♪ haidi: opec says it has seen progress in rebalancing the oil market. officials in the global glut is slowly draining away. yvonne: president trump has words for china, if you don't start out north korea, america will alone. -- beatinga to be estimates as the countdown to the launch of the new model three in the summer. yvonne: why cryptic messaging apps are becoming a major headache for wall street. haidi: hello from sydney where it is just past 8:00 a.m., this

is daybreak australia. we are two hours from the first major market open and the start of a brand-new quarter. yvonne: it is after 6:00 p.m. here sunday in new york. we will be looking at how all of the action in wall street will play into the asia-pacific trading day, and just a reminder of where we closed friday, while you were enjoying your weekend, the markets were still on board. you can see we closed pretty low. you saw a significant drop in the last hour of trade reflecting the nervousness of the market amidst all of the economiccal but also events, the s&p down 0.2%, the points,ed -- fell 65 off 0.3%. this week will be another big one in the u.s. and around the world. you are mentioning how we are awaiting the meeting of president trump and xi jinping,

but jobs numbers will be out on friday. this is for the month of march. i want to take a step back. no april fools here on how far we have come down in our jobless rate. if you look at this, it reflects actual jobless claims which people say is a real-time look at the jobs market. you can see that from the beginning at that peak, the beginning of president obama's presidency. you see how far jobless claims have fallen. we are at multi-decade lows. i guess the question for president trump is, are we going to see that stabilized fall further, or even pick up, and if it does, what does that mean for his policies? we are at an inflection point in the jobs market. haidi: and what does it mean for the fed as well? we are kicking off this weekend and new quarter, and there is something for everyone. you have the first meeting

between the heads of state of the largest economies on thursday. you also have geopolitical six -- geopolitics in europe. fed, we have fomc minutes and fed speak to give more insight into policymakers thoughts. in asia we have the central banks reporting, australia tomorrow, expected to hold. and also the reserve bank of india expected to keep rates steady. this is the early asia session, new zealand up 0.4%, the kiwi of flat. kind we are looking at indicators with asian futures. sydney is expected to open 0.1% from the friday close, the aussie dollar 76.31. we will see returned to volatility given how quiet last quarter was. gold looking like this, down, but give eti crude holding above -- wti crude holding above $50.

we had a message from the secretary-general saying there are signs that we are restoring balance in the market. when -- iron ore is down 2%. let's get the first word news with rosalind chin. rosalind: more on what mohammed barkindo has been saying, the opec cuts are working, the oil market starting to work. there has been a global glut, and the restrictions are to be extended when they end in june. the secretary-general said he was cautiously optimistic that would start to fall, and oil prices would rise. tesla has beaten estimates for fourth-quarter deliveries as they will start model three production in july. it has sold 20,000 cars in the 56,000onths from march, in the first half of the year. tesla shares up almost 30% this year thanks to anticipation of

the model three and the news tesla has taken a 5% stake. china's central bank raised interest rates on loans aimed mainly at small and medium sized institutions. they raised the rates over the facility loans 20 basis points to 3.3%. a stable economy and rising prices have given scope to tightening policy in order to keep up with the fed. staying in china, it has seen the most copper it -- corporate bond results ever, failing with nine unsure bonds this year. that is compared to 29 for all of last year. were thehe defaulters heavy industry and construction, and policymakers attempted to reduce liquidity, avoiding casualties. rio tinto's aluminum operations are looking at a volatile time.

told they hadbeen been ordered cuts to steel and aluminum outputs in is nearly as -- in as many as 100 million cities. they could see a 28% price gain over the past year. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. thanks for that. paul is with me now to look at news around the region today and in australia in particular. we are waiting for tax reforms from president trump, but in australia, they are on the way. paul: the government managed to get kind of its tax plans through the house on friday. they wanted to cut the corporate tax rate from 30% to 25% over the next 10 years, but when you have the one seat majority in the lower house and none at all in the senate, it is hard to compromise.

we had the immediate reduction of the camp -- company tax rate to 27.5%. over the next three years, it will be extended to companies with revenues of below $50 million. a partial win for the treasurer, but he said this is stage one. they might try again before the 2019 election. he points out two thirds of the measures of the last budget are now law, and the next budget is due soon. haidi: in terms of stocks you are watching today, we are looking at job cuts in this logistics company. paul: they are no longer listed in australia since they were bought by the chimpanzees -- by japanese. in 2016, ands fell japan nearly doubled. the director said they will cut operational divisions from five to three. to adapt toll is going

quickly. it is a tough decision but one not taken lightly. a tough time. julie: before we -- betty: we have to mention australia's best-performing stock. it is vegemite. the company that owns vegemite. in january they acquired vegemite and a bunch of other brands. nobody cares about those. vegemite is the one that makes the headlines. let's take a look at the chart you will see chart all day. back in january, when that deal was made, the big jump up for a cheese, then- bega they sold an infant form of the finishing project for $150 million australian. this is the broader asx. so they are up 50% compared to

the wider index. betty: nobody in the u.s. even knows what that is. i only know because i used to live in hong kong. it is such a sticky, people who grow up on it love it, and my kids do. when i used to send them to school with vegemite sandwiches, everyone thought it was the most disgusting thing in the world. i just told them in australia -- haidi: it is a very divisive topic. you are either with it or against it. the secret is in brevity, to not eat a lot. it is an acquired taste. paul: my cat would disagree. more is better as far as the cat is concerned. this is the only kind of sandwich the dog will eat as well. haidi: very patriotic, paul. julie: you cannot argue with his cap. plenty to talk about on

bloomberg television. we will look ahead to what is happening, including what to expect from the annual letter with the corporate m&a, and financial author bill:, joining us at 7:10 a.m. hong kong time - this personve joining us at 40 past 7:00 hong kong time to get his insights on business sentiments and whether that will lead to more investment in japan. we have a controversial economist who is uncomfortably -- uncovering uncomfortable truths about china. betty: president trump and his counterpart get ready for their first of face-to-face meeting. we will talk about what is at stake. this is bloomberg. ♪

♪

haidi: we are counting down to the sydney open in just under two minutes, futures pointing to a positive open with a weaker lead from wall street on friday. i'm haidi lun in sydney. betty: i am betty liu in new york, you are watching daybreak australia. a quick check of the business flash headlines at this hour, credit suisse is facing a new tax evasion and money-laundering investigation spanning five countries. they have arrested two people and are looking into dozens of others accused of concealing thousands of euros in swiss accounts. investigation has surprised not only the bank but also swiss authorities. san miguel's president said the company will invest $34 billion in heavy industry. they say the money will go into an oil refinery and integrated

steel complex and ocean-powered powerplant. year would rise 20% this to about $1.2 billion. yvonne: kobani -- konami willi -- participate in japan's gambling only if it is as strict as those in look las vegas. they would participate in events other than gambling. people can easily lose their would walknd konami away if the rules are too low's -- loose. haidi: take a look at what is boosting demand. this is bloomberg. ♪

♪ i am haidi lun in sydney. betty: i am betty liu in new

york, you are watching deborah kostroun. we mentioned topping delivery toppings for tesla 2016. ramy inocencio has the details on this. i'm good quarter for tesla. ramy: they were hoping they would hit the 25,000 mark for the first quarter, and they did. 25,000 was the forecast survey by three analysts of bloomberg, suite beat it -- so we beat it. theill be looking ahead to monday trade, because we will see if there is any stock match it -- start market reaction. but your today, tesla shares have surged 30% just year to date. this is on the back of a lot of good things happening for them, even since december, december 2, four months away.

it is a 53% from the long run. let's walk through some of the milestone events that have happened over the past three months or so. january 4, the huge dig a factory that produces a lot of the batteries, potentially all the batteries, came online, and in february, they reported a smaller quarterly loss. elon musk came out saying this july, the model three would start to go into production. in late march, a few days ago, a heard tencent revealed passive state of $1.8 billion. and today we saw first quarter deliveries did beat. with go to the bloomberg, because i want to show you one of my favorite functions. this is the anr. hold,is buy, yellow is

red is sell. areanalyst recommendations just about 260 or so, the stock price has actually risen above that. you can see whether this is overpriced or not, but we are seeing 30% year to date and 53% in the past four months. looks like for now, investors are still being published. haidi: tesla has got a pretty ambitious goal line forward, 500,000 cars by 2018. the goal? ramy: looking at how they have already performed over the last quarter, they have made 2000 cars every single week. by the end of the year, they hope to have 5000. by 2018, they want -- 52 weeks in the year -- they want 10,000 cars being produced and that is a massive undertaking. but they will be relying on one

big thing which has been a supply bottleneck. they have a gig a factory in the state of nevada east of reno. this will be the biggest factory when it totally comes online. it is partially online now. there it is. it makes batteries for energy storage products, and when the model three gets up and running this july, it will be producing batteries for that as well. other companies rely on the likes of lg and samsung, but when they have this whole entire supply chain, they could do it. 2018 is a far cry away, so we will look ahead to that. betty: thank you so much. one stocks to watch with the trade that opens here in new york tomorrow. something else we are watching, china's president xi jinping going to meet with his u.s. counterpart, president donald trump, in florida.

it is their first encounter since they are seeking comment great with -- ground with trade and north korea. this man is joining us from connecticut. and we have daniel massi, the economic executive editor. you are here in the studio, let's start with you. is this going to be a case or you have seen a lot of tough talk, a lot of big words used by the white house, but the brandishing of a small stick? daniel it is inconceivable or should be that either side wants this to go badly. this is pretty much part of a pattern that has emerged where the things that could be done, the administration said it would disrupt the global economic order, it has not

really done that. this is the famous manipulator report. and you look at the criteria treasuries used in the past, china is not a manipulator. why would they want to bring it china a manipulator so soon after the summit, unless it goes badly? how is that in anyone's interest? betty: it doesn't seem to be, though president trump has supporters behind him who want that to happen and are against what they see china as eating up their jobs and the economy. let me bring in stephen roach. what kind of progress you think will be made at this meeting, and will it be a lot friendlier than what it seems at the outset? depends well yeah, it on which donald trump shows up in mar-a-lago. if it is the donald trump of the campaign trail, who tweeted last

week about a meeting he does not think will be an easy meeting, he will be very tough on trade, because he views -- mistakenly in my view -- that the outsized trade deficit between the u.s. and china represents the single greatest threat to american jobs and to a once dynamic and document -- dominant manufacturing sector. if he is true to that, he has to be tough in pushing for concessions on a number of fronts, none of which president xi is prepared to give. decidesther hand, trump that he needs to cut a deal, that is what the art of the deal , that he willests talk out of the other side of his mouth and play for more of a conciliatory side.

anybody's guess which side he will wake up on next week. daniel: do you have the impression that parallels this, there is a tussle in the administration with people like peter navarro and then steve mnuchin on the other who sound like they want to pursue a more mainstream trade policy? nowhen: we have heard that for several weeks if not longer. hawk, the author of like book called death by china is very much aligned with steve bannon, the strategist, to get on china. the other guys on the other side of the debate are much more looking for a more workable relationship.

the president is very much predisposed to than the verio -- navarro-bn in point of view. it is anyone's guess how this plays out in the white house. betty: i want to bring up this quote from the weekend. you as well.oes to he said, if china will not stall north korea, we will. that is all i am telling you. i don't have to say anymore. what is your interpretation? have you feel? -- how do you feel about that? stephen: he is expressing the views of the party talks in which china has played an important role have gotten nowhere, and relying on china to korea, theorth

country has enough them -- enormous economic leveraging. either china steps up and puts more pressure on north korea, or the u.s. is going to take matters into its own hands, and tillerson has said on the record, this would include all options, which is codewords for military strikes. haidi: you have written that there seems to be a realization by parts of beijing there is a real vacuum when it comes to the global leadership, and is abrupt as opposed to glacial pace. you are hearing this kind of language from president xi, the champion of free trade, globalization. ready to step up and that leadership role? stephen: i don't. china the story, i was in a few weeks ago, there is a lot of chatter about that in china,

but global leadership begins at home. china has a lot of issues it needs to address in its domestic reform agenda, the restructuring and if it tries to stretch its wings globally without having really addressed domestic issues, that is a classic case of what historians have called him. overreach, and is unlikely to work. it could -- have called imperial overreach, and is unlikely to work. seconds here,ew what will be seen as a win this week? daniel: it might be what does not timeout. we have seen this pattern where if you look at the international trading environment, the only hard-core thing the administration has done to

disrupt control from tpp, which had not been ratified, it might be what is not said. betty: not what is. thank you so much. we will be back.

♪ here, it is 8:30 a.m. rainy, gloomy, winter is almost here. we have a little bit of sunshine when it comes to futures. i'm haidi lun in sydney. betty: it was a sunny day finally in new york. i am betty lynn in new york, where it is 6:30. get the first word news with rosalind chin. , mark,d: the opec head barkindo -- mohammed barkindo said the global glut is working. people are calling for restrictions to be extended when they end in june. speaking about that, or kendo

said he was cut -- barkindo said he was optimistic. south africa's new finance minister says he will push for economic growth while speaking to the spending framework already in place. he took over last week after president zuma dumped his successor after months of sparring. bank stocks have tumbled, and randait for it biggest -- wait for its biggest slide. particular, at the hands of that collective is to restore confidence, to restore stakeholdersre our that we collectively possess requested political and expert

sensibility to perform on the task that we have been assigned. rosalind: scotland's first minister said her timetable for a second referendum for independence from the u.k. is the right one, and she will the pushing for a vote. dateand will not discuss a while brexit negotiations are underway. this isturgeon said untenable. >> i don't think the position of the prime minister appears to be to stand in the way of the will of the scottish parliament. i seek to discuss this with the u.k., but the will of the scottish parliament can be and must be listened to. rosalind: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. let's get a quick update on the markets.

in new zealand, trading is underway. we have slipped into negative territory, down 0.1%, the kiwi dollar's flat. holding on to gains, but a slightly weaker hand over from session, fx sessions up 10%, the aussie dollar up to 76.35. the japanese yen, looking at business sentiment in a little while. the yen is 111, and we will take a look at the u.s. 10-year yield under 2.4%. a reminder of how stocks went down a quarter of 1% on friday. let's get more on what we should march -- watch with out of. -- with adam. everything,it of fed minutes, asian countries, geopolitics. reporter: there is plenty this week, and you nailed it on the last point, because the meeting

of xi jinping and donald trump will be the highlight of the week. but we have the job report out of the u.s. on friday. there is a lot of big macroeconomic events traders will be getting their head around this week. we have come off a big quarter for stocks. the dollar is hanging around on the 200 day moving average, having come off the january peak, so there is plenty of currency trying to take a direction for the u.s. dollar. but i think we will start largely up in stocks, not too much of a positive sentiment, but a little move higher at the open. the euro is higher as well, had a bad week last week. there is this gap of opinion on u.s. interest rate hikes. bond traders are expecting fewer cuts here and what is the outlook, and what about the diversions of the bond market?

-- divergence of the bond market? adam: if you look at this chart, it is really interesting. it shows the fed's inflation measure, the preferred measure, roughly 2%. and the breakeven, the bond market prices, just coming off in the last two weeks. we saw that manifest itself last week in a lot of the fed speakers, more of which we will be hearing from this week. dudley is in the camp of three moves further this year, that is probably where the bond market are largely positioned. we have williams leaning towards four, but it is a key inflection point between what the bond market and traders are expecting, given where the fed's stockpile is, and really this week, so many more fed speakers

talking. they will hang on every word. betty: that is exactly what the markets have been doing with the fed speakers. thank you so much, adam haigh looking at the week ahead. and the latest job data, auto sales, stocks, the ghost car retailer carmax -- used to carmi taylor carmax -- they are grabbing the attention of professional investors. talk first about carmax and what to watch out for. several companies reporting earnings, and it is also in the arelight because auto loans often considered to be the new subprime short, if you will, subprime auto loans. carmax down 8% year to date, the beons saying that it could pinched.

it is risky loans. carmax auto finance contributes 40% of the operating income. the economy is less friendly to used car buyers lately, bankruptcies have picked up, but it could be that the underserved carmax will report. , credit suisse down on friday. it was surprised as everyone else with a five country money laundering investigation. pressure,lso under could continue to be under the week. they are accused of providing free drugs to doctors in exchange for prescribing drugs for medicare, considered a no-no. or more could get 20% because of the healthy economy and rebound in real estate. betty: let's stay with the auto

industry. we have auto sales out, not to mention the other big news, the jobs data. what we heardlike from the last reporter. we have 55,000, wage growth also up. there is a lot of focus on the fed data points. that is a big one. if we go to 66 23, interesting to note these are initial jobless claims over several different presidencies. on the far right, they are the lowest in decades. trump will probably take credit for that. the broaderlook at picture. obama inherited a negative situation from bush. you can expect trump to run away with the headline. manufacturing is a big report that will be out, likely cooled in the past month, but february growth was the hottest in 2014, so that is not a negative.

autos, a drop in sales. strong gains are expected for gm, and incentives likely have continued. that is good week -- what could be keeping sales in line with estimates. haidi: when it comes to oil, it is a question of direction, because we ended friday with the biggest weekly gain of the year, but where do we go now? su: top 5% in the past week. back above $50 after what had been a bit of a dip. oil reiterated support from trim supply, the perks are balancing the market. the weekly survey, bloomberg survey of analysts, shows 48% believe it will be higher over the next week, but there is a lot that are neutral right now. we have national refineries the did not move much, the let's go

to the bloomberg one more time. what we have here is a chart that shows 7302 if you are playing along at home, that lower inventory. the blue line is the one your curve, white is the rising supply. the non-opec in producers will improve, that will extend production cuts, and that does signal a lower price. haidi: thank you for that, su keenan. we will hear from a chinese economist who says beijing is not doing enough to lower income inequality. our interview with the resident -- professor. this is bloomberg. ♪

♪ haidi: i am haidi lun in sydney. betty: i am betty liu in new york, you are watching daybreak australia. headlines, toshiba

is set to receive bids for its chip unit worth $18 billion. the highest offer is 100% of the business, and the bidders include individual companies and groups. toshiba executives say there were no japanese bidders in the first round, the they may join later. aprila may miss its earnings deadline. haidi: hong kong's richest man is expanding his presence in canada with the purchase of home comfort. they $2.1 billion u.s. for assuming the debt. withnce has been working current manage -- is related in ontario. betty: a surprise winner of the north american box office, the boss baby starring alec baldwin ink yet $39 million -- took

$49 million. off beauty and the beast. ghost in the shell was below forecast. investors are looking ahead to a highly controversial report on households in china. some say the study would be less by -- led by a professor that people thinkhe way about economy. tom mackenzie spoke to the economist. the income equality is actually really bad for chinese economy, not for instability, but for china's economy. china, china's government, has done not enough, not sufficiently to help by transfer income to the poor. i give you statistics, that is 14% of chinese government

spending are used as transfers. united states number is 36%. tom: what have you learned about asset allocation, where chinese families put their money? gan: it is healthy. overall, average assets, the in chinan your asset is 70%. in the u.s. it is 36% as a reference. it is a huge number. and looking at shanghai or beijing, 85% of your total assets are in housing. unbalanced. very tom: is the government data becoming more trustworthy? gan: i think they are. i think there is, they have been changing. the problem is they are not as reliable.

the problem is they don't release the detailed data. i don't think it would change -- they do this intentionally. i don't think that is a common policy to produce bad numbers. tom: what do your statistics to you about overlook numbers? gan: the big overlook is understanding china's consumption. right now china's government is immunity to the poor by 2020. by 2030, this should focus not only on extremely poor but the relative poor, helping them develop their skill, develop theirhealth, and also ethics while encouraging the country. helping the world as well. betty: that was tom mackenzie's interview with a professor at southwestern university of finance and economics. one feature on the bloomberg we

like to bring to your attention is the interactive tv function. you can find it at tv . there you are. you will not only be able to watch us live it also see previous interviews that just happened and dive into any securities or bloomberg functions we talk about. you can be a part of the conversation by sending us instant messages during our shows, live, real-time. this is for bloomberg subscribers only. check it out at tv . messaging apps are becoming a big headache for wall street, everything from dirty jokes and screenshots to confidential client positions and information are being shared through the whatsapp and signal messages. lauren has been tracking all of this. it is a wake-up call, what you thought they could not track, they contract. reporter: anyone who is trying to use encrypted things that are supposed to be off the grid in fact, you know, the banks can

get it. maybe we will start looking harder at these kinds of apps for being too known, that you might try it. betty: right. haidi: what is potentially the fallout from some of these corporations that have had in place -- that have had employees engaged in these decisions? reporter: anyone speaking about business is against fcc rules. it is a myth -- up to the firm to police this. people can get fired. you can be reprimanded, but is on the firm to be conducted these sort of searches of different applications and employees that might be using -- so that is something bigs banks and asset managers can be looking at. betty: there was a recent case about the jeff ray's analysts.

tell us about that and how that changed the rules for bankers and traders. laura: it was last week, where jeffrey baker in london was punished by the regulator for essentially going on whatsapp and talking to his friend, who happened to be a client, about another client who is going to have a deal with him. betty: he was provided inside information. laura: a bragging more than anything. he was trying to impress the friends, the client. the regulation agency said, you were conducting things out of confidence. keep it secret, so we will fin you. -- fine you. we have seen a case here in the u.s. as well with a money manager who had taken bribes, and that case is ongoing. buy a message, whatsapp. there, his firm, the salesman's firm, did not know they were having these

communications, but it turns out when the prosecutors got their phone, because they were not able or did not want to delete these messages, people i have talked to for the story said, that is surprising. why don't they delete these things? why don't they use signal where it would be automatically delete it? schools,ere are two because you have compliance departments they say we will be one step behind the technology but critics are saying, are they trying hard to regulate these, or are they wink-winking? exactly. that is the exact sort of problem, the nuance, are certain banks following the rule and attesting that they are cracking down, or are some of them saying, we have this in place, but maybe it does not enforce it?

there is a cacophony of things happening where some places are looking, some are not as to where they should be. it is the employees who sort of know what they should be doing and find reasons why they would like to conduct medications off-line. laura.thanks for that, laura keller in new york. why a couple more rate hikes are of course reasonable. we hear from the new york fed president next. this is bloomberg. ♪

♪ i am haidi lun in sydney. betty: i am betty live in new york, you are watching deal break -- daybreak australia. it is reasonable to expect three rate hikes in 2017. dudley is told bloomberg the central bank may begin shrinking its balance sheet, possibly causing its tightening cycle in the process. >> look what happened in 2016,

in the fall of 2015. the median consensus was four hikes. in 2016, we did one. in 2017 it was three, so far we have done one. is aere the fomc is, it good place. a few more hikes seems reasonable. the economy is stronger than we expect, we go two more. what tells you it is time to raise rates? it took you a long time to move because people said nothing changed in the economy between december and march? on the same trajectory, growing above trend, 30 job gains, and we have been trying to communicate if we stayed on that trajectory, we would remove monastery policy a cop -- monetary policy accommodation. the economy was performing along with what we anticipated.

reporter: would you consider moving in may, or do you want time to see what happens with this rate increase, to see if there are changes in the economy ? there is no press conference. william: there is a great urgency for monetary policy, because the economy is a great -- growing a bit above trend, and inflation is below target. if you look at the underlying pace, personal consumption, it is 1.75%. there is not a huge rush to tighten monetary policy quickly. have the same time, policy is accommodative, and we are close to full employment. it makes sense we would gradually take back accommodation for monetary policy closer to neutral as we go through 2017. haidi: that was bill dudley speaking to bloomberg.

almost it for daybreak australia this morning, but daybreak asia is next. yvonne, we are watching the start of a brand-new quarter, the start of a brand-new financial year for japan as well. are these indicators starting to look positive? yvonne: it seems to be the case. you mentioned the survey, and we are expecting a broad-based improvement, particularly with large manufacturers in japan. the highest number we have seen in nearly two years. even marginal gains among sentiment in the smaller companies as well. what is driving this? the red -- the yen has been relatively stable. fiscal stimulus also working its way to japan. exports strong across the board in asia. we will watch the indicators to see if it is recovering in the

private sector. soakd whether that will that consumer demand in japan. the banks, bill cohen will be joining us. he will give his take on jpmorgan. jamie dimon is releasing his annual letter, which is now almost as widely read as warren buffett's annual letter. we will speak what he thinks is key for jamie dimon. one thing he wishes the jpmorgan ceo would be more outspoken on behalf of wall street, one of the few voices that is really listened to. haidi: that is right. we will be touching more when it comes to japan with the regulators, with japan data from the finance ministry. this not to be just more positive but also more widespread recovery, smaller

sized business and also across the services sector as well. we will get more analysis. that is it for daybreak australia. we will get all of the action with yvonne and

♪ yvonne: no rush on rates, the new york fed president says the economy is not overheating comes to further hikes can be gradual. the pboc tightens rates, the worst ever quarter for corporate bond defaults. mind your language, white and corrected messaging apps are becoming a headache for wall street. -- why encrypted messaging apps are becoming a headache for wall street. we have the world covered here on