central government. up from the previous. rices are not rising much. a patent war with samsung. a court decision may force its rival to stop using some features in its smart phones and tablets. there is a right to exclude competitors. follow me on twitter. i'm at rishaad salamat. some of these moves counterintuitive. >> that's right, rish. in the wake over the federal reserve decision, let's look at what's happening across the asia pacific. right around the trend lines. investors following into these safe haven aspects. the yen is negative for the

stock market. you see the nikkei 225 down. nishin steel contributing to the declines in that market. kddi powering ahead. watch that stock. as well as the operator of the 7/11 supermarket, the convenience store chain in japan. trading margely lower at the moment. -- marginally lower at the moment. a big mover yesterday to the upside. s.a.p. ake an offer for miller. it is falling. down 50% in the hang seng session. let's look at it over two days. yesterday the stock was up about

4%. quite a drop here. it has lost about $12. yesterday was a big run-up in he stocks. now there may be some shares unloaded as a result of that. we'll watch this stock as one of he key movers. rish: getting a reaction from other central banks and governments this morning. the r.b.a. certainly making itself heard. >> hi, there, rish. let's start down under. glen stephens says australia's economy is not growing fast enough but appears to be coping with a drop in mining investment. a decline of the aussie dollar boosts competitiveness of business and tourism. he doesn't see it to be a serious problem. stephens says he is content with

interest rates so far. the r.b.a. has cut rates twice this year to a record low of 2%. he expects rates to be low for quite sometime. south korea has steady fundamentals to withstand shock. knew the fed rate hike is uncertain, the global financial markets will remain uncertain. despite banks having suft foreign exchange liquidity, lending conditions are good. blanks manage liquidity more conservatively. watching markets very close closely. finally japan's chief cabinet secretary believes the fed acted appropriately and will continue to pay attention to the u.s. economy. we got a glimpse to the b.o.j. august meeting. minutes coming out a couple hours ago. they kept rates onhold.

members were not worried about oil price movements affecting policy. a rise in food is not harming consumer sentiment. consumption will be key to the price trend. also talks about alternative inflation gauge. the reading about .4 is healthy signaling the strength of the economy may be better than what core inflation figures suggest. rish, back to you. rish: right. let's have a look at some of the other stories. having a look at bank of east asia. >> they have promised to take action to improve the performance of the china business. deputy c.e.o. said china is dragging down their overall performance. the plan could now see the learned make changes to its network.

trading below for the first time since the 2008 financial crisis. its board is being challenged by the management fund. some mainland companies are struggling to repay debt. nonperforming loans jumped to 2.7% in june, much higher than e 1.5% average for chinese banks. two dispute between the largest smart phone makers are coming to an end. apple may be able to get samsung to stop using some of its features including autcorrect nd quick link. the decision could have far-reaching consequences in how disputes are resolved when it

comes to complex devices and help patents when it comes to copying rivals. samsung says it would ask that the issue be considered by all active judges of the federal circuit since it was a split decision. in other company news, sony has been moving away from unprofitable businesses such as tv's to focus on other products including games. now the c.e.o. is betting on virtual reality to help boost growth. sony plans to offer more than 10 titles for its v.r. headset. it is on track for introduction in the first half of next year. they did not say how much it would cost but said that the unit would be priced as a new gaming plampling. that 20-year-old playstation fran economize is the

centerpiece of sony's brand for reviving profit. they are introducing the v.r. headset. those are the stories we're following at the moment. back to you, rish. rish: thanks. it has been snapping up investment from some of the biggest names in technology. executiveom the chief of india's biggest online marketplace. ♪

>> the fed should not be responding to up thes and downs of the markets and it is certainly not our policy to do so. but when there are significant financial developments, it is unkim bent upon us to ask ourselves what is causing them. of course while we can't know for sure, it seems to us as

though concerns about the global drivers oftlook were the financial development. rish: janet yellen defending the decision to stay pat when it comes to borrowing in the u.s. right. let's have a look at some of the stories that we're watching from around the world. first of all, what has been going on in japan with the upper house, the opposition lawmakers tried to stop a vote on expanding the role of the ilitary. the bill also go before the entire upper house. shinzo abe wanting to change the pass vist constitution allowing them to defend even when the country is not under attack. several people involved in illegal fires that have covered

much of southeast asia in heavy aze. more than 130 other people are under investigation. operations are underway after a powerful earthquake off the coast of northern chile forced 1 million people to leave their homes. at least 10 people have been reportedly killed. the total appears to be much lower than the hundreds who died in child's last major earthquake in 2010. back to business. india's e commerce market is forecast to boom over the next few years. we are stand big with a man who runs the company's -- country's largest online marketplace. snap company is called

view. happen is view's c.e.o. joins us now. >> look at india. a lot of infrastructure doesn't exist. we have to actually front load those investments. a lot of these investments are going into technology. supply china. people -- >> how soon can that translate to profit for you? a i think, look, we are in stage where they are still putting up the -- which was a front loaded infrastructure to successfully operate a telecom company.+++

we are investing in logistics. technology. which is our infrastructure. it takes time and money and people to build. over the next few years we should be able to see profit. what will take you there and how soon? >> i think it is only a matter of time. the trajectory of growth is much deeper than any other market. others at a five-year $500 million. it doesn't seem like it anymore. clearly we must be doing some things right. > you have been investing. what do you need to fill the gaps? do you seek further investment? >> absolutely. the way i look at a market opportunity for a company like ours, consumption online. india's consumption will be $2.5 trillion in the next two years. i'm confident that at least 1/3 of that, about $75 to $100 billion. we will keep going after

categories to bring them online. >> if you take a look at the trend that seems to be a -- owards -- are you tweaking the strategy? the potential of the smart phone? >> absolutely. about two years ago, 5% of our orders were mobile phones. now it is over 75%. a lot of it is not at the covers p.c. it is incremental. now we're able to penetrate into the small towns and cities of india. >> you have grand plans as well when it comes to listing. you are hoping to list in the u.s. some say that would value the company in excess of $1 billion. is that an overevaluation? two, why the u.s.? why does it make sense to list there and not in india? >> i think we will be very

disappointing if our listing happens at $1 billion to say the least. i won't be surprised if it is in the tens of millions. it is time for that. our goal is to build the best infrastructure, capability. >> when do you see it as being viable to list in the u.s.? >> whether we list in the u.s. or india is still an open point. the indian capital markets are getting deeper and deeper. such a consumer phenomenon, right? 87 million registered users. 8% of india's users are on the platform. the population is quite large. i know if we list iny and, potentially every buyer of ours will become a shareholderer of ours. >> should you list your current private equity investors like

blackrock, may make an exit. is that a fair assumption? >> i think that is a decision they have to take. my sense is most of them do invest in private deals so they get an opportunity to buy more when they go public because they know the company well and know the management well and trust the management and trust governance of the management. those are independent fund decisions they have to make. these large investors would want to buy more rather than sell. >> your success would probably encourage more e commerce companies in india. what kind of competition do you see? how do you stay competitive in such a competitive environment? >> that is an excellent question. that is what keeps me up at night. every technology business eventually is going to become funct pment how long does it

take? it is important to be investing ahead in areas which we feel are stronker areas of growth. you're looking at market consumption baskets. we are really investing heavily, well in advance over the market so that when the market is even bigger we are well set up to capitalize on it. >> we know that they will make a visit to silicon valley. what message would you like to end to silicon valley? >> our potential investor was from seattle. and imagine if there were more such people, maybe there would be more such snap deals in india. now i think the angel investor system has become quite large. i invest very actively as an angel in india. they are making a great move

going to silicon valley and explaining to -- which is very, very successful that india has arrived and is becoming a silicon valley of asia as we speak. >> all right. we'll have to leave it there. rish? rish: thank you. shares have been taking a beating. we're having a look at how investors have lost billions in alibaba which people thought was sure thing.

rish: this is trend. chinese home prices rising. let's bring in steve eveningle. he has the details. you have all of these piece s of paper. what is the story? >> the story is more cities in china are seeing price increases than the previous month. i can run through all the numbers. 35 of the 70 largest cities they tracked are seeing price increases month over months and also year over year.

nine the previous movept, it was -- moment was three. rish: what about the price rises we're seeing? >> mostly concentrated in tier one and tier two cities. they are in limited supply. on one hand sales and prices have been going up but real estate investment is at a low since 2000, i think and also new housing starts is falling right now. so what you have is a concentration of new homes, you know, fewer of them outs there so prices are increasing. what are we seeing? month over month. shenzhen up 1.5%. the previous month it was 6.2 and the previous month before that, it was 7.1 so there is a little bit of a cooling off for shenzhen. shanghai up 1.3%. cooling off from 1.6% in july. beijing staying firm.

1.1% gain. year over year, as i said, shenzhen, 31% year over year. rish: they are a little bit more muted than they were. >> the bottom line here is five interest rate cuts since november. also the easing of mortgage and down payment rules which are fit sbeering the property market and we're seeing a rebound. rish: let's take a look at the companies out there making headlines. none more so than this time last year. it was alibaba. ell, it was a stoc they lost $128 million in market value. we have been tracking this from the start. ou have been looking at it for years. >> it has changed over the past year. if you look at what happened, it is a combination of factors when

alibaba did i.p.o. alibaba is the best vehicle to access the kind of growth. now chinese economy has turned wobbley over the past year and alibaba has been cracking down on estate sales orders. that has eaten into the transaction growth. on top of that, you see them spending $15 billion in investments and acquisitions that don't immediately generate a lot of return and are eating into margins. investors now are not that sure about the company. the narrative over this company has changed. rish: you know, what can we expect looking ahead with all the purchases they made. will it be down tomorrow? >> looking forward out over the 52 analysts, a top ranking analyst said don't expect any relief any time soon. until investors really see the growth, the transaction growth

slowdown bottoming out. you're not going to seeund in te price of this company. what is really a conflict here is a short-term growth vs. a long-term growth. where this company is trying to invest. ultimately it wants to back platform for a variety of transactions online and offline and wants to build its distribution network but that all takes time to grow. rish: thank you very much. it is moment rugby fans have been waiting for. it is almost here. the rugby world cup just hours away. england have admitted nerves, describing fi jinch as extremely dangerous opposition. the players are follow bid a a loyal legion of fans.

the head coach says the team is ready to go. >> to make sure we're prepared mentally and physically. to be emotionally ready for what s going to be a huge battle. rish: fiji played friday. ireland is getting their campaign going against canada. france taking on itly. -- italy. hree more on sunday. tournament favorite and defending champion new zealand plays argentina. we'll have updates throughout the tournament here on bloomberg. results and reaction. ♪ sure, tv has evolved over the years.

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for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. rish: look at our top stories. the lack of a rate hike by the fed fuels concerns. japanese shares leading the declines. the rate hike now moved to december. it is party on for the credit markets. almost $12 trillion corporate market borrowing beng.

-- binge. underwriters, fund managers preparing for the unprecedented pace of debt offering to ontinue. china's market showing signs of improving. new homes improving in half of the cities surveyed. the recovery is being helped by five interest rate cuts since november and the loosening of home purchase restrictions. as we said early on, it is japan leading the declines across the asia pacific. they are headed into their lunch break. it is looking rosier than it was earlier. >> that's right, rish. this is how we're doing on the msci asia pacific. down 1.4%. it looks like with the dovish views from the federal reserve, shares in china advancing. we're seeing gains in the hang

seng. these are your movers right now he hong kong market. the latest housing data from china doing well. a stark move. china resources enterprises down 50%. a huge move in this stock. of course on these reports that a.b. invest will make an offer for s.a.b. miller. that stock is one to watch. yesterday it was up in the session. quite a move there. it was trading at 25 hong kong dollars yesterday. now just over 12. we do have oil pairing its weekly advance. the tokyo market, the nikkei 225 down 1.4%. the topix index falling the most in a week. the yen is surging today. rising, 1% on the fed's holding

on rates citing slowing inflation. these are your equity movers. kddi advancing. pioneer among the tech stocks. a quick check of what's happening in jakarta. 30 minutes into their session. singapore seeing nice moves to the jub upside. it looks like investors are taking an optimistic look at the asia pacific. rish: we have been having a look at currencies and how they are reacting to that decision by the federal reserve. tell us -- well, what is going on out there and how world currency investors are viewing this. >> yes, it has been a fairly muted subdued -- that is the

kind of reaction we are seeing in the fx market. one of the more notable happenings this morning was that -- the most in two weeks. we haven't seen the bullishness in a while obviously. the asian bonds are a different story. they are rallying across the board. we have seen the kenya bonds continuing to add to gains. the 10-year note, 25 basis ints this week after the b.o.t. held rates. rish? >> which of the currency is likely to be the biggest gainer because of this delay on interest rates? >> the ones that will be the biggest beneficiaries, rish, from what we are talking to is that they would be the ones that will be the most vulnerable if the fed were to raise rates and

those would obviously be the -- nd the malaysian ringette. they have fall on the 15% give or take a couple this year and rupiah -- as far ringgit is concerned -- rish? rish: we have this mood people prepared to take risks for now. how long will they continue to do that? the ll, obviously it is -- made meets next month but there is no press conference next month and therefore many people have discounted the possibility

that they will raise rates next month. a more realistic scenario seems they may go in december. rish? rish: thanks very much indeed. we're taking a look at another commodity which is sometimes regarded as being a currency. yep, it is gold. one of the winners from that decision to leave rates as nvestors return to havens. alexander is in singapore. tell me -- let's have a look at what's going on as a whole when it comes to these commodities markets? >> the biggest move we saw was in gold. the fed is giving gold a boost. prices jumped 1% following the decision and they are holding those gains this morning. gold feeds off uncertainty. it isan a haven asset.

there was an uncertainty about emerging markets that prompted this fed decision. gold prices have been in decline this year as have expectations, as the u.s. economy has improved and that has boosted the u.s. dollar. pressure is likely to grow again on gold as we near the next fed meeting and speculation grows about an interest rate hike but for the time being they are getting some leaf. rish: what does the fed's decision mean now if you look at crude oil? >> oil seems more focused on fundamentals at the moment. on demand and supply. prices edged a bit lower and they are a bit lower this morning. that was after a huge increase on wednesday after u.s. stockpiles declined. at the same time stockpiles are stillwell above normal level. opec is pumping near record levels and you have this

prospect of iranian crude hitting the markets in this glut of crude persisting. hat would be a continued headwind for oil. rish: some amazing predictions about what happens next with the oil market. one of -- i think we were talking about it earlier. we have one renowned investment bank saying it could, could go down to $20 a barrel. >> that's right. goldman sachs said that the prices will remain low or could remain low for the next 15 years. and even hit $20 a barrel as you say. producers failed to address this glut of supply. now also china, china will remain key. its shrinking demand for all commodities this year. china is the biggest consumer of everything. metals rs energy and grains. china will remain key.

also you have got the government is going to release this draft proposal, the new five-year plan in october. citigroup says there is going to be a stronger e sis on the environment than ever -- emphasis on the environment than ever before. that really could hurt demand for industrial commodities in particular, including oil and coal, for example. rish: thanks, alex. joining us there from singapore. let's check on some of the other stories we're following. indonesia putting priority on economic stability over growth. the finance minister speaking ahead of that rate decision. there was no easy solution to indonesia's economic problems. the current rate of 7.5% is good for stability. -- the rate is

still a good thing. still good for stability. but at the same time it does -- the growth too much. the latest data that i can identify, the credit growth now -- on the first six months is below 10% but now starting to go up into 11%. so it is a good sign actually. rish: japan's pension funds have ended their equity buying spree. the first time they have offloaded shares since 2013. dumping a 11.8 billion dollars of reckities last week. the hong kong lender, bank of east asia is taking action to see the learned makes changes to its branch network and deal with proper loans on the mainland.

they are trading below book value for the first time since 2008 and is under pressure from elliott management fund. we're going to look at apple. it has won an appeals court ruling that may force samsung to stop using some features in its smart phones and tablets. we're looking at these new developments. i think it is four years long this has been going on. this row between the legal battle between the two of them. >> apple getting more firepower, rish. just to give you perspective, last may, 2014, they actually won against samsung. a $120 million jury verdict but at the time the trial judge declined to issue an order for samsung to remove some of these features from its cell phone. apple appealed this decision and has won and now samsung may be forced to change some of its

products auto chrebet and quick links. this is a very important precedent for apple or any company trying to protect itself rom product differentiation. patent owners can protect themselves from copiers of their designs. rish: tell me something here. whaps next? is it just at the moment samsung or the other smart phone makers? >> it is definitely going to affect everybody else. it was apple vs. samsung, google, htc backing samsung's argument. rish: android customers, of course? >> yeah, they basically said this decision would only allow patent owners to unfairly leverage some of their patents for competitive gains. samsung or -- apple can still try to go to court for some of the newer versions of samsung

phones. apple, this ruling really helps them not as much as the other smart phone makers. rish: thank you. up next, after months of build-up, rugby finally kicking off this weekend. can england win on home soil? we're having a look at some of the teams to watch right after this.

>> checking some stories making headlines around the world now. croatia has become the latest hot spot in the mass exodus to western europe. hungary sealed off its border. many bling on to trains through

windows. meanwhile in head of germany's immigration authority is stepping down. manfred schmidt had come under fire for his handling of the migrant crisis. refugees could have a significant bearing on sunday's election in greece. many voters on the greek island said the decision would be affected by the poor handling of the crisis. greece has to handle an influx of migrants despite limited financial resources. and fifa's second highest official has been leaved of his duties following corruption allegations. he has been implicated in a scheme to sell world cup tickets above face value and share in

the profits. he has denied the allegations. there is an investigation by the in-hour ethics economy. -- committee. sh: england kicking up the tourble with their first game against fiji. let's talk about the game they played. thanks for coming in. >> thank you for having me. rish: talk about the tournament, talk about the growth of rugby globally. it is probably learning quite a lot from the football world cup. it is a bigger franchise. bigger tourment than many people think. >> the fourth biggest sporting vent in the world. the other factor in more recent years has been the olympics. rugby will rejoin the olympics next year for the first time in

over 100 years. one asian team, one man and one woman's team will qualify for the olympics next year. qualifications are willing held in hong kong. rish: japan? >> they will be in that tournament, yeah. we're hoping to get a big crowd and hopefully we'll have a hong kong man and/or woman's team representing hong kong in the olympics. rish: what are the economic benefits of a rugby world can you be cup? >> huge. about half a million will travel this year. the tour is three or four weeks. your typical tourist is only one week. they also spend more while they are there. that alone is worth billions to the u.k. economy. unlike the olympics, there is not huge amountings of infrastructure needed to be invested in. no new stadium has to be built

whereas the olympics typically. rish: let's look at the way rugby is developing. a lot of money is being spent. i think china is spending a lot of money developing the sport there too. >> that comes through two routes. that is rugby world cup. they make hundreds of millions from this tournament and that is spread around the world including china. rish: a bit like the fifa model. >> there are some similarities there. the olympic factor. every province in china, including hong kong has a professional team. that is what is driving the growth in rugby in this part of the world. rish: much of asia, it is too hot to play rugby. it is difficult. it is a very, very physical game. 80 minutes of well, blood --

literally talking about blood, sweat and tears. >> it is hot in asia certain times of the year. we play in hong kong year-round from september through to april. people get on with it. there is other sports to play in the middle of summer. it is not a big issue for rugby either. rish: let's get to the tournament itself now. we have wales, england in the o-called group of death. uruguay, fiji. australia the big boys there. it is feasible that wales and england may not make it through. >> there is the possibility. australia and england have always made it through. wales have had a couple of times when they haven't. i don't think fiji has ever made the quarterfinals. rish: england not taking them lightly. >> you can't take anything like itly. there are four strong teams in that group. only two will go through.

rish: looking at the other game turnovers weekend, i think the typical six nations game. france, italy. >> they have beaten france in recent years. this might be italy's year. rish: really? >> who knows? rish: i have to do this. they have never won the world cup in the northern hemisphere. >> outside of new zealand for that mearlt. they are very good at -- entering the world cup at the number one favorites. typically they have got a very weak pool so they are going to come into the quarterfinals untested. i don't know who the first game is against. in their pool, the main rival is argentina which it is unlikely to beat new zealand on the global stage.

rish: overall, who is going to win it? >> it will be hard beating -- there is a lot of pressure. if australia comes out of that group as winners, australia has a history of performing, peaking at world cups. new zealand doesn't always do that. rish: they have a reputation of being a bit of a choker. thank you. fed's first rate hike in nine years didn't happen after all. the question of when is buzzing around social media. we'll have a look next. ♪

rish: this is "trending business." i'm rishaad salamat. we're having a look at what has been going on when it comes to social media. to that zphgs washington not to

do anything with the cost of borg there in the u.s. >> thanks, rish. this was one of the closest watched fed decisions in years. a lot of comments on social media. we have #federal reserve. #fed. investment firms take taking to twitter to talk about this rate decision. have the head of u.s. maker economics saying #federal reserve will likely raise in december but this will require much, much better communication on hikes. pimco not quite convinced about december. it tweets no hike in december. no reason to think the fed believes it will hike in december either. #fomc. we also have the council on foreign relations posting an article by a senior fellow for the international economic forum saying the fed sooner or later

ll have to accept the global risks are an enduring feature of markets. rand paul tweeting if only the fed would get out of the way. -- it is es the fed not just prominent figures. people saying do away with the fed. one person replying and replace it with what? silver coins? that is a picture on social media now. back to you, rish. rish: thanks. a look at what's going on market-wise. hong kong, shanghai. rising at the moment. shanghai pretty much flat even though with have better housing data coming out with 35 out of 70 cities posting a gain there month on month.

the nikkei being dragged down. 18,175. oming up, "asia edge." ♪ mark: i'm mark halperin.

john: and i'm john heilemann, and with all due respect to cnn, we really appreciate all that native advertising. >> with all due respect -- >> with all due respect -- >> with all due respect -- ♪ mark: happy national hangover day , sports fans, if you were playing any republican drinking games. speaking of parties, since the debate, candidates did their best victory laps this morning, and although there really is only one true winner, her name rhymes with gnarly. she was nothing if not on message. >> joining us now, carly