cut by s&p. the report of vw's internal control seems to be inadequate. follow me on twitter. don't forget to use the hashtag. jakarta getting underway. we are just getting these trade numbers out of china. yvonne: surprising figures on the exports. we will break down those u.s. dollar ones later, but exports year on year coming in lower, 1.1%. that is much less than what the survey was expected at 7.4% dropping from a year ago. so, quite a bit of adjustments as a bit of an improvement as we saw a 6.1% drop in exports in the month before. imports coming in a little worse

than expected -- 17%. down in imports. the survey was forecasting a 60.5% drop and that is -- 16.5% drop and that is worse. ¥376 billion. that is bigger than expected. the survey was expecting ¥292.4 billion. that trade surplus exceeding what we saw in previous months. some growth from the trade surplus from what we saw the previous month. again, we might be seeing improvements on exports, there are still red flags. we did isee it from korea exports. it is showing more contraction, but it is much less than expected. the exports figures dropping 1.1% so we will see how the dollar terms are in a couple of

minutes. rishaad: it should be stock positive. david is having a look at the reactions to it. david: that is what we are seeing. the index right now -- a racing the earlier losses. 22,720. that is 10:00 in the morning. let's see if this rally continues in the hang seng. that is one of the places you could actually think of of exports. yuan terms.ve the take a look at the shanghai composite -- 3282. you are seeing a similar pop up. for the benchmark shanghai composite, about a fifth of 1%. offshore -- let's take a look at that. a little stronger from when the

data came out. the dollar tends to move when the data comes out. 7338. one of the dollar. broadly speaking, we have been seeing the hang seng and shanghai composite. we should be erasing some of the earlier losses along the asia-pacific benchmarks. on acrossback later markets and assets as well. back to you. rishaad: thank you. we will be visiting and revisiting that story later in the program. tweet us your thoughts. let's have a look at the stories we're watching right now. we are looking at the massive tech tie up. here is shery. shery: the biggest tech deal

ever. agreeing to buy emc which is worth $67 million and will involve 24 sharing cash and new tracking stock. michael dell and long-term partners's over leak will be funding. dell will at about $50 billion to its debt load as it seeks to fend off hp, amazon and others. the computer maker is already carrying $11 billion in debt. the deal will broaden its product lineup and may appease activists and investors looking for more growth. the deal will combine emc's devices like stored data and dell's number two position in servers. notces say sab miller does see the latest takeover as compelling enough to begin negotiations. then i'll think it is worth seeking an extension of wednesday's deadline. 's proposal ab inbev

is still short of what the sabmiller -- wants. although, the author is 48% higher than the closing price in september 14. the board determined it was not in the shareholders interest. the exposure to the emerging markets in latin america and africa, but sabmiller is trying to maintain its independence. barclays may soon have a new man at the top. the lenders close to naming judd steely as its next ceo. that have told regulators that he is a front runner for the post. his appointment may be announced in the next two weeks. staley was once seen as a potential of a successor after barclays board fired the top man.

they're looking for a ceo that can boost revenue and strengthen the investment bank while navigating investigations that have eroded the firm's profits. they seek to shore up returns and doubled the share price over the next three to four years. announced plans to sell copper assets to bring down its $30 billion debt. it may offload a mine in australia in new south wales and in the desert. combined, the operations produce about 125,000 metric tons of copper a year. citigroup and ubs said they may fetch as much as $1 billion. the company announced a debt reduction plan in september amid the collapsing commodities and this has included the already completed sale of $2.5 billion of new stocks and suspending the

dividends. this is all expected to cut back to about $20 billion. back to you. rishaad: thank you. we're having a look at what is going on in new zealand. police arresting a 60-year-old businessman with allegations of contaminating a milk farm. let's go to paul allen with a look at what police have been saying. paul: yes, this man is due to appear in court before the day is out. he is charged with two counts of blackmail which carries a maximum sentence of 14 years. this relates to an incident back in november where farmers and frontera received a threatening note and packages contaminated with a poison. it is widely used in new zealand as pest control.

is a very controversial substance and there have been many issues with it. widespreadviously gratification that the investigation has come to an end. frontera thanked the police for their efforts while new zealand's prime minister says it is very reassuring for new zealand's international trading partners. that this. this scare has been brought to a close. thank you, paul allen. followingory we are right here on bloomberg business -- a slipping frenzy in sydney is sparking warnings of housing risks. have a look at it at bloomberg.com. later, inflation quickening in india after the september rate cut. we are headed to mumbai for the latest. next, signs of china struggling.

following right here on bloomberg business -- a slipping frenzy inwe are bt trade numbers when trending business continues. ♪

rishaad: we just have the latest trade data from china. joining us now is andrew, an economist at the conference board. thank you for joining us. what is your reaction because the import side was worse than expected, but exports are way better. andrew: of course. the trade data is extremely volatile on a month-to-month basis and this will not change. we are still looking at basically 0% growth for the entire year. exports. it is not a matter of trade or export demand coming to the rescue for china struggling economy. even with an improvement in exp.

it is not a matter of trade or e trade surplus, what we will see is -- it will be interesting to see with a large trade surplus what happens to those capital throughout september. a littlewe have to be more concerned with the import number being as weak as it was. the slowdown is worsening in china. what is your take away? andrew: all of this is related to china's investment program. it is fundamentally about transitioning away from investments in china. if china is investing, it will bring in fewer heavy commodities. the is all really continuing structural transition in china. short-term, yes, it is negative from the growth outlook. but a longer-term view on what it china's economy is doing from a transitional standpoint, we should expect weak imports as we

move away from consumption to different forms of growth, services and consumption. rishaad: that is something everybody is talking about, that these are the pains you have to undergo further shift. the thing is the economy is already 59%. how much further does that have to grow and how much will the authorities like it to be promotional -- proportional of the economy? andrew: they would like to see it on par with other developing countries. closer to 75% of overall economy. it will take a while for it to get there. they actually accounted for 80% gdp growth for the first half of the year. we will see what the number is for the third quarter on monday. the big problem is much of the service sector, even though it is growing quickly, it is a very

inefficient portion of the economy. also, because you have less productivity growth, it is harder to keep a sustained high overall gdp growth rate. what that means is lower trade number and/or investment numbers. you will have low gdp. the big question is can you keep employment up? rishaad: you mentioned service productivity are notoriously harder to measure, is it not? andrew: absolutely. so, figuring out how productive the labor sector is is a big challenge for chinese policymakers. we know productivity growth tends to grow more slowly in the service sector by definition because you have more labor and consumers, but that can be a standpointc from the that you can have lower productivity growth, but still

robust employment. more labor-intensive jobs, keeping employment up even with lower productivity rates. the problem is if we could season troop met -- see some true measures on finance, things like that, bigot see a boost in service sector productivity that i have not quite seen. even though it is very difficult to measure. rishaad: andrew, you hit the nail on the head of what i was going to ask you. sure, you want to change the whole structure of the economy, but you have to change the structure of the components. how much reform are we likely to see? wake of 2013in the when the 60 point document came out that economic reform will be very difficult to push through. china is very institutionally deficient. talking about government institutions so it is difficult

to push through reform in weak institutions. there are different vested interests people always talk about. we always expected reform would be very slow. you add the fact that most reforms, if you look at the areas of the government is looking at, are in the near-term detracting. we are seeing the government not willing to push the reform agenda at an accelerated pace. that would make longer-term growth more sustainable, healthy. so far, they are middling through. that have not really made the trade-off to say, ok, let's accept lower growth now for a better long-term trajectory. rishaad: andrew, the thing is -- what do you think the real growth rate of china is, a. b, when do we expect some slick cyclical rebound?

andrew: our expectation or our view of the economy is the alternative indicator that the economy is growing closer to 4% and that seems like it would be a big shock to the global economy, but china is going down to 4%. we actually think the real pain of the slowdown started in 2012 for china. it was a three-year window after the global financial crisis. in. 2009 the real slowdowns happened in the developing markets. the investment package china implemented. in 2012, it started to see a real growth slowdown. now, we are seeing it similar three years later, china moving to the zero percent interest rate environment. we think growth is actually currently running about 4%. we do expect a bit of a cyclical

upturn but not until 2017. that is primarily driven by the real estate market. a lot of the investment drawdown that is happening is driving the weak import numbers. as inventories are too high, those are getting brought down. we think that will continue to happen in 2016. in 2017, you see improvement in the real estate sector and you see a bit of a boost to growth. the long-term trajectory is still down, but we do expect a cyclical uptick. rishaad: great talking to you, andrew, from the conference board. >> the former head of china's biggest oil producer has been jailed for 16 years for taking bribes. he is one of the highest ranking officials to be taken down in the official campaign against corruption. the thetime member of committee which dominated the

chinese and its energy industry for decades. zhou was sentenced to life in prison in june. authorities in the netherlands are to release the report into the crash of mh-17 later today. a paper last year suggested it broke up over eastern ukraine after being hit by high energy objects. they say it was hit by a russian-made missile. moscow says ukrainian air force may have been involved. today's report will describe the damage caused and indicate what may have happened. football legend pele has ruled out any chance of him becoming the new head of fifa. he says he is no intention of seceding sepp blatter who has been suspended. the uefa chief has revealed there is no written contract covering $2 million that was paid by blatter in 2011. they said they had a verbal agreement for the work she did

nine years earlier. screening anext, scandal. how vw's diesel emissions cheating could get the hollywood treatment. ♪

rishaad: still on the rugby

world cup preparing for the knockout stage. here are the latest talking points. the final against argentina after being cited. he faces a disciplinary hearing after throwing a punch to pape. matfield will be fit to play for whales in the quarterfinal -- wales in the quarterfinal. the tournament is being rated as a big success. more than 1.5 million tickets have been sold. the quarterfinals produced a classic confrontation. 231 tries scored and 2020 points. the rugby world cup is something that is trending on social media

and the trials and tribulations of volkswagen. what is happening there, let's find out. >> it seems those trials and tribulations will not go away anytime soon. we are hearing leonardo dicaprio will produce a movie about the cheating scandal. he's joining hands with paramount pictures and they will produce a movie. we know him as being very environmental. he is a very strong environmentalist, looking at his tweets. taking action to combat climate change. ets latest twe addressing environmental issues. this is not the first time we have seen hollywood studios making movies out of corporate scandals. we have the movie about the bp oil spill. one person is saying dicaprio is producing a movie. what willoughby called? -- what will it be called?

wolf of wolfsburg? another person saying this will not help vw resale values recover. 2009 toe vehicles from 2015 affected by the diesel scandal. >> we will watch for that. soon to be released. the holidays are coming. christmas will soon be here and we need to shop for the ones you love. i hope you buy me something. facebook is testing a new online shopping feature via its mobile app. really trying to expand into the commerce space. you can buy some things in twitter so facebook sees a chance to monetize this. basically, my sense is that means an even more effective job of seeing what you like and enabling you to have a better shopping experience. shery: social media knows us so well.

>> here is what people are saying on twitter. they are saying another chance to interrupt worke, shot while your boss is not watching. let's take a look at what others are saying. half of consumers share their purchases socially. i don't do that. do you? shery: i don't what i guess we will start doing that. >> i want. i think facebook has to partner with amazon and groupon. amazon hasn't figured out. shery: back to you. rishaad: the collapse in prices and the outlook for investors. this is trending business. ♪ the only way to get better is to challenge yourself,

and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around.

rishaad: our top stories, china is trade shows no signs of let-up in the and -- the economic slowdown. and 11 straight month in decline. the picture of imports is better. just over 1%, that was exports actually. $59.4 billion in trade. shares tumbling in hong kong after a company announced plans billion debt a $30

by selling copper assets. they will open a mine in australia. their open pit operation in ile. casinos in ch gaining in macau. numbers from sse suggest october numbers may fall, the smallest decline in nine months. japan just closing out a morning session. david, let's consider the response to the trade figures. let me show you what happened across asian markets right now. japan is not -- down about 1%. i will flesh out in a moment why we are seeing a decline of the sorts in japan. u.s.ustralian dollar, 73

cents. down less than 1%. we were below this but it has come back. to those trade figures out of china. we are waiting on the dollar figure. promised, a chinese supplier and sausage maker disclosed after the markets that it sees uncertainty over the bond payments, which is coming do quite soon. withhave trouble obligations. carmakers in the mix, september data out this afternoon. the other numbers out of the chinese economy, the golden week estimates are out. the latest from wells fargo suggests the golden may perhaps may not be as bad as initially

estimated. a few banks have come up with their own forecasts and revisions for their forecasts. wells fargo revised their estimates higher. from a drop of 30 plus percent, they are not thinking it could just be 24, 28%. outperform.ed to can we get shares of glencore as well? there down about 7% off first reaction here to news of the expanded asset sales. glencore likely see dispose of two copper mines. shares are down the most in two weeks, 7.2%. nikkei down 9/10 of 1%. in today's trade, down 3%, down

as much as 4%. the accounts, roughly half the decline we are seeing in the nikkei 225. brokerage, their .rice target, ¥30,000 the top in 12 months. that is a decline of 20 -- 12,500. fairly simple. a big decline. back to you. rishaad: numbers out of china, reaction from eve on. - from yvonne. yvonne: let's recap the yen terms. we saw the export fall much narrower than expected. that was surprising. year from 2014. they were expecting a 7.4% drop.

much better than what we expected and much better than what we saw prior, when we, in drop.or august, 6.1% we are seeing three straight months of contraction, but ,ccording to the customs bureau we are seeing some good momentum. the third quarter, narrowly , policy as well as orders. the surprised evaluation of the again in august helped exports stabilize. on the imports front, continued week this, down 17% actual terms on the yen terms. it was for 16 and a half percent drop. much wider than expected and wider than what we saw in the previous month of august, a 14.3% drop. the trade balance is wider than expected. ¥73.6 billion.

in august.we saw from the customs bureau, the fourth quarter, they expect to be better than the third quarter. likely to improve, imports fall. ,hey will possibly narrow that mainly due to the commodities price plunge. costs, rising labor which had affected china's competitiveness. the tpp, it is interesting, it will possibly have impact on china's trade. for the third quarter figures, he says looking much better. thatbs sent out a note said, we are seeing continued headwinds. even as we see property investments. that has continued to discourage imports. the policy support has really intensified on infrastructure investment growth in the coming months. thenot enough to offset

sizable headwinds we see in china when it comes to property and financial services sectors. we are still waiting for the dollar terms to come out any minute. back to you. said, as david said earlier, glencore having a tough time in hong kong, announcing it will be selling copper assets to bring down its $30 billion debt. copper prices hit six-year lows in august. is this the right time to sell? we'll bring in a bloomberg commodities managing editor. who would be a buyer or a seller here? whose side would you be on, alex? alex: it depends on who you are. we had seen a bit of a rebound in commodities prices in the past month, specifically after the likes of glencore have announced those production caps, to zinc and copper. that raised speculation that producers are willing to respond to the over-supply in the

market, and that may draw a line under the collapse we have seen in commodities prices. on the other side, the likes of goldman sachs, who august on-demand, they say the rebound is just fleeting, and as china shifts to less heavy metals intensive growth, you will see it continue shrinking and demand. rishaad: tell me about the metals side of things. what is causing the turmoil? alex: they have not been spared the turmoil. in the seen turmoil broader commodities market. broadly speaking, it is about china, it is about slowing demand, it is about an oversupply and a surplus of run materials. and it is about tumbling prices. a index of metals

trading, has slumped 16% this year. glasson berg, the head of aluminum blamed premiums for the woes. that is the amount hires paid -- buyers pay among benchmark prices and they have shrunk compared to other metals. that is crimping the margins of the metals trading. rishaad: what are people telling you about the duration of this? how long do they see it lasting? x: really, it really depends on who you ask. goldman sachs sees this as a brief balance we are seeing, and we are in for a long-term decline in prices. if you remember, a few weeks ago, goldman said oil prices may

stay low for as many as 15 years. so it really depends who you ask. rishaad: thanks, alex. he joins us from singapore. checking in on the other stories, with the indian billionaire tying up with germany's electronics manufacturer, advancing torpedoes in india. the weapon, used by that german navy, can be fired from submarines. the prime minister plans to defend -- develop a defense complex with locally made equipment and vessels. mercedes remains the number one luxury car brand for the third consecutive month. in september,ing twice that of out he and bmw. china's strong market inverse 80's sales, rising 53% helped by new models. lvmh some of the luxury good maker, jumping.

japan and the u.s. contributed there. demand for wine and spirits offsetting the lower luxury goods. chinese tourists chose to buy a broad. say singapore's central bank is preparing to ease policy for the second time this year. they are trying to boost growth. gdp numbers are out very soon. mark cranfield joins us from singapore. they use in exchange rate inside of interest rates generally speaking, to set policies. how will we tell if they decide to ease? mark: singapore is unique. they have a currency policy, the use what is called a training bank, although they do not disclose how wide the trading bend is. we will be looking for language they have used in the past, to

say something like, the slope of the band has been reduced, the center of the band has been changed or the width of the band has been changed. if they use language of those types, and investors will understand that something has been done to the currency. and that they are putting it on a lower trajectory. they also say that they currently have a path of modest and gradual appreciation. they could lower the slope, for example, but maintain gradual appreciation. that would be a modest easing of policy. ease, what they do are the forecast for the dollar? : according to surveys of financial institutions, some by bloomberg, they see the u.s. dollar is rising to 1.44 by the end of this year, as high as 146 by the middle of next year. then, possibly declining once the peak has been seen in the middle of next year. it is currently around one .40 right now. everybody is talking

about some sort of stimulus, some easing to take place. is there any reason why they would keep policy unchanged? there would be two main reasons. the federal reserve in china, the fact that the federal reserve did not raise rates in september, as many had expected. the timing of the beginning of the interest rate cycle seems to be a bit uncertain. singapore may want to stand back for a while to have a closer look at america, to see where they start their new cycle. in chinae situation market has called down a lot after the devaluation in august. the chinese currency weekend right a bit, but has recovered. the volatility has been reduced, mostllah trilogy across asian currencies, including the singapore dollar, is less than it was just a few weeks ago. these are reasons why singapore may feel like they need more

time to access the external picture from singapore. rishaad: thank you for that, mark. next, apple's cofounders is the new steve jobs movie is more myth than reality. but he enjoyed it. we will hear from steve wozniak when "trending business" returns. ♪

>> making headlines, the pentagon's plans to update their base in oh now what hit a hurdle. hit a hurdle. 17 years of arguments appears to end in 2013. that then-governor agreed to the project. the debate reignited in november with the election of the governor, who opposes the base relocation. the man who killed cecil billye

and is no longer wanted -- who killed cecil the lion is no longer wanted in zimbabwe. the bob way says -- zimbabwe says his documents were in order. a local hunter remains on trial, accused of allowing the illegal killing. a british foreign academic won the nobel prize for economics for his work on consumption, poverty, and welfare. princeton university's professor was lauded for his understanding of ethics on the worldwide level. the committee says he has an extended understanding of economic policy. india,earch has helped cutting calorie intake -- tying calorie intake to income. rishaad: steve wozniacki says a is moree jobs movie

myth than reality. in an interview with emily chang, he says this is a good depiction of apple thus far. ,> this movie was top-notch professional. the script, the words, how well the actors portrayed it. the cinematography, following through, i was not familiar with notn sorkin because i was familiar with television. unbelievable. >> you spoke with aaron sorkin leading into this film. tell me about your role. >> we had meetings, and we talked about anything i could think of saying. little tiny bits that were somewhere else, kind of got used by him and painted in a different way, a different place. >> you spent hours with him on the phone, in person? >> in person. >> did you argue about anything? >> we haven't even talked about the scenes. i never looked at the script after he wrote it.

i didn't think that was appropriate for me to say, no it didn't happen this way. it is his art. when you are close to something, you see a movie, every movie i have seen about apple, they are the same. the personalities are wrong, this is not it -- not how it went down. after a well, you realize, it is the artistic freedom to make a movie that is enjoyable. >> some said, lots of things in this movie didn't happen. would use it at? >> everything in the movie didn't happen, but it is based on things that did happen. everything i said, everything i am in, i was not talking to steve jobs at those events. i don't say things like that. but they were based on things, for example there are parts of me saying, steve, please acknowledge the apple ii for 15 years. i would do that? shareholder's meeting. people in the division were ready to quit.

on their behalf, i was there only voice. i called john soli. things get built into a movie in certain ways. me, stevemyths about jobs, our relationship. those come out in the movie more along lines of myth than reality. quite -- >> what is the myth and what is the reality? >> i was so gung ho, finding every product he introduced. i loved him. i love the products. they came from steve jobs. i was on hope. about the macintosh when he introduced it. he showed me the 1984 commercial, privately. thatid the board had voted they would show it at the super bowl. i was shocked. it cost $800,000 for the spot we did. i said, steve, i will pay 400,000 people will pay the

other half and we can show the ad, because we should show it because this is us. i believed in the macintosh so much. it's just that you have to manage a business, and it would take three years to build the market. steve didn't understand that. these come out in the movie, but the myths are sometimes different. listen to himn't and messed up apple. >> that's not true. >> no. the movie is not about reality. it is about personalities. how would a discussion tween steve and john scully lowdown? steve never talked to john scully again in his life. you can watch the entire interview, just download the blue -- the bloomberg plus tablet.our phone or it is available for both windows and apple. coming up, consumer prices up in india.

trending business is back right after this. ♪

tokyo, a winning streak on equity markets across the asia-pacific. we have at the moment, the nikkei closing out it's morgan -- it's morning session. on the way down. metals falling, the reaction in have abecause we declining commodities related stock there, 1.1% metals retreating. the commodity producers are seeing losses there as well. having a look at singapore, the ises is back -- the haze back. this is a breaking headline. it has reached, the air quality is at unhealthy levels in

indonesia. kong, the hang seng, better-than-expected figures. china trade improved the data. about back down again by 9/10 of 1%. taking a look at india, the rate is quickening, up 4.4%. it is calming down, driven by a 30% surge in the cost of, would you believe it, lentils. with theby in mumbai details, tell us about this. >> it is about what country, consumer price inflation quickening to four point 4% from september from a year earlier. inflation in the month was .igher at 5.2%

food inflation high in september at 3.8%, country beating the most to food inflation, meet, products. the fine print indicates a four -- a 14% efficiency. what does this data mean in terms of rate action by the government? in september, he lowered the benchmark repurchase rate by half a percentage point to 6.7%. this data may reinforce expectations that they easing cycle will stay. high on his radar, the rising cost of services such as hospitals and schools. inflation has been hovering health, 5% rate for outpacing the overall price index this year. this is something that the governor highlighted, saying it is something he wants to bring down gradually. thanks so much.

that is it for this edition of "trending business." up.a edge" is coming more explanations behind the latest rate numbers from china. ♪

john: don't forget, there's one big wildcard. the democrats are set to debate. ♪ mark: welcome to las vegas, site of tomorrow night's democratic presidential debate. on the show, trey gowdy's trauma . but first, obama. in an interview with 60 minutes that aired sunday, the president was asked about hillary clinton's unusual e-mail practices. he offered a few words of defense for his former secretary of state. he said the issue is being politicized.