited. think is a much patrick. hank you patrick. do not forget about tv . and diveatch us live into past interviews. this is bloomberg. ♪ betty: let's get a quick check of latest business news headlines is our. -- this hour. they have some -- halted sales. best buy will not order any more smartphones when current inventory runs out. other check -- other chinese tech companies are viewed with speculation from washington. huawei is said to be developing a smartphone. it would actually run alongside android. potentially bringing the technology into the mass market. let's confirmed that they have met but the collective that -- declined to comment further. the company has come under pressure from smaller rivals over 40 subscribers but is seen extending its l

asia wakes up. we are getting lines from the be ok and watching hong kong as well for their reaction. is going to be tied to what the fed does so we will watch for a announcement there. of the rate positions emerging, and tencent is going to be in the mix, as the stock starts trading at 9:30 a.m. local time and lots of things to talk about. this -- andrief topline was missed, and bottom-line beat, but you also get margins, so we will see if this is the start of this once invincible company starting to become immortal. betty: great question, david. up to the premium people are paying for the stock price. i do know if you are following him on twitter, but he met the journey to the snowstorm to get to us. [laughter] he is the ceo of mainstay capital management and he will talk about the reaction to the jayand says that whatever powell said today is a changed his outlook on rate hikes. haidi: that is going to be the view of a lot of people. and patrick is joining us out of rate on the fed applications.

treating from the asian markets selling its southeast asia business to main rival grab. and it's practically worth nothing india issues a special one rupee note to celebrate one hundred years off rupee banknotes. but come to business south korea has agreed to cut steel exports to the united states by thirty percent in order to avoid trumps tariffs south korea's trade minister described negotiations with the u.s. as fear but it's fisted his country wasn't in an inferior position the asian country is the third largest exporter to the united states after canada and brazil the pledge to reduce steel exports is part of revisions being made to the existing free trade deal between the u.s. and south korea. need while china's foreign ministry said that beijing was willing to hold talks with the united states to resolve their differences over trade of the weekend china's newly appointed finance minister want washington to rethink its trade policy and threatens to retaliate by hitting u.s. agricultural exports. according to the report the discussions will be led by china's economi

jitters in asia today. about the i°ys jitters in asia today. about the joys of the new secretary of state, the concern he is much more on the same page as donald trump when it comes to tariffs as rex tillotson was. that was the sentiment in asia. in europe, all the main markets are higher. some stocks doing well like adidas. they have announced up 5% today in europe. now, wall street. on wednesday, it is all about us shoppers. in january, on wednesday, it is all about us shoppers. injanuary, the holiday hangover worse than many analysts expected as americans chose to stay home instead of spending. the hope is that retail sales will recover in february after hitting an 11 month low last month. car sales is a headwind. us car—maker said they saw sales decline in february. partially due to the fact that interest rates for car loans have been rising. a big industry research firm said the february interest rates on loans for new cars should hit eight year high. that shows efforts by the us federal reserve to raise interest rates as the us economy

this is bloomberg markets: asia. finance china's minister has been talking, saying the economy is improving on both sides. speaking at a briefing taking place during the national people's congress, talking about tax reform. they are going to be continuing to cut tax, according to the finance minister. nothing on trade at the moment. we are looking for those headlines. haidi: whether there is going to be any sort of reaction to what is going on in the white house. it materialized. gary: resigning as a senior economic adviser. lots of speculation as to who will be replacing him. does this mean there will be a go-ahead? asian markets dropping, reacting to the speculation of a global trade war. >> is looking short-lived. by storm clouds brought back cohn's resignation. hawkish tone this morning, perhaps having to be broad pain we are seeing. the yen,ns, gold and moving toward a 16 month high against the dollar. japanese shares, they are set to wipe out the gains for the week. check what is going on with treasury. the 10

we have got stephen engle there, our north asia, chief north asia correspondent. he is looking at talking to the man who has advised chinese governments in the past. he has written a book about how chinese leaders of and thinkers -- steve. good morning. this is day to of the national people's congress. nearly 3000, they've gotten their marching orders from the premier yesterday. now they have to huddle up and find out how they will carry out those orders. let's get insight into how they think. this is the leader. thank you so much for joining us. >> good to see you again. stephen: you were there in the great hall with the people as we were. when you came out, what was your main take away from what some have described as the impossible challenge, how to deleverage, how to take away stimulus, and still keep 6.5% growth? >> i don't think it is the same primary objective. we have to look at the national people's congress. it is not setting the vision and strategy. that was set at that party congress in october. we are dealing with the implementation of policies. the a

this is "daybreak asia." yvonne: three of china's top banks have posted stronger than expected profit growth. boosts lendinggn margins. cbsee the reported a -- i posted a 3% rise. all three lenders beating estimates. victor weighing leads coverage. wang leads coverage. what do you make of this come back? visit a turn for the better -- is it a turn for the better? in most of the time, banking is not a bad business. if you take china banks as an example, every year they are doing a bigger size of business in terms of asset growth. growth, 3%, 4%, 5%. if we strip out the cyclical it is growingge, at 8-10%. we do believe the number will get better going forward. >> people have talked about how they are going to be easing some of those provisions. we are getting some headlines coming out. to what extent does that give the banks enough breathing room? could it have a big impact? i think it does not really change the operations that much. is a strong vote of confidence. establishment,he they have been cautious. .ne

welcome to "bloomberg markets: asia." shinzo abe saying that the finest chief should accept responsibility and quit. onid for qualcomm blocked national security grounds. betty: i am betty liu in new york where it is just after eight p.m. on this monday. the race to beat goldman sachs, kno no news yet on when lloyd blankfein might resign. china says, a trade war is no good for the world. ♪ yvonne: betty, we have been hearing president trump talking tough on trade. that certainly enhances all of this. the big question we have been talking about today is what is going to come out if the super regulator of the pboc, as they merge underneath the central bank. betty: that's right, that is a news but not entirely unexpected. we knew that the government was looking to give the more and more power as it tries to tackle this debt problem -- the pboc more power. looking more and more like the central banker in many ways, to the world -- at least to the region. all of this coming at a time when we are looking at the new man going t

here in hong live from bloomberg's asia headquarters. welcome to daybreak asia. paris top the headline -- tariffs copy headlines. president trump promising to sign an order wednesday. steve mnuchin says there could be retaliation. beijing always said it will defend its interests. i'm in new york where it is just past 7:00 p.m. on wednesday. much-needed good news for abenomics. japan smashes forecast for growth's in the past quarter. a tight u.s. labor market helping to lift wages and spur what is described as modern inflation. ♪ yvonne: that gdp print for japan is certainly big. looking ahead to the china trade numbers coming through in the 9:00 hour. this is what we are seeing. of course we'll was talk about how the u.s. has a massive trade deficit with china, but there are subtle signs. perhaps this trade surplus that china has with the u.s. is seeing signs of cooling. if you look at a five-year picture of the overall trade surplus and deficit, seasonable fluctuations, take into account those. there are seeing some cooling from the peaks we saw in 2014 and 20

guy: asia being hammered overnight. the shanghai,, how will that ripple through into the european markets? miners could be front and center. we are joined by paul jarvis. where should we be looking? day fordifficult markets and on the forefront of the difficulties will be the basic industry of the mining sector. we have already seen prices the likes of rio tinto, bhp, being hit hard in australia on the back of plunging iron ore prices. 5% ons much as six point the back of the escalate -- 6.5% on the back of the you at -- escalating trade tensions. you can look for mining stocks to be leading the declines in the stoxx 600 this morning. is a british retailer next. profitll-year pretax beating estimates. is that good enough? paul: it should be, yes. there was 1.i wanted to bring up from the statement from next, -- lost in the retail business, costs them 60 p. every one online delivers nine dp of profit. hard next is having to work to make its online business make up for what it is losing in the retail business. it is reall

asia." ♪ david: happy friday to all our viewers joining us across the asia-pacific. have a look at markets right now. gains for a second week despite the weakness now. we are 5% up from the bottom back on february 9. we are getting some weakness doesn'through, perhaps bode well as we head into the open on the chinese mainland and hong kong. lots of earnings. we will talk about the names reporting later today. the broader view, there is a great story on the bloomberg right now. when you step back across the region for example, analysts, sell side analyst are actually the most bullish on asian equities. we took 18,000 stock essentiallyons, 60% those buy rating on stocks. these are sell side analysts, which typically you get a tilt towards the bullishness, but going back to 2011, it is a good sign. based onviously it is themes like global growth being goldilocksthe scenario, as well as the earnings outlook continuing to improve, but not too for cold water over this optimism, but when you hav

with responsible for both east asia and south asia. before joining the nsc staff he was senior fellow for east asian council of foreign relations, direct of the center and foreign policy institute and assistant professor at the school of advanced international studies at johns hopkins university. research staff member at the institute for defense analyses and senior advisor on asia in the office of the secretary of defense. he also worked in japan on the staff of a member of the national diet. and finally, we have michael fontain. mike is the washington liaison for the democratic progressive party of taiwan. as information liaison between tpp policy makers in washington, formerly he was the senior policy analyst for the formost a and association for public affairs from 1999 to 2002 where he was responsible for tracking u.s. policy toward taiwan. taiwan security issues, and developments in taiwanese political affairs and producing opinion pieces, journal articles and a member newsletter on these questions. and so obviously we've got a l

how about over in asia? well, asia looks a little better, to be honest. one thing that is helping is there was a big drop in the yen is boostingat japanese shares today, and that is feeding through to the rest of asia. the actions where was with regard to text. what we are really seeing your is a confluence of two factors. on the one hand, we have got the broader backdrop of an increase in borrowing costs. if you look at the three-month rate and how that has jumped up so sharply in recent weeks, it is making it a lot more difficult to finance trades, a lot more difficult for banks to raise funds cheaply. it is a clear sign of the end of the era of easy money. with that backdrop, that is kind of putting stresses on all different kinds of parts of the financial markets. and if you think about the adage of the taller they are, the harder they fall, u.s. tech stocks were the leaders over the past couple of years in the massive run-up in stocks. we look at the nasdaq 100. that was up 60% over the two years through mid-march. environment,of an we have got borro

betty, lots more to talk about after daybreak asia wraps up this morning. asia is next. what are you watching for us? yvonne: we'lll -- continue to watch this political stan scandal. documents were they took out abe, and hisnzo wife, advancing the land sale. this cronyism scandal once again rearing its ugly head. we will talk to a professor from the university to talk about more about the implications of this because this continues to threaten and derail the abe administration and abenomics as well. betty: that's right. another destruction at the very minimum in japan. the center for economic policy research cofounder dean baker will be joining us, where he says there is a lot of much ado about nothing on the tariff fears, but also noting there is perhaps much ado about nothing on inflation, saying if you take out housing inflation, you are seeing only a 1% pace in prices. we will be speaking with him later, haidi. haidi: inflation will be the theme of our discussions out of the u.s.. that is it for taro aso." -- that is it for "daybreak australia." yvonne and betty up n

welcome to daybreak asia. steve mnuchin says the white house is having productive negotiations with china, which might just avoid a damaging trade war. president trump is ready to expel russian diplomats. moscow's expect -- is expected to hit back. it is just after 7:00 p.m. this sunday. says china is able to withstand external threats. investors brace for another rough ride after global stocks suffered their worst week since the route in early february. ♪ betty: if markets were not nervous enough we have geopolitical tensions as well the middle east. headlines out a few moments ago from saudi arabia saying they have intercepted missiles fired from yemen. we will keep our eye on those headlines. that is likely to keep the mic or -- these market gyrations happening in the u.s. and asia. look at g #btv 2839. the worst market in two years on friday. shows you the level of nervousness. you have lots of measures to show you the amount of nervousness in the market and anxiety. this is a chart that shows you the pr

it's the end of the road for uber in south east asia! the ride—hailing giant sells its business to the region's biggest player. live from london, that's our top story on monday 26th march. uber has already retreated from china, is today's u—turn a sign that the company is slamming the brakes on its global expansion? also in the programme... the us opens the way to a truce with china but says it's not afraid of a trade war between the world's two biggest economies. we also look at the global markets and how they we also look at the global markets and how they have we also look at the global markets and how they have opened we also look at the global markets and how they have opened in we also look at the global markets and how they have opened in trading on the first week before easter. banking on the next generation: we'll be speaking to the boss of a new lender hoping to transform the way small businesses obtain credit. today we want your thoughts on supermarkets. they are apparently planning to repackage christmas products like cra

was to the united states, was to japan, was to korea, was to southeast asia. but this whole area to the west is undeveloped, is potential market for china, that historically has been part of where china sent its goods. (xi jinping speaking in chinese) - [translator] since the belt and road initiative was put forward over three years ago, over 100 countries and international organizations have given warm responses and support to the initiative. more than 40 countries and international organizations have signed cooperation agreements with china, and our circle of friends along the belt and road is growing bigger. - [narrator] the plan includes a maritime silk road, which aims to connect asian, african, and middle eastern nations through the construction of ports, naval bases, and canals to revitalize sea trade. - when you leave china and you go and then you go around southeast asia and then you go to the indian ocean, then you go around the tip of india and ultimately go through the middle east and to europe. that also is something which historically the chinese

for those with a sweet tooth in asia. good morning, asia. hello, world. glad you could join us on this friday edition of asia business report. as you have been hearing on bbc world news over the past 90 minutes, donald trump has agreed to meet with north korean leader kim jong—un in agreed to meet with north korean leader kimjong—un in order to defuse the nuclear. let's get more on this with leisha santorelli. the potential meeting that might take place. but still, no venue. donald trump tweeted that currently in the midst of coming up with a date and time and place but initially, what has been the reaction of the financial markets in asia? as this news was coming through, japan and south korea in stock markets were opening and they are soaring. japan up opening and they are soaring. japan up by opening and they are soaring. japan up by 2%, south korea 1.5% and its currency is doing well and this is because of such a dramatic breakthrough in the tensions on the korean peninsula and obviously investors are overjoyed. at the prospect we could see a deâ€

asia is not a participant in nafta. yes, there could be secondary effects, but increasingly trade for asian countries coming from within asia, so the intensity of cross-border transactions, trade, investments within asia is growing, and that is becoming a bigger and bigger component of the growth drivers in asia. there is nothing to stop the eu in asia from establishing a stronger trade relationship, and indeed we want to encourage that. i think there will be enough countries, enough regional trading packs, that want to make sure that global trade is not break down. >> what do you see is the biggest risk to singapore's economy? >> we have to watch closely washington, d.c., the tax reforms, the tax package was one that will have implications. many companies are digesting the implications of the tax changes in the u.s. and re-looking at how it may or may not want to change the supply chains around the world. clearly right now the trade pursuing will. is have implications, so we have to watch carefully. it is too early to

i am for this edition of asia business report. iam rico for this edition of asia business report. i am rico hizon. for this edition of asia business report. iam rico hizon. it for this edition of asia business report. i am rico hizon. it is the end of the week and also the end of the first financial quarter. global stock markets have been volatile over the first three months of the year. we have had trade warfears, tech stock wipeouts, and viewers. volatility isn't necessarily a bad thing. i hope we do see more volatility in the market. ultimately, volatility is an opportunity for people, if you know what you're doing. if you know what you are buying volatility is a good thing. we don't want is a flat market. we have some kind of activity, which is not a bad thing. this volatility was basically created by fears of higher inflation, rising interest rates. we have already seen that from the fed, one rate hike. and you have had potential trade wars. there is a lot of noise in the market. we had this trade war. you are right about the trade war. you are right about the trade wars or t

markets: asia." i am haidi lun in sydney. rishaad: i am rishaad salamat in hong kong. wells fargo saying for board members including three of its longest-serving directors are to retire next month. thefour will leave company's annual shareholder meeting on april 24. they go has wells fargo struggles expand to previously untarnished businesses amid new allegations of improper sales practices. cofounder blackstone steve schwarzman enjoyed 2017, compensation came in at $787 million, his biggest takeover ever. investors seeking assets other than stocks and bonds fueled blackstone and helped schwarzman remain top dog among private equity leaders. rishaad: credit suisse boosting atuses for wealth managers twice the bank average as growth out aces other areas. a 7% riseon is seeing compared to a gain of 3% across the rest of the bank. credit suisse is in the last stages of a restructuring plan to manage money for high net worth individuals. there are five new faces governing china and a fifth of the world's

this is "bloomberg markets: asia ." rishaad: mpc concluding today two weeks in as we get new leadership. xi jinping -- he will be starting off his news conference. he had a news conference in beijing. going to, markets are digest a welter of information through technology, particularly, the stand up for the wrong reasons, haidi. of the interesting comments overnight as we saw the selloff started with facebook sellressing so on all -- on all of those things. if it was not take, it probably would have been politics. another package of tariffs directed at china by the end of this week, and all of course during a week that is already fraught with risk aversion as we go into the fomc meeting, the first under jay powell. aussie shares, japan, south korea lower. chinese markets looking like they are going to kick off under pressure. let's get it over to sophie for a look at the damage. sophie: no friends for facebook or equity bulls. the lossesilding on overnight on wall street. the nasdaq fell for a fifth day, but lower. the

this is bloomberg asia headquarters, i am yvonne man, welcome to daybreak asia. the exit polls show the center-right meeting in italy. the election was marred by delayed confusion. china's elite gather to chart economic and political courses for the year. evidential trade world looms over the two week events. betty: i am betty liu here in new york. it is after 6:00 p.m. on your sunday evening. calling forump tariffs at home and abroad. america's allies won't be exempt. signaling another exit and a step toward the end of the easy money era. >> no shortage of disruptive moves to the ball and the equity markets here. this is the seat majority here. there are these threats. i went above this chart here. this is the bull market, g #btv. the percentage of consumers. this is the white line that still leaves we will see an increase in the stock market in the next year. why is this important? i wouldn't said that consumers are great stock market predictors but as long as they have the confidence of u.s. consumers to make up a majority of economic growth, you might still b

in hong kong and we are live at bloomberg's asia headquarters and what the "daybreak asia". president trump imposes global tariffs on steel and aluminum decision draws criticism abroad. and four, jumped 6% gm, and other automakers hit the brakes. yvonne and i am betty liu, and jay powell mac event and says there is no signs of overheating in the u.s. and truck sales dropping last month, a troubling sign of what has been a lucrative segment. ♪ yvonne: let's start with breaking news out of south korea, and are still production numbers coming through, suddenly missing estimates on this easily adjust the month-to-month basis, rising 1% but we have come back in a positive territory after a down month in december. it will be interesting to see because of the makes of breakdown of this, act than we saw a bump up in output when it comes to semi conductors. the auto industry factored into production contrast, so that is a key focus. your numbers looking better up 4.6 percent, better than estimated that the auto industry and the steel industry is going to be a focus today as we saw

asia to ask about theirjourney. the most irreleva nt about theirjourney. the most irrelevant question... the most irrelevant question... the most irrelevant questions i got... what irrelevant questions i got... what irrelevant question? hmm. .. hard work, integrity, and, umm, perseverance. you hard work, integrity, and, umm, perseverance. you just have to keep on trying. followed your passion. take every opportunity. —— follow. and try not to get into situations where you feel compromise.“ and try not to get into situations where you feel compromise. if you are not sure you want to rise to the top, there is no one to help you, just remember you have to motivate yourself. there is no doubt my career path would have been different if i were a man. women face all sorts of challenges, big and small, throughout their career. looking after children, managing sexist attitudes, filling a need to prove ourselves constantly. —— feeling. the good old boys' club is in the co—ordinated. —— old—fashioned. now we

i am yvonne man, welcome to "daybreak asia." a mixed day ahead for the asia-pacific. wall street saw losses in consumer and energy. day,&p fell for a fourth the longest losing streak of the year so far. investors now await the fed. betty: i am betty liu in new york. it is just after 7:00 p.m. thursday evening. good news for broadcom. after a bruising week in washington, earnings are in line with estimates. -- hethe end of the line has led the pboc for 15 years. ♪ in another three years at looks like we are going to be here in a recession in the u.s., if you look at key market indicators. i want to pull up a chart showing you some of the market indicators, as calculated by bloomberg, looking at credit spreads and the yield curve. it shows there is now a 100% probability of a recession in the next three years. data,an looking at their saying that probability is 72%. it begs the question, may be on the one hand it is right for the and onbe raising rates, the other hand, are they raising rates going into a slowdown in the economy? at least if they have rates a little hi

and it is interesting to see if we see asia and europe carry on gains. they closed today and the rent and with a follow-up where the u.s. has been after the worst week last week in more than two years? we have surged particularly in the s&p 500 and in text, if you look into the bloomberg you see how much tech attributed. why? because of the slightly -- lovely chart, the two key sectors that did very well to date is tech and financials. financials in the yellow have not been as important to the s&p 500 aztec has come and tech makes up the 5% of the s&p 500 market. therefore when you have the best day in i.t. stocks since august yet tune of $28 billion worth of market cap added to attack, that helps it pop. if you dig in to the other yetfunctions and you look at ts little chart if you follow along at the moment of our bloomberg terminal. map, and uptick in software and financials up 3.2%. likes oftype in the the i.t. sector, you get a breakdown of work the performance came from. microsoft was your biggest contributor to the s&p 500. intel also surging more

tech in asia seems pretty rattled. adam, as it relates to the trade war, wisely betting against the australian dollar and the chinese currency? itbetty, this is brett over and less capital where he learned his trade. his current thinking around how the trade war is playing out is that he once to own the u.s. dollar, relative to emerging-market currencies and some of these commodity currencies like the australian dollar, new zealand dollar, and the canadian dollar. he is looking at order of magnitude moves between 2% and 5%. he is not talking about 5% or 10% moves over the next few months. these are small moves but clearly big enough for a trader like him to make significant money if this plays out, or if the trade war continues to eat into the risk appetite that you would typically associate with those kinds of commodity currencies. it is an interesting play, he has had a good bet on treasuries in this route that began back in september last year that picked up through two january. -- through two january. we will see a

well most of the demand is coming from asia. according to cult wines, sales there increased by 123% in 2017. cult wines is an investment manager in fine and rare wines and currently manages assets in excess of 90 million dollars. the company has around 2,400 customers spanning 70 countries worldwide. tom gearing is the co—founder and managing director of the firm. thanks forjoining us. that return figure is something a lot of asset managers would really like to have on their balance sheets, isn't it? talk me through the thoughts behind the company, is what got you into wine? my family background helped to lead me into this as a career and i was lucky to go around some of the greatest vineyards at a young age with my father so i was always growing up around wine. he started a price comparison website for fine wines in the early 2000 so i spent a lot of time typing in prices, and data. winds have historically increased in value because the best wines in the world are produced in small quantities and it's a consumable product so

i am yvonne man, welcome to "daybreak asia." a second day as congress prepares an investigation into the mishandled data scandal. the company at the heart of the uproar suspended ceo of cambridge analytica, saying it alexander nix's secretly recorded comments are unacceptable. betty: i am betty liu, in new york. the finance minister failing to block president trump's tariffs. they also blocked their resistance to protectionism. yvonne: it is all go on amazon, their market caps surpassed google's parents, alphabet, for the first time. ♪ betty: as amazon shares continue to rise, we see facebook shares continue to fall for a second day in a row. that led other tech stocks down. i want to pull up a chart, g #btv 3295. that despite the drops we have seen in technology shares, the nasdaq 500, the 60 day moving average seems to be a support level. a buyinghere is still opportunity even amid some of this turmoil caused by facebook. yvonne: we talk about how these are stock-specific moves we have seen. divergent today from facebook, th