♪ >> china and the u.s. look ahead to toxic and rising tensions over protectionism and north korea. is off the agenda as finance ministers meet, but the u.s. yet to explain why america first will work. >> uber takes a new direction, the president said to quit among eight slew of controversies with the company. >> the battle with traditional cars is over, and suv has one. -- won.

>> it is past 9:00 a.m. in sydney this is daybreak a -- australia. the first major market at the start of this brand new trading week, and we are not getting much of a lead from wall street at all. ramy: not yet. it is 6:00 p.m. on new york. good to be with you. we will be looking at all of the action on wall street through the past week and how it will pay into the -- play into the asia-pacific trading day. with you guys and rex tillerson hanging out in north asia, it will be interesting. haidi: that is right. we have the g-20. a lot of action to pull over. -- mull over. the key phrase in the g-20 communique, interesting to see how that goes. let's get a recap of what happened on friday.

it was a lackluster session in the u.s. ramy: take a look at where we stood. the s&p and the doubt both down. -- the dow both down. they were down two days in a row. the nasdaq was unchanged. we have a couple earnings things on tap here. janet yellen will be speaking in washington dc. we did hear from her last week as well as the central bank. got that interest rate rise, see what all she had to add. haidi: that is right. a lot of analysts are looking at that. there is also a well-deserved breather. we had record high after record ofh and a time of -- ton risk events on the thing. we have had new zealand under way, a bit of a miss it comes to the work confidence numbers, less than expected, private numbers. futures in australia also a bit theer, 13 points lower for

close, the aussie dollar hanging in at the 77 handle, the dollar index now down for three consecutive sessions. a quick commodities check, gold looking pretty flat at the moment, wti low, under the $50 a barrel mark after russia's that is too early to duck about extending the cuts despite the sentiment being raised by the saudi energy minister. we have a bit of a downside when it comes to commodities as welfare let's get you caught up with first word news with rosalind chin in hong kong. rosalind: one of south korea's most powerful corporate families will be together for the first time in years later at this trial. the face charges including embezzlement and more in voting to a billion dollars. -- amounting to a quarter of a billion dollars. the latest opinion poll in france puts emmanuel macron in

equal first place ahead of first round. 26% support here. the famous for right leader, marine le pen. the left wing has the same backing as others on 12%. macron is seen as beating le pen in the second round. japan and russia beginning direct flights to allow former residents a chance to visit. discussed thehave development of the island, the northern territories in japan and southern islands injured russia. -- in russia. north korea claimed it has made a revolutionary breakthrough in space technology with a rocket engine. the leader was watching the test it was aend, saying great event of historic significance.

north korea is banned by the united nations from conducting long-range missile tests, but claimed this is for peaceful use. spendingnmentalist years fighting the rise of the suv, but the battle is all but over, and the suv has won. in australia, these vehicles overtook the passenger cars last month following a similar picture in the u.s. there the most sold in december and january. in china, the sales surged when 5% last year. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. thank you for that. paul is here to take a look at what is happening around the region today. we will start off in new zealand , talking about the largest construction company taking quite a hit. paul: it will take a fairly

hefty ride down to $50 million on a couple of major projects. they will not say which ones, but there is plenty to choose from. they have the contract for new zealand's largest building projects, a story building in auckland and convention center. there could be literally anything, but the earnings guidance has been downgraded to 420 and $450 million, u.s. i don't think the issues are systemic but primarily related to program and design challenge and a small number of major projects, but the shares taking a beating from new zealand, off 12% right now, listed in australia as well. down in newly zealand. in terms of politics, we know it has been pretty tough going for the federal government over the last few weeks, but there could be a ray of hope. paul: a ray of sunshine.

the polls in australia have been more accurate than other parts of the world. but the labour party still has a lead, 52%, to pretty preferred. liberals have narrowed that on 48. looking at the primary vote, the liberal party has a lead, 37 to 35 in the last poll, they were trailing. malcolm turnbull well out in front as preferred prime minister. this will no doubt make the prime minister feel good because it was poor polling numbers that prompted him to ask his predecessor -- oust his predecessor. be a trade could boost in store for australia as well with the primates -- chinese premier visiting. what are we expecting? paul: this is the highest level visit in china we have had since xi jinping visited in 2014, and that was to sign the free trade

agreement between the two countries. so this should iron out the wrinkles, and there are a few. barriers,behind the behind to the borders of barriers, some agricultural products in particular, chilled beef is a good example. chilled beef exports from australia to china worse is 2013 -- wereely in suspended completely in 2013 because of the competition. there are 10 factories in australia license to export this product to china, which the australian agricultural sector sees as a potential growth market for it. that might be one of the subjects up for discussion when he arrives. he gets here on wednesday. then he is here for the weekend. ramy: you will be busy then. thank you. and in the united states, the trump administration made its mark in germany, despite coming

ill prepared. the battery -- battle of brexit is going up. kathleen hays is here. first to the g-20 here, and what extent is this final communique really a win for the secretary of treasury? what a weekend. you had much more to do than watch mark redness. -- march madness. ramy: there was a lot of pushback. the person went over to germany to meet with his counterpart talking about trade and always issues for a long, long time. he is new to the secretary position, and all of the positions have not filled in. bloomberg news had already reported that the u.s. was going to get the g-20 to drop its anti-protection warning from its statement. the new statement includes this much water down sentence. we are working to strengthen the

contribution of trade to our economies. that is the most it could come together on. here is what the treasury secretary said about the u.s. position on trade. >> we believe in free trade. we are one of the largest gets in the world, one of the largest trading partners in the world. trade has been good for us and good for other people. having said that, we want to re-examine certain agreements. comments,in many apparently, at the event, the finance minister from germany said, he did not have a mandate to make any big negotiations. everybody seemed to understand on a similar news agency from china that the finance minister hin agreednd mr. mnuc on economic cooperation. everyone says, we have another summer coming up, they will have things straightened out. so you understand, something

about why the united states is pushing so hard, let's jump into bloomberg and look at 4785. it looks at the trade deficit for the united states, the blue shows the surplus in services. that is smaller than the large deficit that has gotten bigger for so many years. as of the white ours going down. that white line shows you the trade deficit, where it is now. it has been narrower. right now $42.5 billion. that is the story of angst the trump administration feels. this is what they are pushing back against. a few other stories, that america first policy is opening the door to e.u. and china trading. that is interesting. there is a lot involved in the air. it will be interesting to see why july where they are. the trump team on trade made it clear how like they want to do alateral stuff and still have trading system, free trading

system rather than the anti-protectionism stance. ramy: water finds the past -- path of least resistance. minister.k. prime theresa may also in focus because of her battle for the brexit. what is the latest? kathleen: this is not a unique -- a new story. that you will not have trade talks until the u.k. will take an exit half a sickly. they oh the e.u. money they say. it is about 60 billion euros. the u.k. is pushing back. i say, we don't agree. not because they are in a negotiating position. in the g-20 meetings in germany, the e.u. commissioner for economics and finance had this to say about the kind of deal the u.k. can expect in brexit. club,ng a member of the

and the british have invaded the club, have to be better than being out of the club. the situation after brexit cannot be as profitable, as good , the situation before brexit. kathleen: let's move ahead to something else bedeviling theresa may as she tries to figure out this brexit. this is from nicola sturgeon, of scotland, who said the scots need to have a referendum on independence again. they cannot wait three years as theresa may wants them to. they need to vote for the actual brexit. if the u.k. is going to leave, they want to have a say over how this works. sturgeon is pushing for a vote sometime after early 2019. the conservative party also wrapped up a two day conference. theresa may saying the scottish vote is bad for the u.k., bad for the scots, that for us all.

the latest survey showing 44% of scottish voters favoring independence. they may not want to vote, but almost half are saying give it a go. haidi: we have got a very, very busy calendar ahead when it comes to the global macro front. what are you looking at? seven fed speakers. if we did not get a lot from that rate hike and all of that last week, we will get more this week. janet yellen speaks thursday in washington. very,on monday, gilchrist who was the president of minneapolis, he speaks. charlie evans, also a voter on the fomc, and fringe candidates are debating on french television ahead on monday. prime minister abe from japan, angela merkel will talk trade in asia, and nicola sturgeon will start the movement to seek

section 30, which would allow solid -- scotland to go to the u.k. and leave the united kingdom. anotherahead, we got mention of the central bank on thursday, the reserve bank of new zealand. it is having its meeting. haidi: a lot of fed speak in particular. it will be moving the markets. thank you. still ahead, white china may not actually be working home prices as continuing to rise. ramy: china looks to australia as the u.s. turns more protectionist. we will see that more. this is bloomberg. ♪

♪ ramy: we are counting down to the sydney open, futures looking like this, down 0.2%. haidi: i am haidi lun in sydney.

ramy: i am ramy inocencio in new york, you are watching daybreak australia. the chinese premier will make his first trip to australia since taking office in 2013 on wednesday as part of efforts to promote free trade. tom mackenzie joins us for more on this. what are both sides hoping to get out of this trip? this is the most high-profile visit by a chinese leader since xi jinping visited in 2014, and both sides trying to transient -- championed free trade, push back against protectionism. we heard it from the chinese policymakers during the national people's congress. we heard it from mr. chang when he gave speech conferences, and the australians are concerned with push back against protectionism since the u.s.

pulled out of tpp. they will likely talk about the regional trade deal that china is championing. for the australians, they have always had this problem. the have the u.s., strategic interests that they have to salance with economic interest with their largest partner, which is china. stuff tol a lot of discuss. it is about championing trade. the other thing is australia is in the process of putting together its first white paper on foreign policy since 2003, international relations, diplomatic ties. it is likely the chinese will want to have some impact on the formation of that, and sure the chinese and the relationship plays an important role in that white paper. and we have the attention australia itself. itself, not to

mention logistics as well as australia. there are tensions and opportunities as the u.s. pulled back. it comes, asting you mentioned earlier, as the e.u., russell than beijing, look to strengthen their ties around trade. it has called for a trade deal with those sides, but a lot they need to work out as well, not to mention concerns and pensions, textiles. europe, australia,europe, austrl trying to -- [please stand by] a lot of unhappiness over the language of that communique. they are repositioning as the u.s. is shifting, going away from free trade. how is that playing out in china?

we took a trip down to southern china, guangdong, the manufacturing heartland of china. we went to a city called h uaijo. wages have increased, demand relatively flat, the raw material prices have gone up, but for many of them, shrunk -- trump has to be a threat. they are looking to move to places like myanmar and the it not. we spoke to taiwanese offices looking to move to other offices in the region. take a watch as to what we found out with this city in southern china. this scale isn this delicately coordinated deathly molten glass, -- blue pipes and more. it used to be used to be worth

it. it is now more expensive and cooling demand means profit going up in smoke. now they have to contend with new trade tensions. 90% of the glassware made in this factory ends up on shelves in places like home depot and lowe's in the u.s. any tariffs imposed by donald trump on chinese exports would kill business. town, past the hoax of shuttered factories, this person has made his decision. he will move his factory this year. the new u.s. president was the nail in the coffin. the uncertainty has been increasing ever since trump took office. we don't know what he is capable of war planning to do. if you take any further actions on controls or tariffs or businesses, more businesses will

be forced to leave china. tom: this factory which makes plastic casings used to employ 800 people. now there are just 50. and the neighboring city, 49,000 factories closed in 2015 alone. he says many taiwanese are now looking to move. >> it has become really challenging to operate a factory and manufacturing in the pearl river delta region because of the ever rising costs, especially the labor costs. china is steering away from low-end manufacturing. other countries will pick up the backbone. that means better jobs for the next generation here. these workers are on board. >> i certainly don't want my kid doing what i am doing now. i paid for him to go to university because i want to find a proper, decent job in the future. tom: the molding of the sector was long underway before trump

came to power. ,he policies are another capitalists fueling the change. up next, cathay pacific experiences antitrust turbulence. details ahead. this is bloomberg. ♪

♪ ramy: a quick check of the latest business flash headlines, deutsche bank expects to raise $8.5 billion after posting its new shares sale. is 690 million new shares at $12 a piece, 30% discount from the friday close. changes oned the march 5. the ceo reversed strategies after saying he did not want to cap shareholders.

this group is entering the cloud business by forming a partnership with ibm. ibm will introduce the one sentence -- computer services to the mainland, allowing chinese businesses to have access to cloud infrastructure and language services that allow consumers to talk to apps. other watson things are planned as it evolves. ramy: cathay pacific has been antitrustmillion for violations by the european union . it relates to cargo surcharge levels, which they say breached competition laws. they announced their first annual loss in eight years last year and say they will cut management level positions by 30%. it is reviewing the e.u. ruling. haidi: we will look at chinese home prices next. they are defying restrictions, the property code put in place in various cities, heating up in

february. not so good for the attempts to avoid an asset bubble crash in china. we will run through these numbers

♪ haidi: it is 9:30 a.m. in sydney, markets open in 30 minutes time. we are looking like a little bit of a lower open, down 0.2%, fx futures up 13 points from friday. i am haidi lun in sydney. inocencio in new york where it is 6:30 p.m. on sunday . now looking at first word news. rosalind: chancellor angela merkel and shinzo abe have called for a concerted effort to defend free trade. after merkel held what was and includes elusive -- and inconclusive talk with trump,

they say the market can be open and fair. they were's eating up the signal -- technology show. chinese home prices have moved in more cities despite increases on property restrictions for the 56%, compared with 45% in january. on friday, beijing raised down payment prices between 60% and 80%. cooper has confirmed as president is leaving the company. it follows a he had become tired of the growing number of controversies at the company ranging from allegations of sexual harassment to the behavior of the ceo. he joined less than a year ago. the company is facing a launch from alphabet for allegedly stealing secrets. hired as theborne evening standard newspaper has put about whether lawmakers can do that by having multiple jobs.

he has more than one paying position including an advisory role at black rock that pays him $800,000 a year for four days of work a month. some people want a review of parliament's rules. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. all right, a quick update on the markets. we are seeing a very down session to kick off the asian trading week in new zealand, off 0.3% with consumer confidence numbers missing the mark. that is putting a dent on trading. new zealand dollar trading holding. australia off a quarter of 1% on futures. the aussie dollar close at $77. we have three days of declines for the dollar index and aussie-qe. that will become the focus on the japanese yen, 112 is where

we are for the yen. the dollar weakness we have seen, that 10 year u.s. treasury, 2.5% right now, a reminder of how u.s. stocks closed, lackluster session on friday, s&p down 0.1%. let's get at look at what we are watching for as trading gets underway in asia. , not muchof the week of a lead from wall street, but a lot of fed speak coming up. >> it is interesting that move in new zealand. the market is open and falling quite a lot. that is around the local story about the profit forecast. downside, that is a big move. that will hold the index down. it is beating generally into the risk appetite, and i think some of that is following through from the u.s. people look at the rally, not

seeing a lot of risk. one place where outperformance is happening, six days of gains for emerging markets stocks. you might see some of that followthrough today. later on in the week, chinese companies coming up, tencent, those kind of big names. we will see more from the fundamental perspective. ramy: going into one of the more regional markets, it seems the stock market has been on a stellar run. what is giving it a boost, and does it have the energy to keep on going here? adam: yeah, if we jump into the bloomberg and look at this chart , which shows the outperformance in indonesia, both the emerging market index but also the broader equity space as a whole, we have been on quite a tear. we are up to a record in jakarta , and it was the best we can this year. a lot of that is behind some of this, which is built into prices

now here is the average earnings through 2018 is more than 20% in the indonesian markets. people are already pricing that .n, and the case is building the way emerging-market assets has been responding to what the fed has been doing, that is really coming out in indonesia. in addition to that, less aggressive tone from the fed, you have that good earnings growth in indonesia. now there are some concerns, and some people suggesting the gains we have seen are not supported by the fundamentals in the economy. that could be a problem, could mark a short-term cap in the indonesian index, but certainly that will be one market we are looking at for this week, given how those gains were last week. the jakarta, is at a high until 2015. thank you.

as we prepare to kick off the trading week on wall street, deutsche bank will be one of the stocks in the spotlight your the bank will raise 8.6 alien dollars from a capital increase starting this week. this as the lender seems to shore up its finances. su keenan is here with me to talk more about this. 1 -- su: one analyst is saying it is almost perfect, and is a regular point equity market. -- it is a rather buoyant equity market. you see your today it is up 5%, on the rebound, which makes clear why they are resorting to this. u.s. inse $8.6 billion euros, 687 million new shares, on pricing the shares this sunday, in line with what they said would be a 35% discount. the sales will run from march 31 to april 4.

shareholders can buy two new shares, and the ceo was initially opposed to this. the fourth, the fourth since 2010, but when they saw their share prices doubled from the september low, they were unable to find a buyer for your breaking -- banking. two of the largest shareholders, china's group and qatar's royal family, lining up by these shares. and in other news, waiting for another round of economic numbers to drop. what are we expecting? su: existing and new home sales as well as durable goods. it is a rather light week for data. let's go into the home sales. the existing home sales likely: february, and the limited listing, data out midweek, the new home sales seen as slightly

higher. it probably rose as consumers will invest in new equipment. that is a trend analysts will seen born out by this new data. we will hear from bmw, nike, and fedex. a move for data, but closely watched. haidi: absolutely. su keenan in new york. let's look at china, because house prices are defying gravity, or the curves. they are rising in more cities in february. sophie kamaruddin has the details. we had started to see a bit of an easing in the growth trajectory, but we are back at it. sophie: that was the case in january and we saw 45 cities marked higher price gains. that was the fewest number of cities in almost a year, but with february, we saw 56 of 76

register price gains. the biggest among those, bright beijing prices, rose 24%, shenzhen 14%. so new home prices rose 12.4% on a yearly basis, but on a monthly basis, flatter,. this suggests the property not having the bite as expected. you can see from the chart, 3881, that price will taper somewhat into this year. the power of policy has weakened somewhat. ramy: that is a great chart. to what extent does this renew fears of a property bubble? havee: policy figures shown they are more interested in clearing infantry from third and fourth tier cities and controlling bubbles.

there is a more relaxed approach to real estate as the central bank sees more -- mortgage lending slowing. , ande that home on support entire supply chain of developers constructing a firm in other places of the economy. as you can see on this chart, 4099, china home prices are climbing, but bad loans have tapered. the pboc did signal more property curves were forthcoming, and in the final draft of the work report, the excessiveontinue pricing in hot cities. and they also said the country would move to contain excessive credit -- but local will play a bigger role. they will take on financial policies. indicative of this on friday we thought the beijing city officials announced stricter rules on mortgages, the same for

cities like wenzhou when it comes to tightening measures. frustratingare policy makers, they are enjoying some windfall. you can see this chart 6117, chinese property stocks have rallied in hong kong with the likes of country garden. that is the line in white. likening thee front row sales, ahead of the curves by midyear. ramy: still defying gravity to a large degree. talking about real estate, thank you. tells usinto's boss how the company is adapting to changes in china. our interview with him. this is bloomberg. ♪

♪ welcome back.

i am ramy inocencio in new york. haidi: and i am haidi lun in sydney. you are watching daybreak australia. a quick check of the latest business flash headlines, india's a young a group is getting coal mining by 2020. begin after they it given approval, and then is expected as early as may. they will see power generation for 100 million indians and create 10,000 jobs in the land. china's biggest producer, profit. making a billion.e rose $6.3 they had flagged the increase in january. the government reduced production in order to revitalize the industry and curve overcapacity. disney's beauty and the

beast has roared to the top of the box office. it took in $170 million, a high for a family rated g or pg. the previous was finding dory, which was $135 million. it is the top opening and seventh best release all-time of any movie. rio tinto's chief executive -- ramy: rio tinto's chief executive has been in beijing. tom mackenzie caught up with him at the china development for an -- forum and talked about how they will adapt changes in china's economy. they asked if china proved any acquisitions. shows itk at m&a if it is firmly built and bots. smart is important. when i look at some of the recent transactions, in new york

city, or the name you mentioned, i look at this or more in the we realize it is a good source and unquestionable for the buyer. we will keep watching it, but is m&a on the top of the list? no. tom: we are talking to your lawmakers. what sense do you get from the demands of for iron ore this year from china? jean-sebastien: for iron ore, it is clear the chinese economy will change, that there is a clear push in order to reduce pollution, but that is not a bad thing for us and rio tinto. restructuring this industry does not mean output will be reduced. it will shut down the blast furnace. high cost, highly polluting, and concentrated production on larger stuff to get a similar output.

music to my ears. tom: how close would you focus on the property sector in china when drawing up your strategy? jean-sebastien: we look at the construction, we look at infrastructure, image data energy usage. say that what you are seeing, we are moving in the right direction. so we have plenty of access points in nation to the changing economy because we are supplying to both sides, copper, even diamonds. ,ew have issues with my product -- i am not concerned for this year. was the rio tinto ceo speaking to tom mackenzie in beijing. one feature on bloomberg we would like to draw your attention to is the tv function. you can find it at tv , and

you can watch us live and catch up with previous interviews and dive into any of the securities or bloomberg functions we talk about. you can become part of the conversation, send us instant messages during our shows. this is a service to bloomberg subscribers only. tv . a multimillion dollar australian pension fund looking to boost its bottom line as it goes away from local equities. banking andt building unions. they want to hire investors double to her strength. we have the corporate finance reporter tracking this story. there have been a lot of attention based in australia. why are they looking to beef up? reporter: melbourne-based industry fund is looking to diversify away from equities. as a result, they are looking to boost their infrastructure team, property team. it is a great way to save money in this environment.

so there is a record low yield everywhere, cutting costs, bringing management in-house. that is one way to do it. haidi: what should we be reading into the sign that they are diversifying from equities? 45% of their $30 billion portfolio is tied up on equities. that is a lot in one asset class, even though it is global. so they receive about $1.57 billion every year in money from members, and the need to put it to work. it is a big push to co-investments with other managers. so they are also looking to solve australia's home affordability problem. how are they going to do that? industry wherean the members are mostly into construction and building industry. it makes a lot of sense to them to think about how they can work

in this space. australia has a big housing affordability problem. they have some of the most in debt households in the world, so they are looking at ways to make socially affordable housing and many ways to do so. it is very early days. that is what the management said. ramy: corporate finance reporter, thank you for that. king of the road, we will look at what is giving suv sales boost. this is bloomberg. ♪

♪ haidi: i am haidi lun in sydney. ramy: i am ramy inocencio in new york, and you are watching daybreak australia. if you have ever resented suv drivers taking over the road and blocking your line of sight, you are not in the minority.

suv sales have overtaken passenger cars in australia and the u.s., and will be that way in china. david is with us. not so good news if you don't like suvs. shouldn't we all be driving teslas by now? it is strange, you go back 10 years, oil was on its , and the50 a barrel talk was able efficiency. wasthen the year of the suv in the late 90's, early 2000 when oil was cheaper. and this was a year of increasing mandates on dual economy -- fuel economy. this.ent trump published for those in europe and india, which is following europe's lead on a lot of these, and in china, there has been tax breaks for small engine cars last year and mandates to buy electric cars.

haidi: yeah, so what has happened to cause this revival? david: it is cultural terms. the was a bit of a slap on twitter earlier this year when a lot of conservative journalists were accusing liberal journalists of living in a bubble because they did not know anybody that drove pickup trucks. we see a lot of things with cars in this way. it is interesting and unified as well. what has happened is there have been fuel economy mandates, and carmakers have had to jump through those hoops. they created the new market. suvs used to be expensive and expensive to run. these phil -- fuel mandates have brought down the cost. if you look back, the u.s. department of energy, there has been control around that, the volkswagen diesel figures, but look at the 2015 honda crv, the

fuelst selling suv, it has -- better fuel economy than eight 2006 mini-cooper. about the same as a 2015 toyota camry. it is the story of regulation improving fuel economy and trading in the new market. haidi: or backfiring if you have someone caring about the environment. what does it mean? david: they are not by any stretch of the imagination, green cars. do better than 30 miles a gallon. there are about 200 small cars with hatchbacks the jeep fuel economy, and the chevy is 120 miles equivalent. having said that, there has been a real improvement in technology, and it is a demonstration that although the carmakers did not like the mandate, jumping through them in the long run, at the long -- moment, they are spending a lot

of money to perfect electric cars, and which they are not making money. there is a hopeful lesson. it is innovating and improving technology can be a good thing for carmakers in the long run. even if you don't like the process. haidi: all right, the positive take. that is it for daybreak australia this morning, but yvonne and remy are hanging around with daybreak australia. with look at what is coming up. yvonne, you are focusing on latte group again. that is right, the awkward family reunion in south korea. the family from the latte group, they will be the first time seen together in years. as you know, they have been indicted back in october on charges including embezzlement, and they are facing chart is on whether they have been involved in white collar crime. this is second separate --

separate from the impeachment scandal, but a family reunion like this is quite rare with the chin family. the father was looking for control of the business, the daughter was indicted back in january, and this bitter power struggle we have seen between the two sons. the outcome of this trial could really scale between the sibling rivalry. haidi: talk about awkward family reunions. we are having a debriefing of the visit to asia by tillerson. have the senior file joining us -- fellow joining us here in sydney. of this is really a case where the u.s. stance when it comes to north korea. there has been a lot of criticism that tillerson is softening his stance towards china, a lot of criticism that he has gone too far. ramy: and we look at the market open, securities, head of research eric lu joining us.

he will talk about the contrary in view with them asian market. that is coming up shortly.

♪ >> trade tops the agenda as finance ministers meat. et. u.s. look ahead to talks amid rising tensions over protectionism and korea. >> deutsche bank plans to raise $8 billion to boost growth. >> a rare reunion for the korean lotte family. >>