mark: i'm mark crumpton. you are watching "bloomberg technology." with less than a week to go before election day, hillary clinton's focuses on arizona, a reliably republican stronghold that could be in play. donald trump, who has been reinvigorated by the fbi review is in florida, a battleground state whose electoral votes could determine whether he wins the white house. the latest tracking poll has clinton and trump tied at 46%. for the first time, the survey indicates trumpet is it seen as more honest. among independent voters, the poll shows hillary clinton with a narrow edge. in a race involving third-party

candidates clinton leads 30% to , 27%. a senior russian diplomat is urging the next president to work with moscow to end the war in syria and defended russia's , military intervention as a fight against terrorism. thursday is decision day over a challenge of theresaay's authority to initiate the country's exit from the european union. that is according to a lawyer in the case that says a ruling is expected from a panel of senior judges in the morning. the prime minister wants to begin the process next march. global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. "bloomberg" is next.

emily: i'm emily chang and this technology. coming up, a wednesday earnings bonanza, facebook shares down more than 8%. are our expectations just too high? alibaba shrugged off china's slowing economy with another report of double-digit growth. how long can the world's biggest e-commerce economy defy estimates? fitbit shares take a 30% nosedive in after-hours despite a reasonable third-quarter earnings report. why investors are worried about the road ahead for the activity tracker. facebook shares dropping in after hours. the company reporting third-quarter revenue just over $7 billion from the same quarter last year. profit, $2.4 billion. the sixth straight quarterly revenue beat for facebook has increased sales over the last four quarters but it doesn't

seem to be enough to impress investors as the stock plunged. cory is here with me in the studio. what do you make of the stock performance here? our expectations for facebook unrealistic? cory: i think the expectations for a beat on a lot of metrics were high because facebook has done so well. this is a fantastic quarter for the company and fantastic year over year growth at that scale. there was not an acceleration of mobile revenues, maybe as a result of the sales. it was hard to find reasons. emily: it remained relatively flat, 84%. that it was a zero four years ago. cory: any number of statistics you look at, it's a fantastic report. james: i would agree it's a fantastic report, but i have to tell you that a quarter ago, we downgraded to neutral and

between you and i, i got a lot of heat for it. but the reason we downgraded is coming to fruition because the reason the stock is acting this way is when you look at it next year, the growth has been coming from ad load grows and engagement growth and user growth. users and engagement are growing nicely but the ad load will be stalling as we look into 2017 because you just don't have another platform like instagram, so it will get more difficult willessenger and whatsapp take more time than investors were hoping. emily: instagram at revenue growth now faster than the website is what the cfo of web -- facebook told us. we don't know a lot about the behind instagram's growth, but in general, they are

saying the growth has been broad-based. how effective would you say facebook is that this point? cory: one thing i would look at is the user value. you can see how much revenue they get for each service. yes, users use the service more and more. nearly two thirds of all users are on the service every single day. that is a very important metric. it is part of their regular lives. you can see the value of the user increasing dramatically. and 18 months ago, i think it was $4.25. for every single user on the site. that is an astounding number and one quarter. this service is not an immature business, yet it has yet to show the true seasonality and -- that an advertising business might show. it's still growing like a young company. emily: at the same time, they

continued to take a page from snapchat. now facebook says they are working on a camera first sharing option. take a listen to what mark zuckerberg said. >> in most social apps, a text box is still the way we share. soon we believe the camera will be the main way that we share. we are already testing this in our main of facebook app with a version with a camera that would create an effect for your photos and videos. in messenger we are testing new , camera and video features. we will be experimenting with more visual messaging tools over the next few months as well. emily: does that sound like snapchat? james: it sounds great, but it's not going to be easy to change behavior. look at digital payments. it is not taking off. the apple watch. watches are intuitive, but it's not taking off. video messaging versus text

based communication is a novel concept, but it is not easy. the bottom line is this -- i agree with cory. everything looks fantastic across the board, but when you look at it from an investment standpoint the street was , looking for $37 billion in revenue. unless you get 10% upside do -- revisions to your 2017 numbers, the stock is not going to move favorably. i think that's what you are seeing today. a good performance against a great performance expectation backdrop. emily: over a billion daily active users on mobile. world,on people in the the majority do not have the internet. at what point do we just reach a ceiling? cory: when we looked at this as an ipo, the things we said they needed to do is a need to get into mobile or get into china. or the numbers would not get better.

it fell gently over the first months. they figured out mobile, you've got 1.6 6 billion users. james' point, 84% successive quarters show the lack of improvement in terms of mobile revenues. still, maybe not more and not more being not enough from a wall street or business perspective. i think any of us would kill for these kinds of numbers. emily: with the rise of snapchat, we see facebook copy snapchat. does the coolness factor, into play at a certain point? i know you are cool, that is why i'm asking you this question. are you concerned facebook is not cool enough to sustain this growth over the next several years?

james: i don't think so. instagram is still incredibly popular. these are heavily used assets. -- apps. you go where the people are and the people are on facebook, so i'm not worried about the coolness factor. one point on engagement and potentially hitting a ceiling, if you look at the daily engagement rate, that's holding around 77% domestically and it seems we are not really creeping that much higher. the question is, are you as saturated as you can possibly be on the daily front in terms of users and then extrapolate that across the international market? cory: given that number in the u.s. overall, they had 66%. that would give you basis 1000 points improvement potentially across the rest of the world. it's interesting to look at

desktop only users. that is down to increasingly, 130 million. you have people using facebook on mobile and that's happening every single day. emily: as someone who is semi-cool what do you think , about that problem? [laughter] emily: reay -- cory: this nonsense about your mom is on facebook, so why would you want to be on facebook? the numbers clearly show that was not an issue. both of our moms are on facebook and it has its own use case scenario. there are different ways people use it. i think facebook has figured out and they are parsing the way users use the service and they are using it in the numbers. emily: thank you for joining us. another stock we are watching -- time warner, despite beating analyst estimates and boosting its full-year forecast, the

company saw just lukewarm reactions. investors remain skeptical about whether the company will get regulatory approval for its planned merger with at&t. $85 billion both presidential candidates and other washington lawmakers called on regulators to look at the deal closely to make sure it does not concentrate too much power over the media industry in one company's hand. still to come, what slowdown in the chinese economy alibaba , outperforms again with double-digit growth. how long will it last? shares of fitbit falling off a cliff after the latest earnings reports. we will tell you what went wrong, next. this is bloomberg. ♪ emily: continuing with tech

earnings shares, fitbit

collapsing, falling as much as 30% after the company released its third-quarter results. those numbers were roughly in line but investors are reacting to the forecast. fitbit sees adjusted earnings per share over the holiday quarter. the average estimate was $.75 a share. selina wang joins us from new york. why the dramatic cut to the forecast? guest: this was a seasonal business and they miss forecast forecast the holiday demand for this season. they said over and over on the earnings call that they had softer demand than they expected and they had a new product come out and said the transition from the first version to the second was the reason for a lot of weak demand. another interesting data point is the aipac region. they had a revenue drop of almost 50%. they said on the earnings call that they need to reevaluate their strategy and think about

how to better localize their marketing and really target users there. emily: is this outlook specific brand or something that spans the entire wearable universe? there are a ton of competitors out there that are doing slightly different things. but it seems enthusiasm around the space has waned. guest: some of the news is specific to fitbit in terms of their product cycle. overall wearables market has been expanding. the overall market grew about 25% year over year, but while it is growing, it's also getting more crowded. samsung,shown me -- apple on the high-end. you have newer entrants coming in all time and i think the use cases are still being driven out. it's unclear how long users are willing to trade these products for and how big this market can

get. emily: they say that xiaomi poses the biggest threat. they have the second biggest share. talk to me about how market share breaks down. guest: xiaomi comes in at number two, so they have a sizable lead, but the numbers in the aipac region show they are going to have a hard time succeeding in asia. they have a very compelling and that will be higher in the aipac region show they are going to have a hard time succeeding in asia. fit it is going to be higher end in the region. this is a company with global ambitions but they have been spending heavily on r&d and marketing and their demand could not keep up with the cost. that market share may shift in the coming quarters. emily: i want to turn to alibaba. which you also cover. be shrugging off concerns about a slowdown in a local economy, alibaba posting

earnings up from a year ago. up 55%, the company cited strength in the cloud services and e-commerce still by far its largest business. to discuss the takeaway is whose largest holding is alibaba. why is alibaba your biggest holding? kevin: our thesis is the emerging markets are just now getting the internet. they are getting it on mobile devices and the consumer is the real growth story. just as the mobile and internet has changed the way we consume, it is changing how emerging markets consume, china being the largest emerging market. it is the reason you see such incredible growth. 55% topline growth for a company the size of alibaba is extraordinary. you were reviewing facebook results and they grew at 55%.

there are not many companies the size of those two in the history of the world that can grow faster than 50% on an annuized basis. emily: there has been broader concern around growth in the chinese economy. i recently sat down with mike evans, president of alibaba. listen to what he had to say. guest: china is not in a bubble. the economy is slowing but not slow. the components of the economy are changing rapidly from investment in old industrial and manufacturing to services and consumption. emily: as someone who focuses on emerging markets, do the gdp growth numbers concern you at all? kevin: they don't concern me. they are slowing down and have been slowing down for a decade. they will continue to deck -- slow down, that is of the law of large numbers. but i think what was just said is absolutely right.

i don't think china is in a bubble. there might be pockets of overvaluation or excess, but this is a secular story. this is the emerging market consumer, the chinese consumer, it's a big deal. you are taking those consumers and giving them the internet on a smart phone and they are leapfrogging what we would think of as traditional consumption. they do not have the malls like we do. they don't have strip malls and the suvs to get to the strip mall. when you crash the emerging into low-costr smart phones, broadband internet access, and then local entrepreneurs, usually backed by u.s. venture capitalist investors, you get this incredible confluence of growth and the whole internet sector is growing at about 40%. the publicly traded companies, are at 45%. emily: breakdown the individual units from e-commerce to the cloud and how each fair individually. guest: e-commerce still has some

impressive growth. almost 50% in that core business. cloud computing is something all investors have been watching. it had triple digit growth as did the new digital and media entertainment unit. cloud computing still had some losses this quarter but given the rate of growth, analysts say it could become profitable in the coming quarter. core business still strong triple digit growth in some of , the faster growing businesses. emily: at the same time, alibaba is facing questions around transparency. they have been making efforts to make financials more transparent. they are concerned around single day and how they calculate revenue there. tell us what is going on there. guest: he did not give any details. that we are voluntarily cooperating with the sec on the accounting practices.

there is a whistleblower inside the company that is cooperating with alibaba and giving them information. they said they think that is completely false, not real news and we will come out when there , is real news. it was how they were accounting for their logistics and singles day. emily: transparency issues around chinese companies is not a new issue, but are these things you think about? kevin: i certainly think about them, they are in the news. i am not concerned about them much at all, to be frank with you. i think alibaba is a clean company and a well-managed company. one thing investors forget is that everything is relative. investing in markets is a risky proposition. one of the biggest risks in emerging markets is public governance.

look at petrobras, the giant brazilian, state-owned oil company. those companies have serious governance problems. all the chinese state owned enterprises, which dominate the market indexes about 30% of the , big emerging market etf's are in-state-owned enterprises where corruption and fraud are rampant and all you have to do is look at the headlines every day in brazil and you can see there is a lot of risk and corporate governance risk. i would say alibaba and the other emerging market internet companies backed by u.s. institutional investors have better corporate governance then you find on average. emily: singles day is now just a few days away. mike evans told me they are expecting more revenue than ever before. that is not a surprise. about the broader expectations for this day and how they will be accounting for

it, given the additional scrutiny. guest: it's not clear how they wiaccounting for this. i think we will be seeing that in the coming days and weeks. in your interview, mike evans said he expected the numbers to be even greater. something they are emphasizing, are all the lead up act to these. they have announced katy perry is one of their global ambassadors and they have a slew of celebrities that will be on stage during singles day. they have virtual-reality shopping they will be testing out and a fashion show where you can see what the models are wearing and buy this product -- those products ahead of time. they have rolled out many more products and games ahead of singles day so the minute the clock hits november 11, we will see the numbers skyrocket. emily: our bloomberg tech reporter and kevin carter, thank you so much.

another stock we are watching qualcomm shares down after hours , despite the chipmaker predicting sales growth. more on that story later this hour. a reminder, all episodes of bloomberg tech are live streaming on twitter. check us out weekdays p.m. in new york, 3:00 p.m. in san francisco. this is bloomberg. ♪ emily: let's turn to videogame

makers. take higher after reporting a two solid beat for second-quarter sales, adjusted revenue coming in well above estimates that more than $479 billion. take two cited strong sales of nba 2k and grand theft auto and boosted s full-year forecast. zynga, on the other hand, down after hours. daily active users falling by 5% from one year ago. the fourth-quarter revenue and the loss share forecast also missed estimates. zynga continues to transition away from desktop games played on facebook and is searching for

a new hit on mobile. coming up, we will dig into hours,ech mover after facebook and what the cfo says about the latest numbers. ♪ >> federal reserve officials

have given a nod to a ranked high while holding steady with in its seventh meeting. they only need further evidence that it is on track toward its goals. analysts say the decision technologies purchases toward the presidential election next week. policy has quietly turned in china. a steady increase in money market rates in recent weeks. policymakers have started to tighten selectively because china'so not --

benchmark interest rates have been on hold for more than a year. the investment firm behind krispy kreme doughnuts and jimmy choo is making a place in asia. a $1 billion offer to buy them. the all-cash offer represents a premium. the deal would also add other brands to the empire. global news 24 hours a day, powered by over 2600 journalists and analysts in over 120 countries. markets, we are seeing asian bond higher, the yen and gold higher. similar to what we saw on wall street. the likely hood -- the likelihood here.

see it coming atough, the pmi coming in 52.4. both above expectations. at .4%. seng is weaker weakness in the hong kong exchanges, down 1.5%. of the trade deficit narrows, due to higher commodity prices. , a now there is late trade down day in new zealand. also holding at a four-month low. we did see a little bit of one against the dollar following a downbeat day for the yuan. the philippines, down by 1.7%. japan closed today for a public holiday. watching this company.

rising, a 64% rise over the year, following its trading upbeat. a mixed move up for equities across asia. ♪ this is bloomberg technology i'm emily chang. after theprocess takeover process from skyworks solutions. according to people familiar with the matter -- if the deal happens, it would follow a slew of transactions in the rapidly consolidating semi conductor industry. joining me with the latest is ian king. you have been very busy. talk to us about what's going on with them in particular, what type of country this is. guest: this is a company based in southern california. it is unique, a bit of an

outlier, makes the chips that go into aircrafts, called hardened chips, so they are radiation safety. the good thing abt our business is long-term and high-margin, the bad thing is, no big ups and downs. emily: there's a history of attentional takeovers, but what kinds of companies do you think would be interested? guest: we have named sky works as one of the interested parties and they got into a bidding war. it you have another chipmaker, so what we're looking at now is that they are the one that is primarily interested. emily: is the thinking here these companies need to do play on the new field? guest: that is exactly it. the cost in the industry are only going up. fewer customers want them to do more and more. if you do not have the sales to generate the amount of cash you need to finance the rmb, profitability goes down in your vulnerable and that is what is

going on. broadcom chips are used in the iphone, the apple tv, the set-top ox. guest: he is pursuing the strategy of get big or die. he is out there buying as much as he possibly can. a big part of his business is networking within data centers. that googlething would use to send data around in their data centers. part of broca that google wouldde that he is isolated and will keep is part of that. emily: what is he keeping? guest: something called fiber channel, the kinds of chips that convert data into photons to send them on fiber optics. he wants to keep that in get rid of the more conventional networking business, the switches and routers the wi-fi , stuff.

, the: the ceo of brocade ceo is no slouch. what happens to him? guest: what happens to most people who sign on to work at the executive level is they end up looking for work elsewhere. he's good at consolidating and saving costs. that is normally his playbook. emily: qualcomm shares, fantastic. what is going on? guest: qualcomm had a good quarter and said everything in china is wonderful. they got paid for a lot of licensing. you're a member legal problems they had. when you look at what they are saying about the current quarter, they say it's going to be good again. china will be great again. however, they lost in the iphone and samsung had a problem with

one of its phones, as you know. and qualcomm was a big part of that. so the losses of orders of iphones in the galaxy was a big deal. emily: can the industry continue to consolidate at this pace and , do you expect it to? guest: my base has gone from 30 companies come on down to less than that. it is a fair observation. i had the ceo of another company in here as recently as yesterday saying the small to midsize , company, still plenty of room. emily: still lots in play. our bloomberg tech reporter thank you for breaking it down. ,back to our top tech story facebook shares dipping in , extended trading after the company reported better-than-expected earnings. sarah frier is joining us. she just got off the phone with facebook cfo, give us a highlights of what he had to say. sarah: this has been driven by incredible demand across all

geographies, all sectors. this is a very strong quarter for them. he said instagram started contributing to the growth. in fact, it has been growing faster than facebook, though thebook has contributed most to that revenue this quarter. you mentioned the shares went down, that had to do with comments he gave on the investor call when he said add load facebook was going to put in the new seed was going to not be increased next year in the middle of the year. so the revenues would be hit materially. emily: explain how that plays out in terms of what we see on the site. sarah: you how when you have an ad, it's mixed in with photos of babies and an article about trump? they do not want to add more ads, they want to keep the

newsfeed the way it is. adthe past, increasing the load has really increased revenues, including this quarter. told me this is been a quarter where there was a lot of growth. starting next year, they are not going to pull that lever anymore. you have to keep in mind of facebook has so many places it can grow. they haven't even started to monetize messenger or whatsapp or these other initiatives. oculus is very much in its early days. even despite the comments causing the stocks to go down, facebook has a lot of other things it can do in the future. emily: interesting comment about ad load, i wonder of this is a result of engagement trend and perhaps they don't want to impact any further at this point. he talked about video, saying video has been important and is important driver of time spent

an important for our advertisers. but i have to ask about these efforts to take snapchat and integrated into facebook. now they are working on a camera first way to share which is basically what snapchat is. what is your take? sarah: zuckerberg kicks off the earnings call saying that he believes that sharing through camera instead of text will be the future. there was an interesting tweet from a venture capitalist a week ago saying i wonder if there are , more people working on facebook then snapchat. it's really clear how much facebook respects snapchat and what they have done. they've added stories that it's basically a copy of what they have done where you add videos that disappear. they are doing this with the camera on the main app. they have been testing it in ireland. zuckerberg seems confident that they will roll it out broadly internationally. this is a big rivalry and

remember a few years ago, facebook tried to buy snapchat for $3 billion and was turned down. now, snapchat is preparing for an ipo of their own as early as next year. emily: do you think any of these impacted snapchat at all? sarah: it's hard to say because you are talking about the opportunities. both of these companies are growing so quickly. maybe snapchat would grow a little faster if it was not for instagram stories. maybe there is a slice of the market they could be attracting that they aren't because people are finding the opportunity with facebook. what we do know is these companies are the future of the growth and social media. we see twitter not growing so much anymore and snapchat and facebook are definitely being extremely competitive with one another despite the size difference. emily: sarah frier covers this -- facebook snapchat and

, twitter. thank you. competition in corporate messaging is heating up. microsoft unveiling a new app for the workplace. the new product will facilitate conversations in real time with voice and video conferencing. the move places the tech giant squarely against slack which welcomes the competition. slack ceo took out a full-page ad in the new york times to give microsoft some tongue-in-cheek advice saying the business is harder than it looks. coming up, toyota heading down the ridesharing road. we will break down there started -- the deal, next. ♪ emily: toyota is the latest

automaker to switch gears and rideshare, announcing a partnership with get around, a san francisco startup that allows car owners to rent their vehicles out when they are not in use. the program will start here in san francisco in january of 2017. the ceo explains how this partnership will work. >> we are partnering with toyota in two ways. one is on the technology side and one is on the finance side. it,simple way to think of you can walk into a toyota dealership and buy a car or finance or lease a car and pay for the car out of your earnings on get around it sharing platform. emily: i talked to you a couple of times over the years and you saw your first burst of publicity before uber and lyft

were anything. i am so curious how the business and your philosophy has evolved as ride sharing has taken off? guest: we see them as complementary. i think the shift you are seeing among consumers and companies like toyota is this move toward accessing transportation through the smartphone on demand. more and more people are moving to a world where they are living car-free and need access to mobility services. you can get around in a very complementary way. that is great for us. companies like uber and lift are changing how consumers use and consume transportation. emily: in a future of self driving cars, why what i want to own a car at all? guest: you have a choice. we are making it easy to own a car for free, integrating our technology with that of toyota

to make it that way right out of the factory. you could choose to own because you want a particular car or you -- you could rent the car and he gives much more power to the consumer. emily: elon musk says he is trying to do something similar. what do you make of his plan? guest: we love it. it is great to ce lawn -- see el on embracing car sharing that way. we have had tesla share on get around for over four years now. for us, it is validation that this is happening and it just going to happen faster and faster. emily: paint a picture for me. in five or 10 years, will people -- some won't want to have a car what sort of percentage do you , see?

guest: sometime, five to 10 years from now, sharing cars will be the predominant way people use of vehicle. the concept of everyone buying a car and using it themselves, with the technology advances, that is just going to go away. it does not make sense, it is not sustainable. we have 250 million cars in the u.s. and we use them 5% of the time. that's a massive waste of resources. technology is enabling consumers to be more resourceful. that trend will only accelerate. emily: how big a market is this? guest: it is the same as the ownership market. i think what you are seeing is a readjustment and re-fragmentation, i change out in the value chain of how you own and operate vehicles as an individual consumer. emily: uber just announcing a partnership with gm's maven and they are a major backer of uber rival, lyft. what can you tell us?

guest: it's a pilot program now, between uber and g.m. 90 days in , san francisco, but there is interest for the companies to work together more. general motors has been building out its own car sharing business called maven. ways to getfind cars out to consumers and companies like lyft and uber. emily: so you are not just competing with uber and tesla but also gm. what will truly differentiate get around from all these different options? guest: our model is fundamentally different. these are people's cars that they are sharing with other people, so we do not own the cars. at that is a big difference. we have been doing this for a number of years and we have developed quite a lot of unique technology and intellectual property in this space. that's one of the reasons toyota chose to work with get around.

they looked at all the partners globally and decided what we have developed and how we see the future, those things were aligned. that puts us in a unique position and we intend to continue innovating. emily: there are a ton of different automakers and ridesharing services. there are different permutations of how they serve customers. is there room for everyone or will there be some sort of consolidation? guest: it will probably be some consolidation. but at the same time, all these companies see the same trends that show what they are growing toward. a move to the city, a move away from car ownership. if those things happen and more people are living in cities and those cities are crowded and they do not want to deal with managing their own cars, you could see a number of successful players.

you take uber around the city but then you want to go out for a hike, you use a car share. there is room for multiple types of companies and players in this basis, especially if there is a movement culturally. emily: how do self driving cars fit into your vision for the future? future? guest: we welcome self driving technology. we anticipated this would happen eventually. maybe starting with a connected car and moving toward autonomous car, but that just makes our model more fluid. emily: do you see more people wanting to own a self driving car? or is the model for self driving , car ownership different than car ownership as we have known it? guest: i think car ownership will change but you will see individuals owning cars. you may see micro-entrepreneurs owning small fleets of cars and

large corporate owning large fleets of self driving cars. what you will find is the idea of everyone owning a car will change. i don't think it's going to depend on the pendulum swinging the entire way. emily: you are competing with some of the most boldfaced names in the industry. what is that like? guest: we look at ourselves and try to be better than we were the day before and continue to innovate. we feel get around is uniquely positioned in terms of what we offer. we have many users who use uber and own teslas and use get around. it's not that there's one market here. there are a lot of segments. it's about how you work together to enable this secular shift in mobility. we think that is a massive shift and there's a lot of room for a lot of to compete together in that space.

emily: thank you so much for joining us. eric newcomer thank you as well. coming up tomorrow, do not miss green party candidate, jill stein and her take on the presidential race with less than a week to go. this is bloomberg. ♪ emily: one story we are watching

amazon is said to be weighing a , bid for a stake in a dubai-based online retailer. this according to people familiar with the matter say the stake would be at least 30% of the company. it would give the company a value of $1.2 billion and would help amazon with its goal of expanding in the middle east. in other dealnews toyota and , mazda have discussed teaming up in 10 potential business areas including electric vehicles. and, connected cars. it's the latest indication japan's automakers will join forces with tech trends to shake up the industry. that does it for this edition of bloomberg technology. tomorrow, we are talking about fundraising and hacking in the election with crowd strike ceo, george kurtz. episodes of "bloomberg technology" are live streaming on twitter. this is bloomberg. ♪

♪ >> stocks trading near as seven-week low. they yen and gold. , the fedle nod telegraphing a possible hike. who we are about to get the latest snapshot of the major middle east economies. we bring you the emirates and pmi numbers as they break. >>