>> this is "bloomberg daybreak: asia." the sort of dredges upon us for japan and south korea, that is not just the focus on equities today because we are having to watch a residual base in singapore kriti gupta k-swiss -- singapore putting out its first policy decision. paul: the monetary authority during quarterly meetings, but we are not expecting any change today. we will have the decision immediately. one area we are seeing movement is in the oil space on the increasing tensions in the middle east and energy start sketching a bit today. annabelle: certainly going to be expected to watch and track the demand we are seeing for havens this morning, we are getting the

mas decision, no change coming through to the center of the currency bed. mas saying it will retain the slope of the policy band, core inflation at 2.5% to 3.5% over the course of this year, so let's get more of this decision. it is the first policy decision we have under the new managing director. avril hong is joining us for more on this. talk us through the headline in the readout on it so far. avril: nobody was expecting a change in monetary policy from the mas in the first of it floor decisions this year. this is on the back of all 19 economists pretty much expecting it to stand pat.

if you take a look at the core number that actually surprised and defied expectations of a deceleration, so these upside risks and given how core inflation is still elevated is going to be watching something we are watching keenly, and in fact we are expecting or looking out for clues on where inflation is going to trend this year. how the mas expects price pressures to come down there it is because of the kinds of price pressures or the relative loosening of currently tight labor market. so these are some of the factors we will be keeping in mind, and today we are also getting the reminder of some of the upside risks to inflation. the violence in the middle east, and how that will play out in oil prices, and how that will affect shipping rates, and domestically as well there are

some concerns. take a look at the gdp apron for the fourth quarter that is priced to the upside. we also had a tax hike that kicked in this year, so there are all of these factors that could cause upside risk to inflation going forward, and hence the need to keep things restrictive, but no change for now. paul: the sales tax coming up from a percent to 9% at the start of the year. we also have the monetary authority of singapore saying growth this year between 1% and 3%. what are the risks around this number? avril: we actually saw the gdp. coming through because of the pickup in manufacturing and construction, and manufacturing is expected to continue rebounding this year, selected to be more of a balance recovery when the revenge spending for the services sector starts spending off.

we are expecting tourism to improve especially given the visa free arrangement to kick the next month, but to your question about the risk for growth, they are bound, whether you are talking about china or the two hot wars these are factors that could prove to be headwinds he could make the external environment less favorable for singapore, especially given how trade depended it is. gdp is really going to depend upon the recovery of global trade. annabelle: that was avril hong in singapore, and another redhead crossing the terminal, mas seeing core inflation to step down by the fourth quarter and two further over the course of 2025, but mas sticking with the moderately restrictive stance. to more details on this decision and the t live blog.

we just had the market opens were japan and korea, so got the start of the day here, the nikkei moving a little bit higher so far. the japan currency we is, we were continuing to see holding at the 148 mark, but the nikkei, topix both in green territory. we have got to major letters that are going to be releasing the numbers. focus on the boj policy settings and what that will mean for their net interest margins moving toward. the other baked that we are watching of the session it is the demand is coming through for certain havens this morning after the u.s. says that three of its service troops were killed over the weekend by iran back to militants, so there are concerns around escalation in the middle east region. that is one of the key themes we are tracking and korean markets,

because we actually had testing new cruise missiles in the weekend, and we did see the leader overseeing the launch ramping up the rhetoric about a potential conflict with the u.s. and south korea, so we could watch defense stocks how they are treating so far, but a broadly we are seeing a little bit of gains going on for equities, and that is partly due to what happened to the recession little bit lower to close the week and still higher over the past five sessions. paul: let's see how we are to regulatory returning after a three day weekend. asx currently flat, but one side to performing well as energy better by 1.4% right now. brent crude better by 1%. houthi rebels sitting a tanker carrying russian oil after previously saying they would

only target vessels with iranian connections. the aussie dollar still stuck below $.66 u.s.. let's take a look at how we are doing the treasury space. interestingly enough that a great deal of movement in the tokyo session. the yield on the 10 year unchanged from were we left it at the close of the u.s., 4.1373, not a great deal of change across the curve and treasuries. china is said to hold the lending of certain shares were shortselling on monday in a move to support the country's slumping stock market. let's get more on that move with a senior macro strategist joining us now for my singapore studio. a ban on shortselling. what will this do to hinder price discovery? >> we have seen this kind of

move before by the chinese authorities. certainly this is reminiscent of a raft of measures that were adopted by beijing during the 2015 stock market volatility. it is possible given the soul of taking place in the market partly due to technical factors like the products and south korea or used by investors in china and nation of hedge funds, to very poor sentiment leading to this could potentially open the door to some technical rebound, but in terms of the ability of these measures to really change market sentiment we are slightly more cautious, because what is really needed is a change in the inflation outlook of the country and the overall sentiment in the private sector. for this, the measures might not

be enough. as for the technical rebound possibility may be these measures could help just a bit, so that is kind of how we are reading these measures right now. >> we had a signal of the rrr cut, a number of other measures as well. we saw the csi and hang seng index because higher even though they close the week weaker. what measures would you like to see from china's policymakers? >> our view is that the policy has been very reactive and not preemptive. so far all of the measures that have been adopted, you can imagine what would happen if they were adopted earlier. it is much better than nothing, and i think the move by the pboc

reduce some of the negative sentiment that resulted from the lack of action on interest rates earlier this month. so these measures could help with the margin. when we say we don't see a credible reflationary package you get, what we are trying to say here is the private sector sentiment requires firmer action on both monetary policy and fiscal policy especially because the authorities have decided for a stable renminbi, so for a proper inflation package to be delivered they need to be more aggressive on the monetary policy side. this is one of the reasons they rolled up the lending for the big project in tier three cities , but we do not have convincing details that are similar to what

they tried in 2015, 2017, property market downturn. and on the fiscal front, yes, the authorities are increasing the deficit a little bit, but keep in mind they do have significant constraints for the local governments due to worries about hidden debt, so as a result we really do not see a meaningful rise in the augmentative fiscal deficit this year compared to last year, and again the cautious approach, we fully understand why they are taking this step, but given the challenges of the economy they definitely need to do more. for sure if you look at sentiment data for households, businesses, all of the measures not getting the job done yet. annabelle: is that support going to be something you think substantially helps asean or do

you think the bigger driver will be the expectations of what the fed doesn't potential for cuts? >> we expect china's growth to slow down a little bit this year compared to last year. that compares databases no longer favorable. even if they have stabilization in the property sector, very difficult to see how they could achieve significantly above 5% growth in 2024, so that is a bit of a setback for the economies especially thailand, malaysia to a degree. at the same time these are more locally trading economies. they still loves her room to catch up with the other more developed economies around them. the cut in interest rates by key central banks in the weaker pressure on currency definitely helps, because they need to invest more, and when the foreign capital source to come in again, this economy sentiment

a position, and of course the markets went to repetitive weakness last year. so the valuation for these markets are no longer that challenging, so when our view asean markets are well positioned of a recovery this year, and we think the global macro context is supported despite a bit of setback from china. annabelle: and i can see you have got some views here on the singapore mas, but he got his decision leaving its policy decisions in place. what is right look for policy and singapore over the course of this year? annabelle: -- >> for us this was a foregone conclusion. we had a bit of upside despite volatility from the pharmaceutical sector during this quarter, so that is a sign that the endocrine -- underlying

growth is rebounding nicely especially in semi conductors, and also we had the inflation surprised. usually when you have domestic empire prices falling, you were looking at four, five month like you see the move being copied for the domestic inflation, but that is not what we saw in the december series, so with the gst being hiked and the carbon tax being implemented in the wage growth is being supported by the government, we think that it makes sense for the monetary authority of singapore to be cautious, and we do not see the change in the remainder of the year. this sitting right now probably make sense especially because the economy is said to deliver two plus percent growth this year, roughly double the pace last year. so when our view keeping the policy-setting unchanged seems appropriate for mas, and it is a bit of a departure from what other asian central banks do in

the second half of this year. annabelle: that was the senior macro strategist joining us, and tune into bloomberg for more on the mas decision. get analysis from bloomberg's expert editors. the blog gets underway right now. let's take a look at some of the movers with tracking so far ended the session, because we are just under 50 minutes to the trade, and whether the groups of stocks were tracking so far, the defense names listed in korea and japan, because we saw north korea testing what it is billing and is a -- as a new missile and submarine. it is another signal of the wrapping up a grossing intentions, the risk of a possible conflict with the u.s. and south korea. you are seeing some of these names moving higher. geopolitical tensions, we are continuing to track those in the

middle east, and the big story over the week it the u.s. saying that three of its troops have been killed by an iran-backed group, the u.s. vowing retaliation, salinity moving higher, energy linkedin names moving higher. more of the story and the fears of any sort of escalation off the back just ahead. this is bloomberg. ♪

paul: let's check on one moving today, that is oil moving higher for both brent crude and new

york crude a better by 1% at the moment, and this is of course off the back of an attack on u.s. troops in the middle east. president biden vowing retaliation after the attack tied to iran backed group that killed three u.s. groups and injured 25 others. michael heath has been following this story and joins us now. president biden promising retaliation, but how measured with a have to be in this response? >> he has to be balance because he wants to send a signal. these iran backed groups are throughout the region. these are the first u.s. troops that have died since the conflict began, so it is a pretty significant issue. 25 u.s. serviceman injured as well, so people want to send a signal.

some of the things have been raised is a raid into iran where no one takes responsibility like president trump did in 2020, so they were options there, but at the same token he does not want to get embroiled with iran. president biden will u.s. troops out of afghanistan, so it is -- so he knows with the risks are there. it will be interesting how they calibrated and what they choose to use to send that signal. annabelle: that is against the backdrop of any hopes for hostage deal. we have that in the works at the same time the netanyahu is still sticking with that stated goal of eliminating hamas as well. >> it is a really interesting one. there does seem to be movement

there. the heads of intelligence from countries including the u.s., israel, and egypt as well as qatar's prime minister were meeting in paris, and the discussion is over the potential two month pause that would see the hostages released. it strikes a middle ground between hamas, which is said it will not release hostages until the end of the conflict, and israel which says it refuses to end the conflict until hamas is destroyed. two months give the length of time to allow diplomatic negotiations to go on and get aid to go in there at all sorts of issues to be dealt with, but it gives it a rare opportunity to try to get these sausages out. the pressure on the israeli government has been building on the hostages. netanyahu has a very right wing nationalist government you need to deal with, so he is trying to strike a balance as well between

the demands of the hostage families. annabelle: that was michael heath and sydney. to get around about this race you need to know in this edition's of daybreak available for bloomberg subscribers on the dayb function of the terminal and get a gum bloomberg and the bloomberg anywhere app. customize your settings so you only get the news on the industries and asset that you care about. this is bloomberg. ♪ my stylist curates unique personal looks that are just for me. kind of nice. i like that. it's easy. give them your size, your style, your budget. -now, this is a nice shirt. i keep what i like and send back the rest. -now my wardrobe stays updated with fresh fits created just for me. did you see that texture? this just feels really good. fits perfectly. -what can i say? my stylist gets me. they get me. and they'll get you too.

paul: we just got the first decision by the monetary authority of singapore since its wish to quarterly meetings and the departure of its long-running chief. the mas left policy settings unchanged and sees core inflation declining by the for

the quarter, and there was a slew of central-bank decisions to around the world this week. the fed to going to be making its first decision of 2024 and wednesday. bloomberg economics says well the fomc will hold this week the stage is set for a card in the march meeting. mohamed el-erian says that central bank's job is not done yet even as inflation begins to ease. >> we are in the sweetest spot of inflation reduction right now. it will get tougher going forward, and we have already seen from europe that it is not out of the question that not only does inflation stabilize, but once in a while you get the rate going up, and that will really impact the sections. >> the white house is excited to lead into the soft landing expectation, but when you look out to the november meeting, where the vulnerabilities? >> one is with the external

world and what it is imposing on the u.s.. it is getting harder to grow in this global environment. we have descriptions of supply chains, because pressures in the pipeline, delays and shipments. all of that has an impact. it two, the consumer will be under more pressure. you talk about debt levels in the previous hour. savings have come down. we no longer have the pandemic savings being utilized to the extent it was before, so there is a real risk of the growth slows to 1.5% level with downside that we may slip into a negative quarter, and then thirdly inflation. we need inflation to keep on going down. the market expects that it will do so in a much more orderly way that i think will materialize. >> deutsche bank says we would

get a reality check, 10% downside on the s&p 500. are you expecting that reality check anytime soon? global credit spreads incredibly tight? >> i am not in the business of predicting when that happens and where that happens, and where people have been wrong in the past including last year's ignoring the technicals, and the technicals right now or incredibly favorable. there is still money in the sideline that can be put to work , so dips will be viewed is buying opportunities for a while. the thing i worry about most is the sense that growth is going to disappoint with a downward risk. this comes against the universal romance with the softness of a soft landing and secondly a recognition that the fed is not

going to validate what is being priced at right now in terms of cuts. >> when does that first rate cut come in? >> my own gut feeling is it will come in the beginning of the summer, so call it june, maybe july, and it will be 25 basis points. not only do i think that is what is going to happen. i think that is what should happen. annabelle: that was mohamed el-erian speaking with annabelle her dern and jonathan ferro. coming up, we will have the debt laden property developer china evergrande renewing a risk in court. the hearing kicking off in

annabelle: you were watching

"bloomberg daybreak: asia." taking you to live pictures in the court of hong kong where evergrande's fate is going to be decided just over an hour's time from now. it will be trying to fend of liquidation. we have seen a decision on liquidation deferred before, but the judge overseeing the case making it clear that the chances for reproof are over, and the decision is due. to focus on never's restructuring plan, the progress it is making with key creditors here. let's get more and bring in our reporter laura chen. so much anticipation around this. what are you expecting to hear later? >> today is the last chance for evergrande to avoid that liquidation. we are expecting evergrande's creditor to layout any sort of

progress made in the last month. the last time they had the hearing with the december, and it was a surprise turn of events because one of the key creditors decided not to go ahead with winding up, but we are hearing with other creditor groups that they may replace that other group, so chances are high that they will still press their case. paul: how likely is that that evergrande deposit because faces liquidation, and what does that mean for the broader property sector in china? >> the liquidation of the liquidation risk is very high at this moment. we have not heard any concrete progress from creditors and evergrande in the past months, and we understand this could be the key factor deciding the judge's decision, so if evergrande december liquidated the first impact will be unsentimental. you will see property stocks continue to go on the downward spiral, and on the other end for

the property companies they may see other creditors resting on their claims, because they see that actually creditors can get the liquidation realizing the hong kong court, so it could mean more liquidation coming up for tron's property companies. annabelle: it is not just the hearing to takes place at 9:30 local time, it is also the second hearing scheduled for today, the regulating what at the comes run 2:30 p.m. what is happening at that time of the day? >> that hearing will be contingent upon what kind decision comes at the 9:30 hearing, so if evergrande gets a liquidation order then and that 2:30 jerry we are expecting their appointed liquidated. annabelle: let's get more perspective on what this means for china's property market what it means words property sector in general. joining us is the head of china

financial and property research. just heard from loretta that if we did get a winding up order today the first impact will be due sentiment, but is that your view as well? >> yes, our view is that with regard to the property market we find that most investors are already seeing a few liquidation cases before. they think another potential liquidation should moderate this time. annabelle: if we do get it though, you say it is going to be moderate. for the everyday chinese property buyer and china are they so concerned about the outcome of this court decision today? >> it impacted overall sentiment for house purchases and china, so when the past one year to see the chinese government has

conducted a quite a lot to ensure housing delivery, so i think it is also the case that this year if there is a potential liquidation and when investors are trying to purchase houses, product developers they will be much more careful. those measurements to ensure housing delivery will be more important in the future. annabelle: the policy that we have seen so far ahead and on curbing contagion to risk from the likes of china evergrande. we have not seen as much on these policies to try to boost demand for properties. >> yes, we agree with that. we think for this year if china can utilize the money and special government bonds and using them to equip demand, purchasing houses and affordable

housing, that will be very helpful to bulls -- boost demand. the overall feel is not going to be significant, and also the money is not only used to bolster the property market, but also used two of the infrastructure. and even for the property sector we think currently it will help to supply and demand, which may not be necessary enough to bolster demand to change the market expectation about the future price. paul: how affordable is residential property can china's major cities at the moment, and reducing the price heading? >> we actually expected the price to decline faster in the first half of this year. they see a gap between the primary market price and the sedentary market price.

the sedentary market is usually higher but the sedentary market is narrowed, so there is not too much support. the second is last year we see quite a lot -- most of the projects are largely in the city center. that helps. not too much help for this year. the third is greasy more property for sale from either the foreclosure and also from creditors and developers. in the past two years the developers have transferred out a lot of houses to their creditors as payment for debts, so these houses would be also sold in the market. therefore also resulting in income to the overall very merry market price, so actually in the first step of this year we see

higher pressure for primary market price. paul: longer term there is a bigger issue looming, and that is demographics. we have seen china was biggest population contract very modestly but for a second year in a row. is there a much deeper structural issue that will have to be addressed? >> the structural problem especially fund the population, lower marriage ratio and birth rate she was continuing the next three years. the demand for the first house will continue to decline, so it largely depends on whether people can change their sentiment, change their expectation of the property price. if there is a change in stabilizing property price, then we will see some increase in the upgrade demand. otherwise i will say the market will continue to decline in terms of sales. annabelle: and then it really one of the knock on effects of that comes down to the

expectations around what we see for the financial sector, the banks in china. perhaps if they are being told they need to continue to positioned to serve the real economy in china, that presents a risk as well. >> we do see the rising risk for original banks this year, especially for banks into western china and some of middle china. so these places we see the property market decline more, which may have more impact to the banks, especially some regional banks, and second we also noticed that large banks, they are seeing this kind of risk as well, so it actually increased a little bit in the past several months despite a lot of lip that he injected from gbl see -- gblc. that will increase the liquidity risk for small banks as well. because china vanke's -- as long

as a is continued and not suspended and they are not recognized at this moment, so for most of the banks they are trying to extend loans to property developers in order to ease their liquidity. that helps raise the overall property sector in the moment, but you see this in the future as well. paul: the head of china financial of property research at jefferies. see our pastor to be is an art interactive tv function tv and dive into any of the securities are bloomberg functions that we talk about. also become part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

annabelle: about 40 minutes into the session so far for trading in japan and korea this morning, and looking at what we have got on the function so far, it is

pretty muted. it not too much activity we are seeing when you take a look for instance at the bond space, also looking mixed and currencies so far. just a little bit of dollars strength to endure. in the commodity space iron ore higher, but energy is probably the sector we are tracking was a given the moves in oil this morning, and that is rising off heightened tensions in the middle east and the threats that is bringing to global trade. equities wise it will be a q. week in terms of central banks. we had the mas earlier, but that is coming down to the fed and the signaling we are getting on the outlook rate cuts over the rest of this year as well. earnings to note, the seven on wall street, but here in asia we are gearing up for the basic us period this season, and chief among those are japan's top

lenders due to report numbers this week after that boj governor left little doubt that the increase of the world's less negative interest rate is in the pipeline. our editor joins us now in tokyo. kick us off with what we are expecting from the banks. >> we have got two up was because of japan's three megabytes reporting. if you dig into analysts estimates you can see there is generally lending profit that have been a relatively solid. they are looking to inch up a couple of percentage points, but trading is been an issue. trading has pulled out profit for expecting that net income will be lower year on year in the third quarter. both of those two banks raised their full forecast last quarter, and if they meet estimates that will be tracking into the 80% zone of their progress against their full-year forecast, so it is looking

relatively positive at this stage for the two banks. paul: we also have japan's biggest brokerage reporting as well. >> the third quarter for nomura, analysts estimates looking that they will break three consecutive years of declining profit and tracking to be up nearly 60% for the full year, so looking into view on how they are progressing against that in the third order and watching in terms of what we are looking at. at their new focus on investment management. at they are looking to have ¥100 billion and profited by 2030 in the sector and their looking to cut costs as well, which is been behind, so we are looking for progress in both of those areas. annabelle: taking a look at the boys who have had the japanese lenders over the course of this year, and it has been the trend

time for them, and how much is that around in anticipation of what the boj does with its policy? >> that is all about the boj. at that is the underlying think it is really important for japan's financial sector at the moment. the bank of japan stood pat last week at the policy meeting with uncertainty around the earthquake, and how that is going to impact the economy and also the spring when stocks will come out and how solid the growth will be, but expectations at this point is certainly in the first half of this year the boj as i could to move to reverse the negative interest rate dollars see in the world, and that is going to be nothing but positive for the financial sector, and as analysts have said the morale of banking analysts and they are supporting the bullish stance on the sector, so when negative interest rates go interest rates

will come up and gives banks more room to make larger margins on their leaning business. paul: gary fallon in tokyo. other corporate stories we're tracking today, bloomberg is learned to credit is being considered a valuation of $5 billion in its ipo. that is the view firm earlier meetings with investors. we talked deliberations around the timing and pricing of an ipo that are ongoing. ftx is unloading crypto assets and hoarding cash as they look to repay investors. the group doubled its cash pile to $4.4 billion. ftx is looking at options to potentially restart its crypto exchange. annabelle: sources say the rest

is aiming to announce major table grants -- ship grants. the awards are the degree to intel as well as foreign firms like tsmc. money from a $39 billion bill president biden signed into law more than a year ago is been slowed to trickle out with only two small grandson on so far. intel's el is trying to reinsure -- reassure investors of company is on track to make a comeback. shares tumbling more than three years. gelsinger told us the market reaction went too far. >> we finished a great year. 24 be at the top and bottom line finishing a was comfortably ahead. and we believe we are putting points on the board for a

long-term transformation of this iconic company. in light of that, q1 at the low end of seasonal, so we think the market reaction is a bit overstated in that respect. our company, our employees are doing an incredible job of delivering our process technology, storing product leadership, defining new categories. we are on a multiyear journey and we will not be judged on a 90 day shock lot. we had a great 2023, and i am confident integrate 2024. >> for a global audience of contract manufacturing business where you make chips for others, and you seem to say you did not get as many committed dollars as you thought you might, and i wonder what is standing in the way of that. customers committed to backing

your foundry business? >> we are comfortable with the progress. we had one on a leading note, 18a and we delivered four for the year. we found there is a lot of momentum and or packaging business, where we now have five major customers are narrative vents packaging technology, and we went from $4 billion to over $10 billion of lifetime deal values, and most importantly is the process technology itself. we are kidding -- hitting all of the milestones, and all of the milestones are back to have us on track for leadership. a foundry company wants to know if they decide on us, they can build the best products, and we are gaining momentum on delivering exactly on that promise, and so proud of my teams delivering on such an audacious plan. >> what about ai accelerators?

nvidia has run away with this. when or can you regain any leadership in that space? >> clearly that is been an area of strength for them. we appreciate the focused on that for so many years and the market came their way in a strongly. we are seeing aches -- a significant expansion, so we are chasing to have enough supply to meet market, and we are well underway on our next-generation, the forex computer and the iix the network gaining early debug in bringing that product to market later this year. we feel like we have a lot of work to do here, but the momentum is building. the market is looking for

alternatives and our roadmap of strengthening, but more importantly as they decide to get that last year was the year of high-end training. this year it is about how i use these models, and that is about the enterprise strength at the edge, in the pc, and in the enterprise data center, so we see the market coming our way in ai in 2024 and 2025. paul: that was the intel ceo speaking to ed ludlow and caroline hyde. at coverage continues on "bloomberg daybreak: asia." this is bloomberg. ♪

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paul: we are counting down to the market opens in mainland china and hong kong as mainland regulators halt the lending of certain shares for shortselling, part of measures to support something stockmarkets. garfield reynolds joins us now for more. will that work? >> the expectation is it will lead to some gains are limited declines. where the government and regulators keep on coming up day after day with fresh efforts to push home the message that chinese stocks should stop falling. it went so far is lacking is

this is what investors are saying is they feel concerned about the chinese economy is going. until the chinese economy turns around, you run the danger that every time you boost the markets a little bit you give people who wanted to get out a better point for them to exit, because they are reducing their losses were breaking even or getting a little profit, so let's get out of your now. the question is can they buy themselves the time into you can a turnaround and economic data. we get china pmi's on wednesday at the end of this month, and they are still expected to show contraction but to show contraction but significant traction is easing or there are signs within the day that there is a potential for a turnaround. annabelle: that was garfield reynolds. the focus on the hong kong court

hearing you to begin in just over half an hour time from now. it will be focusing on clever grand -- evergrande. the key watch on how evergrande is proceeding with debt reduction talks with key creditors. we have a report coming up from the wall street journal saying evergrande, the key creditors could not agree on a restructuring plan, so they are saying they will be supporting the creditor's liquidation at the hearing. evergrande and its creditors, the focus on whether they could reach assumption a restructuring. we are hearing the talks are broken down. we are going back to the live picture of the hong kong court where the hearing is scheduled to take place in just over half an hour's time. more cove on that ahead. ♪ ld, powerful website for free with a partner that always puts you first.

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