casino boss in beijing, our may not have been satisfying, it was an earning score that was certainly candid. you can fall the top stories by following me on twitter. jakarta about to enter the asia fray. let's look at what else is going on out there. david: we are in midmorning might right now -- right now. we are mostly at session highs. lower, we will see if that does turn around. it is a broad based rally. the are used for a third straight weekly gain. to, if yoully down

want to dig deep, and really find out what is pushing the better-than-expected earnings. it is up over 5%, what else do we want? year we go, the arrest 10 -- the u.s. 10 year. bondstake, out of aussie and that is coming down. rightis your yield a there, 32 basis point to down ever so slightly. commodities, this is really about oil. every single day you are seeing a bit of a rebound. here will beine

oil prices and that is now russia. they are prepared to come to the table and discuss potential out cuts in the upcoming meeting with opec. we heard from the energy , they're not ruling out the issue of potential oil output cuts. there was a background that set a post-soviet record as far as output was concerned. over 10.5 million barrels in september. gold prices are down, and very quickly, the trading debut here in hong kong there was a company partytime that was down.

that is basically a company that manufactures costumes, lingerie, things like that. down, back to you. wart of the stall chinese macroeconomics is the five-year plan. it is almost certainly to be less ambitious than the last one. they're looking at this bloomberg news exclusive a. searching been economists, and more than two thirds of them tell bloomberg that they expect china to set a lower growth target in the next five-year plan. this is so critical, it is pleased to be the first one sense the nation was open to the outside world in the late 1970's that's china will see an era of sub 7% growth.

it carries with it many socialns about stability, employment, an aging population, and china's place in the region -- and indeed, china's of place -- china's place in the world. formally, approved by lawmakers, a parliamentary session and a march. the people's congress will happen. one of the challenges will be -- will china be able to maintain an annual average pace of 6.5%? that is what our survey of economists are predicting. of course, that is down from the current 7% of the previous five years. some are even more bearish. they think they can see that slipped below 4% year on year at some point in the next five years. that suggests a hard bump for as they look ahead.

the will be a lot of talk as we understand about transforming china into a high-tech, innovative economy where workersty rather than building away on the factory floor is important. the of seeing countries like vietnam now picking up that factory slack because they have a cost advantage relative to china. it will be a very interesting time, and another key question will be how the markets take all of this in the months and years ahead. given the volatility that we saw over the past few months, will and thekers at the pboc regulatory bodies be able to calibrate their response appropriately? with the government be able to implement its vision? and it huge challenge, involves 1.2 billion people. rishaad: we will look in more

detail look at that later in the show. we want your opinion, do tweet at us. now,g a look at macau share prices under some serious pressure. worse thanling 38%, analysts had been calculating. yvonne: not the most satisfying quarterly phone call, but at least it was the most candid blasted chinese officials were not told them how many gaming tables he would get at his new resort, scheduled to open in march. he said was asterisk that they still don't know how many tables they will get three weeks before the doors open. let's hear from the man himself. are reallyof us clear about what our environment will be like going forward. it makes planning and adjusting almost a mystical process.

this comes as third-quarter sales missed analysts estimates. this accounts for more than half of wynn resort's revenue. high rollers just aren't coming after janice government crackdown on corruption. chinese government's crackdown on corruption. analyst ratings have surged at a record pace, most believe the recovery has been led by mass-market. we would have to see in the next quarter, but they are most bullish on galaxy. those results were out yesterday, the least was wynn macau, send it back to you. lot, let'sanks a

have a look at some of those high-end players who are at the moment feeling the pinch in china. here is shery. shery: the slowdown in china continuing to take its toll on luxury brands. burberry is now taking a pay cut -- burberry's ceo is not taking a pay cut. he will cut -- is now taking a pay cut. to trimo plan discretionary costs like travel. the company is in a weaker as it gets more than 30% of its revenue from chinese consumers and only 2% from japan, where many of them are shopping. still, they have not been able to escape the slowdown. its stores will close

in hong kong. the thirdst for quarter, after sales decline, they expect our next to rise by 3% or 5% compared to a previous projection of as much as 7%. hutowner of kfc and pizza expanded its border to add cortex management, the -- they are talking but sending of china business. the company also said adjusted little would range from changed to a low single-digit percentage gain. yum! is struggling to attract the diners and china which makes up half of its revenue. a food supplier investigation have spent has to mers -- sent to customers fleeing to competitors. ceo says his company has

been reviewing strategic options for about a year. u.s. banks reporting earnings this week. goldman reported third-quarter profits that missed estimates. to one $4 fell 36% billion, falling short of expectations. large-scaleresisted cuts maintaining that activity will bounce back. but, his firm's 34% fall was larger than decline. bank of america also reported earnings earlier this week. income roser net

from a year earlier after a drop in legal costs. story onanother bloomberg, how bad will it get for american express? this is a great read, it is on bloomberg.com. , exportsnd the gap fly, but imports fail even worse. 600, welebrating at will ask what is driving this expansion and how long can it last? ♪

china's golden holiday

comes with a tour's. other parts of asia, japan, and taiwan seeing a bit of a gain. they spent a more this year than last, the largest operator in this part of the world during the golden week, we are now joined in the studio. give us the flavor of what happened. >> it was a good week, and the biggest trend is the outbound. you mentioned, japan, korea, thailand, did very well. even in china, volumes were pretty similar to last year. down inrates were little bit, shanghai, beijing, did well. overall, very happy. are mainlanders losing their love for the former colony? michael: i think it has more to do with restrictions on travel.

golden week was pretty good, but the first half of the year, china inbound was down. rishaad: what do you read into this about the chinese economy? michael: the chinese economy certainly is not suffering, but is not as strong as it has been in the past. --m a travel for perspective a travel perspective, it is quite strong. they could still be growing at 7% or 8%, the middle class has more income, and they want to travel. if they had more time or money, they would say they would travel. it is a trend throughout asia. rishaad: you worked on this metric during a revenue survey, the thing is you have hotels that serve each other the top level, then you have made the budgetels, and

out -- mid hotels, and the budget hotels. not a brand, but what about all over, has there been any pressure? michael: of course, we slice and dice it by brand, they are down a little bit. people attending to go for more budget. michael: or midmarket. a lot of that in china has to do with the anticorruption and the changes that the government has taken. they have been performing a little bit better than luxury. ,ishaad: you have done a deal that brings a lot in china, doesn't it? michael: it was a very strategic deal. they have actually 2500 hotels in china that have over 30 million members. we see it as a great

combination of the strong domestic operating company with an international operating company. that will bring a lot of benefits to both. rishaad: where is the weakness in asia at the moment? michael: hong kong is definitely off, but it is still performing pretty well. high 70's, or 80%. indonesia has dropped off a little bit, particularly with some of the government's changes . rishaad: is there any part of the business you are thinking that i need to do something here? i need to get this back up to speed? trends: one of the major is in digital space. a lot of competition, particularly with the online travel agencies, it is important that we invest in digital as well.

we announced an investment in our digital -- rishaad: are you going smartphones, all things a mobile? michael: you have to keep we also drive business to our apps online is a major initiative. rishaad: when you say indonesia and hong kong have dropped off, where are you seeing the bright spots? has benefited a lot. it is probably the strongest market in terms of comparison to the last year. thailand is also doing very well. rishaad: michael, thank you so much for joining us. shery: the japanese navy has been through a review. 43 ships participated in the event south of tokyo.

south korean forces were alongside for the first time since 2002. japan hope civil support a greater support abroad. -- hopes it will raise a greater support abroad. they had been pulled back into iraq, he is now scrapped his goal of believing afghanistan before he leaves office. italy 10,000 u.s. troops will remain in afghanistan to the next year. has said they cannot fight the taliban alone. teams haveotball back to their president to find questions over a $2 million cash payment. officials announced they support, but offered no comment. blatter was suspended over

such deals. they say the two had a verbal agreement instead. rishaad: introducing the 2015 range, hopefully that will be there for the first time ever. 11 update on the atmosphere. "trending business" returns in a couple of minutes. ♪

>> another huge weekend at the rugby world cup. on saturday, south africa plays wales. there is some painful memories when they take on france in cardiff. against ireland, that is at the millennium stadium. has become do or die. other teams to be when the quarterfinals, and that was in cardiff.

i have to turn to the maker of one of the world's best-known wines, they still retain a taste for luxury. their latest penfold wine in shanghai. they did so tonight. juliet, what was the launch like? well, it was not too bad at all. they shouldn't have any problems selling their collection. apparently, that is been more than five years in the making. it also includes some from india from last century. we were speaking to the managing director, also the chief he was saying that years and years of hard

work have gone into these latest collections. in this that was made decades ago, they are now starting to pay off. this is a very long-term business. it is a real business with agriculture, manufacturing, and what we're are doing now. at the end of the day, it is the consumer, the wine drinker, who will determine whether this works or not. we are confident. he said that the in australia is a long way from australia, but they use this launch, the iconic important people were there, more than 400 people including winemakers, wine critics, all trying this new app. they were launching the latest threads with china said to be -- reds with china said to be the

most profitable market. rishaad: thank you very much for that. before we go to the break, here is another story we're tracking, they're selling bonds to financing. sale to be worth as much as 55 billion which would be the biggest ever for a corporate acquisition. they said the budweiser brewer will sell bonds in multiple currencies would different maturities. right,, the price is they have high hopes more on that coming up. ♪

♪ rishaad: a look at our top stories, a global rally continues. asian shares heading towards a third straight weekly gain. data from china, europe, and the u.s. have made it increasingly likely that the federal reserve will put off raising interest rate until next year. says officials still have not told him how money tables have been allotted at his althoughsino in macau

the resort is scheduled to open next march. says it is costing jobs. luxury brands continue to feel the pinch from the slowdown in china. they cite a decline in third-quarter sales of the mainland. revisey also forced to its estimates because of a sales slump. haveterm share incentives been cut by as much as $46 million. let's have a look at what is moving these markets, japan just closing out it's morning session. david: we are at highs for the asia-pacific benchmark. kong, looking at the hang seng composite, this is a broader read of stocks. every single sector group higher with the exception of consumer services.

another fight, we would get two more in a second, a lot of these projects that are coming online right now were planned when things were very good. you can understand the frustration of some of them. that is just how things go. it is hard to adjust we don't know what will happen eventually. what else we following, in hong to show some companies that are getting more upgrades from both -- brokers. , chinese airlines, out with a very rosy profit. that could come out in one or two weeks, they're expecting a surge. they have nine months of net income. macau in one of the groups of big points gainers, but they

are going down at the asia-pacific benchmark. at otherick look movers we're following in the region, falling on top of the 7% drop we saw yesterday. the short of it is that there is some uncertainty over this deal, this acquisition. they had $9 billion over here, may be under threat because of competition concerns and that shares are falling. yesterday,inalized and was announced yesterday. the acquisition, merger, not really, pricing it really. we did get that ratio, there is some concern they may have paid too much, but that being said, you need scale when it comes to the convenience store businesses. are down 5%, and this is

a very interesting one. at one high tech down point, this company now says that it was a subcontractor theonsible for scheduling safety. it is the apartment project in were talking we about yesterday. it is the same one being investigated following the them that they falsify their own data on that project. this company coming out and saying they were in charge of safety. therefore shares are down almost 2% right now. rishaad: china should report gdp numbers on monday, and it may show the economy growing at the slowest quarterly pace since 2009. malcom scott is joining me now, and one of the economists -- what are the economists looking

for here? it tells you how much it could grow at the start, doesn't it? i think all of us agree around the gdp number, what we are looking for on monday is to see whether there was any kind of revival in the third quarter. i don't think people are expecting a genetic turnaround, maybe that is more of a fourth quarter story. rishaad: the next question, can they hit this target? enda: we know what the new target is going to be. he will certainly no next march. the question is, we know the there's in demand, but structural issues and the debt overhang, there is a lot of work they need to do if they are to meet the target. there is this huge amount of skepticism when it

comes to this data right now. from themeone conference board saying they think the economy could fall by 4%. olm: most of the time the skeptics say china is puffing up the numbers. some are saying it is quite the reverse, the economy could be even bigger than you thought. rishaad: i haven't heard that for a while. malcolm: its trends -- trends from a two bit economy. factory output, they are moderating, and services are doing pretty well and they may be understated the side of the economy. rishaad: so how big is it, really? what are the implications for the real economy? real economy, that means a few things. china may become the world's biggest economy sooner than has been thought, maybe two to three years sooner.

it also is significant because debt to gdp looks less scary if it is bigger. enda: obviously, the common refrain on china's gdp is to say look at the political targets, no matter what is happening in the real economy growth will come in at the magic number. you have some pretty significant thing saying that china's data is more outdated, they're not capturing -- rishaad: if they had a bigger pie to start with, then it will be exponentially that much bigger. malcolm: it'll will be harder to eat out more growth. the growth that his hearty happened may not be available. eking out the next bit of mental growth -- incremental growth could help. rishaad: you cannot sustain double-digit growth forever.

straighting grows at a line, i'm just saying glib things here at the moment. enda: even if it is not growing at double-digit ace, it is much bigger than it was in 2010. has a slowed,owth it is a bigger economy. rishaa thank you very much. some oft a check and the other stories we're following today. malcolm and i would just talking but china's telecommunications business, they could now be taking their focus towards aerospace. reports that the engine assets will be run together under one entity. the plan is still in the initial stages. they're are looking to develop their own engines. or should i say, commercial jet. a boost from taiwan, the airways 10anning to take the 787

model, more than $8 billion for the wide bodied version. --was introduced into the 13 2013. volkswagen has been forced to make one of the biggest ever recalls. german lawmakers rejected their proposal for voluntary recalls. it could last be on 2016. let's have a look at sony, this stumbled in the smartphone race against the samsung at apple, in the game when it comes to online payments. the most popular payment method isn't samsung, or apples, right?

or indeed, alibaba? pavel: apple pay is barely one google wallet started in 2011, but sony has been around since 2004. they use the same technology, which is basically a chip that goes in the back of your phone that likes you -- let's you wave the headset. it was back to 1997 when they first introduced those chips for transit passes. they have sold more than 890 million. they're quite ubiquitous, you can see them in phones, groceries, gas stations, train stations, you get a sense for the phone here. rishaad: ok, but sony is way behind when it comes to smartphones, you mentioned way behind samsung, it is also behind apple. how can they make this a success?

: this is really focusing on asia, specifically southeast asia where smartphone penetration is very low. credit cards and bank cards are also quite a rare, so they are teaming up with local transit authorities like a railway company in jakarta, a city bus in hanoi and are betting that they use the cards to pay for your commute eventually the adoptnce will start to your technology and put the terminals there. rishaad: all right, the thing is, i had a guest is saying yesterday perhaps they will -- a devices is ale space they could get into. pavel: it is certainly an area that sony is looking at. they are still working out some kinks and are aligning their

platform to make it easier for manufacturers to use the technology. what they're proposing is certainly one where your wristband could be used as a wallet. even at a time when it can go , let's say payments the smartphone can act as an office id or a prince card as points card, as well as something else. rishaad: asian economies hitting the brakes. we will discuss why malaysia risks being left behind. ♪

>> the german chancellor angela

merkel says everyone must pay their fair share to solve the migrant crisis. eu leaders are meeting in attempts to restore order. it is the biggest refugee crisis center world war ii. for a said it wasn't fair small number of countries to have the majority of refugees. escalating clashes with palestinian protesters, troops have been deployed around israel with checkpoint set up an arab parts of eastern jerusalem. prime minister benjamin netanyahu said he is ready to meet the palestinian president to end the attack. the leading candidate for the presidency of the philippines are formally registered to run. the preferred successor is the , althoughecretary analysts say he is not popular with voters. holds dualval

citizenship and although she is leading in the polls critics question her qualifications. rishaad: malaysia could slide a loss the decade and be infected by the economic malaise hurting brazil. let's look at why. what is the biggest issue facing malaysia right now? >> the biggest issue in malaysia are just a loss of confidence in their market share and leadership. the prime minister is facing his own political challenges. it had 700 million dollars in accounts before 2013. there are allegations of financial irregularities in investment companies.

the government has been trying to boost confidence in its markets which is been made more difficult by the political scandals. rishaad: ok, then we mentioned brazil. what are the similarities? shamim: both are huge commodity producers. that is changing, and this just like the president in brazil is facing her own challenges amid scandal of corruption allegations. their oil company, it also involves construction companies. we're seeing credit default swaps in both countries. there are differences as well, including malaysia having a stronger budget balance compared to brazil. it has been luckier, it has a better credit rating.

foreign investors are not exactly pleased by the uncertainty, are they? shamim: no, they are not. we have seen just last quarter about 19 billion ringet exiting the bond markets as foreign investors -- we're seeing , notnies not reinvesting bringing in new investment. ok, the question has to be are they getting their house in order? what is the long-term risks? , asim: the long-term risk you mentioned earlier, they are not achieving their full potential, companies cannot as long as there is political uncertainty. we are seeing a lot of economies around the region coming up

strong like vietnam, myanmar, indonesia, there are companies there. great talking to you. up next, narrowing the gap come what can india due to narrow its trade deficit? you led to mom by -- mumbai right after this. ♪

♪ rishaad: welcome back to "trending business." we're looking at india, but a trade deficit now even bigger for imports. then i joined from mumbai. what is the state of international trade there?

>> before they are talking very quickly about the trade data exposed and it shrunk by nearly a quarter in september. of prime minister's goal boosting economic growth the manufacturing which is asia's driven by demand. the country has to focus on china. demand for imports of also weekend. imports fell really 25% in september -- nearly 25% in september. government indicating that they were unlikely to see pickups and exports anytime soon. relieved to were hear that the trade deficit has narrowed. oil imports have largely

declined. even if this dismal outlook is indicating for exports, we heard comments this morning in its that note, it has said there was compelling evidence of new investment cycles. this, despite the government continuing to open the market to gradually. some moves are being made by the government despite that they don't expect that the cycle don't pick up any time soon. that is contrasting with what was said on india earlier. thanks, have a great weekend. joining us from mumbai, let's look now at what is hot on social media. passwords,death to apparently is trending on twitter. if you thought it was a hassle to remember all of those numbers and letters,

-- --id: uppercase, and others, introduced inst their account key. what you can do is they send you a text message to your smartphone and you just have to press yes or no. then, you can get your identity and just access your e-mail to your desktop and other accounts by yahoo! that is been one of the issues, i will get to that with one of people have tweets sent out. people think more apps should do this. one person saying your account can be compromised if someone gains access to your device. lock ourme time, we do smartphones. people are saying this is more

secure because it is one step above traditional passwords. theysts are also saying same thing, but i guess it depends on how you look at it. i lock my smart phone, i think i am safe if i go with this. i just can't remember all of those different passwords. david: i guess the biometric piece is more secure. they will get a hold of it. we're going back to the future, rubber that movie with christopher lloyd and michael j fox? here they are present today in a toyota commercial talking about "back to the future." shery: how long has it been? a long time, but that was such a memorable movie, and they go forward to october 21, 2015. does that make you feel old? it does, for me.

this is what people are writing about on youtube about that video. there is a lot of promotion. pepsi was involved here. i'd watch want an entire movie about this. apparently the conversation really interesting even if it is an appetizer and. it is amazing how much is being done -- even if it is an advertisement. it is amazing how much is being done with product placement. if you look at a movie that everyone is seeing, and that they want to see made. shery: it is such a classic. david: do you have a fax machine? i do, but i don't have a phone line to plug it into. shery: that was a long time ago. back to you. rishaad: that is it for this friday edition of "trending business." stay tuned to "asia edga."

we will talk about reduced ambitions, china looking towards the end of the decade that it may lower its target for growth. this is bloomberg. ♪ we live in a pick and choose world.

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jim webb, we are still waiting for your fundraising numbers. were going to give you 10 minutes. we are going to give you two minutes. ♪ mark: first, the cache with a drawl, the presidential candidates have until the end of the day to show us how much money they have raised in the past three months. ben carson is up there with $20 million in q3. jeb bush, $13.3 million and ted