yesterday, nintendo also. we are still talking about this tailwind or headwind. every single technical indicator was telling you that.

techcrunch reporting that the game will be launched in japan. on a tie-injournal between mcdonald's japan and pokémon go. be a sponsor of the game in japan and making its restaurants key locations for game players. australian construction and 20%,eering stocks, down the most since 2004. asia is looking like this. it looks like a softer day.

it is not exactly off the cliff. market has been on its own path the last few weeks or so. liquidity is the main story across markets. acrossup valuations emerging and developed asia. given the week lead from wall street, stronger dollar, mixed earnings, this is what asia would look like for the rest of the day unless we get a major positive catalyst. data expected out of the asia-pacific. rishaad: i am avenue freeze on mf revising down global growth. has also revised down japan's growth as well. to sayd the imf have

about japan and the stronger yen? to boost theon japanese economy is neither useful nor necessary. they cut the growth forecast to , but did downplay the need for a weaker yen. they said it was challenging for japan to reach its inflation target and should use the available tools it has to boost the economy. they also pointed out wages and said some attention should be paid to the wage setting process. the imf chief economist says the calls for helicopter money shows the need for fiscal policy. >> it is a colorful med o metaphor, but it skewers the

problem, which is conventional bearing policy has been the entire burden of maintaining price expectations and supporting economic activity. without enough help from other government policies, for example structural or fiscal policies. lower forecaste globally comes after brexit and an overlay of risks in the economy. year, 3.4% this 2017. in a severe situation, it could fall to 2.8%, therefore important to remain confident among investors. imap had been the planning to upgrade the forecast. had been planning to

upgrade the forecast. china performing better than anticipated according to the imf. are they ignoring the weight of these bad loans? bighey said china has a impact loan issue and needs to set up efforts on credit issues. research hadtor of this to say about the loan issues. >> you have a big rebalancing task ahead. is in a sense punting on this score, an issue that will have to be addressed in the future. we may have to tolerate slower growth to ensure credit growth becomes more sustainable. >> he did say that the china outlook is better. that is largely on stimulus measures in the near term.

it is tuesday evening in cleveland, ohio, let's take you straight there. donald trump is speaking to the convention after being named officially the nominee. >> we will bring back our jobs. will rebuild our depleted military and take care of our great veterans. we are going to have strong borders. we will get rid of isis. we will restore law and order. we have to restore and quickly law and order among many and so many other things. i will be discussing with that thursday night talking all about it, but together most importantly we are going to make america great again. have a fantastic evening. i will see you tomorrow night. i was see on thursday night.

and we will win in november. thank you. [applause] trump of course securing that presidential nomination. indeed, we have that speech taking place at the moment. let's put this all into context here. tell me more here. we get this man here who is the official nominee. >> that is exactly right. it straight from the horse's mouth, donald trump is the united states. his son surrounded by his other children turned over the delegate votes from new york, making it official. the room interrupted in cheers. it is quite a moment for the party.

one was indecisive, bumbling, and messy with a last-ditch effort from the never trump movement. pence isng mate mike officially the nominee for vice president. donald trump just appearing now live video to make it official to thank everybody to praise his children and wife and say everyone will be hearing more from them on thursday. rishaad: we heard donald trump's and aesterday talking huge controversy surrounding plagiarism. how is that playing out there? huge has been a distraction for the trump campaign on day two of this convention. this was not how they wanted to spend the day.

controversy about whether his staff is up to speed, whether it has enough professional staff to understand how to vet speeches, make sure the candidate and his saying the things they showed and not using anybody else's word. s.\ i think the republican party and donald trump will move on. democrats have tried to carefully balance this because they don't want to kind of play it to hard and have it boomerang buthave a wave of sympathy, this is a stumble coming out of the gate when they wanted to be expressing unity and a ready for prime time showing. rishaad: let's move to the clinton campaign. we know who will be donald trump's running mate, but what about hillary clinton? know yet.t

we believe she has narrowed it down. her decision is just today's away. if she follows the model of past them across and donald trump, she will make that announcement before her convention starts next week, friday or perhaps saturday, and we believe she has narrowed it down to a few choices. it may be tim kaine from virginia. it may be a retired member of the military or a handful of other candidates, women, ,ispanics, a range of choices but all attention was shifted to secretary clinton's choice once she makes that in just a few days. that republican convention there. right, a more detailed look at him officially receiving the nomination later in the show. tweet us your thoughts at

@rishaadtv, include #trendingbusiness. bank of japan in a certain degree of hot water, a few signs of divisions there. let's have a look at that story. a call to japan's central bank from it's for mer chief economist, saying it should add stimulus in achieving its 2% inflation market. he says markets will lose trust if it remains bullish. the doj has declined to comment on his remarks. that havingoda said an inflation target is important to prove its commitment. as a be miller's board will meet board williller's meet.

fund managers have complained the $100 billion offer is less attractive following the recent plunge in town. it means its two biggest shareholders could get a sweeter deal than other investors. are theose upset children's investment fund. the deal was designed to soften the tax hit they would take from an all caps deal. microsoft has gained in extended trading in the u.s. after sales and profits topped estimates thanks to its cloud business. $22.6 billion fourth-quarter revenue with cloud platform doubling earnings. profit excluding certain items was $.69 a share above 58 since estimated. $1.1 billion in charges for the quarter related to redundancies

and the restructuring of the phone business. been on ashares have bit of a tear, up by over 13%. that is as the ceo change the company's focus to cloud and productivity services. rishaad: still to come on thending business", is party over for china, some losing interest. the imf says there is no need to devalue the yen. what do investors think of this? we have more with bank of america merrill lynch. ♪

rishaad: a quick check of business flash headlines. noble group said to quit power and natural gas trading in

europe i the end of the year. by the end of the year. has had a turbulent 18 45%hs due to stock falling on top of the 65% drop in 2015. japan mobile carriers could prove to be a bright spot with weak consumer confidence and a stronger yen. they are poised to report the highest quarterly profit in a decade. they are benefiting from the government telling them to cut handset subsidies. deciding to raise its bid for monsanto, monsanto saying it was it an adequate open to further

talks. revived talks over a potential alliance. forimf downplaying the need japan to weaken its currency to boost economic growth and inflation. thisetter to talk to about bank of america merrill lynch. it's a bit of a no-brainer, isn't it? angstnkfully this whole has died down, but a legitimate way to do this is through fiscal monetary easing and if the yen depreciates, so be it. rishaad: or appreciation. or appreciation. again, we think there could be more risk with appreciation

because we don't think the boj will deliver as much as the market is hoping for. they're economists saying they should start telling the truth. >> the problem is the constraints in terms of what can be done and what will be done. over time, maybe there is a case if the debt deflation in the world continues to grind and becomes burdensome, we have to think about monetary financing, and that is the legitimate thing to do in terms of alternate actions. the worst thing to do is be caught offguard without a plan. ishaad: the thing also here that nobody actually depreciates their currency then has a successful economy in the long run because there are so many cases of people devaluing for success, short-term advantages really. >> exactly. to purely appreciate the currency is not a root to

success. route to success. there is a case in terms of while we have serial interest rates, how are we going to get negative rates? how do we engineer that? had we keep inflation expectations up? as long as it's not the reason for the depreciation to allow or facilitate that move, so the classic example to bring it down to real terms would be the renminbi. we felt it should depreciate to provide china that degree of freedom in terms of policymaking and allow china to address with a lower trend growth rate and a higher debt situation. rishaad: let's talk about with -- about sterling. some of called the bull run over with. we are still in the dollar

bush camp. we still have sterling dollar at 1.25. by the end of this year. so to the degree that we have had pressure on -- clearly to the degree that brexit will have a detriment to impact on investment, but to be fair and terms of downward revision the imf forecast for the u.k. is a function that the global economy has not been doing that will either would. rishaad: they did it twice in the last 7-8 months. >> i think that has been a little generous. of thebeen because pernicious problem of debt inflation and debt overhang in the global economy. ,onetheless, in a certain sense brexit has added harm to injury and terms of -- particularly the

in 2017,ticle 50 leaving an extended time of uncertainty. rishaad: what about the euro? it has been relatively immune. do you think that is misplaced optimism? >> i think so. we have the italian referendum in october and so forth. the existential question over the european project will come to bear. at the same time, the dollar lifting higher, u.s. growth doing well, so on a function of differentials, we continue to see brighter prospects for the dollar rather than the euro. rishaad: thank you. the party over for china's tech startups? this is bloomberg. ♪

rishaad: this is "trending business". aina tech startups falling to three-year low. what is going on here? at the first few quarters, the fundraising for chinese-based entities only a fifth of what they raised the year before. a boom.ally experienced 79 unicornchina has companies worth more than $1 billion. that is coming to a hold as investors are growing worried. are notthese unicorns making money, and so investors are becoming very worried. is a bandwagon

effect when people pile into the startups. how does that compare with other parts of the world? china is finally catching up with the rest of the world. if you look at the u.s., high flyers have been laying off people. some companies have also had their valuations lowered by fund managers. , we are notat china saying the fund is drying up overnight, but they are becoming more cautious and looking at long-term progress and reverting back to basic metrics. rishaad: what is the advice startups are being given? >> one interesting piece of startups thatell at his 5-10 looking years down the road of decelerate a growth, negative interest rates, depreciating yuan, bad loans rising.

he sang be prepared to cut cost peoplesh -- cut people. ♪

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♪ rishaad: a look at our top stories. asian equities retreating on a worsening out look. leadingrials shares declines, crude holding below $45. makes corporate earnings, imf downgrading its forecast globally, including japan. numberst gaining after topped estimates down to cloud commuting -- computing. ceo has been changing focus

to cloud and product to the services as traditional software sales shrink. donald trump is officially the republican nominee for president. announcementthe has new york push them over the line. the nomination was almost guaranteed. anti-trump protest disrupted day one. let's get over to cleveland, ohio. paul ryan is addressing the convention. he is the most senior republican at the moment, commenting on unity for the republicans. get on the offensive and stay there. let's compete in every part of .he america every last vote matters. fellow republicans, let's see

this thing through. let's win this thing and show america are best and nothing less. thank you. thank you. and god bless. [applause] there we go. an appeal for unity from paul ryan. right, let's have a look at what is going on in hong kong. the market open in shanghai and the yuan in focus. david: interesting fixing out of china, dollar strength overnight, playing into the earnings from a lot of the banks in the u.s. the fixing came in below 6.70 even as the dollar strengthened. we did see me to strengthening in the offshore renminbi. some people may be caught off

guard with that fixing, coming in at 6.6946. some stock movers we are following, three names. the overall story when it comes to byd and others is china lifted the ownership cap. the motorcycle and battery making space. byd down, cutting it to hold from buy. china overseas, a function of half profit will double year on year. go, lenovo, media reporting that lenovo will be

developing a mobile game. ago, an analyst from china merchant securities said that it involves phones built to take advantage of augmented reality, the main appeal of pokémon go. just something to keep in mind. theceo raising his stake in company a few days ago, lifting sentiment. is mixed,l picture nothing exciting at the moment, equities mostly down, oil flat, tenure treasuries lower, and gold not seeing any bid, flat. asia looking like this after a fairly decent rally the past week and a half. as the bank of japan prepares for its policy meeting,

bankers come out with sharp criticism. jodie snyder has the latest out of tokyo. tell us more about what is being said here. the former executive director of the bank of japan in an interview said the central bank should ease at next week's ,eeting and offered criticism saying the bank should take the opportunity to correct what he are two, what he calls big lies made in recent statements. ,ommunication and expectation he is concerned about recent ng the 2%s involvib price target and unlimited policy room. he said it will need to start moving away from that 2%

inflation target and reaching it in two years. he says the bank should stop calling for breaching it during that time. the bank of japan declined to comment on his remarks. , whatd: tell me something does he want to happen at the meeting next week? yes, the end of next week. he wants to see two things, further easing, saying there are different several ways for that to occur, further expansion and tfs andes of e rates could be lowered. bankants to see the stop being so bullish with respect to that 2% inflation target. he says it is causing the markets to be less satisfied with the bank in terms of feing like th ar being too

2% inflation the target, so that is what he wants to see happen. some other economists and analysts feel there is a good chance the bank may use next week, so we will see more in that timeframe. ushaad: all right, do tell some of the comments the imf has been making about the yen. , i and i said there imf official- and said there was no need in terms yen to meet the growth and inflation targets. the official said basically the way to do that is to continue with the three arrows of abenomics, stimulus, and other things, and it would not be

useful or necessary to intervene with the yen. leave itright, let's at that at the moment. thank you very much indeed. moving at a long seeing what's going on in australia, shares in bhp billiton taking a hit, a mixed set of production numbers. paul allen is there. how do these numbers stack up? quarter wasurth millionr rio, 55.6 output, less than what the market was expecting. currently undertaking maintenance on its railways in western australia, saying it is the cause for the decline. ore-year output for iron 257 million tons, that also missingas men's -- estimates.

on the upside, you could say the iron ore price was up this year, so not so bad, but the stock taking a beating today, one of the worst performers on the a a sex so far --asx 200 so far. rishaad: it was a better picture for the company, wasn't it? paul: everything was a beat, including petroleum. is likely to decline next fiscal year. barrels to 210 million barrels. broadly on costs, the ceo andrew mckenzie saying they can create significant value through further cost reductions, but

other commodities bhp produces did do quite well, copper at beat, metallurgy and coal also at beat. it will take a 170 $5 million impairment on that cold business -- $175 million impairment on that coal business. the government has arrested 6000 people, suspended 20,000 judges, teachers, and academics, and taken dozens of broadcasters off the air. this is turkey. the mystic passengers rising 5.2% by cathay pacific customers rose 3.5%, biggest gains, market jumped 16%, oil firms shares decline market and not been spared their flat at the moment.

a lifetime ban from the banking industry to a former ubs trader for rigging currency benchmarks. he says he used electronic chat rooms to manipulate benchmarks. he has been helping u.s. prosecutors build similar cases and it is not clear if he has been granted criminal immunity. trade and china slumping equity markets, companies paying dividends. tell me about this. >> a lot of these smaller companies using stock dividends, tripling shares outstanding, giving investors more shares, and slicest dilutes up the pie, so there are many more pieces, but basically no cause to the company and no real value added for the shareholder because their stake is the same, however it has created this herd

mentality. west,ike stocks in the you have a bit of a pop up. 239 members have announced plans to double their outstanding shares. those shares on average since the listing of those stock toidends up 20%, compared dish in general composite, down 12% year to date. why not -- compared to the shin shenzhen composite. so why not? two companies to look at. guess where they announced they would do a 341 stock dividend?

one stock dividend. --ther company, allie maker allie maker, tripling its number of shares. 120 is the pe right now. company neither forecast any sizable increase in profits. is, is this entirely speculative? >> it is to a certain degree. like to have this added liquidity and the confidence that this is spansion will keep pace. -- this expansion will keep pace. are definitely risks in this herd mentality, which has

dominated in the retail market in china. 31%, but also down 15% the last couple of weeks. why? because the shenzhen stock exchange launched they probe. was more regulatory interest in potential manipulation of the shares and speculation. rishaad: thank you. we have to take a break. , but may be trouble ahead our next guest is sounding a note of warning. find out why next. ♪

the latest business flash headlines. top three bidders for yahoo! .ssets

yahoo! expected to hold a further selection round. india giving state back banks a , three pointtion $4 billion to contain risks. three point $4 billion to contain risks. the injection is 6% lower than last year. fox news chief said to be an negotiations to leave his job following allegations of sexual harassment. ued by of former anchor, saying she was fired for rejecting his sexual advances.

wealth management by uh and set record highs. wealth management evaluations are now at record highs. what is the thrust of your findings? >> we are showing the overall development post financial crisis. wealth management valuations 37% of thed a peak, sum of parts. is up from 16% a decade back. there are still sustained pressure on banking businesses. we are seeing some positive

results coming in. some uptick in client activity, more volatility helping rates but over allss, these businesses are subpar. violations,g high initial pressures as well, and it will be a challenge for the industry to deliver against expectations. rishaad: what has caused the perception and reality and the divorce between the two? thatat we see now is wealth management business has performed well on the back of growth. we have had asset growth in the range of 7% plus. all these things are changing at the moment. assumptions of 7% or 8%

annual growth in assets, but with the market is likely to deliver is closer to 5%. and a downturn scenario, closer to 0%. of $15 trillion between what the banks expect and what the market will deliver. that means banks get more aggressive in attracting new investments. at fee: if you look structures, they are under some severe pressure, aren't they? >> i think they are. take a balanced mandate delivering you possibly 4%. traditionally, some of the fee started at 180-200

basis points, shaving off 50% of performance. there is significant pressure coming in, more regulatory pressure as well. the overall impact will be an accelerated shift towards more passive products. rishaad: are we seeing the commoditization of certain elements? let's look at cash equities for instance. absolutely, very difficult for institutions to achieve the returns that investors expect. is highly costly, coming under pressure to monetize it, in europe driven by regulations, and that's what you are seeing in wealth management. it is a simple tool you put on top of it, provide basic allocation research, and that will commoditize quickly and you will not be able to try declines

on a sustained basis. rishaad: is it different in europe, america, and asia-pacific? >> in the u.s., more of the traditional brokerage model, but a larger share of the cost structure is flexible, so more adjustable to a potential downturn. 60%, 80%, depending on the business model, split between onshore and offshore, much higher fixed cost base, ing forill be challengi many institutions. in asia, local banks have benefited from the feeder channel from the commercial bank in retail bank and access to local markets, onshore presence because where the future would be an a share is increasingly onshore. rishaad: that's all the time we

have. we have to take a break. it is now official, republicans have picked donald trump is their presidential nominee. we will look at the buzz that it is generating online. ♪

she is addressing all the delegates there as donald trump became the official republican candidate for the presidency. >> no matter how big or small. i still keep all my report cards, some dating back to kindergarten, because i like to look back and see the sweet notes he wrote on each and every one of them, contrary to what you might expect from a person who places emphasis on results.

my dad often referred to the sentiments expressed by my not even focusing on the letter grades. donald trump has never done anything halfway, least of all is apparent. about my always asked family in georgia to make sure they are healthy and safe. my uncle served in vietnam, and might 97 your great-grandfather served in world war ii. [applause] i believe the measure of a person is revealed in their darkest times. for me, the measure of a parent is based on how they support and bolster you when you are down. a few years ago, some -- tohaad: all right, trying pump up her father's nomination.

you have been tweeting yourself and saying it's not often you get to talk about my little pony. >> let's get to the fact that trump is trending. that he isp saying so excited to be the republican nominee. saying,a tweet from him let's put america first. i will work hard and never let you down. hillary clinton not being supportive, saying the republican party platform is so hateful that you would think donald trump wrote hit it himself. -- wrote it himself. trump, her speech was similar to what we heard from michelle obama in 2008. famous quotes have been trending. one of the first ones said, i am welcome max. saying, my fellow

americans, asked not what copy and paste can do for you, but what you can do for copy and paste. pakistanthe former prime minister to talk about investment and opportunities, coming up. ♪ .

♪ rishaad: this is trending business. we are going to be in singapore. you is a look at what we are watching. sincet winning streak october. biggest news, pokemon-inspired record run. .rumps triumph secured presidential nomination, predict the victory in november.

telling delegates, we have to go all the way. toila casino resort wants challenge macao. shares jumped 8% in tokyo. follow me on twitter. use the all-important #. rice trading getting underway. a mixed bag, david. a theme. david: theme is waiting for the next big thing. havexactly so fast but we gotten to certain levels of valuation people are starting to worry inc. what will drive the equities. i think what really investors are looking at is in the u.s. and that is something we will be watching very closely short to