haidi: this is daybreak: asia counting down to market opens in japan and south korea. what a start to the week. you have u.s. strikes on a rock -- iraq, houthis distinct tensions in the middle east, changes around the fed after the u.s. jobs report, and beijing pledging a sentence -- assistance for its flooded markets. haidi: a busy start of the year certainly. we are continuing to watch the fed, the rba. the first decision of the year to take place this year as well. we are watching as with every central bank this year signaling, the communication that will be key. annabelle: we certainly want to know what they will indicate around fed rate cuts. we have lines just dropping on jay powell. i think you will have more contacts on those for was.

haidi: yes. we are hearing from jay powell at the moment. really, in terms of, this is, of course, an interview when it comes to the 16 minimal -- 60 minutes interview on cbs saying it's unlikely the fed will have the confidence to cut in march. that rate forecasts have not changed much since december. that integrity is priceless. they don't consider politics. lots of concerns as to how potentially the fed might be impacted going into a key political year for the u.s., not to mention the geopolitical over the you spoke about at the top. the risk of moving to inflation settling above 2%.

the fed is on path to price stability. but, they are committed to fully with story and that's restoring price stability there. pandemic affects and inflation. they don't see the economic turmoil of china as having a big impact on the u.s.. we have talked a lot about as to whether that sported deflation rate spiral could it impact major economies outside china. annabelle: right. we are seeing the story of u.s. strength and china not playing too much into the sinking of the fed. the market reaction is clear. yields continuing to move higher. following the friday session, block esther u.s. jobs report telling us that the u.s. economy is really powering ahead. we saw that reflected in the market reaction. u.s. stocks really liked the tune of that. we saw japan just coming online

at the outside. let's look at korea. we have not seen the kospi trading yet. japan stocks moving to the upside. the kospi seeing if good news is flowing across the session. so far not the same story. a little weakness creeping in. we also have aussie stocks out in the session. haidi: a key session so far for australian equities. the market has struggled to extend to new record highs despite starting off the year so close. we are seeing the steepest losses for materials done over 2%. real estate also off almost by 2%. energy, despite the fact we see oil prices higher on the back of increased geopolitical tensions, the airstrikes we have been talking about and the energy sector in australia trading down by over 1% at the moment.

the aussie dollar, 6504 where we are trading at the moment. we had a fifth straight week of declines for the aussie dollar. the rba decision the first of the year work economists unanimously expect governor bullock to keep the cash rate at 4.3 5%, probably maintaining a hawkish stance given australian inflation higher than the u.s. with the cash right about one percentage point below the fed. this is a revamped communication regime we are expecting from the rba with a lot of scrutiny on how they use that and what we hear for signaling inflation expectations to come. looking at treasuries at the moment we continue to digest messaging from chair powell as to heat -- as he tells that the fed is likely to wait beyond march for rate cuts, the idea of integrity and being able to in a

permanent and significant weight and significant weight enforce price stability. he says the 2024 rate forecast is probably not changed dramatically from december saying the fed wants to see more economic data to ensure inflation is on a sustainable pastor 2% or -- path to 2% or potentially risking getting stuck above 2%. we will see some repricing, some changing of expectations when it comes to how markets potentially react to this. annabelle: yields are continuing to move higher as powell presses back on market expectations we have seen as soon as march. let's get more with the asia-pacific head of investment strategy at city global wealth. i am interested in your views. lines out from jay powell pushing back on the market expectations. what is your take on this so far? ken: i think the current market

situation is similar to last summer when we had a series of strong data. then it all got revised away. the household number was actually down. employment was down by about 700,000 over the last two months. then look at average hours times payrolls. it has been flat the past 12 months. the u.s. economy is doing fine. but i do not think it's what the payroll headline would seem to suggest. for the fed, their own forecast is 75 basis points this year. powell seems to reaffirm that in his commentary as well. i think march has always been too much of a rush in our view. we think that the middle of the year is more reasonable and we stay with that.

annabelle: jay powell says the greatest threat to the economy is geopolitical risk. how is that likely to inform thinking around fed rate cuts? ken: first, the situation is -- in the red sea is decreasing shipping costs -- increasing shipping cost, but not completely stopping it. you can go around africa. it's not affecting the final product or much trade related to the u.s.. so, i don't really think this will become a major factor for the fed. if it expand significantly, that will be a different question. annabelle: the market dynamics. we have seen them agitating them given a push back on fed rate cuts. you said you did not think the u.s. economy is quite as strong

as the u.s. jobs trend suggests. how do you expect equities to perform, u.s. ones, i mean? ken: so far this year they have been leading. whenever the market is uncertain about rates, they will go to those very few companies, so, the performance becomes very narrow. the initial strength on payrolls is probably revised away as time goes through. once the rate cut expectations come back in again, i think we will see broader returns out of the u.s. equities. last year out of 11 sectors only four had positive earnings growth. this year we think all of them have a good chance of generating positive earnings growth because rates and inflation are both lower.

haidi: i want to talk about china. the crs rc -- csrc its value to stabilize markets. it's unclear the extent they are willing to go to. i don't think we will get a kitchen sink abroad from beijing. anything short of that, will it changes the ultimate narrative when it comes to how investors feel? ken: if we get to 10 trillion, that would be helpful. even the previously rumored to trillion has not kicked in yet. i do not know what the exact plan is. i think so far what we see is we are throwing a lot of money at a problem that is not caused by lack of money. last year was twice the speed of global gdp. there is no lack of money. what they lack is confidence. what they need to do is generate more economic dynamism by reducing control, reducing

regulation, pushing forward governance so more companies are more likely to increase r.o.e., dividend payments, buybacks, similar to the tokyo stock exchange. it's not setting up stabilization funds. i do not think that will be helpful in the long run. given where we are in valuations and sentiment it might not take so long to have a little balance but i think the longevity of the rally is in question. haidi: if you accept this is a structural slowdown, that beijing knows is a structural slowdown and it has to muddle through and not have the rest of the company said -- property sector implode, how do you invest around that if big stimulus will be the answer? ken: we have to focus on other sectors that are not politically sensitive and still able to generate money.

tourism is a sector moving forward. china is trying to use tourism as an industry to restore consumer spending. aside from that, sectors getting specific government help should be getting relatively better. looking at the semiconductor supply chain i think there are probably better investments in the u.s., europe, or japan compared to chinese names. annabelle: on the point of semiconductors, you are seeing a bifurcation between the u.s. and western countries. will you go into that sector for look for names in career in taiwan instead? ken: i would. they have been trading at a discount versus the u.s. and in the case of taiwan, there was a case that a lot of geopolitical

baggage, but at least the cross trade relationship is stable for now. i think the discount is the asian semiconductor names. they are very critical to the global supply chain. the increased sensitivity. haidi: great to have you with us ken peng. let's look at early movers at the moment particularly as we are tracking one stock in particular, this is about watching panasonic. one of the stocks and it's a big week for earnings. especially when it comes to technology in focus. we see adr rising after the third quarter. it is being extended into the regular session with panasonic

up by 4%. the consumer electronics group reporting operating income from the third quarter. that was a beat on expectations that a lot of analysts said was a positive surprise and perhaps markets were too pessimistic and the bearishness that has held will potentially fade. there is interest in panasonic acceleration. restructuring efforts as well as strong battery efforts in north american markets. bloomberg intelligence thinking it could improve full-year sales and op profit for the 2024 fiscal year. also launching an alzheimer's drug in china. according to reporting from reuters. any kind of pharmaceutical approval release in china is a big deal. we are seeing that down by .6%. annabelle: a big focus on

earnings in the session today. mizuho also rising. let's move to what we are checking in the next few minutes. china pledging to stabilize markets after shares sunk to a five-year low. we will discuss beijing's effort to shore up investor confidence with credit agricole and first the latest on the conflict in the middle east with the u.s. threatening more strikes against iran's forces and proxies. that and more ahead. this is bloomberg.

haidi: the biden administration says it will carry out more attacks on iran forces edits proxies in the middle east after three days of airstrikes strikes

in yemen, syria, and iraq. this raises multiple questions. does it to deter or elevate tensions across the region? does it further u.s. strategic interests? marcus: it's hard to see how it does,. it's almost like they have to respond. they flagged this so far ahead of time it was almost like let's get people out of here so we do not escalate it. they are still targeting weapons depots and these sorts of areas. this sends a signal that the u.s. will respond. it is very hard to see how it deters. but it further destabilizes a rock. -- iraq. it has had iranian strikes and now u.s. strike. syria has also been at the center of that. syria also had a sin -- civil war. iraq, the u.s. i spent a lot of

time trying to rebuild iraq and now it finds itself bobbing it. it's an awkward situation where they have to be seen to be doing something but they don't want to overdo it. what is the outcome? this is likely to continue. how much impact it has on iran's proxies, it's hard to say it really deters them. certainly the houthi's, there were strikes on them as well recently. they said, that means war and we will keep going. it is difficult to see this as changing the ballgame. annabelle: secretary of state antony blinken is going back for the fifth tour of the region. since the war broke out in october. is that likely to move the dial at all? michael: it's interesting. they are obviously very keen, the u.s., on getting some sort of deal in qatar in the region.

some sort of cease-fire deal here with israel and hamas. there was a bit of movement last week. the weekend prior there was a meeting in paris of security tubes from various -- security chiefs from various countries with a stake in this. hamas has not responded yet. an offer has been made. prime minister netanyahu has said that israel has not agreed to everything in the media. u.s. national security advisor jake sullivan said the ball is in hamas's court and did not sound terribly confident deal would come to pass. i think that is the big next step we are coming too. if there is a possibility of getting a prolonged cease-fire, of releasing these hostages, and obviously, the palestinians being able to get more aid, the people in gaza being able to get more aid, that may well be a steppingstone to actually bringing an end to the conflict. but i hope is not great at the moment. reports are to showing a lot of confidence on any of the signs

yet. we have to wait to hear what hamas says. haidi: certainly escalating. bloomberg's michael heath there. we can look at how oil reacted to events over the weekend. crude is a little higher in early trading. brent crude and wti. but it's a steep weekly loss. the five sessions prior to this. a bit of context around that. let's bring in su keenan in new york. oil really is caught between the supply and also concerns around demand as well. su: there are bearish factors that caused oil to be down more than 7% both west texas intermediate and brent last week. there's a lot of green on the screen as is a much weighted response by the u.s. and its ally the u.k. has now occurred

over the weekend. u.s. and allies targeted houthi locations in yemen. again this is the biggest barrage to allies since the initial attacks january 11. as you can see by this chart, so far attacks have been continuing even as we see u.s. secretary of state antony blinken again heading to the middle east for a fifth trip since the israel hamas war started. now let's get to bearish factors as an above-mentioned. there is certainly a supply issue. what really pushed oil prices down was a combination of factors that caused the biggest weekly tumble since early october. there were reports of potential cease-fire, early talks to's the conflict off fresh indications the world's markets are adequately supplied. you have a number of technical

factors. the west texas intermediate prompt spread turning into contango, very bearish and a breach in two key oil market technicals that triggered horrific selling. annabelle: dangers in the red sea caused a shift in the way oil is being bought and shipped. su: yes. we started seeing disruptions in november with the first houthi attacks. a lot of analysts believed this was temporary and we saw a lot of ships taking alternative routes around the tip of africa, lots more costly with delays. since the attacks have been continuing to disrupt global trade we are now seeing major shifts, namely, according to one firm, we are seeing a lot of the world's global oil buyers opt for local cargoes over traditional oil buyers looking for an easier route. there has been a big downturn in the amount of traffic and a

change in the way oil buyers purchase oil as a result. annabelle: su keenan has the latest on oil. there is more to come on daybreak: asia. this is bloomberg.

haidi: mohamed el-erian says the blockbuster u.s. jobs reports presents a challenge for the fed. he told us a march rate cut is now off the table. mohammed: what an amazing job support that confirms its and exceptional labor market that will feed into the exceptionalism of the u.s. economy. i do think it's a bit of a headache for the fed. because of the wage growth numbers. lots of people have been warning about wage growth, about service inflation. we emphasize that warning. finally for the market, this means marches off the table. march should have been off the table for a while, as you and i

have discussed. but this means march is off the table and it also means that you are more likely to get the three cuts not the fed has signaled -- cuts that the fed has signaled, 3-4, rather than the higher number the markets have been romancing. >> do you think may is off the table too given the fact we are seeing wage pressures going in the wrong direction for the fed? mohamed: last week i said june is what i think should happen and what i think is likely to happen. this report just feeds into that. >> what you think this means in terms of u.s. selection? -- u.s. election? can they cut closer to the election given march is off the table? what is the window they have? mohamed: do you think the fed is influenced by politics? i tended to believe the fed is a political and they will do what they think is right.

for the administration, it's a two sided sword. on one hand, it's good for them that the economy is doing so well. on the other hand, there is concern that as you get closer to the election, you kind of start getting weakening that results from buffers. balance sheets have not been used to power this economy. so it's good news for them now. but i think that they have to keep an eye on what will happen closer what will happen closer to november. >> looking through these numbers, and>> looking through e

numbers, and the vision sort of stunned as well. as well. i mean, everything is just revised up to the upside. nearly 5%.

haidi: just getting you some breaking news. this as we head into rba

decision week. the first meeting of the year. ahead of that, we are getting the trade numbers. imports rising 4.8% month on month. a rise of exports 1.8% and imports 4.8% rise month on month. we are getting the trade surplus numbers just shy of 11 billion aussie dollars. the expectations were for 10.5 billion australian dollars. when it comes to the exports month on month of 1.8%, a slight acceleration. imports bouncing back from the almost 8% decline for november. annabelle: just taking note of the pmi readings. these were the private surveys. you can see the services pmi. the composite readings. both seeing improvement from the

month prior. still in expansionary territory. a good signal for japan's economy. what you're seeing on the flipside is the readings for hong kong and singapore. both deteriorating. the reading for the latest period is hong kong moving back into contractionary territory. 49 point nine. singapore slightly slipping. it is that story of the chinese economy and the weakness in the response we are seeing because we have had authorities promising support for the nations battered stocks after the friday market lead to an outpouring of frustration. let's get more from our chief north asian correspondent stephen engle. we are getting a lack of details. the response to it is telling in futures because you still have chinese equities setting up further weakness. >> we are heading toward the big

weeklong holiday in china where people go back to their home towns and there are parties, celebrations and the like. the market has been hammered. whatever kind of stimulus or talk of stimulus or job that was done last week fizzled out by friday. csi 300 down 4.8%. we have seen mentally losses for six months in a row. $6 trillion of market capitalization wiped out. people are getting skittish the last six months. the csrc out with a statement yesterday. not surprising given the route friday. i will paraphrase their statement. policymakers vowing sunday to prevent abnormal fluctuations. it did not say how it would do that other than it would give or provide more medium and long-term funds into the market. the third point, cracked down on

illegal activities. it did not mention which of those activities they were talking about except malicious shortselling and insider trading. it is short on specifics. how much this will prop up the market we are not sure. there's been a lot of talk the last month of the need for a stock stabilization fund. how big would that be, where there offshore is so ease providing liquidity into the market? many analysts say it needs some sort of shot in the arm right now. haidi: the risks keep piling up. there is the big elephant in the room about the property structure -- property sector. the political uncertainties. donald trump saying he might put in more than 60% of chinese goods to be tariff to. that type of thing. a lot of risk. >> absolutely. the weak chinese economy and the

perceived lack of concrete steps to prop up the property market. and the geopolitical tensions. u.s. china and trump is again restating he would like to impose upwards of 60% cherubs on chinese imports if he is elected president in november. goldman sachs out with a note late last week saying clients on shore in china and investors are saying the reelection of donald trump their top concern. there is a lot of uncertainty. we have to question what kind of jawboning from authorities will work. we have the chinese academy of social sciences. it is a think tank tried to the chinese government. -- tied to the chinese government. how much authorities listen to it is something to be debated. a top academic saying there needs to be an immediate stock

stabilization fund in the tune of 10 trillion yuan. 300 to 500 u.s. dollars needed almost immediately. we will have to see ahead of the lunar new year holiday coming up. i believe starting friday and through the weekend. it is a 40 day period but people will be traveling for 10 days. see if we get concrete steps from authorities in china on that holiday. annabelle: our chief north asian correspondent stephen engle. let's get more from our next guest. chief china economist at china agricul. i am interested about what steve was saying about the policy esteem. if you were to put it on a scale of zero to 10, where would you say we are at? >> i think certainly they are showing a stronger demand and

willingness to stabilize the market and the economy. i think that is a positive signal. whether this is significant enough to meet market expectations to meet the needs from the market and also to stop the risk off sentiment right away, i don't think it is sufficient yet. on a scale, i would say like six. i think they could do a little bit more. i think there would be more policy easing on its way throughout this year as well. haidi: what else would you be -- annabelle: what else would you be thinking? >> they have been showing a joint act from multiple fronts. monetary policy easing. the fiscal easing would be very critical because government spending very much-needed because of the lack of demand

from the private sector. the specific address to correct the prolonged property slump and to prop up more confidence into the stock market and -- all very important tasks for the government to do. it would be a joint act and hopefully we see more of the policy collaborations around that. haidi: we are often trying to understand the bottom for china's economy and china's market. you think we have seen the worst yet? >> i think that is an interesting question for everyone of us who watch chinese markets. i think given the concerns from the markets because of the weak data, because of the continued property slump, because of the efficient policy easing despite

the positive signals and also the relatively elevated risk premium that people put on chinese assets because of the structural headwinds. because of the geopolitical concerns. i think whether we are finding an absolute bottom from the market is still a debatable question. more of the easing measures, supportive measures are coming out. hopefully that would help to some extent. for a more sustainable turnaround of the markets, we need to see more of the concrete evidence of a sustainable turnaround of the data and micro fundamentals itself -- at a macro fund metals itself. haidi: how entrenched is the deflationary cycle for china at the moment? the down confident spiral. the down demand spiral.

>> i think currently still we are seeing more of the inflationary pressure rather than reflationary pressure. if we look at the cpi, ppi and gdp deflator's, they are all in active readings at this moment. the pboc also mentioned there is a substantial gap from the price levels to meet the targeted level. these are all telltale signs. if you look at the upcoming data, china's cpi and ppi data for january, they are likely to show china still has this inflationary pressure. i think it mainly is because china's demand remains quite sluggish. on the other hand, china still has manufacturing over capacities in a number of

sectors including consumer durables. the people's confidence level is quite low. their expectation is quite weak. that would keep the expectations of price relatively low. haidi: so there is one prevailing narrative that they know this is a slowdown china needs. this is a structural adjustment. if they can prevent an unruly situation when it comes to the rest of the property sector, they can get through this. what happens when you have an additional stressor like trump, a tariff of more than 60% of chinese goods -- on chinese goods? >> the talk about further trade tariff hike would definitely hit china and more broadly for the other asian exporters and the

economy as well. beyond that trade concern, the other kind of -- the uncertainties and the potential changes to the geopolitical tensions and the u.s. china relations, i think put all that together is quite a lot of uncertainties that the market may not like it or see as favorable for china. haidi: great to have you with us. chief china economist at credit agricole. let's take a look at how this is expected to plan to china's markets. mainland and hunk of markets open in an hour. we have the pledge from the csrc to try to stabilize markets. we have the significant or more

significant than previously announced stabilization fund. also, it let more uncertainty with investors evermore concerned with u.s. politics too. >> today the market is going to shape up to be a volatile session again. maybe more volatile than what we saw on friday. the reason is because it has concerns with pledges to share being forced to liquidate. that is something we were highlighting on friday. the balance of margin financing in onshore market dropped a lot last week. that is a sign some of the investors have pled shares. they have met with margin calls and they may not be able to post more margins. those shares were being forced to liquidate. on friday, that number was pretty huge. we will have to see how that plays out and if shares fall

more, we will see more of those investors seeing margin calls. that is a this is cycle. -- a vicious cycle. we'll be looking for signs of national team support. on friday, we saw a huge amount of reversal of northbound flows going from negative to positive to end the day. that is potentially a sign some kind of funds are being used in hong kong to flow of money into the onshore market to prop up the market. haidi:haidi: it is the story of investors in china looking for different options to not stay invested in chinese equities. the money flowing into the foreign stock, etf's, how do you think that is playing into the picture? >> that is painting a desperate picture of onshore investors looking for some return elsewhere because they cannot get any return from onshore markets.

they cannot be shorting the onshore market. because of capital control, the only way to get their hands on the offshore assets is to buy some etf's listed onshore but tracking the offshore markets. that comes with their own risks as well. because of the intense demand, the etf premiums have gone bonkers. some of the etf prices have gone 40% above the true value of the underlying assets. investors could be facing double whim he risks if the overseas markets face a correction or if the premium disappears. there is no win there. annabelle: our asia stocks managing editor. more to come on daybreak asia. this is bloomberg. ♪

annabelle: take a look at some of the stocks we are watching closely. seeing significant moves. sumitomo chemical is one of them. it projected a wider full-year net loss. we are in the thick of earnings season across japan markets with a number of key earnings expected this week including big ones like nintendo. sumitomo chemical dropping the most in year. volumes quadrupling

average. the broader topics up by half a percent. broadly a tepid lower day across the region. we are watching the japanese lender continue to be in focus on the friday session that plunged the second straight day losing 3% of its value in the two a stock meltdown. we are entering to see a little bit of a recovery. 2.3% higher after the bank said it would have its first loss in 15 years due to the bad loans tied to u.s. property. the today tumble wiping out 33% of its value equivalent to a new $70 million in market cap. a little bit of a recovery. better than none. annabelle: certainly paling in comparison to the moods we had last week should it is the

earnings focus. this week, we have got hstech giants like alibaba who are going to be reporting numbers following troubling results we had from u.s. tech companies. alibaba said numbers would be closely tracked. the company dealing with internal turmoil. it's get more on that now. felix, kick us off with alibaba. what are we expecting this week? >> we may see the growth momentum continue. we may see the fifth quarter -- because of the strong revenue. it is offsetting some of the weaknesses in the overseas sectors. for the policy side, china is pushing household consumption which can support alibaba. the company reshuffling top management and organization. they are going to focus on the e-commerce businesses and cloud businesses.

haidi: we are watching -- as well. >> we just mentioned a lot of optimism should this is not the case for the semi conductor industry. smic casein operating income slump of 80% because of sluggish demand in the soft -- of the smartphone and hard for -- and hardware market. the u.s. added more companies to the list of phones they can see helping the chinese monetary. this is an election year. we may see this back-and-forth between china and the u.s. on the macro side. for smic we need to pay attention to the macro expenditures. >> also the tech numbers from other regions. japan is a standout. >> we can see the earnings estimate of the softbank groups. the investment fund, vision fund, we may see the list of company propulsion break even this quarter. for nintendo, we are expecting

the weaker yen to support the sales despite the intensified competition with the ps5. overall, i would say for the regional outlook, we may need to wait until later this month or next month for companies like tencent. >> breaking news editor felix setting up what is a busy week of earnings ahead. be sure to tune in to bloomberg radio. you can get more from the big newsmakers and get in-depth analysis from our daybreak team broadcasting from our studio in hong kong. we can listen in via the app bloomberg plus or bloomberg.com. this is bloomberg. ♪

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haidi: take a look at the reaction across u.s. treasuries. treasury futures extending losses. investors interpreting the headlines rule out a fed interest rate cut before june. dollar-yen leading a broader dollar bid in the early part of the monday session. we did hear from the fed chair powell policy are likely to wait beyond march to cut rates seeking to explain the rationale in terms of eventual reductions to the more broad public audience for this interval. this approach being reiterated. we are seeing on markets -- bond

markets rattled but futures pricing in five cuts this year. annabelle: the question is when if you are saying powell is ruling out by the first half of the year. you have treasury yields moving higher. also in reaction to the jobs data from friday. that showed u.s. economic resilience. the market reaction. higher yields. leads to a firmer dollar. you are seeing the picture of dollar strength higher against the japanese yen. the move, the korean won is a closely traded currency or restricted trade so you see more market reaction. the aussie and the kiwi like lights, those moving to the downside. let's shift because i want to talk about something that is a big story in hong kong. i don't know if you have been tracking it but we had so much expectation this weekend because we had a friendly match being

played by the hong kong side and inter-miami. this is a league run by david beckham. they were in the city for a friendly match and it did not really go the way people were hoping for because people had told out a lot of cash for this. a lot of cash and a lot of hope they would finally see messi play but not the story. he sat on the sidelines for the entire length of the match. you can just think about the sort of reaction we are hearing not just from the fans. it is a little wider than the. haidi: a very unfriendly reaction. i think the fans would say situation there. as you say, we saw boos and jeer s. the world cup winner sitting out his team's friendly. so loud after the final whistle. we saw spectators booing the players. jeering david beckham when he

tried to give a speech. chanting refund for the more than 38,000 spectators. i suppose the point is the government said they were extremely disappointed by the arrangement saying it might we docked the sponsorship because of his failure to play. the event gets $1.9 million in matching funds and one million in hong kong venue grants according to the government. it is addicting because this was the big hope for hong kong after it missed out on the likes of coldplay and taylor swift. annabelle: the event organizers saying they did not know anything about it. the fans want a refund. the government possibly once a refund. no one is happy from what was supposed to be a positive experience for the city. ♪

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